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.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments in debt securities | |||||||||||
Accounts receivable, net | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Deposits and other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Payroll-related accruals | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Operating lease liabilities, current portion | |||||||||||
Total current liabilities | |||||||||||
Operating lease liabilities, noncurrent portion | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 7) | |||||||||||
Stockholders' equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid in capital | |||||||||||
Accumulated other comprehensive (loss) income | ( | ||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Revenue | $ | $ | |||||||||
Cost of goods sold | |||||||||||
Gross profit | |||||||||||
Operating expenses | |||||||||||
Research and development | |||||||||||
Selling, general and administrative | |||||||||||
Total operating expenses | |||||||||||
Loss from operations | ( | ( | |||||||||
Other income (expense) | |||||||||||
Interest income | |||||||||||
Interest expense | ( | ( | |||||||||
Other income (expense) | ( | ||||||||||
Total other income (expense) | ( | ||||||||||
Loss before income taxes | ( | ( | |||||||||
Provision for income taxes | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Other comprehensive income (loss) | |||||||||||
Foreign currency translation adjustments | ( | ||||||||||
Unrealized loss on available-for-sale debt securities | ( | ( | |||||||||
Total other comprehensive loss | ( | ( | |||||||||
Comprehensive loss | $ | ( | $ | ( | |||||||
Net loss per share | |||||||||||
Basic | $ | ( | $ | ( | |||||||
Diluted | $ | ( | $ | ( | |||||||
Weighted average common shares used to compute net loss per share | |||||||||||
Basic | |||||||||||
Diluted |
Common Stock | Additional Paid In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Options exercised for common stock | — | — | |||||||||||||||||||||||||||||||||
Shares issued under Employee Stock Purchase Plan | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes | ( | — | — | ( | |||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Common Stock | Additional Paid In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Options exercised for common stock | — | — | |||||||||||||||||||||||||||||||||
Shares issued under Employee Stock Purchase Plan | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
Issuance of common stock in public offering, net of issuance costs of $ | |||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Depreciation | |||||||||||
Amortization of deferred financing costs | |||||||||||
Amortization of right-of-use assets | |||||||||||
Share-based compensation expense | |||||||||||
Allowance for credit losses, net | |||||||||||
Loss on disposal of fixed assets | |||||||||||
Amortization of premium and discount on marketable securities | ( | ||||||||||
Changes in: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses, deposits and other assets | |||||||||||
Accounts payable | ( | ( | |||||||||
Payroll-related accruals, accrued expenses and other liabilities | ( | ( | |||||||||
Operating lease liabilities | ( | ( | |||||||||
Lease prepayments for lessor's owned leasehold improvements | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Purchases of marketable securities | ( | ( | |||||||||
Maturities of marketable securities | |||||||||||
Purchases of other investments | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of common stock in public offering, net of issuance costs of $ | |||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | |||||||||||
Proceeds from exercise of stock options | |||||||||||
Payment of taxes related to vested restricted stock units | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Effect of foreign exchange rate on cash and cash equivalents | ( | ( | |||||||||
Net (decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents beginning of period | |||||||||||
Cash and cash equivalents end of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for income taxes | $ | $ | |||||||||
Cash paid for interest | $ | $ | |||||||||
Noncash investing and financing: | |||||||||||
Lease liabilities arising from obtaining new right-of-use assets | $ | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
ClotTriever and other systems | % | % | |||||||||
FlowTriever system | % | % |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
United States | $ | $ | |||||||||
International | |||||||||||
Total revenue | $ | $ |
March 31, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Aggregate Fair Value | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||
Money market mutual funds | $ | $ | $ | $ | |||||||||||||||||||
Total included in cash and cash equivalents | |||||||||||||||||||||||
Investments: | |||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||
U.S. Government agencies | |||||||||||||||||||||||
Corporate debt securities and commercial paper | |||||||||||||||||||||||
Total included in short-term investments | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Aggregate Fair Value | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||
Money market mutual funds | $ | $ | $ | $ | |||||||||||||||||||
Total included in cash and cash equivalents | |||||||||||||||||||||||
Investments: | |||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||
U.S. Government agencies | |||||||||||||||||||||||
Corporate debt securities and commercial paper | |||||||||||||||||||||||
Total included in short-term investments | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ |
March 31, 2023 | |||||||||||||||||||||||
Amortized Cost Basis | Unrealized Gain | Unrealized Loss | Fair Value | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||
Money market mutual funds | $ | $ | $ | $ | |||||||||||||||||||
Total included in cash and cash equivalents | |||||||||||||||||||||||
Investments: | |||||||||||||||||||||||
U.S. Treasury securities | ( | ||||||||||||||||||||||
U.S. Government agencies | ( | ||||||||||||||||||||||
Corporate debt securities and commercial paper | ( | ||||||||||||||||||||||
Total included in short-term investments | ( | ||||||||||||||||||||||
Total assets | $ | $ | $ | ( | $ |
December 31, 2022 | |||||||||||||||||||||||
Amortized Cost Basis | Unrealized Gain | Unrealized Loss | Fair Value | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||
Money market mutual funds | $ | $ | $ | $ | |||||||||||||||||||
Total included in cash and cash equivalents | |||||||||||||||||||||||
Investments: | |||||||||||||||||||||||
U.S. Treasury securities | ( | ||||||||||||||||||||||
U.S. Government agencies | |||||||||||||||||||||||
Corporate debt securities and commercial paper | ( | ||||||||||||||||||||||
Total included in short-term investments | ( | ||||||||||||||||||||||
Total assets | $ | $ | $ | ( | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Total inventories, net | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
