Revenue Recognition

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Revenue Recognition

5.Revenue Recognition

Disaggregation of Revenue

Revenues for the three and nine months ended September 30, 2023 and 2022 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(Amounts in thousands)
Product revenue	$	141,156	$	200,708	$	482,910	$	614,668
Royalty and other income		36		33		111		106
Total revenue	$	141,192	$	200,741	$	483,021	$	614,774

When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. Because substantially all of 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, regulatory, economic and geopolitical factors within those regions could impact the nature, timing and uncertainty of the Company’s revenues and cash flows. In addition, a significant portion of the Company’s revenue is generated from a small number of customers; therefore, economic factors specific to these customers 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 6, “Revenue Recognition” included in Part II, Item 8, “Financial Statements and Supplementary Data” to our 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 September 30, 2023 (amounts in thousands):

	September 30,		December 31,
	2023		2022
Balances from contracts with customers only:
Accounts receivable	$	106,158	$	116,247
Deferred revenue (included in accrued liabilities and    other noncurrent liabilities in the condensed consolidated    balance sheets)	$	11,447	$	19,631
Revenue recognized during periods presented relating to:
The beginning deferred revenue balance	$	16,999	$	13,390

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.