XML 40 R27.htm IDEA: XBRL DOCUMENT v3.22.4
Balance Sheet Details (Tables)
12 Months Ended
Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]  
Inventories

Inventories consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Raw materials

 

$

13,928

 

 

$

14,671

 

Work-in-process

 

 

3,032

 

 

 

5,712

 

Finished goods

 

 

84,561

 

 

 

71,320

 

Inventories

 

$

101,521

 

 

$

91,703

 

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands, except as indicated):

 

 

 

Useful Life

 

December 31,

 

 

 

(in years)

 

2022

 

 

2021

 

Surgical instruments

 

4

 

$

158,906

 

 

$

130,432

 

Machinery and equipment

 

7

 

 

9,502

 

 

 

11,092

 

Computer equipment

 

3

 

 

4,753

 

 

 

5,694

 

Office furniture and equipment

 

5

 

 

4,760

 

 

 

3,861

 

Leasehold improvements

 

various

 

 

2,965

 

 

 

1,754

 

Construction in progress

 

n/a

 

 

15,360

 

 

 

7,292

 

 

 

 

 

 

196,246

 

 

 

160,125

 

Less: accumulated depreciation

 

 

 

 

(94,294

)

 

 

(72,724

)

Property and equipment, net

 

 

 

$

101,952

 

 

$

87,401

 

Schedule of Goodwill

The change in the carrying amount of goodwill during the year ended December 31, 2022 included the following (in thousands):

 

December 31, 2021

 

$

39,689

 

Purchase price allocation adjustment

 

 

1,628

 

Foreign currency fluctuation

 

 

(1,542

)

December 31, 2022

 

$

39,775

 

 

Intangible Assets, Net

Intangible assets, net consist of the following (in thousands, except as indicated):

 

 

 

Remaining Weighted Avg. Useful Life

 

Gross

 

 

Accumulated

 

 

Intangible

 

December 31, 2022:

 

(in years)

 

Amount

 

 

Amortization

 

 

Assets, net

 

Developed product technology

 

7

 

$

75,896

 

 

$

(13,420

)

 

$

62,476

 

Trademarks and trade names

 

8

 

 

5,421

 

 

 

(987

)

 

 

4,434

 

Customer relationships

 

4

 

 

14,240

 

 

 

(6,906

)

 

 

7,334

 

Distribution network

 

2

 

 

2,413

 

 

 

(2,041

)

 

 

372

 

Total amortized intangible assets

 

 

 

 

97,970

 

 

 

(23,354

)

 

 

74,616

 

 

 

 

 

 

 

 

 

 

 

 

 

Software in development

 

n/a

 

 

2,503

 

 

 

 

 

 

2,503

 

In-process research and development

 

n/a

 

 

5,662

 

 

 

 

 

 

5,662

 

Total intangible assets

 

 

 

$

106,135

 

 

$

(23,354

)

 

$

82,781

 

 

 

 

 

.

 

 

 

 

 

 

 

 

 

Remaining Weighted Avg. Useful Life

 

Gross

 

 

Accumulated

 

 

Intangible

 

December 31, 2021:

 

(in years)

 

Amount

 

 

Amortization

 

 

Assets, net

 

Developed product technology

 

12

 

$

74,543

 

 

$

(5,768

)

 

$

68,775

 

Trademarks and trade names

 

10

 

 

5,732

 

 

 

(477

)

 

 

5,255

 

Customer relationships

 

5

 

 

14,732

 

 

 

(5,264

)

 

 

9,468

 

Distribution network

 

3

 

 

2,413

 

 

 

(1,840

)

 

 

573

 

Total amortized intangible assets

 

 

 

 

97,420

 

 

 

(13,349

)

 

 

84,071

 

 

 

 

 

 

 

 

 

 

 

 

 

In-process research and development

 

n/a

 

 

1,203

 

 

 

 

 

 

1,203

 

Total intangible assets

 

 

 

$

98,623

 

 

$

(13,349

)

 

$

85,274

 

Schedule of Intangible Assets, Future Expected Amortization Expense

Future amortization expense related to intangible assets as of December 31, 2022 is as follows (in thousands):

 

Year Ending December 31,

 

 

 

2023

 

$

12,402

 

2024

 

 

12,300

 

2025

 

 

10,811

 

2026

 

 

10,811

 

2027

 

 

8,939

 

Thereafter

 

 

19,353

 

Total

 

$

74,616

 

 

Accrued Expenses and Other Current Liabilities

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

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Payroll and payroll related

 

$

19,764

 

 

$

18,449

 

Commissions and sales milestones

 

 

17,444

 

 

 

12,420

 

Accrued legal expenses

 

 

8,345

 

 

 

4,290

 

Royalties

 

 

4,758

 

 

 

3,466

 

Orthotec litigation settlement obligation

 

 

3,968

 

 

 

4,400

 

Inventory in -transit

 

 

3,548

 

 

 

2,089

 

Debt issuance costs

 

 

2,690

 

 

 

—

 

Administration fees

 

 

1,912

 

 

 

1,698

 

Other taxes payable

 

 

1,955

 

 

 

3,004

 

Professional fees

 

 

1,238

 

 

 

394

 

Interest

 

 

1,122

 

 

 

1,045

 

Other

 

 

5,638

 

 

 

4,294

 

Total accrued expenses and other current liabilities

 

$

72,382

 

 

$

55,549

 

Schedule of Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Royalties

 

$

5,739

 

 

$

5,833

 

Orthotec litigation settlement obligation

 

 

—

 

 

 

3,587

 

Income tax-related liabilities

 

 

980

 

 

 

1,522

 

Contract liabilities

 

 

3,047

 

 

 

2,897

 

Other

 

 

1,777

 

 

 

3,222

 

Other long-term liabilities

 

$

11,543

 

 

$

17,061