Revenue from Contracts with Customers

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Product sales	$	558,965	$	359,112	$	1,409,534	$	1,614,435
Laboratory services		47,135		31,016		112,810		94,515
Collaboration revenue		92,922		58,585		826,257		176,713
Total revenue	$	699,022	$	448,713	$	2,348,601	$	1,885,663

Revenues by geography are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Domestic	$	142,716	$	135,857	$	523,978	$	415,926
International		556,306		312,856		1,824,623		1,469,737
Total revenue	$	699,022	$	448,713	$	2,348,601	$	1,885,663

Deferred revenue

Changes to deferred revenue for the period were as follows:

Balance at December 31, 2022	$	142,061
Contracts with customers		198,419
Recognized in the current period		(144,031	)
Currency translation adjustment		(1,762	)
Balance at September 30, 2023	$	194,687

Contract assets

The Company had no contract assets as of September 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 September 30, 2023 and December 31, 2022.