Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Accounting Policies [Abstract] |
|
| Sales Revenue Disaggregated by Geographic Region |
The following table sets forth the Company’s sales revenue disaggregated by geographic region:
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Years ended December 31, |
|
Revenue by geographic region |
|
2025 |
|
|
2024 |
|
|
2023 |
|
U.S. sales |
|
$ |
156,476 |
|
|
$ |
161,549 |
|
|
$ |
162,206 |
|
International sales |
|
|
138,828 |
|
|
|
117,207 |
|
|
|
89,401 |
|
Total sales revenue |
|
$ |
295,304 |
|
|
$ |
278,756 |
|
|
$ |
251,607 |
|
|
| Summary of Fair Value Assets Measured on Recurring Basis for 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:
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As of December 31, 2025 |
|
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|
|
|
Gross |
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
unrealized |
|
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|
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|
and cash |
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|
Marketable |
|
|
Restricted |
|
|
|
cost |
|
|
gains |
|
|
Fair value |
|
|
equivalents |
|
|
securities |
|
|
cash |
|
Cash |
|
$ |
27,858 |
|
|
$ |
— |
|
|
$ |
27,858 |
|
|
$ |
27,858 |
|
|
$ |
— |
|
|
$ |
— |
|
Level 1: |
|
|
|
|
|
|
|
|
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|
|
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|
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Money market accounts |
|
|
49,453 |
|
|
|
— |
|
|
|
49,453 |
|
|
|
48,164 |
|
|
|
— |
|
|
|
1,289 |
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Level 2: |
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Corporate bonds |
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|
7,221 |
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|
6 |
|
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|
7,227 |
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|
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— |
|
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|
7,227 |
|
|
|
— |
|
U.S. Treasury securities |
|
|
10,098 |
|
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|
17 |
|
|
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10,115 |
|
|
|
1,494 |
|
|
|
8,621 |
|
|
|
— |
|
Institutional Insured Liquidity Deposit Savings |
|
|
26,213 |
|
|
|
— |
|
|
|
26,213 |
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|
|
26,213 |
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|
|
— |
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|
|
— |
|
Total |
|
$ |
120,843 |
|
|
$ |
23 |
|
|
$ |
120,866 |
|
|
$ |
103,729 |
|
|
$ |
15,848 |
|
|
$ |
1,289 |
|
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As of December 31, 2024 |
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Gross |
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
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Adjusted |
|
|
unrealized |
|
|
|
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and cash |
|
|
Restricted |
|
|
|
|
|
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cost |
|
|
gains |
|
|
Fair value |
|
|
equivalents |
|
|
cash |
|
|
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Cash |
|
$ |
23,053 |
|
|
$ |
— |
|
|
$ |
23,053 |
|
|
$ |
23,053 |
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|
$ |
— |
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|
Level 1: |
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Money market accounts |
|
|
72,129 |
|
|
|
— |
|
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|
72,129 |
|
|
|
68,509 |
|
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|
3,620 |
|
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Level 2: |
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Institutional Insured Liquidity Deposit Savings |
|
|
22,233 |
|
|
|
— |
|
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|
22,233 |
|
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|
22,233 |
|
|
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— |
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Total |
|
$ |
117,415 |
|
|
$ |
— |
|
|
$ |
117,415 |
|
|
$ |
113,795 |
|
|
$ |
3,620 |
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| Summary of Components of Accumulated Other Comprehensive Income (Loss) |
The components of accumulated other comprehensive income (loss) were as follows:
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As of December 31, 2025 |
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Foreign |
|
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Unrealized |
|
|
Accumulated |
|
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|
currency |
|
|
gains |
|
|
other |
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|
translation |
|
|
on marketable |
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comprehensive |
|
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|
|
|
adjustments |
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|
securities |
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|
income (loss) |
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|
Balance as of December 31, 2024 |
|
$ |
(1,501 |
) |
|
$ |
— |
|
|
$ |
(1,501 |
) |
|
|
Other comprehensive income |
|
|
5,722 |
|
|
|
22 |
|
|
|
5,744 |
|
|
|
Balance as of December 31, 2025 |
|
$ |
4,221 |
|
|
$ |
22 |
|
|
$ |
4,243 |
|
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As of December 31, 2024 |
|
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|
Foreign |
|
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Unrealized |
|
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Accumulated |
|
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|
currency |
|
|
losses |
|
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other |
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translation |