Manufacturing equipment | $ | $ | |||||||||
Computer hardware | |||||||||||
Leasehold improvements | |||||||||||
Furniture and fixtures | |||||||||||
Assets in progress | |||||||||||
Computer software | |||||||||||
Total property and equipment, gross | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Total property and equipment, net | $ | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating lease cost | $ | $ | |||||||||
Short-term lease cost | |||||||||||
Variable lease cost | |||||||||||
Total lease costs | $ | $ |
Year ending December 31: | Amount | ||||
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total lease payments | |||||
Less imputed interest | ( | ||||
Total lease liabilities | |||||
Less: lease liabilities - current portion | ( | ||||
Lease liabilities - noncurrent portion | $ |
Number of Awards | Weighted Average Fair Value | ||||||||||
Outstanding, December 31, 2022 | $ | ||||||||||
Vested | ( | (a) | |||||||||
Outstanding, March 31, 2023 | $ |
Number of Awards | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Intrinsic Value | ||||||||||||||||||||
Outstanding, December 31, 2022 | $ | $ | |||||||||||||||||||||
Exercised | ( | $ | $ | ||||||||||||||||||||
Cancelled | ( | $ | |||||||||||||||||||||
Outstanding, March 31, 2023 | $ | $ | |||||||||||||||||||||
Vested and exercisable at March 31, 2023 | $ | $ | |||||||||||||||||||||
Vested and expected to vest at March 31, 2023 | $ | $ |
Number of Awards | Weighted Average Fair Value | ||||||||||
Outstanding, December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Cancelled | ( | ||||||||||
Outstanding, March 31, 2023 | $ |
Three Months Ended March 31, 2023 | |||||
Expected term (in years) | |||||
Expected volatility | |||||
Dividend yield | |||||
Risk free interest rate | |||||
Weighted-average fair value of options granted | $ |
Number of Awards | Weighted Average Exercise Price | Weighted Average Fair Value | Weighted Average Remaining Contractual Life (in years) | Intrinsic Value | |||||||||||||||||||||||||
Outstanding, December 31, 2022 | $ | $ | $ | ||||||||||||||||||||||||||
Granted | $ | $ | — | $ | — | ||||||||||||||||||||||||
Outstanding, March 31, 2023 | $ | $ | $ | ||||||||||||||||||||||||||
Vested and exercisable at March 31, 2023 | $ | $ | — | $ | |||||||||||||||||||||||||
Vested and expected to vest at March 31, 2023 | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Expected term (in years) | |||||||||||
Expected volatility | % | % | |||||||||
Dividend yield | % | % | |||||||||
Risk free interest rate | % | % |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cost of goods sold | $ | $ | |||||||||
Research and development | |||||||||||
Selling, general and administrative | |||||||||||
$ | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Loss before income taxes | $ | ( | $ | ( | |||||||
Provision for income taxes | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Provision for income taxes as a percentage of loss before income taxes | ( |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Common stock options | |||||||||||
RSUs | |||||||||||
Restricted stock subject to future vesting | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
ClotTriever and other systems | 34 | % | 32 | % | |||||||
FlowTriever system | 66 | % | 68 | % |
Three Months Ended March 31, | Change $ | ||||||||||||||||||||||||||||
2023 | % | 2022 | % | ||||||||||||||||||||||||||
Revenue | $ | 116,167 | 100.0 | % | $ | 86,752 | 100.0 | % | $ | 29,415 | |||||||||||||||||||
Cost of goods sold | 13,741 | 11.8 | % | 9,967 | 11.5 | % | 3,774 | ||||||||||||||||||||||
Gross profit | 102,426 | 88.2 | % | 76,785 | 88.5 | % | 25,641 | ||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Research and development | 22,064 | 19.0 | % | 16,135 | 18.6 | % | 5,929 | ||||||||||||||||||||||
Selling, general and administrative | 85,700 | 73.8 | % | 63,732 | 73.5 | % | 21,968 | ||||||||||||||||||||||
Total operating expenses | 107,764 | 92.8 | % | 79,867 | 92.1 | % | 27,897 | ||||||||||||||||||||||
Loss from operations | (5,338) | (4.6) | % | (3,082) | (3.6) | % | (2,256) | ||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||
Interest income | 4,145 | 3.6 | % | 50 | 0.1 | % | 4,095 | ||||||||||||||||||||||
Interest expense | (40) | — | % | (73) | (0.1) | % | 33 | ||||||||||||||||||||||
Other income (expense) | 39 | — | % | (24) | — | % | 63 | ||||||||||||||||||||||
Total other income (expense) | 4,144 | 3.6 | % | (47) | (0.1) | % | 4,191 | ||||||||||||||||||||||
Loss before income taxes | (1,194) | (1.0) | % | (3,129) | (3.6) | % | 1,935 | ||||||||||||||||||||||
Provision for income taxes | 1,024 | 0.9 | % | — | — | % | 1,024 | ||||||||||||||||||||||
Net loss | $ | (2,218) | (1.9) | % | $ | (3,129) | (3.6) | % | $ | 911 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | (2,013) | $ | (9,100) | |||||||
Investing activities | (4,043) | (73,511) | |||||||||
Financing activities | 2,466 | 176,542 | |||||||||
Effect of foreign exchange rate on cash and cash equivalents | (70) | (127) | |||||||||
Net (decrease) increase in cash and cash equivalents | $ | (3,660) | $ | 93,804 |
Exhibit Number | Description | Incorporated by reference | |||||||||||||||
Form | File Number | Exhibit | Filing Date | ||||||||||||||
3.1 | 8-K | 001-39293 | 3.1 | 5/28/2020 | |||||||||||||
3.2 | 8-K | 001-39293 | 3.2 | 5/28/2020 | |||||||||||||
10.1^ | |||||||||||||||||
10.2* | |||||||||||||||||
31.1 | |||||||||||||||||
31.2 | |||||||||||||||||
32.1† | |||||||||||||||||
32.2† | |||||||||||||||||
101.INS | Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its EBRL tags are embedded within the inline XBRL document. | ||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||||||||
104 | Cover Page with Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101). |
Inari Medical, Inc. | ||||||||
Date: May 3, 2023 | By: | /s/ Andrew Hykes | ||||||
Andrew Hykes | ||||||||
Chief Executive Officer and President (Principal Executive Officer) | ||||||||
Date: May 3, 2023 | By: | /s/ Mitchell Hill | ||||||
Mitchell Hill | ||||||||
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Months of Term or Period for Suite 1 | Monthly Rate Pe Rentable Square Foot o Suite 12 | Monthly Basic Rent for Suite 12 | ||||||
2/15/23 – 2/29/ | $1.40 | $17,908.80 | ||||||
3/1/24 – 2/28/ | $1.45 | $18,548.40 | ||||||
3/1/25 – 2/28/ | $1.50 | $19,188.00 | ||||||
3/1/26 – 2/28/ | $1.55 | $19,827.60 | ||||||
3/1/27 – 2/29/ | $1.60 | $20,467.20 |
LANDLORD: OAK CANYON CREEK LLC a Delaware limited liability company By:_____________________________ Steven M. Case Executive Vice President Office Properties By:_____________________________ Holly McManus Vice President, Operations Office Properties | TENANT: INARI MEDICAL, INC., a Delaware corporation By:____________________________ Drew Hykes CEO By:____________________________ Mitch Hill CFO |
Date: May 3, 2023 | By: | /s/ Andrew Hykes | ||||||
Andrew Hykes | ||||||||
Chief Executive Officer and President (Principal Executive Officer) |
