Balance Sheet Components (Tables)
|
6 Months Ended |
Jun. 30, 2017 |
Balance Sheet Related Disclosures [Abstract] |
|
Summary of Cash, Cash Equivalents and Short-term Investments |
Cash, cash equivalents and marketable securities consist of the following:
|
|
June 30,
|
|
|
December 31,
|
|
Cash and cash equivalents
|
|
2017
|
|
|
2016
|
|
Cash
|
|
$
|
58,032
|
|
|
$
|
48,533
|
|
Money market accounts
|
|
|
52,239
|
|
|
|
39,277
|
|
Certificates of deposit
|
|
|
3,438
|
|
|
|
5,041
|
|
Agency mortgage-backed securities
|
|
|
1,002
|
|
|
|
—
|
|
Total cash and cash equivalents
|
|
$
|
114,711
|
|
|
$
|
92,851
|
|
Marketable securities
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
$
|
12,459
|
|
|
$
|
10,855
|
|
Corporate bonds
|
|
|
13,031
|
|
|
|
10,178
|
|
Agency mortgage-backed securities
|
|
|
4,008
|
|
|
|
—
|
|
Total marketable securities
|
|
$
|
29,498
|
|
|
$
|
21,033
|
|
|
Schedule of Gross Accounts Receivable Balance Concentrations by Major Category |
Gross accounts receivable balance concentrations by major category as of June 30, 2017 and December 31, 2016 were as follows:
|
|
June 30,
|
|
|
December 31,
|
|
Gross accounts receivable
|
|
2017
|
|
|
2016
|
|
Medicare
|
|
$
|
7,361
|
|
|
$
|
12,500
|
|
Medicaid/other government
|
|
|
464
|
|
|
|
617
|
|
Private insurance
|
|
|
1,970
|
|
|
|
3,475
|
|
Patient responsibility
|
|
|
3,755
|
|
|
|
3,227
|
|
Business-to-business & other receivables (1)
|
|
|
26,434
|
|
|
|
19,541
|
|
Total gross accounts receivable
|
|
$
|
39,984
|
|
|
$
|
39,360
|
|
1.
|
Business-to-business receivables include one single customer with an accounts receivable balance of $11,055 and $9,791, respectively, which represented more than 10% of the Company’s net accounts receivable balance as of June 30, 2017 and December 31, 2016. This customer received extended payment terms through a direct financing plan offered. The Company also has a credit insurance policy in place, which allocates up to $12,000 in coverage as of June 30, 2017 and allocated up to $9,000 in coverage as of December 31, 2016 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 June 30, 2017 and December 31, 2016 were as follows:
|
|
June 30,
|
|
|
December 31,
|
|
Net accounts receivable
|
|
2017
|
|
|
2016
|
|
Medicare
|
|
$
|
5,039
|
|
|
$
|
7,208
|
|
Medicaid/other government
|
|
|
326
|
|
|
|
410
|
|
Private insurance
|
|
|
1,649
|
|
|
|
1,832
|
|
Patient responsibility
|
|
|
2,208
|
|
|
|
2,538
|
|
Business-to-business & other receivables (1)
|
|
|
25,581
|
|
|
|
18,840
|
|
Total net accounts receivable
|
|
$
|
34,803
|
|
|
$
|
30,828
|
|
(1)
|
Business-to-business receivables include one single customer with an accounts receivable balance of $11,055 and $9,791, respectively, which represented more than 10% of the Company’s net accounts receivable balance as of June 30, 2017 and December 31, 2016. This customer received extended payment terms through a direct financing plan offered. The Company also has a credit insurance policy in place, which allocates up to $12,000 in coverage as of June 30, 2017 and allocated up to $9,000 in coverage as of December 31, 2016 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 June 30, 2017 and December 31, 2016:
|
|
June 30,
|
|
|
December 31,
|
|
Allowances - accounts receivable
|
|
2017
|
|
|
2016
|
|
Doubtful accounts
|
|
$
|
1,552
|
|
|
$
|
1,869
|
|
Rental revenue adjustments
|
|
|
2,912
|
|
|
|
6,078
|
|
Sales returns
|
|
|
717
|
|
|
|
585
|
|
Total allowances - accounts receivable
|
|
$
|
5,181
|
|
|
$
|
8,532
|
|
|
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 75.4% and 69.1% of the non-U.S. revenue for the three months ended June 30, 2017 and June 30, 2016, respectively, were invoiced in Euros. Approximately 73.9% and 69.2% of the non-U.S. revenue for the six months ended June 30, 2017 and June 30, 2016, 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 six months ended June 30, 2017 and June 30, 2016 is as follows:
|
|
Three months ended June 30,
|
|
|
Six months ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
U.S. revenue
|
|
$
|
49,202
|
|
|
$
|
41,469
|
|
|
$
|
90,279
|
|
|
$
|
74,493
|
|
Non-U.S. revenue
|
|
|
14,919
|
|
|
|
13,098
|
|
|
|
26,342
|
|
|
|
23,063
|
|
Total revenue
|
|
$
|
64,121
|
|
|
$
|
54,567
|
|
|
$
|
116,621
|
|
|
$
|
97,556
|
|
|
Schedule of Inventories |
Inventories that are considered current consist of the following:
|
|
June 30,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
Raw materials and work-in-progress
|
|
$
|
13,090
|
|
|
$
|
12,382
|
|
Finished goods
|
|
|
3,061
|
|
|
|
2,152
|
|
Less: reserves
|
|
|
(231
|
)
|
|
|
(191
|
)
|
Inventories
|
|
$
|
15,920
|
|
|
$
|
14,343
|
|
|
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 six months ended June 30, 2017 and June 30, 2016, respectively.
