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Note 3 - Revenues
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2024 and 2023:

 

Revenues by type were as follows:

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  

(in thousands)

  

2024

    

2023

    

2024

    

2023

  

Instruments, equipment, software and accessories

   $ 21,292     $ 27,268     $ 44,051     $ 55,761  

Service, maintenance and warranty contracts

     1,805       1,491       3,558       2,973  

Total revenues

   $ 23,097     $ 28,759     $ 47,609     $ 58,734  

 

Revenues by timing of recognition were as follows:

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  

(in thousands)

  

2024

    

2023

    

2024

    

2023

  

Goods and services transferred at a point in time

   $ 21,983     $ 27,636     $ 45,726     $ 56,942  

Goods and services transferred over time

     1,114       1,123       1,883       1,792  

Total revenues

   $ 23,097     $ 28,759     $ 47,609     $ 58,734  

 

Revenue by geographic destination were as follows:

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  

(in thousands)

  

2024

    

2023

    

2024

    

2023

  

United States

   $ 10,805     $ 12,336     $ 21,788     $ 24,638  

Europe

     6,535       9,332       13,113       16,773  

Greater China

     3,249       4,136       7,631       10,335  

Rest of the world

     2,508       2,955       5,077       6,988  

Total revenues

   $ 23,097     $ 28,759     $ 47,609     $ 58,734  

 

Contract Liabilities

 

The following table provides details of contract liabilities as of the periods indicated:

 

(dollars in thousands)

  

June 30, 2024

    

December 31, 2023

    

Change

    

Percentage

  

Service, maintenance and warranty contracts

   $ 2,534     $ 2,849     $ (315 )     -11.1 %

Customer advances

     1,476       1,659       (183 )     -11.0 %

Total contract liabilities

   $ 4,010     $ 4,508     $ (498 )     -11.0 %

 

Changes in the Company’s contract liabilities are primarily due to the timing of receipt of payments under service, maintenance and warranty contracts and lower sales volumes. During the three months ended June 30, 2024 and 2023, the Company recognized revenue of $1.0 million and $0.6 million from contract liabilities existing at December 31, 2023 and 2022, respectively. During the six months ended June 30, 2024 and 2023, the Company recognized revenue of $2.6 million and $1.6 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:

 

   

Six Months Ended June 30,

  

(in thousands)

  

2024

    

2023

  

Balance, beginning of period

   $ 160     $ 191  

Provision for expected credit losses

     46       18  

Charge-offs and other

     (29 )     (55 )

Balance, end of period

   $ 177     $ 154  

 

Concentrations

 

No customer accounted for more than 10% of revenues for the three and six months ended June 30, 2024 and 2023. At June 30, 2024 and December 31, 2023, no customer accounted for more than 10% of net accounts receivable.

 

Warranties

 

Activity in the product warranties accrual was as follows:

 

   

Six Months Ended June 30,

  

(in thousands)

  

2024

    

2023

  

Balance, beginning of period

   $ 336     $ 268  

Provision for warranties

     231       147  

Warranty claims

     (196 )     (114 )

Balance, end of period

   $ 371     $ 301