Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Components (Tables)

v3.5.0.2
Balance Sheet Components (Tables)
9 Months Ended
Sep. 30, 2016
Balance Sheet Related Disclosures [Abstract]  
Summary of Cash, Cash Equivalents and Short-term Investments

Cash, cash equivalents and marketable securities consist of the following:

 

 

 

September 30,

 

 

December 31,

 

Cash and cash equivalents

 

2016

 

 

2015

 

Cash

 

$

43,454

 

 

$

52,164

 

Money market accounts

 

 

39,793

 

 

 

6,725

 

Certificates of deposit

 

 

2,762

 

 

 

7,217

 

Total cash and cash equivalents

 

$

86,009

 

 

$

66,106

 

Marketable securities

 

 

 

 

 

 

 

 

Certificates of deposit

 

$

12,020

 

 

$

16,793

 

Corporate bonds

 

 

10,311

 

 

 

 

Total marketable securities

 

$

22,331

 

 

$

16,793

 

 

Schedule of Gross Accounts Receivable Balance Concentrations by Major Category

Gross accounts receivable balance concentrations by major category as of September 30, 2016 and December 31, 2015 were as follows:

 

 

 

September 30,

 

 

December 31,

 

Gross accounts receivable

 

2016

 

 

2015

 

Medicare

 

$

11,204

 

 

$

10,510

 

Medicaid/other government

 

 

555

 

 

 

683

 

Private insurance

 

 

3,312

 

 

 

4,852

 

Patient responsibility

 

 

2,856

 

 

 

3,603

 

Business-to-business & other receivables

 

 

18,698

 

 

 

6,369

 

Total gross accounts receivable

 

$

36,625

 

 

$

26,017

 

 

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, 2016 and December 31, 2015 were as follows:

 

 

 

September 30,

 

 

December 31,

 

Net accounts receivable

 

2016

 

 

2015

 

Medicare

 

$

6,668

 

 

$

7,441

 

Medicaid/other government

 

 

394

 

 

 

550

 

Private insurance

 

 

2,738

 

 

 

3,895

 

Patient responsibility

 

 

1,907

 

 

 

2,060

 

Business-to-business & other receivables

 

 

18,010

 

 

 

5,926

 

Total net accounts receivable

 

$

29,717

 

 

$

19,872

 

 

Schedule of Allowances for Accounts Receivable

The following tables set forth the accounts receivable allowances as of September 30, 2016 and December 31, 2015:

 

 

 

September 30,

 

 

December 31,

 

Allowances - accounts receivable

 

2016

 

 

2015

 

Doubtful accounts

 

$

1,192

 

 

$

1,664

 

Rental revenue adjustments

 

 

5,137

 

 

 

4,115

 

Sales returns

 

 

579

 

 

 

366

 

Total allowances - accounts receivable

 

$

6,908

 

 

$

6,145

 

 

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 72.8% and 87.5% of the non-U.S. revenue for the three months ended September 30, 2016 and September 30, 2015, respectively, were invoiced in Euros. Approximately 70.7% and 74.6% of the non-U.S. revenue for the nine months ended September 30, 2016 and September 30, 2015, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and non-U.S. sources for the three months and nine months ended September 30, 2016 and September 30, 2015 is as follows:

 

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

U.S. revenue

 

$

39,470

 

 

$

32,907

 

 

$

113,963

 

 

$

91,719

 

Non-U.S. revenue

 

 

14,952

 

 

 

7,871

 

 

 

38,015

 

 

 

26,840

 

Total revenue

 

$

54,422

 

 

$

40,778

 

 

$

151,978

 

 

$

118,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Inventories

Inventories consist of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2016

 

 

2015

 

Raw materials and work-in-progress

 

$

14,497

 

 

$

7,097

 

Finished goods

 

 

2,162

 

 

 

1,679

 

Less: reserves

 

 

(160

)

 

 

(128

)

Inventories

 

$

16,499

 

 

$

8,648

 

 

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

 

1.5-5 years

Manufacturing equipment and tooling

 

2-5 years

Computer equipment and software

 

2-3 years

Furniture and equipment

 

3-5 years

Leasehold improvements

 

Lesser of estimated useful life or remaining lease term

 

Summary of Depreciation and Amortization Expense of Property and Equipment and Rental Equipment

Depreciation and amortization expense related to property and equipment and rental equipment are summarized below for the three and nine months ended September 30, 2016 and September 30, 2015, respectively.

