Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 23, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-37557 | |
Entity Registrant Name | Penumbra, Inc | |
Entity Address, Address Description | One Penumbra Place | |
Entity Address, City or Town | Alameda | |
Entity Address, State or Province | CA | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 05-0605598 | |
Entity Address, Postal Zip Code | 94502 | |
City Area Code | 510 | |
Local Phone Number | 748-3200 | |
Title of 12(b) Security | Common Stock, Par value $0.001 per share | |
Trading Symbol | PEN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,764,917 | |
Entity Central Index Key | 0001321732 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 223,114 | $ 167,486 |
Marketable investments | 90,360 | 121,701 |
Accounts receivable, net of allowance for credit losses of $3,020 and $3,169 at March 31, 2024 and December 31, 2023, respectively | 191,989 | 201,768 |
Inventories | 398,366 | 388,023 |
Prepaid expenses and other current assets | 31,194 | 36,424 |
Total current assets | 935,023 | 915,402 |
Property and equipment, net | 75,744 | 72,691 |
Operating lease right-of-use assets | 185,845 | 188,756 |
Finance lease right-of-use assets | 30,234 | 31,092 |
Intangible assets, net | 68,421 | 71,056 |
Goodwill | 166,103 | 166,270 |
Deferred taxes | 84,661 | 85,158 |
Other non-current assets | 33,814 | 25,880 |
Total assets | 1,579,845 | 1,556,305 |
Current liabilities: | ||
Accounts payable | 32,454 | 27,155 |
Accrued liabilities | 106,549 | 110,555 |
Current operating lease liabilities | 11,520 | 11,203 |
Current finance lease liabilities | 2,280 | 2,231 |
Total current liabilities | 152,803 | 151,144 |
Non-current operating lease liabilities | 194,537 | 197,229 |
Non-current finance lease liabilities | 23,098 | 23,680 |
Other non-current liabilities | 5,876 | 5,308 |
Total liabilities | 376,314 | 377,361 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock | 39 | 39 |
Additional paid-in capital | 1,062,470 | 1,047,198 |
Accumulated other comprehensive loss | (4,838) | (3,151) |
Retained earnings | 145,860 | 134,858 |
Total Penumbra, Inc. stockholders’ equity | 1,203,531 | 1,178,944 |
Total liabilities and stockholders’ equity | $ 1,579,845 | $ 1,556,305 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 3,020 | $ 3,169 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 278,655 | $ 241,398 |
Cost of revenue | 97,516 | 90,326 |
Gross profit | 181,139 | 151,072 |
Operating expenses: | ||
Research and development | 24,626 | 19,986 |
Sales, general and administrative | 144,412 | 123,078 |
Total operating expenses | 169,038 | 143,064 |
Income from operations | 12,101 | 8,008 |
Interest and other income, net | 2,525 | 644 |
Income before income taxes | 14,626 | 8,652 |
Provision for income taxes | 3,624 | 90 |
Net income | $ 11,002 | $ 8,562 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.28 | $ 0.22 |
Diluted (in dollars per share) | $ 0.28 | $ 0.22 |
Weighted average shares outstanding: | ||
Basic (in shares) | 38,717,334 | 38,186,342 |
Diluted (in shares) | 39,387,359 | 39,075,388 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 11,002 | $ 8,562 |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation adjustments, net of tax | (1,853) | 403 |
Net change in unrealized gains or losses on available-for-sale securities, net of tax | 166 | 860 |
Total other comprehensive (loss) income, net of tax | (1,687) | 1,263 |
Comprehensive income | $ 9,315 | $ 9,825 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) |
Beginning balance (in shares) at Dec. 31, 2022 | 38,107,977 | ||||
Beginning balance at Dec. 31, 2022 | $ 998,858 | $ 38 | $ 963,040 | $ (8,124) | $ 43,904 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock (in shares) | 134,936 | ||||
Issuance of common stock | 2,209 | 2,209 | |||
Shares held for tax withholdings (in shares) | (813) | ||||
Shares held for tax withholdings | (204) | (204) | |||
Stock-based compensation | 13,781 | 13,781 | |||
Other comprehensive income (loss) | 1,263 | 1,263 | |||
Net income (loss) | 8,562 | 8,562 | |||
Ending balance (in shares) at Mar. 31, 2023 | 38,242,100 | ||||
Ending balance at Mar. 31, 2023 | 1,024,469 | $ 38 | 978,826 | (6,861) | 52,466 |
Beginning balance (in shares) at Dec. 31, 2023 | 38,681,549 | ||||
Beginning balance at Dec. 31, 2023 | 1,178,944 | $ 39 | 1,047,198 | (3,151) | 134,858 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock (in shares) | 76,597 | ||||
Issuance of common stock | 238 | 238 | |||
Shares held for tax withholdings (in shares) | (1,732) | ||||
Shares held for tax withholdings | (421) | (421) | |||
Stock-based compensation | 15,455 | 15,455 | |||
Other comprehensive income (loss) | (1,687) | (1,687) | |||
Net income (loss) | 11,002 | 11,002 | |||
Ending balance (in shares) at Mar. 31, 2024 | 38,756,414 | ||||
Ending balance at Mar. 31, 2024 | $ 1,203,531 | $ 39 | $ 1,062,470 | $ (4,838) | $ 145,860 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 11,002 | $ 8,562 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,519 | 6,575 |
Stock-based compensation | 13,569 | 12,766 |
Inventory write-downs | 358 | 1,009 |
Deferred taxes | 475 | (953) |
Other | (221) | 140 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 8,460 | (3,540) |
Inventories | (11,619) | (10,641) |
Prepaid expenses and other current and non-current assets | 4,565 | (3,994) |
Accounts payable | 5,209 | 2,074 |
Accrued expenses and other non-current liabilities | (1,022) | 1,131 |
Net cash provided by (used in) operating activities | 38,295 | 13,129 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of non-marketable investments | (10,000) | 0 |
Purchases of marketable investments | (11,267) | 0 |
Proceeds from maturities of marketable investments | 43,375 | 14,605 |
Purchases of property and equipment | (5,824) | (3,894) |
Other | 2,100 | 0 |
Net cash provided by (used in) investing activities | 18,384 | 10,711 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercises of stock options | 238 | 2,209 |
Payment of employee taxes related to vested stock | (421) | (204) |
Payments of finance lease obligations | (550) | (474) |
Other | (61) | (155) |
Net cash (used in) provided by financing activities | (794) | 1,376 |
Effect of foreign exchange rate changes on cash and cash equivalents | (257) | (386) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 55,628 | 24,830 |
CASH AND CASH EQUIVALENTS—Beginning of period | 167,486 | 69,858 |
CASH AND CASH EQUIVALENTS—End of period | 223,114 | 94,688 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Right-of-use assets obtained in exchange for lease obligations | 292 | 341 |
Right-of-use assets obtained in exchange for finance lease obligations | 17 | 68 |
Purchase of property and equipment funded through accounts payable and accrued liabilities | 1,816 | 1,781 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for amounts included in the measurement of operating lease liabilities | 5,337 | 4,706 |
