Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

12.Segment Reporting

The Company views its operations, makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. As a result, the financial information disclosed herein represents all of the material financial information related to the Company.

The following table represents the Company’s total revenue by geographic area (based on the location of the customer):

	Three Months Ended
	March 31,
	2023			2022
Revenue by customers' geographic locations:
North America		38	%		40	%
Europe		39	%		43	%
APAC/Other		23	%		17	%
Total revenue		100	%		100	%

Concentrations of Credit Risk and Significant Customers

Financial instruments that subject the Company to significant concentrations of credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. Per the Company’s investment policy, cash equivalents and marketable securities are invested in financial instruments with high credit ratings and credit exposure to any one issue, issuer (with the exception of U.S. Treasury obligations) and type of instrument is limited. At March 31, 2023 and December 31, 2022, the Company had no investments associated with foreign exchange contracts, options contracts or other foreign hedging arrangements.

Concentration of credit risk with respect to accounts receivable is limited to customers to whom the Company makes significant sales. While a reserve for the potential write-off of accounts receivable is maintained, the Company has not written off any significant accounts to date. To control credit risk, the Company performs regular credit evaluations of its customers’ financial condition.

Revenue from sales to Pfizer, Inc. were $20.1 million, or 11.0% and $21.1 million, or 10.2% of the Company's total revenue for the three months ended March 31, 2023 and 2022, respectively.

Significant accounts receivable balances representing 10% or more of the Company’s total trade accounts receivable and royalties at March 31, 2023 came from our accounts receivable balance outstanding with Pfizer Inc., which was 14.7% of our total accounts receivable and other receivable balance. Significant accounts receivable balances representing 10% or more of the Company’s total trade accounts receivable and royalties at December 31, 2022 came from our accounts receivable balance outstanding with Purolite (an Ecolab Inc. company), which was 12.7% of our total accounts receivable and other receivable balance.