Balance Sheet Components (Tables)
|
3 Months Ended |
Mar. 31, 2021 |
|---|
| 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
|
|
2021
|
|
|
2020
|
|
|
Cash
|
|
$
|
48,706
|
|
|
$
|
52,812
|
|
|
Money market accounts
|
|
|
171,308
|
|
|
|
159,150
|
|
|
Total cash and cash equivalents
|
|
$
|
220,014
|
|
|
$
|
211,962
|
|
|
Marketable securities
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
5,476
|
|
|
$
|
11,548
|
|
|
U.S. Treasury securities
|
|
|
4,054
|
|
|
|
4,107
|
|
|
Agency mortgage-backed securities
|
|
|
3,606
|
|
|
|
3,602
|
|
|
Total marketable securities
|
|
$
|
13,136
|
|
|
$
|
19,257
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Gross Accounts Receivable Balance Concentrations by Major Category |
Gross accounts receivable balance concentrations by major category as of March 31, 2021 and December 31, 2020 were as follows:
|
|
|
March 31,
|
|
|
December 31,
|
|
|
Gross accounts receivable
|
|
2021
|
|
|
2020
|
|
|
Rental (1)
|
|
$
|
5,701
|
|
|
$
|
4,190
|
|
|
Business-to-business and other receivables (2)
|
|
|
34,055
|
|
|
|
26,717
|
|
|
Total gross accounts receivable
|
|
$
|
39,756
|
|
|
$
|
30,907
|
|
|
(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 $8,102 and $7,044 as of March 31, 2021 and December 31, 2020, 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 $10,000 in coverage as of March 31, 2021 and as of December 31, 2020 for this customer with a $400 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, 2021 and December 31, 2020 were as follows:
|
|
|
March 31,
|
|
|
December 31,
|
|
|
Net accounts receivable
|
|
2021
|
|
|
2020
|
|
|
Rental (1)
|
|
$
|
5,316
|
|
|
$
|
3,794
|
|
|
Business-to-business and other receivables (2)
|
|
|
33,109
|
|
|
|
25,923
|
|
|
Total net accounts receivable
|
|
$
|
38,425
|
|
|
$
|
29,717
|
|
|
(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 $8,102 and $7,044 as of March 31, 2021 and December 31, 2020, 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 $10,000 in coverage as of March 31, 2021 and as of December 31, 2020 for this customer with a $400 deductible and 10% retention.
|
|
| Schedule of Allowances for Accounts Receivable |
The following tables set forth the accounts receivable allowances as of March 31, 2021 and December 31, 2020:
|
|
|
March 31,
|
|
|
December 31,
|
|
|
Allowances - accounts receivable
|
|
2021
|
|
|
2020
|
|
|
Doubtful accounts
|
|
$
|
21
|
|
|
$
|
52
|
|
|
Rental revenue adjustments
|
|
|
385
|
|
|
|
396
|
|
|
Sales returns
|
|
|
925
|
|
|
|
742
|
|
|
Total allowances - accounts receivable
|
|
$
|
1,331
|
|
|
$
|
1,190
|
|
|
| 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 79.3% and 68.7% of the non-U.S. revenue for the three months ended March 31, 2021 and March 31, 2020, 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, 2021 and March 31, 2020, respectively, is as follows:
|
|
|
Three months ended
March 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
U.S. revenue
|
|
$
|
71,212
|
|
|
$
|
68,406
|
|
|
Non-U.S. revenue
|
|
|
15,720
|
|
|
|
20,083
|
|
|
Total revenue
|
|
$
|
86,932
|
|
|
$
|
88,489
|
|
|
| Schedule of Inventories |
Inventories that are considered current consist of the following:
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Raw materials and work-in-progress
|
|
$
|
24,210
|
|
|
$
|
22,318
|
|
|
Finished goods
|
|
|
3,541
|
|
|
|
3,743
|
|
|
Less: reserves
|
|
|
(1,357
|
)
|
|
|
(1,246
|
)
|
|
Inventories, net
|
|
$
|
26,394
|
|
|
$
|
24,815
|
|
|
| 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
|
|
3-5 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, 2021 and March 31, 2020, respectively.
|
|
|
Three months ended
March 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Rental equipment
|
|
$
|
1,888
|
|
|
$
|
1,299
|
|
|
Other property and equipment
|
|
|
946
|
|
|
|
921
|
|
|
Total depreciation and amortization
|
|
$
|
2,834
|
|
|
$
|
2,220
|
|
|
| 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 March 31, 2021 and December 31, 2020, respectively.
