v3.23.2
Revisions of Previously Issued Financial Statements (Tables)
12 Months Ended
Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]  
Error Corrections and Prior Period Adjustments A breakdown of the understatement of the product return reserves between current and long-term in the consolidated balance sheet are as follows:
December 31,
(in thousands)202020212022
Included in accrued expenses and other current liabilities:
Product return reserves and other product revenue allowances $1,956 $4,557 $5,051 
Included in other long-term liabilities:
Product return reserves 4,048 3,360 3,132 
Total understatement of product return reserves and other product revenue allowances $6,004 $7,917 $8,183 
The following tables reflect the impact of the revision for the Product Return Reserve Errors as well as other immaterial corrections on the Company’s consolidated financial statements as of and for the fiscal year ended December 31, 2022, 2021 and 2020:
FISCAL YEAR ENDED DECEMBER 31, 2022
(in thousands, except per share data)
December 31, 2022
Consolidated Balance SheetAs Previously ReportedAdjustmentAs Revised
Inventories$21,762 $(194)$21,568 
Accounts receivable, net39,180 1,104 40,284 
Prepaid expenses and other current assets33,541 (677)32,864 
Total current assets184,949 233 185,182 
Goodwill55,053 3,991 59,044 
Total assets$351,830 $4,224 $356,054 
Accrued expenses and other current liabilities$70,997 $4,780 $75,777 
Total current liabilities124,756 4,780 129,536 
Other long-term liabilities12,161 3,556 15,717 
Total liabilities342,488 8,336 350,824 
Accumulated deficit(1,552,913)(4,112)(1,557,025)
Total stockholder' equity9,342 (4,112)5,230 
Total liabilities and stockholders' equity$351,830 $4,224 $356,054 


Year Ended December 31, 2022
Consolidated Statements of Operations and Comprehensive LossAs Previously ReportedAdjustmentAs Revised
Product revenue, net$177,067 $(118)$176,949 
Cost of goods sold, product48,754 772 49,526 
Research and development129,114 872 129,986 
Selling, general and administrative138,699 (98)138,601 
Operating loss(79,115)(1,664)(80,779)
Net loss $(92,562)(1,664)(94,226)
Comprehensive loss$(92,562)(1,664)(94,226)
Earnings per share - basic and diluted$(0.51)$0.01$(0.52)

December 31, 2022
Condensed Consolidated Statement of Stockholders' (Deficit) EquityAs Previously ReportedAdjustmentAs Revised
Accumulated deficit$(1,552,913)$(4,112)$(1,557,025)
Net loss$(92,562)$(1,664)$(94,226)
Year Ended December 31, 2022
Consolidated Statement of Cash FlowsAs Previously ReportedAdjustmentAs Revised
Net loss$(92,562)$(1,664)$(94,226)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in excess inventory purchase commitments(67,618)1,672 (65,946)
Changes in operating assets and liabilities:
Accounts receivable11,695 (398)11,297 
Inventories19,793 (706)19,087 
Prepaid expenses and other current assets381 677 1,058 
Accrued expenses and other current liabilities(38,227)222 (38,005)
Other non-current liabilities2,080 197 2,277 
Net cash used in operating activities$(73,154)$— $(73,154)


FISCAL YEAR ENDED DECEMBER 31, 2021
(in thousands, except per share data)
December 31, 2021
Consolidated Balance SheetAs Previously ReportedAdjustmentAs Revised
Inventories$38,195 $(1,567)$36,628 
Accounts receivable, net50,875 706 51,581 
Total current assets272,010 (861)271,149 
Goodwill55,053 3,991 59,044 
Other long-term assets, net49,754 667 50,421 
Total assets$525,550 $3,797 $529,347 
Accrued expenses and other current liabilities$104,456 $4,558 $109,014 
Total current liabilities256,493 4,558 261,051 
Other long-term liabilities82,525 1,687 84,212 
Total liabilities449,094 6,245 455,339 
Accumulated deficit(1,460,351)(2,448)(1,462,799)
Total stockholder' equity76,456 (2,448)74,008 
Total liabilities and stockholders' equity$525,550 $3,797 $529,347 