Cash paid for income taxes | $ 1,125 | $ 1,413 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Penumbra, Inc. (the “Company”) is a global healthcare company focused on innovative therapies. The Company designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need. The Company focuses on developing, manufacturing and marketing novel products for use by specialist physicians and other healthcare providers to drive improved clinical and health outcomes. The Company believes that the cost-effectiveness of our products is attractive to our customers. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), and the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 are unaudited. The unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company’s financial position as of March 31, 2024, the results of its operations for the three months ended March 31, 2024 and 2023, the changes in its comprehensive income (loss) and stockholders’ equity for the three months ended March 31, 2024 and 2023, and its cash flows for the three months ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other future annual or interim period. Certain changes in presentation were made to interest income (expense), net and other income (expense), net in the condensed consolidated statements of operations for the three months ended March 31, 2023 to conform to the presentation for the three months ended March 31, 2024. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K as filed with the SEC on February 22, 2024. There have been no changes to the Company’s significant accounting policies during the three months ended March 31, 2024, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity accounts; disclosure of contingent assets and liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to marketable investments, allowances for credit losses, the amount of variable consideration included in the transaction price, warranty reserve, valuation of inventories, useful lives of property and equipment, intangibles, operating and financing lease right-of-use (“ROU”) assets and liabilities, income taxes, and other contingencies, including the probability of achieving performance targets associated with equity awards with performance conditions, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other data. Actual results could differ from those estimates. Segments The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company has one business activity: the design, development, manufacturing and marketing of innovative medical products, and operates as one operating segment. The Company’s chief operating decision-maker, its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance. Recently Issued Accounting Standards In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes— Improvements to Income Tax Disclosures. The standard enhances annual income tax disclosures, by requiring additional disaggregated information about an entity’s effective tax rate reconciliation and income taxes paid. The ASU adds guidance that requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the rate reconciliation) for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold (5%). In addition to new disclosures associated with the rate reconciliation, the ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed the quantitative threshold. For public business entities, the amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements not yet issued or made available for issuance. The Company is assessing the impact the new guidance will have on the disclosures within its consolidated financial statements and does not elect to early adopt as of March 31, 2024. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. The Company is assessing the impact the new guidance will have on the disclosures within its consolidated financial statements and does not elect to early adopt as of March 31, 2024. |
Investments and Fair Value of F
Investments and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Value of Financial Instruments | 3. Investments and Fair Value of Financial Instruments Marketable and Non-Marketable Investments The Company’s marketable and non-marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable and non-marketable investments as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 Securities with net gains or losses in accumulated other comprehensive income (loss) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance Fair Value Marketable investments: Commercial paper $ 31,449 $ 7 $ (11) $ — $ 31,445 Certificate of Deposit 4,632 4 — — 4,636 U.S. treasury 13,210 — (142) $ — 13,068 U.S. states and municipalities 900 — (9) — 891 Corporate bonds 40,542 19 (241) — 40,320 Total 90,733 30 (403) — 90,360 Non-marketable investments: Non-marketable debt securities 10,000 — — — 10,000 Total 10,000 — — — 10,000 Total $ 100,733 $ 30 $ (403) $ — $ 100,360 December 31, 2023 Securities with net gains or losses in accumulated other comprehensive income (loss) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance Fair Value Marketable investments: Commercial paper $ 39,727 $ 32 $ (3) $ — $ 39,756 Certificate of Deposit 6,392 9 — — 6,401 U.S. treasury 10,226 — (160) — 10,066 U.S. states and municipalities 2,950 — (35) — 2,915 Corporate bonds 62,964 29 (430) — 62,563 Total $ 122,259 $ 70 $ (628) $ — $ 121,701 As of March 31, 2024, the total amortized cost basis of the Company’s available-for-sale debt securities, excluding non-marketable debt securities, is an unrealized loss position of $0.4 million, which was primarily attributable to rising interest rates since purchase. The Company reviewed its available-for-sale securities in an unrealized loss position and concluded that the decline in fair value was not related to credit losses and is recoverable. During the three months ended March 31, 2024, no allowance for credit losses was recorded and instead the unrealized losses are reported as a component of accumulated other comprehensive loss. The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more twelve months as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Less than 12 months More than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Marketable investments: Commercial paper $ 20,041 $ (11) $ — $ — $ 20,041 $ (11) U.S. treasury 5,666 (80) 4,436 (62) 10,102 (142) U.S. states and municipalities — — 891 (9) 891 (9) Corporate bonds 2,998 (3) 13,421 (238) 16,419 (241) Total $ 28,705 $ (94) $ 18,748 $ (309) $ 47,453 $ (403) December 31, 2023 Less than 12 months More than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Marketable investments: Commercial paper $ 16,241 $ (3) $ — $ — $ 16,241 $ (3) U.S. treasury 5,677 (54) 4,389 (106) 10,066 (160) U.S. states and municipalities — — 2,915 (35) 2,915 (35) Corporate bonds 15,945 (2) 30,912 (428) 46,857 (430) Total $ 37,863 $ (59) $ 38,216 $ (569) $ 76,079 $ (628) The contractual maturities of the Company’s marketable investments as of March 31, 2024 (in thousands): March 31, 2024 Marketable investments: Amortized Cost Fair Value Due in one year $ 87,922 $ 87,601 Due in one to five years 2,811 2,759 Total $ 90,733 $ 90,360 Non-Marketable Investments During the three months ended March 31, 2024, the Company completed a strategic investment in a privately held company. Under the terms of the investment, the Company paid $10.0 million in exchange for shares of Series B preferred stock which represented an immaterial investment in the investment in outstanding equity securities of the privately held company. The Company determined that the investment did not meet the criteria to be accounted for as an equity method investment under ASC 323. The investment was accounted for as an available-for-sale debt security in accordance with ASC 320 as the preferred stock contains a contingent redemption feature at the Company’s option. The investment is included in other non-current assets on the condensed consolidated balance sheet and changes in fair value are recorded in total other comprehensive (loss) income, net of tax. There were no unrealized gains or losses recorded in connection with the Company’s non-marketable debt securities during the three months ended March 31, 2024. