Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BIOL | |
Entity Registrant Name | BIOLASE, INC. | |
Entity Central Index Key | 0000811240 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 27,734,142 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-36385 | |
Entity Tax Identification Number | 87-0442441 | |
Entity Address, Address Line One | 27042 Towne Centre Drive | |
Entity Address, Address Line Two | Suite 270 | |
Entity Address, City or Town | Lake Forest | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92610 | |
City Area Code | 949 | |
Local Phone Number | 361-1200 | |
Entity Incorporation, State or Country Code | DE | |
Document Transition Report | false | |
Document Quarterly Report | true |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 6,532 | $ 4,181 |
Accounts receivable, less allowance of $2,124 and $2,164 as of March 31, 2023 and December 31, 2022, respectively | 5,158 | 5,841 |
Inventory | 17,775 | 15,884 |
Prepaid expenses and other current assets | 2,499 | 3,053 |
Total current assets | 31,964 | 28,959 |
Property, plant, and equipment, net | 4,719 | 4,278 |
Goodwill | 2,926 | 2,926 |
Right of use asset | 2,078 | 1,768 |
Other assets | 257 | 255 |
Total assets | 41,944 | 38,186 |
Current liabilities: | ||
Accounts payable | 7,540 | 5,786 |
Accrued liabilities | 7,977 | 9,210 |
Deferred revenue, current portion | 2,082 | 2,111 |
Current portion of term loans, net of discount | 1,400 | 700 |
Total current liabilities | 18,999 | 17,807 |
Deferred revenue | 355 | 418 |
Warranty accrual | 426 | 360 |
Non current term loans, net of discount | 12,496 | 13,091 |
Non current operating lease liability | 1,432 | 1,259 |
Other liabilities | 78 | 362 |
Total liabilities | 33,786 | 33,297 |
Stockholders' equity: | ||
Common stock, par value $0.001 per share; 180,000 shares authorized, 26,329 and 7,723 shares issued and 26,327 and 7,721 shares outstanding as of March 31, 2023 and December 31, 2022, respectively | 26 | 8 |
Additional paid-in-capital | 310,802 | 301,782 |
Accumulated other comprehensive loss | (653) | (733) |
Accumulated deficit | (302,017) | (296,168) |
Total stockholders' equity | 8,158 | 4,889 |
Total liabilities, redeemable preferred stock and stockholders' equity | $ 41,944 | $ 38,186 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for accounts receivable | $ 2,124 | $ 2,164 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 180,000 | 180,000 |
Common stock, shares issued | 26,329 | 7,723 |
Common stock, shares outstanding | 26,327 | 7,721 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net revenue | $ 10,467 | $ 10,166 |
Cost of revenue | 7,130 | 5,437 |
Gross profit | 3,337 | 4,729 |
Operating expenses: | ||
Sales and marketing | 4,622 | 4,814 |
General and administrative | 2,459 | 2,577 |
Engineering and development | 1,547 | 1,544 |
Total operating expenses | 8,628 | 8,935 |
Loss from operations | (5,291) | (4,206) |
Gain (loss) on foreign currency transactions | 20 | (120) |
Interest expense, net | (577) | (433) |
Non-operating loss, net | (557) | (553) |
Loss before income tax provision | (5,848) | (4,759) |
Income tax provision | (1) | (17) |
Net loss | (5,849) | (4,776) |
Other comprehensive loss items: | ||
Foreign currency translation adjustments | 80 | (41) |
Comprehensive loss | (5,769) | (4,817) |
Net loss | (5,849) | (4,776) |
Deemed dividend on convertible preferred stock | 0 | (217) |
Net loss attributable to common stockholders | $ (5,849) | $ (4,993) |
Net loss per share attributable to common stockholders: | ||
Earnings Per Share, Basic | $ (0.18) | $ (0.81) |
Earnings Per Share, Diluted | $ (0.18) | $ (0.81) |
Shares used in the calculation of net loss per share: | ||
Weighted Average Number of Shares Outstanding, Basic | 32,806 | 6,159 |
Weighted Average Number of Shares Outstanding, Diluted | 32,806 | 6,159 |
Consolidated Statements Of Rede
Consolidated Statements Of Redeemable Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Series F Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Convertible Preferred Stock Series F Convertible Preferred Stock | Accumulated Other Comprehensive Loss | Accumulated Deficit | Mezzanine Equity Series G Redeemable Preferred Stock |
Beginning balance at Dec. 31, 2021 | $ 25,208 | $ 154 | $ 293,177 | $ 34 | $ (623) | $ (267,534) | ||
Balance (in shares) at Dec. 31, 2021 | 6,149 | |||||||
Issuance of Series G Redeemable Preferred Stock, shares | 154 | |||||||
Conversion of Series F Convertible Preferred Stock | $ 1 | 250 | (251) | |||||
Conversion of Series F Convertible Preferred Stock, shares | 25 | |||||||
Deemed dividend on Series F Convertible Preferred Stock | 217 | (217) | $ 217 | |||||
Stock-based compensation | 209 | 209 | ||||||
Issuance of stock from RSUs, net, shares | 2 | |||||||
Net loss | (4,776) | (4,776) | ||||||
Foreign currency translation adjustments | (41) | (41) | ||||||
Ending balance at Mar. 31, 2022 | $ 155 | |||||||
Ending Balance at Mar. 31, 2022 | 20,600 | 293,419 | (664) | (272,310) | ||||
Ending Balance (in shares) at Mar. 31, 2022 | 6,176 | |||||||
Ending balance, shares at Mar. 31, 2022 | 154 | |||||||
Beginning balance at Dec. 31, 2022 | $ 4,889 | $ 8 | 301,782 | (733) | (296,168) | |||
Beginning balance, shares at Dec. 31, 2022 | 0 | |||||||
Balance (in shares) at Dec. 31, 2022 | 7,723,000 | 7,723 | ||||||
Sale of common stock and pre-funded warrants, net of fees | $ 8,503 | $ 17 | 8,486 | |||||
Sale of common stock and pre-funded warrants, net of fees ,shares | 17,167 | |||||||
Deemed dividend on Series F Convertible Preferred Stock | 0 | |||||||
Stock-based compensation | 521 | 521 | ||||||
Issuance of stock from RSUs, net, shares | 10 | |||||||
Exercise of common stock warrants | 14 | $ 1 | 13 | |||||
Exercise of common stock warrants, shares | 1,429 | |||||||
Net loss | (5,849) | (5,849) | ||||||
Foreign currency translation adjustments | 80 | 80 | ||||||
Ending balance at Mar. 31, 2023 | $ 8,158 | $ 26 | $ 310,802 | $ (653) | $ (302,017) | |||
Ending Balance (in shares) at Mar. 31, 2023 | 26,329,000 | 26,329 | ||||||
Ending balance, shares at Mar. 31, 2023 | 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (5,849) | $ (4,776) |
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities: | ||
Depreciation and amortization | 149 | 117 |
Provision (recoveries) for bad debts | (17) | 84 |
Provision for sales returns | 0 | 60 |
Amortization of debt issuance costs | 107 | 67 |
Stock-based compensation | 691 | 209 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 700 | (1,085) |
Inventory | (1,890) | (1,682) |
Prepaid expenses and other current assets | 240 | (186) |
Accounts payable and accrued liabilities | 303 | (986) |
Deferred revenue | (92) | 157 |
Net cash and cash equivalents used in operating activities | (5,658) | (8,021) |
Cash Flows from Investing Activities: | ||
Purchases of property, plant, and equipment | (587) | (304) |
Net cash and cash equivalents used in investing activities | (587) | (304) |
Cash Flows from Financing Activities: | ||
Proceeds from the sale of common stock and pre-funded warrants | 8,503 | 0 |
Proceeds from the exercise of common stock warrants | 14 | 0 |
Net cash and cash equivalents provided by financing activities | 8,517 | 0 |
Effect of exchange rate changes | 79 | (41) |
(Decrease) increase in cash, cash equivalents and restricted cash | 2,351 | (8,366) |
Cash, cash equivalents and restricted cash, beginning of period | 4,181 | 30,175 |
Cash, cash equivalents and restricted cash, end of period | 6,532 | 21,809 |
Supplemental cash flow disclosure: | ||
Cash paid for interest | 470 | 377 |
Cash received for interest | 2 | 10 |
Cash paid (received) for income taxes | (14) | 26 |
Cash paid for operating leases | 68 | 66 |
Non-cash right-of-use assets obtained in exchange for lease obligation | 464 | 444 |
Deemed dividend on preferred stock | $ 0 | $ 217 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION The Company BIOLASE, Inc. (“BIOLASE” and, together with its consolidated subsidiaries, the “Company”) is a leading provider of advanced laser systems for the dental industry. The Company develops, manufactures, markets, and sells laser systems that provide significant benefits for dental practitioners and their patients. The Company’s proprietary systems allow dentists, periodontists, endodontists, pediatric dentists, oral surgeons, and other dental specialists to perform a broad range of minimally invasive dental procedures, including cosmetic, restorative, and complex surgical applications. The Company’s laser systems are designed to provide clinically superior results for many types of dental procedures compared to those achieved with drills, scalpels, and other conventional instruments. Potential patient benefits include less pain, fewer shots, faster healing, decreased fear and anxiety, and fewer appointments. Potential practitioner benefits include improved patient care and the ability to perform a higher volume and wider variety of procedures and generate more patient referrals. Basis of Presentation The unaudited consolidated financial statements include the accounts of BIOLASE and its wholly-owned subsidiaries and have been prepared on a basis consistent with the December 31, 2022 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments and the elimination of all material intercompany transactions and balances, necessary to fairly present the information set forth therein. The unaudited consolidated financial statements do not include all the footnotes, presentations, and disclosures normally required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements. The unaudited consolidated results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022, included in BIOLASE’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2023 (the “2022 Form 10-K”). Liquidity and Management’s Plans The Company incurred losses from operations and used cash in operating activities for the three months ended March 31, 2023 and for the years ended December 31, 2022, 2021, and 2020. The Company’s recurring losses, level of cash used in operations, and potential need for additional capital, along with uncertainties surrounding the Company’s ability to raise additional capital, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. As of March 31, 2023, the Company had working capital of approximately $ 13.0 million . The Company’s principal sources of liquidity as of March 31, 2023 consisted of approximately $ 6.5 million in cash and cash equivalents and $ 5.2 million of net accounts receivable. As of December 31, 2022, the Company had working capital of approximately $ 11.2 million , $ 4.2 million in cash and cash equivalents and $ 5.8 million of net accounts receivable. The increase in cash and cash equivalents since December 31, 2022 was primarily due to $ 8.5 million net proceeds from the January 2023 public offering. This increase was partially offset by a net loss of $ 5.8 million and $ 0.6 million in capital expenditures. On January 9, 2023, BIOLASE completed a public offering, pursuant to which BIOLASE agreed to issue, in a registered direct offering, 17,167,855 shares of BIOLASE common stock, par value $ 0.001 per share, and pre-funded warrants to purchase 11,403,571 shares of BIOLASE common stock (the "January 2023 Pre-Funded Warrants") with an exercise price of $ 0.01 per share. The combined purchase price for one share of common stock was determined to be $ 0.35 , and the purchase price for one January 2023 Pre-Funded Warrant was determined to be $ 0.34 . BIOLASE received aggregate gross proceeds from the transactions of approximately $ 9.9 million, before deducting underwriting discounts and commissions and other transaction expenses paid by BIOLASE. Additional capital requirements may depend on many factors, including, among other things, the rate at which the Company’s business grows, demands for working capital, manufacturing capacity, and any acquisitions that the Company may pursue. The Company expects that it will be required to raise capital through either equity or debt offerings. The Company cannot provide assurance that it will be able to successfully enter into any such equity or debt financings in the future or that the required capital would be available on acceptable terms, if at all, or that any such financing activity would not be dilutive to its stockholders. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of these consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect amounts reported in the consolidated financial statements and the accompanying notes. Significant estimates in these consolidated financial statements include allowances on accounts receivable, inventory, and deferred taxes, as well as estimates for accrued warranty expenses, goodwill and the ability of goodwill to be realized, revenue deferrals, effects of stock-based compensation and warrants, contingent liabilities, and the provision or benefit for income taxes. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ materially from those estimates. Critical Accounting Policies Information with respect to the Company’s critical accounting policies, which management believes could have the most significant effect on the Company’s reported results and require subjective or complex judgments by management, is discussed in the Company’s 2022 audited financial statements included in the 2022 Form 10-K. Management believes that there have been no significant changes during the three months ended March 31, 2023 in the Company’s critical accounting policies from those disclosed in the Company’s 2022 audited financial statements included in the 2022 Form 10-K. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market (or, if none exists, the most advantageous market) for the specific asset or liability at the measurement date (referred to as the “exit price”). The fair value is based on assumptions that market participants would use, including a consideration of non-performance risk. Under the accounting guidance for fair value hierarchy, there are three levels of measurement inputs. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable, either directly or indirectly. Level 3 inputs are unobservable due to little or no corroborating market data. The Company’s financial instruments, consisting of cash, cash equivalents, accounts receivable, accounts payable, accrued liabilities, and the SWK Loan (as defined below) as discussed in Note 9 – Debt, approximate fair value because of the relative short maturity of these items and the market interest rates the Company could obtain . Concentration of Credit Risk, Interest Rate Risk and Foreign Currency Exchange Rate Financial instruments which potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents, restricted cash, and trade accounts receivable. The Company maintains its cash and cash equivalents and restricted cash with established commercial banks. At times, balances may exceed federally insured limits. To minimize the risk associated with trade accounts receivable, management performs ongoing credit evaluations of customers’ financial condition and maintains relationships with the Company’s customers that allow management to monitor current changes in business operations so the Company can respond as needed. The Company does not, generally, require customers to provide collateral before it sells them its products. However, the Company has required certain distributors to make prepayments for significant purchases of its products. Substantially all of the Company’s revenue is denominated in U.S. dollars, including sales to international distributors. Only a small portion of its revenue and expenses is denominated in foreign currencies, principally the Euro and Indian Rupee. The Company’s foreign currency expenditures primarily consist of the cost of maintaining offices, consulting services, and employee-related costs. During the three months ended March 31, 2023 and 2022 , respectively, the Company did not enter into any hedging contracts. Future fluctuations in the value of the U.S. dollar may affect the price competitiveness of the Company’s products outside the U.S. Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard’s main goal is to improve financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets in scope and to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company will be required to use a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The Company adopted this guidance effective January 1, 2023, and the adoption of this standard did not have a significant impact on its consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 3—REVENUE RECOGNITION Contracts with Customers Revenue for sales of products and services is derived from contracts with customers. The products and services promised in customer contracts include delivery of laser systems, imaging systems, and consumables as well as certain ancillary services such as training and extended warranties. Contracts with each customer generally state the terms of the sale, including the description, quantity and price of each product or service. Payment terms are stated in the contract and vary according to the arrangement. Because the customer typically agrees to a stated rate and price in the contract that does not vary over the life of the contract, the Company’s contracts do not contain variable consideration. The Company establishes a provision for estimated warranty expense. Performance Obligations At contract inception, the Company assesses the products and services promised in its contracts with customers. The Company then identifies performance obligations to transfer distinct products or services to the customers. In order to identify performance obligations, the Company considers all of the products or services promised in contracts regardless of whether they are explicitly stated or are implied by customary business practices. Revenue from products and services transferred to customers at a single point in time accounted for 89 % of net revenue for the three months ended March 31, 2023 and for the three months ended March 31, 2022. The majority of the Company’s revenue recognized at a point in time is for the sale of laser systems and consumables. Revenue from these contracts is recognized when the customer is able to direct the use of and obtain substantially all of the benefits from the product which generally coincides with title transfer during the shipping process. Revenue from services transferred to customers over time accounted for 11 % of net revenue for the three months ended March 31, 2023 and for the three months ended March 31, 2022. The majority of the Company’s revenue that is recognized over time relates to product training and extended warranties. Deferred revenue attributable to undelivered elements, which primarily consists of product training, totaled approximately $ 0.4 million as of March 31, 2023 and December 31, 2022. Transaction Price Allocation The transaction price for a contract is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct good or service in a contract. The primary method used to estimate standalone selling price is the observable price when the good or service is sold separately in similar circumstances and to similar customers. Significant Judgments Revenue is recorded for extended warranties over time as the customer benefits from the warranty coverage. This revenue will be recognized equally throughout the contract period as the customer receives benefits from the Company's promise to provide such services. Revenue is recorded for product training as the customer attends a training program or upon the expiration of the obligation, which is generally after nine months. The Company also has contracts that include both the product sales and product training as performance obligations. In those cases, the Company records revenue for product sales at the point in time when the product has been shipped. The customer obtains control of the product when it is shipped, as all shipments are made FOB shipping point, and after the customer selects its shipping method and pays all shipping costs and insurance. The Company has concluded that control is transferred to the customer upon shipment. Accounts Receivable Accounts receivable are stated at estimated net realizable value. The allowance for doubtful accounts is based on an analysis of customer accounts and the Company’s historical experience with accounts receivable write-offs. Contract Liabilities The Company performs its obligations under a contract with a customer by transferring products and/or services in exchange for consideration from the customer. The Company typically invoices its customers as soon as control of an asset is transferred and a receivable for the Company is established. The Company, however, recognizes a contract liability when a customer prepays for goods and/or services, and the Company has not transferred control of the goods and/or services. The opening and closing balances of the Company’s contract liabilities are as follows (in thousands): March 31, December 31, 2023 2022 Undelivered elements (training, installation, product $ 376 $ 447 Extended warranty contracts 2,061 2,082 Total deferred revenue 2,437 2,529 Less: long-term portion of deferred revenue ( 355 ) ( 418 ) Deferred revenue — current $ 2,082 $ 2,111 The balance of contract assets was immaterial as the Company did not have a significant amount of uninvoiced receivables at March 31, 2023 and December 31, 2022. The amount of revenue recognized during the three months ended March 31, 2023 and 2022 that was included in the opening contract liability balance related to undelivered elements was $ 0.2 million . The amounts related to extended warranty contracts w as $ 0.7 million and $ 0.2 million for the three months ended March 31, 2023 and 2022, respectively. Disaggregation of Revenue The Company disaggregates revenue from contracts with customers into geographical regions and by the timing of when goods and services are transferred. The Company determined that disaggregating revenue into these categories depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by regional economic factors. The Company’s revenues related to the following geographic areas were as follows (in thousands): Three Months Ended March 31, 2023 2022 United States $ 6,758 $ 6,978 International 3,709 3,188 Total net revenue $ 10,467 $ 10,166 Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows (in thousands): Three Months Ended March 31, 2023 2022 Revenue recognized over time $ 1,169 $ 1,121 Revenue recognized at a point in time 9,298 9,045 Net revenue $ 10,467 $ 10,166 The Company’s sales by end market were as follows (in thousands): Three Months Ended March 31, 2023 2022 End-customer $ 6,758 $ 6,978 Distributors 3,709 3,188 Net revenue $ 10,467 $ 10,166 Shipping and Handling Costs and Revenues Shipping and freight costs are treated as fulfillment costs. For shipments to end-customers, the customer bears the shipping and freight costs and has control of the product upon shipment. For shipments to distributors, the distributor bears the shipping and freight costs, including insurance, tariffs and other import/export costs. |
Redeemable Preferred Stock and
Redeemable Preferred Stock and Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Temporary Equity And Equity [Abstract] | |
