Quarterly report pursuant to Section 13 or 15(d)

Concentrations

v3.23.1
Concentrations
 3 Months Ended
Mar. 31, 2023
Risks and Uncertainties [Abstract]  
Concentrations

NOTE 12—CONCENTRATIONS

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Laser systems

 

$

6,265

 

 

 

59.8

%

 

$

6,335

 

 

 

62.3

%

Consumables and other

 

 

3,033

 

 

 

29.0

%

 

 

2,710

 

 

 

26.7

%

Services

 

 

1,169

 

 

 

11.2

%

 

 

1,121

 

 

 

11.0

%

Total net revenue

 

$

10,467

 

 

 

100.0

%

 

$

10,166

 

 

 

100.0

%

 

No individual customer represented more than 10% of the Company’s revenue for the three months ended March 31, 2023 or 2022.

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 as of March 31, 2023 and December 31, 2022.

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.