Date: May 3, 2023 | By: | /s/ Mitchell Hill | ||||||
Mitchell Hill | ||||||||
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Date: May 3, 2023 | By: | /s/ Andrew Hykes | ||||||
Andrew Hykes | ||||||||
Chief Executive Officer and President (Principal Executive Officer) |
Date: May 3, 2023 | By: | /s/ Mitchell Hill | ||||||
Mitchell Hill | ||||||||
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, issued (in shares) | 57,083,716 | 54,021,656 |
Common stock, outstanding (in shares) | 57,083,716 | 54,021,656 |
Condensed Consolidated Statements Stockholders' Equity (Parenthetical) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Statement of Stockholders' Equity [Abstract] | |
Stock issuance cost | $ 11.9 |
Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Statement of Cash Flows [Abstract] | |
Stock issuance cost | $ 11.9 |
Organization |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION Description of Business Inari Medical, Inc. (the “Company”) was incorporated in Delaware in July 2011 and is headquartered in Irvine, California. The Company purpose builds minimally invasive, novel, catheter-based mechanical thrombectomy systems for the unique characteristics of specific disease states.
|
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The interim condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations and comprehensive income (loss), stockholders’ equity, and cash flows for the three months ended March 31, 2023 and 2022 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial position as of March 31, 2023 and its consolidated results of operations and cash flows for the three months ended March 31, 2023 and 2022. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three months ended March 31, 2023 and 2022 are also unaudited. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed on February 27, 2023. Management 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements may include, but are not limited to, collectability of receivables, recoverability of long-lived assets, valuation of inventory, operating lease right-of-use (“ROU”) assets and liabilities, other investments, fair value of stock options, recoverability of net deferred tax assets and related valuation allowance, and certain accruals. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. Actual results could differ materially from those estimates. Management periodically evaluates such estimates and assumptions, and they are adjusted prospectively based upon such periodic evaluation. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company sells its products primarily to hospitals in the United States utilizing the Company’s direct sales force. The Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of shipping or delivering the product. For sales where the Company’s sales representative hand-deliver products directly to the hospitals, control of the products transfers to the customers upon such hand delivery. For sales where products are shipped, control of the products transfers either upon shipment or delivery of the products to the customer, depending on the shipping terms and conditions. Revenue from product sales is comprised of product revenue, net of product returns, administrative fees and sales rebates. Performance Obligation—The Company has revenue arrangements that consist of a single performance obligation, the shipping or delivery of the Company’s products. The satisfaction of this performance obligation occurs with the transfer of control of the Company’s product to its customers, either upon shipment or delivery of the product. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of revenue recognized is based on the transaction price, which represents the invoiced amount, net of administrative fees and sales rebates, where applicable. The Company provides a standard 30-day unconditional right of return period. The Company establishes estimated provisions for returns at the time of sale based on historical experience. Historically, the actual product returns have been immaterial to the Company’s consolidated financial statements. As of March 31, 2023 and December 31, 2022, the Company recorded $876,000 and $1,218,000, respectively, of unbilled receivables, which are included in accounts receivable, net, in the accompanying condensed consolidated balance sheets. The Company disaggregates revenue by product. Revenue for ClotTriever and other systems and FlowTriever system as a percentage of total revenue is as follow:
Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands):
The Company offers payment terms to its customers of less than three months and these terms do not include a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price. The Company offers its standard warranty to all customers. The Company does not sell any warranties on a standalone basis. The Company’s warranty provides that its products are free of material defects and conform to specifications, and includes an offer to repair, replace or refund the purchase price of defective products. This assurance does not constitute a service and is not considered a separate performance obligation. The Company estimates warranty liabilities at the time of revenue recognition and records it as a charge to cost of goods sold. The warranty liability as of March 31, 2023 and December 31, 2022 were not significant. The warranty expense recognized during the three months ended March 31, 2023 and 2022 were $409,000 and $113,000, respectively. Costs associated with product sales include commissions and are recorded in selling, general and administrative (“SG&A”) expenses. The Company applies the practical expedient and recognizes commissions as an expense when incurred because the amortization period is less than one year. Equity Investments The Company has strategic investments in certain privately held companies, with no readily determinable fair value. The Company measures these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investments. The Company will monitor the information that becomes available from time to time and adjust the carrying values of these investments if there are identified events or changes in circumstances that have a significant adverse effect on the fair values. As of March 31, 2023 and December 31, 2022, total other investments of $8.6 million and $8.3 million, respectively, were included in deposits and other assets on the condensed consolidated balance sheets with no impairment identified.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS Investments in debt securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. As of March 31, 2023, all of the Company's investments in debt securities had maturities less than 12 months and were classified as short-term investments on the condensed consolidated balance sheets. The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2023 and December 31, 2022 (in thousands):
There were no transfers between Levels 1, 2 or 3 for the periods presented.