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company classifies its cash equivalents and marketable investments within Level 1 and Level 2, as it uses quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company classifies its non-marketable investments in preferred stock in privately held companies within Level 3, as they do not have a readily determinable fair value. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, the Company assesses the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. Non-marketable investments classified within Level 3 of the fair value hierarchy are valued based on unobservable inputs that are supported by little or no market activity. Current financial information of private companies may not be available and consequently the Company estimates the fair value using inputs that are based on the best available information at the measurement date, which may include the most recent financial information, financial projections, and financing transactions available for the investee and other quantitative and qualitative factors. Additionally, based on the timing, volume, and other characteristics of the available information, the Company may supplement this information by using one or more valuation techniques, including market and income approaches. The Company did not hold any non-marketable investments classified as Level 3 as of December 31, 2023. The Company did not hold any Level 3 marketable investments as of March 31, 2024 or December 31, 2023. During the three months ended March 31, 2024 and 2023, the Company did not have any transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy. Additionally, the Company did not have any financial assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2024 or December 31, 2023. The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy as of March 31, 2024 and December 31, 2023 (in thousands): As of March 31, 2024 Level 1 Level 2 Level 3 Fair Value Financial Assets Cash equivalents: Commercial paper $ — $ 30,555 $ — $ 30,555 Certificate of deposit — 4,901 — 4,901 Money market funds 57,278 — — 57,278 U.S. treasury 53,672 — — 53,672 Marketable investments: Commercial paper — 31,445 — 31,445 Certificate of deposit — 4,636 — 4,636 U.S. treasury 13,068 — — 13,068 U.S. states and municipalities — 891 — 891 Corporate bonds — 40,320 — 40,320 Non-marketable investments: Non-marketable investments — — 10,000 10,000 Total $ 124,018 $ 112,748 $ 10,000 $ 246,766 As of December 31, 2023 Level 1 Level 2 Level 3 Fair Value Financial Assets Cash equivalents: Money market funds $ 86,991 $ — $ — $ 86,991 Marketable investments: Commercial paper — 39,756 — 39,756 Certificate of Deposit — 6,401 — 6,401 U.S. treasury 10,066 — — 10,066 U.S. states and municipalities — 2,915 — 2,915 Corporate bonds — 62,563 — 62,563 Total $ 97,057 $ 111,635 $ — $ 208,692 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Inventories The components of inventories consisted of the following (in thousands): March 31, 2024 December 31, 2023 Raw materials $ 121,134 $ 119,511 Work in process 36,815 34,489 Finished goods 240,417 234,023 Inventories $ 398,366 $ 388,023 Accrued Liabilities The components of accrued liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 Payroll and employee-related expenses $ 59,481 $ 65,395 Accrued expenses 14,327 11,711 Deferred revenue 8,672 6,985 Other accrued liabilities 24,069 26,464 Total accrued liabilities $ 106,549 $ 110,555 The following table shows the changes in the Company’s estimated product warranty accrual, included in accrued liabilities, for the three months ended March 31, 2024 and twelve months ended December 31, 2023, respectively (in thousands): March 31, 2024 December 31, 2023 Balance at the beginning of the period $ 5,755 $ 5,370 Accruals of warranties issued, net (3,141) 1,865 Settlements of warranty claims (536) (1,480) Balance at the end of the period $ 2,078 $ 5,755 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | 5. Intangible Assets The following table presents details of the Company’s acquired intangible assets as of March 31, 2024 and December 31, 2023 (in thousands, except weighted-average amortization period): As of March 31, 2024 Weighted-Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets: Developed technology 8.8 years $ 83,289 $ (22,020) $ 61,269 Customer relationships 15.0 years 6,434 (2,895) 3,539 Trade secrets and processes 20.0 years 5,256 (1,643) 3,613 Total intangible assets 9.6 years $ 94,979 $ (26,558) $ 68,421 As of December 31, 2023 Weighted-Average Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets: Developed technology 8.8 years $ 83,289 $ (19,640) $ 63,649 Customer relationships 15.0 years 6,579 (2,851) 3,728 Trade secrets and processes 20.0 years 5,256 (1,577) 3,679 Total intangible assets 9.6 years $ 95,124 $ (24,068) $ 71,056 The gross carrying amount and accumulated amortization of the customer relationships are the only intangible assets subject to foreign currency translation effects. The Company’s $5.3 million trade secrets and processes intangible asset was recognized in connection with a royalty buyout agreement in 2018. The following table presents the amortization recorded related to the Company’s finite-lived intangible assets for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 66 $ 66 Sales, general and administrative 2,487 2,486 Total $ 2,553 $ 2,552 |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 6. Goodwill The following table presents the changes in goodwill during the three months ended March 31, 2024 (in thousands): Total Company Balance as of December 31, 2023 $ 166,270 Foreign currency translation (167) Balance as of March 31, 2024 $ 166,103 Goodwill Impairment Review The Company reviews goodwill for impairment annually on October 31, or more frequently if events or circumstances indicate that an impairment loss may have occurred. The Company determined there were no impairment indicators as of March 31, 2024. |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Indebtedness | 7. Indebtedness Credit Agreement On April 24, 2020, the Company entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and lender, and Bank of America, N.A. and Citibank, N.A. as lenders. The Credit Agreement was secured and provided for up to $100 million in available revolving borrowing capacity with an option, subject to certain conditions, for the Company to increase the aggregate borrowing capacity to up to $150 million, and originally matured on April 23, 2021. During the three months ended March 31, 2021, 2022 and 2023, the Credit Agreement was amended to extend the maturity date and make other changes to the terms of the Credit Agreement. The Credit Agreement matured on February 16, 2024 and was not renewed. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Royalty Obligations In March 2005, the Company entered into a license agreement that requires the Company to make minimum royalty payments to the licensor on a quarterly basis. As of December 31, 2018, the license agreement required minimum annual royalty payments of $0.1 million in equal quarterly installments. In July 2019, the Company amended the license agreement to extend its term for an additional ten years and to increase the required minimum annual royalty payments by $0.2 million for a required minimum annual royalty payment of $0.3 million. Unless terminated earlier, the term of the amended license agreement shall expire June 30, 2029. Royalty expense included in cost of sales for the three months ended March 31, 2024 and 2023 was $0.6 million and $0.7 million, respectively. