0001628280-24-036167 | 10-Q | XBRL Viewer

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Description of Business	6 Months Ended
Description of Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS FARO Technologies, Inc. and its subsidiaries (collectively “FARO,” the “Company,” “us,” “we” or “our”) design, develop, manufacture, market and support software driven, three-dimensional (“3D”) measurement, imaging, and realization solutions for the manufacturing, architecture, engineering and construction (“AEC”), Operations and Maintenance (“O&M”) and public safety analytics markets. We enable our customers to capture, measure, manipulate, interact with and share 4D, 3D and 2D data from the physical world in a virtual environment and then translate this information back into the physical domain. Our broad technology set equips our customers with a wide range of 3D capture technologies that range from ultra-high accuracy laser-scanner-based technology to lower accuracy, photogrammetry-based technology. Our FARO suite of 3D products and software solutions are used for inspection of components and assemblies, rapid prototyping, reverse engineering, documenting large volume or structures in 3D, surveying and construction, construction management, assembly layout, machine guidance as well as in investigation and reconstructions of crash and crime scenes. We sell the majority of our solutions through a direct sales force, with an increasing volume being sold through an indirect channel across a range of industries including automotive, aerospace, metal and machine fabrication, surveying, architecture, engineering and construction, public safety forensics and other industries.

Accrued Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

ACCRUED LIABILITIES

Accrued liabilities consist of the following:


	As of June 30, 2024		As of December 31, 2023
Accrued compensation and benefits	$	11,884	$	15,347
Accrued restructuring costs	865		1,609
Accrued warranties	2,502		2,831
Professional and legal fees	2,301		2,851
Accrued interest	1,712		1,712
Taxes other than income	3,415		3,313
Other accrued liabilities	2,694		2,267
Total accrued liabilities	$	25,373	$	29,930

Activity related to accrued warranties was as follows:


	Six Months Ended June 30,
	2024		2023
Balance, beginning of period	$	2,831	$	2,610
Provision for warranty expense	1,624		1,769
Fulfillment of warranty obligations	(1,953)		(1,626)
Balance, end of period	$	2,502	$	2,753

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Renewal term (in years)			15 years
Termination window (in months)			3 months
Short term lease cost (less than)	$ 0.1	$ 0.1	$ 0.1	$ 0.1
Minimum
Lessee, Lease, Description [Line Items]
Term of contract (in years)			1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract (in years)			8 years

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Capitalized contract cost, net	$ 4.1		$ 4.1		$ 4.6
Recognized service revenue	9.9	$ 33.7	26.0	$ 33.8
Refund liability	0.1		0.1		0.1
Prepaid Expenses and Other Current Assets
Disaggregation of Revenue [Line Items]
Capitalized contract cost, net	3.1		3.1		3.5
Other Long-term Assets
Disaggregation of Revenue [Line Items]
Capitalized contract cost, net	$ 1.0		$ 1.0		$ 1.1
Minimum
Disaggregation of Revenue [Line Items]
Extended product warranty term (in years)			1 month
Maximum
Disaggregation of Revenue [Line Items]
Extended product warranty term (in years)			3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 97,914	$ 76,787
Short-term investments	0	19,496
Accounts receivable, net	84,868	92,028
Inventories, net	34,409	34,529
Prepaid expenses and other current assets	30,468	38,768
Total current assets	247,659	261,608
Non-current assets:
Property, plant and equipment, net	18,412	21,181
Operating lease right-of-use assets	10,960	12,231
Goodwill	108,164	109,534
Intangible assets, net	46,135	47,891
Service and sales demonstration inventory, net	21,044	23,147
Deferred income tax assets, net	24,792	25,027
Other long-term assets	3,915	4,073
Total assets	481,081	504,692
Current liabilities:
Accounts payable	27,867	27,404
Accrued liabilities	25,373	29,930
Income taxes payable	3,227	5,699
Current portion of unearned service revenues	40,014	40,555
Customer deposits	5,208	4,251
Lease liabilities	4,645	5,434
Total current liabilities	106,334	113,273
Loan - 5.50% Convertible Senior Notes	69,983	72,760
Unearned service revenues - less current portion	19,984	20,256
Lease liabilities - less current portion	9,556	10,837
Deferred income tax liabilities	12,498	13,308
Income taxes payable - less current portion	6,114	5,629
Other long-term liabilities	16	23
Total liabilities	224,485	236,086
Commitments and contingencies - See Note 13
Shareholders’ equity:
Common stock - par value $0.001, 50,000,000 shares authorized; 20,779,711 and 20,343,359 issued, respectively; 19,406,669 and 18,968,798 outstanding, respectively	20	20
Additional paid-in capital	351,849	346,277
Retained earnings	(17,580)	(9,789)
Accumulated other comprehensive loss	(47,038)	(37,247)
Common stock in treasury, at cost - 1,373,042 and 1,374,561 shares held, respectively	(30,655)	(30,655)
Total shareholders’ equity	256,596	268,606
Total liabilities and shareholders’ equity	$ 481,081	$ 504,692

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3,461	$ 3,722
Operating cash flows from finance leases	6	9
Financing cash flows from finance leases	109	105
ROU assets obtained in exchange for lease obligations:
Operating leases	$ 589	$ 0

Restructuring

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

RESTRUCTURING

On February 14, 2020, our Board of Directors approved a global restructuring plan (the “Restructuring Plan”) to improve operating performance and help ensure that we are appropriately structured and resourced to deliver sustainable value to our shareholders and customers. We believe we have successfully redefined our go-to-market strategy to place an increased focus on our customers and to help enable our sales employees, supported by our talented pool of field application engineers, to sell all product lines globally.

In conjunction with the Restructuring Plan, on July 15, 2021, we entered into a manufacturing services agreement (the “Agreement”) with Sanmina Corporation (“Sanmina”), in connection with the Restructuring Plan. Under the Agreement, Sanmina provides manufacturing services for the Company’s measurement device products previously manufactured by the Company at the Company’s Lake Mary, Florida, Exton, Pennsylvania, Stuttgart, Germany and Portugal manufacturing sites. This phased transition to a Sanmina production facility was completed at the beginning of the third quarter of 2022 as part of our cost reduction initiative. As a result of an evaluation on the usage of our manufacturing spaces, we decided to abandon 17,000 square feet of unused space at our Exton, Pennsylvania facility in the third quarter of 2022. Since the approval of the Restructuring Plan, we paid $24.8 million, primarily consisting of severance and related benefits. All actions under this plan were completed as of March 31, 2023, and the remaining amounts payable of $0.5 million were rolled forward to the Integration Plan discussed below.

On February 7, 2023, our Board of Directors approved an integration plan (the "Integration Plan"), which is intended to streamline and simplify operations, particularly around our recent acquisitions and the resulting redundant operations and offerings. The Integration Plan was amended on May 3, 2023, and the Board approved increases to both the expected pre-tax charges and the annualized cost savings. Key activities under the Integration Plan include a planned decrease in headcount, consolidation of our cloud-based offerings from 3 platforms (2 acquired, 1 organic) into a single customer offering, and the optimization of our facility assets to align with current and expected future utilization. As of June 30, 2024, in relation with the Integration Plan, we have incurred total restructuring charges of $26.7 million, and have made cash payments of $10.1 million.

In the second quarter of 2024 and 2023, we recognized $0.6 million and $3.2 million in employee severance and other professional costs associated with the Integration and Restructuring plans, respectively. Additionally, we paid $1.0 million and $3.2 million, respectively, for the same periods, primarily consisting of severance and related benefits. Also in the second quarter of 2024, we incurred $0.3 million towards our Singapore facility abandonment, for which we took an initial restructuring charge in the third quarter of 2023.

Activity related to the accrued restructuring charges for the Integration Plan and cash payments during the six months ended June 30, 2024 and 2023 is as follows:


	Severance and other benefits		Professional fees and other related charges		Total
Balance at December 31, 2023	$	1,489	$	120	$	1,609
Additions charged to expense	325		291		616
Cash payments	(1,360)		—		(1,360)
Balance at June 30, 2024	$	454	$	411	$	865


	Severance and other benefits		Professional fees and other related charges		Total
Balance at December 31, 2022	$	318	$	210	$	528
Additions charged to expense	7,197		220		7,417
Cash payments	(3,988)		—		(3,988)
Balance at June 30, 2023	$	3,527	$	430	$	3,957

Substantially all of our planned activities under the Restructuring Plan and the Integration Plan are complete.