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Cash Equivalents and Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents and Investments | CASH EQUIVALENTS AND INVESTMENTS The following is a summary of the Company’s cash equivalents and investments in debt securities as of March 31, 2023 and December 31, 2022 (in thousands):
The Company regularly reviews the changes to the rating of its debt securities and reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As of March 31, 2023, the risk of expected credit losses was not significant.
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Inventories, net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net | INVENTORIES, NET Inventories, net of reserves, consist of the following (in thousands):
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Property and Equipment, net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, net | PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following (in thousands):
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Operating Leases The Company has operating leases for facilities and certain equipment. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term. For lease agreements, other than long-term real estate leases, the Company combines lease and non-lease components. The operating leases for facilities expire at various dates through July 2041 and some contain renewal options, the longest of which is for five years. The right-of-use asset and lease liability includes renewal options if the Company is reasonably certain to exercise such renewal options. As of March 31, 2023, the aggregate operating lease ROU assets and lease liabilities were $50.6 million and $33.0 million, respectively, with the weighted average remaining lease term of 18.9 years. As of December 31, 2022, the aggregate operating lease ROU asset and lease liabilities were $50.7 million and $32.3 million, respectively, with the weighted average remaining lease term of 17.1 years. As of March 31, 2023, the weighted average incremental borrowing rate used to measure operating lease liabilities was 6.05%. Cash paid for amounts included in the measurement of operating lease liabilities was $846,000 and $714,000 for the three months ended March 31, 2023 and 2022, respectively. Total lease costs are as follows (in thousands):
Future minimum lease payments under operating leases liabilities as of March 31, 2023 are as follows (in thousands):
Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and may provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not been subject to any claims or required to defend any action related to its indemnification obligations. The Company’s amended and restated certificate of incorporation contains provisions limiting the liability of directors, and its amended and restated bylaws provide that the Company will indemnify each of its directors to the fullest extent permitted under Delaware law. The Company’s amended and restated certificate of incorporation and amended and restated bylaws also provide its board of directors with discretion to indemnify its officers and employees when determined appropriate by the board. In addition, the Company has entered and expects to continue to enter into agreements to indemnify its directors and executive officers. Legal Proceedings From time to time, the Company may become involved in legal proceedings arising out of the ordinary course of its business. Management is currently not aware of any matters that will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. Licensed Technology In December 2021, the Company entered into an exclusive, perpetual, royalty free, technology license agreement for use in a particular research and development project that requires total payments of approximately $4.2 million payable in three installments due in 2022 and 2023. The Company accounted for the purchase as a research and development expense as it was determined to have no future alternative uses. As of March 31, 2023 and December 31, 2022, the outstanding balance was approximately $1.4 million and $1.3 million, respectively, which was included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. Sublicense Agreement In August 2019, the Company entered into a sublicense agreement with Inceptus Medical LLC (“Inceptus”), pursuant to which Inceptus granted to the Company a non-transferable, worldwide, exclusive sublicense to its licensed intellectual property rights related to the tubular braiding for the non-surgical removal of clots and treatment of embolism and thrombosis in human vasculature other than carotid arteries, coronary vasculature and cerebral vasculature. Under the sublicense agreement, the Company is required to pay an ongoing quarterly administration fee, which amounted to $29,000 for the three months ended March 31, 2023 and 2022. Additionally, the Company is obligated to pay an ongoing royalty ranging from 1% to 1.50% of the net sales of products utilizing the licensed intellectual property, subject to a minimum royalty quarterly fee of $1,500. The Company recorded royalty expense to cost of goods sold of $1,500 and $212,000 for the three months ended March 31, 2023 and 2022, respectively. Self-Insured Health Plan As of January 1, 2023, the Company implemented a self-insurance program to cover employees and their dependent health benefits, including medical, dental and vision. As part of the program, the Company also has stop-loss coverage from a third party which limits the exposure to large claims. The Company records a liability associated with these benefits that includes an estimate of both claims filed and losses incurred but not yet reported based on historical claims experience. In estimating this accrual, the Company utilizes an independent third-party broker to estimate a range of expected losses, which are based on analyses of historical data. The assumptions are closely monitored and adjusted when necessary by changing circumstances. If the liability generated from incurred claims exceeds the expense recorded, the Company may record an additional expense. As of March 31, 2023, the Company's self-insurance liability, inclusive of administrative fees, was $1.5 million, which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.