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. In many such arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third-party with respect to the Company’s technology. The Company also agrees to indemnify many indemnified parties for product defect and similar claims. The term of these indemnification agreements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. No liability associated with any of these indemnification requirements has been recorded to date. Litigation From time to time, the Company is subject to certain legal proceedings, as well as demands, claims and threatened litigation that arise in the normal course of our business. The Company reviews the status of each significant matter quarterly and assesses its potential financial exposure. If the potential loss from a claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company records a liability and an expense for the estimated loss and discloses it in the Company’s financial statements if it is significant. If the Company determines that a loss is possible and the range of the loss can be reasonably determined, the Company does not record a liability or an expense but the Company discloses the range of the possible loss. The Company bases its judgments on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability related to its pending claims and litigation and may revise its estimates. |
Stockholder's Equity
Stockholder's Equity | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stockholder's Equity | 9. Stockholders’ Equity Stock-based Compensation Stock-based compensation expense is associated with restricted stock units (“RSUs”), RSUs with performance conditions (“PSUs”), stock options, and the Company’s Employee Stock Purchase Plan (“ESPP”). Certain PSUs granted to senior management during the three months ended March 31, 2024, will vest subject to the achievement of pre-established financial performance targets for the year ending December 31, 2024, and continued service. The fair value of these PSUs is based on the closing price of the Company's common stock on the date of grant. Stock-based compensation costs associated with these PSUs are recognized over the requisite service period of 4.25 years using graded vesting which results in more accelerated expense recognition compared to traditional time-based vesting over the same vesting period. Each reporting period, the Company monitors the probability of achieving the performance targets and may adjust periodic stock-based compensation expense based on its determination of the likelihood of achieving these performance targets and the estimated number of shares of common stock that will vest. The actual number of PSUs awarded is based on the actual performance during the performance period compared to the performance targets. The following table sets forth the stock-based compensation expense included in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 1,194 $ 1,191 Research and development 2,168 2,278 Sales, general and administrative 10,207 9,297 Total $ 13,569 $ 12,766 As of March 31, 2024, total unrecognized compensation cost related to unvested share-based compensation arrangements, excluding PSUs, was $56.4 million, which is expected to be recognized over a weighted average period of 2.6 years. As of March 31, 2024, total unrecognized compensation cost related to unvested PSU share-based compensation arrangements was $27.3 million, which is expected to be recognized over a weighted average period of 3.5 years. The total stock-based compensation cost capitalized in inventory was $1.2 million and $1.3 million as of March 31, 2024 and December 31, 2023, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 10. Accumulated Other Comprehensive Income Other comprehensive (loss) income consists of two components: unrealized gains or losses on the Company’s available-for-sale marketable investments and gains or losses from foreign currency translation adjustments. Until realized and reported as a component of consolidated net income, these comprehensive income items accumulate and are included within accumulated other comprehensive income. Unrealized gains and losses on our marketable investments are reclassified from accumulated other comprehensive income into earnings when realized upon sale, and are determined based on specific identification of securities sold. Gains and losses from the translation of assets and liabilities denominated in non-U.S. dollar functional currencies are included in accumulated other comprehensive income. The following table summarizes the changes in the accumulated balances during the period, and includes information regarding the manner in which the reclassifications out of accumulated other comprehensive income into earnings affect our condensed consolidated statements of comprehensive income (loss) (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Marketable Currency Translation Total Marketable Currency Translation Total Balance, beginning of the period $ (558) $ (2,593) $ (3,151) $ (3,500) $ (4,624) $ (8,124) Other comprehensive loss before reclassifications: Unrealized gains — marketable investments (1) 166 — 166 860 — 860 Foreign currency translation (losses) gains — (1,857) (1,857) — 403 403 Income tax effect — expense — 4 4 — — — Net of tax 166 (1,853) (1,687) 860 403 1,263 Net current-year other comprehensive income (loss) 166 (1,853) (1,687) 860 403 1,263 Balance, end of the period $ (392) $ (4,446) $ (4,838) $ (2,640) $ (4,221) $ (6,861) (1) There were no unrealized gains or losses recorded in connection with the Company’s non-marketable debt securities as of March 31, 2024. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company’s income tax expense (benefit), deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. The Company is subject to income taxes in both the United States and foreign jurisdictions. Significant judgment and estimates are required in determining the consolidated income tax expense (benefit). During interim periods, the Company generally utilizes the estimated annual effective tax rate (“AETR”) method which involves the use of forecasted information. Under the AETR method, the provision is calculated by applying the estimated AETR for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. Jurisdictions with tax assets for which the Company believes a tax benefit cannot be realized are excluded from the computation of its AETR. The Company’s provision for income taxes was $3.6 million for the three months ended March 31, 2024, compared to $0.1 million for the three months ended March 31, 2023. The effective tax rate was 24.8% for the three months ended March 31, 2024, compared to 1.0% for the three months ended March 31, 2023. The change in effective tax rate was primarily attributable to an increase in tax expense due to profit increase and a decrease in excess tax benefits from stock-based compensation attributable to its U.S. jurisdiction. Significant domestic deferred tax assets (“DTAs”) were generated in recent years, primarily due to excess tax benefits from stock option exercises and vesting of restricted stock units. The Company evaluates all available positive and negative evidence, objective and subjective in nature, in each reporting period to determine if sufficient taxable income will be generated to realize the benefits of its DTAs and, if not, a valuation allowance to reduce the DTAs is recorded. As of March 31, 2024, the Company maintains a valuation allowance primarily against its California R&D tax credit DTAs for which the Company does not believe a tax benefit is more likely than not to be realized due to the computation of California taxes under the single sales factor and non-conformity of the Section 174 capitalization rule. