QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Marketable investments | ||||||||||||||
Accounts receivable, net of allowance for credit losses of $ | ||||||||||||||
Inventories | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Finance lease right-of-use assets | ||||||||||||||
Intangible assets, net | ||||||||||||||
Goodwill | ||||||||||||||
Deferred taxes | ||||||||||||||
Other non-current assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued liabilities | ||||||||||||||
Current operating lease liabilities | ||||||||||||||
Current finance lease liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Non-current operating lease liabilities | ||||||||||||||
Non-current finance lease liabilities | ||||||||||||||
Other non-current liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 8) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Retained earnings | ||||||||||||||
Total stockholders’ equity | ||||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of revenue | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Sales, general and administrative | ||||||||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||||||||
Income (loss) from operations | ( | ( | ||||||||||||||||||||||||
Interest income (expense), net | ( | ( | ||||||||||||||||||||||||
Other income (expense), net | ( | ( | ||||||||||||||||||||||||
Income (loss) before income taxes | ( | ( | ||||||||||||||||||||||||
Provision for (benefit from) income taxes | ( | |||||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||
Basic | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Diluted | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | ( | ( | ||||||||||||||||||||||||
Net change in unrealized gains (losses) on available-for-sale securities, net of tax | ( | ( | ||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ( | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | |||||||||||||||||||||||||||||||||||
Shares held for tax withholdings | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee stock purchase plan | — | — | ||||||||||||||||||||||||||||||||||||
Shares held for tax withholdings | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | ||||||||||||||||||||||||||||||||||||
Shares held for tax withholdings | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | |||||||||||||||||||||||||||||||||||
Issuance of common stock under employee stock purchase plan | — | — | — | |||||||||||||||||||||||||||||||||||
Shares held for tax withholdings | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Stock-based compensation | ||||||||||||||
Inventory write-downs | ||||||||||||||
Deferred taxes | ( | ( | ||||||||||||
Other | ( | |||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | ( | ( | ||||||||||||
Inventories | ( | ( | ||||||||||||
Prepaid expenses and other current and non-current assets | ( | ( | ||||||||||||
Accounts payable | ( | |||||||||||||
Accrued expenses and other non-current liabilities | ||||||||||||||
Proceeds from lease incentives | ||||||||||||||
Net cash provided by (used in) operating activities | ( | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Purchases of marketable investments | ( | |||||||||||||
Proceeds from sales of marketable investments | ||||||||||||||
Proceeds from maturities of marketable investments | ||||||||||||||
Purchases of property and equipment | ( | ( | ||||||||||||
Other | ( | |||||||||||||
Net cash provided by investing activities | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Proceeds from exercises of stock options | ||||||||||||||
Proceeds from issuance of stock under employee stock purchase plan | ||||||||||||||
Payment of employee taxes related to vested stock | ( | ( | ||||||||||||
Payments of finance lease obligations | ( | ( | ||||||||||||
Other | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | ( | |||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ( | |||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | ||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | $ | ||||||||||||
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||
Right-of-use assets obtained in exchange for operating lease obligations | $ | $ | ||||||||||||
Right-of-use assets obtained in exchange for finance lease obligations | $ | $ | ||||||||||||
Purchase of property and equipment funded through accounts payable and accrued liabilities | $ | $ | ||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | ||||||||||||
Cash paid for income taxes | $ | $ |
June 30, 2023 | ||||||||||||||||||||||||||||||||
Securities with net gains or losses in accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Loss | Fair Value | ||||||||||||||||||||||||||||
Commercial paper | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||
Certificate of deposit | ( | |||||||||||||||||||||||||||||||
U.S. treasury | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
U.S. agency and government sponsored securities | ( | |||||||||||||||||||||||||||||||
U.S. states and municipalities | ( | |||||||||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Securities with net gains or losses in accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Loss | Fair Value | ||||||||||||||||||||||||||||
U.S. treasury | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||
U.S. agency and government sponsored securities | ( | |||||||||||||||||||||||||||||||
U.S. states and municipalities | ( | |||||||||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||
Commercial paper | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
Certificate of deposit | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||
U.S. treasury | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
U.S. agency and government sponsored securities | ( | ( | ||||||||||||||||||||||||||||||||||||
U.S. states and municipalities | ( | ( | ||||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||
U.S. treasury | ( | ( | ||||||||||||||||||||||||||||||||||||
U.S. agency and government sponsored securities | ( | ( | ||||||||||||||||||||||||||||||||||||
U.S. states and municipalities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
June 30, 2023 | ||||||||||||||
Amortized Cost | Fair Value | |||||||||||||
Due in less than one year | $ | $ | ||||||||||||
Due in one to five years | ||||||||||||||
Total | $ | $ |
As of June 30, 2023 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | ||||||||||||||||||||||
Marketable investments: | ||||||||||||||||||||||||||
Commercial paper | ||||||||||||||||||||||||||
Certificate of deposit | ||||||||||||||||||||||||||
U.S. treasury | ||||||||||||||||||||||||||
U.S. agency and government sponsored securities | ||||||||||||||||||||||||||
U.S. states and municipalities | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | ||||||||||||||||||||||
Marketable investments: | ||||||||||||||||||||||||||
U.S. treasury | ||||||||||||||||||||||||||
