Quarterly report pursuant to Section 13 or 15(d)

Concentrations

v3.21.2
Concentrations
 9 Months Ended
Sep. 30, 2021
Risks and Uncertainties [Abstract]  
Concentrations

NOTE 13—CONCENTRATIONS

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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Laser systems

 

$

6,084

 

 

 

63.8

%

 

$

3,712

 

 

 

56.7

%

 

$

16,588

 

 

 

61.9

%

 

$

6,854

 

 

 

48.1

%

Consumables and other

 

$

2,331

 

 

 

24.5

%

 

 

1,929

 

 

 

29.5

%

 

 

6,923

 

 

 

25.9

%

 

 

4,263

 

 

 

29.9

%

Services

 

$

1,116

 

 

 

11.7

%

 

 

898

 

 

 

13.8

%

 

 

3,269

 

 

 

12.2

%

 

 

3,143

 

 

 

22.0

%

Total net revenue

 

$

9,531

 

 

 

100.0

%

 

$

6,539

 

 

 

100.0

%

 

$

26,780

 

 

 

100.0

%

 

$

14,260

 

 

 

100.0

%

 

No individual customer represented more than 10% of the Company’s revenue for the three and nine months ended September 30, 2021 or 2020.

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 September 30, 2021 and December 31, 2020.

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.