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on marketable |
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comprehensive |
|
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|
adjustments |
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securities |
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income (loss) |
|
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|
Balance as of December 31, 2023 |
|
$ |
1,089 |
|
|
$ |
136 |
|
|
$ |
1,225 |
|
|
|
Other comprehensive loss |
|
|
(2,590 |
) |
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|
(136 |
) |
|
|
(2,726 |
) |
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|
Balance as of December 31, 2024 |
|
$ |
(1,501 |
) |
|
$ |
— |
|
|
$ |
(1,501 |
) |
|
|
|
| Summary of Reconciliation of Earnout Liability Measured and Carried Fair Value on a Recurring Basis |
The reconciliation of the earnout liabilities measured and carried at fair value on a recurring basis is as follows:
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|
Balance as of December 31, 2023 |
|
$ |
10,000 |
|
Change in fair value |
|
|
3,000 |
|
Balance as of December 31, 2024 |
|
$ |
13,000 |
|
Payments of accrued earnouts |
|
|
(13,000 |
) |
Balance as of December 31, 2025 |
|
$ |
— |
|
|
| Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company's consolidated balance sheet that are shown in aggregate in the accompanying consolidated statement of cash flows:
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|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Cash and cash equivalents |
|
$ |
103,729 |
|
|
$ |
113,795 |
|
|
$ |
125,492 |
|
Restricted cash |
|
|
1,289 |
|
|
|
3,620 |
|
|
|
— |
|
Total cash, cash equivalents and restricted cash |
|
$ |
105,018 |
|
|
$ |
117,415 |
|
|
$ |
125,492 |
|
|
| 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 December 31, 2025 and December 31, 2024 were as follows:
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As of |
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As of |
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|
December 31, 2025 |
|
|
December 31, 2024 |
|
Net accounts receivable |
|
$ |
|
|
% |
|
|
$ |
|
|
% |
|
Rental (1) |
|
$ |
4,725 |
|
|
|
12.2 |
% |
|
$ |
4,863 |
|
|
|
16.4 |
% |
Business-to-business and other receivables (2) |
|
|
34,138 |
|
|
|
87.8 |
% |
|
|
24,700 |
|
|
|
83.6 |
% |
Total net accounts receivable |
|
$ |
38,863 |
|
|
|
100.0 |
% |
|
$ |
29,563 |
|
|
|
100.0 |
% |
(1)Rental includes Medicare, Medicaid/other government, private insurance and patient pay.
(2)
No customer represented more than 10% of the Company's net accounts receivable balance as of December 31, 2025 and one customer represented more than 10% of the Company’s net accounts receivable balance with a net accounts receivable balance of $3,288 as of December 31, 2024.
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| Schedule of Percentage Breakdown of Net Accounts Receivable by Aging Category by Invoice Due Date |
The following table sets forth the percentage breakdown of the Company’s net accounts receivable by aging category and invoice due date as of December 31, 2025 and December 31, 2024.
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As of |
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As of |
|
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|
December 31, 2025 |
|
|
December 31, 2024 |
|
Net accounts receivable by aging category |
|
$ |
|
|
% |
|
|
$ |
|
|
% |
|
Held and Unbilled |
|
$ |
962 |
|
|
|
2.5 |
% |
|
$ |
491 |
|
|
|
1.7 |
% |
Aged 0-90 days |
|
|
36,722 |
|
|
|
94.5 |
% |
|
|
27,973 |
|
|
|
94.6 |
% |
Aged 91-180 days |
|
|
594 |
|
|
|
1.5 |
% |
|
|
633 |
|
|
|
2.1 |
% |
Aged 181-365 days |
|
|
533 |
|
|
|
1.4 |
% |
|
|
466 |
|
|
|
1.6 |
% |
Aged over 365 days |
|
|
52 |
|
|
|
0.1 |
% |
|
|
— |
|
|
|
0.0 |
% |
Total net accounts receivable |
|
$ |
38,863 |
|
|
|
100.0 |
% |
|
$ |
29,563 |
|
|
|
100.0 |
% |
|
| Schedule of Allowances for Accounts Receivable |
The following table sets forth the accounts receivable allowances as of December 31, 2025 and December 31, 2024:
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As of |
|
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As of |
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Allowances - accounts receivable |
|
$ |
|
|
% |
|
|
$ |
|
|
% |
|
Credit losses |
|
$ |
60 |
|
|
|
0.1 |
% |
|
$ |
458 |
|
|
|
1.5 |
% |
Sales returns |
|
|
418 |
|
|
|
1.1 |
% |
|
|
413 |
|
|
|
1.4 |
% |
Total allowances - accounts receivable |
|
$ |
478 |
|
|
|
1.2 |
% |
|
$ |
871 |
|
|
|
2.9 |
% |
|
| Breakdown of Company's Revenue from U.S. and International Sources |
A portion of revenue is earned from sales outside the United States. Approximately 78.2%, 77.2% and 77.7% of the international revenue for the years ended December 31, 2025, 2024 and 2023, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and international sources for the years ended December 31, 2025, 2024 and 2023, respectively, is as follows:
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Years ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
U.S. revenue |
|
$ |
209,840 |
|
|
$ |
218,498 |
|
|
$ |
226,259 |
|
International revenue |
|
|
138,828 |
|
|
|
117,207 |
|
|
|
89,401 |
|
Total revenue |
|
$ |
348,668 |
|
|
$ |
335,705 |
|
|
$ |
315,660 |
|
|
| Computation of Depreciation and Amortization using Straight Line Method Over Estimated Useful Lives of Assets |
Property and equipment are stated at cost. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful lives as follows:
|
|
|
Rental equipment |
|
1.5-8 years |
Manufacturing equipment and tooling |
|
3-5 years |
Computer equipment and software |
|
2-3 years |
Furniture and equipment |
|
5 years |
Leasehold improvements |
|
Lesser of estimated useful life or remaining lease term |
|
| 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 years ended December 31, 2025, 2024 and 2023, respectively.