U.S. agency and government sponsored securities | ||||||||||||||||||||||||||
U.S. states and municipalities | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
Raw materials | $ | $ | ||||||||||||
Work in process | ||||||||||||||
Finished goods | ||||||||||||||
Inventories | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||
Payroll and employee-related cost | $ | $ | ||||||||||||
Accrued expenses | ||||||||||||||
Deferred revenue | ||||||||||||||
Other accrued liabilities | ||||||||||||||
Total accrued liabilities | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||
Balance at the beginning of the period | $ | $ | ||||||||||||
Accruals of warranties issued | ||||||||||||||
Settlements of warranty claims | ( | ( | ||||||||||||
Balance at the end of the period | $ | $ |
As of June 30, 2023 | Weighted-Average Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||
Developed technology | $ | $ | ( | $ | ||||||||||||||||||||||
Customer relationships | ( | |||||||||||||||||||||||||
Trade secrets and processes | ( | |||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | ||||||||||||||||||||||
As of December 31, 2022 | Weighted-Average Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||
Developed technology | $ | $ | ( | $ | ||||||||||||||||||||||
Customer relationships | ( | |||||||||||||||||||||||||
Trade secrets and processes | ( | |||||||||||||||||||||||||
Other | ( | |||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Cost of revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Sales, general and administrative | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Total Company | ||||||||
Balance as of December 31, 2022 | $ | |||||||
Foreign currency translation | ||||||||
Balance as of June 30, 2023 | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Cost of revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Sales, general and administrative | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||
Marketable Investments | Currency Translation Adjustments | Total | Marketable Investments | Currency Translation Adjustments | Total | |||||||||||||||||||||||||||||||||
Balance, beginning of the period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) — marketable investments | ( | ( | ||||||||||||||||||||||||||||||||||||
Foreign currency translation gains (losses) | ( | ( | ||||||||||||||||||||||||||||||||||||
Net of tax | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Net current-year other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Balance, end of the period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||
Marketable Investments | Currency Translation Adjustments | Total | Marketable Investments | Currency Translation Adjustments | Total | |||||||||||||||||||||||||||||||||
Balance, beginning of the period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) — marketable investments | ( | ( | ||||||||||||||||||||||||||||||||||||
Foreign currency translation gains (losses) | ( | ( | ||||||||||||||||||||||||||||||||||||
Net of tax | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Net current-year other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Balance, end of the period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average shares used to compute net income (loss) attributable to common stockholders: | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Potential dilutive stock-based options and awards | ||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||
Basic | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Diluted | $ | $ | ( | $ | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
United States | $ | $ | $ | $ | ||||||||||||||||||||||
International | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Vascular | $ | $ | $ | $ | ||||||||||||||||||||||
Neuro | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||
Contract liabilities, net | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except for percentages) | (in thousands, except for percentages) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 261,499 | 100.0 | % | $ | 208,344 | 100.0 | % | $ | 502,897 | 100.0 | % | $ | 412,239 | 100.0 | % | |||||||||||||||||||||||||||||||
Cost of revenue | 94,638 | 36.2 | 74,309 | 35.7 | 184,964 | 36.8 | 150,786 | 36.6 | |||||||||||||||||||||||||||||||||||||||
Gross profit | 166,861 | 63.8 | 134,035 | 64.3 | 317,933 | 63.2 | 261,453 | 63.4 | |||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Research and development | 21,537 | 8.2 | 19,559 | 9.4 | 41,523 | 8.3 | 40,123 | 9.7 | |||||||||||||||||||||||||||||||||||||||
Sales, general and administrative | 127,435 | 48.7 | 114,615 | 55.0 | 250,513 | 49.8 | 225,515 | 54.7 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | 148,972 | 57.0 | 134,174 | 64.4 | 292,036 | 58.1 | 265,638 | 64.4 | |||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | 17,889 | 6.8 | (139) | (0.1) | 25,897 | 5.1 | (4,185) | (1.0) | |||||||||||||||||||||||||||||||||||||||
Interest income (expense), net | 839 | 0.3 | (72) | 0.0 | 1,393 | 0.3 | (119) | — | |||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 808 | 0.3 | (956) | (0.5) | 898 | 0.2 | (1,967) | (0.5) | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 19,536 | 7.5 | (1,167) | (0.6) | 28,188 | 5.6 | (6,271) | (1.5) | |||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 576 | 0.2 | 2,520 | 1.2 | 666 | 0.1 | (2,663) | (0.6) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 18,960 | 7.3 | % | $ | (3,687) | (1.8) | % | $ | 27,522 | 5.5 | % | $ | (3,608) | (0.9) | % | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||
Vascular | $ | 152,684 | $ | 123,543 | $ | 29,141 | 23.6 | % | |||||||||||||||
Neuro | 108,815 | 84,801 | 24,014 | 28.3 | % | ||||||||||||||||||
Total | $ | 261,499 | $ | 208,344 | $ | 53,155 | 25.5 | % |
Three Months Ended June 30, | Change | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ | % | |||||||||||||||||||||||||||||||||||
(in thousands, except for percentages) | ||||||||||||||||||||||||||||||||||||||
United States | $ | 186,772 | 71.4 | % | $ | 141,456 | 67.9 | % | $ | 45,316 | 32.0 | % | ||||||||||||||||||||||||||
International | 74,727 | 28.6 | % | 66,888 | 32.1 | % | 7,839 | 11.7 | % | |||||||||||||||||||||||||||||
Total | $ | 261,499 | 100.0 | % | $ | 208,344 | 100.0 | % | $ | 53,155 | 25.5 | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||
Cost of revenue | $ | 94,638 | $ | 74,309 | $ | 20,329 | 27.4 | % | |||||||||||||||
Gross profit | $ | 166,861 | $ | 134,035 | $ | 32,826 | 24.5 | % | |||||||||||||||
Gross margin % | 63.8 | % | 64.3 | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||
R&D | $ | 21,537 | $ | 19,559 | $ | 1,978 | 10.1 | % | |||||||||||||||
R&D as a percentage of revenue | 8.2 | % | 9.4 | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||
SG&A | $ | 127,435 | $ | 114,615 | $ | 12,820 | 11.2 | % | |||||||||||||||