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | 12. Net Income per Share The Company computed basic net income per share based on the weighted average number of shares of common stock outstanding during the period. The Company computed diluted net income per share based on the weighted average number of shares of common stock outstanding plus potentially dilutive common stock equivalents outstanding during the period. For the purposes of this calculation, stock options, restricted stock units, performance stock units, and stock sold through the ESPP are considered common stock equivalents. A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net income per share is as follows (in thousands, except share and per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Net income $ 11,002 $ 8,562 Denominator: Weighted average shares used to compute net income attributable to common stockholders: Basic 38,717,334 38,186,342 Potential dilutive stock-based options and awards 670,025 889,046 Diluted 39,387,359 39,075,388 Net income per share: Basic $ 0.28 $ 0.22 Diluted $ 0.28 $ 0.22 For the three months ended March 31, 2024 and 2023, outstanding stock-based awards of 26 thousand and 26 thousand shares, respectively, were excluded from the computation of diluted net income per share because their effect would have been anti-dilutive in the periods presented. |
Interest and other income (expe
Interest and other income (expense), net | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Interest and other income (expense), net | 13. Interest and other income (expense), net The following table shows the components of interest and other income (expense), net for the three months ended March 31, 2024 and 2023 and (in thousands): Three Months Ended March 31, 2024 2023 Interest income $ 3,293 $ 970 Interest expense (402) (416) Other income (expense), net (1) (366) 90 Interest and other income, net $ 2,525 $ 644 (1) Consists primarily of the effects of foreign currency gains or losses. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 14. Revenues Revenue Recognition Revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. All revenue recognized in the condensed consolidated statements of operations is considered to be revenue from contracts with customers. Certain changes in presentation were made to the Company’s revenues disaggregated by product categories for the period ended March 31, 2023 to conform to the presentation for the period ended March 31, 2024. During the year ended December 31, 2023, the Company made changes to its product categories to provide investors with more meaningful information to understand the performance of its business and strategic direction. The Company’s revenues disaggregated by geography, based on the destination to which the Company ships its products, for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three Months Ended March 31, 2024 2023 United States $ 209,644 $ 171,879 International 69,011 69,519 Total $ 278,655 $ 241,398 The Company’s revenues disaggregated by product category for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three Months Ended March 31, 2024 2023 Thrombectomy $ 187,703 $ 144,980 Embolization and Access 90,952 96,418 Total $ 278,655 $ 241,398 Performance Obligations Delivery of products - The Company’s contracts with customers, other than the China licensing arrangements described below, typically contain a single performance obligation, delivery of the Company’s products. Satisfaction of that performance obligation occurs when control of the promised goods transfers to the customer, which is generally upon shipment or receipt by customer for non-consignment sale agreements and upon utilization for consignment sale agreements. Payment terms - The Company’s payment terms vary by the type and location of our customer. The timing between fulfillment of performance obligations and when payment is due is not significant and does not give rise to financing transactions. The Company did not have any contracts with significant financing components as of March 31, 2024 and 2023. Product returns - The Company may allow customers to return products purchased at the Company’s discretion. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period in which the related product revenue is recognized. The Company currently estimates product return liabilities using its own historic sales information, trends, industry data, and other relevant data points. Warranties - The Company offers its standard warranty to all customers and it is not available for sale on a standalone basis. The Company’s standard warranty represents its guarantee that its products function as intended, are free from defects, and comply with agreed-upon specifications and quality standards. This assurance does not constitute a service and is not a separate performance obligation. Transaction Price Revenue is recorded at the net sales price, which includes estimates of variable consideration such as product returns utilizing historical return rates, rebates, discounts, and other adjustments to net revenue. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price. When determining if variable consideration should be constrained, management considers whether there are factors that could result in a significant reversal of revenue and the likelihood of a potential reversal. Variable consideration is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are reassessed each reporting period as required. During the three months ended March 31, 2024 and 2023, the Company made no material changes in estimates for variable consideration. When the Company performs shipping and handling activities after control of goods is transferred to the customer, they are considered as fulfillment activities, and costs are accrued for when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. Contract assets and liabilities The following information summarizes the Company’s contract assets and liabilities (in thousands): March 31, 2024 December 31, 2023 Contract assets $ 18,000 $ 18,000 Contract liabilities $ 7,261 $ 6,496 Contract assets for the periods presented primarily represent the difference between the revenue that was recognized based on the relative standalone selling price of the related performance obligations satisfied and the contractual billing terms in the licensing arrangements. Contract liabilities represents amounts that the Company has already invoiced and are ultimately expected to be recognized as revenue, but for which not all revenue recognition criteria have been met and is recognized as the associated performance obligations are satisfied. China Distribution and Technology Licensing Agreement In December 2020, the Company entered into a distribution and technology licensing arrangement with its existing distribution partner in China. In addition to modifying the Company’s standard distribution agreement with its partner in China, the Company agreed to license the technology for certain products to its partner in China to permit the manufacturing and commercialization of such products in China as well as provide certain regulatory support. During the three months ended March 31, 2022, the Company further amended the distribution agreement and entered into an additional license arrangement, pursuant to which the Company agreed to license the technology for additional products to its partner in China on substantially the same terms as the existing license arrangement. Apart from the standard distribution agreement, the Company will receive fixed payments upon transferring its distinct licensed technology and providing related regulatory support. During the three months ended September 30, 2023, the Company entered into an additional licensing arrangement, pursuant to which the Company agreed to license the technology for additional products to its partner in China and will receive fixed payments upon transferring its distinct licensed technology and providing related regulatory support and royalty payments on the down-stream sale of the licensed products. During the three months ended March 31, 2024, the Company entered into another licensing agreement, pursuant to which the Company agreed to license the technology for additional products to its partner in China and will receive fixed payments upon transferring its distinct licensed technology and providing related regulatory support. