Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2023

Revenue from Contracts with Customer [Abstract]

Revenue from contracts with customers

Note 4 – Revenue from contracts with customers

Disaggregated revenue

The Company provides diagnostic test products and laboratory services to hospitals, clinical laboratories and other healthcare providing customers, and enters into collaboration agreements with government agencies, non-governmental organizations, and healthcare providers. The revenues by type of service consist of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Product sales	$	439,672	$	889,271	$	850,569	$	1,255,323
Laboratory services		44,003		20,570		65,676		63,499
Collaboration revenue		252,462		57,364		733,336		118,128
Total revenue	$	736,137	$	967,205	$	1,649,581	$	1,436,950

Revenues by geography are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Domestic	$	266,313	$	123,659	$	381,262	$	280,069
International		469,824		843,546		1,268,319		1,156,881
Total revenue	$	736,137	$	967,205	$	1,649,581	$	1,436,950

Deferred revenue

Changes to deferred revenue for the period were as follows:

Balance at December 31, 2022	$	142,061
Contracts with customers		27,134
Recognized in the current period		(143,954	)
Currency translation adjustment		2,038
Balance at June 30, 2023	$	27,279

Contract assets

The Company had no contract assets as of June 30, 2023 and December 31, 2022, which are generated when contractual billing schedules differ from revenue recognition timing. Contract assets represent a conditional right to consideration for satisfied performance obligations that becomes a billed receivable when the conditions are satisfied.

Unsatisfied performance obligations

The Company had no unsatisfied performance obligations related to its contracts with customers at June 30, 2023 and December 31, 2022.