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Note 3 - Revenues
 12 Months Ended
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