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 11,002 | $ 8,562 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Consolidation The accompanying condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), and the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 are unaudited. The unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company’s financial position as of March 31, 2024, the results of its operations for the three months ended March 31, 2024 and 2023, the changes in its comprehensive income (loss) and stockholders’ equity for the three months ended March 31, 2024 and 2023, and its cash flows for the three months ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other future annual or interim period. Certain changes in presentation were made to interest income (expense), net and other income (expense), net in the condensed consolidated statements of operations for the three months ended March 31, 2023 to conform to the presentation for the three months ended March 31, 2024. |
Consolidation | The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates |
Segments | Segments The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company has one business activity: the design, development, manufacturing and marketing of innovative medical products, and operates as one operating segment. The Company’s chief operating decision-maker, its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance. |
Marketable and Non-Marketable Investments | Marketable and Non-Marketable Investments |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes— Improvements to Income Tax Disclosures. The standard enhances annual income tax disclosures, by requiring additional disaggregated information about an entity’s effective tax rate reconciliation and income taxes paid. The ASU adds guidance that requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the rate reconciliation) for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold (5%). In addition to new disclosures associated with the rate reconciliation, the ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed the quantitative threshold. For public business entities, the amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements not yet issued or made available for issuance. The Company is assessing the impact the new guidance will have on the disclosures within its consolidated financial statements and does not elect to early adopt as of March 31, 2024. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. The Company is assessing the impact the new guidance will have on the disclosures within its consolidated financial statements and does not elect to early adopt as of March 31, 2024. |
Investments and Fair Value of_2
Investments and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Marketable Investments | The Company’s marketable and non-marketable investments as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 Securities with net gains or losses in accumulated other comprehensive income (loss) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance Fair Value Marketable investments: Commercial paper $ 31,449 $ 7 $ (11) $ — $ 31,445 Certificate of Deposit 4,632 4 — — 4,636 U.S. treasury 13,210 — (142) $ — 13,068 U.S. states and municipalities 900 — (9) — 891 Corporate bonds 40,542 19 (241) — 40,320 Total 90,733 30 (403) — 90,360 Non-marketable investments: Non-marketable debt securities 10,000 — — — 10,000 Total 10,000 — — — 10,000 Total $ 100,733 $ 30 $ (403) $ — $ 100,360 December 31, 2023 Securities with net gains or losses in accumulated other comprehensive income (loss) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance Fair Value Marketable investments: Commercial paper $ 39,727 $ 32 $ (3) $ — $ 39,756 Certificate of Deposit 6,392 9 — — 6,401 U.S. treasury 10,226 — (160) — 10,066 U.S. states and municipalities 2,950 — (35) — 2,915 Corporate bonds 62,964 29 (430) — 62,563 Total $ 122,259 $ 70 $ (628) $ — $ 121,701 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more twelve months as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Less than 12 months More than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Marketable investments: Commercial paper $ 20,041 $ (11) $ — $ — $ 20,041 $ (11) U.S. treasury 5,666 (80) 4,436 (62) 10,102 (142) U.S. states and municipalities — — 891 (9) 891 (9) Corporate bonds 2,998 (3) 13,421 (238) 16,419 (241) Total $ 28,705 $ (94) $ 18,748 $ (309) $ 47,453 $ (403) December 31, 2023 Less than 12 months More than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Marketable investments: Commercial paper $ 16,241 $ (3) $ — $ — $ 16,241 $ (3) U.S. treasury 5,677 (54) 4,389 (106) 10,066 (160) U.S. states and municipalities — — 2,915 (35) 2,915 (35) Corporate bonds 15,945 (2) 30,912 (428) 46,857 (430) Total $ 37,863 $ (59) $ 38,216 $ (569) $ 76,079 $ (628) |
Schedule of Contractual Maturities of Marketable Investments | The contractual maturities of the Company’s marketable investments as of March 31, 2024 (in thousands): March 31, 2024 Marketable investments: Amortized Cost Fair Value Due in one year $ 87,922 $ 87,601 Due in one to five years 2,811 2,759 Total $ 90,733 $ 90,360 |
Schedule of Fair Value of Assets and Liabilities | The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy as of March 31, 2024 and December 31, 2023 (in thousands): As of March 31, 2024 Level 1 Level 2 Level 3 Fair Value Financial Assets Cash equivalents: Commercial paper $ — $ 30,555 $ — $ 30,555 Certificate of deposit — 4,901 — 4,901 Money market funds 57,278 — — 57,278 U.S. treasury 53,672 — — 53,672 Marketable investments: Commercial paper — 31,445 — 31,445 Certificate of deposit — 4,636 — 4,636 U.S. treasury 13,068 — — 13,068 U.S. states and municipalities — 891 — 891 Corporate bonds — 40,320 — 40,320 Non-marketable investments: Non-marketable investments — — 10,000 10,000 Total $ 124,018 $ 112,748 $ 10,000 $ 246,766 As of December 31, 2023 Level 1 Level 2 Level 3 Fair Value Financial Assets Cash equivalents: Money market funds $ 86,991 $ — $ — $ 86,991 Marketable investments: Commercial paper — 39,756 — 39,756 Certificate of Deposit — 6,401 — 6,401 U.S. treasury 10,066 — — 10,066 U.S. states and municipalities — 2,915 — 2,915 Corporate bonds — 62,563 — 62,563 Total $ 97,057 $ 111,635 $ — $ 208,692 |
Balance Sheet Components Balanc
Balance Sheet Components Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventories | The components of inventories consisted of the following (in thousands): March 31, 2024 December 31, 2023 Raw materials $ 121,134 $ 119,511 Work in process 36,815 34,489 Finished goods 240,417 234,023 Inventories $ 398,366 $ 388,023 |
