Balance Sheet Components (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] |
|
Summary of Cash, Cash Equivalents and Short-term Investments |
Cash, cash equivalents and marketable securities consist of the following:
|
|
March 31,
|
|
|
December 31,
|
|
Cash and cash equivalents
|
|
2018
|
|
|
2017
|
|
Cash
|
|
$
|
43,188
|
|
|
$
|
46,237
|
|
Money market accounts
|
|
|
107,906
|
|
|
|
93,430
|
|
Certificates of deposit
|
|
|
3,190
|
|
|
|
490
|
|
Corporate bonds
|
|
|
—
|
|
|
|
2,796
|
|
Total cash and cash equivalents
|
|
$
|
154,284
|
|
|
$
|
142,953
|
|
Marketable securities
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
$
|
8,461
|
|
|
$
|
10,516
|
|
Corporate bonds
|
|
|
22,043
|
|
|
|
17,972
|
|
Agency mortgage-backed securities
|
|
|
1,005
|
|
|
|
2,004
|
|
U.S. Treasury securities
|
|
|
2,503
|
|
|
|
499
|
|
Total marketable securities
|
|
$
|
34,012
|
|
|
$
|
30,991
|
|
|
Schedule of Gross Accounts Receivable Balance Concentrations by Major Category |
Gross accounts receivable balance concentrations by major category as of March 31, 2018 and December 31, 2017 were as follows:
|
|
March 31,
|
|
|
December 31,
|
|
Gross accounts receivable
|
|
2018
|
|
|
2017
|
|
Rental (1)
|
|
$
|
6,143
|
|
|
$
|
6,236
|
|
Business-to-business & other receivables (2)
|
|
|
32,945
|
|
|
|
28,474
|
|
Total gross accounts receivable
|
|
$
|
39,088
|
|
|
$
|
34,710
|
|
(1)
|
Rental includes Medicare, Medicaid/other government, private insurance and patient pay.
|
(2)
|
Business-to-business receivables included one customer with a gross accounts receivable balance of $9,461 and $10,394 as of March 31, 2018 and December 31, 2017, respectively. This customer received extended payment terms through a direct financing plan offered. The Company also has a credit insurance policy in place, which allocated up to $18,000 in coverage as of March 31, 2018 and allocated up to $12,000 in coverage as of December 31, 2017 for this customer with a $1,000 deductible and 10% retention.
|
|
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 March 31, 2018 and December 31, 2017 were as follows:
|
|
March 31,
|
|
|
December 31,
|
|
Net accounts receivable
|
|
2018
|
|
|
2017
|
|
Rental (1)
|
|
$
|
3,695
|
|
|
$
|
4,212
|
|
Business-to-business & other receivables (2)
|
|
|
31,394
|
|
|
|
27,232
|
|
Total net accounts receivable
|
|
$
|
35,089
|
|
|
$
|
31,444
|
|
(1)
|
Rental includes Medicare, Medicaid/other government, private insurance and patient pay.
|
(2)
|
Business-to-business receivables included one customer with a gross accounts receivable balance of $9,461 and $10,394 as of March 31, 2018 and December 31, 2017, respectively. This customer received extended payment terms through a direct financing plan offered. The Company also has a credit insurance policy in place, which allocated up to $18,000 in coverage as of March 31, 2018 and allocated up to $12,000 in coverage as of December 31, 2017 for this customer with a $1,000 deductible and 10% retention.
|
|
Schedule of Allowances for Accounts Receivable |
The following tables set forth the accounts receivable allowances as of March 31, 2018 and December 31, 2017:
|
|
March 31,
|
|
|
December 31,
|
|
Allowances - accounts receivable
|
|
2018
|
|
|
2017
|
|
Doubtful accounts
|
|
$
|
1,589
|
|
|
$
|
1,415
|
|
Rental revenue adjustments
|
|
|
1,013
|
|
|
|
947
|
|
Sales returns
|
|
|
1,397
|
|
|
|
904
|
|
Total allowances - accounts receivable
|
|
$
|
3,999
|
|
|
$
|
3,266
|
|
|
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 76.9% and 72.2% of the non-U.S. revenue for the three months ended March 31, 2018 and March 31, 2017, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and non-U.S. sources for the three months ended March 31, 2018 and March 31, 2017 is as follows:
|
|
Three months ended March 31,
|
|
|
|
2018
|
|
|
2017
|
|
U.S. revenue
|
|
$
|
62,145
|
|
|
$
|
41,077
|
|
Non-U.S. revenue
|
|
|
16,906
|
|
|
|
11,423
|
|
Total revenue
|
|
$
|
79,051
|
|
|
$
|
52,500
|
|
|
Schedule of Inventories |
Inventories that are considered current consist of the following:
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
Raw materials and work-in-progress
|
|
$
|
18,814
|
|
|
$
|
16,324
|
|
Finished goods
|
|
|
4,640
|
|
|
|
2,917
|
|
Less: reserves
|
|
|
(489
|
)
|
|
|
(399
|
)
|
Inventories
|
|
$
|
22,965
|
|
|
$
|
18,842
|
|
|
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 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 months ended March 31, 2018 and March 31, 2017, respectively.
|
|
Three months ended March 31,
|
|
|
|
2018
|
|
|
2017
|
|
Rental equipment
|
|
$
|
2,165
|
|
|
$
|
2,689
|
|
Other property and equipment
|
|
|
530
|
|
|
|
488
|
|
Total depreciation and amortization
|
|
$
|
2,695
|
|
|
$
|
3,177
|
|
|
Summary of Property Plant and Equipment and Rental Equipment with Associated Accumulated Depreciation |
Property and equipment and rental equipment with associated accumulated depreciation are summarized below for March 31, 2018 and December 31, 2017, respectively.