Principles of Consolidation	6 Months Ended
Principles of Consolidation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	PRINCIPLES OF CONSOLIDATIONOur condensed consolidated financial statements include the accounts of FARO Technologies, Inc. and its subsidiaries, all of which are wholly-owned. All intercompany transactions and balances have been eliminated. The financial statements of our foreign subsidiaries are translated into U.S. dollars using exchange rates in effect at period-end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from financial statement translations are reflected as a separate component of accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in net income (loss)

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

LEASES

We have operating and finance leases for manufacturing facilities, corporate offices, research and development facilities, sales and training facilities, vehicles, and certain equipment under which we assume the role of lessee. We do not lease assets as a lessor. Our leases have remaining lease terms of less than one year to approximately eight years, some of which include options to extend the leases for up to fifteen years, and some of which include options to terminate the leases within three months. We do not participate in any material subleasing.

We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) asset, Lease liability, and Lease liability - less current portion in our condensed consolidated balance sheets. Finance

leases are included in Property and equipment, net, Lease liability, and Lease liability - less current portion in our condensed consolidated balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized on the commencement date of the lease based on the present value of lease payments over the lease term. Variable lease payments that depend on an index or rate include the variable portion when calculating ROU assets and lease liabilities. Variable lease payments that do not depend on an index or rate are expensed as incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available on the commencement date of the lease to determine the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU assets also include any lease payments made and lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option at the time the lease is commenced. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

While we have lease agreements with lease and non-lease components, we account for the lease and non-lease components as a single lease component.

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	1,595	$	1,841	$	2,804	$	3,571

Finance lease cost:
Amortization of ROU assets	57		34		76		49
Interest on lease liabilities	4		6		6		9
Total finance lease cost	$	61	$	40	$	82	$	58

We recognize lease payments made for short-term leases where terms are 12 months or less as the payments are incurred. Our short-term lease costs for each of the three and six months ended June 30, 2024 and 2023 were less than $0.1 million.

Supplemental balance sheet information related to leases was as follows:


	As of			As of
	June 30, 2024			December 31, 2023
Operating leases:
Operating lease right-of-use assets	$	10,960		$	12,231

Current operating lease liabilities	4,645			5,434
Operating lease liabilities - less current portion	9,556			10,837
Total operating lease liabilities	14,201			16,271

Finance leases:
Property and equipment, at cost	1,082			1,722
Accumulated amortization	(961)			(1,547)
Property and equipment, net	121			175

Current finance lease liabilities	79			108
Finance lease liabilities - less current portion	124			112
Total finance lease liabilities	$	203		$	220

Weighted Average Remaining Lease Term (in years):
Operating leases	4.51			4.57
Finance leases	3.04			2.40

Weighted Average Discount Rate:
Operating leases	5.76		%	5.71		%
Finance leases	5.02		%	5.02		%

Supplemental cash flow information related to leases was as follows:


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,461	$	3,722
Operating cash flows from finance leases	6		9
Financing cash flows from finance leases	109		105

ROU assets obtained in exchange for lease obligations:
Operating leases	$	589	$	—

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2024 (excluding the first 6 months)	$	2,749	$	50
2025	3,942		74
2026	2,709		50
2027	1,855		25
2028	1,709		16
Thereafter	3,206		4
Total lease payments	16,170		219
Less imputed interest	(1,969)		(16)
Total	$	14,201	$	203

Leases

LEASES

leases are included in Property and equipment, net, Lease liability, and Lease liability - less current portion in our condensed consolidated balance sheets.

While we have lease agreements with lease and non-lease components, we account for the lease and non-lease components as a single lease component.

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	1,595	$	1,841	$	2,804	$	3,571

Finance lease cost:
Amortization of ROU assets	57		34		76		49
Interest on lease liabilities	4		6		6		9
Total finance lease cost	$	61	$	40	$	82	$	58

Supplemental balance sheet information related to leases was as follows:


	As of			As of
	June 30, 2024			December 31, 2023
Operating leases:
Operating lease right-of-use assets	$	10,960		$	12,231

Current operating lease liabilities	4,645			5,434
Operating lease liabilities - less current portion	9,556			10,837
Total operating lease liabilities	14,201			16,271

Finance leases:
Property and equipment, at cost	1,082			1,722
Accumulated amortization	(961)			(1,547)
Property and equipment, net	121			175

Current finance lease liabilities	79			108
Finance lease liabilities - less current portion	124			112
Total finance lease liabilities	$	203		$	220

Weighted Average Remaining Lease Term (in years):
Operating leases	4.51			4.57
Finance leases	3.04			2.40

Weighted Average Discount Rate:
Operating leases	5.76		%	5.71		%
Finance leases	5.02		%	5.02		%

Supplemental cash flow information related to leases was as follows:


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,461	$	3,722
Operating cash flows from finance leases	6		9
Financing cash flows from finance leases	109		105

ROU assets obtained in exchange for lease obligations:
Operating leases	$	589	$	—

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2024 (excluding the first 6 months)	$	2,749	$	50
2025	3,942		74
2026	2,709		50
2027	1,855		25
2028	1,709		16
Thereafter	3,206		4
Total lease payments	16,170		219
Less imputed interest	(1,969)		(16)
Total	$	14,201	$	203

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Contractual interest expense	$ 1,155	$ 1,147	$ 2,308	$ 1,990
Amortization of discount and issuance costs	111	116	223	171
Total interest expense related to the Notes	$ 1,266	$ 1,263	$ 2,531	$ 2,161

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical)	Jun. 30, 2024	Jan. 24, 2023
5.50% Convertible Senior Notes Due 2028 \| Convertible Debt
Stated interest rate (as a percent)	5.50%	5.50%

Fair Value Measurements and Investments - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the notes	$ 61.0	$ 65.3

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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+ Details

Impact of Recently Issued Accounting Pronouncements	6 Months Ended
Impact of Recently Issued Accounting Pronouncements	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Impact of Recently Issued Accounting Pronouncements	IMPACT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of significant segment expenses and other segment items on an annual and interim basis under Accounting Standards Codification 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted and the amendments in ASU 2023-07 should be applied on a retrospective basis to all periods presented. The Company is currently evaluating the impact of ASU 2023-07 on its disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. The Company is currently evaluating the impact of ASU 2023-09 on its disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating leases:
Operating lease right-of-use assets	$ 10,960	$ 12,231
Current operating lease liabilities	4,645	5,434
Operating lease liabilities - less current portion	9,556	10,837
Total operating lease liabilities	14,201	16,271
Finance leases:
Property and equipment, at cost	1,082	1,722
Accumulated amortization	(961)	(1,547)
Property and equipment, net	121	175
Current finance lease liabilities	79	108
Finance lease liabilities - less current portion	124	112
Total finance lease liabilities	$ 203	$ 220
Weighted Average Remaining Lease Term (in years):
Operating leases	4 years 6 months 3 days	4 years 6 months 25 days
Finance leases	3 years 14 days	2 years 4 months 24 days
Weighted Average Discount Rate:
Operating leases	5.76%	5.71%
Finance leases	5.02%	5.02%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Lease liabilities	Lease liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease liabilities - less current portion	Lease liabilities - less current portion
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Liabilities	Liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities	Lease liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities - less current portion	Lease liabilities - less current portion
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities

Loss Per Share - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 24, 2023
Debt Instrument [Line Items]
Antidilutive securities (in shares)		1,508,815	1,223,344
Aggregate principal amount	$ 72,000	$ 72,000		$ 75,000
5.50% Convertible Senior Notes Due 2028 \| Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount	$ 72,000	$ 72,000			$ 75,000
Incremental common shares (in shares)	2,039,659

