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PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consisted of the following (in thousands):
 March 31, 2023December 31, 2022
Land$2,403 $2,182 
Building11,582 11,558 
Machinery and equipment42,251 39,141 
Office furniture and equipment2,272 1,951 
Computer hardware and software5,657 5,923 
Leasehold and building improvements10,986 10,854 
Construction in progress20,980 283 
Property and equipment, gross96,131 71,892 
Less accumulated depreciation (41,101)(39,721)
Total property and equipment, net$55,030 $32,171 
The Company has subscription agreements whereby its instruments in inventory may be placed at a customer's location on a rental basis. For instruments classified as operating leases, the cost of these instruments is transferred to machinery and equipment and depreciated, typically over a 5 to 7 year period depending on the circumstance under which the instrument is placed with the customer. Our cost of instruments under operating leases as of March 31, 2023 and December 31, 2022, was $15.4 million and $15.7 million, respectively, before accumulated depreciation of $6.4 million and $6.5 million, respectively.
Depreciation expense was $1.6 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively.