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Note 3 - Revenues
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2025 and 2024:

 

Revenues by type were as follows:

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  

(in thousands)

  

2025

    

2024

    

2025

    

2024

  

Instruments, equipment, software and accessories

   $ 18,178     $ 21,292     $ 38,043     $ 44,051  

Service, maintenance and warranty contracts

     2,272       1,805       4,181       3,558  

Total revenues

   $ 20,450     $ 23,097     $ 42,224     $ 47,609  

 

Revenues by timing of recognition were as follows:

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

 

(in thousands)

  

2025

    

2024

    

2025

    

2024

  

Goods and services transferred at a point in time

   $ 19,269     $ 21,983     $ 40,214     $ 45,726  

Goods and services transferred over time

     1,181       1,114       2,010       1,883  

Total revenues

   $ 20,450     $ 23,097     $ 42,224     $ 47,609  

 

Revenues by geographic region were as follows:

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  

(in thousands)

  

2025

    

2024

    

2025

    

2024

  

Americas

                                

United States

   $ 9,656       10,805     $ 19,483     $ 21,788  

Americas - Other

     422       663       1,251       1,424  

Europe, Middle East and Africa

     6,588       6,599       12,618       13,222  

Asia

                                

China

     2,451       3,249       5,185       7,631  

Asia - Other

     1,333       1,781       3,687       3,544  
    $ 20,450     $ 23,097     $ 42,224     $ 47,609  

 

Contract Liabilities

 

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

 

   

June 30,

    

December 31,

                  

(in thousands)

  

2025

    

2024

    

Change

    

Percentage

  

Deferred revenue

                                

Service, maintenance and warranty contracts

   $ 1,434     $ 1,560     $ (126 )     -8 %

Installation and training

     611       806       (195 )     -24 %

Customer advances

     1,098       1,440       (342 )     -24 %

Total short-term contract liabilities

     3,143       3,806       (663 )     -17 %

Long-term service, maintenance and warranty contracts

     258       -       258       100 %

Total contract liabilities

   $ 3,401     $ 3,806     $ (405 )     -11 %

 

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 Company’s exchange program, which allows customers to purchase a replacement implantable monitor of the same model at a lower price than a new monitor if the customer returns an implantable monitor to the Company after use, and returned monitor can be reprocessed and resold. During the three months ended June 30, 2025 and 2024, the Company recognized revenues of $1.1 million and $1.0 million from contract liabilities existing at December 31, 2024 and 2023, respectively. During the six months ended June 30, 2025 and 2024, the Company recognized revenue of $2.8 million and $2.6 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 June 30, 2025:

 

   

Remaining Performance Obligations

  

(in thousands)

   2025*     2026     2027     2028     2029    

Thereafter

    

Total

  
                                                         

Service, maintenance and warranty contracts

   $ 1,119     $ 423     $ 109     $ 25     $ 13     $ 3     $ 1,692  

 

* remainder of the year

 

Provision for Expected Credit Losses on Receivables

 

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

 

   

Six Months Ended June 30,

  

(in thousands)

  

2025

    

2024

  

Balance, beginning of period

   $ 215     $ 160  

Provision for expected credit losses

     (39 )     46  

Charge-offs and other

     (12 )     (29 )

Balance, end of period

   $ 164     $ 177  

 

Concentrations

 

No customer accounted for more than 10% of revenues for the three and six months ended June 30, 2025 and 2024. At June 30, 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:

 

   

Six Months Ended June 30,

  

(in thousands)

  

2025

    

2024

  

Balance, beginning of period

   $ 318     $ 336  

Provision for warranties

     68       231  

Warranty claims

     (47 )     (196 )

Balance, end of period

   $ 339     $ 371