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Concentrations |
3 Months Ended |
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Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations | CONCENTRATIONS The Company’s revenue is derived primarily from the sale of catheter-based therapeutic devices in the United States. For the three months ended March 31, 2023 and 2022, there were no customers which accounted for more than 10% of the Company’s revenue. As of March 31, 2023 and December 31, 2022, there were no customers that accounted for more than 10% of the Company’s accounts receivable. No vendor accounted for more than 10% of the Company’s purchases for the three months ended March 31, 2023 and 2022. There was one vendor that accounted for 10.7% of the Company's accounts payable as of March 31, 2023. There were no vendors that accounted for more than 10% of the Company’s accounts payable as of December 31, 2022. In early 2023, a few U.S. banks were closed and the regulators appointed the Federal Deposit Insurance Corporation (“FDIC”) to act as receiver, which created significant market disruption and uncertainty with respect to the financial condition of the banking institutions in the U.S. While we do not have any direct exposure to these banks, we do maintain our cash and cash equivalents at multiple financial institutions, which exceed the current FDIC insurance limits. We will continue to monitor our cash and cash equivalents and take steps to identify any potential impact on our business.
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Related Party |
3 Months Ended |
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Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party | RELATED PARTYThe Company utilizes MRI The Hoffman Group (“MRI”), a recruiting services company owned by the brother of the former Chief Executive Officer and President and current member of the board of directors of the Company. The Company paid for recruiting services provided by MRI amounting to $30,000 and $74,000 for the three months ended March 31, 2023 and 2022, respectively, which was included in SG&A expenses on the condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2023 and December 31, 2022, there was no balance payable to MRI. |
Credit Facility |
3 Months Ended |
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Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Credit Facility | CREDIT FACILITY Bank of America Credit Facility On December 16, 2022, the Company amended its senior secured revolving credit facility with Bank of America (the “Amended Credit Agreement”) under which the Company may borrow loans up to a maximum principal amount of $40.0 million and increases the optional accordion to $120.0 million. The Amended Credit Agreement matures on December 16, 2027. The amount available to borrow under the Amended Credit Agreement as of March 31, 2023 is approximately $38.0 million, comprised of: a) 90% of eligible accounts receivable, plus b) pledged cash (up to $10 million). Advances under the Amended Credit Agreement will bear interest at a base rate per annum (the “Base Rate”) plus an applicable margin (the “Margin”). The Base Rate equals the greater of (i) the Prime Rate, (ii) the Federal funds rate plus 0.50%, or (iii) the Bloomberg Short-Term Bank Yield Index ("BSBY") rate based upon an interest period of one month plus 1.00%. The Margin ranges from 0.50% to 1.00% in the case of BSBY Rate loans depending on average daily availability, in each case with a floor of 0%. As a condition to entering into the Amended Credit Agreement, the Company was obligated to pay a nonrefundable fee of $10,000. The Company is also required to pay an unused line fee at an annual rate of 0.25% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Amended Credit Agreement. The Amended Credit Agreement also includes a Letter of Credit subline facility (the “LC Facility”) of up to $5.0 million. In February 2023, the Company amended the LC Facility to increase the limit to up to $10.0 million. The aggregate stated amount outstanding of letter of credits reduces the total borrowing base available under the Amended Credit Agreement. The Company is required to pay the following fees under the LC Facility are as follows: (a) a fee equal to the applicable margin in effect for BSBY loans (currently 2.25%) times the average daily stated amount of outstanding letter of credits; (b) a fronting fee equal to 0.125% per annum on the stated amount of each letter of credit outstanding. As of March 31, 2023, the Company had three letters of credit in the aggregated amount of $2.0 million outstanding under the LC Facility. The Amended Credit Agreement contains certain customary covenants subject to certain exceptions, including, among others, the following: a fixed charge coverage ratio covenant, and limitations of indebtedness, liens, investments, asset sales, mergers, consolidations, liquidations, dispositions, restricted payments, transactions with affiliates and prepayments of certain debt. The Amended Credit Agreement also contains certain events of default subject to certain customary grace periods, including, among others, payment defaults, breaches of any representation, warranty or covenants, judgment defaults, cross defaults to certain other contracts, bankruptcy and insolvency defaults, material judgment defaults and a change of control default. As of March 31, 2023, there was no principal amount outstanding and no cash was pledged under the Amended Credit Agreement, and the Company was in compliance with its covenant requirement. Obligations under the Credit Agreement are secured by substantially all of the Company’s assets, excluding intellectual property.
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Stockholder's Equity |
3 Months Ended |
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Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholder's Equity | STOCKHOLDER'S EQUITY Common Stock In March 2022, the Company completed an underwritten public offering (“Follow-On Offering”) of 2,300,000 shares of its common stock, including 300,000 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares, at a public offering price of $81.00 per share. The Company received net proceeds of approximately $174.4 million, after deducting underwriters’ discounts and commissions of $11.2 million and offering costs of $0.7 million.
