Balance Sheet Components (Tables)
|
9 Months Ended |
Sep. 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:
|
|
September 30,
|
|
|
December 31,
|
|
Cash and cash equivalents
|
|
2017
|
|
|
2016
|
|
Cash
|
|
$
|
50,670
|
|
|
$
|
48,533
|
|
Money market accounts
|
|
|
77,020
|
|
|
|
39,277
|
|
Certificates of deposit
|
|
|
—
|
|
|
|
5,041
|
|
Agency mortgage-backed securities
|
|
|
2,003
|
|
|
|
—
|
|
Total cash and cash equivalents
|
|
$
|
129,693
|
|
|
$
|
92,851
|
|
Marketable securities
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
$
|
14,299
|
|
|
$
|
10,855
|
|
Corporate bonds
|
|
|
18,096
|
|
|
|
10,178
|
|
Agency mortgage-backed securities
|
|
|
1,000
|
|
|
|
—
|
|
Total marketable securities
|
|
$
|
33,395
|
|
|
$
|
21,033
|
|
|
Schedule of Gross Accounts Receivable Balance Concentrations by Major Category |
Gross accounts receivable balance concentrations by major category as of September 30, 2017 and December 31, 2016 were as follows:
|
|
September 30,
|
|
|
December 31,
|
|
Gross accounts receivable
|
|
2017
|
|
|
2016
|
|
Medicare
|
|
$
|
4,168
|
|
|
$
|
12,500
|
|
Medicaid/other government
|
|
|
400
|
|
|
|
617
|
|
Private insurance
|
|
|
2,034
|
|
|
|
3,475
|
|
Patient responsibility
|
|
|
2,781
|
|
|
|
3,227
|
|
Business-to-business & other receivables (1)
|
|
|
29,651
|
|
|
|
19,541
|
|
Total gross accounts receivable
|
|
$
|
39,034
|
|
|
$
|
39,360
|
|
1.
|
Business-to-business receivables included one customer with an accounts receivable balance of $11,790 and $9,791 as of September 30, 2017 and December 31, 2016, respectively. 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 September 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 September 30, 2017 and December 31, 2016 were as follows:
|
|
September 30,
|
|
|
December 31,
|
|
Net accounts receivable
|
|
2017
|
|
|
2016
|
|
Medicare
|
|
$
|
2,877
|
|
|
$
|
7,208
|
|
Medicaid/other government
|
|
|
280
|
|
|
|
410
|
|
Private insurance
|
|
|
1,545
|
|
|
|
1,832
|
|
Patient responsibility
|
|
|
1,351
|
|
|
|
2,538
|
|
Business-to-business & other receivables (1)
|
|
|
28,646
|
|
|
|
18,840
|
|
Total net accounts receivable
|
|
$
|
34,699
|
|
|
$
|
30,828
|
|
(1)
|
Business-to-business receivables included one customer with an accounts receivable balance of $11,790 and $9,791 as of September 30, 2017 and December 31, 2016, respectively. 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 September 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 September 30, 2017 and December 31, 2016:
|
|
September 30,
|
|
|
December 31,
|
|
Allowances - accounts receivable
|
|
2017
|
|
|
2016
|
|
Doubtful accounts
|
|
$
|
1,920
|
|
|
$
|
1,869
|
|
Rental revenue adjustments
|
|
|
1,593
|
|
|
|
6,078
|
|
Sales returns
|
|
|
822
|
|
|
|
585
|
|
Total allowances - accounts receivable
|
|
$
|
4,335
|
|
|
$
|
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 77.2% and 72.8% of the non-U.S. revenue for the three months ended September 30, 2017 and September 30, 2016, respectively, were invoiced in Euros. Approximately 75.2% and 70.7% of the non-U.S. revenue for the nine months ended September 30, 2017 and September 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 nine months ended September 30, 2017 and September 30, 2016 is as follows:
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
U.S. revenue
|
|
$
|
51,844
|
|
|
$
|
39,470
|
|
|
$
|
142,123
|
|
|
$
|
113,963
|
|
Non-U.S. revenue
|
|
|
17,186
|
|
|
|
14,952
|
|
|
|
43,528
|
|
|
|
38,015
|
|
Total revenue
|
|
$
|
69,030
|
|
|
$
|
54,422
|
|
|
$
|
185,651
|
|
|
$
|
151,978
|
|
|
Schedule of Inventories |
Inventories that are considered current consist of the following:
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
Raw materials and work-in-progress
|
|
$
|
13,945
|
|
|
$
|
12,382
|
|
Finished goods
|
|
|
3,209
|
|
|
|
2,152
|
|
Less: reserves
|
|
|
(299
|
)
|
|
|
(191
|
)
|
Inventories
|
|
$
|
16,855
|
|
|
$
|
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 nine months ended September 30, 2017 and September 30, 2016, respectively.
