RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS |
21. RELATED PARTY TRANSACTIONS As a result of acquisitions, the Company assumed lease agreements with related parties for facilities across the United States which extend through 2029. As of June 30, 2024, the Company recorded $3.5 million of right of use asset and related to these agreements. During the three and six months ended June 30, 2024, the Company incurred lease expense of $0.2 million and 0.4 million to the related party, respectively. During the three and six months ended June 30, 2023, the Company incurred lease expense of $0.2 and $0.4 million to the related party, respectively. The Company’s annual commitment related to these lease agreements is $0.8 million. The Company sells products to Lightforce Orthodontics which is affiliated with a member of the Company’s Board of Directors. Management believes the sales were conducted on terms equivalent to those prevailing in an arm’s-length transaction. During the three and six months ended June 30, 2024, the Company recognized $0.3 million and $0.5 million, respectively of revenue from Lightforce Orthodontics. During the three and six months ended June 30, 2023, the Company recognized $0.4 and $0.8 million, respectively, of revenue. As of June 30, 2024, the Company has an account receivable balance of $0.1 million with Lightforce Orthodontics. As of December 31, 2023, the Company had an account receivable balance of $0.2 million with Lightforce Orthodontics. The Company sells products to Bloom Energy which is affiliated with a member of the Company’s Board of Directors. Management believes the sales were conducted on terms equivalent to those prevailing in an arm’s-length transaction. During the three and six months ended June 30, 2024, the Company did not recognize any revenue from Bloom Energy. During the three and six months ended June 30, 2023, the Company recognized $0.5 million of revenue from Bloom Energy. As of June 30, 2024, the Company has an account receivable balance of $0.1 million with Bloom Energy. As of December 31, 2023, the Company had an immaterial account receivable balance with Bloom Energy. The Company sells products to Viewray Systems which is an entity controlled by a shareholder. Management believes the sales were conducted on terms equivalent to those prevailing in an arm’s-length transaction. During the three and six months ended June 30, 2024, the Company recognized an immaterial amount and $3.4 million of revenue, respectively, from Viewray Systems. During the three and six months ended June 30, 2023, the Company did not recognize revenue from Viewray Systems. |