Schedule of Accrued Liabilities | The components of accrued liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 Payroll and employee-related expenses $ 59,481 $ 65,395 Accrued expenses 14,327 11,711 Deferred revenue 8,672 6,985 Other accrued liabilities 24,069 26,464 Total accrued liabilities $ 106,549 $ 110,555 |
Schedule of Estimated Product Warranty Accrual | The following table shows the changes in the Company’s estimated product warranty accrual, included in accrued liabilities, for the three months ended March 31, 2024 and twelve months ended December 31, 2023, respectively (in thousands): March 31, 2024 December 31, 2023 Balance at the beginning of the period $ 5,755 $ 5,370 Accruals of warranties issued, net (3,141) 1,865 Settlements of warranty claims (536) (1,480) Balance at the end of the period $ 2,078 $ 5,755 |
Intangible Assets Intangible As
Intangible Assets Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Finite-lived Intangible Assets | The following table presents details of the Company’s acquired intangible assets as of March 31, 2024 and December 31, 2023 (in thousands, except weighted-average amortization period): As of March 31, 2024 Weighted-Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets: Developed technology 8.8 years $ 83,289 $ (22,020) $ 61,269 Customer relationships 15.0 years 6,434 (2,895) 3,539 Trade secrets and processes 20.0 years 5,256 (1,643) 3,613 Total intangible assets 9.6 years $ 94,979 $ (26,558) $ 68,421 As of December 31, 2023 Weighted-Average Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets: Developed technology 8.8 years $ 83,289 $ (19,640) $ 63,649 Customer relationships 15.0 years 6,579 (2,851) 3,728 Trade secrets and processes 20.0 years 5,256 (1,577) 3,679 Total intangible assets 9.6 years $ 95,124 $ (24,068) $ 71,056 |
Finite-lived Intangible Assets Amortization Expense | The following table presents the amortization recorded related to the Company’s finite-lived intangible assets for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 66 $ 66 Sales, general and administrative 2,487 2,486 Total $ 2,553 $ 2,552 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents the changes in goodwill during the three months ended March 31, 2024 (in thousands): Total Company Balance as of December 31, 2023 $ 166,270 Foreign currency translation (167) Balance as of March 31, 2024 $ 166,103 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | The following table sets forth the stock-based compensation expense included in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 1,194 $ 1,191 Research and development 2,168 2,278 Sales, general and administrative 10,207 9,297 Total $ 13,569 $ 12,766 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the accumulated balances during the period, and includes information regarding the manner in which the reclassifications out of accumulated other comprehensive income into earnings affect our condensed consolidated statements of comprehensive income (loss) (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Marketable Currency Translation Total Marketable Currency Translation Total Balance, beginning of the period $ (558) $ (2,593) $ (3,151) $ (3,500) $ (4,624) $ (8,124) Other comprehensive loss before reclassifications: Unrealized gains — marketable investments (1) 166 — 166 860 — 860 Foreign currency translation (losses) gains — (1,857) (1,857) — 403 403 Income tax effect — expense — 4 4 — — — Net of tax 166 (1,853) (1,687) 860 403 1,263 Net current-year other comprehensive income (loss) 166 (1,853) (1,687) 860 403 1,263 Balance, end of the period $ (392) $ (4,446) $ (4,838) $ (2,640) $ (4,221) $ (6,861) (1) There were no unrealized gains or losses recorded in connection with the Company’s non-marketable debt securities as of March 31, 2024. |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Numerator and Denominator used in the Calculation of the Basic and Diluted Earnings per Share | A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net income per share is as follows (in thousands, except share and per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Net income $ 11,002 $ 8,562 Denominator: Weighted average shares used to compute net income attributable to common stockholders: Basic 38,717,334 38,186,342 Potential dilutive stock-based options and awards 670,025 889,046 Diluted 39,387,359 39,075,388 Net income per share: Basic $ 0.28 $ 0.22 Diluted $ 0.28 $ 0.22 |
Interest and other income (ex_2
Interest and other income (expense), net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | The following table shows the components of interest and other income (expense), net for the three months ended March 31, 2024 and 2023 and (in thousands): Three Months Ended March 31, 2024 2023 Interest income $ 3,293 $ 970 Interest expense (402) (416) Other income (expense), net (1) (366) 90 Interest and other income, net $ 2,525 $ 644 (1) Consists primarily of the effects of foreign currency gains or losses. |
Revenues Revenues (Tables)
Revenues Revenues (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The Company’s revenues disaggregated by geography, based on the destination to which the Company ships its products, for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three Months Ended March 31, 2024 2023 United States $ 209,644 $ 171,879 International 69,011 69,519 Total $ 278,655 $ 241,398 The Company’s revenues disaggregated by product category for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three Months Ended March 31, 2024 2023 Thrombectomy $ 187,703 $ 144,980 Embolization and Access 90,952 96,418 Total $ 278,655 $ 241,398 |
Summary of Contract Assets and Liabilities | The following information summarizes the Company’s contract assets and liabilities (in thousands): March 31, 2024 December 31, 2023 Contract assets $ 18,000 $ 18,000 Contract liabilities $ 7,261 $ 6,496 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Disclosures (Details) | 3 Months Ended |
Mar. 31, 2024 activity segment | |
Accounting Policies [Abstract] | |
Number of business activities | activity | 1 |
Number of operating segments | segment | 1 |
Investments and Fair Value of_3
Investments and Fair Value of Financial Instruments - Gains and Losses of Marketable Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 90,733 | $ 122,259 |
Gross Unrealized Gains | 30 | 70 |
Gross Unrealized Losses | (403) | (628) |
Allowance for Credit Loss | 0 | 0 |
Fair Value | 90,360 | 121,701 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 31,449 | 39,727 |
Gross Unrealized Gains | 7 | 32 |
Gross Unrealized Losses | (11) | (3) |
Allowance for Credit Loss | 0 | 0 |
Fair Value | 31,445 | 39,756 |
Certificate of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,632 | 6,392 |
Gross Unrealized Gains | 4 | 9 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Loss | 0 | 0 |
Fair Value | 4,636 | 6,401 |
U.S. treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,210 | 10,226 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (142) | (160) |
Allowance for Credit Loss | 0 | 0 |
Fair Value | 13,068 | 10,066 |
U.S. states and municipalities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 900 | 2,950 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (9) | (35) |
Allowance for Credit Loss | 0 | 0 |
Fair Value | 891 | 2,915 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 40,542 | 62,964 |
Gross Unrealized Gains | 19 | 29 |
Gross Unrealized Losses | (241) | (430) |
Allowance for Credit Loss | 0 | 0 |
Fair Value | 40,320 | $ 62,563 |
Non-marketable investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Allowance for Credit Loss | 0 | |
Fair Value | 10,000 | |
Marketable And Non-Marketable Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 100,733 | |
