Balance Sheet Account Details

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable and Allowance for Credit Losses


	March 31, 2024		December 31, 2023		December 31, 2022
Accounts receivable, net:
Accounts receivable, trade	$	8,741,000	$	9,802,000	$	7,315,000
Allowance for credit losses	(428,000)		(483,000)		(293,000)
	$	8,313,000	$	9,319,000	$	7,022,000

Changes to the allowance for credit losses during the three months ended March 31, 2024 and 2023 were as follows:


	Allowance for Credit Losses
Balance as of January 1, 2023	$	(293,000)
Provision for expected credit loss	(5,000)
Write-offs	48,000
Balance as of March 31, 2023	$	(250,000)

Balance as of January 1, 2024	$	(483,000)
Provision for expected credit loss	—
Write-offs	55,000
Balance as of March 31, 2024	$	(428,000)

The Company’s adoption of ASU No. 2016-13, Financial Instruments - Credit Losses, included an assessment of our aged trade receivables balances and their underlying credit risk characteristics. Our evaluation of past events, current conditions, and reasonable and supportable forecasts about the future resulted in an expectation of immaterial credit losses.

Inventory

The components of inventories are as follows:


	March 31, 2024		December 31, 2023
Inventory:
Raw materials	$	7,706,000	$	7,567,000
Work in process	7,969,000		9,790,000
Finished goods	8,127,000		10,245,000
	$	23,802,000	$	27,602,000
Inventories current	$	19,587,000	$	22,892,000
Inventories non-current (included in other long-term assets)	$	4,215,000	$	4,710,000

Intangible Assets

Intangible assets that are subject to amortization consisted of the following for the periods presented:


	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	2,000,000	$	(758,000)	$	1,242,000	$	2,630,000	$	(1,078,000)	$	1,552,000
Customer relationships	3,200,000		(1,528,000)		1,672,000		4,150,000		(2,002,000)		2,148,000
Developed technology	41,600,000		(12,882,000)		28,718,000		41,600,000		(11,428,000)		30,172,000
Intangibles, net	$	46,800,000	$	(15,168,000)	$	31,632,000	$	48,380,000	$	(14,508,000)	$	33,872,000

Intangible assets not subject to amortization totaled $0.1 million at March 31, 2024 and December 31, 2023, and related to the Company’s domain name.

Accrued Expenses

Accrued expenses consist of the following:


	March 31, 2024		December 31, 2023
Compensation expenses*	$	8,761,000	$	5,030,000
Customer deposits	17,000		17,000
Taxes payable	1,034,000		1,099,000
Insurance	234,000		512,000
Professional fees and royalties	312,000		387,000
Warranty liabilities	213,000		391,000
Accrued clinical study fees	57,000		138,000
Other	400,000		515,000
Total	$	11,028,000	$	8,089,000
*Compensation expenses include restructuring costs of $3.9 million incurred during the quarter ended March 31, 2024. Refer to Note 7 - Commitments and Contingencies.