Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

4.REVENUE RECOGNITION

Revenue recognized for each revenue stream was as follows:

	Three Months Ended March 31,
(in thousands)	2024		2023
Pellet procedures	$	37,389	$	35,070
Dietary supplements		7,389		8,330
Disposable trocars		1,027		720
Compounding pharmacy		171		—
Shipping fees		59		35
Product revenue		46,035		44,155
Training		274		336
Contract-term services		274		210
Other		221		142
Service revenue		769		688
Total revenue	$	46,804	$	44,843

Revenue recognized by geographic region was as follows:

	Three Months Ended March 31,
(in thousands)	2024		2023
United States	$	45,656	$	44,016
All other		379		139
Product revenue		46,035		44,155
United States		769		656
All other		—		32
Service revenue		769		688
Total revenue	$	46,804	$	44,843

Significant changes in contract liability balances were as follows:

	March 31,
	2024						2023
Description of change (in thousands)	Deferred Revenue			Deferred Revenue, Long-term			Deferred Revenue			Deferred Revenue, Long-term
Revenue recognized that was included in the contract liability balance at the beginning of the period	$	(1,012	)	$	—		$	(755	)	$	—
Increases due to cash received, excluding amounts recognized as revenue during the period		1,652			422			760			340
Transfers between current and non-current liabilities due to the expected revenue recognition period		576			(576	)		389			(389	)
Total increase in contract liabilities	$	1,216		$	(154	)	$	394		$	(49	)

Consideration allocated to initial training due to deposits paid upfront is presented within deferred revenue in the unaudited condensed consolidated balance sheets and is expected to be recognized as revenue within one year as the training is performed. Consideration allocated to contract-term services is presented within deferred revenue and deferred revenue, long-term for the amounts expected to be recognized within one year and longer than one year, respectively.

Consideration allocated to the premiums within the management fee for pellet procedures is presented within deferred revenue current and deferred revenue, long-term for amounts expected to be recognized within one year and longer than one year, respectively.

Consideration allocated to performance obligations was as follows:

	March 31,		December 31,
(in thousands)	2024		2023
Unsatisfied training obligations – Current	$	174	$	151
Unsatisfied contract-term services – Current		1,780		1,583
Unsatisfied contract-term services – Long-term		996		935
Total allocated to unsatisfied contract-term services		2,776		2,518
Unsatisfied pellet procedures – Current		922		940
Unsatisfied pellet procedures – Long-term		430		387
Total allocated to unsatisfied pellet procedures		1,352		1,327
Unsatisfied dietary supplements – Current		-		328
Total deferred revenue – Current	$	2,876	$	3,002
Total deferred revenue – Long-term	$	1,426	$	1,322

The Company does not have a history of material returns or refunds and generally does not offer warranties or guarantees for any products or services. There were no expected returns or refunds recorded as a reduction of revenue for the three months ended March 31, 2024 and 2023.