Revenue Recognition (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| Revenue Recognition [Abstract] |
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| Summary of Opening and Closing Balances of Contract Liabilities |
The Company performs its obligations under a contract with a customer by transferring products and/or services in exchange for consideration from the customer. The Company typically invoices its customers as soon as control of an asset is transferred and a receivable for the Company is established. The Company, however, recognizes a contract liability when a customer prepays for goods and/or services and the Company has not transferred control of the goods and/or services. The opening and closing balances of the Company’s contract liabilities are as follows (in thousands):
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|
|
|
|
|
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June 30,
|
|
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December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
Undelivered elements (training, installation, product and
support services)
|
|
$
|
563
|
|
|
$
|
730
|
|
|
Extended warranty contracts
|
|
|
1,945
|
|
|
|
1,735
|
|
|
Deferred royalties
|
|
|
5
|
|
|
|
11
|
|
|
Total deferred revenue
|
|
|
2,513
|
|
|
|
2,476
|
|
|
Less long-term portion of deferred revenue
|
|
|
—
|
|
|
|
—
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|
|
Deferred revenue — current
|
|
$
|
2,513
|
|
|
$
|
2,476
|
|
|
| Summary of Disaggregation of Revenues Related to Geographic Areas |
The Company’s revenues related to the following geographic areas were as follows for the periods indicated (in thousands):
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|
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Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
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June 30,
|
|
|
June 30,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
United States
|
|
$
|
5,898
|
|
|
$
|
7,164
|
|
|
$
|
12,014
|
|
|
$
|
12,857
|
|
|
International
|
|
|
2,747
|
|
|
|
4,990
|
|
|
|
6,957
|
|
|
|
9,317
|
|
|
|
|
$
|
8,645
|
|
|
$
|
12,154
|
|
|
$
|
18,971
|
|
|
$
|
22,174
|
|
|
| Summary of Revenues Disaggregated by Timing of Goods and Services Transferred |
Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows (in thousands):
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|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
Revenue recognized over time
|
|
$
|
1,646
|
|
|
$
|
1,557
|
|
|
$
|
3,415
|
|
|
$
|
3,254
|
|
|
Revenue recognized at a point in time
|
|
|
6,999
|
|
|
|
10,597
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|
|
|
15,556
|
|
|
|
18,920
|
|
|
Total
|
|
$
|
8,645
|
|
|
$
|
12,154
|
|
|
$
|
18,971
|
|
|
$
|
22,174
|
|
|
| Summary of Sales by End Market |
The Company’s sales by end market were as follows for the periods indicated (in thousands):
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|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
End-customer
|
|
$
|
5,553
|
|
|
$
|
7,675
|
|
|
$
|
11,254
|
|
|
$
|
13,712
|
|
|
Distributors
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|
|
3,092
|
|
|
|
4,479
|
|
|
|
7,717
|
|
|
|
8,462
|
|
|
|
|
$
|
8,645
|
|
|
$
|
12,154
|
|
|
$
|
18,971
|
|
|
$
|
22,174
|
|
|
| Summary of Percentages of Sales by Product line |
The percentages of the Company’s sales by product line were as follows for the periods indicated:
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|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
Laser systems
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|
|
56.9
|
|
%
|
|
65.2
|
|
%
|
|
57.4
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|
%
|
|
61.4
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|
%
|
|
Imaging systems
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|
|
0.7
|
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%
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|
3.1
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%
|
|
3.2
|
|
%
|
|
4.3
|
|
%
|
|
Consumables and other
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|
|
24.2
|
|
%
|
|
18.9
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|
%
|
|
22.2
|
|
%
|
|
19.6
|
|
%
|
|
Services
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|
|
18.2
|
|
%
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|
12.8
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|
%
|
|
17.2
|
|
%
|
|
14.7
|
|
%
|
|
License fees and royalties
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|
|
—
|
|
%
|
|
—
|
|
%
|
|
—
|
|
%
|
|
—
|
|
%
|
|
|
|
|
100.0
|
|
%
|
|
100.0
|
|
%
|
|
100.0
|
|
%
|
|
100.0
|
|
%
|
Revenue from the Company’s products for the three and six months ended June 30, 2019 and 2018 are as follows (dollars in thousands):
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|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
Laser systems
|
|
$
|
4,917
|
|
|
|
56.9
|
%
|
|
$
|
7,920
|
|
|
|
65.2
|
%
|
|
$
|
10,880
|
|
|
|
57.4
|
%
|
|
$
|
13,623
|
|
|
|
61.4
|
%
|
|
Imaging systems
|
|
|
63
|
|
|
|
0.7
|
%
|
|
|
371
|
|
|
|
3.1
|
%
|
|
|
615
|
|
|
|
3.2
|
%
|
|
|
954
|
|
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|
4.3
|
%
|
|
Consumables and other
|
|
|
2,084
|
|
|
|
24.1
|
%
|
|
|
2,303
|
|
|
|
18.9
|
%
|
|
|
4,196
|
|
|
|
22.1
|
%
|
|
|
4,337
|
|
|
|
19.6
|
%
|
|
Services
|
|
|
1,578
|
|
|
|
18.3
|
%
|
|
|
1,557
|
|
|
|
12.8
|
%
|
|
|
3,273
|
|
|
|
17.3
|
%
|
|
|
3,254
|
|
|
|
14.7
|
%
|
|
License fees and royalties
|
|
|
3
|
|
|
|
—
|
%
|
|
|
3
|
|
|
|
—
|
%
|
|
|
7
|
|
|
|
—
|
%
|
|
|
6
|
|
|
|
—
|
%
|
|
Net revenue
|
|
$
|
8,645
|
|
|
|
100.0
|
%
|
|
$
|
12,154
|
|
|
|
100.0
|
%
|
|
$
|
18,971
|
|
|
|
100.0
|
%
|
|
$
|
22,174
|
|
|
|
100.0
|
%
|
|