Balance Sheet Components (Tables)
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9 Months Ended |
Sep. 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 September 30, 2024 and December 31, 2023 were as follows:
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September 30, |
|
|
December 31, |
|
Net accounts receivable |
|
2024 |
|
|
2023 |
|
Rental (1) |
|
$ |
5,460 |
|
|
$ |
6,401 |
|
Business-to-business and other receivables (2) |
|
|
28,773 |
|
|
|
35,840 |
|
Total net accounts receivable |
|
$ |
34,233 |
|
|
$ |
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 $5,055 and $8,639 as of September 30, 2024 and December 31, 2023, respectively; and 2) one customer had a net accounts receivable balance of $4,994 as of December 31, 2023. 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, 2024 and December 31, 2023:
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September 30, |
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|
December 31, |
|
Allowances - accounts receivable |
|
2024 |
|
|
2023 |
|
Doubtful accounts |
|
$ |
5,026 |
|
|
$ |
2,341 |
|
Sales returns |
|
|
506 |
|
|
|
479 |
|
Total allowances - accounts receivable |
|
$ |
5,532 |
|
|
$ |
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 76.3% and 76.9% of the non-U.S. revenue for the three months ended September 30, 2024 and 2023, respectively, were invoiced in Euros. Approximately 78.4% and 78.0% of the non-U.S. revenue for the nine months ended September 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 nine months ended September 30, 2024 and 2023, respectively, is as follows:
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2024 |
|
|
2023 |
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|
2024 |
|
|
2023 |
|
U.S. revenue |
|
$ |
56,506 |
|
|
$ |
58,354 |
|
|
$ |
166,730 |
|
|
$ |
171,887 |
|
Non-U.S. revenue |
|
|
32,328 |
|
|
|
25,613 |
|
|
|
88,894 |
|
|
|
67,877 |
|
Total revenue |
|
$ |
88,834 |
|
|
$ |
83,967 |
|
|
$ |
255,624 |
|
|
$ |
239,764 |
|
|
| Schedule of Inventories |
Inventories that are considered current consist of the following:
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September 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Raw materials and work-in-progress |
|
$ |
17,870 |
|
|
$ |
18,036 |
|
Finished goods |
|
|
8,451 |
|
|
|
6,871 |
|
Less: reserves |
|
|
(3,001 |
) |
|
|
(3,067 |
) |
Inventories, net |
|
$ |
23,320 |
|
|
$ |
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 nine months ended September 30, 2024 and 2023, respectively.
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Three months ended
September 30, |
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|
Nine months ended
September 30, |
|
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|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Rental equipment |
|
$ |
3,247 |
|
|
$ |
3,364 |
|
|
$ |
9,554 |
|
|
$ |
9,680 |
|
Other property and equipment |
|
|
960 |
|
|
|
1,045 |
|
|
|
3,143 |
|
|
|
3,044 |
|
Total depreciation and amortization |
|
$ |
4,207 |
|
|
$ |
4,409 |
|
|
$ |
12,697 |
|
|
$ |
12,724 |
|
|
| 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, 2024 and December 31, 2023, respectively.
