Annual report pursuant to Section 13 and 15(d)

Concentrations

v3.23.1
Concentrations
 12 Months Ended
Dec. 31, 2022
Risks and Uncertainties [Abstract]  
Concentrations

NOTE 10 — CONCENTRATIONS

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

 

 

Years Ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Laser systems

$

31,443

 

 

64.8

%

 

$

25,023

 

 

63.9

%

 

$

12,342

 

 

54.2

%

Consumables and other

 

11,322

 

 

23.4

%

 

 

9,456

 

 

24.1

%

 

 

6,124

 

 

26.9

%

Services

 

5,697

 

 

11.8

%

 

 

4,709

 

 

12.0

%

 

 

4,314

 

 

18.9

%

Total revenue

$

48,462

 

 

100.0

%

 

$

39,188

 

 

100.0

%

 

$

22,780

 

 

100.0

%

 

The Company maintains its cash and cash equivalent accounts with established commercial banks. Such cash deposits periodically exceed the Federal Deposit Insurance Corporation insured limit.

For the years ended December 31, 2022, 2021, and 2020, sales to our largest distributor worldwide accounted for approximately 4%, 5%, and 5%, respectively, of our net revenue. As of December 31, 2022 accounts receivable from one customer totaled approximately 12% of total gross accounts receivable. The entire balance is either current or outstanding for less than 30 days. No individual customer represented more than 10% of the Company’s accounts receivable at 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.