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

Disaggregation of revenue

The following table depicts the disaggregation of revenue by type of customer or sales channel, market segment as defined by nature of workflows and activities of the end customer and timing of revenue recognition (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Type of Sales Channel
Direct sales channel	$	10,103	$	8,750	$	20,542	$	20,731
Distributor channel	9,147		1,819		17,336		3,616
Net revenues	$	19,250	$	10,569	$	37,878	$	24,347
Market
Antibody therapeutics	$	13,672	$	9,956	$	28,786	$	21,777
Synthetic biology	1,856		566		3,840		2,172
Gene therapy	2,058		—		3,283		—
Cell therapy	1,664		47		1,969		398
Net revenues	$	19,250	$	10,569	$	37,878	$	24,347
Timing of Revenue Recognition
Goods and services transferred at a point in time	$	12,522	$	8,890	$	25,586	$	19,578
Goods and services transferred over time	6,728		1,679		12,292		4,769
Net revenues	$	19,250	$	10,569	$	37,878	$	24,347

Revenues by market are determined by the revenue associated with workflows that the Company’s customers are utilizing, primarily on our Beacon platform, or by the nature of the workflows that the Company is developing under joint development and partnership agreements. Revenues by geographical markets are presented in Note 15 to these condensed consolidated financial statements.

Performance Obligations

A significant number of the Company’s product and service sales, as well as its feasibility study arrangements, are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

As of June 30, 2021, the aggregate amount of remaining performance obligations that are unsatisfied or partially unsatisfied related to customer contracts extending over one year was $7.6 million, which includes deferred revenue on the Company’s condensed consolidated balance sheets, of which approximately 34% is expected to be recognized to revenue in the next 12 months, with the remainder recognized afterwards.

Contract balances

The following table provides information about receivables, contract assets and deferred revenue from contracts with customers (in thousands):

	June 30, 2021		December 31, 2020
Trade accounts receivable	$	19,760	$	12,939
Contract assets, which are included in “Prepaid expenses and other current assets”	1,775		1,310
Contract assets, long-term, which are included in “Other assets”	2,040		1,375
Deferred revenue (current)	8,258		5,482
Deferred revenue (non-current)	1,875		1,709

The contract liabilities of $10.1 million and $7.2 million as of June 30, 2021 and December 31, 2020, respectively, consisted of deferred revenue related to extended warranty service agreements and advanced billings on advanced automation systems arrangements. Revenue recorded during the three and six months ended June 30, 2021 included $1.8 million and $4.3 million, respectively, of previously deferred revenue that was included in contract liabilities as of December 31, 2020.

Sales-type lease arrangements

The Company also enters into sales-type lease arrangements with certain qualified customers. Revenue related to lease elements from sales-type leases is presented as product revenue and was $1.0 million and $2.7 million for the three and six months ended June 30, 2021, respectively and none for the three and six months ended June 30, 2020.

The following tables presents the future maturity of the Company’s fixed-term customer leases and reconciles the undiscounted cash flows from the amounts due from customers under such arrangements as of June 30, 2021 (in thousands):

Year ending December 31,	Sales-Type Leases
Remainder of 2021	$	1,336
2022	2,098
2023	445
2024 and thereafter	853
Total undiscounted cash flows	$	4,732
Less: unearned income	641
Total amounts due from customers, gross	$	4,091