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Note 3 - Revenues | 9 Months Ended
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Sep. 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 nine months ended September 30, 2025 and 2024: Revenues by type were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Instruments, equipment, software and accessories |  | $ | 18,582 |  |  | $ | 20,543 |  |  | $ | 56,625 |  |  | $ | 64,594 |
Service, maintenance and warranty contracts |  |  | 2,009 |  |  |  | 1,427 |  |  |  | 6,190 |  |  |  | 4,985 |
Total revenues |  | $ | 20,591 |  |  | $ | 21,970 |  |  | $ | 62,815 |  |  | $ | 69,579 |
Revenues by timing of recognition were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Goods and services transferred at a point in time |  | $ | 19,541 |  |  | $ | 21,119 |  |  | $ | 59,755 |  |  | $ | 66,845 |
Goods and services transferred over time |  |  | 1,050 |  |  |  | 851 |  |  |  | 3,060 |  |  |  | 2,734 |
Total revenues |  | $ | 20,591 |  |  | $ | 21,970 |  |  | $ | 62,815 |  |  | $ | 69,579 |
Revenues by geographic region were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Americas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 9,254 |  |  |  | 9,706 |  |  | $ | 28,737 |  |  | $ | 31,495 |
Americas - Other |  |  | 1,185 |  |  |  | 1,211 |  |  |  | 2,436 |  |  |  | 2,635 |
Europe, Middle East and Africa |  |  | 6,610 |  |  |  | 6,620 |  |  |  | 19,228 |  |  |  | 19,842 |
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
China |  |  | 2,145 |  |  |  | 2,639 |  |  |  | 7,330 |  |  |  | 10,149 |
Asia - Other |  |  | 1,397 |  |  |  | 1,794 |  |  |  | 5,084 |  |  |  | 5,458 |
|  | $ | 20,591 |  |  | $ | 21,970 |  |  | $ | 62,815 |  |  | $ | 69,579 |
Contract Liabilities The following table provides details of contract liabilities as of the periods indicated:
|  | September 30, |  |  | December 31, |  |  |  |  |  |  |  |  |
(in thousands) |  | 2025 |  |  | 2024 |  |  | Change |  |  | Percentage |
Deferred revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service, maintenance and warranty contracts |  | $ | 1,414 |  |  | $ | 1,560 |  |  | $ | (146 | ) |  |  | -9 | %
Installation and training |  |  | 477 |  |  |  | 806 |  |  |  | (329 | ) |  |  | -41 | %
Customer advances |  |  | 988 |  |  |  | 1,440 |  |  |  | (452 | ) |  |  | -31 | %
Total short-term contract liabilities |  |  | 2,879 |  |  |  | 3,806 |  |  |  | (927 | ) |  |  | -24 | %
Long-term service, maintenance and warranty contracts |  |  | 288 |  |  |  | - |  |  |  | 288 |  |  |  | 100 | %
Total contract liabilities |  | $ | 3,167 |  |  | $ | 3,806 |  |  | $ | (639 | ) |  |  | -17 | %
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 the returned monitor can be reprocessed and resold. During the three months ended September 30, 2025 and 2024, the Company recognized revenues of $0.4 million and $0.4 million from contract liabilities existing at December 31, 2024 and 2023, respectively. During the nine months ended September 30, 2025 and 2024, the Company recognized revenue of $3.2 million and $3.0 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 September 30, 2025:
|  | Remaining Performance Obligations |
(in thousands) |  | 2025 * |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |  |  | Total |
Service, maintenance and warranty contracts |  | $ | 1,194 |  |  | $ | 450 |  |  | $ | 38 |  |  | $ | 15 |  |  | $ | 5 |  |  | $ | - |  |  | $ | 1,702 |
* remainder of the year 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) |  | 2025 |  |  | 2024 |
Balance, beginning of period |  | $ | 215 |  |  | $ | 160 |
Provision for expected credit losses |  |  | (29 | ) |  |  | 13 |
Charge-offs and other |  |  | (24 | ) |  |  | 1 |
Balance, end of period |  | $ | 162 |  |  | $ | 174 |
Concentrations No customer accounted for more than 10% of revenues for the three and nine months ended September 30, 2025 and 2024. At September 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:
|  | Nine Months Ended September 30, |
(in thousands) |  | 2025 |  |  | 2024 |
Balance, beginning of period |  | $ | 318 |  |  | $ | 336 |
Provision for warranties |  |  | 131 |  |  |  | 307 |
Warranty claims |  |  | (145 | ) |  |  | (228 | )
Balance, end of period |  | $ | 304 |  |  | $ | 415 |

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