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Note 3 - Revenues
 3 Months Ended
Mar. 31, 2025
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 months ended March 31, 2025 and 2024:

 

Revenues by type were as follows:

 

   

Three Months Ended March 31,

  

(in thousands)

  

2025

    

2024

  

Instruments, equipment, software and accessories

   $ 19,865     $ 22,759  

Service, maintenance and warranty contracts

     1,909       1,753  

Total revenues

   $ 21,774     $ 24,512  

 

Revenues by timing of recognition were as follows:

 

   

Three Months Ended March 31,

 

(in thousands)

  

2025

    

2024

  

Goods and services transferred at a point in time

   $ 20,945     $ 23,743  

Goods and services transferred over time

     829       769  

Total revenues

   $ 21,774     $ 24,512  

 

Revenues by geographic destination were as follows:

 

   

Three Months Ended March 31,

  

(in thousands)

  

2025

    

2024

  

Americas

                

United States

   $ 9,827     $ 10,983  

Americas - Other

     829       761  

Europe, Middle East and Africa

     6,030       6,623  

Asia

                

China

     2,734       4,260  

Asia - Other

     2,354       1,885  
    $ 21,774     $ 24,512  

 

Contract Liabilities

 

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

 

   

March 31,

    

December 31,

                  

(in thousands)

  

2025

    

2024

    

Change

    

Percentage

  

Deferred revenue

                                

Service, maintenance and warranty contracts

   $ 1,681     $ 1,560     $ 121       8 %

Installation and training

     605       806       (201 )     -25 %

Customer advances

     1,141       1,440       (299 )     -21 %

Total short-term contract liabilities

     3,427       3,806       (379 )     -10 %

Long-term service, maintenance and warranty contracts

     282       -       282       100 %

Total contract liabilities

   $ 3,709     $ 3,806     $ (97 )     -3 %

 

 

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. Additionally, customer advances have decreased due to the recognition of amounts under the exchange program. During the three months ended March 31, 2025 and 2024, the Company recognized revenues of $1.7 million and $1.6 million from contract liabilities existing at December 31, 2024 and 2023, respectively.

 

The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of March 31, 2025:

 

   

Remaining Performance Obligations

  

(in thousands)

  

2025 *

    

2026

    

2027

    

2028

    

2029

    

Thereafter

    

Total

  
                                                         

Service, maintenance and warranty contracts

   $ 1,551     $ 280     $ 93     $ 23     $ 13     $ 3     $ 1,963  

 

* remainder of the year

 

Provision for Expected Credit Losses on Receivables

 

Activity in the provision for expected credit losses on receivables was as follows:

 

   

Three Months Ended March 31,

  

(in thousands)

  

2025

    

2024

  

Balance, beginning of period

   $ 215     $ 160  

Provision for expected credit losses

     31       1  

Charge-offs and other

     (5 )     (34 )

Balance, end of period

   $ 241     $ 127  

 

Concentrations

 

No customer accounted for more than 10% of revenues for the three months ended March 31, 2025 and 2024. At March 31, 2025 and December 31, 2024, no customer accounted for more than 10% of net accounts receivable.

 

Warranties

 

Activity in the product warranties accrual was as follows:

 

   

Three Months Ended March 31,

  

(in thousands)

  

2025

    

2024

  

Balance, beginning of period

   $ 318     $ 336  

Provision for warranties

     36       105  

Warranty claims

     (31 )     (82 )

Balance, end of period

   $ 323     $ 359