|
|
March 31,
|
|
|
December 31,
|
|
Property and equipment
|
|
2018
|
|
|
2017
|
|
Rental equipment, net of allowances of $754 and $754, respectively
|
|
$
|
47,420
|
|
|
$
|
49,349
|
|
Other property and equipment
|
|
|
17,387
|
|
|
|
15,219
|
|
Property and equipment
|
|
|
64,807
|
|
|
|
64,568
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation
|
|
|
|
|
|
|
|
|
Rental equipment
|
|
|
33,671
|
|
|
|
34,754
|
|
Other property and equipment
|
|
|
10,238
|
|
|
|
9,711
|
|
Accumulated depreciation
|
|
|
43,909
|
|
|
|
44,465
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
|
|
|
|
Rental equipment, net of allowances of $754 and $754, respectively
|
|
|
13,749
|
|
|
|
14,595
|
|
Other property and equipment
|
|
|
7,149
|
|
|
|
5,508
|
|
Property and equipment, net
|
|
$
|
20,898
|
|
|
$
|
20,103
|
|
|
Schedule of Changes in Carrying Amount of Goodwill |
The changes in the carrying amount of goodwill for the three months ended March 31, 2018 were as follows:
Balance as of December 31, 2017
|
|
$
|
2,363
|
|
Translation adjustment
|
|
|
67
|
|
Balance as of March 31, 2018
|
|
$
|
2,430
|
|
|
Summary of Intangible Assets |
The following tables represent the net carrying values of intangible assets as of the respective dates:
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estimated
|
|
Gross
|
|
|
|
|
|
|
|
|
|
|
|
useful lives
|
|
carrying
|
|
|
Accumulated
|
|
|
|
|
|
March 31, 2018
|
|
(in years)
|
|
amount
|
|
|
amortization
|
|
|
Net amount
|
|
Licenses
|
|
10
|
|
$
|
185
|
|
|
$
|
142
|
|
|
$
|
43
|
|
Patents and websites
|
|
5
|
|
|
4,173
|
|
|
|
1,131
|
|
|
|
3,042
|
|
Customer relationships
|
|
4
|
|
|
1,479
|
|
|
|
339
|
|
|
|
1,140
|
|
Non-compete agreement
|
|
3
|
|
|
246
|
|
|
|
75
|
|
|
|
171
|
|
Commercials
|
|
2-3
|
|
|
303
|
|
|
|
243
|
|
|
|
60
|
|
Total
|
|
|
|
$
|
6,386
|
|
|
$
|
1,930
|
|
|
$
|
4,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estimated
|
|
Gross
|
|
|
|
|
|
|
|
|
|
|
|
useful lives
|
|
carrying
|
|
|
Accumulated
|
|
|
|
|
|
December 31, 2017
|
|
(in years)
|
|
amount
|
|
|
amortization
|
|
|
Net amount
|
|
Licenses
|
|
10
|
|
$
|
185
|
|
|
$
|
137
|
|
|
$
|
48
|
|
Patents and websites
|
|
5
|
|
|
4,173
|
|
|
|
959
|
|
|
|
3,214
|
|
Customer relationships
|
|
4
|
|
|
1,437
|
|
|
|
240
|
|
|
|
1,197
|
|
Non-compete agreement
|
|
3
|
|
|
240
|
|
|
|
52
|
|
|
|
188
|
|
Commercials
|
|
2-3
|
|
|
303
|
|
|
|
233
|
|
|
|
70
|
|
Total
|
|
|
|
$
|
6,338
|
|
|
$
|
1,621
|
|
|
$
|
4,717
|
|
|
Schedule of Annual Estimated Amortization Expense for Intangibles |
Annual estimated amortization expense for intangibles for each of the succeeding fiscal years is summarized as follows:
|
|
March 31, 2018
|
|
Remaining 9 months of 2018
|
|
$
|
906
|
|
2019
|
|
|
1,147
|
|
2020
|
|
|
1,069
|
|
2021
|
|
|
790
|
|
2022
|
|
|
544
|
|
Thereafter
|
|
|
—
|
|
|
|
$
|
4,456
|
|
|
Schedule of Accounts Payable and Accrued Expenses |
Accounts payable and accrued expenses as of March 31, 2018 and December 31, 2017 consisted of the following:
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
Accounts payable
|
|
$
|
13,589
|
|
|
$
|
9,541
|
|
Accrued inventory (in-transit and unvouchered receipts) and trade payables
|
|
|
7,644
|
|
|
|
7,252
|
|
Accrued purchasing card liability
|
|
|
2,089
|
|
|
|
2,381
|
|
Accrued franchise, sales and use taxes
|
|
|
498
|
|
|
|
479
|
|
Other accrued expenses
|
|
|
940
|
|
|
|
973
|
|
Accounts payable and accrued expenses
|
|
$
|
24,760
|
|
|
$
|
20,626
|
|
|
Schedule of Accrued Payroll |
Accrued payroll as of March 31, 2018 and December 31, 2017 consisted of the following:
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
Accrued bonuses
|
|
$
|
1,306
|
|
|
$
|
3,086
|
|
Accrued wages and other payroll related items
|
|
|
3,803
|
|
|
|
2,453
|
|
Accrued vacation
|
|
|
1,498
|
|
|
|
1,338
|
|
Accrued payroll
|
|
$
|
6,607
|
|
|
$
|
6,877
|
|
|