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Rental equipment

 

$

2,878

 

 

$

3,029

 

 

$

8,733

 

 

$

8,929

 

Other property and equipment

 

 

510

 

 

 

510

 

 

 

1,484

 

 

 

1,475

 

Total depreciation and amortization

 

$

3,388

 

 

$

3,539

 

 

$

10,217

 

 

$

10,404

 

 

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 for September 30, 2016 and December 31, 2015, respectively.

 

 

 

September 30,

 

 

December 31,

 

Property and equipment

 

2016

 

 

2015

 

Rental equipment, net of allowances of $600 and $850, respectively

 

$

54,684

 

 

$

54,677

 

Other property and equipment

 

 

12,636

 

 

 

11,596

 

Property and equipment

 

 

67,320

 

 

 

66,273

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

 

 

Rental equipment

 

 

32,731

 

 

 

28,894

 

Other property and equipment

 

 

7,754

 

 

 

6,699

 

Accumulated depreciation

 

 

40,485

 

 

 

35,593

 

 

 

 

 

 

 

 

 

 

Net property and equipment

 

 

 

 

 

 

 

 

Rental equipment

 

 

21,953

 

 

 

25,783

 

Other property and equipment

 

 

4,882

 

 

 

4,897

 

Property and equipment, net

 

$

26,835

 

 

$

30,680

 

 

Summary of Intangible Assets

The following tables represent the changes in net carrying values of the intangibles as of the respective dates:

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

estimated

 

Gross

 

 

 

 

 

 

 

 

 

 

 

useful lives

 

carrying

 

 

Accumulated

 

 

 

 

 

September 30, 2016

 

(in years)

 

amount

 

 

amortization

 

 

Net amount

 

Licenses

 

10

 

$

185

 

 

$

114

 

 

$

71

 

Patents and websites

 

5

 

 

873

 

 

 

801

 

 

 

72

 

Commercials

 

2

 

 

286

 

 

 

161

 

 

 

125

 

Total

 

 

 

$

1,344

 

 

$

1,076

 

 

$

268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

estimated

 

Gross

 

 

 

 

 

 

 

 

 

 

 

useful lives

 

carrying

 

 

Accumulated

 

 

 

 

 

December 31, 2015

 

(in years)

 

amount

 

 

amortization

 

 

Net amount

 

Licenses

 

10

 

$

185

 

 

$

100

 

 

$

85

 

Patents and websites

 

5

 

 

873

 

 

 

779

 

 

 

94

 

Commercials

 

2

 

 

174

 

 

 

124

 

 

 

50

 

Total

 

 

 

$

1,232

 

 

$

1,003

 

 

$

229

 

 

Schedule of Minimum Aggregate Amortization Expense for Intangibles

The minimum aggregate amortization expense for intangibles for each of the five succeeding fiscal years is summarized as follows:

 

 

 

September 30, 2016

 

Remaining 3 months of 2016

 

$

28

 

2017

 

 

101

 

2018

 

 

86

 

2019

 

 

33

 

2020

 

 

9

 

Thereafter

 

 

11

 

 

 

$

268

 

 

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of September 30, 2016 and December 31, 2015 consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2016

 

 

2015

 

Accounts payable

 

$

10,214

 

 

$

7,448

 

Accrued inventory (in-transit and unvouchered receipts) and trade payables

 

 

7,570

 

 

 

3,548

 

Accrued purchasing card liability

 

 

2,000

 

 

 

1,581

 

Accrued franchise and use taxes

 

 

32

 

 

 

45

 

Other accrued expenses

 

 

894

 

 

 

245

 

Accounts payable and accrued expenses

 

$

20,710

 

 

$

12,867