Balance Sheet Components (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Balance Sheet Related Disclosures [Abstract] |
|
| Summary of Cash, Cash Equivalents and Short-term Investments |
Cash, cash equivalents, and marketable securities consist of the following:
|
|
|
September 30,
|
|
|
December 31,
|
|
|
Cash and cash equivalents
|
|
2020
|
|
|
2019
|
|
|
Cash
|
|
$
|
46,137
|
|
|
$
|
51,560
|
|
|
Money market accounts
|
|
|
167,847
|
|
|
|
146,477
|
|
|
Total cash and cash equivalents
|
|
$
|
213,984
|
|
|
$
|
198,037
|
|
|
Marketable securities
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
6,525
|
|
|
$
|
2,013
|
|
|
U.S. Treasury securities
|
|
|
—
|
|
|
|
9,044
|
|
|
Total marketable securities
|
|
$
|
6,525
|
|
|
$
|
11,057
|
|
|
| Schedule of Gross Accounts Receivable Balance Concentrations by Major Category |
Gross accounts receivable balance concentrations by major category as of September 30, 2020 and December 31, 2019 were as follows:
|
|
|
September 30,
|
|
|
December 31,
|
|
|
Gross accounts receivable
|
|
2020
|
|
|
2019
|
|
|
Rental (1)
|
|
$
|
5,081
|
|
|
$
|
3,003
|
|
|
Business-to-business and other receivables (2)
|
|
|
28,018
|
|
|
|
33,101
|
|
|
Total gross accounts receivable
|
|
$
|
33,099
|
|
|
$
|
36,104
|
|
|
(1)
|
Rental includes Medicare, Medicaid/other government, private insurance and patient pay.
|
|
(2)
|
Business-to-business receivables included one customer with a gross accounts receivable balance of $5,568 and $10,695 as of September 30, 2020 and December 31, 2019, respectively. This customer received extended payment terms through a direct financing plan offered. The Company also has a credit insurance policy in place, which allocated up to $10,000 in coverage as of September 30, 2020 and allocated up to $20,000 in coverage as of December 31, 2019 for this customer with a $400 deductible and 10% retention.
|
|
| Schedule of Net Accounts Receivable Balance Concentrations by Major Category |
Net accounts receivable (gross accounts receivable, net of allowances) balance concentrations by major category as of September 30, 2020 and December 31, 2019 were as follows:
|
|
|
September 30,
|
|
|
December 31,
|
|
|
Net accounts receivable
|
|
2020
|
|
|
2019
|
|
|
Rental (1)
|
|
$
|
4,354
|
|
|
$
|
2,464
|
|
|
Business-to-business and other receivables (2)
|
|
|
27,337
|
|
|
|
31,861
|
|
|
Total net accounts receivable
|
|
$
|
31,691
|
|
|
$
|
34,325
|
|
|
(1)
|
Rental includes Medicare, Medicaid/other government, private insurance and patient pay.
|
|
(2)
|
Business-to-business receivables included one customer with a gross accounts receivable balance of $5,568 and $10,695 as of September 30, 2020 and December 31, 2019, respectively. This customer received extended payment terms through a direct financing plan offered. The Company also has a credit insurance policy in place, which allocated up to $10,000 in coverage as of September 30, 2020 and allocated up to $20,000 in coverage as of December 31, 2019 for this customer with a $400 deductible and 10% retention.