SG&A as a percentage of revenue | 48.7 | % | 55.0 | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||
Provision for income taxes | $ | 576 | $ | 2,520 | $ | (1,944) | (77.1) | % | |||||||||||||||
Effective tax rate | 2.9 | % | (215.9) | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||
Vascular | $ | 295,533 | $ | 246,352 | $ | 49,181 | 20.0 | % | |||||||||||||||
Neuro | 207,364 | 165,887 | 41,477 | 25.0 | % | ||||||||||||||||||
Total | $ | 502,897 | $ | 412,239 | $ | 90,658 | 22.0 | % |
Six Months Ended June 30, | Change | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ | % | |||||||||||||||||||||||||||||||||||
(in thousands, except for percentages) | ||||||||||||||||||||||||||||||||||||||
United States | $ | 358,651 | 71.3 | % | $ | 285,764 | 69.3 | % | $ | 72,887 | 25.5 | % | ||||||||||||||||||||||||||
International | 144,246 | 28.7 | % | 126,475 | 30.7 | % | 17,771 | 14.1 | % | |||||||||||||||||||||||||||||
Total | $ | 502,897 | 100.0 | % | $ | 412,239 | 100.0 | % | $ | 90,658 | 22.0 | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||
Cost of revenue | $ | 184,964 | $ | 150,786 | $ | 34,178 | 22.7 | % | |||||||||||||||
Gross profit | $ | 317,933 | $ | 261,453 | $ | 56,480 | 21.6 | % | |||||||||||||||
Gross margin % | 63.2 | % | 63.4 | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||
R&D | $ | 41,523 | $ | 40,123 | $ | 1,400 | 3.5 | % | |||||||||||||||
R&D as a percentage of revenue | 8.3 | % | 9.7 | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||
SG&A | $ | 250,513 | $ | 225,515 | $ | 24,998 | 11.1 | % | |||||||||||||||
SG&A as a percentage of revenue | 49.8 | % | 54.7 | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||
Provision for (benefit from) income taxes | $ | 666 | $ | (2,663) | $ | 3,329 | (125.0) | % | |||||||||||||||
Effective tax rate | 2.4 | % | 42.5 | % |
June 30, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Cash and cash equivalents | $ | 114,167 | $ | 69,858 | |||||||
Marketable investments | 106,896 | 118,172 | |||||||||
Accounts receivable, net | 208,965 | 203,384 | |||||||||
Accounts payable | 25,819 | 26,679 | |||||||||
Accrued liabilities | 105,606 | 106,300 | |||||||||
Working capital(1) | 683,752 | 610,767 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 69,858 | $ | 59,379 | |||||||
Net cash provided by (used in) operating activities | 30,228 | (44,089) | |||||||||
Net cash provided by investing activities | 4,040 | 36,371 | |||||||||
Net cash provided by financing activities | 10,070 | 6,490 | |||||||||
Cash and cash equivalents and restricted cash at end of period | 114,167 | 58,234 |
Name and Title of Officer or Director | Plan Adoption Date | Plan Duration | Total Securities to be Sold | |||||||||||||||||
8/17/2023 - 1/31/2024 | ||||||||||||||||||||
9/1/2023 - 1/15/2024 | ||||||||||||||||||||
8/8/2023 - 5/9/2024 | ||||||||||||||||||||
9/1/2023 - 12/1/2023 | ||||||||||||||||||||
9/1/2023 - 5/31/2024 | ||||||||||||||||||||
8/7/2023 - 1/12/2024 | ||||||||||||||||||||
8/16/2023 - 5/16/2024 | ||||||||||||||||||||
Exhibit Number | Description | Form | File No. | Exhibit(s) | Filing Date | |||||||||||||||||||||||||||
Certification of Principal Executive Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended. | ||||||||||||||||||||||||||||||||
Certification of Principal Financial Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended. | ||||||||||||||||||||||||||||||||
Certification of Principal Executive Officer and Principal Financial Officer Required Under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350. | ||||||||||||||||||||||||||||||||
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022, (ii) Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022, (ii) Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2023 and 2022, (iii) Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2023 and 2022, (iv) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022, and (v) Notes to Condensed Consolidated Financial Statements. | |||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as iXBRL with applicable taxonomy extension information contained in Exhibit 101). |
PENUMBRA, INC. | ||||||||
Date: August 1, 2023 | ||||||||
By: | /s/ Maggie Yuen | |||||||
Maggie Yuen | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
/s/ Adam Elsesser | ||
Adam Elsesser | ||
Chairman, Chief Executive Officer and President |
/s/ Maggie Yuen | ||
Maggie Yuen | ||
Chief Financial Officer |
/s/ Adam Elsesser | ||
Adam Elsesser | ||
Chairman, Chief Executive Officer and President | ||
/s/ Maggie Yuen | ||
Maggie Yuen | ||
Chief Financial Officer |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 4,775 | $ 862 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Statement [Abstract] | ||||
Revenue | $ 261,499 | $ 208,344 | $ 502,897 | $ 412,239 |
Cost of revenue | 94,638 | 74,309 | 184,964 | 150,786 |
Gross profit | 166,861 | 134,035 | 317,933 | 261,453 |
Operating expenses: | ||||
Research and development | 21,537 | 19,559 | 41,523 | 40,123 |
Sales, general and administrative | 127,435 | 114,615 | 250,513 | 225,515 |
Total operating expenses | 148,972 | 134,174 | 292,036 | 265,638 |
Income (loss) from operations | 17,889 | (139) | 25,897 | (4,185) |
Interest income (expense), net | 839 | (72) | 1,393 | (119) |
Other income (expense), net | 808 | (956) | 898 | (1,967) |
Income (loss) before income taxes | 19,536 | (1,167) | 28,188 | (6,271) |
Provision for (benefit from) income taxes | 576 | 2,520 | 666 | (2,663) |
Net income (loss) | $ 18,960 | $ (3,687) | $ 27,522 | $ (3,608) |
Net income (loss) per share: | ||||
Basic (in dollars per share) | $ 0.49 | $ (0.10) | $ 0.72 | $ (0.10) |
Diluted (in dollars per share) | $ 0.48 | $ (0.10) | $ 0.70 | $ (0.10) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 38,320,999 | 37,767,519 | 38,254,042 | 37,707,156 |
Diluted (in shares) | 39,201,155 | 37,767,519 | 39,151,412 | 37,707,156 |
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 18,960 | $ (3,687) | $ 27,522 | $ (3,608) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments, net of tax | 654 | (3,333) | 1,057 | (4,201) |
Net change in unrealized gains (losses) on available-for-sale securities, net of tax | 628 | (853) | 1,488 | (3,327) |
Total other comprehensive income (loss), net of tax | 1,282 | (4,186) | 2,545 | (7,528) |
Comprehensive income (loss) | $ 20,242 | $ (7,873) | $ 30,067 | $ (11,136) |
Organization and Description of Business |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Penumbra, Inc. (the “Company”) is a global healthcare company focused on innovative therapies. The Company designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need. The Company focuses on developing, manufacturing and marketing novel products for use by specialist physicians and other healthcare providers to drive improved clinical and health outcomes. The Company believes that the cost-effectiveness of our products is attractive to our customers.
