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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

The following table summarizes stock option activity for the years ended December 31, 2023 and 2022:


	Options Outstanding
	Number of Shares	Weighted-Average Exercise Price	Weighted-Average Contractual Remaining Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2021	2,009,513	$8.73
Exercised	(80,571)	$4.70
Canceled and forfeited	(25,601)	$15.05
Outstanding as of December 31, 2022	1,903,341	$8.82

Exercised	(698,627)	$6.28
Canceled and forfeited	(16,006)	$21.22
Outstanding as of December 31, 2023	1,188,708	$10.14	3.51	$	13,197
Options vested and exercisable as of December 31, 2023	1,188,708	$10.14	3.51	$	13,197
Options vested and expected to vest as of December 31, 2023	1,188,708	$10.14	3.51	$	13,197

Schedule of Options by Range of Exercise Price

Outstanding options and exercisable options information by range of exercise prices as of December 31, 2023 was as follows:


Exercise Price			Options Outstanding			Options Vested and Exercisable
			Number of Shares	Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price	Number of Shares	Weighted- Average Exercise Price
$3.24	-	$4.41	375,262	1.91	$4.14	375,262	$4.14
$4.42	-	$5.31	300,673	3.31	$4.68	300,673	$4.68
$5.32	-	$18.10	198,341	4.41	$11.28	198,341	$11.28
$18.11	-	$20.51	18,838	5.08	$18.71	18,838	$18.71
$20.52	-	$22.00	295,594	5.04	$22.00	295,594	$22.00
			1,188,708	3.51	$10.14	1,188,708	$10.14

Schedule of Valuation Assumptions Related to Stock Option Awards

The table below summarizes the assumptions used to estimate the grant date fair value of the PSUs granted:


	Year Ended December 31,
						2023				2022
Expected volatility of common stock				58.0%	to	73.0%		48.9%	to	58.7%
Expected volatility of peer companies						33.0%	to	141.0%		24.2%	to	152.5%
Correlation coefficient of peer companies				(0.15)	to	1.00		(0.13)	to	1.00
Risk-free interest rate						3.9%	to	5.0%		0.4%	to	1.2%
Dividend yield	—%	to	1.3%	—%	to	1.0%

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU and PSU activity for the years ended December 31, 2023 and 2022:


	RSUs		PSUs
	Number of Shares	Weighted- Average Grant Date Fair Value	Number of Shares	Weighted- Average Grant Date Fair Value
Outstanding as of December 31, 2021	1,566,522	$25.17	—	—
Granted	1,264,835	$20.66	155,596	$19.50
Vested	(806,204)	$24.03	—	—
Canceled and forfeited	(230,225)	$23.46	—	—
Outstanding as of December 31, 2022	1,794,928	$22.72	155,596	$19.50
Granted	1,235,471	$16.92	255,458	$12.33
Vested	(967,145)	$21.01	(25,932)	$19.50
Canceled and forfeited	(163,464)	$21.41	—	—
Outstanding as of December 31, 2023	1,899,790	$19.93	385,122	$14.74

Schedule of Valuation Assumptions Related to ESPP Purchase Rights

The Company estimated the fair value of ESPP purchase rights during the offering period using a Black-Scholes option pricing model with the following assumptions:


	Year Ended December 31,
	2023			2022
Expected term (years)	0.5			0.5
Expected volatility	41.9%	to	54.4%	49.5%	to	62.1%
Risk-free interest rate	5.26%	to	5.38%	0.07%	to	1.54%
Dividend yield	—%			—%

Schedule of Stock-Based Compensation Expense

Stock-Based Compensation

The following table sets forth stock-based compensation expense recognized for the periods presented:


	Year Ended December 31,
	2023		2022
	(in thousands)
Cost of goods sold	$	672	$	484
Sales and marketing	10,931		11,006
Research and development	2,933		2,637
General and administrative	9,521		8,934
	$	24,057	$	23,061