Redeemable Preferred Stock and Stockholders' Equity | NOTE 4—REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY BIOLASE's board of directors (the "Board"), without further stockholder authorization, may authorize the issuance from time to time of up to 1,000,000 shares of the Company’s preferred stock. Preferred Stock Series G Preferred Stock On March 1, 2022, the Board declared a dividend of one one-thousandth of a share of Series G Preferred Stock, par value $ 0.001 per share ("Series G Preferred Stock"), for each share of BIOLASE common stock outstanding as of close of market on March 25, 2022 ( as calculated on a pre-Reverse Stock Split basis). The certificate of designation for the Series G Preferred Stock provided that all shares of Series G Preferred Stock not present in person or by proxy at the 2022 Annual Meeting immediately prior to the opening of the polls at the 2022 Annual Meeting would be automatically redeemed (the “Initial Redemption”) and that any outstanding shares of Series G Preferred Stock that have not been redeemed pursuant to the Initial Redemption would be redeemed in whole, but not in part, (i) if and when ordered by the Board or (ii) automatically upon the effectiveness of the amendment to the Certificate of Incorporation effecting the Reverse Stock Split that was subject to the vote at the 2022 Annual Meeting (the “Subsequent Redemption”). On April 28, 2022, both the Initial Redemption and the Subsequent Redemption occurred. As a result, no shares of Series G Preferred Stock remain outstanding. On June 6, 2022, the Series G Preferred Stock was eliminated. Series F Convertible Preferred Stock On July 23, 2020, the Company consummated the sale of an aggregate of 18,000 shares of Series F Preferred Stock, par value $ 0.001 per shares ("Series F Preferred Stock"), and 45,000,000 warrants (the “July 2020 Warrants”), exercisable for 1,800,000 shares of BIOLASE common stock, through a registered rights offering the Company completed on July 22, 2020 (the “Rights Offering”). Each share of Series F Preferred Stock was convertible at the Company’s option at any time on or after July 22, 2021 or at the option of the holder at any time, into the number of shares of BIOLASE common stock determined by dividing the $ 1,000 stated value per share of the Series F Preferred Stock by a conversion price of $ 10.00 per share. Each share of Series F Preferred Stock was convertible into 100 shares of common stock, and each July 2020 Warrant entitled the holder thereof to purchase one twenty-fifth share BIOLASE common stock at an exercise price of $ 10.00 per share. In accordance with applicable accounting standards, the $ 18.0 million gross proceeds from the Rights Offering were allocated to the Series F Preferred Stock and the July 2020 Warrants in the amount of $ 2.7 million and $ 15.3 million, respectively. The allocation was based on the fair value of the July 2020 Warrants of $ 15.3 million as of the commitment date, with the residual proceeds of $ 2.7 million allocated to the Series F Preferred Stock. The Series F Preferred Stock contained a beneficial conversion feature which resulted in a deemed dividend to preferred stockholders of approximately $ 2.7 million, upon immediate accretion. Additionally, the July 2020 Warrants were recognized as a discount to the Series F Preferred Stock. Upon conversion, including the conversion described below, this discount was accreted and also recognized as a deemed dividend to preferred stockholders in the amount of $ 0.2 million, $ 0.5 million and $ 14.7 million for the years ended December 31, 2022, 2021, and 2020, respectively. The remaining shares of Series F Preferred Stock were converted into shares of BIOLASE common stock in the first quarter of 2022 with no ne outstanding as of March 31, 2023 and December 31, 2022. On March 3, 2022, the Series F Preferred Stock was eliminated. Stock-Based Compensation 2002 Stock Incentive Plan The 2002 Stock Incentive Plan (as amended effective as of May 26, 2004, November 15, 2005, May 16, 2007, May 5, 2011, June 6, 2013, October 30, 2014, April 27, 2015, and May 6, 2017, the “2002 Plan”) was replaced by the 2018 Plan (as defined below) with respect to future equity awards. Persons eligible to receive awards under the 2002 Plan included officers, employees, directors of the Company, and consultants to the Company. As of March 31, 2023 , a total of 124,400 shares have been authorized for issuance under the 2002 Plan, of which approximately 41,000 shares of BIOLASE common stock have been issued pursuant to options that were exercised and restricted stock units ("RSUs") that were vested, approxi mately 22,000 shares of common stock have been reserved for options that are outstanding, and no shares of common stock remain available for future g rants. 2018 Stock Incentive Plan At the 2018 annual meeting of stockholders, the Company’s stockholders approved the 2018 Long-Term Incentive Plan (as amended effective as of September 21, 2018, May 15, 2019, May 13, 2020, and June 11, 2021, the “2018 Plan”). The purposes of the 2018 Plan are (i) to align the interests of the Company’s stockholders and recipients of awards under the 2018 Plan by increasing the proprietary interest of such recipients in the Company’s growth and success; (ii) to advance the interests of the Company by attracting and retaining non-employee directors, officers, other employees, consultants, independent contractors, and agents; and (iii) to motivate such persons to act in the long-term best interests of the Company and its stockholders. Under the terms of the 2018 Plan, approximately 0.1 million shares of BIOLASE common stock are available for issuance as of March 31, 2023. As of March 31, 2023 , a total of 1.5 million shares of common stock have been authorized for issuance under the 2018 Plan, of which approximately 1.0 million shares of t he Company’s common stock have been reserved for issuance upon the exercise of outstanding options or stock appreciation rights ("SARs"), and/or settlement of unvested RSUs or phantom awards under the 2018 Plan. The Company recognized stock-based compensation expense of $ 0.7 million for the three months ended March 31, 2023 , and $ 0.2 million for the three months ended March 31, 2022. As of March 31, 2023 and 2022, the Compan y had approximately $ 1.0 million and $ 0.8 million, respectively, of total unrecognized compensation expense, net of est imated forfeitures, related to unvested s hare-based compensation arrangements. The Company expects that expense to be recognized over a weighted-average period of 0.9 years. As of March 31, 2023 approximately $ 0.2 million of the total stock compensation cost recognized during the three months ended March 31, 2023 related to performance-based awards was recognized as a liability, with none as of March 31, 2022. The following table summarizes the income statement classification of compensation expense associated with share-based payments (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenue $ 18 $ 20 Sales and marketing 197 99 General and administrative 429 48 Engineering and development 47 42 Total $ 691 $ 209 A summary of option activity for the three months ended March 31, 2023 is as follows (in thousands, except per share data): Weighted Weighted Average Contractual Aggregate Shares Exercise Term Intrinsic Options outstanding as of December 31, 2022 52 $ 74.95 5.8 $ — Forfeited, cancelled, or expired — $ 237.92 — $ — Options outstanding as of March 31, 2023 52 $ 74.20 5.5 $ — Options exercisable as of March 31, 2023 50 $ 75.98 5.4 $ — Vested options expired during the period ended March 31, 2023 — $ — (1) The intrinsic value calculation does not include negative values, which can occur when the fair market value on the reporting date is less than the exercise price of the award. A summary of unvested stock option activity for the three months ended March 31, 2023 is as follows (in thousands, except per share data): Weighted Average Grant Shares Date Fair Value Unvested options as of December 31, 2022 2 $ 14.38 Vested — $ 16.99 Unvested options as of March 31, 2023 2 $ 13.81 Fair value disclosures related to grants, exercises and vested options are as follows (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Total fair value of stock options vested during the period $ 6 $ 14 (1) Excess tax benefits received related to stock option exercises are presented as operating cash inflows. The Company currently does not receive a tax benefit related to the exercise of stock options due to the Company’s net operating losses. (2) The intrinsic value of stock options exercised is the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the options. Stock Option Activity There were no option grants or exercises during the three months ended March 31, 2023 and 2022 . Restricted Stock Units A summary of unvested RSU activity for the three months ended March 31, 2023 is as follows (in thousands, except per share amounts): Weighted Average Grant Shares Date Fair Value Unvested RSUs as of December 31, 2022 440 $ 5.27 Vested ( 9 ) $ 16.06 Unvested RSUs as of March 31, 2023 431 $ 5.04 Warrants The Company issues warrants to acquire shares of BIOLASE common stock as approved by the Board. January 2023 Public Offering On January 9, 2023, BIOLASE completed a public offering, pursuant to which BIOLASE agreed to issue, in a registered direct offering, 17,167,855 shares of BIOLASE common stock, par value $ 0.001 per share, and pre-funded warrants to purchase 11,403,571 shares of BIOLASE common stock with an exercise price of $ 0.01 per share. The purchase price for one share of common stock was determined to be $ 0.35 , and the purchase price for one January 2023 Pre-Funded Warrant was determined to be $ 0.34 . BIOLASE received aggregate gross proceeds from the transactions of approximately $ 9.9 million, before deducting underwriting discounts and commissions and other transaction expenses paid by BIOLASE. Based on the terms and conditions of the January 2023 public offering, the Company determined that equity classification was appropriate for the pre-funded warrants and recognized the net proceeds from the issuance of common stock and pre-funded warrants in excess of par of $ 8.5 million in additional paid-in capital. June 2022 Direct Offering and Private Placement On June 27, 2022, the Company entered into a Securities Purchase Agreement with certain accredited institutional investors, pursuant to which the Company agreed to issue to the Purchasers (as defined therein), (i) in a registered direct offering, 678,745 shares of BIOLASE common stock, and pre-funded warrants to purchase 726,660 shares of BIOLASE common stock (the “June 2022 Pre-Funded Warrants”) with an exercise price of $ 0.001 per share, and (ii) in a concurrent private placement, warrants to purchase 1,405,405 shares of BIOLASE common stock (each a "Common Warrant" and together with the June 2022 Pre-Funded Warrants, the “June 2022 Warrants”). The combined purchase price for one share of BIOLASE common stock and one Common Warrant was $ 4.625 , and the combined purchase price for one June 2022 Pre-Funded Warrant and one Common Warrant was $ 4.624 . In the offering and concurrent private placement, the Company received aggregate gross proceeds of approximately $ 6.5 million before deducting fees to the placement agent and other transaction expenses. Based on the terms and conditions of the June 2022 Warrants, the Company determined that equity classification was appropriate and recognized the net proceeds in excess of par of $ 5.6 million in additional paid-in capital. A summary of warrant activity for the three months ended March 31, 2023 is as follows (in thousands, except exercise price amounts): Weighted Average Shares Exercise Warrants outstanding as of December 31, 2022 2,094 $ 6.58 Granted or Issued 11,404 $ 0.01 Exercised ( 1,429 ) $ 0.01 Warrants outstanding as of March 31, 2023 12,069 $ 1.15 Warrants exercisable as of March 31, 2023 12,069 $ 1.15 Vested warrants expired during the period — $ — Phantom Awards and Stock Appreciation Rights During the year ended December 31, 2022, the Company issued approximately 31,000 phantom RSUs in lieu of stock-settled RSUs historically granted for leadership bonuses and non-employee director service. During the year ended December 31, 2021, the Company issued approximately 402,000 phantom RSUs. The phantom RSUs have either time-based or performance-based vesting conditions and could be settled in cash in 2024 with the Company's option to settle the award in BIOLASE common stock at the sole discretion of the Board. These phantom RSUs are included as a component of long-term liability on the