|
|
Three months ended June 30,
|
|
|
Six months ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Rental equipment
|
|
$
|
2,522
|
|
|
$
|
2,908
|
|
|
$
|
5,211
|
|
|
$
|
5,855
|
|
Other property and equipment
|
|
|
470
|
|
|
|
496
|
|
|
|
958
|
|
|
|
974
|
|
Total depreciation and amortization
|
|
$
|
2,992
|
|
|
$
|
3,404
|
|
|
$
|
6,169
|
|
|
$
|
6,829
|
|
|
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 June 30, 2017 and December 31, 2016, respectively.
|
|
June 30,
|
|
|
December 31,
|
|
Property and equipment
|
|
2017
|
|
|
2016
|
|
Rental equipment, net of allowances of $690 and $725, respectively
|
|
$
|
52,183
|
|
|
$
|
54,582
|
|
Other property and equipment
|
|
|
13,664
|
|
|
|
12,633
|
|
Property and equipment
|
|
|
65,847
|
|
|
|
67,215
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation
|
|
|
|
|
|
|
|
|
Rental equipment
|
|
|
34,890
|
|
|
|
33,937
|
|
Other property and equipment
|
|
|
8,996
|
|
|
|
8,079
|
|
Accumulated depreciation
|
|
|
43,886
|
|
|
|
42,016
|
|
|
|
|
|
|
|
|
|
|
Net property and equipment
|
|
|
|
|
|
|
|
|
Rental equipment, net of allowances of $690 and $725, respectively
|
|
|
17,293
|
|
|
|
20,645
|
|
Other property and equipment
|
|
|
4,668
|
|
|
|
4,554
|
|
Property and equipment, net
|
|
$
|
21,961
|
|
|
$
|
25,199
|
|
|
Schedule of Changes in Carrying Amount of Goodwill |
The changes in the carrying amount of goodwill for the six months ended June 30, 2017 were as follows:
Balance as of December 31, 2016
|
|
$
|
—
|
|
Acquisition
|
|
|
2,154
|
|
Foreign currency translation
|
|
|
99
|
|
Balance as of June 30, 2017
|
|
$
|
2,253
|
|
|
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
|
|
|
|
|
|
June 30, 2017
|
|
(in years)
|
|
amount
|
|
|
amortization
|
|
|
Net amount
|
|
Licenses
|
|
10
|
|
$
|
185
|
|
|
$
|
128
|
|
|
$
|
57
|
|
Patents and websites
|
|
5
|
|
|
873
|
|
|
|
824
|
|
|
|
49
|
|
Customer relationships
|
|
4
|
|
|
1,370
|
|
|
|
88
|
|
|
|
1,282
|
|
Non-compete agreement
|
|
3
|
|
|
228
|
|
|
|
14
|
|
|
|
214
|
|
Commercials
|
|
2-3
|
|
|
287
|
|
|
|
205
|
|
|
|
82
|
|
Total
|
|
|
|
$
|
2,943
|
|
|
$
|
1,259
|
|
|
$
|
1,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estimated
|
|
Gross
|
|
|
|
|
|
|
|
|
|
|
|
useful lives
|
|
carrying
|
|
|
Accumulated
|
|
|
|
|
|
December 31, 2016
|
|
(in years)
|
|
amount
|
|
|
amortization
|
|
|
Net amount
|
|
Licenses
|
|
10
|
|
$
|
185
|
|
|
$
|
118
|
|
|
$
|
67
|
|
Patents and websites
|
|
5
|
|
|
873
|
|
|
|
810
|
|
|
|
63
|
|
Commercials
|
|
2-3
|
|
|
287
|
|
|
|
176
|
|
|
|
111
|
|
Total
|
|
|
|
$
|
1,345
|
|
|
$
|
1,104
|
|
|
$
|
241
|
|
|
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:
|
|
June 30, 2017
|
|
Remaining 6 months of 2017
|
|
$
|
225
|
|
2018
|
|
|
505
|
|
2019
|
|
|
452
|
|
2020
|
|
|
377
|
|
2021
|
|
|
121
|
|
Thereafter
|
|
|
4
|
|
|
|
$
|
1,684
|
|
|
Schedule of Accounts Payable and Accrued Expenses |
Accounts payable and accrued expenses as of June 30, 2017 and December 31, 2016 consisted of the following:
|
|
June 30,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
Accounts payable
|
|
$
|
11,990
|
|
|
$
|
5,738
|
|
Accrued inventory (in-transit and unvouchered receipts) and trade payables
|
|
|
6,397
|
|
|
|
4,290
|
|
Accrued purchasing card liability
|
|
|
2,081
|
|
|
|
1,760
|
|
Accrued franchise, sales and use taxes
|
|
|
404
|
|
|
|
281
|
|
Other accrued expenses
|
|
|
1,109
|
|
|
|
726
|
|
Accounts payable and accrued expenses
|
|
$
|
21,981
|
|
|
$
|
12,795
|
|
|