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Equity Incentive Plans |
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Equity Incentive Plans | EQUITY INCENTIVE PLANS In 2011, the Company adopted the 2011 Equity Incentive Plan (the “2011 Plan”) to permit the grant of share-based awards, such as stock grants and incentives and non-qualified stock options to employees and directors. The Board has the authority to determine to whom awards will be granted, the number of shares, the term and the exercise price. In March 2020, the Company adopted the 2020 Incentive Award Plan (the “2020 Plan”), which became effective in connection with the IPO. As a result, the Company may not grant any additional awards under the 2011 Plan. The 2011 Plan will continue to govern outstanding equity awards granted thereunder. In addition, the number of shares of common stock reserved for issuance under the 2020 Plan will automatically increase on the first day of January for a period of up to ten years, commencing on January 1, 2021, in an amount equal to 3% of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. As of March 31, 2023, there were 6,523,422 shares available for issuance under the 2020 Plan, including 1,620,650 additional shares reserved effective January 1, 2023. 2011 Equity Incentive Plan Restricted Stock Units In March 2019, the Company granted, under the 2011 Plan, restricted stock unit awards (“RSUs”) to certain employees that vest only upon the satisfaction of both a time-based service condition and a performance-based condition that was satisfied on the effective date of the IPO of the Company’s common stock. The RSUs were subject to four-year cliff vesting and vested in full in March 2023. The vesting was also subject to a market-based condition related to the value of the Company’s common stock as of the vesting date. As a result of exceeding the value of the Company's common stock as set forth in the grant agreement, the maximum amount of RSUs were earned and vested. RSU activities under the 2011 Plan is set forth below:
_____________ (a) The vested RSUs will be distributed to the employees in installments. The first installment was distributed in the quarter ended March 31, 2023 with a weighted average fair value of $64.34. The remaining shares will be distributed within the quarters ended June 30, 2023, September 30, 2023, and December 31, 2023. The total fair value of RSUs vested under the 2011 Plan was $170.6 million and nil for the three months ended March 31, 2023 and 2022, respectively. Stock Options A summary of stock option activities under the 2011 Plan for the three months ended March 31, 2023 is as follows (intrinsic value in thousands):
The aggregate intrinsic values of options outstanding, vested and exercisable, and vested and expected to vest were calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock. 2020 Incentive Award Plan Restricted Stock Units RSUs are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest either over a four-year period with straight-line vesting in equal amounts on a quarterly basis or a 25% one-year cliff vesting with remaining RSUs vest over a three-year period in equal amounts on a quarterly basis, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date. RSU activities under the 2020 Plan is set forth below:
The total fair value of RSUs vested under the 2020 Plan was $5.2 million and $4.5 million for the three months ended March 31, 2023 and 2022, respectively. Stock options During the three months ended March 31, 2023, the Company granted non-qualified stock options to certain employees with vesting over a four-year period on a quarterly basis. The fair value of the stock options was calculated using the Black-Scholes option pricing model, which requires valuation assumptions of expected term, expected volatility, risk-free interest rate, and expected dividend yield. For the purposes of the valuation model, the Company used the simplified method for determining the expected term of the granted options. The simplified method was used since the Company does not have adequate historical data to utilize in calculating the expected term of options. The fair value for options granted was calculated using the following weighted average assumptions:
A summary of stock option activities under the 2020 Plan for the three months ended March 31, 2023 is as follows (intrinsic value in thousands):
Employee Stock Purchase Plan In May 2020, the Company adopted the 2020 Employee Stock Purchase Plan (“ESPP”), which became effective on the date the ESPP was adopted by the Company’s board of directors. Each offering to the employees to purchase stock under the ESPP will begin on each August 1 and February 1 and will end on the following January 31 and July 31, respectively. The first offering period began on August 1, 2020. On each purchase date, which falls on the last date of each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of (1) the fair market value per share of the common stock on the offering date or (2) the fair market value of the common stock on the purchase date. The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Company’s Compensation Committee, in its sole discretion. The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions:
As of March 31, 2023, a total of 304,615 shares of common stock, including 86,051 shares purchased in January 2023, have been purchased under the ESPP, and a total of 2,222,123 shares of common stock, including 540,217 additional shares effective January 1, 2023, are reserved for future purchases. Stock-based Compensation Expense Total compensation cost for all share-based payment arrangements recognized, including $1.0 million and $0.8 million of stock-based compensation expense related to the ESPP for the three months ended March 31, 2023 and 2022, respectively, was as follows (in thousands):
Total compensation costs as of March 31, 2023 related to all non-vested awards to be recognized in future periods was $91.2 million and is expected to be recognized over the remaining weighted average period of 3.0 years.
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Income Taxes |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES The following table reflects the Company’s provision for income taxes for the periods indicated (in thousands):
The effective tax rate for all periods is driven by pre-tax income/(loss), business credits, equity compensation, state taxes, and the change in valuation allowance. The Company's income tax provision for interim reporting periods has historically been calculated by applying an estimate of the annual effective income tax rate for the full year to “ordinary” income (loss) for the interim reporting period, which is calculated as pre-tax income (loss) excluding unusual and infrequently occurring discrete items. For the three months ended March 31, 2023, we calculated the income tax provision using a discrete effective income tax rate method as if the interim year to date period was an annual period. We determined that since normal changes in estimated “ordinary” income (loss) would result in disproportionate changes in the estimated annual effective income tax rate, the Company's historical method of calculating its income tax provision for interim reporting periods would not provide a reliable estimate for the three months ended March 31, 2023. For tax years beginning after December 31, 2021, certain research and development costs are required to be capitalized and amortized over a five year period under the Tax Cuts and Jobs Act, which was signed into law December 22, 2017. The Company has reviewed and incorporated this change, which will impact the expected U.S. federal and state tax expense and cash taxes to be paid for the tax year ending December 31, 2023. Valuation Allowance ASC 740 requires that the tax benefit of net operating losses, or NOLs, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryback or carryforward periods. As of December 31, 2022, the Company maintained a full valuation allowance of $30.3 million against the Company's net deferred tax assets. As of March 31, 2023, the Company believes that the deferred tax assets are currently not considered more likely than not to be realized and, accordingly, has maintained a full valuation allowance against its deferred tax assets. The Company will continue to assess its position on the realizability of its deferred tax assets, until such time as sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Any release of the valuation allowance may result in a material benefit recognized in the quarter of release. Uncertain Tax Positions The Company has recorded uncertain tax positions related to its federal and California research and development credit carryforwards. No interest or penalties have been recorded related to the uncertain tax positions due to credit carryforwards that are available to offset the uncertain tax positions. It is not expected that there will be a significant change in the uncertain tax position in the next twelve months. The Company is subject to U.S. federal and state income tax as well as to income tax in various foreign jurisdictions. In the normal course of business, the Company is subject to examination by tax authorities. As of the date of the financial statements, there are no income tax examinations in progress. The statute of limitations for tax years ended after December 31, 2019, December 31, 2018, and December 31, 2017 are open for federal and state, and foreign tax purposes, respectively.