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating leases
2024 (excluding the first 6 months)	$ 2,749
2025	3,942
2026	2,709
2027	1,855
2028	1,709
Thereafter	3,206
Total lease payments	16,170
Less imputed interest	(1,969)
Total	14,201	$ 16,271
Finance leases
2024 (excluding the first 6 months)	50
2025	74
2026	50
2027	25
2028	16
Thereafter	4
Total lease payments	219
Less imputed interest	(16)
Total	$ 203	$ 220

Accounts Receivable

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Accounts Receivable

ACCOUNTS RECEIVABLE

Accounts receivable consist of the following:


	As of June 30, 2024		As of December 31, 2023
Accounts receivable	$	88,151	$	95,195
Allowance for credit losses	(3,283)		(3,167)
Total	$	84,868	$	92,028

Activity related to the allowance for credit losses was as follows:


	Six Months Ended June 30,
		2024		2023
Beginning balance of the allowance for credit losses		$	3,167	$	2,285
Current period provision for expected credit losses, net of recoveries		304		408
Charge-offs of amounts previously expensed		(188)		(55)
Ending balance of the allowance for credit losses		$	3,283	$	2,638

Cover page - shares	6 Months Ended
Cover page - shares	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	0-23081
Entity Registrant Name	FARO TECHNOLOGIES, INC
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-3157093
Entity Address, Address Line One	125 Technology Park,
Entity Address, City or Town	Lake Mary
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32746
City Area Code	407
Local Phone Number	333-9911
Title of 12(b) Security	Common Stock, par value $.001
Trading Symbol	FARO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		19,496,573
Entity Central Index Key	0000917491
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Intangible Assets - Schedule (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Carrying Value	$ 93,321	$ 91,040
Accumulated Amortization	47,186	43,149
Net Intangible	46,135	47,891
Product technology
Finite-Lived Intangible Assets [Line Items]
Carrying Value	23,879	24,127
Accumulated Amortization	16,714	15,742
Net Intangible	7,165	8,385
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Carrying Value	17,747	19,687
Accumulated Amortization	10,338	11,509
Net Intangible	7,409	8,178
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Carrying Value	24,921	25,164
Accumulated Amortization	7,878	7,279
Net Intangible	17,043	17,885
Other
Finite-Lived Intangible Assets [Line Items]
Carrying Value	26,774	22,062
Accumulated Amortization	12,256	8,619
Net Intangible	$ 14,518	$ 13,443

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Accrued Liabilities - Activity Related to Accrued Warranties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance, beginning of period	$ 2,831	$ 2,610
Provision for warranty expense	1,624	1,769
Fulfillment of warranty obligations	(1,953)	(1,626)
Balance, end of period	$ 2,502	$ 2,753

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (524)	$ (28,245)	$ (7,791)	$ (49,409)
Currency translation adjustments, net of income taxes	(5,893)	(1,679)	(9,791)	1,101
Net unrealized loss on short-term investments	0	238	0	238
Comprehensive loss	$ (6,417)	$ (29,686)	$ (17,582)	$ (48,070)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Debt - Schedule of Net Carrying Amount (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Principal	$ 72,000	$ 75,000
Unamortized discount and issuance costs	(2,017)	(2,240)
Net carrying amount	$ 69,983	$ 72,760

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Our directors and officers (as defined in Section 16 of the Exchange Act (“Section 16”)) may from time to time enter into plans for the purchase or sale of our stock that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

During the three months ended June 30, 2024, the following Section 16 officer adopted a “Rule 10b5-1 trading arrangement” (as defined in Regulation S-K Item 408):

Name and Position

Plan Adoption/Termination

Plan Adoption/Termination Date

Duration of the Plan (Expiration Date)

Number of Shares to be Purchased (Sold) under the Plan (1)

Peter J. Lau

Adoption

June 7, 2024

December 31, 2024

(5,435)

President and Chief Executive Officer

(1) This number includes shares of our common stock issuable pursuant to unvested restricted stock units (“RSU”) that are scheduled to vest during the term of the Rule 10b5-1 trading arrangement, subject to time-based vesting conditions set forth in the applicable RSU award agreement.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Peter J. Lau [Member]

Trading Arrangements, by Individual

Name

Peter J. Lau

Title

President and Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

June 7, 2024

December 31, 2024

207 days

(5,435)

Fair Value Measurements and Investments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Investments

FAIR VALUE MEASUREMENTS AND INVESTMENTS

Fair Value Measurements

The guidance on fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value, and requires enhanced disclosures about assets and liabilities measured at fair value. Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are used to determine fair value. These models employ valuation techniques that involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity.

Assets and liabilities recorded at fair value on a recurring basis in our condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by the guidance on fair value measurements, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and are as follows:

Level 1 - Valuation is based upon quoted market prices for identical instruments traded in active markets.

Level 2 - Valuation is based on quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 - Valuation is generated from model-based techniques that use significant assumptions not observable in the market. Valuation techniques include use of discounted cash flow models and similar techniques.

The fair values of our cash and cash equivalents, accounts receivable, and accounts payable, approximate their carrying amounts due to their short duration.

Financial assets subject to the fair value disclosure requirements are included in the table below. All of our financial assets are classified as Level 1. At June 30, 2024 and December 31, 2023, the fair value of these investments approximated its carrying amount.


	As of June 30, 2024
Assets	Level 1		Level 2		Level 3
Cash equivalents: U.S. Treasury securities	$	9,994	$	—	$	—
Total	$	9,994	$	—	$	—


	As of December 31, 2023
Assets	Level 1		Level 2		Level 3
Cash equivalents: U.S. Treasury securities	$	9,871	$	—	$	—
Short-term investments: U.S. Treasury securities	19,496		—		—
Total	$	29,367	$	—	$	—

The fair value of the Notes (as defined in Note 16 to the condensed consolidated financial statements) was approximately $61.0 million and $65.3 million as of June 30, 2024 and December 31, 2023, respectively. Fair value was determined based on the closing trading price of the Notes as of the last trading day of the quarter and was primarily affected by the trading price of the Company's common stock and market interest rates. The fair value of the Notes is considered a Level 2 measurement as they are not actively traded.

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consist of the following:


	As of June 30, 2024		As of December 31, 2023
Accounts receivable	$	88,151	$	95,195
Allowance for credit losses	(3,283)		(3,167)
Total	$	84,868	$	92,028

Schedule of Financing Receivable, Allowance for Credit Loss

Activity related to the allowance for credit losses was as follows:


	Six Months Ended June 30,
		2024		2023
Beginning balance of the allowance for credit losses		$	3,167	$	2,285
Current period provision for expected credit losses, net of recoveries		304		408
Charge-offs of amounts previously expensed		(188)		(55)
Ending balance of the allowance for credit losses		$	3,283	$	2,638

Principles of Consolidation (Policies)	6 Months Ended
Principles of Consolidation (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Our condensed consolidated financial statements include the accounts of FARO Technologies, Inc. and its subsidiaries, all of which are wholly-owned.
Foreign Currency Translation	All intercompany transactions and balances have been eliminated. The financial statements of our foreign subsidiaries are translated into U.S. dollars using exchange rates in effect at period-end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from financial statement translations are reflected as a separate component of accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in net income (loss)
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements include all normal recurring accruals and adjustments considered necessary by management for a fair presentation in conformity with U.S. GAAP.
Use of Estimates	Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of significant segment expenses and other segment items on an annual and interim basis under Accounting Standards Codification 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted and the amendments in ASU 2023-07 should be applied on a retrospective basis to all periods presented. The Company is currently evaluating the impact of ASU 2023-07 on its disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. The Company is currently evaluating the impact of ASU 2023-09 on its disclosures.
Inventories	Inventories are stated at the lower of cost or net realizable value using the first-in first-out (FIFO) method. We have three principal categories of inventory: 1) manufactured product to be sold; 2) sales demonstration inventory - completed product used to support our sales force for demonstrations and held for sale; and 3) service inventory - completed product and parts used to support our service department and held for sale. Shipping and handling costs are classified as a component of Cost of sales in our condensed consolidated statements of operations. Sales demonstration inventory is held by our sales representatives for up to three years, at which time it would be refurbished and transferred to finished goods as used equipment, stated at the lower of cost or net realizable value. We expect these refurbished units to remain in finished goods inventory and sold within 12 months at prices that produce reduced gross margins. Service inventory is used to provide a temporary replacement product to a customer covered by a premium warranty when the customer’s unit requires service or repair and as training equipment. Service inventory is available for sale; however, management does not expect service inventory to be sold within 12 months and, as such, classifies this inventory as a long-term asset. Service inventory that we utilize for training or repairs and which we deem as no longer available for sale is transferred to fixed assets at the lower of cost or net realizable value and depreciated over the remaining life, typically three years.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Lease Cost and Supplemental Cash Flow Information Related to Leases

