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Employee Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

The following table summarizes option activity under all plans during the years ended December 31, 2020 and 2019 and shows the exercisable shares as of December 31, 2020:


	Number of Shares	Weighted Average Exercise Price per Share
Options Outstanding January 1, 2019	8,090,636	$	12.22
Granted	3,067,888	14.52
Forfeited	(533,503)	20.65
Exercised	(383,319)	13.99
Expired	(109,140)	23.86
Options Outstanding December 31, 2019	10,132,562	12.28
Granted	1,738,083	8.53
Forfeited	(713,070)	14.23
Exercised	(2,631,935)	2.30
Expired	(480,179)	18.62
Options Outstanding December 31, 2020	8,045,461	14.18
Exercisable December 31, 2020	4,174,813	13.89

Black-Scholes Assumptions for Option Granted

The table below summarizes the inputs used to calculate the estimated fair value of options awarded for the years ended December 31:


	2020			2019			2018
Expected term (in years)	5.94			6.28			6.01
Volatility	58		%	60		%	66		%
Expected dividends	—			—			—
Risk free interest rates	0.6		%	2.1		%	2.7		%
Estimated forfeitures	—		%	—		%	—		%
Weighted average fair value	$	4.49		$	8.33		$	14.87

Stock Option Supplemental Information

The following table shows summary information for outstanding options and options that are exercisable (vested) as of December 31, 2020:


	Options Outstanding		Options Exercisable
Number of options	8,045,461		4,174,813
Weighted average remaining contractual term (in years)	6.55		4.92
Weighted average exercise price	$	14.18	$	13.89
Weighted average fair value	$	8.88	$	8.92
Aggregate intrinsic value (in millions)	$	6.1	$	5.2

Restricted Stock Activity

The following table summarizes RSU and stock grant activity during the years ended December 31, 2020 and 2019:


	Number of Shares	Weighted Average Grant Date Fair Value per Share
RSUs & Stock Grants Outstanding January 1, 2019	76,000	$	18.70
Granted	11,000	20.32
Forfeited	(60,500)	19.74
Vested/released	(12,168)	17.43
RSUs & Stock Grants outstanding December 31, 2019	14,332	16.66
Granted	813,256	11.44
Forfeited	(98,398)	11.66
Vested/released	(202,776)	12.41
RSUs & Stock Grants outstanding December 31, 2020	526,414	11.17

Weighted Average Fair Value of Grants Awarded

The table below summarizes the weighted average fair value of RSUs and stock grants awarded for the years ending December 31:


	2020		2019		2018
Weighted average fair value	$	11.44	$	20.32	$	17.33

Equity-Based Compensation Expense and Tax Benefit

The expense and tax benefits recognized on the Company’s consolidated statements of operations and comprehensive loss related to share-based compensation for the years ended December 31 (in thousands) is as follows:


	2020		2019		2018
Cost of Sales	$	351	$	277	$	189
Research and development	4,035		4,115		4,760
Sales, general and administrative	12,078		8,226		9,473
Total equity-based compensation expense	$	16,464	$	12,618	$	14,422
Recognized tax benefit	$	—	$	—	$	—

The share-based compensation cost capitalized to inventory or inventory transferred to property and equipment (also referred to as instruments) for the years ended December 31 (in thousands) is as follows:


	2020		2019		2018
Cost capitalized to inventory	$	253	$	409	$	463

The table below summarizes share-based compensation cost in connection with performance-based stock options for the years ending December 31 (in thousands):


	2020		2019		2018
Performance-based stock option expense	$	215	$	107	$	717

The table below summarizes share-based compensation cost in connection with performance-based stock options for the years ending December 31 (in thousands):


	2020		2019		2018
Performance-based RSU expense	$	810	$	—	$	—