Other Financial Statement Information

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Financial Statement Information

Other Financial Statement Information

Inventory

Inventory was comprised of the following (in thousands):

	Year Ended December 31,
	2021		2020
Purchased materials	$	31,954	$	9,930
Work in progress	14,052		9,312
Finished goods	13,960		10,717
Inventory	$	59,966	$	29,959

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

	Year Ended December 31,
	2021		2020
Land	$	36,099	$	—
Laboratory equipment and machinery	44,189		30,010
Computer equipment	12,294		5,783
Furniture and fixtures	6,208		5,887
Leasehold improvements	67,532		42,068
Construction in progress	52,191		19,594
Total property and equipment	218,513		103,342
Less: accumulated depreciation and amortization	(49,021)		(30,502)
Property and equipment, net	$	169,492	$	72,840

Depreciation expense was $18.5 million, $12.3 million and $6.7 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Intangible Assets, Net

Intangible assets, net, which are recorded within other noncurrent assets in the consolidated balance sheets, consisted of the following (dollars in thousands):

	December 31, 2021							December 31, 2020
	Remaining Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Intangibles, Net		Gross Carrying Amount		Accumulated Amortization		Intangibles, Net
Technology licenses	12.7	$	22,504	$	(3,506)	$	18,998	$	22,504	$	(1,973)	$	20,531
Developed technology	9.0	5,500		(550)		4,950		—		—		—
Customer relationships	2.8	945		(337)		608		805		(111)		694
Trademarks	—	204		(204)		—		204		(142)		62
Assembled workforce	3.8	1,128		(287)		841		1,128		(61)		1,067
Intangible assets, net		$	30,281	$	(4,884)	$	25,397	$	24,641	$	(2,287)	$	22,354

The estimated annual amortization of intangible assets for the next five years is shown below (in thousands):

	Estimated Annual Amortization
2022	$	2,535
2023	2,506
2024	2,378
2025	2,214
2026	2,024
Thereafter	13,740
Total	$	25,397

Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures and asset impairments, among other factors.

Accrued Compensation and Related Benefits

Accrued compensation and related benefits were comprised of the following (in thousands):

	Year Ended December 31,
	2021		2020
Accrued payroll and related costs	$	3,978	$	2,506
Employee stock purchase program liability	1,693		1,258
Accrued bonus	16,558		5,058
Accrued commissions	3,417		3,038
Accrued acquisition-related compensation	4,430		2,213
Accrued vacation	1,172		1,035
Other	378		275
Accrued compensation and related benefits	$	31,626	$	15,383

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities were comprised of the following (in thousands):

	Year Ended December 31,
	2021		2020
Accrued legal and related costs	$	2,425	$	5,704
Accrued license fee	6,214		6,198
Accrued purchase consideration	—		4,146
Accrued royalties for licensed technologies	4,415		3,160
Accrued property and equipment	15,361		2,983
Accrued professional services	8,593		3,137
Product warranties	994		399
Customer deposits	954		1,727
Taxes payable	4,622		8,649
Accrued lab supplies	2,056		1,506
Other	5,275		5,844
Accrued expenses and other current liabilities	$	50,909	$	43,453

Product Warranties

Changes in the reserve for product warranties were as follows (in thousands):

	Year Ended December 31,
	2021		2020
Beginning of period	$	399	$	467
Amounts charged to cost of revenue	2,934		796
Repairs and replacements	(2,339)		(864)
End of period	$	994	$	399

Revenue and Deferred Revenue

As of December 31, 2021, the aggregate amount of remaining performance obligations related to separately sold extended warranty service agreements, or allocated amounts for extended warranty service agreements bundled with sales of instruments, was $7.7 million, of which approximately $5.3 million is expected to be recognized to revenue in the next 12 months, with the remainder thereafter. The contract liabilities of $7.7 million and $6.2 million as of December 31, 2021 and December 31, 2020, respectively, consisted of deferred revenue related to extended warranty service agreements.

A summary of the change in contract liabilities is as follows (in thousands):

	Year Ended December 31,
	2021		2020
Beginning of period	$	6,154	$	4,131
Revenue recognized that was included in the contract liability at the beginning of the year	(4,101)		(3,295)
Revenue deferred excluding amounts recognized as revenue during the period	5,635		5,318
Balance as of December 31	$	7,688	$	6,154

The following table represents revenue by source for the periods indicated (in thousands):

	Year Ended December 31,
	2021		2020		2019
Instruments	$	64,474	$	40,128	$	34,945
Consumables	418,740		252,685		206,878
Services	7,276		6,032		4,070
Total revenue	$	490,490	$	298,845	$	245,893

The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):

	Year Ended December 31,
	2021		2020		2019
United States	$	258,274	$	154,768	$	133,266
Europe, Middle East and Africa	108,491		73,265		58,004
China	74,924		41,741		29,920
Asia-Pacific (excluding China)	42,087		24,507		18,211
North America (excluding United States)	6,714		4,564		6,492
Total revenue	$	490,490	$	298,845	$	245,893