consolidated balance sheet and are not considered stock-based compensation due to the cash-settlement feature of the award and limitation on the number of remaining shares authorized for issuance as of March 31, 2023. If at any time the determination is made to settle the phantom RSUs in BIOLASE common stock, the awards will be included as a component of additional paid-in capital on the consolidated balance sheet. The expense recognized during the three months ended March 31, 2023 and 2022 was $ 0.1 million, respectively. As of March 31, 2023 , $ 0.2 million was included in additional paid-in-capital and $ 0.3 million was included in short-term liabilities on the consolidated balance sheet. As of December 31, 2022, $ 0.1 million was included in additional paid-in-capital and $ 0.3 million was included in long-term liabilities on the consolidated balance sheet. During the year ended December 31, 2021, the Company issued approximately 39,000 SARs in lieu of stock-settled RSUs historically granted for non-employee director service. Upon exercise, the SARs could be settled in cash with the Company's option to settle in BIOLASE common stock at the sole discretion of the Board. These SARS were included in accrued liabilities on the consolidated balance sheet and not considered stock-based compensation due to the cash-settlement feature of the award and limitation on the number of remaining shares authorized for issuance. In 2022, as a result of the Reverse Stock Split, the SARs were reclassed to equity and included as a component of additional paid-in-capital on the consolidated balance sheet in the amount of $ 0.5 million. These SARs were fully vested in 2022. No expense was recognized during the three months ended March 31, 2023 and the expense recognized during the three months ended March 31, 2022 was $ 0.2 million. Net Loss Per Share – Basic and Diluted Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of BIOLASE common stock outstanding for the period. In computing diluted net loss per share, the weighted average number of shares of common stock outstanding is adjusted to reflect the effect of potentially dilutive securities. Net income (loss) is adjusted for any deemed dividends to preferred stockholders to compute net income attributable to common stockholders. The January 2023 Pre-Funded Warrants were included in the calculation of basic and diluted loss per share for the period ended March 31, 2023 as the underlying warrant shares are issuable for little or no cash consideration. Outstanding stock options, RSUs, and warrants to purchase approximately 2.7 million and 0.9 million shares were not included in the calculation of diluted loss per share amounts for the periods ended March 31, 2023 and March 31, 2022 , respectively, as their effect would have been anti-dilutive. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 5—INVENTORY Inventory is valued at the lower of cost or net realizable value and is comprised of the following (in thousands): March 31, December 31, 2023 2022 Raw materials $ 7,833 $ 6,697 Work-in-process 2,141 1,871 Finished goods 7,801 7,316 Inventory $ 17,775 $ 15,884 Inventory has been reduced by estimates for excess and obsolete amounts totaling $ 2.1 million and $ 2.2 million as of March 31, 2023 and December 31, 2022 , respectively. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | NOTE 6—PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment, net is comprised of the following (in thousands): March 31, December 31, 2023 2022 Building $ 202 $ 199 Leasehold improvements 1,167 464 Equipment and computers 8,920 8,566 Furniture and fixtures 504 475 Construction in progress 2,459 2,957 Total 13,252 12,661 Accumulated depreciation and amortization ( 8,690 ) ( 8,538 ) Property, plant, and equipment, net before land 4,562 4,123 Land 157 155 Property, plant, and equipment, net $ 4,719 $ 4,278 Depreciation and amortization expense related to property, plant, and equipment totaled $ 0.1 million for the three months ended March 31, 2023 and for the three months ended March 31, 2022 . |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets And Goodwill | NOTE 7—INTANGIBLE ASSETS AND GOODWILL The Company conducted its annual impairment test of goodwill as of September 30, 2022 and determined that there was no impairment. The Company also tests its intangible assets and goodwill between the annual impairment tests if events occur or circumstances change that would more likely than not reduce the fair value of the Company or its assets below their carrying amounts. For intangible assets subject to amortization, the Company performs its impairment test when indicators, such as reductions in demand or significant economic slowdowns, are present. During the fourth quarter ended December 31, 2022, due to the sustained decrease in the stock price of BIOLASE common stock decreasing the implied fair value of the business, the Company performed a quantitative assessment of impairment over goodwill and determined that there was no impairment to our goodwill. Goodwill was valued using an equally weighted income approach and market approach. The unobservable inputs utilized in determining the fair value of the goodwill, which is categorized as a Level 3 instrument, are the discount rate of 15.7 % and various revenue growth rates utilized in the financial forecast of future cash flows. Due to the further decrease in the stock price of BIOLASE common stock as of March 31, 2023 decreasing the implied fair value of the business, the Company performed an additional quantitative assessment of impairment over goodwill and determined that there was no impairment to our goodwill as of March 31, 2023. Goodwi ll was valued using an equally weighted income approach and market approach. The unobservable inputs utilized in determining the fair value of the goodwill, which is categorized as a Level 3 instrument, are the discount rate of 25.0 % and various revenue growth rates utilized in the financial forecast of future cash flows. As of March 31, 2023 and December 31, 2022, the Company had goodwill of $ 2.9 million . As of March 31, 2023 and December 31, 2022 , all intangible assets have been fully amortized and no amortization expense was recognized during the three months ended March 31, 2023 and 2022 . |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | NOTE 8—ACCRUED LIABILITIES Accrued liabilities are comprised of the following (in thousands): March 31, December 31, 2023 2022 Payroll and benefits $ 3,911 $ 4,674 Warranty accrual, current portion 1,429 1,293 Lease liability 771 638 Accrued insurance premium 329 490 Accrued professional services 315 591 Taxes 314 432 Other 908 1,092 Accrued liabilities $ 7,977 $ 9,210 Changes in the initial product warranty accrual and the expenses incurred under the Company’s initial and extended warranties are included within accrued liabilities and were as follows (in thousands): Three Months Ended March 31, 2023 2022 Balance, beginning of period $ 1,653 $ 1,086 Provision for estimated warranty cost 1,158 551 Warranty expenditures ( 956 ) ( 499 ) Balance, end of period 1,855 1,138 Less: long-term portion of warranty accrual 426 512 Current portion of warranty accrual $ 1,429 $ 626 The Company's Waterlase laser systems sold domestically are covered by a warranty against defects in material and workmanship for a period of up to one year from the date of sale to the end-user by the Company or a distributor. The Company's diode systems sold domestically are covered by a warranty against defects in material and workmanship for a period of up to two years from the date of sale to the end-user by the Company or a distributor. Waterlase systems and diode systems sold internationally are covered by a warranty against defects in material and workmanship for a period of up to 24 months from date of sale to the international distributor. The Company's laser systems warranty covers parts and service for sales in its North American territories and parts only for international distributor sales. In North America and select international locations, the Company sells extended warranty contracts to its laser systems end-users that cover the period after the expiration of the Company's standard warranty coverage for its laser systems. Extended warranty coverage provided under the Company's service contracts varies by the type of system and the level of service desired by the customer. Products or accessories remanufactured, refurbished, or sold by unauthorized parties, voids all warranties in place for such products and exempts the Company from liability issues relating to the use of such products. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 9—DEBT The following table presents the details of the principal outstanding and unamortized discount (in thousands): March 31, December 31, 2023 2022 SWK Loan $ 14,650 $ 14,650 EIDL Loan 150 150 Discount and debt issuance costs on SWK Loan ( 904 ) ( 1,009 ) Total 13,896 13,791 Current term loans, net of discount 1,400 700 Non current term loans, net of discount $ 12,496 $ 13,091 The Company recognized approximately $ 0.6 million and $ 0.4 million in interest expense for the three months ended March 31, 2023 and 2022, respectively. The weighted-average interest rate as of March 31, 2023 wa s 13.84 %. The future minimum principal and interest payments as of March 31, 2023 are as follows (in thousands): Principal Interest (1) Remainder of 2023 $ 700 $ 1,393 2024 2,800 1,623 2025 11,150 712 2026 — 9 2027 and thereafter 150 89 Total future payments $ 14,800 $ 3,826 (1) Estimated using London Interbank Bank Offered Rate (“LIBOR”) as of March 31, 2023 Term Loan On November 9, 2018, the Company entered into a five-year secured Credit Agreement (as amended, restated, and supplemented from time to time, the “Credit Agreement”) with SWK Funding LLC (“SWK”), pursuant to which the Company has borrowed $ 14.3 million (“SWK Loan”) as of March 31, 2023. The Company’s obligations under the Credit Agreement are secured by substantially all of the Company’s assets. Under the terms of the Credit Agreement and subsequent amendments as discussed in the Company’s 2022 Form 10-K, repayment of the SWK Loan is interest-only for the first two years, paid quarterly with the option to extend the interest-only period. Principal repayments were to begin in the first quarter of 2021. On June 30, 2022 the Company entered into the ninth amendment to the Credit Agreement (the "Ninth Amendment"), which extended the interest-only period by two quarters from May 2023 to November 2023. On December 30, 2022, the Company entered into the tenth amendment to the Credit Agreement, which lowered the required minimum consolidated unencumbered liquid assets from $ 3 million to $ 2.5 million and removed the conditional minimum last twelve months aggregate revenue and EBITDA as of the end of the twelve-month period ended December 31, 2022. In connection with the Ninth Amendment, the Company prepaid $ 1.0 million of the outstanding loan balance. Princ ipal repayments begin in November 2023 and will be approximately $ 0.7 million quarterly until the SWK Loan matures in May 2025 . The loan bears interest of 9 % plus LIBOR with a floor of 1.25 % or another index that approximates LIBOR as close as possible if and when LIBOR no longer exists. As of March 31, 2023, the Company was in compliance with the debt covenants of the Credit Agreement. EIDL Loan On May 22, 2020, the Company executed the standard loan documents required for securing a loan (the “EIDL Loan”) from the Small Business Administration (the "SBA") under its Economic Injury Disaster Loan assistance program in light of the impact of the COVID-19 pandemic on the Company’s business. The principal amount of the EIDL Loan is $ 150,000 , with the proceeds to be used for working capital purposes. Interest on the EIDL Loan accrues at the rate of 3.75 % per annum, and installment payments, including principal and interest, are due monthly beginning in July 2021 and are payable through July 2050. In April 2021, the SBA announced that it was extending the first payment due date for all loans until 2022 , or 24 months from the loan execution date. In March 2022, the SBA announced that it was extending the first payment due date for all loans an additional six months, or 30 months from the loan execution date. The Company began making payments on the EIDL Loan starting in November 2022. Fixed payments are first applied to any accrued interest. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | NOTE 10—LEASES The Company enters into operating leases primarily for real estate, office equipment, and fleet vehicles. Lease terms generally range from one to five years , and often include options to renew for one year . The Company leases its corporate headquarters pursuant to a lease that expires on December 31, 2025 and leases a manufacturing facility located in Corona, California, which expires on June 30, 2025 . The Company also leases additional office space and certain office equipment under various operating lease arrangements. On January 22, 2020, the Company entered into a five-year real property lease agreement for an approximately 11,000 square foot facility in Corona, California for its manufacturing operations. The lease commenced on July 1, 2020 . On December 10, 2021, the Company entered into a lease for an additional 15,000 square feet at its facility. This additional lease commenced on February 1, 2022 and expires on June 30, 2025 . On February 4, 2020, the Company also entered into a 66-month real property lease agreement for office space of approximately 12,000 square feet of office space in Lake Forest, California. The lease commenced on July 1, 2020 . On May 26, 2022, the Company entered into an additional lease at this location to expand the leased space by an additional 8,000 square feet for an additional training facility and model dental office. The lease commenced on March 8, 2023 and expires December 31, 2025. Information related to the Company’s right-of-use assets and related liabilities were as follows (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for operating lease liabilities $ 68 $ 66 Right-of-use assets obtained in exchange for new operating $ 464 $ 444 Weighted-average remaining lease term 2.5 years 3.4 years Weighted-average discount rate 12.3 % 12.3 % Lease expense consists of payments for real property, office copiers, and IT equipment. The Company recognizes payments for non-lease components such as common area maintenance in the period incurred. As of March 31, 2023, the Company had no significant leases that had not commenced. The Company allocates lease cost amongst lease and non-lease components. The Company excludes short-term leases (those with lease terms of less than one year at inception) from the measurement of lease liabilities or right-of-use assets. Maturities of lease liabilities as of March 31, 2023 for leases that have commenced are as follows (in thousands): March 31, 2024 $ 994 2025 984 2026 608 2027 — 2028 and thereafter — Total future minimum lease obligations 2,586 Less imputed interest ( 383 ) Total lease liabilities $ 2,203 Current operating lease liabilities, included in $ 771 Non current lease liabilities 1,432 Total lease liabilities $ 2,203 As of March 31, 2023 , right-of-use assets were $ 2.1 million and lease liabilities were $ 2.2 million. Rent expense total ed $ 0.3 million fo r the three months ended March 31, 2023 and $ 0.2 million for the three months ended March 31, 2022. Future minimum rental commitments under lease agreements, as of March 31, 2023, with non-cancelable terms greater than one year for each of the years ending December 31 are as follows (in thousands): Year Ended December 31, Remainder of 2023 $ 734 2024 1,042 2025 810 2026 — 2027 and thereafter — Total future minimum lease obligations 2,586 Less imputed interest ( 383 ) Total lease liabilities $ 2,203 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 11—SEGMENT INFORMATION The Company currently operates in a single business segment. Management uses one measurement of profitability and does not segregate its business for internal reporting. For the three months ended March 31, 2023 , sales to customers in the United States accounted for approximately 65 % of net revenue and international sales accounted for approximately 35 % of net revenue. For the three months ended March 31, 2022 , sales to customers in the United States accounted for approximately 69 % of net revenue and international sales accounted for approximately 31 % of net revenue. No individual country, other than the United States, represented more than 10% of total net revenue during the three months ended March 31, 2023 or 2022. Net revenue by geographic location based on the location of customers was as follows (in thousands): Three Months Ended March 31, 2023 2022 United States $ 6,758 $ 6,978 International 3,709 3,188 Total net revenue $ 10,467 $ 10,166 Property, plant, and equipment by geographic location was as follows (in thousands): March 31, December 31, 2023 2022 United States $ 4,472 $ 4,032 International 247 246 Total $ 4,719 $ 4,278 |
Concentrations
Concentrations | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations | NOTE 12—CONCENTRATIONS Revenue from the Company’s products are as follows (dollars in thousands): Three Months Ended March 31, 2023 2022 Laser systems $ 6,265 59.8 % $ 6,335 62.3 % Consumables and other 3,033 29.0 % 2,710 26.7 % Services 1,169 11.2 % 1,121 11.0 % Total net revenue $ 10,467 100.0 % $ 10,166 100.0 % No individual customer represented more than 10 % of the Company’s revenue for the three months ended March 31, 2023 or 2022. The Company maintains its cash and cash equivalents in money market investment accounts with established commercial banks. Such cash deposits periodically exceed the Federal Deposit Insurance Corporation insured limit. No individual customer represented more than 10 % of the Company’s accounts receivable as of March 31, 2023 and December 31, 2022. The Company currently purchases certain key components of its products from single suppliers. Although there are a limited number of manufacturers of these key components, management believes that other suppliers could provide similar key components on comparable terms. A change in suppliers, however, could cause delays in manufacturing and a possible loss of sales, which could adversely affect the Company’s business, results of operations and financial condition. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 13—INCOME TAXES The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Management evaluates the need to establish a valuation allowance for deferred tax assets based upon the amount of existing temporary differences, the period in which they are expected to be recovered, and expected levels of taxable income. A valuation allowance to reduce deferred tax assets is established when it is “more likely than not” that some or all of the deferred tax assets will not be realized. Based on the Company’s net losses in prior years, management has determined that a full valuation allowance against the Company’s net deferred tax assets is appropriate. Accounting for uncertainty in income taxes prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company has elected to classify interest and penalties as a component of its income tax provision. With respect to the liability for unrecognized tax benefits, including related estimates of penalties and interest, the Company did no t record a liability for unrecognized tax benefits for the three months ended March 31, 2023 and 2022. The Company does not expect any changes to its unrecognized tax benefit for the next 12 months that would materially impact its consolidated financial statements. During the three months ended March 31, 2023 , the Company recorded an income tax provision of $ 1,000 , resulting in an effective tax rate of 0.0 %. During the three months ended March 31, 2022 , the Company recorded an income tax provision of $ 17,000 , resulting in an effective tax rate of 0.4 %. The income tax provisions and benefit for the three months ended March 31, 2023 and 2022 were calculated using the discrete year-to-date method. The effective tax rate differs from the statutory tax rate of 21 % primarily due to the existence of valuation allowances against net deferred tax assets and current liabilities resulting from the estimated state income tax liabilities and foreign tax liability. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 14—SUBSEQUENT EVENTS On May 4, 2023, the Company filed a registration statement on Form S-1 for the issuance of Series H Convertible Redeemable Preferred Stock with a liquidation preference of $ 50.00 and warrants to purchase one-half of one share of Series H Convertible Redeemable Preferred Stock. The equity raise, which is subject to conditions including the SEC declaring the registration statement effective and market conditions, is expected to be completed in the second quarter of 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect amounts reported in the consolidated financial statements and the accompanying notes. Significant estimates in these consolidated financial statements include allowances on accounts receivable, inventory, and deferred taxes, as well as estimates for accrued warranty expenses, goodwill and the ability of goodwill to be realized, revenue deferrals, effects of stock-based compensation and warrants, contingent liabilities, and the provision or benefit for income taxes. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ materially from those estimates. |
Critical Accounting Policies | Critical Accounting Policies Information with respect to the Company’s critical accounting policies, which management believes could have the most significant effect on the Company’s reported results and require subjective or complex judgments by management, is discussed in the Company’s 2022 audited financial statements included in the 2022 Form 10-K. Management believes that there have been no significant changes during the three months ended March 31, 2023 in the Company’s critical accounting policies from those disclosed in the Company’s 2022 audited financial statements included in the 2022 Form 10-K. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market (or, if none exists, the most advantageous market) for the specific asset or liability at the measurement date (referred to as the “exit price”). The fair value is based on assumptions that market participants would use, including a consideration of non-performance risk. Under the accounting guidance for fair value hierarchy, there are three levels of measurement inputs. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable, either directly or indirectly. Level 3 inputs are unobservable due to little or no corroborating market data. The Company’s financial instruments, consisting of cash, cash equivalents, accounts receivable, accounts payable, accrued liabilities, and the SWK Loan (as defined below) as discussed in Note 9 – Debt, approximate fair value because of the relative short maturity of these items and the market interest rates the Company could obtain . |