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Retirement Plan |
3 Months Ended |
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Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plan | RETIREMENT PLANIn December 2017, the Company adopted the Inari Medical, Inc. 401(k) Plan which allows eligible employees after one month of service to contribute pre-tax and Roth contributions to the plan, as allowed by law. The plan assets are held by Vanguard and the plan administrator is Ascensus Trust Company. Beginning in January 2021, the Company contributes a $1.00 match for every $1.00 contributed by a participating employee up to the greater of $3,000 or 4% of eligible compensation under the plan, with such Company's contributions becoming fully vested immediately. Matching contribution expense was $2.7 million and $1.7 million for the three months ended March 31, 2023 and 2022, respectively. |
Net Income (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Per Share | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potential dilutive common shares. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net income (loss) per share calculation, shares from common stock options, RSUs and ESPP are potentially dilutive securities. For the periods the Company is in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential dilutive common shares would have been anti-dilutive. The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the three months ended March 31, 2023 and 2022 due to their anti-dilutive effect:
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Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The interim condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations and comprehensive income (loss), stockholders’ equity, and cash flows for the three months ended March 31, 2023 and 2022 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial position as of March 31, 2023 and its consolidated results of operations and cash flows for the three months ended March 31, 2023 and 2022. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three months ended March 31, 2023 and 2022 are also unaudited. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed on February 27, 2023.
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Management Estimates | Management 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements may include, but are not limited to, collectability of receivables, recoverability of long-lived assets, valuation of inventory, operating lease right-of-use (“ROU”) assets and liabilities, other investments, fair value of stock options, recoverability of net deferred tax assets and related valuation allowance, and certain accruals. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. Actual results could differ materially from those estimates. Management periodically evaluates such estimates and assumptions, and they are adjusted prospectively based upon such periodic evaluation.
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Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company sells its products primarily to hospitals in the United States utilizing the Company’s direct sales force. The Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of shipping or delivering the product. For sales where the Company’s sales representative hand-deliver products directly to the hospitals, control of the products transfers to the customers upon such hand delivery. For sales where products are shipped, control of the products transfers either upon shipment or delivery of the products to the customer, depending on the shipping terms and conditions. Revenue from product sales is comprised of product revenue, net of product returns, administrative fees and sales rebates. Performance Obligation—The Company has revenue arrangements that consist of a single performance obligation, the shipping or delivery of the Company’s products. The satisfaction of this performance obligation occurs with the transfer of control of the Company’s product to its customers, either upon shipment or delivery of the product. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of revenue recognized is based on the transaction price, which represents the invoiced amount, net of administrative fees and sales rebates, where applicable. The Company provides a standard 30-day unconditional right of return period. The Company establishes estimated provisions for returns at the time of sale based on historical experience. Historically, the actual product returns have been immaterial to the Company’s consolidated financial statements. The Company offers payment terms to its customers of less than three months and these terms do not include a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price. The Company offers its standard warranty to all customers. The Company does not sell any warranties on a standalone basis. The Company’s warranty provides that its products are free of material defects and conform to specifications, and includes an offer to repair, replace or refund the purchase price of defective products. This assurance does not constitute a service and is not considered a separate performance obligation. The Company estimates warranty liabilities at the time of revenue recognition and records it as a charge to cost of goods sold. The warranty liability as of March 31, 2023 and December 31, 2022 were not significant. The warranty expense recognized during the three months ended March 31, 2023 and 2022 were $409,000 and $113,000, respectively. Costs associated with product sales include commissions and are recorded in selling, general and administrative (“SG&A”) expenses. The Company applies the practical expedient and recognizes commissions as an expense when incurred because the amortization period is less than one year.
