Balance Sheet Components

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventory

As of March 31, 2024, inventory consisted of finished goods of $19.4 million and work-in-progress and components of $1.6 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:


	March 31, 2024		December 31, 2023
	(in thousands)
Instrument trays	$	18,800	$	18,205
Machinery and equipment	3,173		3,067
Construction in progress	5,111		3,856
Computer and office equipment	2,312		1,856
Leasehold improvements	3,873		3,873
Furniture and fixtures	388		389
	33,657		31,246
Less: Accumulated depreciation and amortization	(16,309)		(15,246)
	$	17,348	$	16,000

As of March 31, 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 $4.8 million and software costs of $0.3 million. As of December 31, 2023, construction in progress pertains to cost of individual components of a custom instrument set 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 for each of the three months ended March 31, 2024 and 2023.

Accrued Liabilities and Other:


	March 31, 2024		December 31, 2023
	(in thousands)
Accrued compensation and related expenses	$	8,034	$	13,464

Accrued royalty	1,447		1,360
Accrued professional services	666		929

Others	1,620		1,699
	$	11,767	$	17,452

Accounts Receivable and Allowance for Credit Losses:

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


	March 31, 2024		December 31, 2023
	(in thousands)
Balance at beginning of period	$	1,118	$	400
Provision	82		761
Write-offs	(11)		(43)
Balance at end of period	$	1,189	$	1,118