Concentration of Credit Risk, Interest Rate Risk and Foreign Currency Exchange Rate | Concentration of Credit Risk, Interest Rate Risk and Foreign Currency Exchange Rate Financial instruments which potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents, restricted cash, and trade accounts receivable. The Company maintains its cash and cash equivalents and restricted cash with established commercial banks. At times, balances may exceed federally insured limits. To minimize the risk associated with trade accounts receivable, management performs ongoing credit evaluations of customers’ financial condition and maintains relationships with the Company’s customers that allow management to monitor current changes in business operations so the Company can respond as needed. The Company does not, generally, require customers to provide collateral before it sells them its products. However, the Company has required certain distributors to make prepayments for significant purchases of its products. Substantially all of the Company’s revenue is denominated in U.S. dollars, including sales to international distributors. Only a small portion of its revenue and expenses is denominated in foreign currencies, principally the Euro and Indian Rupee. The Company’s foreign currency expenditures primarily consist of the cost of maintaining offices, consulting services, and employee-related costs. During the three months ended March 31, 2023 and 2022 , respectively, the Company did not enter into any hedging contracts. Future fluctuations in the value of the U.S. dollar may affect the price competitiveness of the Company’s products outside the U.S. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard’s main goal is to improve financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets in scope and to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company will be required to use a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The Company adopted this guidance effective January 1, 2023, and the adoption of this standard did not have a significant impact on its consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Summary of Opening and Closing Balances of Contract Liabilities | The opening and closing balances of the Company’s contract liabilities are as follows (in thousands): March 31, December 31, 2023 2022 Undelivered elements (training, installation, product $ 376 $ 447 Extended warranty contracts 2,061 2,082 Total deferred revenue 2,437 2,529 Less: long-term portion of deferred revenue ( 355 ) ( 418 ) Deferred revenue — current $ 2,082 $ 2,111 |
Summary of Disaggregation of Revenues Related to Geographic Areas | The Company’s revenues related to the following geographic areas were as follows (in thousands): Three Months Ended March 31, 2023 2022 United States $ 6,758 $ 6,978 International 3,709 3,188 Total net revenue $ 10,467 $ 10,166 |
Summary of Revenues Disaggregated by Timing of Goods and Services Transferred | Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows (in thousands): Three Months Ended March 31, 2023 2022 Revenue recognized over time $ 1,169 $ 1,121 Revenue recognized at a point in time 9,298 9,045 Net revenue $ 10,467 $ 10,166 |
Summary of Sales by End Market | The Company’s sales by end market were as follows (in thousands): Three Months Ended March 31, 2023 2022 End-customer $ 6,758 $ 6,978 Distributors 3,709 3,188 Net revenue $ 10,467 $ 10,166 |
Redeemable Preferred Stock an_2
Redeemable Preferred Stock and Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Income Statement Classification of Compensation Expense | The following table summarizes the income statement classification of compensation expense associated with share-based payments (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenue $ 18 $ 20 Sales and marketing 197 99 General and administrative 429 48 Engineering and development 47 42 Total $ 691 $ 209 |
Summary of Option Activity | A summary of option activity for the three months ended March 31, 2023 is as follows (in thousands, except per share data): Weighted Weighted Average Contractual Aggregate Shares Exercise Term Intrinsic Options outstanding as of December 31, 2022 52 $ 74.95 5.8 $ — Forfeited, cancelled, or expired — $ 237.92 — $ — Options outstanding as of March 31, 2023 52 $ 74.20 5.5 $ — Options exercisable as of March 31, 2023 50 $ 75.98 5.4 $ — Vested options expired during the period ended March 31, 2023 — $ — (1) The intrinsic value calculation does not include negative values, which can occur when the fair market value on the reporting date is less than the exercise price of the award. |
Summary of Unvested Stock Option Activity | A summary of unvested stock option activity for the three months ended March 31, 2023 is as follows (in thousands, except per share data): Weighted Average Grant Shares Date Fair Value Unvested options as of December 31, 2022 2 $ 14.38 Vested — $ 16.99 Unvested options as of March 31, 2023 2 $ 13.81 |
Fair Value Disclosures Related to Grants, Exercises and Vesting Options | Fair value disclosures related to grants, exercises and vested options are as follows (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Total fair value of stock options vested during the period $ 6 $ 14 (1) Excess tax benefits received related to stock option exercises are presented as operating cash inflows. The Company currently does not receive a tax benefit related to the exercise of stock options due to the Company’s net operating losses. (2) The intrinsic value of stock options exercised is the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the options. Stock Option Activity There were no option grants or exercises during the three months ended March 31, 2023 and 2022 . |
Summary of Unvested Restricted Stock Units | A summary of unvested RSU activity for the three months ended March 31, 2023 is as follows (in thousands, except per share amounts): Weighted Average Grant Shares Date Fair Value Unvested RSUs as of December 31, 2022 440 $ 5.27 Vested ( 9 ) $ 16.06 Unvested RSUs as of March 31, 2023 431 $ 5.04 |
Summary of Warrant Activity | A summary of warrant activity for the three months ended March 31, 2023 is as follows (in thousands, except exercise price amounts): Weighted Average Shares Exercise Warrants outstanding as of December 31, 2022 2,094 $ 6.58 Granted or Issued 11,404 $ 0.01 Exercised ( 1,429 ) $ 0.01 Warrants outstanding as of March 31, 2023 12,069 $ 1.15 Warrants exercisable as of March 31, 2023 12,069 $ 1.15 Vested warrants expired during the period — $ — |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | Inventory is valued at the lower of cost or net realizable value and is comprised of the following (in thousands): March 31, December 31, 2023 2022 Raw materials $ 7,833 $ 6,697 Work-in-process 2,141 1,871 Finished goods 7,801 7,316 Inventory $ 17,775 $ 15,884 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant, and Equipment | Property, plant, and equipment, net is comprised of the following (in thousands): March 31, December 31, 2023 2022 Building $ 202 $ 199 Leasehold improvements 1,167 464 Equipment and computers 8,920 8,566 Furniture and fixtures 504 475 Construction in progress 2,459 2,957 Total 13,252 12,661 Accumulated depreciation and amortization ( 8,690 ) ( 8,538 ) Property, plant, and equipment, net before land 4,562 4,123 Land 157 155 Property, plant, and equipment, net $ 4,719 $ 4,278 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Components of Accrued Liabilities | Accrued liabilities are comprised of the following (in thousands): March 31, December 31, 2023 2022 Payroll and benefits $ 3,911 $ 4,674 Warranty accrual, current portion 1,429 1,293 Lease liability 771 638 Accrued insurance premium 329 490 Accrued professional services 315 591 Taxes 314 432 Other 908 1,092 Accrued liabilities $ 7,977 $ 9,210 |
Changes in Initial Product Warranty Accrual and Expenses Under Initial and Extended Warranties | Changes in the initial product warranty accrual and the expenses incurred under the Company’s initial and extended warranties are included within accrued liabilities and were as follows (in thousands): Three Months Ended March 31, 2023 2022 Balance, beginning of period $ 1,653 $ 1,086 Provision for estimated warranty cost 1,158 551 Warranty expenditures ( 956 ) ( 499 ) Balance, end of period 1,855 1,138 Less: long-term portion of warranty accrual 426 512 Current portion of warranty accrual $ 1,429 $ 626 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Principal Outstanding and Unamortized Discount | The following table presents the details of the principal outstanding and unamortized discount (in thousands): March 31, December 31, 2023 2022 SWK Loan $ 14,650 $ 14,650 EIDL Loan 150 150 Discount and debt issuance costs on SWK Loan ( 904 ) ( 1,009 ) Total 13,896 13,791 Current term loans, net of discount 1,400 700 Non current term loans, net of discount $ 12,496 $ 13,091 |
Summary of Future Minimum Principal and Interest Payments | The future minimum principal and interest payments as of March 31, 2023 are as follows (in thousands): Principal Interest (1) Remainder of 2023 $ 700 $ 1,393 2024 2,800 1,623 2025 11,150 712 2026 — 9 2027 and thereafter 150 89 Total future payments $ 14,800 $ 3,826 (1) Estimated using London Interbank Bank Offered Rate (“LIBOR”) as of March 31, 2023 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Information related to Right-of-use Assets and Liabilities | Information related to the Company’s right-of-use assets and related liabilities were as follows (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for operating lease liabilities $ 68 $ 66 Right-of-use assets obtained in exchange for new operating $ 464 $ 444 Weighted-average remaining lease term 2.5 years 3.4 years Weighted-average discount rate 12.3 % 12.3 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of March 31, 2023 for leases that have commenced are as follows (in thousands): March 31, 2024 $ 994 2025 984 2026 608 2027 — 2028 and thereafter — Total future minimum lease obligations 2,586 Less imputed interest ( 383 ) Total lease liabilities $ 2,203 Current operating lease liabilities, included in $ 771 Non current lease liabilities 1,432 Total lease liabilities $ 2,203 |
Future minimum rental commitments under lease agreements with non-cancelable Operating Leases | Future minimum rental commitments under lease agreements, as of March 31, 2023, with non-cancelable terms greater than one year for each of the years ending December 31 are as follows (in thousands): Year Ended December 31, Remainder of 2023 $ 734 2024 1,042 2025 810 2026 — 2027 and thereafter — Total future minimum lease obligations 2,586 Less imputed interest ( 383 ) Total lease liabilities $ 2,203 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Net Revenue by Geographic Location | Net revenue by geographic location based on the location of customers was as follows (in thousands): Three Months Ended March 31, 2023 2022 United States $ 6,758 $ 6,978 International 3,709 3,188 Total net revenue $ 10,467 $ 10,166 |
Summary of Property, Plant and Equipment by Geographic Location | Property, plant, and equipment by geographic location was as follows (in thousands): March 31, December 31, 2023 2022 United States $ 4,472 $ 4,032 International 247 246 Total $ 4,719 $ 4,278 |
Concentrations (Tables)
Concentrations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Summary of Net Revenue from Various Products | Revenue from the Company’s products are as follows (dollars in thousands): Three Months Ended March 31, 2023 2022 Laser systems $ 6,265 59.8 % $ 6,335 62.3 % Consumables and other 3,033 29.0 % 2,710 26.7 % Services 1,169 11.2 % 1,121 11.0 % Total net revenue $ 10,467 100.0 % $ 10,166 100.0 % |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Jan. 09, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basis Of Presentation [Line Items] | |||||
Net loss | $ (5,849,000) | $ (4,776,000) | |||
capital expenditures | 600 | ||||
Proceeds from the sale of common stock and pre-funded warrants | 8,503,000 | 0 | |||
Gross proceeds from warrant exercises | 14,000 | 0 | |||
Prepaid expenses and other current assets | 2,499,000 | $ 3,053,000 | |||
Working capital | 13,000,000 | 11,200,000 | |||
Cash and cash equivalents | 6,532,000 | 4,181,000 | |||
Cash, cash equivalents, and restricted cash | 6,532,000 | 21,809,000 | 4,181,000 | $ 30,175,000 | |
Accounts receivable, net | 5,158,000 | $ 5,841,000 | |||
NetCashProvidedByUsedInOperatingActivities | $ (5,658,000) | $ (8,021,000) | |||
Common Stock, Shares, Issued | 26,329,000 | 7,723,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||
Securities Purchase Agreement [Member] | |||||
Basis Of Presentation [Line Items] | |||||
Warrant issued | 11,403,571,000 | ||||
Common Stock, Shares, Issued | 17,167,855,000 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 11,403,571,000 | ||||