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	1,595	$	1,841	$	2,804	$	3,571

Finance lease cost:
Amortization of ROU assets	57		34		76		49
Interest on lease liabilities	4		6		6		9
Total finance lease cost	$	61	$	40	$	82	$	58

Supplemental cash flow information related to leases was as follows:


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,461	$	3,722
Operating cash flows from finance leases	6		9
Financing cash flows from finance leases	109		105

ROU assets obtained in exchange for lease obligations:
Operating leases	$	589	$	—

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	As of			As of
	June 30, 2024			December 31, 2023
Operating leases:
Operating lease right-of-use assets	$	10,960		$	12,231

Current operating lease liabilities	4,645			5,434
Operating lease liabilities - less current portion	9,556			10,837
Total operating lease liabilities	14,201			16,271

Finance leases:
Property and equipment, at cost	1,082			1,722
Accumulated amortization	(961)			(1,547)
Property and equipment, net	121			175

Current finance lease liabilities	79			108
Finance lease liabilities - less current portion	124			112
Total finance lease liabilities	$	203		$	220

Weighted Average Remaining Lease Term (in years):
Operating leases	4.51			4.57
Finance leases	3.04			2.40

Weighted Average Discount Rate:
Operating leases	5.76		%	5.71		%
Finance leases	5.02		%	5.02		%

Schedule of Operating Lease, Liability, Maturity

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2024 (excluding the first 6 months)	$	2,749	$	50
2025	3,942		74
2026	2,709		50
2027	1,855		25
2028	1,709		16
Thereafter	3,206		4
Total lease payments	16,170		219
Less imputed interest	(1,969)		(16)
Total	$	14,201	$	203

Schedule of Finance Lease, Liability, Maturity

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2024 (excluding the first 6 months)	$	2,749	$	50
2025	3,942		74
2026	2,709		50
2027	1,855		25
2028	1,709		16
Thereafter	3,206		4
Total lease payments	16,170		219
Less imputed interest	(1,969)		(16)
Total	$	14,201	$	203

Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Basis of Presentation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 1,164	$ 4,950	$ 5,703	$ 8,584
Total cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	374	420	704	692
Total operating expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	790	4,530	4,999	7,892
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	196	3,554	4,138	6,122
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	594	976	861	1,770
Product
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	298	364	574	604
Service
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 76	$ 56	$ 130	$ 88

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:


	As of June 30, 2024
	Carrying Value		Accumulated Amortization		Net Intangible
Amortizable intangible assets:
Product technology	$	23,879	$	16,714	$	7,165
Patents and trademarks	17,747		10,338		7,409
Customer relationships	24,921		7,878		17,043
Other	26,774		12,256		14,518
Total	$	93,321	$	47,186	$	46,135


	As of December 31, 2023
	Carrying Value		Accumulated Amortization		Net Intangible
Amortizable intangible assets:
Product technology	$	24,127	$	15,742	$	8,385
Patents and trademarks	19,687		11,509		8,178
Customer relationships	25,164		7,279		17,885
Other	22,062		8,619		13,443
Total	$	91,040	$	43,149	$	47,891

Schedule of Estimated Amortization Expense

The estimated amortization expense for each of the years 2024 through 2028 and thereafter is as follows:



Years ending December 31,	Amount
2024 (excluding the first 6 months)	$	8,997
2025	9,092
2026	7,004
2027	5,683
2028	1,935
Thereafter	13,424
Total	$	46,135

Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

Intangible assets consist of the following:


	As of June 30, 2024
	Carrying Value		Accumulated Amortization		Net Intangible
Amortizable intangible assets:
Product technology	$	23,879	$	16,714	$	7,165
Patents and trademarks	17,747		10,338		7,409
Customer relationships	24,921		7,878		17,043
Other	26,774		12,256		14,518
Total	$	93,321	$	47,186	$	46,135


	As of December 31, 2023
	Carrying Value		Accumulated Amortization		Net Intangible
Amortizable intangible assets:
Product technology	$	24,127	$	15,742	$	8,385
Patents and trademarks	19,687		11,509		8,178
Customer relationships	25,164		7,279		17,885
Other	22,062		8,619		13,443
Total	$	91,040	$	43,149	$	47,891

Amortization expense, was $2.1 million and $4.1 million for the three and six months ended June 30, 2024, respectively. Amortization expense was $2.0 million and $3.9 million for the three and six months ended June 30, 2023. The estimated amortization expense for each of the years 2024 through 2028 and thereafter is as follows:



Years ending December 31,	Amount
2024 (excluding the first 6 months)	$	8,997
2025	9,092
2026	7,004
2027	5,683
2028	1,935
Thereafter	13,424
Total	$	46,135

Restructuring - Additional Information (Details) ft² in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		52 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 15, 2021 ft²
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 616	$ 8,450	$ 616	$ 12,688
Accrued restructuring costs	865		865		$ 865	$ 1,609
Singapore Facility Shutdown
Restructuring Cost and Reserve [Line Items]
Restructuring costs	300
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Cash payments			10,100
Restructuring Plan \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs					24,800
Restructuring reserve	26,700		26,700		26,700
Restructuring Plan \| Exton, Pennsylvania Manufacturing Site
Restructuring Cost and Reserve [Line Items]
Area of land (in sq ft) \| ft²								17
Integration Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs	600	3,200	616	7,417
Accrued restructuring costs	500		500		500
Restructuring reserve	865	3,957	865	3,957	865	1,609	$ 528
Cash payments			1,360	3,988
Integration Plan \| Severance and other benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs			325	7,197
Restructuring reserve	454	3,527	454	3,527	$ 454	$ 1,489	$ 318
Cash payments	$ 1,000	$ 3,200	$ 1,360	$ 3,988

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three months ended June 30, 2024, we recorded an income tax expense of $1.6 million compared with $1.4 million for the three months ended June 30, 2023. Our effective tax rate was 150.8% for the three months ended June 30, 2024, compared with 5.3% in the prior year period. The tax rate for the three months ended June 30, 2024 reflects a tax expense on a pre-tax loss consistent with the prior year period as our United States and Singapore entities remain in a full valuation allowance. Accordingly, we are not able to recognize the tax benefits associated with pre-tax losses generated in those jurisdictions. Our quarterly estimate of our annual effective tax rate, and our quarterly provision for income tax (benefit) expense, are subject to significant variation due to numerous factors, including variability in accurately predicting our pre-tax and taxable income or loss and the mix of jurisdictions to which they relate, as well as the amount of pre-tax income or loss recognized during the quarter.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Inventories - Additional Information (Details)	6 Months Ended
Inventories - Additional Information (Details)	Jun. 30, 2024 category
Property, Plant and Equipment [Line Items]
Inventory categories	3
Refurbished demonstration inventory selling period (in months)	12 months
Sales Inventory
Property, Plant and Equipment [Line Items]
Demonstration inventory shelf life (in years)	3 years
Service Inventory
Property, Plant and Equipment [Line Items]
Service inventory selling period (in months)	12 months
Inventory, remaining useful life (in years)	3 years

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

DEBT

On January 24, 2023, the Company issued $75 million aggregate principal amount of 5.50% Convertible Senior Notes due 2028 (the “Notes”). The Notes are general senior unsecured obligations of the Company and will mature on February 1, 2028, unless earlier redeemed, repurchased or converted. The Notes will bear interest from January 24, 2023, at a rate of 5.50% per annum payable semiannually in arrears on February 1 and August 1 of each year, beginning August 1, 2023. The annual effective interest rate of the Notes is 6.27% when including discounts and offering expenses incurred by the Company.

The Notes will be convertible at the option of the holders of the Notes at any time prior to November 1, 2027 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2023 (and only during such fiscal quarter), if the last reported sale price of the Company’s common stock, par value $0.001 per share (hereinafter referred to as “common stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including, the last trading day of the immediately preceding calendar quarter exceeds 130% of the conversion price on each applicable trading day; (2) during the five-business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for the Notes on each such trading day; (3) upon the occurrence of certain corporate events or distributions on the Company’s common stock; (4) if the Company calls such Notes for redemption; or (5) upon the occurrence of specified corporate events. On or after November 1, 2027, holders may convert all or any portion of their Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions. Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. The conversion rate for the Notes will initially be 23.6072 shares of the common stock per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $42.36 per share of the common stock. The initial conversion price of the Notes represents a premium of approximately 20% to the $35.30 per share last reported sale price of the common stock on January 19, 2023. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the Indenture. During the three months ended June 30, 2024, the conditions allowing holders of the 2025 Notes to convert have not been met. The Notes are therefore not convertible as of June 30, 2024 and are classified in long term liabilities in the condensed consolidated balance sheet.

The Company may not redeem the Notes prior to February 5, 2026. The Company may redeem for cash all or any portion of the Notes, at its option, on or after February 5, 2026 and on or before the 50th scheduled trading day immediately before the maturity date, if the last reported sale price of the common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on and including the last trading day immediately before the date on which the Company provides notice of redemption and (ii) the trading day immediately before the date the Company provides such notice. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Notes, which means that the Company is not required to redeem or retire the Notes periodically.

Upon the occurrence of a fundamental change (as defined in the indenture governing the Notes) prior to the maturity date, subject to certain conditions, holders of the Notes may require the Company to repurchase all or a portion of the Notes for cash at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The proceeds from the issuance of the Notes are presented under the long term liabilities of our condensed consolidated balance sheet. The net proceeds from the issuance of the Notes were approximately $72.3 million, after deducting underwriting discounts of $2.3 million and other offering expenses of $0.4 million.

In June 2024, the Company entered into separate, privately negotiated transactions with certain holders of the Notes to repurchase $3.0 million aggregate principal amount of the Notes for an aggregated cash repurchase price of $2.7 million and a gain on debt extinguishment of $0.3 million, which was recorded in Other income (expense), net, on the condensed consolidated statements of operations. After the repurchase, $72.0 million aggregate principal amount of the Notes remained outstanding on June 30, 2024. The Company is in compliance with all covenants under the indenture governing the Notes as of June 30, 2024.

The net carrying amount of the Notes was as follows:


	As of June 30, 2024		As of December 31, 2023
Principal	$	72,000	$	75,000
Unamortized discount and issuance costs	(2,017)		(2,240)
Net carrying amount	$	69,983	$	72,760

The following table sets forth the interest expense recognized related to the Notes:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024		2023		2024		2023
Contractual interest expense	$	1,155	$	1,147	$	2,308	$	1,990
Amortization of discount and issuance costs	111		116		223		171
Total interest expense related to the Notes	$	1,266	$	1,263	$	2,531	$	2,161

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Restructuring - Activity Related to Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Additions charged to expense	$ 616	$ 8,450	$ 616	$ 12,688
Integration Plan
Restructuring Reserve [Roll Forward]
Beginning balance			1,609	528
Additions charged to expense	600	3,200	616	7,417
Cash payments			(1,360)	(3,988)
Ending balance	865	3,957	865	3,957
Severance and other benefits \| Integration Plan
Restructuring Reserve [Roll Forward]
Beginning balance			1,489	318
Additions charged to expense			325	7,197
Cash payments	(1,000)	(3,200)	(1,360)	(3,988)
Ending balance	454	3,527	454	3,527
Professional fees and other related charges \| Integration Plan
Restructuring Reserve [Roll Forward]
Beginning balance			120	210
Additions charged to expense			291	220
Cash payments			0	0
Ending balance	$ 411	$ 430	$ 411	$ 430

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount

The net carrying amount of the Notes was as follows:


	As of June 30, 2024		As of December 31, 2023
Principal	$	72,000	$	75,000
Unamortized discount and issuance costs	(2,017)		(2,240)
Net carrying amount	$	69,983	$	72,760

Schedule of Interest Expense

The following table sets forth the interest expense recognized related to the Notes:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024		2023		2024		2023
Contractual interest expense	$	1,155	$	1,147	$	2,308	$	1,990
Amortization of discount and issuance costs	111		116		223		171
Total interest expense related to the Notes	$	1,266	$	1,263	$	2,531	$	2,161

Revenues

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

The following tables present our revenues by sales type as presented in our condensed consolidated statements of operations disaggregated by the timing of transfer of goods or services:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Product sales
Product transferred to customers at a point in time	$	54,919	$	62,737	$	112,693	$	122,629
Product transferred to customers over time	6,393		4,866		12,155		10,214
Total product sales	$	61,312	$	67,603	$	124,848	$	132,843


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service sales
Service transferred to customers at a point in time	$	10,027	$	9,078	$	19,780	$	17,468
Service transferred to customers over time	10,746		11,530		21,701		22,867
Total service sales	$	20,773	$	20,608	$	41,481	$	40,335

The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Total sales to external customers
Americas (1)	$	40,167	$	41,358	$	77,395	$	83,701
EMEA (1)	24,600		24,855		50,035		49,020
APAC (1)	17,318		21,998		38,899		40,457
	$	82,085	$	88,211	$	166,329	$	173,178

(1) Regions represent North America and South America (the “Americas”); Europe, the Middle East, and Africa (“EMEA”); and Asia-Pacific (“APAC”).

For revenue related to our measurement and imaging equipment and related software, we allocate the contract price to performance obligations based on our best estimate of the standalone selling price. We make this allocation estimate utilizing data from the sale of our applicable products and services to customers separately in similar circumstances. Revenue related to our measurement and imaging equipment and related software is generally recognized upon shipment from our facilities or when delivered to the customer location, as determined by the agreed upon shipping terms, at which time we are entitled to payment and title and control has passed to the customer. Software arrangements generally include short-term maintenance that is considered post-contract support (“PCS”), which is considered to be product transferred to the customer over time and a separate performance obligation. We generally establish a standalone sales price for this PCS component based on our maintenance renewal rate. Maintenance renewals are recognized on a straight-line basis over the term of the maintenance agreement. Payments for products and services are collected within a short period of time following transfer of control or commencement of delivery of services, as applicable.

Further, customers frequently purchase extended hardware service contracts with the purchase of measurement equipment and related software. Hardware service contracts are considered a performance obligation when services are transferred to a customer over time, and, as such, we recognize revenue on a straight-line basis over the contractual term. Hardware service contracts include contract periods that extend between one month to three years.

We capitalize commission expenses related to deliverables transferred to a customer over time and amortize such costs ratably over the term of the contract. As of June 30, 2024, the deferred cost asset related to deferred commissions was approximately $4.1 million. For classification purposes, $3.1 million and $1.0 million are comprised within the Prepaid expenses and other current assets and Other long-term assets, respectively, on our condensed consolidated balance sheet as of June 30, 2024. As of December 31, 2023, the deferred cost asset related to deferred commissions was approximately $4.6 million. For classification purposes, $3.5 million and $1.1 million were comprised within the Prepaid expenses and other current assets and Other long-term assets, respectively, on our condensed consolidated balance sheet as of December 31, 2023.

The unearned service revenue liabilities reported on our condensed consolidated balance sheets reflect the contract liabilities to satisfy the remaining performance obligations for extended warranties, subscription-based software and software maintenance. The current portion of unearned service revenues on our condensed consolidated balance sheets is what we expect to recognize as revenue within twelve months after the applicable balance sheet date relating to extended warranties, subscription-based software and software maintenance contract liabilities. The unearned service revenues less the current portion on our condensed consolidated balance sheets is what we expect to recognize as revenue extending beyond twelve months after the applicable balance sheet date relating to extended warranties, subscription-based software and software maintenance contract liabilities. Customer deposits on our condensed consolidated balance sheets represent customer prepayments on contracts for performance obligations that we must satisfy in the future to recognize the related contract revenue. These amounts are generally related to performance obligations which are delivered in less than 12 months. During the three and six months ended June 30, 2024, we recognized $9.9 million and $26.0 million of revenue that was deferred on our condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023. During the three and six months ended June 30, 2023, we recognized $33.7 million and $33.8 million of revenue that was deferred on our condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022.

