Balance Sheet Components (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
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 |
|
2017 |
|
|
2016 |
|
Cash |
|
$ |
50,670 |
|
|
$ |
48,533 |
|
Money market accounts |
|
|
77,020 |
|
|
|
39,277 |
|
Certificates of deposit |
|
|
— |
|
|
|
5,041 |
|
Agency mortgage-backed securities |
|
|
2,003 |
|
|
|
— |
|
Total cash and cash equivalents |
|
$ |
129,693 |
|
|
$ |
92,851 |
|
Marketable securities |
|
|
|
|
|
|
|
|
Certificates of deposit |
|
$ |
14,299 |
|
|
$ |
10,855 |
|
Corporate bonds |
|
|
18,096 |
|
|
|
10,178 |
|
Agency mortgage-backed securities |
|
|
1,000 |
|
|
|
— |
|
Total marketable securities |
|
$ |
33,395 |
|
|
$ |
21,033 |
|
|
Schedule of Gross Accounts Receivable Balance Concentrations by Major Category |
Gross accounts receivable balance concentrations by major category as of September 30, 2017 and December 31, 2016 were as follows:
|
|
September 30, |
|
|
December 31, |
|
Gross accounts receivable |
|
2017 |
|
|
2016 |
|
Medicare |
|
$ |
4,168 |
|
|
$ |
12,500 |
|
Medicaid/other government |
|
|
400 |
|
|
|
617 |
|
Private insurance |
|
|
2,034 |
|
|
|
3,475 |
|
Patient responsibility |
|
|
2,781 |
|
|
|
3,227 |
|
Business-to-business & other receivables (1) |
|
|
29,651 |
|
|
|
19,541 |
|
Total gross accounts receivable |
|
$ |
39,034 |
|
|
$ |
39,360 |
|
1. |
Business-to-business receivables included one customer with an accounts receivable balance of $11,790 and $9,791 as of September 30, 2017 and December 31, 2016, respectively. This customer received extended payment terms through a direct financing plan offered. The Company also has a credit insurance policy in place, which allocates up to $12,000 in coverage as of September 30, 2017 and allocated up to $9,000 in coverage as of December 31, 2016 for this customer with a $1,000 deductible and 10% retention. |
|
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, 2017 and December 31, 2016 were as follows:
|
|
September 30, |
|
|
December 31, |
|
Net accounts receivable |
|
2017 |
|
|
2016 |
|
Medicare |
|
$ |
2,877 |
|
|
$ |
7,208 |
|
Medicaid/other government |
|
|
280 |
|
|
|
410 |
|
Private insurance |
|
|
1,545 |
|
|
|
1,832 |
|
Patient responsibility |
|
|
1,351 |
|
|
|
2,538 |
|
Business-to-business & other receivables (1) |
|
|
28,646 |
|
|
|
18,840 |
|
Total net accounts receivable |
|
$ |
34,699 |
|
|
$ |
30,828 |
|
(1) |
Business-to-business receivables included one customer with an accounts receivable balance of $11,790 and $9,791 as of September 30, 2017 and December 31, 2016, respectively. This customer received extended payment terms through a direct financing plan offered. The Company also has a credit insurance policy in place, which allocates up to $12,000 in coverage as of September 30, 2017 and allocated up to $9,000 in coverage as of December 31, 2016 for this customer with a $1,000 deductible and 10% retention. |
|
Schedule of Allowances for Accounts Receivable |
The following tables set forth the accounts receivable allowances as of September 30, 2017 and December 31, 2016:
|
|
September 30, |
|
|
December 31, |
|
Allowances - accounts receivable |
|
2017 |
|
|
2016 |
|
Doubtful accounts |
|
$ |
1,920 |
|
|
$ |
1,869 |
|
Rental revenue adjustments |
|
|
1,593 |
|
|
|
6,078 |
|
Sales returns |
|
|
822 |
|
|
|
585 |
|
Total allowances - accounts receivable |
|
$ |
4,335 |
|
|
$ |
8,532 |
|
|
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 77.2% and 72.8% of the non-U.S. revenue for the three months ended September 30, 2017 and September 30, 2016, respectively, were invoiced in Euros. Approximately 75.2% and 70.7% of the non-U.S. revenue for the nine months ended September 30, 2017 and September 30, 2016, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and non-U.S. sources for the three months and nine months ended September 30, 2017 and September 30, 2016 is as follows:
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
U.S. revenue |
|
$ |
51,844 |
|
|
$ |
39,470 |
|
|
$ |
142,123 |
|
|
$ |
113,963 |
|
Non-U.S. revenue |
|
|
17,186 |
|
|
|
14,952 |
|
|
|
43,528 |
|
|
|
38,015 |
|
Total revenue |
|
$ |
69,030 |
|
|
$ |
54,422 |
|
|
$ |
185,651 |
|
|
$ |
151,978 |
|
|
Schedule of Inventories |
Inventories that are considered current consist of the following:
|
|
September 30, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
Raw materials and work-in-progress |
|
$ |
13,945 |
|
|
$ |
12,382 |
|
Finished goods |
|
|
3,209 |
|
|
|
2,152 |
|
Less: reserves |
|
|
(299 |
) |
|
|
(191 |
) |
Inventories |
|
$ |
16,855 |
|
|
$ |
14,343 |
|
|
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 |
|
2-5 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 Property and Equipment and Rental Equipment |
Depreciation and amortization expense related to property and equipment and rental equipment are summarized below for the three and nine months ended September 30, 2017 and September 30, 2016, respectively.