|
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated balance sheet as of June 30, 2023, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), and the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 are unaudited. The unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2022 was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company’s financial position as of June 30, 2023, the results of its operations for the three and six months ended June 30, 2023 and 2022, the changes in its comprehensive income (loss) and stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and its cash flows for the six months ended June 30, 2023 and 2022. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies during the six months ended June 30, 2023, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, except for the granting of restricted stock units with performance conditions to senior management during the three months ended March 31, 2023. Refer to Note “9. Stockholders’ Equity” for information on the Company’s accounting policy. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity accounts; 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. On an ongoing basis, the Company evaluates its estimates, including those related to marketable investments, allowances for credit losses, the amount of variable consideration included in the transaction price, warranty reserve, valuation of inventories, useful lives of property and equipment, intangibles, operating and financing lease right-of-use (“ROU”) assets and liabilities, income taxes, contingent consideration and other contingencies, including the probability of achieving performance targets associated with equity awards with performance conditions, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other data. Actual results could differ from those estimates. Segments The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company has one business activity: the design, development, manufacturing and marketing of innovative medical products, and operates as one operating segment. The Company’s chief operating decision-maker, its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance.
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Investments and Fair Value of Financial Instruments |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and Fair Value of Financial Instruments | 3. Investments and Fair Value of Financial Instruments Marketable Investments The Company’s marketable investments have been classified and accounted for as available-for-sale. The following table presents the Company’s marketable investments as of June 30, 2023 and December 31, 2022 (in thousands):
As of June 30, 2023, the total amortized cost basis of the Company’s available-for-sale securities in an unrealized loss position exceeded its fair value by $2.0 million, which was primarily attributable to widening credit spreads and rising interest rates since purchase. The Company reviewed its available-for-sale securities in an unrealized loss position and concluded that the decline in fair value was not related to credit losses and is recoverable. During the three and six months ended June 30, 2023, no allowance for credit losses was recorded and instead the unrealized losses are reported as a component of accumulated other comprehensive loss. The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than twelve months or for twelve months or more as of June 30, 2023 and December 31, 2022 (in thousands):
The following table presents the contractual maturities of the Company’s marketable investments as of June 30, 2023 (in thousands):
Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company classifies its cash equivalents and marketable investments within Level 1 and Level 2, as it uses quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, the Company assesses the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. The Company did not hold any Level 3 marketable investments as of June 30, 2023 or December 31, 2022. During the six months ended June 30, 2023 and 2022, the Company did not have any transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy. Additionally, the Company did not have any financial assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2023 or December 31, 2022. The following tables set forth the Company’s financial assets measured at fair value by level within the fair value hierarchy as of June 30, 2023 and December 31, 2022 (in thousands):
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Balance Sheet Components |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components | 4. Balance Sheet Components Inventories The following table shows the components of inventories as of June 30, 2023 and December 31, 2022 (in thousands):
Accrued Liabilities The following table shows the components of accrued liabilities as of June 30, 2023 and December 31, 2022 (in thousands):
The following table shows the changes in the Company’s estimated product warranty accrual, included in accrued liabilities, for the six months ended June 30, 2023 and twelve months ended December 31, 2022, respectively (in thousands):
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Intangible Assets |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | 5. Intangible Assets Acquired Intangible Assets The following tables present details of the Company’s acquired finite-lived intangible assets as of June 30, 2023 and December 31, 2022 (in thousands, except weighted-average amortization period):
The gross carrying amount and accumulated amortization of the customer relationships are the only intangible assets subject to foreign currency translation effects. The following table presents the amortization expense recorded related to the Company’s finite-lived intangible assets for the three and six months ended June 30, 2023 and 2022 (in thousands):
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Goodwill |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 6. Goodwill The following table presents the changes in goodwill during the six months ended June 30, 2023 (in thousands):
Goodwill Impairment Review The Company reviews goodwill for impairment annually during the fourth quarter or more frequently if events or circumstances indicate that an impairment loss may have occurred. The Company determined there were no impairment indicators as of June 30, 2023.