The nature of certain of our contracts gives rise to variable consideration, primarily related to an allowance for sales returns. We are required to estimate the contract asset related to sales returns and record a corresponding adjustment to Cost of sales. Our allowance for sales returns for each of June 30, 2024 and December 31, 2023 was less than $0.1 million.

Shipping and handling fees billed to customers in a sales transaction are recorded in Product Sales and shipping and handling costs incurred are recorded in Cost of sales. We exclude from Sales any value-added sales and other taxes that we collect concurrently with revenue-producing activities.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Restructuring (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

Activity related to the accrued restructuring charges for the Integration Plan and cash payments during the six months ended June 30, 2024 and 2023 is as follows:


	Severance and other benefits		Professional fees and other related charges		Total
Balance at December 31, 2023	$	1,489	$	120	$	1,609
Additions charged to expense	325		291		616
Cash payments	(1,360)		—		(1,360)
Balance at June 30, 2024	$	454	$	411	$	865


	Severance and other benefits		Professional fees and other related charges		Total
Balance at December 31, 2022	$	318	$	210	$	528
Additions charged to expense	7,197		220		7,417
Cash payments	(3,988)		—		(3,988)
Balance at June 30, 2023	$	3,527	$	430	$	3,957

Fair Value Measurements and Investments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis


	As of June 30, 2024
Assets	Level 1		Level 2		Level 3
Cash equivalents: U.S. Treasury securities	$	9,994	$	—	$	—
Total	$	9,994	$	—	$	—


	As of December 31, 2023
Assets	Level 1		Level 2		Level 3
Cash equivalents: U.S. Treasury securities	$	9,871	$	—	$	—
Short-term investments: U.S. Treasury securities	19,496		—		—
Total	$	29,367	$	—	$	—

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 2.1	$ 2.0	$ 4.1	$ 3.9

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	20,779,711	20,343,359
Common stock, shares outstanding (in shares)	19,406,669	18,968,798
Treasury stock, shares (in shares)	1,373,042	1,374,561
5.50% Convertible Senior Notes Due 2028 \| Convertible Debt
Stated interest rate (as a percent)	5.50%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net loss	$ (7,791)	$ (49,409)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,788	7,925
Stock-based compensation	5,703	8,584
Inventory write-downs	0	8,132
Asset impairment charges	0	4,571
Deferred income tax (benefit) and other non-cash charges	(1,327)	(41)
Provision for excess and obsolete inventory	490	1,033
Amortization of debt discount and issuance costs	223	181
Loss on disposal of assets	994	130
Provisions for bad debts, net of recoveries	304	408
Decrease (Increase) in:
Accounts receivable	3,943	3,280
Inventories	(3,764)	1,587
Prepaid expenses and other current assets	7,771	3,105
(Decrease) Increase in:
Accounts payable and accrued liabilities	(3,087)	(277)
Income taxes payable	(1,853)	(263)
Customer deposits	1,126	(1,210)
Unearned service revenues	965	(750)
Other liabilities	(698)	(193)
Net cash provided by (used in) operating activities	10,787	(13,207)
Investing activities:
Purchases of property and equipment	(1,688)	(4,312)
Maturity of short-term investments	20,009
Maturity of short-term investments		(20,024)
Cash paid for technology development, patents and licenses	(3,392)	(3,616)
Net cash provided by (used in) investing activities	14,929	(27,952)
Financing activities:
Payments on finance leases	(109)	(105)
Cash settlement of equity awards	0	(277)
Proceeds from issuance of 5.50% Convertible Senior Notes, due 2028, net of discount, issuance cost and accrued interest	0	72,310
Repayment of 5.50% Convertible Senior Notes, due 2028	(2,685)	0
Net cash (used in) provided by financing activities	(2,794)	71,928
Effect of exchange rate changes on cash and cash equivalents	(1,795)	(353)
Increase in cash and cash equivalents	21,127	30,416
Cash and cash equivalents, beginning of period	76,787	37,812
Cash and cash equivalents, end of period	$ 97,914	$ 68,228

Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements include all normal recurring accruals and adjustments considered necessary by management for a fair presentation in conformity with U.S. GAAP. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The condensed consolidated results of operations for the six months ended June 30, 2024 are not necessarily indicative of results that may be expected for the year ending December 31, 2024, or any future period.

The information included in this Quarterly Report on Form 10-Q, including the interim condensed consolidated financial statements and the accompanying notes, should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The accompanying December 31, 2023 condensed consolidated balance sheet has been derived from those audited consolidated financial statements.

Stock-based compensation expense is allocated to the applicable departmental cost in our condensed consolidated financial statements. The following table summarizes total stock-based compensation expense for each of the line items on our condensed consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of sales
Product	$	298	$	364	$	574	$	604
Service	76		56		130		88
Total cost of sales	374		420		704		692

Operating expenses
Selling, general and administrative	196		3,554		4,138		6,122
Research and development	594		976		861		1,770
Total operating expenses	790		4,530		4,999		7,892
Total stock-based compensation	$	1,164	$	4,950	$	5,703	$	8,584

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (524)	$ (7,267)	$ (28,245)	$ (21,164)	$ (7,791)	$ (49,409)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Number of Common Shares Used in Calculation of Basic and Diluted Earnings Per Share (EPS)

A reconciliation of the number of common shares used in the calculation of basic and diluted net loss per share is presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(524)	$	(28,245)	$	(7,791)	$	(49,409)


Denominator:
Weighted average shares - Basic	19,293,778		18,920,675		19,183,822		18,871,007


Weighted average shares - Diluted	19,293,778		18,920,675		19,183,822		18,871,007
Net loss per share - Basic	$	(0.03)	$	(1.49)	$	(0.41)	$	(2.62)
Net loss per share - Diluted	$	(0.03)	$	(1.49)	$	(0.41)	$	(2.62)

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable	$ 88,151	$ 95,195
Allowance for credit losses	(3,283)	(3,167)	$ (2,638)	$ (2,285)
Total	$ 84,868	$ 92,028

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories are stated at the lower of cost or net realizable value using the first-in first-out (FIFO) method. We have three principal categories of inventory: 1) manufactured product to be sold; 2) sales demonstration inventory - completed product used to support our sales force for demonstrations and held for sale; and 3) service inventory - completed product and parts used to support our service department and held for sale. Shipping and handling costs are classified as a component of Cost of sales in our condensed consolidated statements of operations. Sales demonstration inventory is held by our sales representatives for up to three years, at which time it would be refurbished and transferred to finished goods as used equipment, stated at the lower of cost or net realizable value. We expect these refurbished units to remain in finished goods inventory and sold within 12 months at prices that produce reduced gross margins. Service inventory is used to provide a temporary replacement product to a customer covered by a premium warranty when the customer’s unit requires service or repair and as training equipment. Service inventory is available for sale; however, management does not expect service inventory to be sold within 12 months and, as such, classifies this inventory as a long-term asset. Service inventory that we utilize for training or repairs and which we deem as no longer available for sale is transferred to fixed assets at the lower of cost or net realizable value and depreciated over the remaining life, typically three years.

Inventories consist of the following:


	As of June 30, 2024		As of December 31, 2023
Raw materials	$	18,464	$	18,460
Finished goods	15,945		16,069
Inventories, net	34,409		34,529
Service and sales demonstration inventory, net	$	21,044	$	23,147

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies [Line Items]
Purchase commitment, due in next twelve months	$ 25.0
Minimum
Commitments and Contingencies [Line Items]
Length of purchase commitments (in days)	60 days
Maximum
Commitments and Contingencies [Line Items]
Length of purchase commitments (in days)	120 days

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Purchase Commitments — We enter into purchase commitments for products and services in the ordinary course of business. These purchases generally cover production requirements for 60 to 120 days as well as materials necessary to service customer units through the product lifecycle and for warranty commitments. As of June 30, 2024, we had approximately $25.0 million in purchase commitments that are expected to be delivered within the next 12 months. The Company’s long-term purchase commitments were immaterial as a result of the ongoing transition towards direct sourcing with Sanmina. Legal Proceedings — We are involved in disputes, claims and other legal actions arising in the normal course of our business. Although it is not possible to predict the outcome of these matters, we believe that the results of these proceedings will not have a material adverse effect on our business, financial condition or results of operations. However, any litigation, regardless of its outcome, may be costly and may require significant time and attention of our management and technical personnel.

