Quarterly report [Sections 13 or 15(d)]

Revenue

v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue Recognition [Abstract]  
Revenue Revenue
The following table presents the Company’s disaggregated revenue by offering type (in thousands):
  Three Months Ended
March 31,
  2025 2024
 
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 $ 638  1.8  % $ 615  1.9  %
Third-Party Payer products 3,951  11.4  % 1,872  5.9  %
Patient Services revenue recognized over time:
Direct rental services 1,914  5.5  % 3,572  11.2  %
Third-Party Payer rental services 12,215  35.2  % 10,977  34.3  %
Total Patient Services accounted for under ASC 606 18,718  53.9  % 17,036  53.2  %
Device Solutions revenue recognized at a point in time:
Products 4,002  11.5  % 4,213  13.2  %
Services
 2,350  6.8  % 2,409  7.5  %
Device Solutions revenue recognized over time:
Services
 1,855  5.3  % 1,969  6.2  %
Total Device Solutions accounted for under ASC 606 8,207  23.6  % 8,591  26.9  %
Total Revenue Accounted for under ASC 606 26,925  77.6  % 25,627  80.1  %
Patient Services lease revenue
 2,056  5.9  % 1,555  4.9  %
Device Solutions lease revenue
 5,735  16.5  % 4,813  15.0  %
Total Revenue accounted for under ASC 842, Leases 7,791  22.4  % 6,368  19.9  %
Total Net Revenue $ 34,716  100.0  % $ 31,995 100.0  %

Contract Balances
(dollars in thousands)
As of March 31, 2025
As of December 31, 2024
 $ Change
Accounts receivable, net $ 23,892  $ 21,155  $ 2,737 
Contract assets $ 714  $ 570  $ 144 
Contract liabilities $ 25  $ —  $ 25 
The change in contract assets during the three months ended March 31, 2025 included $2.4 million of revenue recognized for which the payment is subject to conditions other than the passage of time, which was fully offset by $2.3 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.
The change in contract liabilities during the three months ended March 31, 2025 was mainly due to the increase in the value of products and services billed to customers for which control of the products and services has not transferred to the customers. Contract liabilities are included in other current liabilities on the Company's condensed consolidated balance sheets.