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Debt |
6 Months Ended |
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Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Indebtedness | 7. Indebtedness Credit Agreement On April 24, 2020, the Company entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and lender, and Bank of America, N.A. and Citibank, N.A. as lenders. The Credit Agreement is secured and provides for up to $100 million in available revolving borrowing capacity with an option, subject to certain conditions, for the Company to increase the aggregate borrowing capacity to up to $150 million, and originally matured on April 23, 2021. During the three months ended March 31, 2021 and 2022, the Credit Agreement was amended to extend the maturity date and make other changes to the terms of the Credit Agreement. In the first quarter of 2023, the Company and JPMorgan Chase Bank, N.A., as administrative agent and lender, and Bank of America, N.A. and Citibank, N.A., as lenders, entered into Amendment No. 3 to the Credit Agreement. Pursuant to the amendment, (i) the maturity date of the Credit Agreement was extended from February 17, 2023 to February 16, 2024, (ii) certain changes were made to the reference benchmark interest rates, applicable margins and borrowing mechanics under the Credit Agreement, which have the overall effect of increasing the interest rates payable by the Company on amounts borrowed under the Credit Agreement, and (iii) the commitment fee payable on the average daily unused amount under the Credit Agreement was increased to 0.35% per annum. The Credit Agreement requires the Company to maintain a minimum fixed charge coverage ratio and to not exceed a maximum leverage ratio. As of June 30, 2023, the Company was in compliance with these requirements. As of June 30, 2023 and December 31, 2022, there were no borrowings outstanding under the Credit Agreement.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Royalty Obligations In March 2005, the Company entered into a license agreement that requires the Company to make minimum royalty payments to the licensor on a quarterly basis. In July 2019, the Company amended the license agreement to extend its term for an additional ten years and to increase the required minimum annual royalty payments by $0.2 million. As of both June 30, 2023 and December 31, 2022, the amended license agreement required minimum quarterly royalty payments of $0.3 million. Unless terminated earlier, the term of the amended license agreement shall expire June 30, 2029. In April 2012, the Company entered into an agreement that requires the Company to pay, on a quarterly basis, a 5% royalty on sales of products covered under applicable patents. The first commercial sale of covered products occurred in April 2014. Unless terminated earlier, the royalty term for each applicable product shall continue for fifteen years following the first commercial sale of such patented product, or when the applicable patent covering such product has expired, whichever is sooner. Royalty expense included in cost of revenue for the three months ended June 30, 2023 and 2022 was $0.7 million and $0.6 million, respectively, and for the six months ended June 30, 2023 and 2022, was $1.3 million and $1.2 million, respectively. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. In many such arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third-party with respect to the Company’s technology. The Company also agrees to indemnify many indemnified parties for product defect and similar claims. The term of these indemnification agreements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. No liability associated with any of these indemnification requirements has been recorded to date. Litigation From time to time, the Company is subject to other claims and assessments in the ordinary course of business. The Company is not currently a party to any such litigation matter that, individually or in the aggregate, is expected to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.
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Stockholder's Equity |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholder's Equity | 9. Stockholders’ Equity Stock-based Compensation Stock-based compensation expense is associated with restricted stock units (“RSUs”), RSUs with performance conditions (“PSUs”), stock options, and the Company’s Employee Stock Purchase Plan. Certain RSUs granted to senior management during the three months ended March 31, 2023, will vest subject to the achievement of pre-established financial performance targets for the year ending December 31, 2023, and continued service. The fair value of these PSUs is based on the closing price of the Company's common stock on the date of grant. Stock-based compensation costs associated with these PSUs are recognized over the requisite service period of 4.25 years using graded vesting which results in more accelerated expense recognition compared to traditional time-based vesting over the same vesting period. Each reporting period, the Company monitors the probability of achieving the performance targets and may adjust periodic stock-based compensation expense based on its determination of the likelihood of achieving these performance targets and the estimated number of shares of common stock that will vest. The actual number of PSUs awarded is based on the actual performance during the performance period compared to the performance targets. The following table sets forth the stock-based compensation expense included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 (in thousands):
As of June 30, 2023, total unrecognized compensation cost related to unvested share-based compensation arrangements, excluding PSUs, was $71.4 million, which is expected to be recognized over a weighted average period of 2.8 years. As of June 30, 2023, total unrecognized compensation cost related to unvested PSU share-based compensation arrangements was $15.8 million, which is expected to be recognized over a weighted average period of 3.7 years. The total stock-based compensation cost capitalized in inventory was $2.1 million and $2.2 million as of June 30, 2023 and December 31, 2022, respectively.
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 10. Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) consists of two components: unrealized gains or losses on the Company’s available-for-sale marketable investments and gains or losses from foreign currency translation adjustments. Until realized and reported as a component of consolidated net income (loss), these comprehensive income (loss) items accumulate and are included within accumulated other comprehensive income (loss). Unrealized gains and losses on the Company’s marketable investments are reclassified from accumulated other comprehensive income (loss) into earnings when realized upon sale, and are determined based on specific identification of securities sold. Gains and losses from the translation of assets and liabilities denominated in non-U.S. dollar functional currencies are included in accumulated other comprehensive income (loss). The following table summarizes the changes in the accumulated balances during the period and includes information regarding the manner in which the reclassifications out of accumulated other comprehensive income (loss) into earnings affect the Company’s condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (loss) (in thousands):
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Income Taxes |
6 Months Ended |
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Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company’s income tax expense (benefit), deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. The Company is subject to income taxes in both the United States and foreign jurisdictions. Significant judgment and estimates are required in determining the consolidated income tax expense (benefit). During interim periods, the Company generally utilizes the estimated annual effective tax rate (“AETR”) method which involves the use of forecasted information. Under the AETR method, the provision is calculated by applying the estimated AETR for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. Jurisdictions with tax assets for which the Company believes a tax benefit cannot be realized are excluded from the computation of its AETR. The Company’s provision for income taxes for the three months ended June 30, 2023 was $0.6 million, which was primarily due to tax expenses attributable to its worldwide profits offset by excess tax benefits from stock-based compensation attributable to its U.S. jurisdiction. The Company’s provision for income taxes for the three months ended June 30, 2022 was $2.5 million, which was primarily due to tax deficiencies (shortfalls) expenses from stock-based compensation attributable to its U.S. jurisdiction as a result of stock price fluctuation, offset by tax benefits attributable to its