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Note 3 - Revenues
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

3.

Revenues

 

The following tables represent a disaggregation of revenues from contracts with customers for the three and nine months ended September 30, 2024 and 2023:

 

Revenues by type were as follows:

 

   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  

(in thousands)

  

2024

    

2023

    

2024

    

2023

  

Instruments, equipment, software and accessories

   $ 20,543     $ 23,500     $ 64,594     $ 79,261  

Service, maintenance and warranty contracts

     1,427       1,863       4,985       4,836  

Total revenues

   $ 21,970     $ 25,363     $ 69,579     $ 84,097  

 

Revenues by timing of recognition were as follows:

 

   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  

(in thousands)

  

2024

    

2023

    

2024

    

2023

  

Goods and services transferred at a point in time

   $ 21,119     $ 24,668     $ 66,845     $ 81,610  

Goods and services transferred over time

     851       695       2,734       2,487  

Total revenues

   $ 21,970     $ 25,363     $ 69,579     $ 84,097  

 

 

 

 

Revenues by geographic destination were as follows:

 

   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  

(in thousands)

  

2024

    

2023

    

2024

    

2023

  

United States

   $ 9,706     $ 12,017     $ 31,495     $ 36,655  

Europe

     6,501       7,063       19,613       23,836  

Greater China

     2,731       3,489       10,426       13,824  

Rest of the world

     3,031       2,794       8,045       9,782  

Total revenues

   $ 21,969     $ 25,363     $ 69,579     $ 84,097  

 

Contract Liabilities

 

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

 

(dollars in thousands)

  

September 30, 2024

    

December 31, 2023

    

Change

    

Percentage

  

Service, maintenance and warranty contracts

   $ 2,472     $ 2,849     $ (377 )     -13.2 %

Customer advances

     1,217       1,659       (442 )     -26.6 %

Total contract liabilities

   $ 3,689     $ 4,508     $ (819 )     -18.2 %

 

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 September 30, 2024 and 2023, the Company recognized revenues of $0.4 million and $1.0 million from contract liabilities existing at December 31, 2023 and 2022, respectively. During the nine months ended September 30, 2024 and 2023, the Company recognized revenues of $3.0 million and $2.3 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 credit losses on receivables was as follows:

 

   

Nine Months Ended September 30,

  

(in thousands)

  

2024

    

2023

  

Balance, beginning of period

   $ 160     $ 191  

Provision for expected credit losses

     13       9  

Charge-offs and other

     1       (56 )

Balance, end of period

   $ 174     $ 144  

 

Concentrations

 

No customer accounted for more than 10% of revenues for the three and nine months ended September 30, 2024 and 2023. At September 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:

 

 

   

Nine Months Ended September 30,

  

(in thousands)

  

2024

    

2023

  

Balance, beginning of period

   $ 336     $ 268  

Provision for warranties

     307       254  

Warranty claims

     (228 )     (214 )

Balance, end of period

   $ 415     $ 308