NET SALES

6 Months Ended

Jun. 30, 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 75% of net sales for both the three and six months ended June 30, 2025 and 74% of net sales for both the three and six months ended June 30, 2024.

The following tables summarize our net sales by market for the three and six months ended June 30, 2025 and 2024, respectively:

	Three Months Ended June 30, 2025
	Product/ Service Transferred Over Time		Product Transferred at Point in Time		Noncash Consideration1		Total Net Sales by Market
Medical Device	$	5,049	$	2,004	$	497	$	7,550
Medical Imaging		7,490		2,169		5		9,664
Industrial		6,590		1,799		127		8,516
Aerospace and Defense		3,975		886		84		4,945
Total net sales	$	23,104	$	6,858	$	713	$	30,675

	Three Months Ended June 30, 2024
	Product/ Service Transferred Over Time		Product Transferred at Point in Time		Noncash Consideration1		Total Net Sales by Market
Medical Device(2)	$	6,857	$	2,129	$	703	$	9,689
Medical Imaging(2)		5,868		2,306		8		8,182
Industrial		6,163		2,667		555		9,385
Aerospace and Defense		6,097		494		44		6,635
Total net sales	$	24,985	$	7,596	$	1,310	$	33,891

	Six Months Ended June 30, 2025
	Product/ Service Transferred Over Time		Product Transferred at Point in Time		Noncash Consideration1		Total Net Sales by Market
Medical Device	$	10,821	$	3,734	$	1,065	$	15,620
Medical Imaging		14,198		4,042		12		18,252
Industrial		11,296		3,931		234		15,461
Aerospace and Defense		6,757		1,364		116		8,237
Total net sales	$	43,072	$	13,071	$	1,427	$	57,570

	Six Months Ended June 30, 2024
	Product/ Service Transferred Over Time		Product Transferred at Point in Time		Noncash Consideration1		Total Net Sales by Market
Medical Device(2)	$	13,748	$	4,648	$	1,497	$	19,893
Medical Imaging(2)		12,041		5,031		11		17,083
Industrial		13,110		5,014		853		18,977
Aerospace and Defense		11,301		736		116		12,153
Total net sales	$	50,200	$	15,429	$	2,477	$	68,106

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 in the condensed consolidated balance sheets, consist of unbilled amounts related to revenue recognized over time. Significant changes in the contract assets balance during the six months ended June 30, 2025 were as follows:

Balance as of December 31, 2024	$	13,792
Increase (decrease) attributed to:
Amounts transferred over time to contract assets		43,072
Allowance for current expected credit losses		(1	)
Amounts invoiced during the period		(41,879	)
Balance outstanding as of June 30, 2025	$	14,984

We expect substantially all the remaining performance obligations for the contract assets recorded as of June 30, 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.