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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2021
Balance Sheet Components [Abstract] |
Balance Sheet Components | NOTE 6. BALANCE SHEET COMPONENTS Short-term restricted cash As of December 31, 2021, the short-term restricted cash balance of $0.5 million was comprised of security deposits for the credit cards of employees. As of December 31, 2020, the short-term restricted cash balance of $0.8 million was comprised of $0.5 million for a customer deposit and $0.3 million for a security deposit for the credit cards of employees. In connection with the acquisition of Omniome in September 2021, we acquired $0.2 million of short-term restricted cash consisting of a security deposit for credit cards of Omniome employees.InventoryAs of December 31, 2021 and 2020, our inventory consisted of the following components: December 31, (in thousands)2021 2020Purchased materials$ 7,993 $ 3,531Work in process 8,611 6,651Finished goods 7,995 4,048Inventory$ 24,599 $ 14,230Property and Equipment, NetAs of December 31, 2021 and 2020, our property and equipment, net, consisted of the following components: December 31,(in thousands)2021 2020Laboratory equipment and machinery $ 31,534 $ 24,948Leasehold improvements 31,114 29,931Computer equipment 15,059 12,400Software 5,578 4,940Furniture and fixtures 3,202 2,434Construction in progress 2,303 137 88,790 74,790Less: Accumulated depreciation (56,286) (49,891)Property and equipment, net $ 32,504 $ 24,899Depreciation expense during the years ended December 31, 2021, 2020 and 2019 was $7.2 million, $6.4 million and $7.3 million, respectively. Long-term restricted cash For our facility located at 1305 O’Brien Drive, Menlo Park, California (the “O’Brien Lease”), we were required to establish a letter of credit for the benefit of the landlord and to submit $4.5 million as a deposit for the letter of credit in October 2015. Subsequently, pursuant to the terms of the O’Brien Lease, beginning on May 1, 2019, the amount of the letter of credit was reduced by $0.5 million each year thereafter on May 1. As such, $3.0 million and $3.5 million was recorded in long-term restricted cash related to the O’Brien Lease in the Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020, respectively. In connection with the acquisition of Omniome in September 2021, we acquired $1.6 million of long-term restricted cash related to a letter of credit established for a facility lease.Goodwill and intangible assetsGoodwillGoodwill arises from business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. The fair values of net tangible assets and intangible assets acquired are based upon preliminary valuations and our estimates and assumptions are subject to change within the measurement period (potentially up to one year from the acquisition date).The following table presents the changes in the carrying amount of goodwill for the periods indicated (in thousands):Wa Balance as of December 31, 2020$ -Acquisition of Omniome 390,665Acquisition of Circulomics 19,309Balance as of December 31, 2021$ 409,974Acquired Intangible AssetsIntangible assets include acquired in-process research and development (IPR&D) of $400 million as a result of the Omniome acquisition in September 2021. In addition to IPR&D, we had the following acquired definite-lived intangible assets as of December 31, 2021 (in thousands, except years): Estimated Gross Net Useful Life Carrying Accumulated Carrying (in years) Amount Amortization AmountDeveloped technology15 $ 11,000 $ (306) $ 10,694Customer relationships2 360 (75) 285Total $ 11,360 $ (381) $ 10,979 Amortization expense of intangibles was $0.4 million for the year ended December 31, 2021. We had no amortization expense of intangibles for the years ended December 31, 2020 and 2019.The estimated future amortization expense of acquisition-related intangible assets with definite lives is estimated as follows (in thousands): 2022$ 9132023 8382024 7332025 7332026 7332027 and thereafter 7,029Total$ 10,979 Accrued ExpensesAs of December 31, 2021 and 2020, our accrued expenses consisted of the following components: December 31,(in thousands)2021 2020Salaries and benefits$ 25,282 $ 15,261Accrued product development costs 1,936 415Accrued interest payable 5,100 —Inventory accrual 108 218Warranty 594 161Accrued professional services and legal fees 1,640 726Other 1,601 569Accrued expenses $ 36,261 $ 17,350Deferred RevenueAs of December 31, 2021, we had a total of $ 36.0 million of deferred revenue, $11.0 million of which was recorded as deferred revenue, current and primarily relates to deferred service contract revenues to be recognized over the next year and the remaining $25.0 million was recorded as deferred revenue, non-current. Of the deferred revenue, non-current balance, $23.5 million relates to payments received under the Invitae collaboration and $1.5 million primarily relates to deferred service contract revenues and is scheduled to be recognized in the next 5 years. Revenue recorded in the year ended December 31, 2021 includes $8.6 million of previously deferred revenue that was included in “Deferred revenue, current” as of December 31, 2020. Contract assets as of December 31, 2021 and December 31, 2020 were not material.As of December 31, 2021, we had a total of $0.7 million of deferred commissions included in “Prepaid expenses and other current assets” which is recognized as the related revenue is recognized. Additionally, as a practical expedient, we expense costs to obtain a contract as incurred if the amortization period would have been a year or less.Term LoansIn connection with the acquisition of Omniome, we acquired $1.3 million in short-term debt and $3.0 million in long-term debt relating to a term loan facility that Omniome obtained in April 2020. Borrowings on the term loan facility were used to fund Omniome’s purchases of equipment, which serves as collateral. Each term loan has a term of 43 months and bears a fixed interest rate of approximately 17% annually. The fee for the elective option to prepay all, but not less than all, of the borrowed amounts at any time after the 24th month and before the 43rd month after the commencement date, is 4% of the outstanding loan balance. Payments are made in equal monthly installments including principal and interest. As of December 31, 2021, the carrying value of term loans outstanding was $3.9 million. The related long-term portion of $2.3 million was recorded as part of “Other liabilities, non-current” and the short-term portion of $1.6 million was recorded as part of “Other liabilities, current” on the Consolidated Balance Sheet. The interest expense was $0.2 million for the year ended December 31, 2021, which was included as part of interest expense in the Consolidated Statement of Operations and Comprehensive (Loss) Income.As of December 31, 2021, the future principal payments remaining on term loans was the following: (in thousands) 2022$ 1,6082023 1,8422024 490Total$ 3,940 Other liabilities, currentAs of December 31, 2021 and 2020, our Other liabilities, current consisted of the following components: December 31,(in thousands)2021 2020Accrued ESPP$ 3,598 $ 2,037Other 2,161 2,482Other liabilities, current$ 5,759 $ 4,519

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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