v3.23.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Revenue by Source
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Instruments$2,338,000 $1,830,000 $6,684,000 $5,873,000 
Consumables2,476,000 1,776,000 7,664,000 4,762,000 
Software1,642,000 1,647,000 4,164,000 3,619,000 
Total product revenue6,456,000 5,253,000 18,512,000 14,254,000 
Service and other2,862,000 1,968,000 6,883,000 5,333,000 
Total revenue$9,318,000 $7,221,000 $25,395,000 $19,587,000 
The Company has revised the classification of its revenue between the categories in the table above for the September 30, 2022 statement of operations. In the September 30, 2022 statement of operations, “software” was included in “service and other.”
Revenue by Geographic Location
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
$%$%$%$%
Americas$5,346,000 57 %$3,679,000 51 %$13,103,000 52 %$9,618,000 49 %
EMEA2,686,000 29 %1,969,000 27 %8,426,000 33 %6,317,000 32 %
Asia Pacific1,286,000 14 %1,573,000 22 %3,866,000 15 %3,652,000 19 %
Total$9,318,000 100 %$7,221,000 100 %$25,395,000 100 %$19,587,000 100 %
The table above provides revenue from contracts with customers by source and geographic region (based on the customer’s billing address) on a disaggregated basis. Americas consists of North America and South America. EMEA consists of Europe, the Middle East, and Africa. Asia Pacific includes China, Japan, South Korea, Singapore, India and Australia. During the three months ended September 30, 2022, the Company changed the presentation of its revenues from India to be included in the Asia Pacific geographic region. Prior to the three months ended September 30, 2022, the Company had presented revenues from India in the EMEA geographic region. The impact of this change on prior period disclosures is immaterial.
For the three months ended September 30, 2023 and 2022, the United States represented 51.2% and 41.8% of total revenue, respectively. For the nine months ended September 30, 2023 and 2022, the United States represented 44.2% and 41.3% of total revenue, respectively. For the nine months ended September 30, 2023, China represented 10.3% of total revenue. For the three and nine months ended September 30, 2022, China represented 13.4% and 13.1% of total revenue, respectively. No other countries represented greater than 10% of revenue during the three and nine months ended September 30, 2023 and 2022.
Remaining Performance Obligations
As of September 30, 2023, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied was approximately $1.0 million. These remaining performance obligations primarily relate to extended warranty and support and maintenance obligations. The Company expects to recognize approximately 37.7% of this amount as revenue during the remainder of 2023, 50.7% in 2024, and 11.6% in 2025 and thereafter. Warranty revenue is included in service and other revenue.
The Company recognized revenue of approximately $0.2 million and $0.1 million during the three months ended September 30, 2023 and 2022, respectively, which was included in the contract liability balance at the end of the previous year, and revenue of approximately $1.3 million and $0.6 million during the nine months ended September 30, 2023 and 2022, respectively, which was included in the contract liability balance at the end of the previous year.