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 11,884	$ 15,347
Accrued restructuring costs	865	1,609
Accrued warranties	2,502	2,831	$ 2,753	$ 2,610
Professional and legal fees	2,301	2,851
Accrued interest	1,712	1,712
Taxes other than income	3,415	3,313
Other accrued liabilities	2,694	2,267
Total accrued liabilities	$ 25,373	$ 29,930

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist of the following:


	As of June 30, 2024		As of December 31, 2023
Raw materials	$	18,464	$	18,460
Finished goods	15,945		16,069
Inventories, net	34,409		34,529
Service and sales demonstration inventory, net	$	21,044	$	23,147

Accounts Receivable - Allowance For Credit Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance of the allowance for credit losses	$ 3,167	$ 2,285
Current period provision for expected credit losses, net of recoveries	304	408
Charge-offs of amounts previously expensed	(188)	(55)
Ending balance of the allowance for credit losses	$ 3,283	$ 2,638

Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables present our revenues by sales type as presented in our condensed consolidated statements of operations disaggregated by the timing of transfer of goods or services:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Product sales
Product transferred to customers at a point in time	$	54,919	$	62,737	$	112,693	$	122,629
Product transferred to customers over time	6,393		4,866		12,155		10,214
Total product sales	$	61,312	$	67,603	$	124,848	$	132,843


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service sales
Service transferred to customers at a point in time	$	10,027	$	9,078	$	19,780	$	17,468
Service transferred to customers over time	10,746		11,530		21,701		22,867
Total service sales	$	20,773	$	20,608	$	41,481	$	40,335

The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Total sales to external customers
Americas (1)	$	40,167	$	41,358	$	77,395	$	83,701
EMEA (1)	24,600		24,855		50,035		49,020
APAC (1)	17,318		21,998		38,899		40,457
	$	82,085	$	88,211	$	166,329	$	173,178

(1) Regions represent North America and South America (the “Americas”); Europe, the Middle East, and Africa (“EMEA”); and Asia-Pacific (“APAC”).

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Common Stock in Treasury
Beginning balance (in shares) at Dec. 31, 2022		18,780,013
Beginning balance at Dec. 31, 2022	$ 311,049	$ 20	$ 328,227	$ 46,788	$ (33,331)	$ (30,655)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(21,164)			(21,164)
Currency translation adjustment	2,780				2,780
Stock-based compensation	3,634		3,634
Common stock issued, net of shares withheld for employee taxes (in shares)		122,108
Common stock issued, net of shares withheld for employee taxes	14		14
Ending balance (in shares) at Mar. 31, 2023		18,902,121
Ending balance at Mar. 31, 2023	296,313	$ 20	331,875	25,624	(30,551)	(30,655)
Beginning balance (in shares) at Dec. 31, 2022		18,780,013
Beginning balance at Dec. 31, 2022	311,049	$ 20	328,227	46,788	(33,331)	(30,655)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(49,409)
Currency translation adjustment	1,101
Ending balance (in shares) at Jun. 30, 2023		18,946,798
Ending balance at Jun. 30, 2023	271,286	$ 20	336,534	(2,621)	(31,992)	(30,655)
Beginning balance (in shares) at Mar. 31, 2023		18,902,121
Beginning balance at Mar. 31, 2023	296,313	$ 20	331,875	25,624	(30,551)	(30,655)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(28,245)			(28,245)
Currency translation adjustment	(1,679)				(1,679)
Unrealized gain (loss) on short-term investment	238				238
Stock-based compensation	4,950		4,950
Common stock issued, net of shares withheld for employee taxes (in shares)		44,677
Common stock issued, net of shares withheld for employee taxes	(291)		(291)
Ending balance (in shares) at Jun. 30, 2023		18,946,798
Ending balance at Jun. 30, 2023	$ 271,286	$ 20	336,534	(2,621)	(31,992)	(30,655)
Beginning balance (in shares) at Dec. 31, 2023	18,968,798	18,968,798
Beginning balance at Dec. 31, 2023	$ 268,606	$ 20	346,277	(9,789)	(37,247)	(30,655)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(7,267)			(7,267)
Currency translation adjustment	(3,898)				(3,898)
Stock-based compensation	4,539		4,539
Common stock issued, net of shares withheld for employee taxes (in shares)		236,563
Ending balance (in shares) at Mar. 31, 2024		19,205,361
Ending balance at Mar. 31, 2024	$ 261,980	$ 20	350,816	(17,056)	(41,145)	(30,655)
Beginning balance (in shares) at Dec. 31, 2023	18,968,798	18,968,798
Beginning balance at Dec. 31, 2023	$ 268,606	$ 20	346,277	(9,789)	(37,247)	(30,655)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(7,791)
Currency translation adjustment	$ (9,791)
Ending balance (in shares) at Jun. 30, 2024	19,406,669	19,406,669
Ending balance at Jun. 30, 2024	$ 256,596	$ 20	351,849	(17,580)	(47,038)	(30,655)
Beginning balance (in shares) at Mar. 31, 2024		19,205,361
Beginning balance at Mar. 31, 2024	261,980	$ 20	350,816	(17,056)	(41,145)	(30,655)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(524)			(524)
Currency translation adjustment	(5,893)				(5,893)
Stock-based compensation	5,703		5,703
Common stock issued, net of shares withheld for employee taxes (in shares)		201,308
Common stock issued, net of shares withheld for employee taxes	$ (4,670)		(4,670)
Ending balance (in shares) at Jun. 30, 2024	19,406,669	19,406,669
Ending balance at Jun. 30, 2024	$ 256,596	$ 20	$ 351,849	$ (17,580)	$ (47,038)	$ (30,655)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	As of June 30, 2024		As of December 31, 2023
Accrued compensation and benefits	$	11,884	$	15,347
Accrued restructuring costs	865		1,609
Accrued warranties	2,502		2,831
Professional and legal fees	2,301		2,851
Accrued interest	1,712		1,712
Taxes other than income	3,415		3,313
Other accrued liabilities	2,694		2,267
Total accrued liabilities	$	25,373	$	29,930

Schedule of Activity Related to Accrued Warranties

Activity related to accrued warranties was as follows:


	Six Months Ended June 30,
	2024		2023
Balance, beginning of period	$	2,831	$	2,610
Provision for warranty expense	1,624		1,769
Fulfillment of warranty obligations	(1,953)		(1,626)
Balance, end of period	$	2,502	$	2,753

Loss Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Loss Per Share

LOSS PER SHARE

Basic net loss per share is computed by dividing net loss by the weighted average number of shares outstanding. Diluted net loss per share is computed by also considering the impact of potential common stock on both net loss and the weighted average number of shares outstanding. Our potential common stock consists of employee stock options, time-based restricted stock units, market-based restricted stock unit awards, and common stock issued for settlement of the Notes (as defined in Note 16 to the condensed consolidated financial statements). Our potential common stock is included in the diluted earnings per share calculation when adding such potential common stock would not be anti-dilutive. Market-based awards are included in the computation of diluted earnings per share only to the extent that the underlying conditions (and any applicable market condition) (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive under the treasury stock method. When we report a net loss for the period presented, the calculation of diluted net loss per share excludes our potential common stock, as the effect would be anti-dilutive.

For the three months ended June 30, 2024, there were approximately 1,508,815 shares issuable upon the exercise of options, the vesting of time-based restricted stock and the contingent vesting of market-based restricted stock units that were excluded from the dilutive calculations, as they were anti-dilutive. For the three months ended June 30, 2023, there were approximately 1,223,344 issuable upon the exercise of options that were excluded from the dilutive calculations, as they were anti-dilutive. In addition, the Company had $72.0 million aggregate principal amount of the Notes outstanding on June 30, 2024, which, if converted, would result in the issuance of a maximum of 2,039,659 shares of common stock. These shares were excluded from the dilutive calculations, as their effect would have been anti-dilutive.

