Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.24.3
Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table presents the Company’s disaggregated revenue by offering type (in thousands):
  Three Months Ended
September 30,
  2024 2023
 
Total Net
Revenues
Percentage of
Total Net
Revenues
Total Net
Revenues
Percentage of
Total Net
Revenues
Patient Services revenue recognized at a point in time:
Direct products $ 685  1.9  % $ 570  1.8  %
Third-Party Payer products 3,917  11.1  % 3,425  10.7  %
Patient Services revenue recognized over time:
Direct rental services 1,923  5.4  % 1,840  5.8  %
Third-Party Payer rental services 12,277  34.8  % 11,003  34.5  %
Total Patient Services accounted for under ASC 606 18,802  53.2  % 16,838  52.8  %
Device Solutions revenue recognized at a point in time:
Products 4,731  13.4  % 3,593  11.3  %
Services
 2,575  7.3  % 2,573  8.1  %
Device Solutions revenue recognized over time:
Services
 1,841  5.2  % 1,807  5.7  %
Total Device Solutions accounted for under ASC 606 9,147  25.9  % 7,973  25.0  %
Total Revenue Accounted for under ASC 606 27,949  79.1  % 24,811  77.8  %
Patient Services lease revenue
 1,978  5.6  % 2,451  7.7  %
Device Solutions lease revenue
 5,393  15.3  % 4,647  14.6  %
Total Revenue accounted for under ASC 842, Leases 7,371  20.9  % 7,098  22.2  %
Total Net Revenue $ 35,320  100.0  % $ 31,909 100.0  %
  Nine Months Ended
September 30,
  2024 2023
 
Total Net
Revenues
Percentage of
Total Net
Revenues
Total Net
Revenues
Percentage of
Total Net
Revenues
Patient Services revenue recognized at a point in time:
Direct products $ 2,030  2.0  % $ 1,727  1.8  %
Third-Party Payer products 11,182  11.1  % 10,198  10.8  %
Patient Services revenue recognized over time:
Direct rental services 5,724  5.7  % 5,574  5.9  %
Third-Party Payer rental services 35,144  34.8  % 32,913  35.0  %
Total Patient Services accounted for under ASC 606 54,080  53.5  % 50,412  53.6  %
Device Solutions revenue recognized at a point in time:
Products 12,886  12.8  % 11,199  11.9  %
Services 7,442  7.4  % 7,608  8.1  %
Device Solutions revenue recognized over time:
Services 5,850  5.8  % 4,079  4.3  %
Total Device Solutions accounted for under ASC 606 26,178  25.9  % 22,886  24.3  %
Total Revenue Accounted for under ASC 606 80,258  79.5  % 73,298  78.0  %
Patient Services Lease Revenue 5,537  5.5  % 6,970  7.4  %
Device Solutions Lease Revenue 15,218  15.1  % 13,746  14.6  %
Total Revenue accounted for under ASC 842, Leases 20,755  20.5  % 20,716  22.0  %
Total Net Revenue $ 101,013  100.0  % $ 94,014 100.0  %
Contract Balances
(dollars in thousands)
As of September 30, 2024
As of December 31, 2023
 $ Change
Accounts receivable, net $ 22,761  $ 19,830  $ 2,931 
Contract assets $ 980  $ 1,271  $ (291)
The change in contract assets during the nine months ended September 30, 2024 included $8.2 million of revenue recognized for which the payment is subject to conditions other than the passage of time, which was fully offset by $8.5 million of contract assets reclassified to accounts receivable as our right to consideration for these contract assets became unconditional. Contract assets are included in other current assets on the Company's condensed consolidated balance sheets.