combined purchase price | $ 350 | ||||
Warrant purchase | 340 | ||||
Gross proceeds from transactions and other transactions | $ 9,900,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |||
Revenue recognized from contract liability | $ 200 | $ 200 | |
Contract With Customer Liability Revenue Recognized Extended Warranty | 700 | $ 200 | |
Undelivered elements (product training, installation, product and support services) | $ 376 | $ 447 | |
Revenue from services transferred to customers over time, percentage | 11% | 11% | |
Revenue from products and services transferred to customers, percentage | 89% | 89% |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Opening and Closing Balances of Contract Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue Recognition [Abstract] | ||
Undelivered elements (training, installation, product and support services) | $ 376 | $ 447 |
Extended warranty contracts | 2,061 | 2,082 |
Total deferred revenue | 2,437 | 2,529 |
Less long-term portion of deferred revenue | (355) | (418) |
Deferred revenue — current | $ 2,082 | $ 2,111 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Disaggregation of Revenues Related to Geographic Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | $ 10,467 | $ 10,166 |
United States | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 6,758 | 6,978 |
International | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | $ 3,709 | $ 3,188 |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Revenues Disaggregated by Timing of Goods and Services Transferred (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Net revenue | $ 10,467 | $ 10,166 |
Revenue Recognized Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenue | 1,169 | 1,121 |
Revenue Recognized at a Point in Time | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenue | $ 9,298 | $ 9,045 |
Revenue Recognition - Summary_4
Revenue Recognition - Summary of Sales by End Market (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Net revenue | $ 10,467 | $ 10,166 |
End-customer | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenue | 6,758 | 6,978 |
Distributors | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenue | $ 3,709 | $ 3,188 |
Redeemable Preferred Stock an_3
Redeemable Preferred Stock and Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Jan. 09, 2023 | Jun. 27, 2022 | Jul. 23, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 01, 2022 | Mar. 06, 2018 | |
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Temporary equity preferred stock, shares authorized | 1,000,000 | |||||||||
Common stock, shares authorized | 180,000,000 | 180,000,000 | ||||||||
Common stock, shares issued | 26,329,000 | 7,723,000 | ||||||||
Common stock value | $ 26,000 | $ 8,000 | ||||||||
Proceeds from the exercise of common stock warrants | $ 14,000 | $ 0 | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||
Series G Preferred stock, shares authorized | 1,000,000 | |||||||||
Additional paid-in-capital | $ 310,802,000 | $ 301,782,000 | ||||||||
Compensation expense related to stock options | 700,000 | 200,000 | ||||||||
Total unrecognized compensation expense | 1,000,000 | $ 800,000 | ||||||||
Accrued liabilities | 7,977,000 | 9,210,000 | ||||||||
Other liabilities | $ 78,000 | 362,000 | ||||||||
Unrecognized share based compensation expense to be recognized over weighted-average period | 10 months 24 days | |||||||||
Stock Compensation Liability | $ 200,000 | |||||||||
Common stock offered | 2,700,000 | 900,000 | ||||||||
Allocated Share-based Compensation Expense | $ 691,000 | $ 209,000 | ||||||||
July 2020 Warrants | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Proceeds from issuance of warrants | 15,300,000 | |||||||||
Warrants issued in connection with debt instruments | $ 15,300,000 | |||||||||
July 2020 Warrants | Rights Offering | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Allocated to the warrants based upon fair values | $ 15,300,000 | |||||||||
June 2022 Warrants [Member] | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Weighted average exercise price of warrants | $ 0.001 | |||||||||
Sale of common stock and pre-funded warrants, net of fees ,shares | 678,745 | |||||||||
Proceeds from offering | $ 6,500,000 | |||||||||
Combined purchase price of share and warrant | $ 4.625 | |||||||||
January 2023 Warrants | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Equity raise of gross proceeds | $ 8,500,000 | |||||||||
Warrant issued | 11,403,571 | |||||||||
Weighted average exercise price of warrants | $ 0.01 | |||||||||
Common stock, par value | $ 0.001 | |||||||||
Sale of common stock and pre-funded warrants, net of fees ,shares | 17,167,855 | |||||||||
Proceeds from offering | $ 9,900,000 | |||||||||
Combined purchase price of share and warrant | $ 0.35 | |||||||||
January 2023 Prefunded Warrants | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Combined purchase price of share and warrant | $ 0.34 | |||||||||
June 2022 Pre-Funded Warrants [Member] | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Equity raise of gross proceeds | $ 5,600,000 | |||||||||
Warrant issued | 726,660 | |||||||||
Combined purchase price of share and warrant | $ 4.624 | |||||||||
Series F Convertible Preferred Stock | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Conversion price | $ 10 | |||||||||
Series F Convertible Preferred Stock | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Temporary equity preferred stock, shares authorized | 18,000 | |||||||||
Common stock value | $ 1,000 | |||||||||
Proceeds from issuance of warrants | $ 2,700,000 | |||||||||
Proceeds of common stock and warrants | 18,000,000 | |||||||||
Warrants issued in connection with debt instruments | $ 2,700,000 | |||||||||
Deemed dividend on convertible preferred stock | $ 2,700,000 | $ 200,000 | $ 500,000 | |||||||
Series G Preferred stock, shares authorized | 18,000 | |||||||||
Conversion of preferred stock into common stock | 1,800,000 | |||||||||
Convertible preferred stock, shares outstanding | 0 | 0 | ||||||||
Preferred stock par value | $ 0.001 | |||||||||
Series F Convertible Preferred Stock | Rights Offering | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Proceeds allocated to the warrants based upon fair values | $ 2,700,000 | |||||||||
Deemed dividend on convertible preferred stock | $ 14,700,000 | |||||||||
Series G Redeemable Preferred Stock | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Preferred stock, par value | $ 0.001 | |||||||||
Private Placement | June 2022 Warrants [Member] | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Warrant issued | 1,405,405 | |||||||||
2002 Stock Incentive Plan | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Common Stock Issued Pursuant To Options Exercised | 41,000 | |||||||||
Common stock authorized for issuance | 124,400 | |||||||||
Common stock issued pursuant to options exercised | 41,000 | |||||||||
Options and restricted stock units outstanding | 22,000 | |||||||||
Options available for future grants | 0 | |||||||||
2018 Long-Term Incentive Plan | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Increase in Number of Units Available for Issuance | 100,000 | |||||||||
Options and restricted stock units outstanding | 1,000,000 | |||||||||
2018 Long-Term Incentive Plan | Common Stock | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Common stock authorized for issuance | 1,500,000 | |||||||||
Phantom Share Units (PSUs) | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Additional paid-in-capital | $ 200,000 | $ 100,000 | ||||||||
Other liabilities | 300,000 | $ 300,000 | ||||||||
Allocated Share-based Compensation Expense | 100,000 | 100,000 | ||||||||
Shares issued in period | 31,000 | 402,000 | ||||||||
Stock Appreciation Rights (SARs) | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Additional paid-in-capital | 500,000 | |||||||||
Accrued liabilities | $ 200,000 | |||||||||
Allocated Share-based Compensation Expense | $ 0 | |||||||||
Shares issued in period | 39,000 | |||||||||
June 2020 Warrants | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Common stock, shares issued | 100,000 | |||||||||
June 2020 Warrants | Series F Convertible Preferred Stock | ||||||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||||||
Warrant issued | 45,000,000 |
Classification of Compensation
Classification of Compensation Expense Associated with Share-Based Payments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 691 | $ 209 |
Cost of Revenue | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | 18 | 20 |
Sales and Marketing | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | 197 | 99 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | 429 | 48 |
Engineering and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 47 | $ 42 |
Summary of Option Activity (Det
Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | ||
Equity [Abstract] | |||
Beginning Balance | 52,000 | ||
Forfeited, cancelled, or expired | 0 | ||
Ending Balance | 52,000 | 52,000 | |
Options exercisable at March 31, 2022 | 50,000 | ||
Vested options expired during the period ended March 31, 2022 | 0 | ||
Beginning Balance | $ 74.95 | ||
Forfeited, cancelled, or expired | 237.92 | ||
Ending Balance | 74.20 | $ 74.95 | |
Options exercisable at March 31, 2022 | 75.98 | ||
Vested options expired during the period ended March 31, 2022 | $ 0 | ||
Weighted-Average Remaining Contractual Term (Years) | |||
Options outstanding | 5 years 6 months | 5 years 9 months 18 days | |
Options exercisable | 5 years 4 months 24 days | ||
Options outstanding | [1] | $ 0 | $ 0 |
Options exercisable | [1] | $ 0 | |
[1] The intrinsic value calculation does not include negative values, which can occur when the fair market value on the reporting date is less than the exercise price of the award. |
Summary of Unvested Stock Optio
Summary of Unvested Stock Option Activity (Detail) - Stock Options | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance | shares | 2,000 |
Vested | shares | 0 |
Ending Balance | shares | 2,000 |
Beginning Balance | $ / shares | $ 14.38 |
Vested | $ / shares | 16.99 |
Ending Balance | $ / shares | $ 13.81 |
Fair Value Disclosures Related
Fair Value Disclosures Related to Grants, Exercises and Vested Options (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Total fair value of stock options vested during the period | $ 6 | $ 14 |
Summary of Unvested Restricted
Summary of Unvested Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance | shares | 440,000 |
Vested | shares | (9,000) |
Ending Balance | shares | 431,000 |
Unvested RSUs at December 31, 2021 | $ / shares | $ 5.27 |
Vested | $ / shares | 16.06 |
Unvested RSUs at March 31, 2022 | $ / shares | $ 5.04 |
Summary of Warrant Activity (De
Summary of Warrant Activity (Detail) - Warrants | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Class Of Warrant Or Right [Line Items] | |
Beginning Balance | shares | 2,094,000 |
Granted or Issued | shares | 11,404,000 |
Exercised | shares | (1,429,000) |
Ending Balance | shares | 12,069,000 |
Warrants exercisable at March 31, 2022 | shares | 12,069,000 |
Vested warrants expired during the period ended March 31, 2022 | shares | 0 |
Beginning Balance | $ / shares | $ 6.58 |
Granted or Issued | $ / shares | 0.01 |
Exercised | $ / shares | 0.01 |
Ending Balance | $ / shares | 1.15 |
Warrants exercisable at March 31, 2022 | $ / shares | 1.15 |
Vested warrants expired during the period ended March 31, 2022 | $ / shares | $ 0 |
Inventory - Components of Inven
Inventory - Components of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 7,833 | $ 6,697 |
Work-in-process | 2,141 | 1,871 |
Finished goods | 7,801 | 7,316 |
Inventory | $ 17,775 | $ 15,884 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Inventory reduced by estimate for excess and obsolete amount | $ 2.1 | $ 2.2 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property plant and equipment gross excluding land | $ 13,252 | $ 12,661 |