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Years ended December 31, |
|
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|
2025 |
|
|
2024 |
|
|
2023 |
|
Rental equipment |
|
$ |
11,798 |
|
|
$ |
12,592 |
|
|
$ |
12,893 |
|
Other property and equipment |
|
|
3,941 |
|
|
|
4,082 |
|
|
|
4,057 |
|
Total depreciation and amortization |
|
$ |
15,739 |
|
|
$ |
16,674 |
|
|
$ |
16,950 |
|
|
| 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 December 31, 2025 and 2024, respectively.
|
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|
December 31, |
|
Property and equipment |
|
2025 |
|
|
2024 |
|
Rental equipment, net of allowances of $3,283 and $3,744, respectively |
|
$ |
59,400 |
|
|
$ |
64,012 |
|
Other property and equipment |
|
|
25,926 |
|
|
|
25,123 |
|
Property and equipment |
|
|
85,326 |
|
|
|
89,135 |
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
Rental equipment |
|
|
33,101 |
|
|
|
32,294 |
|
Other property and equipment |
|
|
15,863 |
|
|
|
12,441 |
|
Accumulated depreciation |
|
|
48,964 |
|
|
|
44,735 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
|
|
|
|
Rental equipment, net of allowances of $3,283 and $3,744, respectively |
|
|
26,299 |
|
|
|
31,718 |
|
Other property and equipment |
|
|
10,063 |
|
|
|
12,682 |
|
Property and equipment, net |
|
$ |
36,362 |
|
|
$ |
44,400 |
|
|
| Computation of Earnings Per Share |
The computation of EPS is as follows:
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Years ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Numerator—basic and diluted: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(22,747 |
) |
|
$ |
(35,888 |
) |
|
$ |
(102,449 |
) |
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock - basic common stock (1) |
|
|
26,601,652 |
|
|
|
23,654,395 |
|
|
|
23,176,098 |
|
Weighted average shares of common stock - diluted common stock |
|
|
26,601,652 |
|
|
|
23,654,395 |
|
|
|
23,176,098 |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic common stock |
|
$ |
(0.86 |
) |
|
$ |
(1.52 |
) |
|
$ |
(4.42 |
) |
Net loss per share - diluted common stock (2) |
|
$ |
(0.86 |
) |
|
$ |
(1.52 |
) |
|
$ |
(4.42 |
) |
|
|
|
|
|
|
|
|
|
|
Denominator calculation from basic to diluted: |
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock - basic common stock (1) |
|
|
26,601,652 |
|
|
|
23,654,395 |
|
|
|
23,176,098 |
|
Stock options and other dilutive awards |
|
|
543,323 |
|
|
|
557,197 |
|
|
|
160,682 |
|
Weighted average shares of common stock - diluted common stock |
|
|
27,144,975 |
|
|
|
24,211,592 |
|
|
|
23,336,780 |
|
|
|
|
|
|
|
|
|
|
|
Shares excluded from diluted weighted average shares: |
|
|
|
|
|
|
|
|
|
Stock options |
|
|
— |
|
|
|
5,000 |
|
|
|
104,681 |
|
Restricted stock units and restricted stock awards |
|
|
708,983 |
|
|
|
375,486 |
|
|
|
926,859 |
|
Shares excluded from diluted weighted average shares |
|
|
708,983 |
|
|
|
380,486 |
|
|
|
1,031,540 |
|
(1)Unvested restricted stock units and restricted stock awards are not included as shares outstanding in the calculation of basic earnings per share. Vested restricted stock units and restricted stock awards are included in basic earnings per share if all vesting and performance criteria have been met. Performance-based restricted stock units and restricted stock awards are included in the number of shares used to calculate diluted earnings per share as long as all applicable performance criteria are met, and their effect is dilutive. Restricted stock awards are eligible to receive all dividends declared on the Company’s common stock during the vesting period; however, such dividends are not paid until the restrictions lapse.
(2)
Due to net losses for the years ended December 31, 2025, 2024 and 2023, diluted loss per share is the same as basic loss per share.
|