Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Components (Tables)

v3.23.2
Balance Sheet Components (Tables)
6 Months Ended
Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]  
Summary of Cash, Cash Equivalents and Short-term Investments

Cash, cash equivalents and marketable securities consist of the following:

 

 

 

June 30,

 

 

December 31,

 

Cash and cash equivalents

 

2023

 

 

2022

 

Cash

 

$

27,692

 

 

$

27,970

 

Money market accounts

 

 

99,504

 

 

 

113,534

 

Corporate bonds

 

 

 

 

 

6,474

 

U.S. Treasury securities

 

 

19,919

 

 

 

18,939

 

Institutional Insured Liquidity Deposit Savings

 

 

20,572

 

 

 

20,097

 

Total cash and cash equivalents

 

$

167,687

 

 

$

187,014

 

Marketable securities

 

 

 

 

 

 

U.S. Treasury securities

 

 

2,459

 

 

 

 

Total marketable securities

 

$

2,459

 

 

$

 

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 June 30, 2023 and December 31, 2022 were as follows:

 

 

June 30,

 

 

December 31,

 

Net accounts receivable

 

2023

 

 

2022

 

Rental (1)

 

$

5,886

 

 

$

5,246

 

Business-to-business and other receivables (2)

 

 

45,249

 

 

 

57,479

 

Total net accounts receivable

 

$

51,135

 

 

$

62,725

 

 

(1)
Rental includes Medicare, Medicaid/other government, private insurance and patient pay.
(2)
Business-to-business receivables included extended terms for two customers: 1) One customer had accounts receivable balances of $5,878 and $9,861 as of June 30, 2023 and December 31, 2022, respectively. The 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 $12,000 in coverage as of June 30, 2023 and December 31, 2022, for this customer with a $400 deductible and 10% retention; and 2) One customer had an accounts receivable balance of $14,421 and $22,641 as of June 30, 2023 and December 31, 2022.
Schedule of Allowances for Accounts Receivable

The following table sets forth the accounts receivable allowances as of June 30, 2023 and December 31, 2022:

 

 

June 30,

 

 

December 31,

 

Allowances - accounts receivable

 

2023

 

 

2022

 

Doubtful accounts

 

$

236

 

 

$

77

 

Sales returns

 

 

684

 

 

 

483

 

Total allowances - accounts receivable

 

$

920

 

 

$

560

 

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 80.0% and 77.4% of the non-U.S. revenue for the three months ended June 30, 2023 and 2022, respectively, were invoiced in Euros. Approximately 78.7% and 75.6% of the non-U.S. revenue for the six months ended June 30, 2023 and 2022, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and non-U.S. sources for the three and six months ended June 30, 2023 and 2022, respectively, is as follows:

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

U.S. revenue

 

$

60,343

 

 

$

65,935

 

 

$

113,533

 

 

$

118,379

 

Non-U.S. revenue

 

 

23,292

 

 

 

37,441

 

 

 

42,264

 

 

 

65,382

 

Total revenue

 

$

83,635

 

 

$

103,376

 

 

$

155,797

 

 

$

183,761

 

 

Schedule of Inventories Inventories that are considered current consist of the following:

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Raw materials and work-in-progress

 

$

22,100

 

 

$

26,496

 

Finished goods

 

 

10,231

 

 

 

9,324

 

Less: reserves

 

 

(1,587

)

 

 

(1,727

)

Inventories, net

 

$

30,744

 

 

$

34,093

 

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 six months ended June 30, 2023 and 2022, respectively.

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Rental equipment

 

$

3,238

 

 

$

2,720

 

 

$

6,316

 

 

$

5,358

 

Other property and equipment

 

 

1,017

 

 

 

978

 

 

 

1,999

 

 

 

1,953

 

Total depreciation and amortization

 

$

4,255

 

 

$

3,698

 

 

$

8,315

 

 

$

7,311

 

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 June 30, 2023 and December 31, 2022, respectively.

 

 

June 30,

 

 

December 31,

 

Property and equipment

 

2023

 

 

2022

 

Rental equipment, net of allowances of $2,885 and $2,255, respectively

 

$

65,603

 

 

$

61,679

 

Other property and equipment

 

 

36,494

 

 

 

33,434

 

Property and equipment

 

 

102,097

 

 

 

95,113

 

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

Rental equipment

 

 

30,535

 

 

 

31,320

 

Other property and equipment

 

 

22,367

 

 

 

20,524

 

Accumulated depreciation

 

 

52,902

 

 

 

51,844

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

 

 

 

 

Rental equipment, net of allowances of $2,885 and $2,255, respectively

 

 

35,068

 

 

 

30,359

 

Other property and equipment

 

 

14,127

 

 

 

12,910

 

Property and equipment, net

 

$

49,195

 

 

$

43,269

 

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2023 were as follows:

 

Balance as of December 31, 2022

 

$

32,852

 

Translation adjustment

 

 

37

 

Balance as of June 30, 2023

 

$

32,889

 

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of June 30, 2023 and December 31, 2022 consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Accounts payable

 

$

13,389

 

 

$

18,237

 

Accrued inventory (in-transit and unvouchered receipts) and trade payables

 

 

7,913

 

 

 

10,837

 

Accrued purchasing card liability

 

 

4,065

 

 

 

2,606

 

Accrued franchise, sales and use taxes

 

 

482

 

 

 

492

 

Other accrued expenses

 

 

1,763

 

 

 

1,802

 

Accounts payable and accrued expenses

 

$

27,612

 

 

$

33,974

 

Schedule of Accrued Payroll

Accrued payroll as of June 30, 2023 and December 31, 2022 consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Accrued bonuses

 

$

1,661

 

 

$

2,620

 

Accrued wages and other payroll related items

 

 

5,664

 

 

 

4,967

 

Accrued vacation

 

 

3,099

 

 

 

3,133

 

Accrued employee stock purchase plan deductions

 

 

411

 

 

 

470

 

Accrued payroll

 

$

10,835

 

 

$

11,190