NET SALES

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

NET SALES

NOTE 3. NET SALES

Revenue Recognition

Revenue under contract manufacturing agreements that was recognized over time excluding noncash consideration accounted for 74% of net sales for the three months ended March 31, 2025 and 2024.

The following tables summarize our net sales by market for the three months ended March 31, 2025 and 2024, respectively:

	Three Months Ended March 31, 2025
	Product/ Service Transferred Over Time		Product Transferred at Point in Time		Noncash Consideration1		Total Net Sales by Market
Medical Device	$	5,772	$	1,730	$	568	$	8,070
Medical Imaging		6,708		1,873		7		8,588
Industrial		4,706		2,132		107		6,945
Aerospace and Defense		2,782		478		32		3,292
Total net sales	$	19,968	$	6,213	$	714	$	26,895

	Three Months Ended March 31, 2024
	Product/ Service Transferred Over Time		Product Transferred at Point in Time		Noncash Consideration1		Total Net Sales by Market
Medical Device(2)	$	7,167	$	2,777	$	794	$	10,738
Medical Imaging(2)		7,073		2,468		3		9,544
Industrial		5,429		2,347		297		8,073
Aerospace and Defense		5,545		242		73		5,860
Total net sales	$	25,214	$	7,834	$	1,167	$	34,215

1	Noncash consideration represents material provided by the customer used in the build of the product.
2	Medical, as reported in the prior year period filing, has been split between Medical Device and Medical Imaging to conform with the current year presentation.

Contract Assets

Contract assets, recorded as such in the condensed consolidated balance sheet, consist of unbilled amounts related to revenue recognized over time. Significant changes in the contract assets balance during the three months ended March 31, 2025 were as follows:

Balances as of January 1, 2025	$	13,792
Increase (decrease) attributed to:
Amounts transferred over time to contract assets		19,968
Allowance for current expected credit losses		-
Amounts invoiced during the period		(20,356	)
Balance outstanding as of March 31, 2025	$	13,404

We expect substantially all of the remaining performance obligations for the contract assets recorded as of March 31, 2025 to be transferred to receivables within 90 days, with any remaining amounts to be transferred within 180 days. We bill our customers upon shipment with payment terms of up to 120 days.