For the Year Ended December 31, 2021
Consolidated Statements of Operations and Comprehensive LossAs Previously ReportedAdjustmentAs Revised
Product revenue, net$142,216 $(1,928)$140,288 
Cost of goods sold, product117,352 (2,723)114,629 
Selling, general and administrative174,161 (21)174,140 
Operating loss(265,318)816 (264,502)
Net loss $(282,840)$816 $(282,024)
Comprehensive loss$(282,847)$816 $(282,031)
Earnings per share - basic and diluted$(1.70)$— $(1.70)
December 31, 2021
Condensed Consolidated Statement of Stockholders' (Deficit) EquityAs Previously ReportedAdjustmentAs Revised
Accumulated deficit$(1,460,351)$(2,448)$(1,462,799)
Net loss$(282,840)$816 $(282,024)

For the Year Ended December 31, 2021
Consolidated Statement of Cash FlowsAs Previously ReportedAdjustmentAs Revised
Net loss$(282,840)$816 $(282,024)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in excess inventory purchase commitments33,391 (3,054)30,337 
Write-down of inventories15,618 (569)15,049 
Changes in operating assets and liabilities:
Accounts receivable(24,022)(5)(24,027)
Inventories(25,847)900 (24,947)
Accrued expenses and other current liabilities(24,680)2,600 (22,080)
Other non-current liabilities(12,481)(688)(13,169)
Net cash used in operating activities$(252,965)$— $(252,965)


FISCAL YEAR ENDED DECEMBER 31, 2020
(in thousands, except per share data)

For the Year Ended December 31, 2020
Consolidated Statements of Operations and Comprehensive LossAs Previously ReportedAdjustmentAs Revised
Product revenue, net$128,901 $(663)$128,238 
Cost of goods sold, product148,866 569 149,435 
Cost of goods sold, amortization of intangible asset31,515 1,102 32,617 
Cost of goods sold, impairment of intangible asset115,527 (1,102)114,425 
Operating loss(376,442)(1,384)(377,826)
Net loss $(383,457)$(1,384)$(384,841)
Comprehensive loss$(383,444)$(1,384)$(384,828)
Earnings per share - basic and diluted$(2.77)$(0.01)$(2.78)

December 31, 2020
Condensed Consolidated Statement of Stockholders' (Deficit) EquityAs Previously ReportedAdjustmentAs Revised
Accumulated deficit$(1,177,511)$(3,264)$(1,180,775)
Net loss$(383,457)$(1,384)$(384,841)
For the Year Ended December 31, 2020
Consolidated Statement of Cash FlowsAs Previously ReportedAdjustmentAs Revised
Net loss$(383,457)$(1,384)$(384,841)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible asset31,515 1,102 32,617 
Intangible asset impairment charge115,527 (1,102)114,425 
Write-down of inventories20,072 569 20,641 
Changes in operating assets and liabilities:
Accounts receivable12,011 (342)11,669 
Accrued expenses and other current liabilities6,356 (97)6,259 
Other non-current liabilities— 1,254 1,254 
Net cash used in operating activities$(110,388)$— $(110,388)

December 31, 2019
Condensed Consolidated Statement of Stockholders' (Deficit) EquityAs Previously ReportedAdjustmentAs Revised
Accumulated deficit(794,054)(1,880)(795,934)

The following tables reflect the impact of this revision on the Company’s unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2022:

QUARTER ENDED SEPTEMBER 30, 2022
(dollars in thousands, except per share amounts)

