XML 25 R13.htm IDEA: XBRL DOCUMENT v3.21.2
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
The Company operates as a single reportable segment. The Company has one sales force that sells the Company’s nCounter and GeoMx DSP instruments, consumables and related services.
Disaggregated Revenues
The following table of total revenue is based on the geographic location of end users or distributors who purchase products and services, and of our collaborators. For sales to distributors, their geographic location may be different from the geographic location of the ultimate end customer. For collaboration agreements, revenues are derived from partners located primarily in the United States. Americas consists of the United States, Canada, Mexico, and South America; and Asia Pacific includes Japan, China, South Korea, Singapore, Malaysia, India, and Australia.
The following table provides information about disaggregated revenue by major product line and primary geographic market (in thousands):
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
AmericasEurope and Middle EastAsia PacificTotalAmericasEurope and Middle EastAsia PacificTotal
Product revenue:
Instruments$7,662 $2,769 $1,385 $11,816 $13,136 $6,402 $4,023 $23,561 
Consumables12,467 4,512 1,002 17,981 23,807 7,856 2,281 33,944 
Total product revenue20,129 7,281 2,387 29,797 36,943 14,258 6,304 57,505 
Service revenue2,497 1,090 248 3,835 5,182 1,861 478 7,521 
Total product and service revenue22,626 8,371 2,635 33,632 42,125 16,119 6,782 65,026 
Collaboration revenue231 — — 231 454 — — 454 
Total revenues$22,857 $8,371 $2,635 $33,863 $42,579 $16,119 $6,782 $65,480 
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
AmericasEurope and Middle EastAsia PacificTotalAmericasEurope and Middle EastAsia PacificTotal
Product revenue:
Instruments$6,577 $2,475 $748 $9,800 $13,658 $4,263 $1,713 $19,634 
Consumables5,375 2,406 588 8,369 13,747 4,909 1,213 19,869 
Total product revenue11,952 4,881 1,336 18,169 27,405 9,172 2,926 39,503 
Service revenue1,922 878 175 2,975 3,960 1,752 425 6,137 
Total product and service revenue13,874 5,759 1,511 21,144 31,365 10,924 3,351 45,640 
Collaboration revenue1,460 — — 1,460 3,569 — — 3,569 
Total revenues$15,334 $5,759 $1,511 $22,604 $34,934 $10,924 $3,351 $49,209 
Total revenue in the United States was $41.1 million, and $33.8 million for the six month periods ended June 30, 2021 and 2020, respectively. The Company’s assets are primarily located in the United States and therefore are not allocated to any specific geographic region.
Contract balances and remaining performance obligations
Contract liabilities are comprised of the current and long-term portions of deferred revenue of $8.3 million and $7.0 million as of June 30, 2021 and December 31, 2020, respectively, and customer deposits of $1.5 million and $1.6 million as of June 30, 2021 and December 31, 2020, respectively, included within the condensed consolidated balance sheets. Total contract liabilities increased by $1.2 million as of June 30, 2021 as a result of additional deferred revenue of $7.6 million associated primarily with new or extended service contracts, partially offset by the recognition of previously deferred revenue and customer deposits of $6.4 million for the completion of certain performance obligations during the period. The Company recorded contract assets of $0.5 million as of June 30, 2021 related to revenues recognized, but not yet invoiced to customers. The Company did not record any contract assets as of December 31, 2020. The Company’s contractual payment terms for its contracts with customers approximate 45 days on average.
As of June 30, 2021, unsatisfied or partially unsatisfied performance obligations related to undelivered products and service contracts were $9.8 million and are expected to be completed over the term of the related contract or as products are delivered.