Quarterly report pursuant to Section 13 or 15(d)

Concentrations

v3.22.1
Concentrations
 3 Months Ended
Mar. 31, 2022
Risks and Uncertainties [Abstract]  
Concentrations

NOTE 13—CONCENTRATIONS

Revenue from the Company’s products are as follows (dollars in thousands):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Laser systems

 

$

6,335

 

 

 

62.3

%

 

$

4,898

 

 

 

60.3

%

Consumables and other

 

$

2,710

 

 

 

26.7

%

 

 

2,237

 

 

 

27.6

%

Services

 

$

1,121

 

 

 

11.0

%

 

 

981

 

 

 

12.1

%

Total net revenue

 

$

10,166

 

 

 

100.0

%

 

$

8,116

 

 

 

100.0

%

 

No individual customer represented more than 10% of the Company’s revenue for the three months ended March 31, 2022 or 2021.

The Company maintains its cash and cash equivalents in money market investment accounts with established commercial banks. Such cash deposits periodically exceed the Federal Deposit Insurance Corporation insured limit.

No individual customer represented more than 10% of the Company’s accounts receivable at March 31, 2022 and December 31, 2021.

The Company currently purchases certain key components of its products from single suppliers. Although there are a limited number of manufacturers of these key components, management believes that other suppliers could provide similar key components on comparable terms. A change in suppliers, however, could cause delays in manufacturing and a possible loss of sales, which could adversely affect the Company’s business, results of operations and financial condition.