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Rental equipment
|
|
$
|
2,366
|
|
|
$
|
2,878
|
|
|
$
|
7,577
|
|
|
$
|
8,733
|
|
Other property and equipment
|
|
|
469
|
|
|
|
510
|
|
|
|
1,427
|
|
|
|
1,484
|
|
Total depreciation and amortization
|
|
$
|
2,835
|
|
|
$
|
3,388
|
|
|
$
|
9,004
|
|
|
$
|
10,217
|
|
|
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 September 30, 2017 and December 31, 2016, respectively.
|
|
September 30,
|
|
|
December 31,
|
|
Property and equipment
|
|
2017
|
|
|
2016
|
|
Rental equipment, net of allowances of $808 and $725, respectively
|
|
$
|
51,010
|
|
|
$
|
54,582
|
|
Other property and equipment
|
|
|
14,729
|
|
|
|
12,633
|
|
Property and equipment
|
|
|
65,739
|
|
|
|
67,215
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation
|
|
|
|
|
|
|
|
|
Rental equipment
|
|
|
35,323
|
|
|
|
33,937
|
|
Other property and equipment
|
|
|
9,465
|
|
|
|
8,079
|
|
Accumulated depreciation
|
|
|
44,788
|
|
|
|
42,016
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
|
|
|
|
Rental equipment, net of allowances of $808 and $725, respectively
|
|
|
15,687
|
|
|
|
20,645
|
|
Other property and equipment
|
|
|
5,264
|
|
|
|
4,554
|
|
Property and equipment, net
|
|
$
|
20,951
|
|
|
$
|
25,199
|
|
|
Schedule of Changes in Carrying Amount of Goodwill |
The changes in the carrying amount of goodwill for the nine months ended September 30, 2017 were as follows:
Balance as of December 31, 2016
|
|
$
|
—
|
|
Acquisition
|
|
|
2,154
|
|
Translation adjustment
|
|
|
176
|
|
Balance as of September 30, 2017
|
|
$
|
2,330
|
|
|
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
|
|
|
|
|
|
September 30, 2017
|
|
(in years)
|
|
amount
|
|
|
amortization
|
|
|
Net amount
|
|
Licenses
|
|
10
|
|
$
|
185
|
|
|
$
|
132
|
|
|
$
|
53
|
|
Patents and websites
|
|
5
|
|
|
873
|
|
|
|
832
|
|
|
|
41
|
|
Customer relationships
|
|
4
|
|
|
1,417
|
|
|
|
147
|
|
|
|
1,270
|
|
Non-compete agreement
|
|
3
|
|
|
236
|
|
|
|
33
|
|
|
|
203
|
|
Commercials
|
|
2-3
|
|
|
303
|
|
|
|
220
|
|
|
|
83
|
|
Total
|
|
|
|
$
|
3,014
|
|
|
$
|
1,364
|
|
|
$
|
1,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
September 30, 2017
|
|
Remaining 3 months of 2017
|
|
$
|
133
|
|
2018
|
|
|
526
|
|
2019
|
|
|
472
|
|
2020
|
|
|
390
|
|
2021
|
|
|
125
|
|
Thereafter
|
|
|
4
|
|
|
|
$
|
1,650
|
|
|
Schedule of Accounts Payable and Accrued Expenses |
Accounts payable and accrued expenses as of September 30, 2017 and December 31, 2016 consisted of the following:
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
Accounts payable
|
|
$
|
11,033
|
|
|
$
|
5,738
|
|
Accrued inventory (in-transit and unvouchered receipts) and trade payables
|
|
|
6,999
|
|
|
|
4,290
|
|
Accrued purchasing card liability
|
|
|
2,610
|
|
|
|
1,760
|
|
Accrued franchise, sales and use taxes
|
|
|
582
|
|
|
|
281
|
|
Other accrued expenses
|
|
|
1,143
|
|
|
|
726
|
|
Accounts payable and accrued expenses
|
|
$
|
22,367
|
|
|
$
|
12,795
|
|
|