Revenue

6 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

2. Revenue

The following table is a disaggregation of revenue within each reportable segment.

	Three Months Ended March 31,				Six Months Ended March 31,
(In thousands)	2024		2023		2024		2023
Medical Device
Product sales	$	11,100	$	7,914	$	23,050	$	16,294
Royalties & license fees – performance coatings		10,323		8,098		18,531		15,567
License fees – SurVeil DCB		1,088		1,331		2,059		2,627
Research, development and other		2,315		2,364		4,731		4,237
Medical Device Revenue		24,826		19,707		48,371		38,725
In Vitro Diagnostics
Product sales		6,999		7,436		13,876		13,290
Research, development and other		133		55		263		116
In Vitro Diagnostics Revenue		7,132		7,491		14,139		13,406
Total Revenue	$	31,958	$	27,198	$	62,510	$	52,131

Contract assets totaled $10.7 million and $7.8 million as of March 31, 2024 and September 30, 2023, respectively, on the condensed consolidated balance sheets. Fluctuations in the balance of contract assets result primarily from (i) fluctuations in the sales volume of performance coating royalties and license fees earned, but not collected, at each balance sheet date due to payment timing and contractual changes in the normal course of business; and (ii) starting in fiscal 2024, sales-based profit-sharing earned, but not collected, related to a collaborative arrangement (Note 3).

Deferred revenue totaled $4.7 million and $6.8 million as of as of March 31, 2024 and September 30, 2023, respectively, on the condensed consolidated balance sheets and was primarily related to a collaborative arrangement (Note 3). For the six months ended March 31, 2024 and 2023, the total amount of revenue recognized that was included in the respective beginning of fiscal year balances of deferred revenue on the condensed consolidated balance sheets totaled $2.2 million and $2.6 million, respectively.