Balance Sheet Detail

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET DETAIL

Inventories

Valuation adjustments for excess and obsolete inventory, reflected as a reduction of inventory at December 31, 2021 and 2020, were $4.9 million and $3.9 million, respectively. Inventories, net of these adjustments, consist of the following (in thousands):


	December 31,
	2021		2020
Raw materials	$	24,035	$	14,874
Work in process	2,124		1,030
Finished goods	13,344		12,604
Total	$	39,503	$	28,508

Property and Equipment, net

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


	December 31,
	2021		2020
Leasehold improvements	$	826	$	1,051
Equipment leasing	107		186
Office equipment and furniture	1,527		3,407
Machinery and equipment	3,983		7,683
	6,443		12,327
Less: Accumulated depreciation	(3,424)		(10,028)
Property and equipment, net	$	3,019	$	2,299

Included in machinery and equipment are financed vehicles used by the Company’s sales employees. As of December 31, 2021 and 2020, the gross capitalized value of the leased vehicles was $2.6 million and $1.8 million, respectively, and the related accumulated depreciation was $1.5 million and $1.4 million at December 31, 2021 and 2020, respectively. Included in Property and equipment as of December 31, 2021 and 2020 is construction in progress of $0.8 million and $0.4 million, respectively, which is yet to be depreciated.

Goodwill

Goodwill is related to the acquisition of Iridex’s aesthetic business unit, and customer relationships in the Benelux countries acquired from a former distributor in 2013. Goodwill was $1.3 million as of December 31, 2021 and 2020. There were no impairments or additions to goodwill during the years ended December 31, 2021 or 2020.

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	December 31,
	2021		2020
Bonus and payroll-related accruals	$	21,649	$	12,197
Sales and marketing accruals	4,808		2,352
Accrued inventory in transit	4,265		2,476
Product warranty	3,947		4,124
Accrued sales tax	9,110		5,343
Other accrued liabilities	10,321		5,803
Total	$	54,100	$	32,295