worldwide losses. The Company’s effective tax rate changed to 2.9% for the three months ended June 30, 2023 from (215.9)% for the three months ended June 30, 2022, primarily due to small tax expenses over relatively large worldwide profits in 2023 comparing to large tax expenses over relatively small worldwide losses in 2022. The Company’s provision for income taxes for the six months ended June 30, 2023 was $0.7 million, which was primarily due to tax expenses attributable to its worldwide profits offset by excess tax benefits from stock-based compensation attributable to its U.S. jurisdiction. The Company’s benefit from income taxes for the six months ended June 30, 2022 was $2.7 million, which was primarily due to tax benefits attributable to its worldwide losses, offset by tax deficiencies (shortfall) expenses from stock-based compensation attributable to its U.S. jurisdiction as a result of stock price fluctuation. The Company’s effective tax rate changed to 2.4% for the six months ended June 30, 2023 from 42.5% for the six months ended June 30, 2022, primarily due to small tax expenses over relatively large worldwide profits in 2023 comparing to large tax benefits over relatively small worldwide losses in 2022. Significant domestic deferred tax assets (“DTAs”) were generated in recent years, primarily due to excess tax benefits from stock option exercises and vesting of restricted stock units. The Company evaluates all available positive and negative evidence, objective and subjective in nature, in each reporting period to determine if sufficient taxable income will be generated to realize the benefits of its DTAs and, if not, a valuation allowance to reduce the DTAs is recorded. As of June 30, 2023 and 2022, the Company maintains a valuation allowance against its Federal Research and Development Tax Credit DTAs as the Company could not conclude at the required more-likely-than-not level of certainty, that the benefit of these tax attributes would be realized prior to expiration. The Company intends to continue maintaining this full valuation allowance until there is sufficient evidence to reverse it. However, considering current earnings and anticipated future earnings, as well as the impact of IRC Section 174 requiring qualified research expenditures to be capitalized and amortized over 5 or 15 years, the Company anticipates net operating loss (“NOL”) utilization may be accelerated. As a consequence, the Company believes there is a reasonable possibility that sufficient positive evidence may become available to conclude this valuation allowance may no longer be needed within the next 12 months. Release of the valuation allowance will result in the recognition of Federal Research and Development Tax Credit DTAs and a decrease to income tax expenses for the period in which the release is recorded. The exact timing and amount of the valuation allowance release are highly dependent on the level of taxable income in future years. The Company will continue to closely monitor the need for this valuation allowance in each subsequent reporting period. As of June 30, 2023 and 2022, the company maintains a full valuation allowance against its California DTAs as the Company does not expect to generate sufficient future taxable income in California to realize the tax benefit due to the computation of California taxes under the single sales factor and non-conformity of the Section 174 capitalization rule. The Company maintains that all foreign earnings, with the exception of a portion of the earnings of its German subsidiary, are permanently reinvested outside the United States and therefore deferred taxes attributable to such earnings are not provided for in the Company’s condensed consolidated financial statements as of June 30, 2023.
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Net Income (Loss) per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) per Share | 12. Net Income (Loss) per Share The Company computed basic net income (loss) per share based on the weighted average number of shares of common stock outstanding during the period. The Company computed diluted net income (loss) per share based on the weighted average number of shares of common stock outstanding plus potentially dilutive common stock equivalents outstanding during the period using the treasury stock method. For the purposes of this calculation, stock options, restricted stock units and stock sold through the Company’s employee stock purchase plan are considered common stock equivalents. A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net income (loss) per share is as follows (in thousands, except share and per share amounts):
For the three months ended June 30, 2023 and 2022, outstanding stock-based awards of 8 thousand and 1,766 thousand shares, respectively, and for the six months ended June 30, 2023 and 2022 outstanding stock-based awards of 8 thousand and 1,878 thousand shares, respectively, were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive.
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Revenues |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | 13. Revenues Revenue Recognition Revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. All revenue recognized in the condensed consolidated statements of operations is considered to be revenue from contracts with customers. The following table presents the Company’s revenues disaggregated by geography, based on the destination to which the Company ships its products, for the three and six months ended June 30, 2023 and 2022 (in thousands):
The following table presents the Company’s revenues disaggregated by product category for the three and six months ended June 30, 2023 and 2022 (in thousands):
China Distribution and Technology Licensing Agreement In December 2020, the Company entered into a distribution and technology licensing arrangement with its existing distribution partner in China. In addition to modifying the Company’s standard distribution agreement with its partner in China, the Company agreed to license the technology for certain products to its partner in China to permit the manufacturing and commercialization of such products in China as well as provide certain regulatory support. During the three months ended March 31, 2022, the Company further amended the distribution agreement and entered into an additional license agreement, pursuant to which the Company agreed to license the technology for additional products to its partner in China on substantially the same terms as the existing license agreement. Apart from the standard distribution agreement, the Company will receive fixed payments upon transferring its distinct licensed technology and providing related regulatory support and royalty payments on the down-stream sale of the licensed products. Performance Obligations Delivery of products - The Company’s contracts with customers typically contain a single performance obligation, delivery of the Company’s products. Satisfaction of that performance obligation occurs when control of the promised goods transfers to the customer, which is generally upon shipment for non-consignment sale agreements and upon utilization for consignment sale agreements. Payment terms - The Company’s payment terms vary by the type and location of our customer. The timing between fulfillment of performance obligations and when payment is due is not significant and does not give rise to financing transactions. The Company did not have any contracts with significant financing components as of June 30, 2023. Product returns - The Company may allow customers to return products purchased at the Company’s discretion. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period in which the related product revenue is recognized. The Company currently estimates product return liabilities using its own historic sales information, trends, industry data, and other relevant data points. Warranties - The Company offers its standard warranty to all customers and it is not available for sale on a standalone basis. The Company’s standard warranty represents its guarantee that its products function as intended, are free from defects, and comply with agreed-upon specifications and quality standards. This assurance does not constitute a service and is not a separate performance obligation. Transaction Price Revenue is recorded at the net sales price, which includes estimates of variable consideration such as product returns utilizing historical return rates, rebates, discounts, and other adjustments to net revenue. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price. When determining if variable consideration should be constrained, management considers whether there are factors that could result in a significant reversal of revenue and the likelihood of a potential reversal. Variable consideration is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are reassessed each reporting period. During the three and six months ended June 30, 2023, the Company made no material changes in estimates for variable consideration. When the Company performs shipping and handling activities after control of goods is transferred to the customer, they are considered as fulfillment activities, and costs are accrued for when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. Contract liabilities, net The following information summarizes the Company’s contract assets and liabilities, net as of June 30, 2023 and December 31, 2022 (in thousands):
