Revenue Recognition

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Revenue Recognition

5.Revenue Recognition

Disaggregation of Revenue

Revenues for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(Amounts in thousands)
Product revenue	$	154,038	$	159,133	$	305,348	$	341,754
Royalty and other income		35		36		71		75
Total revenue	$	154,073	$	159,169	$	305,419	$	341,829

When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. Because its revenues are from bioprocessing customers, there are no differences in the nature, timing and uncertainty of the Company’s revenues and cash flows from any of its product lines. However, given that the Company’s revenues are generated in different geographic regions, factors such as regulatory, economic and geopolitical developments within those regions could impact the nature, timing and uncertainty of the Company’s revenues and cash flows.

Disaggregated revenue from contracts with customers by geographic region and revenue from significant customers can be found in Note 14, “Segment Reporting,” included in this report.

For more information regarding our product revenue, see Note 7, “Revenue Recognition” included in Part II, Item 8, “Financial Statements and Supplementary Data” to the Company’s Form 10-K.

Contract Balances from Contracts with Customers

The following table provides information about receivables and deferred revenue from contracts with customers as of June 30, 2024 and December 31, 2023 (amounts in thousands):

	June 30,		December 31,
	2024		2023
Balances from contracts with customers only:
Accounts receivable	$	123,245	$	124,161
Deferred revenue (included in accrued liabilities and    other noncurrent liabilities in the condensed    consolidated balance sheets)	$	14,461	$	10,755
Revenue recognized during periods presented relating to:
The beginning deferred revenue balance	$	6,818	$	18,751

The timing of revenue recognition, billings and cash collections results in the accounts receivable and deferred revenue balances on the Company’s condensed consolidated balance sheets.