September 30, 2022
Unaudited Condensed Consolidated Balance SheetAs Previously ReportedAdjustmentAs Revised
Inventories$40,039 $5,203 $45,242 
Accounts receivable, net23,094 175 23,269 
Prepaid expenses and other current assets29,618 (678)28,940 
Total current assets237,512 4,700 242,212 
Goodwill55,053 3,991 59,044 
Other long-term assets, net26,275 (334)25,941 
Total assets$435,894 $8,357 $444,251 
Accrued expenses and other current liabilities$87,364 $5,164 $92,528 
Total current liabilities187,965 5,164 193,129 
Other non-current liabilities74,313 8,787 83,100 
Total liabilities422,041 13,951 435,992 
Accumulated deficit(1,545,361)(5,594)(1,550,955)
Total liabilities and stockholders' equity$435,894 $8,357 $444,251 
Three Months Ended September 30, 2022
Unaudited Condensed Consolidated Statement of
Operations and Comprehensive Income
As Previously ReportedAdjustmentAs Revised
Product revenue, net$42,239 $(250)$41,989 
Cost of goods sold, product28,936 334 29,270 
Research and development27,350 678 28,028 
Selling, general and administrative30,918 969 31,887 
Operating loss(48,174)(2,230)(50,404)
Net loss$(51,865)$(2,230)$(54,095)
Comprehensive loss$(51,865)$(2,230)$(54,095)
Earnings per share - basic and diluted$(0.28)$(0.01)$(0.29)

Nine Months Ended September 30, 2022
Unaudited Condensed Consolidated Statement of
Operations and Comprehensive Income
As Previously ReportedAdjustmentAs Revised
Product revenue, net$127,390 $(720)$126,670 
Cost of goods sold, product60,859 1,106 61,965 
Research and development97,210 678 97,888 
Selling, general and administrative108,052 641 108,693 
Operating loss(72,765)(3,146)(75,911)
Net loss $(85,010)$(3,146)$(88,156)
Comprehensive loss$(85,010)$(3,146)$(88,156)
Earnings per share - basic and diluted$(0.47)$(0.01)$(0.48)

September 30, 2022
Unaudited Condensed Consolidated Statement of Stockholders' (Deficit) EquityAs Previously ReportedAdjustmentAs Revised
Accumulated deficit$(1,545,361)$(5,594)$(1,550,955)
Net loss$(51,865)$(2,230)$(54,095)

Nine Months Ended September 30, 2022
Unaudited Condensed Consolidated Statement of Cash FlowsAs Previously ReportedAdjustmentAs Revised
Net loss$(85,010)$(3,146)$(88,156)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in excess inventory purchase commitments12,422 1,673 14,095 
Changes in operating assets and liabilities:
Accounts receivable27,781 531 28,312 
Inventory1,405 (6,770)(5,365)
Prepaid expenses and other current assets9,131 667 9,798 
Other long-term assets14,817 6,214 21,031 
Accrued expenses and other current liabilities(22,364)831 (21,533)
Net cash used in operating activities$(18,475)$— $(18,475)
The following tables reflect the impact of this revision on the Company’s unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2022:
QUARTER ENDED JUNE 30, 2022
(dollars in thousands, except per share amounts)
June 30, 2022
Unaudited Condensed Consolidated Balance SheetAs Previously ReportedAdjustmentAs Revised
Inventories$36,272 $3,954 $40,226 
Accounts receivable, net81,869 133 82,002 
Total current assets304,163 4,087 308,250 
Goodwill55,053 3,991 59,044 
Total assets$521,804 $8,078 $529,882 
Accrued expenses and other current liabilities$91,284 $3,721 $95,005 
Total current liabilities233,680 3,721 237,401 
Other non-current liabilities66,889 7,721 74,610 
Total liabilities459,504 11,442 470,946 
Accumulated deficit$(1,493,496)$(3,363)$(1,496,859)
Total liabilities and stockholders' equity$521,804 $8,078 $529,882 



