Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Balance Sheet Components

Inventory

As of September 30, 2024, inventory consisted of finished goods of $23.5 million and work-in-progress and components of $2.0 million. As of December 31, 2023, inventory consisted of finished goods of $18.8 million and work-in-progress and components of $1.4 million.

Property and Equipment, net:    

	September 30, 2024		December 31, 2023
	(in thousands)
Instrument trays	$	21,294	$	18,205
Machinery and equipment	3,206		3,067
Construction in progress	7,756		3,856
Computer and office equipment	2,660		1,856
Leasehold improvements	3,873		3,873
Furniture and fixtures	389		389
	39,178		31,246
Less: Accumulated depreciation and amortization	(18,430)		(15,246)
	$	20,748	$	16,000

            

As of September 30, 2024, construction in progress pertains to the cost of individual components of an instrument tray used for surgical placement of the Company's products that have not yet been placed into service of $7.2 million and software costs of $0.6 million. As of December 31, 2023, construction in progress pertains to cost of individual components of an instrument tray used for surgical placement of the Company's products that have not yet been placed into service of $3.5 million and software costs of $0.4 million. Depreciation expense was $1.1 million and $1.5 million for the three months ended September 30, 2024 and 2023, respectively. Depreciation expense was $3.2 million and $3.9 million for the nine months ended September 30, 2024 and 2023, respectively.

Accrued Liabilities and Other:

	September 30, 2024		December 31, 2023
	(in thousands)
Accrued compensation and related expenses	$	11,185	$	13,464
Accrued royalty	1,643		1,360
Accrued rebates	1,534		687
Accrued professional services	899		929
Others	895		1,012
	$	16,156	$	17,452

Accounts Receivable and Allowance for Credit Losses:

The movement in the allowance for credit losses was as follows:

	September 30, 2024		December 31, 2023
	(in thousands)
Balance at beginning of period	$	1,118	$	400
Provision	328		761
Write-offs	(115)		(43)
Balance at end of period	$	1,331	$	1,118