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Note 3 - Revenues | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
3. | Revenues
The following table represents a disaggregation of revenue from contracts with customers for the years ended December 31, 2024, and 2023: Revenues by type were as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Instruments, equipment, software and accessories |  | $ | 86,964 |  |  | $ | 105,716 |
Service, maintenance and warranty contracts |  |  | 7,171 |  |  |  | 6,534 |
Total revenues |  | $ | 94,135 |  |  | $ | 112,250 |
Revenues by timing of recognition were as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Goods and services transferred at a point in time |  | $ | 90,420 |  |  | $ | 108,558 |
Goods and services transferred over time |  |  | 3,715 |  |  |  | 3,692 |
Total revenues |  | $ | 94,135 |  |  | $ | 112,250 |
Revenues by geographic destination were as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Americas |  |  |  |  |  |  |  |
United States |  | $ | 41,738 |  |  | $ | 48,205 |
Americas - Other |  |  | 3,596 |  |  |  | 3,517 |
Europe, Middle East and Africa |  |  | 28,405 |  |  |  | 33,275 |
Asia |  |  |  |  |  |  |  |
Greater China |  |  | 13,297 |  |  |  | 18,488 |
Asia - Other |  |  | 7,099 |  |  |  | 8,765 |
|  | $ | 94,135 |  |  | $ | 112,250 |
Contract Liabilities The following table provides a summary of contract liabilities as of the periods indicated:
|  | December 31, |  |  | Change |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 vs. 2023 |  |  | 2023 vs. 2022 |
Service, maintenance and warranty contracts |  | $ | 2,366 |  |  | $ | 2,849 |  |  | $ | 1,530 |  |  | $ | (483 | ) |  | $ | 1,319 |
Customer advances |  |  | 1,440 |  |  |  | 1,659 |  |  |  | 1,840 |  |  |  | (219 | ) |  |  | (181 | )
Total contract liabilities |  | $ | 3,806 |  |  | $ | 4,508 |  |  | $ | 3,370 |  |  | $ | (702 | ) |  | $ | 1,138 |
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 revenue volumes. During the years ended December 31, 2024, and 2023, the Company recognized revenue of $3.4 million and $2.1 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:
|  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Balance, beginning of period |  | $ | 160 |  |  | $ | 191 |
Provision for expected credit losses |  |  | 60 |  |  |  | 29 |
Charge-offs and other |  |  | (5 | ) |  |  | (60 | )
Balance, end of period |  | $ | 215 |  |  | $ | 160 |
Concentrations No customer accounted for more than 10% of revenue for the years ended December 31, 2024, and 2023, or for more than 10% of net accounts receivable at December 31, 2024 and 2023. Warranties Warranty activity was as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Balance, beginning of period |  | $ | 336 |  |  | $ | 268 |
Provision for warranties |  |  | 317 |  |  |  | 381 |
Warranty claims |  |  | (335 | ) |  |  | (313 | )
Balance, end of period |  | $ | 318 |  |  | $ | 336 |

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