Contract liabilities represents amounts that the Company has already invoiced and are ultimately expected to be recognized as revenue, but for which not all revenue recognition criteria have been met and is recognized as the associated performance obligations are satisfied. Contract assets for the periods presented primarily represent the difference between the revenue that was recognized based on the relative standalone selling price of the related performance obligations satisfied and the contractual billing terms in the arrangements. Revenue recognized during the three and six months ended June 30, 2023 relating to contract liabilities as of March 31, 2023 and December 31, 2022 was $0.4 million and $0.9 million, respectively.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
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Pay vs Performance Disclosure | ||||||
Net income (loss) | $ 18,960 | $ 8,562 | $ (3,687) | $ 79 | $ 27,522 | $ (3,608) |
Insider Trading Arrangements |
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Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Material Terms of Trading Arrangement | Rule 10b5-1 Trading Plans During the quarterly period ended June 30, 2023, certain of our directors and officers adopted trading plans, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Rule 10b5-1 Trading Arrangements”). Each Rule 10b5-1 Trading Arrangement was entered into during an open trading window under our Securities Trading Policy. The following table presents the material terms of each Rule 10b5-1 Trading Arrangement adopted by our officers and directors during the three months ended June 30, 2023, other than terms with respect to the price at which the individual executing the Rule 10b5-1 Trading Arrangement is authorized to trade:
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Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Rule 10b5-1 Arrangement Adopted | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Terminated | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Rule 10b5-1 Arrangement Terminated | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arani Bose [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Arani Bose | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Director | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | 5/19/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 167 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 60,000 | 60,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Harpreet Grewal [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Harpreet Grewal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Director | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | 5/23/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 136 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 680 | 680 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Don Kassing [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Don Kassing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Director | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | 5/9/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 275 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 767 | 767 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bridget O'Rourke [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Bridget O'Rourke | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Director | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | 5/22/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 91 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 250 | 250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surbhi Sarna [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Surbhi Sarna | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Director | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | 5/18/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 273 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 255 | 255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thomas Wilder [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Thomas Wilder | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Director | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | 5/8/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 158 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 680 | 680 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maggie Yuen [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Maggie Yuen | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Chief Financial Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | 5/16/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 274 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 4,717 | 4,717 |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Consolidation The accompanying condensed consolidated balance sheet as of June 30, 2023, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), and the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 are unaudited. The unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2022 was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company’s financial position as of June 30, 2023, the results of its operations for the three and six months ended June 30, 2023 and 2022, the changes in its comprehensive income (loss) and stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and its cash flows for the six months ended June 30, 2023 and 2022. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies during the six months ended June 30, 2023, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, except for the granting of restricted stock units with performance conditions to senior management during the three months ended March 31, 2023. Refer to Note “9. Stockholders’ Equity” for information on the Company’s accounting policy.
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Consolidation | The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity accounts; 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. On an ongoing basis, the Company evaluates its estimates, including those related to marketable investments, allowances for credit losses, the amount of variable consideration included in the transaction price, warranty reserve, valuation of inventories, useful lives of property and equipment, intangibles, operating and financing lease right-of-use (“ROU”) assets and liabilities, income taxes, contingent consideration and other contingencies, including the probability of achieving performance targets associated with equity awards with performance conditions, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other data. Actual results could differ from those estimates.
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Segments | Segments The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company has one business activity: the design, development, manufacturing and marketing of innovative medical products, and operates as one operating segment. The Company’s chief operating decision-maker, its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance. |
Marketable Investments | Marketable InvestmentsThe Company’s marketable investments have been classified and accounted for as available-for-sale. |
Performance Shares | The fair value of these PSUs is based on the closing price of the Company's common stock on the date of grant. Stock-based compensation costs associated with these PSUs are recognized over the requisite service period of 4.25 years using graded vesting which results in more accelerated expense recognition compared to traditional time-based vesting over the same vesting period. Each reporting period, the Company monitors the probability of achieving the performance targets and may adjust periodic stock-based compensation expense based on its determination of the likelihood of achieving these performance targets and the estimated number of shares of common stock that will vest. The actual number of PSUs awarded is based on the actual performance during the performance period compared to the performance targets. |
Investments and Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Investments | The following table presents the Company’s marketable investments as of June 30, 2023 and December 31, 2022 (in thousands):
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than twelve months or for twelve months or more as of June 30, 2023 and December 31, 2022 (in thousands):