|
|
|
March 31,
|
|
|
December 31,
|
|
|
Property and equipment
|
|
2021
|
|
|
2020
|
|
|
Rental equipment, net of allowances of $650 and $575, respectively
|
|
$
|
49,872
|
|
|
$
|
46,953
|
|
|
Other property and equipment
|
|
|
28,642
|
|
|
|
27,071
|
|
|
Property and equipment
|
|
|
78,514
|
|
|
|
74,024
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation
|
|
|
|
|
|
|
|
|
|
Rental equipment
|
|
|
31,016
|
|
|
|
30,283
|
|
|
Other property and equipment
|
|
|
16,445
|
|
|
|
15,511
|
|
|
Accumulated depreciation
|
|
|
47,461
|
|
|
|
45,794
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
|
|
|
|
|
Rental equipment, net of allowances of $650 and $575, respectively
|
|
|
18,856
|
|
|
|
16,670
|
|
|
Other property and equipment
|
|
|
12,197
|
|
|
|
11,560
|
|
|
Property and equipment, net
|
|
$
|
31,053
|
|
|
$
|
28,230
|
|
|
| Schedule of Changes in Carrying Amount of Goodwill |
The changes in the carrying amount of goodwill for the three months ended March 31, 2021 were as follows:
|
Balance as of December 31, 2020
|
|
$
|
33,165
|
|
|
Translation adjustment
|
|
|
(110
|
)
|
|
Balance as of March 31, 2021
|
|
$
|
33,055
|
|
|
| Summary of Changes in Net Carrying Values of Intangible Assets |
The following tables represent the changes in net carrying values of intangible assets as of the respective dates:
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estimated
|
|
Gross
|
|
|
|
|
|
|
|
|
|
|
|
|
useful lives
|
|
carrying
|
|
|
Accumulated
|
|
|
|
|
|
|
March 31, 2021
|
|
(in years)
|
|
amount
|
|
|
amortization
|
|
|
Net amount
|
|
|
Technology
|
|
10
|
|
$
|
77,700
|
|
|
$
|
12,626
|
|
|
$
|
65,074
|
|
|
Licenses
|
|
10
|
|
|
185
|
|
|
|
176
|
|
|
|
9
|
|
|
Patents and websites
|
|
5
|
|
|
4,488
|
|
|
|
3,197
|
|
|
|
1,291
|
|
|
Customer relationships
|
|
4
|
|
|
1,407
|
|
|
|
1,378
|
|
|
|
29
|
|
|
Commercials
|
|
2-3
|
|
|
759
|
|
|
|
605
|
|
|
|
154
|
|
|
Total
|
|
|
|
$
|
84,539
|
|
|
$
|
17,982
|
|
|
$
|
66,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estimated
|
|
Gross
|
|
|
|
|
|
|
|
|
|
|
|
|
useful lives
|
|
carrying
|
|
|
Accumulated
|
|
|
|
|
|
|
December 31, 2020
|
|
(in years)
|
|
amount
|
|
|
amortization
|
|
|
Net amount
|
|
|
Technology
|
|
10
|
|
$
|
77,700
|
|
|
$
|
10,684
|
|
|
$
|
67,016
|
|
|
Licenses
|
|
10
|
|
|
185
|
|
|
|
174
|
|
|
|
11
|
|
|
Patents and websites
|
|
5
|
|
|
4,488
|
|
|
|
3,015
|
|
|
|
1,473
|
|
|
Customer relationships
|
|
4
|
|
|
1,474
|
|
|
|
1,351
|
|
|
|
123
|
|
|
Commercials
|
|
2-3
|
|
|
733
|
|
|
|
559
|
|
|
|
174
|
|
|
Total
|
|
|
|
$
|
84,580
|
|
|
$
|
15,783
|
|
|
$
|
68,797
|
|
|
| Schedule of Annual Estimated Amortization Expense |
Annual estimated amortization expense for each of the succeeding fiscal years is as follows:
|
|
|
March 31,
|
|
|
|
|
2021
|
|
|
Remaining 9 months of 2021
|
|
$
|
6,488
|
|
|
2022
|
|
|
8,431
|
|
|
2023
|
|
|
7,856
|
|
|
2024
|
|
|
7,832
|
|
|
2025
|
|
|
7,784
|
|
|
Thereafter
|
|
|
28,166
|
|
|
|
|
$
|
66,557
|
|
|
| Schedule of Accounts Payable and Accrued Expenses |
Accounts payable and accrued expenses as of March 31, 2021 and December 31, 2020 consisted of the following:
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Accounts payable
|
|
$
|
14,606
|
|
|
$
|
12,520
|
|
|
Accrued inventory (in-transit and unvouchered receipts) and trade payables
|
|
|
9,666
|
|
|
|
9,023
|
|
|
Accrued litigation settlement
|
|
|
—
|
|
|
|
8,000
|
|
|
Accrued purchasing card liability
|
|
|
4,051
|
|
|
|
2,468
|
|
|
Accrued franchise, sales and use taxes
|
|
|
482
|
|
|
|
449
|
|
|
Other accrued expenses
|
|
|
544
|
|
|
|
1,252
|
|
|
Accounts payable and accrued expenses
|
|
$
|
29,349
|
|
|
$
|
33,712
|
|
|
| Schedule of Accrued Payroll |
Accrued payroll as of March 31, 2021 and December 31, 2020 consisted of the following:
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Accrued bonuses
|
|
$
|
1,166
|
|
|
$
|
4
|
|
|
Accrued wages and other payroll related items
|
|
|
4,873
|
|
|
|
3,796
|
|
|
Accrued vacation
|
|
|
2,970
|
|
|
|
2,642
|
|
|
Accrued employee stock purchase plan deductions
|
|
|
182
|
|
|
|
649
|
|
|
Accrued payroll
|
|
$
|
9,191
|
|
|
$
|
7,091
|
|
|