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Concentrations
9 Months Ended
Sep. 30, 2023
Risks and Uncertainties [Abstract]  
Concentrations

NOTE 12—CONCENTRATIONS

Revenue from the Company’s products are as follows (dollars in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Laser systems

 

$

6,647

 

 

 

60.9

%

 

$

7,302

 

 

 

60.8

%

 

$

21,666

 

 

 

60.7

%

 

$

21,626

 

 

 

62.9

%

Consumables and other

 

 

2,908

 

 

 

26.6

%

 

 

2,632

 

 

 

21.9

%

 

 

10,058

 

 

 

28.2

%

 

 

8,379

 

 

 

24.3

%

Services

 

 

1,366

 

 

 

12.5

%

 

 

2,076

 

 

 

17.3

%

 

 

3,950

 

 

 

11.1

%

 

 

4,406

 

 

 

12.8

%

Net revenue

 

$

10,921

 

 

 

100.0

%

 

$

12,010

 

 

 

100.0

%

 

$

35,674

 

 

 

100.0

%

 

$

34,411

 

 

 

100.0

%

 

No individual customer represented more than 10% of the Company’s revenue for the three and nine months ended September 30, 2023 or 2022.

The Company maintains its cash and cash equivalents in money market investment accounts with established commercial banks. Such cash deposits periodically exceed the Federal Deposit Insurance Corporation insured limit.

As of September 30, 2023, accounts receivable from one customer totaled approximately 10% of total gross accounts receivable. The entire balance is either current or outstanding for less than 90 days. As of December 31, 2022 accounts receivable from one customer totaled approximately 12% of total gross accounts receivable. The entire balance was either current or outstanding for less than 30 days.

The Company currently purchases certain key components of its products from single suppliers. Although there are a limited number of manufacturers of these key components, management believes that other suppliers could provide similar key components on comparable terms. A change in suppliers, however, could cause delays in manufacturing and a possible loss of sales, which could adversely affect the Company’s business, results of operations and financial condition.