Balance Sheet Components (Tables)
|
3 Months Ended |
Mar. 31, 2022 |
|---|
| 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
|
|
2022
|
|
|
2021
|
|
|
Cash
|
|
$
|
36,677
|
|
|
$
|
48,817
|
|
|
Money market accounts
|
|
|
176,722
|
|
|
|
186,707
|
|
|
Total cash and cash equivalents
|
|
$
|
213,399
|
|
|
$
|
235,524
|
|
|
Marketable securities
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
9,989
|
|
|
$
|
9,989
|
|
|
Total marketable securities
|
|
$
|
9,989
|
|
|
$
|
9,989
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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, 2022 and December 31, 2021 were as follows:
|
|
|
As of
|
|
|
As of
|
|
|
Net accounts receivable
|
|
March 31, 2022
|
|
|
December 31, 2021
|
|
|
Rental (1)
|
|
$
|
7,072
|
|
|
$
|
6,011
|
|
|
Business-to-business and other receivables (2)
|
|
|
26,911
|
|
|
|
18,441
|
|
|
Total net accounts receivable
|
|
$
|
33,983
|
|
|
$
|
24,452
|
|
|
(1)
|
Rental includes Medicare, Medicaid/other government, private insurance and patient pay.
|
|
(2)
|
Business-to-business receivables included one customer with an accounts receivable balance of $4,268 and $5,945 as of March 31, 2022 and December 31, 2021, respectively. The 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, 2022 and December 31, 2021 for this customer with a $400 deductible and 10% retention.
|
|
| Schedule of Allowances for Accounts Receivable |
The following tables sets forth the accounts receivable allowances as of March 31, 2022 and December 31, 2021:
|
|
|
As of
|
|
|
As of
|
|
|
Allowances - accounts receivable
|
|
March 31, 2022
|
|
|
December 31, 2021
|
|
|
Doubtful accounts
|
|
$
|
53
|
|
|
$
|
52
|
|
|
Sales returns
|
|
|
969
|
|
|
|
810
|
|
|
Total allowances - accounts receivable
|
|
$
|
1,022
|
|
|
$
|
862
|
|
|
| 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 73.2% and 79.3% of the non-U.S. revenue for the three months ended March 31, 2022 and March 31, 2021, 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, 2022 and March 31, 2021, respectively, is as follows:
|
|
|
Three months ended
March 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
U.S. revenue
|
|
$
|
52,444
|
|
|
$
|
71,212
|
|
|
Non-U.S. revenue
|
|
|
27,941
|
|
|
|
15,720
|
|
|
Total revenue
|
|
$
|
80,385
|
|
|
$
|
86,932
|
|
|
| Schedule of Inventories |
Inventories that are considered current consist of the following:
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Raw materials and work-in-progress
|
|
$
|
22,550
|
|
|
$
|
21,909
|
|
|
Finished goods
|
|
|
13,313
|
|
|
|
12,116
|
|
|
Less: reserves
|
|
|
(1,785
|
)
|
|
|
(2,152
|
)
|
|
Inventories, net
|
|
$
|
34,078
|
|
|
$
|
31,873
|
|
|
| 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, 2022 and March 31, 2021, respectively.
|
|
|
Three months ended
March 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Rental equipment
|
|
$
|
2,638
|
|
|
$
|
1,888
|
|
|
Other property and equipment
|
|
|
975
|
|
|
|
946
|
|
|
Total depreciation and amortization
|
|
$
|
3,613
|
|
|
$
|
2,834
|
|
|
| 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, 2022 and December 31, 2021, respectively.
