Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.24.2.u1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair value measurements

Cash, cash equivalents, marketable securities and restricted cash

The following table summarizes fair value measurements by level for the assets measured at fair value on a recurring basis for cash, cash equivalents, marketable securities and restricted cash:

 

 

As of June 30, 2024

 

 

 

 

 

 

Gross

 

 

 

 

 

Cash

 

 

 

 

 

 

 

 

 

Adjusted

 

 

unrealized

 

 

 

 

 

and cash

 

 

Marketable

 

 

Restricted

 

 

 

cost

 

 

gains

 

 

Fair value

 

 

equivalents

 

 

securities

 

 

cash

 

Cash

 

$

29,103

 

 

$

—

 

 

$

29,103

 

 

$

29,103

 

 

$

—

 

 

$

—

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market accounts

 

 

48,213

 

 

 

—

 

 

 

48,213

 

 

 

44,654

 

 

 

—

 

 

 

3,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

22,146

 

 

 

94

 

 

 

22,240

 

 

 

2,473

 

 

 

19,767

 

 

 

—

 

Institutional Insured Liquidity Deposit Savings

 

 

21,690

 

 

 

—

 

 

 

21,690

 

 

 

21,690

 

 

 

—

 

 

 

—

 

Total

 

$

121,152

 

 

$

94

 

 

$

121,246

 

 

$

97,920

 

 

$

19,767

 

 

$

3,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

Gross

 

 

 

 

 

Cash

 

 

 

 

 

 

 

 

 

Adjusted

 

 

unrealized

 

 

 

 

 

and cash

 

 

Marketable

 

 

 

 

 

 

cost

 

 

gains

 

 

Fair value

 

 

equivalents

 

 

securities

 

 

 

 

Cash

 

$

12,611

 

 

$

—

 

 

$

12,611

 

 

$

12,611

 

 

$

—

 

 

 

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market accounts

 

 

72,368

 

 

 

—

 

 

 

72,368

 

 

 

72,368

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

2,979

 

 

 

—

 

 

 

2,979

 

 

 

—

 

 

 

2,979

 

 

 

 

U.S. Treasury securities

 

 

19,252

 

 

 

136

 

 

 

19,388

 

 

 

19,388

 

 

 

—

 

 

 

 

Institutional Insured Liquidity Deposit Savings

 

 

21,125

 

 

 

—

 

 

 

21,125

 

 

 

21,125

 

 

 

—

 

 

 

 

Total

 

$

128,335

 

 

$

136

 

 

$

128,471

 

 

$

125,492

 

 

$

2,979

 

 

 

 

Derivative instruments and hedging activities

The Company records the assets or liabilities associated with derivative instruments and hedging activities at fair value based on Level 2 inputs in other current assets or other current liabilities, respectively, in the consolidated balance sheet. The Company had a related receivable of $137 and payable of $155 as of June 30, 2024 and December 31, 2023, respectively.

Accumulated other comprehensive income (loss)

The components of accumulated other comprehensive income (loss) were as follows:

 

 

Foreign

 

 

Unrealized

 

 

Accumulated

 

 

 

currency

 

 

gains (losses)

 

 

other

 

 

 

translation

 

 

on marketable

 

 

comprehensive

 

 

 

adjustments

 

 

securities

 

 

income (loss)

 

Balance as of December 31, 2023

 

$

1,089

 

 

$

136

 

 

$

1,225

 

Other comprehensive loss

 

 

(1,321

)

 

 

(42

)

 

 

(1,363

)

Balance as of June 30, 2024

 

$

(232

)

 

$

94

 

 

$

(138

)

Comprehensive income (loss) is the total net earnings and all other non-owner changes in equity.

Earnout liability

The Company has obligations to pay up to $13,000 in an earnout payment for the Physio-Assist acquisition in cash if certain future regulatory results are met. The earnout liability was valued using Level 3 inputs.

The reconciliation of the earnout liability measured and carried at fair value on a recurring basis is as follows:

Balance as of December 31, 2023

 

$

10,000

 

Change in fair value

 

 

1,180

 

Balance as of June 30, 2024

 

$

11,180