|
|
| Schedule of Allowances for Accounts Receivable |
The following tables set forth the accounts receivable allowances as of September 30, 2020 and December 31, 2019:
|
|
|
September 30,
|
|
|
December 31,
|
|
|
Allowances - accounts receivable
|
|
2020
|
|
|
2019
|
|
|
Doubtful accounts
|
|
$
|
114
|
|
|
$
|
205
|
|
|
Rental revenue adjustments
|
|
|
640
|
|
|
|
411
|
|
|
Sales returns
|
|
|
654
|
|
|
|
1,163
|
|
|
Total allowances - accounts receivable
|
|
$
|
1,408
|
|
|
$
|
1,779
|
|
|
| Breakdown of Company's Revenue from U.S. and Non-U.S. Sources |
A portion of revenue is earned from sales outside the United States. Approximately 83.4% and 70.3% of the non-U.S. revenue for the three months ended September 30, 2020 and September 30, 2019, respectively, were invoiced in Euros. Approximately 75.6% and 71.2% of the non-U.S. revenue for the nine months ended September 30, 2020 and September 30, 2019, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and non-U.S. sources for the three and nine months ended September 30, 2020 and September 30, 2019, respectively, is as follows:
|
|
|
Three months ended
September 30,
|
|
|
Nine months ended
September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
U.S. revenue
|
|
$
|
59,748
|
|
|
$
|
73,269
|
|
|
$
|
185,971
|
|
|
$
|
222,167
|
|
|
Non-U.S. revenue
|
|
|
14,581
|
|
|
|
18,492
|
|
|
|
48,538
|
|
|
|
60,859
|
|
|
Total revenue
|
|
$
|
74,329
|
|
|
$
|
91,761
|
|
|
$
|
234,509
|
|
|
$
|
283,026
|
|
|
| Schedule of Inventories |
Inventories that are considered current consist of the following:
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Raw materials and work-in-progress
|
|
$
|
25,566
|
|
|
$
|
31,676
|
|
|
Finished goods
|
|
|
4,560
|
|
|
|
5,174
|
|
|
Less: reserves
|
|
|
(906
|
)
|
|
|
(1,186
|
)
|
|
Inventories, net
|
|
$
|
29,220
|
|
|
$
|
35,664
|
|
|
| Computation of Depreciation and Amortization using Straight Line Method Over Estimated Useful Lives of Assets |
Property and equipment are stated at cost. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful lives as follows:
|
Rental equipment
|
|
1.5-5 years
|
|
Manufacturing equipment and tooling
|
|
3-5 years
|
|
Computer equipment and software
|
|
2-3 years
|
|
Furniture and equipment
|
|
3-5 years
|
|
Leasehold improvements
|
|
Lesser of estimated useful life or remaining lease term
|
|
| Summary of Depreciation and Amortization Expense of Rental Equipment and Other Property and Equipment |
Depreciation and amortization expense related to rental equipment and other property and equipment are summarized below for the three and nine months ended September 30, 2020 and September 30, 2019, respectively.
|
|
|
Three months ended
September 30,
|
|
|
Nine months ended
September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Rental equipment
|
|
$
|
1,475
|
|
|
$
|
1,482
|
|
|
$
|
3,995
|
|
|
$
|
4,781
|
|
|
Other property and equipment
|
|
|
982
|
|
|
|
911
|
|
|
|
2,912
|
|
|
|
2,514
|
|
|
Total depreciation and amortization
|
|
$
|
2,457
|
|
|
$
|
2,393
|
|
|
$
|
6,907
|
|
|
$
|
7,295
|
|
|
| Summary of Property Plant and Equipment and Rental Equipment with Associated Accumulated Depreciation |
Property and equipment and rental equipment with associated accumulated depreciation is summarized below as of September 30, 2020 and December 31, 2019, respectively.
|
|
|
September 30,
|
|
|
December 31,
|
|
|
Property and equipment
|
|
2020
|
|
|
2019
|
|
|
Rental equipment, net of allowances of $345 and $395, respectively
|
|
$
|
44,464
|
|
|
$
|
39,308
|
|
|
Other property and equipment
|
|
|
26,011
|
|
|
|
24,986
|
|
|
Property and equipment
|
|
|
70,475
|
|
|
|
64,294
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation