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Rental equipment |
|
$ |
2,366 |
|
|
$ |
2,878 |
|
|
$ |
7,577 |
|
|
$ |
8,733 |
|
Other property and equipment |
|
|
469 |
|
|
|
510 |
|
|
|
1,427 |
|
|
|
1,484 |
|
Total depreciation and amortization |
|
$ |
2,835 |
|
|
$ |
3,388 |
|
|
$ |
9,004 |
|
|
$ |
10,217 |
|
|
Summary of Property Plant and Equipment and Rental Equipment with Associated Accumulated Depreciation |
Property and equipment and rental equipment with associated accumulated depreciation are summarized below for September 30, 2017 and December 31, 2016, respectively.
|
|
September 30, |
|
|
December 31, |
|
Property and equipment |
|
2017 |
|
|
2016 |
|
Rental equipment, net of allowances of $808 and $725, respectively |
|
$ |
51,010 |
|
|
$ |
54,582 |
|
Other property and equipment |
|
|
14,729 |
|
|
|
12,633 |
|
Property and equipment |
|
|
65,739 |
|
|
|
67,215 |
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
|
|
Rental equipment |
|
|
35,323 |
|
|
|
33,937 |
|
Other property and equipment |
|
|
9,465 |
|
|
|
8,079 |
|
Accumulated depreciation |
|
|
44,788 |
|
|
|
42,016 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
|
|
|
|
|
|
Rental equipment, net of allowances of $808 and $725, respectively |
|
|
15,687 |
|
|
|
20,645 |
|
Other property and equipment |
|
|
5,264 |
|
|
|
4,554 |
|
Property and equipment, net |
|
$ |
20,951 |
|
|
$ |
25,199 |
|
|
Schedule of Changes in Carrying Amount of Goodwill |
The changes in the carrying amount of goodwill for the nine months ended September 30, 2017 were as follows:
Balance as of December 31, 2016 |
|
$ |
— |
|
Acquisition |
|
|
2,154 |
|
Translation adjustment |
|
|
176 |
|
Balance as of September 30, 2017 |
|
$ |
2,330 |
|
|
Summary of Intangible Assets |
The following tables represent the net carrying values of intangible assets as of the respective dates:
|
|
Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estimated |
|
Gross |
|
|
|
|
|
|
|
|
|
|
|
useful lives |
|
carrying |
|
|
Accumulated |
|
|
|
|
|
September 30, 2017 |
|
(in years) |
|
amount |
|
|
amortization |
|
|
Net amount |
|
Licenses |
|
10 |
|
$ |
185 |
|
|
$ |
132 |
|
|
$ |
53 |
|
Patents and websites |
|
5 |
|
|
873 |
|
|
|
832 |
|
|
|
41 |
|
Customer relationships |
|
4 |
|
|
1,417 |
|
|
|
147 |
|
|
|
1,270 |
|
Non-compete agreement |
|
3 |
|
|
236 |
|
|
|
33 |
|
|
|
203 |
|
Commercials |
|
2-3 |
|
|
303 |
|
|
|
220 |
|
|
|
83 |
|
Total |
|
|
|
$ |
3,014 |
|
|
$ |
1,364 |
|
|
$ |
1,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estimated |
|
Gross |
|
|
|
|
|
|
|
|
|
|
|
useful lives |
|
carrying |
|
|
Accumulated |
|
|
|
|
|
December 31, 2016 |
|
(in years) |
|
amount |
|
|
amortization |
|
|
Net amount |
|
Licenses |
|
10 |
|
$ |
185 |
|
|
$ |
118 |
|
|
$ |
67 |
|
Patents and websites |
|
5 |
|
|
873 |
|
|
|
810 |
|
|
|
63 |
|
Commercials |
|
2-3 |
|
|
287 |
|
|
|
176 |
|
|
|
111 |
|
Total |
|
|
|
$ |
1,345 |
|
|
$ |
1,104 |
|
|
$ |
241 |
|
|
Schedule of Annual Estimated Amortization Expense for Intangibles |
Annual estimated amortization expense for intangibles for each of the succeeding fiscal years is summarized as follows:
|
|
September 30, 2017 |
|
Remaining 3 months of 2017 |
|
$ |
133 |
|
2018 |
|
|
526 |
|
2019 |
|
|
472 |
|
2020 |
|
|
390 |
|
2021 |
|
|
125 |
|
Thereafter |
|
|
4 |
|
|
|
$ |
1,650 |
|
|
Schedule of Accounts Payable and Accrued Expenses |
Accounts payable and accrued expenses as of September 30, 2017 and December 31, 2016 consisted of the following:
|
|
September 30, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
Accounts payable |
|
$ |
11,033 |
|
|
$ |
5,738 |
|
Accrued inventory (in-transit and unvouchered receipts) and trade payables |
|
|
6,999 |
|
|
|
4,290 |
|
Accrued purchasing card liability |
|
|
2,610 |
|
|
|
1,760 |
|
Accrued franchise, sales and use taxes |
|
|
582 |
|
|
|
281 |
|
Other accrued expenses |
|
|
1,143 |
|
|
|
726 |
|
Accounts payable and accrued expenses |
|
$ |
22,367 |
|
|
$ |
12,795 |
|
|