|
|
|
March 31,
|
|
|
December 31,
|
|
|
Property and equipment
|
|
2022
|
|
|
2021
|
|
|
Rental equipment, net of allowances of $1,450 and $1,290, respectively
|
|
$
|
59,387
|
|
|
$
|
59,073
|
|
|
Other property and equipment
|
|
|
31,298
|
|
|
|
31,522
|
|
|
Property and equipment
|
|
|
90,685
|
|
|
|
90,595
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation
|
|
|
|
|
|
|
|
|
|
Rental equipment
|
|
|
33,668
|
|
|
|
33,355
|
|
|
Other property and equipment
|
|
|
17,688
|
|
|
|
18,314
|
|
|
Accumulated depreciation
|
|
|
51,356
|
|
|
|
51,669
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
|
|
|
|
|
Rental equipment, net of allowances of $1,450 and $1,290, respectively
|
|
|
25,719
|
|
|
|
25,718
|
|
|
Other property and equipment
|
|
|
13,610
|
|
|
|
13,208
|
|
|
Property and equipment, net
|
|
$
|
39,329
|
|
|
$
|
38,926
|
|
|
| Schedule of Changes in Carrying Amount of Goodwill |
The changes in the carrying amount of goodwill for the three months ended March 31, 2022 were as follows:
|
Balance as of December 31, 2021
|
|
$
|
32,979
|
|
|
Translation adjustment
|
|
|
(45
|
)
|
|
Balance as of March 31, 2022
|
|
$
|
32,934
|
|
|
| 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, 2022
|
|
(in years)
|
|
amount
|
|
|
amortization
|
|
|
Net amount
|
|
|
Technology
|
|
10
|
|
$
|
77,700
|
|
|
$
|
20,396
|
|
|
$
|
57,304
|
|
|
Licenses
|
|
10
|
|
|
185
|
|
|
|
181
|
|
|
|
4
|
|
|
Patents and websites
|
|
5
|
|
|
4,519
|
|
|
|
3,927
|
|
|
|
592
|
|
|
Customer relationships
|
|
4
|
|
|
1,333
|
|
|
|
1,333
|
|
|
|
—
|
|
|
Commercials
|
|
2-3
|
|
|
348
|
|
|
|
248
|
|
|
|
100
|
|
|
Total
|
|
|
|
$
|
84,085
|
|
|
$
|
26,085
|
|
|
$
|
58,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estimated
|
|
Gross
|
|
|
|
|
|
|
|
|
|
|
|
|
useful lives
|
|
carrying
|
|
|
Accumulated
|
|
|
|
|
|
|
December 31, 2021
|
|
(in years)
|
|
amount
|
|
|
amortization
|
|
|
Net amount
|
|
|
Technology
|
|
10
|
|
$
|
77,700
|
|
|
$
|
18,454
|
|
|
$
|
59,246
|
|
|
Licenses
|
|
10
|
|
|
185
|
|
|
|
180
|
|
|
|
5
|
|
|
Patents and websites
|
|
5
|
|
|
4,519
|
|
|
|
3,746
|
|
|
|
773
|
|
|
Customer relationships
|
|
4
|
|
|
1,361
|
|
|
|
1,361
|
|
|
|
—
|
|
|
Commercials
|
|
2-3
|
|
|
799
|
|
|
|
676
|
|
|
|
123
|
|
|
Total
|
|
|
|
$
|
84,564
|
|
|
$
|
24,417
|
|
|
$
|
60,147
|
|
|
| Schedule of Annual Estimated Amortization Expense |
Annual estimated amortization expense for each of the succeeding fiscal years is as follows:
|
|
|
March 31,
|
|
|
|
|
2022
|
|
|
Remaining 9 months of 2022
|
|
$
|
6,365
|
|
|
2023
|
|
|
7,854
|
|
|
2024
|
|
|
7,821
|
|
|
2025
|
|
|
7,790
|
|
|
2026
|
|
|
7,774
|
|
|
Thereafter
|
|
|
20,396
|
|
|
|
|
$
|
58,000
|
|
|
| Schedule of Accounts Payable and Accrued Expenses |
Accounts payable and accrued expenses as of March 31, 2022 and December 31, 2021 consisted of the following:
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Accounts payable
|
|
$
|
18,109
|
|
|
$
|
10,258
|
|
|
Accrued inventory (in-transit and unvouchered receipts) and trade payables
|
|
|
10,340
|
|
|
|
12,488
|
|
|
Accrued purchasing card liability
|
|
|
2,508
|
|
|
|
1,488
|
|
|
Accrued franchise, sales and use taxes
|
|
|
492
|
|
|
|
486
|
|
|
Other accrued expenses
|
|
|
926
|
|
|
|
969
|
|
|
Accounts payable and accrued expenses
|
|
$
|
32,375
|
|
|
$
|
25,689
|
|
|
| Schedule of Accrued Payroll |
Accrued payroll as of March 31, 2022 and December 31, 2021 consisted of the following:
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Accrued bonuses
|
|
$
|
1,292
|
|
|
$
|
8,274
|
|
|
Accrued wages and other payroll related items
|
|
|
4,221
|
|
|
|
5,469
|
|
|
Accrued vacation
|
|
|
3,012
|
|
|
|
2,894
|
|
|
Accrued employee stock purchase plan deductions
|
|
|
314
|
|
|
|
670
|
|
|
Accrued payroll
|
|
$
|
8,839
|
|
|
$
|
17,307
|
|
|