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Balance Sheet Components
12 Months Ended
Dec. 31, 2024
Balance Sheet Components  
Balance Sheet Components

6.    Balance Sheet Components

​

Allowance for Doubtful Accounts

​

The following is a roll-forward of the allowances for doubtful accounts related to trade accounts receivable for the years ended December 31, 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 

​

​

2024

​

2023

​

2022

​

​

(in thousands)

Beginning balance

​

$

6,481

​

$

3,830

​

$

2,429

Provision for doubtful accounts

​

​

1,279

​

​

2,645

​

​

1,770

(Write-offs) / Recoveries

​

​

(501)

​

​

6

​

​

(369)

Total

​

$

7,259

​

$

6,481

​

$

3,830

​

Property and Equipment, net

​

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

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

December 31, 

​

December 31, 

​

​

    

Useful Life

    

2024

    

2023

​

​

​

​

​

(in thousands)

​

Machinery and equipment

 

3-5 years

 

$

117,076

​

$

85,626

​

Computer equipment

 

3 years

 

​

3,178

​

 

1,850

​

Purchased and capitalized software held for internal use

​

3 years

​

​

13,178

​

​

11,636

​

Leasehold improvements

 

Lesser of useful life or lease term

 

​

48,569

​

 

38,999

​

Construction-in-process

​

​

 

​

58,461

​

 

29,392

​

​

​

​

 

​

240,462

​

 

167,503

​

Less: Accumulated depreciation and amortization

​

​

 

​

(78,416)

​

 

(56,293)

​

Total Property and Equipment, net

​

​

​

$

162,046

​

$

111,210

​

​

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

​

During the year ended December 31, 2024, the increase in net property and equipment was due to expansion projects and purchases of new equipment for the Company’s laboratories located in Texas and California to expand testing capabilities. During the years ended December 31, 2024, 2023, and 2022, depreciation expense of $27.2 million, $22.7 million, $16.7 million was recorded, respectively. The Company did not incur any material impairment charges during the years ended December 31, 2024, 2023, and 2022.

​

As of December 31, 2024 and 2023, the Company’s consolidated balance sheets included $9.1 million and $8.4 million, respectively, of capitalized cloud-based implementation costs. Accumulated amortization associated with these assets was $5.3 million and $2.5 million as of December 31, 2024 and 2023, respectively. The net book value of these capitalized cloud-based implementation was $3.7 million and $5.9 million, for the years ended December 31, 2024 and 2023, respectively and are recorded in current assets and other assets within the Company's consolidated balance sheets depending on the anticipated amortization period. During the years ended December 31, 2024, 2023, and 2022, the Company recorded amortization expense of $2.8 million, $1.4 million and $0.8 million, respectively.

​

Accrued Compensation

​

The Company’s accrued compensation consisted of the following:

​

​

​

​

​

​

​

​

​

​

    

December 31,

    

December 31,

​

​

   

2024

   

2023

 

​

​

(in thousands)

​

Accrued paid time off

​

$

3,826

​

$

3,121

​

Accrued commissions

​

 

14,224

​

 

10,522

​

Accrued bonuses

​

 

32,236

​

 

24,651

​

Other accrued compensation

​

 

11,828

​

 

7,563

​

Total accrued compensation

​

$

62,114

​

$

45,857

​

​

Other Accrued Liabilities

​

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

​

​

​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

 

​

    

2024

    

2023

 

​

​

(in thousands)

Reserves for refunds to insurance carriers

​

$

11,276

​

$

23,245

​

Accrued charges for third-party testing

​

​

12,321

​

​

14,823

​

Testing and laboratory materials from suppliers

​

​

7,893

​

​

11,229

​

Marketing and corporate affairs

​

​

16,548

​

​

10,085

​

Legal, audit and consulting fees

​

​

54,208

​

​

43,897

​

Accrued shipping charges

​

​

1,625

​

​

3,646

​

Sales and income tax payable

​

​

4,416

​

​

3,731

​

Accrued third-party service fees

​

​

9,046

​

​

7,111

​

Clinical trials and studies

​

 

10,097

​

 

12,126

​

Operating lease liabilities, current portion

​

​

10,168

​

​

11,621

​

Property and equipment purchases

​

​

7,098

​

​

4,316

​

Other accrued interest

​

​

—

​

​

1,078

​

Other accrued expenses

​

 

2,197

​

 

2,497

​

Total other accrued liabilities

​

$

146,893

​

$

149,405

​

​

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 and if these previously accrued amounts are no longer required based on actual refunds requested, any remaining reserve amounts are released. 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 years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

​

    

2024

    

2023

​

​

(in thousands)

Beginning balance

​

$

23,245

​

$

18,948

Additional reserves

​

​

2,562

​

​

14,974

Refunds to carriers

​

​

(4,620)

​

​

(1,583)

Reserves released to revenue

​

​

(9,911)

​

​

(9,094)

Ending balance

​

$

11,276

​

$

23,245

​

​

​

​

​

​

​

​