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Note 3 - Revenues
 3 Months Ended
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