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Balance Sheet Details (Tables) | 12 Months Ended
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Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract] |
Inventories | Inventories consist of the following (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Raw materials |  | $ | 23,394 |  |  | $ | 13,928 |
Work-in-process |  |  | 950 |  |  |  | 3,032 |
Finished goods |  |  | 112,498 |  |  |  | 84,561 |
Inventories |  | $ | 136,842 |  |  | $ | 101,521 |
Property and Equipment, Net | Property and equipment, net consist of the following (in thousands, except as indicated):
|  | Useful Life |  | December 31, |
|  | (in years) |  | 2023 |  |  | 2022 |
Surgical instruments |  | 4 |  | $ | 224,357 |  |  | $ | 158,906 |
Machinery and equipment |  | 7 |  |  | 11,633 |  |  |  | 9,502 |
Computer equipment |  | 3 |  |  | 5,778 |  |  |  | 4,753 |
Office furniture and equipment |  | 5 |  |  | 6,225 |  |  |  | 4,760 |
Leasehold improvements |  | various |  |  | 3,986 |  |  |  | 2,965 |
Construction in progress |  | n/a |  |  | 24,732 |  |  |  | 15,360 |
|  |  |  |  | 276,711 |  |  |  | 196,246 |
Less: accumulated depreciation |  |  |  |  | (126,876 | ) |  |  | (94,294 | )
Property and equipment, net |  |  |  | $ | 149,835 |  |  | $ | 101,952 |
Schedule of Goodwill | The change in the carrying amount of goodwill during the year ended December 31, 2023 included the following (in thousands):
December 31, 2022 |  | $ | 47,367 |
Goodwill acquired during the year |  |  | 24,582 |
Foreign currency fluctuation |  |  | 1,054 |
December 31, 2023 |  | $ | 73,003 |
Intangible Assets, Net | Intangible assets, net consist of the following (in thousands, except as indicated):
|  | Remaining Weighted Avg. Useful Life |  | Gross |  |  | Accumulated |  |  | Intangible |
December 31, 2023: |  | (in years) |  | Amount |  |  | Amortization |  |  | Assets, net |
Developed product technology |  | 6 |  | $ | 106,782 |  |  | $ | (26,560 | ) |  | $ | 80,222 |
Trademarks and trade names |  | 7 |  |  | 5,588 |  |  |  | (1,561 | ) |  |  | 4,027 |
Customer relationships |  | 3 |  |  | 14,504 |  |  |  | (8,692 | ) |  |  | 5,812 |
Distribution network |  | 1 |  |  | 2,413 |  |  |  | (2,242 | ) |  |  | 171 |
Total amortized intangible assets |  |  |  |  | 129,287 |  |  |  | (39,055 | ) |  |  | 90,232 |
Software in development |  | n/a |  |  | 7,934 |  |  |  | — |  |  |  | 7,934 |
In-process research and development |  | n/a |  |  | 4,285 |  |  |  | — |  |  |  | 4,285 |
Total intangible assets |  |  |  | $ | 141,506 |  |  | $ | (39,055 | ) |  | $ | 102,451 |
|  |  |  | . |  |  |  |  |  |  |
|  | Remaining Weighted Avg. Useful Life |  | Gross |  |  | Accumulated |  |  | Intangible |
December 31, 2022: |  | (in years) |  | Amount |  |  | Amortization |  |  | Assets, net |
Developed product technology |  | 7 |  | $ | 75,896 |  |  | $ | (13,420 | ) |  | $ | 62,476 |
Trademarks and trade names |  | 8 |  |  | 5,421 |  |  |  | (987 | ) |  |  | 4,434 |
Customer relationships |  | 4 |  |  | 14,240 |  |  |  | (6,906 | ) |  |  | 7,334 |
Distribution network |  | 2 |  |  | 2,413 |  |  |  | (2,041 | ) |  |  | 372 |
Total amortized intangible assets |  |  |  |  | 97,970 |  |  |  | (23,354 | ) |  |  | 74,616 |
Software in development |  | n/a |  |  | 2,503 |  |  |  |  |  |  | 2,503 |
In-process research and development |  | n/a |  |  | 5,662 |  |  |  |  |  |  | 5,662 |
Total intangible assets |  |  |  | $ | 106,135 |  |  | $ | (23,354 | ) |  | $ | 82,781 |
Schedule of Intangible Assets, Future Expected Amortization Expense | Future amortization expense related to intangible assets as of December 31, 2023 is as follows (in thousands):
Year Ending December 31, |  |  |
2024 |  | $ | 16,699 |
2025 |  |  | 15,211 |
2026 |  |  | 15,211 |
2027 |  |  | 12,989 |
2028 |  |  | 11,057 |
Thereafter |  |  | 19,065 |
Total |  | $ | 90,232 |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Payroll and payroll related |  | $ | 29,207 |  |  | $ | 19,764 |
Commissions and sales milestones |  |  | 21,414 |  |  |  | 17,444 |
Accrued legal expenses |  |  | 10,994 |  |  |  | 8,345 |
Royalties |  |  | 7,968 |  |  |  | 4,758 |
Administration fees |  |  | 2,732 |  |  |  | 1,912 |
Inventory in-transit |  |  | 2,251 |  |  |  | 3,548 |
Other taxes payable |  |  | 1,985 |  |  |  | 1,955 |
Interest |  |  | 1,753 |  |  |  | 1,122 |
Professional fees |  |  | 1,384 |  |  |  | 1,238 |
Orthotec litigation settlement obligation |  |  | — |  |  |  | 3,968 |
Debt issuance costs |  |  | — |  |  |  | 2,690 |
Other |  |  | 8,024 |  |  |  | 5,638 |
Total accrued expenses and other current liabilities |  | $ | 87,712 |  |  | $ | 72,382 |
Schedule of Other Long-Term Liabilities | Other long-term liabilities consist of the following (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Income tax-related liabilities |  | $ | 5,838 |  |  | $ | 6,526 |
Contract liabilities |  |  | 2,561 |  |  |  | 3,047 |
Royalties |  |  | 1,065 |  |  |  | 5,739 |
Other |  |  | 1,739 |  |  |  | 1,777 |
Other long-term liabilities |  | $ | 11,203 |  |  | $ | 17,089 |

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