Note 12 - Revenue

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

12. Revenue

We currently operate as one operating segment focusing on bioproduction products and services.

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 Month Period Ended				Nine Month Period Ended
	September 30,				September 30,
(In thousands)	2020		2019		2020		2019
Biopreservation media	$	7,414	$	6,069	$	22,753	$	18,165
Automated thawing		277		324		1,047		699
evo shippers		494		211		1,372		211
Freezers and accessories		3,094		—		8,189		—
Total	$	11,279	$	6,604	$	33,361	$	19,075