Note 12 - Revenue

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

1

2

. Revenue

We currently operate as

one

operating segment focusing on biopreservation tools.

We generate revenue from the sale of bioproduction products, equipment devices, and related consumables used with these equipment devices to customers in the life science and biopharmaceutical industries. Under ASC

606,

“Revenue from Contracts with Customers,” revenue is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to customers.

The Company also generates revenue from the leasing of our evo cold chain systems, which are typically cloud-connected shippers with enabling cold chain cloud applications, to customers pursuant to rental arrangements entered into with the customer. Revenue from the rental of cold chain systems is

not

within the scope of FASB ASC Topic

606

as it is within the scope of FASB ASC Topic

842,

“Leases”. All customers leasing shippers currently do so under month-to-month rental arrangements. We account for these rental transactions as operating leases and record rental revenue on a straight-line basis over the rental term.

The following table represents revenues by product line:  

	Three Months Ended March 31,
(In thousands, except percentages)	2020		2019
Biopreservation media	$	8,672	$	5,770
Automated thawing		394	––
evo shippers		438	––
Freezers and accessories		2,658	––
Total revenue	$	12,162	$	5,770