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September 30, |
|
|
December 31, |
|
Property and equipment |
|
2024 |
|
|
2023 |
|
Rental equipment, net of allowances of $3,181 and $2,606, respectively |
|
$ |
65,453 |
|
|
$ |
67,804 |
|
Other property and equipment |
|
|
25,760 |
|
|
|
30,357 |
|
Property and equipment |
|
|
91,213 |
|
|
|
98,161 |
|
|
|
|
|
|
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Accumulated depreciation |
|
|
|
|
|
|
Rental equipment |
|
|
32,054 |
|
|
|
31,023 |
|
Other property and equipment |
|
|
12,561 |
|
|
|
16,822 |
|
Accumulated depreciation |
|
|
44,615 |
|
|
|
47,845 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
|
|
|
|
Rental equipment, net of allowances of $3,181 and $2,606, respectively |
|
|
33,399 |
|
|
|
36,781 |
|
Other property and equipment |
|
|
13,199 |
|
|
|
13,535 |
|
Property and equipment, net |
|
$ |
46,598 |
|
|
$ |
50,316 |
|
|
| Schedule of Changes in Carrying Amount of Goodwill |
The changes in the carrying amount of goodwill for the nine months ended September 30, 2024 were as follows:
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|
|
|
Balance as of December 31, 2023 (1) |
|
$ |
10,057 |
|
Translation adjustment |
|
|
113 |
|
Balance as of September 30, 2024 (1) |
|
$ |
10,170 |
|
(1) Includes $32,894 of accumulated impairment losses as of September 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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|
|
|
|
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|
useful lives |
|
carrying |
|
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Accumulated |
|
|
|
|
September 30, 2024 |
|
(in years) |
|
amount |
|
|
amortization |
|
|
Net amount |
|
Developed technology |
|
10 |
|
$ |
33,677 |
|
|
$ |
3,508 |
|
|
$ |
30,169 |
|
Licenses |
|
10 |
|
|
159 |
|
|
|
159 |
|
|
|
— |
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Patents and websites |
|
5 |
|
|
4,518 |
|
|
|
4,482 |
|
|
|
36 |
|
Customer relationships |
|
4 |
|
|
3,007 |
|
|
|
1,513 |
|
|
|
1,494 |
|
Trade name |
|
4 |
|
|
209 |
|
|
|
54 |
|
|
|
155 |
|
Commercials |
|
3 |
|
|
494 |
|
|
|
241 |
|
|
|
253 |
|
Internally developed software |
|
3 |
|
|
2,090 |
|
|
|
435 |
|
|
|
1,655 |
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Total |
|
|
|
$ |
44,154 |
|
|
$ |
10,392 |
|
|
$ |
33,762 |
|
|
|
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Average |
|
|
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|
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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:
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|
|
|
|
|
|
September 30, |
|
|
|
2024 |
|
Remaining 3 months of 2024 |
|
$ |
1,188 |
|
2025 |
|
|
4,717 |
|
2026 |
|
|
4,585 |
|
2027 |
|
|
4,048 |
|
2028 |
|
|
3,368 |
|
2029 |
|
|
3,368 |
|
Thereafter |
|
|
12,488 |
|
|
|
$ |
33,762 |
|
|
| Schedule of Accounts Payable and Accrued Expenses |
Accounts payable and accrued expenses as of September 30, 2024 and December 31, 2023 consisted of the following:
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|
|
|
|
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|
|
|
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September 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Accounts payable |
|
$ |
15,459 |
|
|
$ |
13,454 |
|
Accrued inventory (in-transit and unvouchered receipts) and trade payables |
|
|
7,263 |
|
|
|
10,054 |
|
Accrued purchasing card liability |
|
|
— |
|
|
|
2,197 |
|
Accrued loss on purchase commitments |
|
|
1,723 |
|
|
|
2,057 |
|
Accrued franchise, sales and use taxes |
|
|
457 |
|
|
|
472 |
|
Other accrued expenses |
|
|
2,126 |
|
|
|
1,908 |
|
Total accounts payable and accrued expenses |
|
$ |
27,028 |
|
|
$ |
30,142 |
|
|
| Schedule of Accrued Payroll |
Accrued payroll as of September 30, 2024 and December 31, 2023 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Accrued bonuses |
|
$ |
5,201 |
|
|
$ |
1,110 |
|
Accrued wages and other payroll related items |
|
|
3,736 |
|
|
|
4,170 |
|
Accrued vacation |
|
|
3,590 |
|
|
|
3,194 |
|
Accrued severance |
|
|
1,667 |
|
|
|
2,284 |
|
Accrued employee stock purchase plan deductions |
|
|
91 |
|
|
|
308 |
|
Total accrued payroll |
|
$ |
14,285 |
|
|
$ |
11,066 |
|
|