Balance Sheet Components (Tables)
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6 Months Ended |
Jun. 30, 2024 |
|---|
| Balance Sheet Related Disclosures [Abstract] |
|
| 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, 2024 and December 31, 2023 were as follows:
|
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|
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|
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June 30, |
|
|
December 31, |
|
Net accounts receivable |
|
2024 |
|
|
2023 |
|
Rental (1) |
|
$ |
6,349 |
|
|
$ |
6,401 |
|
Business-to-business and other receivables (2) |
|
|
29,688 |
|
|
|
35,840 |
|
Total net accounts receivable |
|
$ |
36,037 |
|
|
$ |
42,241 |
|
(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 a net accounts receivable balance of $6,023 and $8,639 as of June 30, 2024 and December 31, 2023, respectively; and 2) one customer had a net accounts receivable balance of $1,923 and $4,994 as of June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023:
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June 30, |
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|
December 31, |
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Allowances - accounts receivable |
|
2024 |
|
|
2023 |
|
Doubtful accounts |
|
$ |
3,469 |
|
|
$ |
2,341 |
|
Sales returns |
|
|
577 |
|
|
|
479 |
|
Total allowances - accounts receivable |
|
$ |
4,046 |
|
|
$ |
2,820 |
|
|
| 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 79.4% and 80.0% of the non-U.S. revenue for the three months ended June 30, 2024 and 2023, respectively, were invoiced in Euros. Approximately 79.6% and 78.7% of the non-U.S. revenue for the six months ended June 30, 2024 and 2023, 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, 2024 and 2023, respectively, is as follows:
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Three months ended
June 30, |
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Six months ended
June 30, |
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2024 |
|
|
2023 |
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|
2024 |
|
|
2023 |
|
U.S. revenue |
|
$ |
58,234 |
|
|
$ |
60,343 |
|
|
$ |
110,224 |
|
|
$ |
113,533 |
|
Non-U.S. revenue |
|
|
30,531 |
|
|
|
23,292 |
|
|
|
56,566 |
|
|
|
42,264 |
|
Total revenue |
|
$ |
88,765 |
|
|
$ |
83,635 |
|
|
$ |
166,790 |
|
|
$ |
155,797 |
|
|
| Schedule of Inventories |
Inventories that are considered current consist of the following:
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|
|
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June 30, |
|
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December 31, |
|
|
|
2024 |
|
|
2023 |
|
Raw materials and work-in-progress |
|
$ |
19,103 |
|
|
$ |
18,036 |
|
Finished goods |
|
|
8,117 |
|
|
|
6,871 |
|
Less: reserves |
|
|
(3,172 |
) |
|
|
(3,067 |
) |
Inventories, net |
|
$ |
24,048 |
|
|
$ |
21,840 |
|
|
| 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, 2024 and 2023, respectively.
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Three months ended
June 30, |
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|
Six months ended
June 30, |
|
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|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Rental equipment |
|
$ |
3,128 |
|
|
$ |
3,238 |
|
|
$ |
6,307 |
|
|
$ |
6,316 |
|
Other property and equipment |
|
|
1,029 |
|
|
|
1,017 |
|
|
|
2,183 |
|
|
|
1,999 |
|
Total depreciation and amortization |
|
$ |
4,157 |
|
|
$ |
4,255 |
|
|
$ |
8,490 |
|
|
$ |
8,315 |
|
|
| 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, 2024 and December 31, 2023, respectively.
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June 30, |
|
|
December 31, |
|
Property and equipment |
|
2024 |
|
|
2023 |
|
Rental equipment, net of allowances of $3,146 and $2,606, respectively |
|
$ |
65,748 |
|
|
$ |
67,804 |
|
Other property and equipment |
|
|
28,449 |
|
|
|
30,357 |
|
Property and equipment |
|
|
94,197 |
|
|
|
98,161 |
|
|
|
|
|
|
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Accumulated depreciation |
|
|
|
|
|
|
Rental equipment |
|
|
31,454 |
|
|
|
31,023 |
|
Other property and equipment |
|
|
15,721 |
|
|
|
16,822 |
|
Accumulated depreciation |
|
|
47,175 |
|
|
|
47,845 |
|
|
|
|
|
|
|
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Property and equipment, net |
|
|
|
|
|
|
Rental equipment, net of allowances of $3,146 and $2,606, respectively |
|
|
34,294 |
|
|
|
36,781 |
|
Other property and equipment |
|
|
12,728 |
|
|
|
13,535 |
|
Property and equipment, net |
|
$ |
47,022 |
|
|
$ |
50,316 |
|
|
| Schedule of Changes in Carrying Amount of Goodwill |
The changes in the carrying amount of goodwill for the six months ended June 30, 2024 were as follows:
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|
|
|
Balance as of December 31, 2023 (1) |
|
$ |
10,057 |
|
Translation adjustment |
|
|
(293 |
) |
Balance as of June 30, 2024 (1) |
|
$ |
9,764 |
|
(1) Includes $32,894 of accumulated impairment losses as of June 30, 2024 and December 31, 2023.