A reconciliation of the number of common shares used in the calculation of basic and diluted net loss per share is presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(524)	$	(28,245)	$	(7,791)	$	(49,409)


Denominator:
Weighted average shares - Basic	19,293,778		18,920,675		19,183,822		18,871,007


Weighted average shares - Diluted	19,293,778		18,920,675		19,183,822		18,871,007
Net loss per share - Basic	$	(0.03)	$	(1.49)	$	(0.41)	$	(2.62)
Net loss per share - Diluted	$	(0.03)	$	(1.49)	$	(0.41)	$	(2.62)

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended
	Jan. 24, 2023 USD ($) d $ / shares	Jun. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares
Debt Instrument [Line Items]
Aggregate principal amount		$ 72,000	$ 75,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001
5.50% Convertible Senior Notes Due 2028 \| Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount	$ 75,000	$ 72,000
Stated interest rate (as a percent)	5.50%	5.50%
Effective interest rate (as a percent)	6.27%
Debt instrument, convertible, threshold trading days (in days) \| d	20
Debt instrument, convertible, threshold consecutive trading days (in days) \| d	30
Debt instrument, convertible, threshold percentage of stock price trigger (as a percent)	130.00%
Convertible conversion ratio	0.0236072
Initial conversion price premium (as a percent)	20.00%
Debt instrument redemption price (as a percent)	100.00%
Net proceeds from issuance of notes	$ 72,300
Underwriting discount	2,300
Other offering expenses	$ 400
Aggregate principal amount repurchased		$ 3,000
Aggregate repurchase price paid in cash		2,700
Gain on debt extinguishment		$ 300
5.50% Convertible Senior Notes Due 2028 \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Initial conversion price (in dollars per share) \| $ / shares	$ 42.36
5.50% Convertible Senior Notes Due 2028 \| Convertible Debt \| Minimum
Debt Instrument [Line Items]
Share price (in dollars per share) \| $ / shares	35.30
5.50% Convertible Senior Notes Due 2028 \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Debt instrument, convertible, threshold trading days (in days) \| d	20
Debt instrument, convertible, threshold consecutive trading days (in days) \| d	30
Debt instrument, convertible, threshold percentage of stock price trigger (as a percent)	130.00%
5.50% Convertible Senior Notes Due 2028 \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days (in days) \| d	5
Debt instrument, convertible, threshold consecutive trading days (in days) \| d	10
Debt instrument, convertible, threshold percentage of stock price trigger (as a percent)	98.00%

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 1,595	$ 1,841	$ 2,804	$ 3,571
Finance lease cost:
Amortization of ROU assets	57	34	76	49
Interest on lease liabilities	4	6	6	9
Total finance lease cost	$ 61	$ 40	$ 82	$ 58

Intangible Assets - Estimated Amortization Expense Schedule (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (excluding the first 6 months)	$ 8,997
2025	9,092
2026	7,004
2027	5,683
2028	1,935
Thereafter	13,424
Net Intangible	$ 46,135	$ 47,891

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Sales	$ 82,085	$ 88,211	$ 166,329	$ 173,178
Americas
Disaggregation of Revenue [Line Items]
Sales	40,167	41,358	77,395	83,701
EMEA
Disaggregation of Revenue [Line Items]
Sales	24,600	24,855	50,035	49,020
APAC
Disaggregation of Revenue [Line Items]
Sales	17,318	21,998	38,899	40,457
Product sales
Disaggregation of Revenue [Line Items]
Sales	61,312	67,603	124,848	132,843
Product sales \| Product transferred to customers at a point in time
Disaggregation of Revenue [Line Items]
Sales	54,919	62,737	112,693	122,629
Product sales \| Product transferred to customers over time
Disaggregation of Revenue [Line Items]
Sales	6,393	4,866	12,155	10,214
Service sales
Disaggregation of Revenue [Line Items]
Sales	20,773	20,608	41,481	40,335
Service sales \| Product transferred to customers at a point in time
Disaggregation of Revenue [Line Items]
Sales	10,027	9,078	19,780	17,468
Service sales \| Product transferred to customers over time
Disaggregation of Revenue [Line Items]
Sales	$ 10,746	$ 11,530	$ 21,701	$ 22,867

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of sales
Product	$	298	$	364	$	574	$	604
Service	76		56		130		88
Total cost of sales	374		420		704		692

Operating expenses
Selling, general and administrative	196		3,554		4,138		6,122
Research and development	594		976		861		1,770
Total operating expenses	790		4,530		4,999		7,892
Total stock-based compensation	$	1,164	$	4,950	$	5,703	$	8,584

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Sales	$ 82,085	$ 88,211	$ 166,329	$ 173,178
Cost of sales	37,296	54,888	78,233	100,139
Gross profit	44,789	33,323	88,096	73,039
Operating expenses
Selling, general and administrative	32,590	38,561	72,183	79,937
Research and development	9,833	11,662	18,857	24,380
Restructuring costs	616	8,450	616	12,688
Total operating expenses	43,039	58,673	91,656	117,005
Income (loss) from operations	1,750	(25,350)	(3,560)	(43,966)
Other (income) expense
Interest expense	761	1,003	1,592	1,838
Other (income) expense, net	(43)	476	(18)	256
Income (loss) before income tax	1,032	(26,829)	(5,134)	(46,060)
Income tax expense	1,556	1,416	2,657	3,349
Net loss	$ (524)	$ (28,245)	$ (7,791)	$ (49,409)
Net loss per share - Basic (in dollars per share)	$ (0.03)	$ (1.49)	$ (0.41)	$ (2.62)
Net loss per share - Diluted (in dollars per share)	$ (0.03)	$ (1.49)	$ (0.41)	$ (2.62)
Weighted average shares - Basic (in shares)	19,293,778	18,920,675	19,183,822	18,871,007
Weighted average shares - Diluted (in shares)	19,293,778	18,920,675	19,183,822	18,871,007
Product
Sales	$ 61,312	$ 67,603	$ 124,848	$ 132,843
Cost of sales	26,119	44,094	56,571	78,051
Service
Sales	20,773	20,608	41,481	40,335
Cost of sales	$ 11,177	$ 10,794	$ 21,662	$ 22,088

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 18,464	$ 18,460
Finished goods	15,945	16,069
Inventories, net	34,409	34,529
Service and sales demonstration inventory, net	$ 21,044	$ 23,147

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,556	$ 1,416	$ 2,657	$ 3,349
Effective tax rate expense (benefit) (as a percent)	150.80%	(5.30%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Fair Value Measurements and Investments - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Short-term investments	$ 0	$ 19,496
Fair Value, Measurements, Recurring \| Level 1
Assets
Total	9,994	29,367
Fair Value, Measurements, Recurring \| Level 1 \| US Treasury Securities
Assets
Cash equivalents	9,994	9,871
Short-term investments		19,496
Fair Value, Measurements, Recurring \| Level 2
Assets
Total	0	0
Fair Value, Measurements, Recurring \| Level 2 \| US Treasury Securities
Assets
Cash equivalents	0	0
Short-term investments		0
Fair Value, Measurements, Recurring \| Level 3
Assets
Total	0	0
Fair Value, Measurements, Recurring \| Level 3 \| US Treasury Securities
Assets
Cash equivalents	$ 0	0
Short-term investments		$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Loss Per Share - Reconciliation of Number of Common Shares Used in Calculation of Basic and Diluted Earnings Per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (524)	$ (7,267)	$ (28,245)	$ (21,164)	$ (7,791)	$ (49,409)
Weighted average shares - Basic (in shares)	19,293,778		18,920,675		19,183,822	18,871,007
Weighted average shares - Diluted (in shares)	19,293,778		18,920,675		19,183,822	18,871,007
Net loss per share - Basic (in dollars per share)	$ (0.03)		$ (1.49)		$ (0.41)	$ (2.62)
Net loss per share - Diluted (in dollars per share)	$ (0.03)		$ (1.49)		$ (0.41)	$ (2.62)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details