Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

v3.19.3
Revenue Recognition (Tables)
9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
Disaggregation of revenue
The following table provides information about disaggregated revenue from contracts with customers, the nature of the products and services and geographic regions, and includes a reconciliation of the disaggregated revenue with reportable segments. The geographic regions that are tracked are the Americas (United States, Canada, Latin America), EMEA (Europe, Middle East, Africa), and APAC (Australia, New Zealand, Southeast Asia, China).
 
Three months ended September 30, 2019
 
Three months ended September 30, 2018
(in thousands)
Performance Enzymes
 
Novel Biotherapeutics
 
Total
 
Performance Enzymes
 
Novel Biotherapeutics
 
Total
Major products and service:
 
 
 
 
 
 
 
 
 
 
 
       Product Revenue
$
10,351

 
$

 
$
10,351

 
$
8,405

 
$

 
$
8,405

Research and development revenue
10,073

 
1,482

 
11,555

 
3,720

 
4,821

 
8,541

Total revenues
$
20,424

 
$
1,482

 
$
21,906

 
$
12,125

 
$
4,821

 
$
16,946

 
 
 
 
 
 
 
 
 
 
 
 
Primary geographical markets:
 
 
 
 
 
 
 
 
 
 
 
Americas
$
2,706

 
$

 
$
2,706

 
$
4,315

 
$

 
$
4,315

EMEA
10,723

 
1,482

 
12,205

 
1,453

 
4,821

 
6,274

APAC
6,995

 

 
6,995

 
6,357

 

 
6,357

Total revenues
$
20,424

 
$
1,482

 
$
21,906

 
$
12,125

 
$
4,821

 
$
16,946



 
Nine months ended September 30, 2019
 
Nine months ended September 30, 2018
(in thousands)
Performance Enzymes
 
Novel Biotherapeutics
 
Total
 
Performance Enzymes
 
Novel Biotherapeutics
 
Total
Major products and service:
 
 
 
 
 
 
 
 
 
 
 
       Product Revenue
$
24,588

 
$

 
$
24,588

 
$
18,291

 
$

 
$
18,291

Research and development revenue
16,512

 
8,708

 
25,220

 
15,728

 
10,507

 
26,235

Total revenues
$
41,100

 
$
8,708

 
$
49,808

 
$
34,019

 
$
10,507

 
$
44,526

 
 
 
 
 
 
 
 
 
 
 
 
Primary geographical markets:
 
 
 
 
 
 
 
 
 
 
 
Americas
$
9,620

 
$

 
$
9,620

 
$
13,968

 
$

 
$
13,968

EMEA
15,964

 
8,708

 
24,672

 
4,568

 
10,507

 
15,075

APAC
15,516

 

 
15,516

 
15,483

 

 
15,483

Total revenues
$
41,100

 
$
8,708

 
$
49,808

 
$
34,019

 
$
10,507

 
$
44,526


Contract with customer
During the three and nine months ended September 30, 2019, we recognized the following revenues (in thousands):
Revenue recognized in the period from:
Three months ended September 30, 2019
 
Nine months ended September 30, 2019
Amounts included in contract liabilities at the beginning of the period:
 
 
 
     Performance obligations satisfied
$
5,092

 
$
4,948

Changes in the period:
 
 
 
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods
2,641

 
2,460

Performance obligations satisfied from new activities in the period - contract revenue
14,173

 
42,400

Total revenue
$
21,906

 
$
49,808


The following table presents changes in the contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands):
 
January 1, 2019 balance
 
Additions
 
Deductions (1)
 
September 30, 2019 balance
Contract Assets
$
35

 
7,142

 
(5,984
)
 
$
1,193

Unbilled receivables, current
$
1,916

 
4,189

 
(3,788
)
 
$
2,317

Unbilled receivables, non-current (2)
$
786

 

 
(786
)
 
$

Contract Costs (2)
$
42

 

 
(41
)
 
$
1

Contract Liabilities: Deferred Revenue
$
8,288

 
6,486

 
(11,498
)
 
$
3,276

(1) The asset or liability balances are presented as a net position per contract and accordingly the deductions column includes the netting effect of presenting each contract on a net position basis as either a net liability or asset.
(2) Included in non-current assets in our unaudited condensed consolidated balance sheets.
Performance obligation, expected timing of satisfaction
The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of September 30, 2019.

The balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts.
(in thousands)
Remainder of 2019
 
2020
 
2021 and Thereafter
 
Total
Product Revenue
$

 
$
365

 
$
1,623

 
$
1,988

Research and development revenue
1,288

 

 

 
1,288

Total
$
1,288

 
$
365

 
$
1,623

 
$
3,276