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| 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 |
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|
|
estimated |
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Gross |
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|
useful lives |
|
carrying |
|
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Accumulated |
|
|
|
|
June 30, 2024 |
|
(in years) |
|
amount |
|
|
amortization |
|
|
Net amount |
|
Developed technology |
|
10 |
|
$ |
32,332 |
|
|
$ |
2,560 |
|
|
$ |
29,772 |
|
Licenses |
|
10 |
|
|
185 |
|
|
|
185 |
|
|
|
— |
|
Patents and websites |
|
5 |
|
|
4,518 |
|
|
|
4,464 |
|
|
|
54 |
|
Customer relationships |
|
4 |
|
|
2,888 |
|
|
|
1,413 |
|
|
|
1,475 |
|
Trade name |
|
4 |
|
|
200 |
|
|
|
40 |
|
|
|
160 |
|
Commercials |
|
3 |
|
|
494 |
|
|
|
199 |
|
|
|
295 |
|
Internally developed software |
|
3 |
|
|
2,090 |
|
|
|
261 |
|
|
|
1,829 |
|
Total |
|
|
|
$ |
42,707 |
|
|
$ |
9,122 |
|
|
$ |
33,585 |
|
|
|
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|
|
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|
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|
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|
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Average |
|
|
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|
|
estimated |
|
Gross |
|
|
|
|
|
|
|
|
|
useful lives |
|
carrying |
|
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Accumulated |
|
|
|
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December 31, 2023 |
|
(in years) |
|
amount |
|
|
amortization |
|
|
Net amount |
|
Developed technology |
|
10 |
|
$ |
33,303 |
|
|
$ |
971 |
|
|
$ |
32,332 |
|
Licenses |
|
10 |
|
|
185 |
|
|
|
185 |
|
|
|
— |
|
Patents and websites |
|
5 |
|
|
4,518 |
|
|
|
4,429 |
|
|
|
89 |
|
Customer relationships |
|
4 |
|
|
2,974 |
|
|
|
1,372 |
|
|
|
1,602 |
|
Trade name |
|
4 |
|
|
206 |
|
|
|
15 |
|
|
|
191 |
|
Commercials |
|
3 |
|
|
494 |
|
|
|
117 |
|
|
|
377 |
|
Total |
|
|
|
$ |
41,680 |
|
|
$ |
7,089 |
|
|
$ |
34,591 |
|
|
| Schedule of Annual Estimated Amortization Expense |
Annual estimated amortization expense for each of the succeeding fiscal years is as follows:
|
|
|
|
|
|
|
June 30, |
|
|
|
2024 |
|
Remaining 6 months of 2024 |
|
$ |
2,303 |
|
2025 |
|
|
4,564 |
|
2026 |
|
|
4,432 |
|
2027 |
|
|
3,830 |
|
2028 |
|
|
3,233 |
|
2029 |
|
|
3,233 |
|
Thereafter |
|
|
11,990 |
|
|
|
$ |
33,585 |
|
|
| Schedule of Accounts Payable and Accrued Expenses |
Accounts payable and accrued expenses as of June 30, 2024 and December 31, 2023 consisted of the following:
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|
|
|
|
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|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Accounts payable |
|
$ |
14,995 |
|
|
$ |
13,454 |
|
Accrued inventory (in-transit and unvouchered receipts) and trade payables |
|
|
7,022 |
|
|
|
10,054 |
|
Accrued purchasing card liability |
|
|
263 |
|
|
|
2,197 |
|
Accrued loss on purchase commitments |
|
|
1,989 |
|
|
|
2,057 |
|
Accrued franchise, sales and use taxes |
|
|
449 |
|
|
|
472 |
|
Other accrued expenses |
|
|
2,065 |
|
|
|
1,908 |
|
Total accounts payable and accrued expenses |
|
$ |
26,783 |
|
|
$ |
30,142 |
|
|
| Schedule of Accrued Payroll |
Accrued payroll as of June 30, 2024 and December 31, 2023 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Accrued bonuses |
|
$ |
3,362 |
|
|
$ |
1,110 |
|
Accrued wages and other payroll related items |
|
|
4,526 |
|
|
|
4,170 |
|
Accrued vacation |
|
|
3,655 |
|
|
|
3,194 |
|
Accrued severance |
|
|
1,818 |
|
|
|
2,284 |
|
Accrued employee stock purchase plan deductions |
|
|
385 |
|
|
|
308 |
|
Total accrued payroll |
|
$ |
13,746 |
|
|
$ |
11,066 |
|
|