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Note 3 - Revenues | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
3. | Revenues
The following tables represent a disaggregation of revenue from contracts with customers for the three months ended March 31, 2024 and 2023: Revenues by type were as follows:
|  | Three Months Ended March 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Instruments, equipment, software and accessories |  | $ | 22,759 |  |  | $ | 28,493 |
Service, maintenance and warranty contracts |  |  | 1,753 |  |  |  | 1,482 |
Total revenues |  | $ | 24,512 |  |  | $ | 29,975 |
Revenues by timing of recognition were as follows:
|  | Three Months Ended March 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Goods and services transferred at a point in time |  | $ | 23,743 |  |  | $ | 29,306 |
Goods and services transferred over time |  |  | 769 |  |  |  | 669 |
Total revenues |  | $ | 24,512 |  |  | $ | 29,975 |
Revenue by geographic destination were as follows:
|  | Three Months Ended March 31, |
(in thousands) |  | 2024 |  |  | 2023 |
United States |  | $ | 10,983 |  |  | $ | 12,302 |
Europe |  |  | 6,578 |  |  |  | 7,441 |
Greater China |  |  | 4,382 |  |  |  | 6,505 |
Rest of the world |  |  | 2,569 |  |  |  | 3,727 |
Total revenues |  | $ | 24,512 |  |  | $ | 29,975 |
Contract Liabilities The following table provides details of contract liabilities as of the periods indicated:
(dollars in thousands) |  | March 31, 2024 |  |  | December 31, 2023 |  |  | Change |  |  | Percentage |
Service, maintenance and warranty contracts |  | $ | 2,748 |  |  | $ | 2,849 |  |  | $ | (101 | ) |  |  | -3.5 | %
Customer advances |  |  | 1,640 |  |  |  | 1,659 |  |  |  | (19 | ) |  |  | -1.1 | %
Total contract liabilities |  | $ | 4,388 |  |  | $ | 4,508 |  |  | $ | (120 | ) |  |  | -2.7 | %
Changes in the Company’s contract liabilities are primarily due to the timing of receipt of payments under service, maintenance and warranty contracts. During the three months ended March 31, 2024 and 2023, the Company recognized revenue of $1.6 million and $1.0 million from contract liabilities existing at December 31, 2023 and 2022, respectively. Provision for Expected Credit Losses on Receivables Activity in the provision for expected losses on receivables was as follows:
|  | Three Months Ended March 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Balance, beginning of period |  | $ | 160 |  |  | $ | 191 |
Provision for expected credit losses |  |  | 1 |  |  |  | (3 | )
Charge-offs and other |  |  | (34 | ) |  |  | (21 | )
Balance, end of period |  | $ | 127 |  |  | $ | 167 |
Concentrations No customer accounted for more than 10% of revenues for the three months ended March 31, 2024 and 2023. At March 31, 2024 and December 31, 2023, no customer accounted for more than 10% of net accounts receivable. Warranties Activity in the product warranty accrual was as follows:
|  | Three Months Ended March 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Balance, beginning of period |  | $ | 336 |  |  | $ | 268 |
Expense |  |  | 105 |  |  |  | 83 |
Warranty claims |  |  | (82 | ) |  |  | (72 | )
Balance, end of period |  | $ | 359 |  |  | $ | 279 |

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