Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

v3.20.2
Revenue Recognition (Tables)
6 Months Ended
Jun. 30, 2020
Revenue Recognition [Abstract]  
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):

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Undelivered elements (training, installation, product

   and support services)

 

$

521

 

 

$

559

 

Extended warranty contracts

 

 

1,377

 

 

 

2,063

 

Total deferred revenue

 

 

1,898

 

 

 

2,622

 

Less long-term portion of deferred revenue

 

 

412

 

 

 

385

 

Total deferred revenue — long -term

 

 

412

 

 

 

385

 

Deferred revenue — current

 

$

1,486

 

 

$

2,237

 

 

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):

 

 

 

Three Months Ended

 

 

Six Months

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

United States

 

$

2,195

 

 

$

5,898

 

 

$

5,324

 

 

$

12,014

 

International

 

 

743

 

 

 

2,747

 

 

 

2,397

 

 

 

6,957

 

 

 

$

2,938

 

 

$

8,645

 

 

$

7,721

 

 

$

18,971

 

 

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):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue recognized over time

 

$

985

 

 

$

1,646

 

 

$

2,006

 

 

$

3,415

 

Revenue recognized at a point in time

 

 

1,953

 

 

 

6,999

 

 

 

5,715

 

 

 

15,556

 

Total

 

$

2,938

 

 

$

8,645

 

 

$

7,721

 

 

$

18,971

 

 

Summary of Sales by End Market

The Company’s sales by end market were as follows for the periods indicated (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

End-customer

 

$

2,402

 

 

$

5,553

 

 

$

5,741

 

 

$

11,254

 

Distributors

 

 

536

 

 

 

3,092

 

 

 

1,980

 

 

 

7,717

 

 

 

$

2,938

 

 

$

8,645

 

 

$

7,721

 

 

$

18,971

 

 

Schedule of Revenue and Percentages of Revenue Sales by Product Line

The revenue and percentages of revenue of the Company’s sales by product line were as follows for the periods indicated:

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2020

 

 

2019

 

Laser systems

 

$

1,091

 

 

 

37.1

%

 

$

4,917

 

 

 

56.9

%

Imaging systems

 

 

 

 

 

%

 

 

63

 

 

 

0.7

%

Consumables and other

 

 

862

 

 

 

29.3

%

 

 

2,084

 

 

 

24.1

%

Services

 

 

985

 

 

 

33.6

%

 

 

1,578

 

 

 

18.3

%

License fees and royalties

 

 

 

 

 

%

 

 

3

 

 

 

%

Total revenue

 

$

2,938

 

 

 

100.0

%

 

$

8,645

 

 

 

100.0

%

 

 

Revenue from the Company’s products for the three and six months ended June 30, 2020 and 2019 are as follows (dollars in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Laser systems

 

$

1,091

 

 

 

37.1

%

 

$

4,917

 

 

 

56.9

%

 

$

3,142

 

 

40.7

%

 

$

10,880

 

 

57.4

%

Imaging systems

 

 

 

 

 

%

 

 

63

 

 

 

0.7

%

 

 

-

 

 

0.0

%

 

 

615

 

 

3.2

%

Consumables and other

 

 

862

 

 

 

29.3

%

 

 

2,084

 

 

 

24.1

%

 

 

2,334

 

 

30.2

%

 

 

4,196

 

 

22.1

%

Services

 

 

985

 

 

 

33.6

%

 

 

1,578

 

 

 

18.3

%

 

 

2,245

 

 

29.1

%

 

 

3,273

 

 

17.3

%

License fees and royalties

 

 

 

 

 

%

 

 

3

 

 

 

%

 

 

 

 

%

 

 

7

 

 

%

Total revenue

 

$

2,938

 

 

 

100.0

%

 

$

8,645

 

 

 

100.0

%

 

$

7,721

 

 

100.0

%

 

$

18,971

 

 

100.0

%