Unaudited Condensed Consolidated Statement
of Operations and Comprehensive Income
Three Months Ended June 30, 2022
As Previously ReportedAdjustmentAs Revised
Product revenue, net$43,703 $(394)$43,309 
Selling, general and administrative32,807 (567)32,240 
Operating income33,902 173 34,075 
Net income $29,276 $173 $29,449 
Comprehensive Income$29,276 $173 $29,449 
Earnings per share - basic$0.16$— $0.16
Earnings per share - diluted$0.15$— $0.15
Six Months Ended June 30, 2022
Unaudited Condensed Consolidated Statement of
Operations and Comprehensive Income
As Previously ReportedAdjustmentAs Revised
Product revenue, net$85,151 $(470)$84,681 
Cost of goods sold, product31,923 771 32,694 
Selling, general and administrative77,134 (328)76,806 
Operating loss(24,591)(913)(25,504)
Net loss$(33,145)$(913)$(34,058)
Comprehensive loss$(33,145)$(913)$(34,058)
Net loss per share - basic and diluted$(0.18)$(0.01)$(0.19)

June 30, 2022
Unaudited Condensed Consolidated Statement of Stockholders' (Deficit) EquityAs Previously ReportedAdjustmentAs Revised
Accumulated deficit$(1,493,496)$(3,363)$(1,496,859)
Net income$29,276 $173 $29,449 
Six Months Ended June 30, 2022
Unaudited Condensed Consolidated Statement of Cash FlowsAs Previously ReportedAdjustmentAs Revised
Net loss$(33,145)$(913)$(34,058)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in excess inventory purchase commitments(773)5,627 4,854 
Changes in operating assets and liabilities:
Accounts receivable(30,994)573 (30,421)
Inventory1,159 (5,521)(4,362)
Other long-term assets9,347 665 10,012 
Accrued expenses and other current liabilities(18,625)(839)(19,464)
Other non-current liabilities(9,030)408 (8,622)
Net cash used in operating activities$(52,280)$— $(52,280)

The following tables reflect the impact of this revision on the Company’s unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2022:

QUARTER ENDED MARCH 31, 2022
(dollars in thousands, except per share amounts)
March 31, 2022
Unaudited Condensed Consolidated Balance SheetAs Previously ReportedAdjustmentAs Revised
Inventories$39,422 $1,676 $41,098 
Accounts receivable, net64,582 $776 65,358 
Total current assets302,687 2,452 305,139 
Goodwill55,053 3,991 59,044 
Total assets$535,356 $6,443 $541,799 
Accrued expenses and other current liabilities$109,660 $4,583 $114,243 
Total current liabilities253,914 4,583 258,497 
Other non-current liabilities77,743 5,398 83,141 
Total liabilities509,240 9,981 519,221 
Accumulated deficit(1,522,772)(3,536)(1,526,308)
Total liabilities and stockholders' equity$535,356 $6,443 $541,799 

Three Months Ended March 31, 2022
Unaudited Condensed Consolidated Statement of
Operations and Comprehensive Income
As Previously ReportedAdjustmentAs Revised
Product revenue, net$41,448 $(76)$41,372 
Cost of goods sold, product22,333 772 23,105 
Selling, general and administrative44,327 239 44,566 
Operating loss(58,493)(1,088)(59,581)
Net loss (62,421)(1,088)(63,509)
Comprehensive loss(62,421)(1,088)(63,509)
Earnings per share - basic and diluted$(0.35)$— $(0.35)
March 31, 2022
Unaudited Condensed Consolidated Statement of Stockholders' (Deficit) EquityAs Previously ReportedAdjustmentAs Revised
Accumulated deficit$(1,522,772)$(3,536)$(1,526,308)
Net loss$(62,421)$(1,088)$(63,509)
Three Months Ended March 31, 2022
Unaudited Condensed Consolidated Statement of Cash FlowsAs Previously ReportedAdjustmentAs Revised
Net loss$(62,421)$(1,088)$(63,509)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in excess inventory purchase commitments(773)773 — 
Changes in operating assets and liabilities:
Accounts receivable(13,707)(71)(13,778)
Inventory(5,247)(3,243)(8,490)
Other long-term assets3,297 669 3,966 
Accrued expenses and other current liabilities4,426 2,960 7,386 
Other non-current liabilities(3,191)(3,191)
Net cash used in operating activities$(21,620)$— $(21,620)