Balance Sheet Components (Tables)
|
9 Months Ended |
Sep. 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:
|
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|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
Cash and cash equivalents |
|
2023 |
|
|
2022 |
|
Cash |
|
$ |
23,739 |
|
|
$ |
27,970 |
|
Money market accounts |
|
|
71,098 |
|
|
|
113,534 |
|
Corporate bonds |
|
|
— |
|
|
|
6,474 |
|
U.S. Treasury securities |
|
|
8,927 |
|
|
|
18,939 |
|
Institutional Insured Liquidity Deposit Savings |
|
|
20,844 |
|
|
|
20,097 |
|
Total cash and cash equivalents |
|
$ |
124,608 |
|
|
$ |
187,014 |
|
Marketable securities |
|
|
|
|
|
|
U.S. Treasury securities |
|
|
13,432 |
|
|
|
— |
|
Total marketable securities |
|
$ |
13,432 |
|
|
$ |
— |
|
|
| 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, 2023 and December 31, 2022 were as follows:
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|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
Net accounts receivable |
|
2023 |
|
|
2022 |
|
Rental (1) |
|
$ |
6,967 |
|
|
$ |
5,246 |
|
Business-to-business and other receivables (2) |
|
|
41,413 |
|
|
|
57,479 |
|
Total net accounts receivable |
|
$ |
48,380 |
|
|
$ |
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 an accounts receivable balance of $12,162 and $22,641 as of September 30, 2023 and December 31, 2022; and 2) One customer had accounts receivable balances of $5,848 and $9,861 as of September 30, 2023 and December 31, 2022, respectively. Each customer received extended payment terms through a direct financing plan offered.
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| Schedule of Allowances for Accounts Receivable |
The following table sets forth the accounts receivable allowances as of September 30, 2023 and December 31, 2022:
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|
|
|
|
|
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September 30, |
|
|
December 31, |
|
Allowances - accounts receivable |
|
2023 |
|
|
2022 |
|
Doubtful accounts |
|
$ |
548 |
|
|
$ |
77 |
|
Sales returns |
|
|
615 |
|
|
|
483 |
|
Total allowances - accounts receivable |
|
$ |
1,163 |
|
|
$ |
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 76.9% and 48.3% of the non-U.S. revenue for the three months ended September 30, 2023 and 2022, respectively, were invoiced in Euros. Approximately 78.0% and 70.5% of the non-U.S. revenue for the nine months ended September 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 nine months ended September 30, 2023 and 2022, respectively, is as follows:
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|
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|
|
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Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
U.S. revenue |
|
$ |
58,354 |
|
|
$ |
90,311 |
|
|
$ |
171,887 |
|
|
$ |
208,690 |
|
Non-U.S. revenue |
|
|
25,613 |
|
|
|
15,078 |
|
|
|
67,877 |
|
|
|
80,460 |
|
Total revenue |
|
$ |
83,967 |
|
|
$ |
105,389 |
|
|
$ |
239,764 |
|
|
$ |
289,150 |
|
|
| Schedule of Inventories |
Inventories that are considered current consist of the following:
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|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Raw materials and work-in-progress |
|
$ |
17,287 |
|
|
$ |
26,496 |
|
Finished goods |
|
|
9,502 |
|
|
|
9,324 |
|
Less: reserves |
|
|
(2,774 |
) |
|
|
(1,727 |
) |
Inventories, net |
|
$ |
24,015 |
|
|
$ |
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 nine months ended September 30, 2023 and 2022, respectively.
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|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Rental equipment |
|
$ |
3,364 |
|
|
$ |
2,795 |
|
|
$ |
9,680 |
|
|
$ |
8,153 |
|
Other property and equipment |
|
|
1,045 |
|
|
|
983 |
|
|
|
3,044 |
|
|
|
2,936 |
|
Total depreciation and amortization |
|
$ |
4,409 |
|
|
$ |
3,778 |
|
|
$ |
12,724 |
|
|
$ |
11,089 |
|
|
| 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, 2023 and December 31, 2022, respectively.