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Schedule of Contractual Maturities of Marketable Investments | The following table presents the contractual maturities of the Company’s marketable investments as of June 30, 2023 (in thousands):
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Schedule of Fair Value of Assets and Liabilities | The following tables set forth the Company’s financial assets measured at fair value by level within the fair value hierarchy as of June 30, 2023 and December 31, 2022 (in thousands):
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Balance Sheet Components Balance Sheet Components (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | The following table shows the components of inventories as of June 30, 2023 and December 31, 2022 (in thousands):
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Schedule of Accrued Liabilities | The following table shows the components of accrued liabilities as of June 30, 2023 and December 31, 2022 (in thousands):
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Schedule of Estimated Product Warranty Accrual | The following table shows the changes in the Company’s estimated product warranty accrual, included in accrued liabilities, for the six months ended June 30, 2023 and twelve months ended December 31, 2022, respectively (in thousands):
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Intangible Assets Intangible Assets (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-lived Intangible Assets | The following tables present details of the Company’s acquired finite-lived intangible assets as of June 30, 2023 and December 31, 2022 (in thousands, except weighted-average amortization period):
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Finite-lived Intangible Assets Amortization Expense | The following table presents the amortization expense recorded related to the Company’s finite-lived intangible assets for the three and six months ended June 30, 2023 and 2022 (in thousands):
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Goodwill (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following table presents the changes in goodwill during the six months ended June 30, 2023 (in thousands):
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Stockholder's Equity (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-based Compensation Expense | The following table sets forth the stock-based compensation expense included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 (in thousands):
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the accumulated balances during the period and includes information regarding the manner in which the reclassifications out of accumulated other comprehensive income (loss) into earnings affect the Company’s condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (loss) (in thousands):
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Net Income (Loss) per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the Numerator and Denominator used in the Calculation of the Basic and Diluted Earnings per Share | A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net income (loss) per share is as follows (in thousands, except share and per share amounts):
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Revenues Revenues (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated by geography, based on the destination to which the Company ships its products, for the three and six months ended June 30, 2023 and 2022 (in thousands):
The following table presents the Company’s revenues disaggregated by product category for the three and six months ended June 30, 2023 and 2022 (in thousands):
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Summary of Contract Assets and Liabilities | The following information summarizes the Company’s contract assets and liabilities, net as of June 30, 2023 and December 31, 2022 (in thousands):
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Summary of Significant Accounting Policies - Additional Disclosures (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
segment
activity
| |
Accounting Policies [Abstract] | |
Number of business activities | activity | 1 |
Number of operating segments | segment | 1 |
Investments and Fair Value of Financial Instruments - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
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Fair Value Disclosures [Abstract] | |||
Gross Unrealized Losses | $ (2,012,000) | $ (2,012,000) | $ (3,500,000) |
Allowance for credit loss | $ 0 | $ 0 |
Investments and Fair Value of Financial Instruments - Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized Cost | ||
Due in less than one year | $ 71,589 | |
Due in one to five years | 37,318 | |
Total | 108,907 | $ 121,672 |
Fair Value | ||
Due in less than one year | 70,480 | |
Due in one to five years | 36,416 | |
Total | $ 106,896 | $ 118,172 |
Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 100,167 | $ 90,786 |
Work in process | 42,391 | 26,793 |
Finished goods | 216,212 | 216,427 |
Inventories | $ 358,770 | $ 334,006 |
Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Payroll and employee-related cost | $ 61,945 | $ 60,480 |
Accrued expenses | 10,507 | 10,902 |
Deferred revenue | 8,430 | 9,158 |
Other accrued liabilities | 24,724 | 25,760 |
Total accrued liabilities | $ 105,606 | $ 106,300 |
Balance Sheet Components - Product Warranty (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
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Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at the beginning of the period | $ 5,370 | $ 4,310 |
Accruals of warranties issued | 1,025 | 2,451 |
Settlements of warranty claims | (645) | (1,391) |
Balance at the end of the period | $ 5,750 | $ 5,370 |
Goodwill (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill | $ 166,046,000 |
Foreign currency translation and other adjustments | 120,000 |
Goodwill | 166,166,000 |
Goodwill impairment | $ 0 |
Debt (Details) - Revolving Credit Facility - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
Apr. 24, 2020 |
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Line of Credit Facility [Line Items] | |||
Borrowing capacity | $ 100,000,000 | ||
Line of credit, increase limit | $ 150,000,000 | ||
Borrowings outstanding | $ 0 | $ 0 | |
Bank Of America And Citibank | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, unused capacity, commitment fee percentage | 0.35% |
Commitments and Contingencies - Royalty Obligations (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
Jul. 31, 2019 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Cost of revenue | |||||
Other Commitments [Line Items] | |||||
Royalty expense | $ 0.7 | $ 0.6 | $ 1.3 | $ 1.2 | |
Royalty Agreement, March 2005 | |||||
Other Commitments [Line Items] | |||||
Extended term of agreement | 10 years | ||||
Increase in minimum annual royalty payments | $ 0.2 | ||||
Minimum quarterly royalty payments | $ 0.3 | $ 0.3 | |||
Royalty Agreement, April 2012 | |||||
Other Commitments [Line Items] | |||||
Royalty as a percent of sales | 5.00% | ||||
Term of agreement | 15 years |
Income Taxes Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for (benefit from) income taxes | $ 576 | $ 2,520 | $ 666 | $ (2,663) |
Effective tax rate | 2.90% | 215.90% | (2.40%) | 42.50% |
Net Income (Loss) per Share - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Numerator: | ||||||
Net income (loss) | $ 18,960 | $ 8,562 | $ (3,687) | $ 79 | $ 27,522 | $ (3,608) |
Weighted average shares used to compute net income (loss) attributable to common stockholders: | ||||||
Basic (in shares) | 38,320,999 | 37,767,519 | 38,254,042 | 37,707,156 | ||
Potential dilutive stock-based options and awards (in shares) | 880,156 | 0 | 897,370 | 0 | ||
Diluted (in shares) | 39,201,155 | 37,767,519 | 39,151,412 | 37,707,156 | ||
Net income (loss) per share: | ||||||
Basic (in dollars per share) | $ 0.49 | $ (0.10) | $ 0.72 | $ (0.10) | ||
Diluted (in dollars per share) | $ 0.48 | $ (0.10) | $ 0.70 | $ (0.10) |
Net Income (Loss) per Share - Antidilutive Securities (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 8 | 1,766 | 8 | 1,878 |
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 261,499 | $ 208,344 | $ 502,897 | $ 412,239 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 186,772 | 141,456 | 358,651 | 285,764 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 74,727 | 66,888 | 144,246 | 126,475 |
Neuro | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 108,815 | 84,801 | 207,364 | 165,887 |
Vascular | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 152,684 | $ 123,543 | $ 295,533 | $ 246,352 |
Revenues - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Revenue from Contract with Customer [Abstract] | |||
Contract liabilities, net | $ 7,883 | $ 7,883 | $ 8,783 |
Revenue recognized relating to contract liabilities | $ 400 | $ 900 |
Label | Element | Value |
---|---|---|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | $ (3,687,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | $ 18,960,000 |
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