|
|
|
|
|
|
|
|
|
|
Rental equipment
|
|
|
30,625
|
|
|
|
30,984
|
|
|
Other property and equipment
|
|
|
14,530
|
|
|
|
13,872
|
|
|
Accumulated depreciation
|
|
|
45,155
|
|
|
|
44,856
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
|
|
|
|
|
Rental equipment, net of allowances of $345 and $395, respectively
|
|
|
13,839
|
|
|
|
8,324
|
|
|
Other property and equipment
|
|
|
11,481
|
|
|
|
11,114
|
|
|
Property and equipment, net
|
|
$
|
25,320
|
|
|
$
|
19,438
|
|
|
| Schedule of Changes in Carrying Amount of Goodwill |
The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 were as follows:
|
Balance as of December 31, 2019
|
|
$
|
32,954
|
|
|
Translation adjustment
|
|
|
100
|
|
|
Balance as of September 30, 2020
|
|
$
|
33,054
|
|
|
| Summary of Changes in Net Carrying Values of Intangible Assets |
The following tables represent the changes in net carrying values of intangible assets as of the respective dates:
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estimated
|
|
Gross
|
|
|
|
|
|
|
|
|
|
|
|
|
useful lives
|
|
carrying
|
|
|
Accumulated
|
|
|
|
|
|
|
September 30, 2020
|
|
(in years)
|
|
amount
|
|
|
amortization
|
|
|
Net amount
|
|
|
Technology
|
|
10
|
|
$
|
77,700
|
|
|
$
|
8,741
|
|
|
$
|
68,959
|
|
|
Licenses
|
|
10
|
|
|
185
|
|
|
|
171
|
|
|
|
14
|
|
|
Patents and websites
|
|
5
|
|
|
4,483
|
|
|
|
2,834
|
|
|
|
1,649
|
|
|
Customer relationships
|
|
4
|
|
|
1,407
|
|
|
|
1,202
|
|
|
|
205
|
|
|
Commercials
|
|
2-3
|
|
|
698
|
|
|
|
516
|
|
|
|
182
|
|
|
Total
|
|
|
|
$
|
84,473
|
|
|
$
|
13,464
|
|
|
$
|
71,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estimated
|
|
Gross
|
|
|
|
|
|
|
|
|
|
|
|
|
useful lives
|
|
carrying
|
|
|
Accumulated
|
|
|
|
|
|
|
December 31, 2019
|
|
(in years)
|
|
amount
|
|
|
amortization
|
|
|
Net amount
|
|
|
Technology
|
|
10
|
|
$
|
77,700
|
|
|
$
|
2,914
|
|
|
$
|
74,786
|
|
|
Licenses
|
|
10
|
|
|
185
|
|
|
|
165
|
|
|
|
20
|
|
|
Patents and websites
|
|
5
|
|
|
4,274
|
|
|
|
2,308
|
|
|
|
1,966
|
|
|
Customer relationships
|
|
4
|
|
|
1,346
|
|
|
|
897
|
|
|
|
449
|
|
|
Commercials
|
|
2-3
|
|
|
777
|
|
|
|
465
|
|
|
|
312
|
|
|
Total
|
|
|
|
$
|
84,282
|
|
|
$
|
6,749
|
|
|
$
|
77,533
|
|
|
| Schedule of Annual Estimated Amortization Expense |
Annual estimated amortization expense for each of the succeeding fiscal years is as follows:
|
|
|
September 30,
|
|
|
|
|
2020
|
|
|
Remaining 3 months of 2020
|
|
$
|
2,257
|
|
|
2021
|
|
|
8,728
|
|
|
2022
|
|
|
8,410
|
|
|
2023
|
|
|
7,835
|
|
|
2024
|
|
|
7,830
|
|
|
Thereafter
|
|
|
35,949
|
|
|
|
|
$
|
71,009
|
|
|
| Schedule of Accounts Payable and Accrued Expenses |
Accounts payable and accrued expenses as of September 30, 2020 and December 31, 2019 consisted of the following:
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Accounts payable
|
|
$
|
9,514
|
|
|
$
|
16,399
|
|
|
Accrued inventory (in-transit and unvouchered receipts) and trade payables
|
|
|
8,812
|
|
|
|
11,124
|
|
|
Accrued purchasing card liability
|
|
|
2,323
|
|
|
|
1,675
|
|
|
Accrued franchise, sales and use taxes
|
|
|
429
|
|
|
|
713
|
|
|
Other accrued expenses
|
|
|
8,122
|
|
|
|
819
|
|
|
Accounts payable and accrued expenses
|
|
$
|
29,200
|
|
|
$
|
30,730
|
|
|
| Schedule of Accrued Payroll |
Accrued payroll as of September 30, 2020 and December 31, 2019 consisted of the following:
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Accrued bonuses
|
|
$
|
4
|
|
|
$
|
87
|
|
|
Accrued wages and other payroll related items
|
|
|
4,463
|
|
|
|
3,158
|
|
|
Accrued vacation
|
|
|
2,620
|
|
|
|
2,169
|
|
|
Accrued employee stock purchase plan deductions
|
|
|
147
|
|
|
|
801
|
|
|
Accrued payroll
|
|
$
|
7,234
|
|
|
$
|
6,215
|
|
|