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
Property and equipment |
|
2023 |
|
|
2022 |
|
Rental equipment, net of allowances of $2,491 and $2,255, respectively |
|
$ |
66,489 |
|
|
$ |
61,679 |
|
Other property and equipment |
|
|
36,336 |
|
|
|
33,434 |
|
Property and equipment |
|
|
102,825 |
|
|
|
95,113 |
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
Rental equipment |
|
|
30,416 |
|
|
|
31,320 |
|
Other property and equipment |
|
|
22,884 |
|
|
|
20,524 |
|
Accumulated depreciation |
|
|
53,300 |
|
|
|
51,844 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
|
|
|
|
Rental equipment, net of allowances of $2,491 and $2,255, respectively |
|
|
36,073 |
|
|
|
30,359 |
|
Other property and equipment |
|
|
13,452 |
|
|
|
12,910 |
|
Property and equipment, net |
|
$ |
49,525 |
|
|
$ |
43,269 |
|
|
| Schedule of Changes in Carrying Amount of Goodwill |
The changes in the carrying amount of goodwill for the nine months ended September 30, 2023 were as follows:
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|
|
|
Balance as of December 31, 2022 |
|
$ |
32,852 |
|
Translation adjustment |
|
|
(80 |
) |
Impairment charge |
|
|
(32,894 |
) |
Acquisition |
|
|
9,991 |
|
Balance as of September 30, 2023 |
|
$ |
9,869 |
|
|
| Summary of Changes in Net Carrying Values of Intangibles |
The following tables represent the changes in net carrying values of intangible assets as of the respective dates:
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|
Average |
|
|
|
|
|
|
|
|
|
|
|
estimated |
|
Gross |
|
|
|
|
|
|
|
|
|
useful lives |
|
carrying |
|
|
Accumulated |
|
|
|
|
September 30, 2023 |
|
(in years) |
|
amount |
|
|
amortization |
|
|
Net amount |
|
Developed technology |
|
10 |
|
$ |
31,904 |
|
|
$ |
132 |
|
|
$ |
31,772 |
|
Licenses |
|
10 |
|
|
185 |
|
|
|
185 |
|
|
|
— |
|
Patents and websites |
|
5 |
|
|
4,518 |
|
|
|
4,411 |
|
|
|
107 |
|
Customer relationships |
|
4 |
|
|
2,849 |
|
|
|
1,275 |
|
|
|
1,574 |
|
Trade name |
|
4 |
|
|
197 |
|
|
|
1 |
|
|
|
196 |
|
Commercials |
|
3 |
|
|
494 |
|
|
|
76 |
|
|
|
418 |
|
Total |
|
|
|
$ |
40,147 |
|
|
$ |
6,080 |
|
|
$ |
34,067 |
|
|
|
|
|
|
|
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|
|
|
|
|
|
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|
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Average |
|
|
|
|
|
|
|
|
|
|
|
estimated |
|
Gross |
|
|
|
|
|
|
|
|
|
useful lives |
|
carrying |
|
|
Accumulated |
|
|
|
|
December 31, 2022 |
|
(in years) |
|
amount |
|
|
amortization |
|
|
Net amount |
|
Licenses |
|
10 |
|
$ |
185 |
|
|
$ |
183 |
|
|
$ |
2 |
|
Patents and websites |
|
5 |
|
|
4,514 |
|
|
|
4,353 |
|
|
|
161 |
|
Customer relationships |
|
4 |
|
|
1,284 |
|
|
|
1,284 |
|
|
|
— |
|
Commercials |
|
2-3 |
|
|
256 |
|
|
|
242 |
|
|
|
14 |
|
Total |
|
|
|
$ |
6,239 |
|
|
$ |
6,062 |
|
|
$ |
177 |
|
|
| Schedule of Annual Estimated Amortization Expense |
Annual estimated amortization expense for each of the succeeding fiscal years is as follows:
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|
|
|
|
|
|
September 30, |
|
|
|
2023 |
|
Remaining 3 months of 2023 |
|
$ |
968 |
|
2024 |
|
|
3,866 |
|
2025 |
|
|
3,818 |
|
2026 |
|
|
3,687 |
|
2027 |
|
|
3,515 |
|
2028 |
|
|
3,190 |
|
Thereafter |
|
|
15,023 |
|
|
|
$ |
34,067 |
|
|
| Schedule of Accounts Payable and Accrued Expenses |
Accounts payable and accrued expenses as of September 30, 2023 and December 31, 2022 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Accounts payable |
|
$ |
15,408 |
|
|
$ |
18,237 |
|
Accrued inventory (in-transit and unvouchered receipts) and trade payables |
|
|
9,754 |
|
|
|
10,837 |
|
Accrued purchasing card liability |
|
|
2,607 |
|
|
|
2,606 |
|
Accrued franchise, sales and use taxes |
|
|
456 |
|
|
|
492 |
|
Other accrued expenses |
|
|
2,188 |
|
|
|
1,802 |
|
Total accounts payable and accrued expenses |
|
$ |
30,413 |
|
|
$ |
33,974 |
|
|
| Schedule of Accrued Payroll |
Accrued payroll as of September 30, 2023 and December 31, 2022 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Accrued bonuses |
|
$ |
1,106 |
|
|
$ |
2,620 |
|
Accrued wages and other payroll related items |
|
|
3,963 |
|
|
|
4,967 |
|
Accrued vacation |
|
|
3,187 |
|
|
|
3,133 |
|
Accrued employee stock purchase plan deductions |
|
|
113 |
|
|
|
470 |
|
Total accrued payroll |
|
$ |
8,369 |
|
|
$ |
11,190 |
|
|