Accumulated depreciation and amortization | (8,690) | (8,538) |
Property, plant, and equipment, net before land | 4,562 | 4,123 |
Land | 157 | 155 |
Property, plant, and equipment, net | 4,719 | 4,278 |
Building | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment gross excluding land | 202 | 199 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment gross excluding land | 1,167 | 464 |
Equipment and Computers | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment gross excluding land | 8,920 | 8,566 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment gross excluding land | 504 | 475 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment gross excluding land | $ 2,459 | $ 2,957 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expenses | $ 0.1 | $ 0.1 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Intangible Assets and Goodwill [Line Items] | |||
Goodwill impairment loss | $ 0 | ||
Discount rate for goodwill | 15.70% | ||
Goodwill | $ 2,926 | $ 2,926 | |
Amortization expense | 0 | $ 0 | |
Level 3 | |||
Intangible Assets and Goodwill [Line Items] | |||
Goodwill impairment loss | $ 0 | ||
Discount rate for goodwill | 25% |
Accrued Liabilities - Component
Accrued Liabilities - Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Payables and Accruals [Abstract] | |||
Payroll and benefits | $ 3,911 | $ 4,674 | |
Warranty accrual, current portion | 1,429 | 1,293 | $ 626 |
Lease liability | 771 | 638 | |
Accrued insurance premium | 329 | 490 | |
Accrued professional services | 315 | 591 | |
Taxes | 314 | 432 | |
Other | 908 | 1,092 | |
Accrued liabilities | $ 7,977 | $ 9,210 |
Accrued Liabilities - Changes i
Accrued Liabilities - Changes in Initial Product Warranty Accrual and Expenses Under Initial and Extended Warranties (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Movement in Standard Product Warranty Accrual | |||
Balance, beginning of period | $ 1,653 | $ 1,086 | |
Provision for estimated warranty cost | 1,158 | 551 | |
Warranty expenditures | (956) | (499) | |
Balance, end of period | 1,855 | 1,138 | |
Less: long-term portion of warranty accrual | 426 | 512 | $ 360 |
Current portion of warranty accrual | $ 1,429 | $ 626 | $ 1,293 |
Accrued Liabilities - Additiona
Accrued Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accrued Liabilities [Line Items] | ||
Accrued liability | $ 7,977 | $ 9,210 |
Maximum | United States | Waterlase Laser Systems | ||
Accrued Liabilities [Line Items] | ||
Product warrant period | 1 year | |
Maximum | United States | Diode Systems | ||
Accrued Liabilities [Line Items] | ||
Product warrant period | 2 years | |
Maximum | International | Waterlase Systems And Diode Systems | ||
Accrued Liabilities [Line Items] | ||
Product warrant period | 24 months |
Debt - Summary of Principal Out
Debt - Summary of Principal Outstanding and Unamortized Discount (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Non current term loans | $ 13,896 | $ 13,791 |
Current term loans, net of discount | 1,400 | 700 |
Non current term loans, net of discount | 12,496 | 13,091 |
EIDL Loan | ||
Debt Instrument [Line Items] | ||
Non current term loans | 150 | 150 |
SWK Loan | ||
Debt Instrument [Line Items] | ||
Non current term loans | 14,650 | 14,650 |
Discount and debt issuance costs on SWK Loan | $ (904) | $ (1,009) |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
May 22, 2020 | Nov. 09, 2018 | Apr. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 30, 2022 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | |||||||
Interest expense | $ 600 | $ 400 | |||||
Weighted-average interest rate | 13.84% | ||||||
Credit Agreement Ninth Amendment [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan principal amount | $ 1,000 | ||||||
EIDL Loan | |||||||
Debt Instrument [Line Items] | |||||||
Loan principal amount | $ 150,000 | ||||||
Loan interest rate per annum | 3.75% | ||||||
Loan periodic payment terms | installment payments, including principal and interest, are due monthly beginning in July 2021 and are payable through July 2050. In April 2021, the SBA announced that it was extending the first payment due date for all loans until 2022, or 24 months from the loan execution date. In March 2022, the SBA announced that it was extending the first payment due date for all loans an additional six months, or 30 months from the loan execution date. The Company began making payments on the EIDL Loan starting in November 2022. Fixed payments are first applied to any accrued interest. | ||||||
Loan balance payment terms | payable through July 2050. | ||||||
Extension of loan due date | 2022 | ||||||
Note interest rate per annum | 3.75% | ||||||
SWK Loan | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 9% | ||||||
Repayments of lines of credit | $ 700 | ||||||
Line of credit facility term | 5 years | ||||||
Borrowings under lines of credit | $ 14,300 | ||||||
Debt instrument, maturity term | 2025 | ||||||
SWK Loan | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility interest rate description | 1.25 | ||||||
SWK Loan | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument covenants unencumbered liquid assets | $ 2,500 | ||||||
SWK Loan | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument covenants unencumbered liquid assets | $ 3,000 |
Debt - Summary of Future Minimu
Debt - Summary of Future Minimum Principal and Interest Payments (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2023 | $ 700 |
2024 | 2,800 |
2025 | 11,150 |
2026 | 0 |
2027 and thereafter | 150 |
Total future payments | 14,800 |
Remainder of 2023 | 1,393 |
2024 | 1,623 |
2025 | 712 |
2026 | 9 |
2027 and thereafter | 89 |
Total future payments | $ 3,826 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||||||
Dec. 10, 2021 ft² | Feb. 04, 2020 ft² | Jan. 22, 2020 ft² | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | May 26, 2022 ft² | |
Lessee Lease Description [Line Items] | |||||||
Rent expense | $ 300 | $ 200 | |||||
Operating lease, options to renew term | 1 year | ||||||
Lease liability | $ 771 | $ 638 | |||||
Operating lease, right-of-use asset | 2,078 | $ 1,768 | |||||
Operating lease, liability | $ 2,203 | ||||||
Corona Lease [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Lease term | 5 years | ||||||
Lease Expiration Date | Jun. 30, 2025 | Jun. 30, 2025 | |||||
Lease Commencement Date | Feb. 01, 2022 | Jul. 01, 2020 | |||||
Lease facility area | ft² | 15,000 | ||||||
Foothill Ranch [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Lease Expiration Date | Dec. 31, 2025 | ||||||
Foothill Ranch [Member] | Corona Lease [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Lease facility area | ft² | 11,000 | ||||||
Lake Forest [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Lease term | 66 months | ||||||
Lease Commencement Date | Jul. 01, 2020 | ||||||
Lease facility area | ft² | 12,000 | 8,000 | |||||
Maximum | |||||||
Lessee Lease Description [Line Items] | |||||||
Lease term | 5 years | ||||||
Lease initial term of contract | 1 year |
Leases - Information related to
Leases - Information related to Right-of-use Assets and Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Cash paid for operating lease liabilities | $ 68 | $ 66 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 464 | $ 444 |
Weighted-average remaining lease term | 2 years 6 months | 3 years 4 months 24 days |
Weighted-average discount rate | 12.30% | 12.30% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 994 | |
2025 | 608 | |
2026 | 984 | |
2027 | 0 | |
2028 and thereafter | 0 | |
Total future minimum lease obligations | 2,586 | |
Less imputed interest | (383) | |
Total lease liabilities | 2,203 | |
Current operating lease liabilities, included in accrued liabilities | 771 | $ 638 |
Non current operating lease liability | $ 1,432 | $ 1,259 |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Commitments Under Lease Agreements (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Leases [Abstract] | |
Remainder of 2023 | $ 734 |
2024 | 1,042 |
2025 | 810 |
2026 | 0 |
2027 and thereafter | 0 |
Total future minimum lease obligations | 2,586 |
Less imputed interest | (383) |
Total lease liabilities | $ 2,203 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Commitment And Contingencies [Line Items] | ||
Accrued liability | $ 7,977 | $ 9,210 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Sales Revenue, Net - Customer | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Customer Concentration Risk | United States | ||
Segment Reporting Information [Line Items] | ||
Percentage of sales | 65% | 69% |
Geographic Concentration Risk | International | ||
Segment Reporting Information [Line Items] | ||
Percentage of sales | 35% | 31% |
Number of customers which represented more than 10% of the Company's revenue | 0 | 0 |
Summary of Net Revenue by Geogr
Summary of Net Revenue by Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total net revenue | $ 10,467 | $ 10,166 |
United States | ||
Segment Reporting Information [Line Items] | ||
Total net revenue | 6,758 | 6,978 |
International | ||
Segment Reporting Information [Line Items] | ||
Total net revenue | $ 3,709 | $ 3,188 |
Summary of Property, Plant and
Summary of Property, Plant and Equipment by Geographic Location (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Property, plant, and equipment, net | $ 4,719 | $ 4,278 |
United States | ||
Segment Reporting Information [Line Items] | ||
Property, plant, and equipment, net | 4,472 | 4,032 |
International | ||
Segment Reporting Information [Line Items] | ||
Property, plant, and equipment, net | $ 247 | $ 246 |
Concentrations - Summary of Net
Concentrations - Summary of Net Revenue from Various Products (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Concentration Risk [Line Items] | ||
Total net revenue | $ 10,467 | $ 10,166 |
Product Concentration Risk | Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Percentage of sales | 100% | 100% |
Laser systems | ||
Concentration Risk [Line Items] | ||
Total net revenue | $ 6,265 | $ 6,335 |
Laser systems | Product Concentration Risk | Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Percentage of sales | 59.80% | 62.30% |
Consumables and other | ||
Concentration Risk [Line Items] | ||
Total net revenue | $ 3,033 | $ 2,710 |
Consumables and other | Product Concentration Risk | Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Percentage of sales | 29% | 26.70% |
Services | ||
Concentration Risk [Line Items] | ||
Total net revenue | $ 1,169 | $ 1,121 |
Services | Product Concentration Risk | Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Percentage of sales | 11.20% | 11% |
Concentrations - Additional Inf
Concentrations - Additional Information (Detail) - Customer | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Product Concentration Risk | Sales Revenue, Net | |||
Concentration Risk [Line Items] | |||
Number of customers which represented more than 10% of the Company's revenue | 0 | 0 | |
Concentration Risk Percentage | 100% | 100% | |
Product Concentration Risk | Account Receivable | |||
Concentration Risk [Line Items] | |||
Number of customers which represented more than 10% of the Company's accounts receivable | 0 | 0 | |
Minimum | Product Concentration Risk | Sales Revenue, Net | |||
Concentration Risk [Line Items] | |||
Concentration Risk Percentage | 10% | 10% | |
Minimum | Customer Concentration Risk | Account Receivable | |||
Concentration Risk [Line Items] | |||
Concentration Risk Percentage | 10% | 10% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Line Items] | ||
Liability for unrecognized tax benefit, including related estimates of penalties and interest | $ 0 | $ 0 |
Income tax provision | $ 1,000 | |
Income tax benefit | $ 17,000 | |
Projected annual effective tax rate | 0% | 0.40% |
Statutory tax rate | 21% | 21% |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) | May 04, 2023 $ / shares |
Subsequent Event | Series H Convertible Redeemable Preferred Stock | |
Subsequent Event [Line Items] | |
Preferred stock, liquidation preference per share | $ 50 |