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Other Financial Statement Information
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Financial Statement Information Other Financial Statement Information
Available-for-sale Securities
Available-for-sale securities at December 31, 2022 consisted of the following (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair Value Measurement
Cash equivalents:
Money market funds$163,184 $— $— $163,184 Level 1
Marketable securities:
Corporate debt securities153,794 4 (2,768)151,030 Level 2
Government debt securities54,136 — (1,247)52,889 Level 2
Asset-backed securities6,424 — (105)6,319 Level 2
Total available-for-sale securities$377,538 $4 $(4,120)$373,422 
As of December 31, 2021, the Company held $548.0 million in money market funds with no unrealized gains or losses.
The contractual maturities of marketable securities as of December 31, 2022 were as follows (in thousands):
Fair Value
Due in one year or less$144,543 
Due after one year to five years65,695 
$210,238 
Inventory
Inventory was comprised of the following (in thousands):
December 31,
20222021
Purchased materials$34,497 $31,954 
Work in progress24,650 14,052 
Finished goods22,482 13,960 
Inventory$81,629 $59,966 
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
December 31,
20222021
Land$36,780 $36,099 
Laboratory equipment and machinery54,658 44,189 
Computer equipment12,565 12,294 
Furniture and fixtures9,642 6,208 
Leasehold improvements91,518 67,532 
Construction in progress152,995 52,191 
Total property and equipment358,158 218,513 
Less: accumulated depreciation and amortization(68,830)(49,021)
Property and equipment, net$289,328 $169,492 
Depreciation expense was $22.8 million, $18.5 million and $12.3 million for the years ended December 31, 2022, 2021, and 2020, respectively.
Intangible Assets, Net
Intangible assets, net consisted of the following (dollars in thousands):
December 31, 2022December 31, 2021
Remaining Useful Life in YearsGross
Carrying
Amount		Accumulated
Amortization		Intangibles,
Net		Gross
Carrying
Amount		Accumulated
Amortization		Intangibles,
Net
Technology licenses11.7$22,504 $(5,043)$17,461 $22,504 $(3,506)$18,998 
Developed technology8.05,500 (1,100)4,400 5,500 (550)4,950 
Customer relationships1.8945 (563)382 945 (337)608 
Assembled workforce2.81,128 (513)615 1,128 (287)841 
Intangible assets, net$30,077 $(7,219)$22,858 $30,077 $(4,680)$25,397 
The estimated annual amortization of intangible assets for the next five years is shown below (in thousands):
Estimated
Annual
Amortization
2023$2,506 
20242,378 
20252,214 
20262,024 
20272,024 
Thereafter11,712 
Total$22,858 
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):
December 31,
20222021
Accrued payroll and related costs$2,052 $3,978 
Accrued bonus17,081 16,558 
Accrued commissions5,143 3,417 
Accrued acquisition-related compensation5,470 4,430 
Other2,929 3,243 
Accrued compensation and related benefits$32,675 $31,626 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities were comprised of the following (in thousands):
December 31,
20222021
Accrued legal and related costs$3,102 $2,425 
Accrued license fee6,231 6,214 
Accrued royalties for licensed technologies4,707 4,415 
Accrued property and equipment26,750 15,361 
Accrued professional services5,180 8,593 
Product warranties3,023 994 
Taxes payable4,079 4,622 
Other6,707 8,285 
Accrued expenses and other current liabilities$59,779 $50,909 
Product Warranties
Changes in the reserve for product warranties were as follows (in thousands):
Year Ended December 31,
20222021
Beginning of period$994 $399 
Amounts charged to cost of revenue5,708 2,934 
Repairs and replacements(3,679)(2,339)
End of period$3,023 $994 
Revenue and Deferred Revenue
As of December 31, 2022, 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 $11.0 million, of which approximately $7.9 million is expected to be recognized to revenue in the next 12 months, with the remainder thereafter. The contract liabilities of $11.0 million and $7.7 million as of December 31, 2022 and December 31, 2021, 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,
20222021
Beginning of period$7,688 $6,154 
Revenue recognized that was included in the contract liability at the beginning of the year(4,793)(4,101)
Revenue deferred excluding amounts recognized as revenue during the period8,137 5,635 
Balance as of December 31$11,032 $7,688 
The following table represents revenue by source for the periods indicated (in thousands):
Year Ended December 31,
202220212020
Instruments$72,396 $64,474 $40,128 
Consumables435,588 418,740 252,685 
Services8,425 7,276 6,032 
Total revenue$516,409 $490,490 $298,845 
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Year Ended December 31,
202220212020
United States$284,987 $258,274 $154,768 
Europe, Middle East and Africa117,068 108,491 73,265 
China59,559 74,924 41,741 
Asia-Pacific (excluding China)46,004 42,087 24,507 
North America (excluding United States)8,791 6,714 4,564 
Total revenue$516,409 $490,490 $298,845