XML 28 R12.htm IDEA: XBRL DOCUMENT v3.20.4
Balance Sheet Components
12 Months Ended
Dec. 31, 2020
Balance Sheet Components  
Balance Sheet Components

6.    Balance Sheet Components

Credit Losses

The following is a roll-forward of the allowances for credit losses related to trade accounts receivable and other receivables for the years ended December 31, 2020, 2019, and 2018:

December 31, 

December 31, 

December 31, 

2020

2019

2018

(in thousands)

Beginning balance

$

2,919

$

1,788

$

2,000

Cumulative-effect adjustment upon adoption of ASU 2016-13

404

Provision for credit losses

1,354

1,141

(41)

Write offs

(457)

(10)

(171)

Ending balance

$

4,220

$

2,919

$

1,788

Property and Equipment, net

The Company’s property and equipment consisted of the following:

    

December 31,

December 31,

   

Useful Life

   

2020

   

2019

(in thousands)

Machinery and equipment

 

3-5 years

 

$

51,001

$

36,414

Furniture and fixtures

 

3 years

 

1,376

 

1,376

Computer equipment

 

3 years

 

2,428

 

1,828

Capitalized software held for internal use

3 years

7,417

5,917

Leasehold improvements

 

Life of lease

 

14,810

 

11,556

Construction-in-process

 

6,370

 

7,716

 

83,402

 

64,807

Less: Accumulated depreciation and amortization

 

(50,054)

 

(41,524)

Total Property and Equipment, net

$

33,348

$

23,283

All of the Company’s long-lived assets are located in the United States.

Other Assets

In August 2017, the Company entered into the 2017 Term Loan with OrbiMed (as described in Note 10, Debt) and issued 300,000 shares of its common stock in exchange for OrbiMed’s initial and remaining funding commitments. In April 2019, the Company issued an additional 25,000 shares of its common stock to OrbiMed for extending the expiration date to draw the unused borrowing capacity until December 31, 2019. The Company previously classified $1.2 million out of the total debt issuance costs in noncurrent assets for the unused borrowing capacity of $50.0 million. The debt discount was amortized on a straight-line basis over the remaining term of the loan. Since the option to draw the unused borrowing capacity has expired as of December 31, 2019, the Company reclassed $0.9 million, the unamortized portion of debt issuance cost previously classified in noncurrent assets, to long-term debt financing. Subsequently, the debt was extinguished (See Note 10, Debt) and accordingly, as of December 31, 2020, total unamortized remaining in noncurrent assets was zero. Additionally, as of December 31, 2020, other assets also included long-term advances to BGI Genomics of $10.0 million for future sequencing equipment and services.

Accrued Compensation

The Company’s accrued compensation consisted of the following:

    

December 31,

    

December 31,

   

2020

   

2019

 

(in thousands)

Accrued paid time off

$

2,260

$

1,850

Accrued commissions

 

12,686

 

5,767

Accrued bonuses

 

9,635

 

5,710

Other accrued compensation

 

5,790

 

2,761

Total accrued compensation

$

30,371

$

16,088

Other Accrued Liabilities

The Company’s other accrued liabilities consisted of the following:

    

December 31, 

    

December 31, 

 

    

2020

    

2019

 

(in thousands)

Reserves for refunds to insurance carriers

$

17,366

$

9,410

Accrued charges for third-party testing

5,141

8,408

Testing and laboratory materials from suppliers

2,720

4,301

Marketing and corporate affairs

3,325

2,957

Legal, audit and consulting fees

4,189

2,873

Accrued shipping charges

1,604

305

Sales tax payable

1,723

1,691

Accrued specimen service fees

2,355

2,269

Clinical trials and studies

 

2,353

 

1,092

Operating lease liabilities, current portion

7,300

5,739

Fixed asset purchases

1,691

1,482

Other accrued interest

1,078

Other accrued expenses

 

9,562

 

8,516

Total other accrued liabilities

$

60,407

$

49,043

Reserves for refunds to insurance carriers include overpayments from and amounts to be refunded to insurance carriers, and additional amounts that the Company estimates for potential refund requests during the period. When the Company releases these previously accrued amounts, they are recognized as product revenues in the statements of operations and comprehensive loss.

The following table summarizes the reserve balance and activities for refunds to insurance carriers for the year ended December 31, 2020:

    

December 31, 

    

December 31, 

    

2020

    

2019

(in thousands)

Beginning balance

$

9,410

$

10,012

Additional reserves

19,427

9,560

Refunds to carriers

(6,066)

(7,752)

Reserves released to revenue

(5,405)

(2,410)

Ending balance

$

17,366

$

9,410