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v3.22.2.2

Balance Sheet Components (Tables) | 9 Months Ended
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Sep. 30, 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:
|  | September 30, |  |  | December 31, |
Cash and cash equivalents |  | 2022 |  |  | 2021 |
Cash |  | $ | 36,934 |  |  | $ | 48,817 |
Money market accounts |  |  | 147,810 |  |  |  | 186,707 |
Corporate bonds |  |  | 16,412 |  |  |  | — |
U.S. Treasury securities |  |  | 8,477 |  |  |  | — |
Total cash and cash equivalents |  | $ | 209,633 |  |  | $ | 235,524 |
Marketable securities |  |  |  |  |  |
Corporate bonds |  | $ | — |  |  | $ | 9,989 |
Total marketable securities |  | $ | — |  |  | $ | 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 September 30, 2022 and December 31, 2021 were as follows:
|  | September 30, |  |  | December 31, |
Net accounts receivable |  | 2022 |  |  | 2021 |
Rental (1) |  | $ | 5,532 |  |  | $ | 6,011 |
Business-to-business and other receivables (2) |  |  | 45,001 |  |  |  | 18,441 |
Total net accounts receivable |  | $ | 50,533 |  |  | $ | 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 $7,220 and $5,945 as of September 30, 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 $12,000 and $10,000 in coverage as of September 30, 2022 and December 31, 2021, respectively, for this customer with a $400 deductible and 10% retention.
Schedule of Allowances for Accounts Receivable | The following table sets forth the accounts receivable allowances as of September 30, 2022 and December 31, 2021:
|  | September 30, |  |  | December 31, |
Allowances - accounts receivable |  | 2022 |  |  | 2021 |
Doubtful accounts |  | $ | 72 |  |  | $ | 52 |
Sales returns |  |  | 816 |  |  |  | 810 |
Total allowances - accounts receivable |  | $ | 888 |  |  | $ | 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 48.3% and 71.0% of the non-U.S. revenue for the three months ended September 30, 2022 and 2021, respectively, were invoiced in Euros. Approximately 70.5% and 71.9% of the non-U.S. revenue for the nine months ended September 30, 2022 and 2021, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and non-U.S. sources for the three and nine months ended September 30, 2022 and 2021, respectively, is as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
U.S. revenue |  | $ | 90,311 |  |  | $ | 71,271 |  |  | $ | 208,690 |  |  | $ | 222,223 |
Non-U.S. revenue |  |  | 15,078 |  |  |  | 21,834 |  |  |  | 80,460 |  |  |  | 59,377 |
Total revenue |  | $ | 105,389 |  |  | $ | 93,105 |  |  | $ | 289,150 |  |  | $ | 281,600 |
Schedule of Inventories | Inventories that are considered current consist of the following:
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Raw materials and work-in-progress |  | $ | 26,255 |  |  | $ | 21,909 |
Finished goods |  |  | 11,697 |  |  |  | 12,116 |
Less: reserves |  |  | (2,227 | ) |  |  | (2,152 | )
Inventories, net |  | $ | 35,725 |  |  | $ | 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 and nine months ended September 30, 2022 and 2021, respectively.
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Rental equipment |  | $ | 2,795 |  |  | $ | 2,315 |  |  | $ | 8,153 |  |  | $ | 6,257 |
Other property and equipment |  |  | 983 |  |  |  | 1,052 |  |  |  | 2,936 |  |  |  | 2,982 |
Total depreciation and amortization |  | $ | 3,778 |  |  | $ | 3,367 |  |  | $ | 11,089 |  |  | $ | 9,239 |
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 September 30, 2022 and December 31, 2021, respectively.
|  | September 30, |  |  | December 31, |
Property and equipment |  | 2022 |  |  | 2021 |
Rental equipment, net of allowances of $2,085 and $1,290, respectively |  | $ | 58,698 |  |  | $ | 59,073 |
Other property and equipment |  |  | 32,753 |  |  |  | 31,522 |
Property and equipment |  |  | 91,451 |  |  |  | 90,595 |
Accumulated depreciation |  |  |  |  |  |
Rental equipment |  |  | 31,309 |  |  |  | 33,355 |
Other property and equipment |  |  | 19,510 |  |  |  | 18,314 |
Accumulated depreciation |  |  | 50,819 |  |  |  | 51,669 |
Property and equipment, net |  |  |  |  |  |
Rental equipment, net of allowances of $2,085 and $1,290, respectively |  |  | 27,389 |  |  |  | 25,718 |
Other property and equipment |  |  | 13,243 |  |  |  | 13,208 |
Property and equipment, net |  | $ | 40,632 |  |  | $ | 38,926 |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the nine months ended September 30, 2022 were as follows:
Balance as of December 31, 2021 |  | $ | 32,979 |
Translation adjustment |  |  | (305 | )
Balance as of September 30, 2022 |  | $ | 32,674 |
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 |  |  |  |
September 30, 2022 |  | (in years) |  | amount |  |  | amortization |  |  | Net amount |
Technology |  | 10 |  | $ | 77,700 |  |  | $ | 24,281 |  |  | $ | 53,419 |
Licenses |  | 10 |  |  | 185 |  |  |  | 182 |  |  |  | 3 |
Patents and websites |  | 5 |  |  | 4,519 |  |  |  | 4,293 |  |  |  | 226 |
Customer relationships |  | 4 |  |  | 1,175 |  |  |  | 1,175 |  |  |  | — |
Commercials |  | 2-3 |  |  | 318 |  |  |  | 266 |  |  |  | 52 |
Total |  |  |  | $ | 83,897 |  |  | $ | 30,197 |  |  | $ | 53,700 |
|  | 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:
|  | September 30, |
|  | 2022 |
Remaining 3 months of 2022 |  | $ | 2,023 |
2023 |  |  | 7,878 |
2024 |  |  | 7,839 |
2025 |  |  | 7,790 |
2026 |  |  | 7,774 |
Thereafter |  |  | 20,396 |
|  | $ | 53,700 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses as of September 30, 2022 and December 31, 2021 consisted of the following:
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Accounts payable |  | $ | 21,470 |  |  | $ | 10,258 |
Accrued inventory (in-transit and unvouchered receipts) and trade payables |  |  | 7,158 |  |  |  | 12,488 |
Accrued purchasing card liability |  |  | 3,338 |  |  |  | 1,488 |
Accrued franchise, sales and use taxes |  |  | 500 |  |  |  | 486 |
Other accrued expenses |  |  | 1,046 |  |  |  | 969 |
Accounts payable and accrued expenses |  | $ | 33,512 |  |  | $ | 25,689 |
Schedule of Accrued Payroll | Accrued payroll as of September 30, 2022 and December 31, 2021 consisted of the following:
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Accrued bonuses |  | $ | 3,665 |  |  | $ | 8,274 |
Accrued wages and other payroll related items |  |  | 4,741 |  |  |  | 5,469 |
Accrued vacation |  |  | 3,200 |  |  |  | 2,894 |
Accrued employee stock purchase plan deductions |  |  | 183 |  |  |  | 670 |
Accrued payroll |  | $ | 11,789 |  |  | $ | 17,307 |

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