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Summary of Significant Accounting Policies (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Concentration Risk | Revenue for ClotTriever and other systems and FlowTriever system as a percentage of total revenue is as follow:
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Schedule of Disaggregation of Revenue | Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands):
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Fair Value Measurements (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2023 and December 31, 2022 (in thousands):
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Cash Equivalents and Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash Equivalents and Investments | The following is a summary of the Company’s cash equivalents and investments in debt securities as of March 31, 2023 and December 31, 2022 (in thousands):
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Inventories, net (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories, Net | Inventories, net of reserves, consist of the following (in thousands):
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Property and Equipment, net (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment, Net | Property and equipment consist of the following (in thousands):
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Commitments and Contingencies (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Lease Cost | Total lease costs are as follows (in thousands):
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Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities | Future minimum lease payments under operating leases liabilities as of March 31, 2023 are as follows (in thousands):
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Equity Incentive Plans (Tables) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of RSU Activity | RSU activities under the 2011 Plan is set forth below:
_____________ (a) The vested RSUs will be distributed to the employees in installments. The first installment was distributed in the quarter ended March 31, 2023 with a weighted average fair value of $64.34. The remaining shares will be distributed within the quarters ended June 30, 2023, September 30, 2023, and December 31, 2023. RSU activities under the 2020 Plan is set forth below:
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Summary of Stock Option Activity | A summary of stock option activities under the 2011 Plan for the three months ended March 31, 2023 is as follows (intrinsic value in thousands):
A summary of stock option activities under the 2020 Plan for the three months ended March 31, 2023 is as follows (intrinsic value in thousands):
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Schedule of Estimated Fair Value of Option Grant and ESPP | The fair value for options granted was calculated using the following weighted average assumptions:
The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions:
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Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized | Total compensation cost for all share-based payment arrangements recognized, including $1.0 million and $0.8 million of stock-based compensation expense related to the ESPP for the three months ended March 31, 2023 and 2022, respectively, was as follows (in thousands):
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Income Taxes (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision for Income Taxes | The following table reflects the Company’s provision for income taxes for the periods indicated (in thousands):
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Net Income (Loss) Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the three months ended March 31, 2023 and 2022 due to their anti-dilutive effect:
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Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Accounting Policies [Abstract] | |||
Unbilled receivables | $ 876 | $ 1,218 | |
Warranty expense | 409 | $ 113 | |
Equity securities without readily determinable fair value, amount | $ 8,600 | $ 8,300 |
Summary of Significant Accounting Policies - Schedule of Concentration Risk (Details) - Product Concentration Risk - Revenue from Contract with Customer, Product and Service Benchmark |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
ClotTriever and other systems | ||
Revenue from External Customer [Line Items] | ||
Concentration risk | 34.00% | 32.00% |
FlowTriever system | ||
Revenue from External Customer [Line Items] | ||
Concentration risk | 66.00% | 68.00% |
Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 116,167 | $ 86,752 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 111,846 | 85,054 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 4,321 | $ 1,698 |
Inventories, net (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 14,139 | $ 13,943 |
Work-in-process | 4,062 | 3,396 |
Finished goods | 18,298 | 15,242 |
Total inventories, net | $ 36,499 | $ 32,581 |
Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 31,398 | $ 30,483 |
Accumulated depreciation | (10,153) | (8,828) |
Total property and equipment, net | 21,245 | 21,655 |
Manufacturing equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 14,365 | 13,585 |
Computer hardware | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 5,233 | 5,123 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 5,210 | 5,040 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 4,124 | 4,119 |
Assets in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 2,366 | 2,516 |
Computer software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 100 | $ 100 |
Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 1,348 | $ 1,063 |
Operating expenses | ||
Property Plant And Equipment [Line Items] | ||
Depreciation expense | 1,094 | 857 |
Cost of goods sold | ||
Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 254 | $ 206 |
Commitments and Contingencies - Schedule of Total Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 1,180 | $ 1,043 |
Short-term lease cost | 22 | 15 |
Variable lease cost | 166 | 139 |
Total lease costs | $ 1,368 | $ 1,197 |
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of 2023 | $ 2,602 | |
2024 | 3,558 | |
2025 | 3,044 | |
2026 | 2,923 | |
2027 | 2,989 | |
Thereafter | 38,553 | |
Total lease payments | 53,669 | |
Less imputed interest | (20,684) | |
Total lease liabilities | 32,985 | $ 32,300 |
Less: lease liabilities - current portion | (1,527) | (1,311) |
Lease liabilities - noncurrent portion | $ 31,458 | $ 30,976 |
Concentrations (Details) |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
One Vendor | Accounts Payable | Supplier Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk | 10.70% |
Related Party (Details) - MRI The Hoffman Group - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Related Party Transaction [Line Items] | |||
Due to related parties | $ 0 | $ 0 | |
Recruiting Services | Operating expenses | |||
Related Party Transaction [Line Items] | |||
Development expenses incurred | $ 30 | $ 74 |
Stockholder's Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Class Of Stock [Line Items] | ||||
Net proceeds from IPO | $ 174,400 | $ 0 | $ 174,394 | |
Underwriters' discounts and commissions | $ 11,200 | |||
Offering costs | $ 700 | |||
IPO | ||||
Class Of Stock [Line Items] | ||||
Stock issued | 2,300,000 | |||
Public offering price (in dollars per share) | $ 81.00 | $ 81.00 | $ 81.00 | |
Over-allotment Option | ||||
Class Of Stock [Line Items] | ||||
Sale of stock, shares issued | 300,000 |
Equity Incentive Plans - Schedule of Estimated Fair Value of Option Grant and ESPP on Date of Grant (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
2020 Employee Share Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 6 months | 6 months |
Expected volatility | 49.89% | 56.09% |
Dividend yield | 0.00% | 0.00% |
Risk free interest rate | 4.79% | 0.48% |
2020 Incentive Award Plan | Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 4 years 6 months 21 days | |
Expected volatility | 50.35% | |
Dividend yield | 0.00% | |
Risk free interest rate | 4.05% | |
Weighted-average fair value of options granted (in dollars per share) | $ 25.98 |
Equity Incentive Plans - Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 10,339 | $ 6,555 |
Cost of goods sold | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 525 | 364 |
Research and development | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 1,590 | 978 |
Selling, general and administrative | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 8,224 | $ 5,213 |
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Loss before income taxes | $ (1,194) | $ (3,129) |
Provision for income taxes | 1,024 | 0 |
Net loss | $ (2,218) | $ (3,129) |
Provision for income taxes as a percentage of loss before income taxes | (85.80%) | 0.00% |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, valuation allowance | $ 30,300 | |
Interest or penalties related to uncertain tax positions | $ 0 |
Retirement Plan (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Retirement Benefits [Abstract] | ||
Employer contributions by plan participant | $ 1.00 | |
Employee contributions by plan participant | 1.00 | |
Maximum participating employee annual contributions | $ 3,000 | |
Participating employee eligible compensation | 4.00% | |
Matching contribution expense recognized | $ 2,700,000 | $ 1,700,000 |
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