Gross Unrealized Gains | 30 | |
Gross Unrealized Losses | (403) | |
Allowance for Credit Loss | 0 | |
Fair Value | $ 100,360 |
Investments and Fair Value of_4
Investments and Fair Value of Financial Instruments - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |||
Gross Unrealized Losses | $ (403,000) | $ (628,000) | |
Allowance for credit loss | 0 | ||
Payments for non-marketable investment | $ 10,000,000 | $ 0 |
Investments and Fair Value of_5
Investments and Fair Value of Financial Instruments - Marketable Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: Fair Value | $ 28,705 | $ 37,863 |
Less than 12 months: Gross Unrealized Losses | (94) | (59) |
12 Months of more: Fair Value | 18,748 | 38,216 |
12 months or more: Gross Unrealized Losses | (309) | (569) |
Total: Fair Value | 47,453 | 76,079 |
Total: Gross Unrealized Losses | (403) | (628) |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: Fair Value | 20,041 | 16,241 |
Less than 12 months: Gross Unrealized Losses | (11) | (3) |
12 Months of more: Fair Value | 0 | 0 |
12 months or more: Gross Unrealized Losses | 0 | 0 |
Total: Fair Value | 20,041 | 16,241 |
Total: Gross Unrealized Losses | (11) | (3) |
U.S. treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: Fair Value | 5,666 | 5,677 |
Less than 12 months: Gross Unrealized Losses | (80) | (54) |
12 Months of more: Fair Value | 4,436 | 4,389 |
12 months or more: Gross Unrealized Losses | (62) | (106) |
Total: Fair Value | 10,102 | 10,066 |
Total: Gross Unrealized Losses | (142) | (160) |
U.S. states and municipalities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: Fair Value | 0 | 0 |
Less than 12 months: Gross Unrealized Losses | 0 | 0 |
12 Months of more: Fair Value | 891 | 2,915 |
12 months or more: Gross Unrealized Losses | (9) | (35) |
Total: Fair Value | 891 | 2,915 |
Total: Gross Unrealized Losses | (9) | (35) |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: Fair Value | 2,998 | 15,945 |
Less than 12 months: Gross Unrealized Losses | (3) | (2) |
12 Months of more: Fair Value | 13,421 | 30,912 |
12 months or more: Gross Unrealized Losses | (238) | (428) |
Total: Fair Value | 16,419 | 46,857 |
Total: Gross Unrealized Losses | $ (241) | $ (430) |
Investments and Fair Value of_6
Investments and Fair Value of Financial Instruments - Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due in one year | $ 87,922 | |
Due in one to five years | 2,811 | |
Total | 90,733 | $ 122,259 |
Fair Value | ||
Due in one year | 87,601 | |
Due in one to five years | 2,759 | |
Total | $ 90,360 | $ 121,701 |
Investments and Fair Value of_7
Investments and Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Assets | ||
Assets, Fair Value Disclosure | $ 246,766 | $ 208,692 |
Commercial paper | ||
Financial Assets | ||
Marketable investments | 31,445 | 39,756 |
Certificate of Deposit | ||
Financial Assets | ||
Marketable investments | 4,636 | 6,401 |
U.S. treasury | ||
Financial Assets | ||
Marketable investments | 13,068 | 10,066 |
U.S. states and municipalities | ||
Financial Assets | ||
Marketable investments | 891 | 2,915 |
Corporate bonds | ||
Financial Assets | ||
Marketable investments | 40,320 | 62,563 |
Non-marketable investments | ||
Financial Assets | ||
Marketable investments | 10,000 | |
Commercial paper | ||
Financial Assets | ||
Cash equivalents | 30,555 | |
Certificate of Deposit | ||
Financial Assets | ||
Cash equivalents | 4,901 | |
Money market funds | ||
Financial Assets | ||
Cash equivalents | 57,278 | 86,991 |
U.S. treasury | ||
Financial Assets | ||
Cash equivalents | 53,672 | |
Level 1 | ||
Financial Assets | ||
Assets, Fair Value Disclosure | 124,018 | 97,057 |
Level 1 | Commercial paper | ||
Financial Assets | ||
Marketable investments | 0 | 0 |
Level 1 | Certificate of Deposit | ||
Financial Assets | ||
Marketable investments | 0 | 0 |
Level 1 | U.S. treasury | ||
Financial Assets | ||
Marketable investments | 13,068 | 10,066 |
Level 1 | U.S. states and municipalities | ||
Financial Assets | ||
Marketable investments | 0 | 0 |
Level 1 | Corporate bonds | ||
Financial Assets | ||
Marketable investments | 0 | 0 |
Level 1 | Non-marketable investments | ||
Financial Assets | ||
Marketable investments | 0 | |
Level 1 | Commercial paper | ||
Financial Assets | ||
Cash equivalents | 0 | |
Level 1 | Certificate of Deposit | ||
Financial Assets | ||
Cash equivalents | 0 | |
Level 1 | Money market funds | ||
Financial Assets | ||
Cash equivalents | 57,278 | 86,991 |
Level 1 | U.S. treasury | ||
Financial Assets | ||
Cash equivalents | 53,672 | |
Level 2 | ||
Financial Assets | ||
Assets, Fair Value Disclosure | 112,748 | 111,635 |
Level 2 | Commercial paper | ||
Financial Assets | ||
Marketable investments | 31,445 | 39,756 |
Level 2 | Certificate of Deposit | ||
Financial Assets | ||
Marketable investments | 4,636 | 6,401 |
Level 2 | U.S. treasury | ||
Financial Assets | ||
Marketable investments | 0 | 0 |
Level 2 | U.S. states and municipalities | ||
Financial Assets | ||
Marketable investments | 891 | 2,915 |
Level 2 | Corporate bonds | ||
Financial Assets | ||
Marketable investments | 40,320 | 62,563 |
Level 2 | Non-marketable investments | ||
Financial Assets | ||
Marketable investments | 0 | |
Level 2 | Commercial paper | ||
Financial Assets | ||
Cash equivalents | 30,555 | |
Level 2 | Certificate of Deposit | ||
Financial Assets | ||
Cash equivalents | 4,901 | |
Level 2 | Money market funds | ||
Financial Assets | ||
Cash equivalents | 0 | 0 |
Level 2 | U.S. treasury | ||
Financial Assets | ||
Cash equivalents | 0 | |
Level 3 | ||
Financial Assets | ||
Assets, Fair Value Disclosure | 10,000 | 0 |
Level 3 | Commercial paper | ||
Financial Assets | ||
Marketable investments | 0 | 0 |
Level 3 | Certificate of Deposit | ||
Financial Assets | ||
Marketable investments | 0 | 0 |
Level 3 | U.S. treasury | ||
Financial Assets | ||
Marketable investments | 0 | 0 |
Level 3 | U.S. states and municipalities | ||
Financial Assets | ||
Marketable investments | 0 | 0 |
Level 3 | Corporate bonds | ||
Financial Assets | ||
Marketable investments | 0 | 0 |
Level 3 | Non-marketable investments | ||
Financial Assets | ||
Marketable investments | 10,000 | |
Level 3 | Commercial paper | ||
Financial Assets | ||
Cash equivalents | 0 | |
Level 3 | Certificate of Deposit | ||
Financial Assets | ||
Cash equivalents | 0 | |
Level 3 | Money market funds | ||
Financial Assets | ||
Cash equivalents | 0 | $ 0 |
Level 3 | U.S. treasury | ||
Financial Assets | ||
Cash equivalents | $ 0 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 121,134 | $ 119,511 |
Work in process | 36,815 | 34,489 |
Finished goods | 240,417 | 234,023 |
Inventories | $ 398,366 | $ 388,023 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Payroll and employee-related expenses | $ 59,481 | $ 65,395 |
Accrued expenses | 14,327 | 11,711 |
Deferred revenue | 8,672 | 6,985 |
Other accrued liabilities | 24,069 | 26,464 |
Total accrued liabilities | $ 106,549 | $ 110,555 |
Balance Sheet Components - Prod
Balance Sheet Components - Product Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at the beginning of the period | $ 5,755 | $ 5,370 |
Accruals of warranties issued, net | (3,141) | 1,865 |
Settlements of warranty claims | (536) | (1,480) |
Balance at the end of the period | $ 2,078 | $ 5,755 |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization Period | 9 years 7 months 6 days | 9 years 7 months 6 days | |
Finite lived intangible assets: gross carrying amount | $ 94,979 | $ 95,124 | |
Accumulated amortization | (26,558) | (24,068) | |
Finite lived intangible assets: net | 68,421 | 71,056 | |
Intangible assets, net | 68,421 | $ 71,056 | |
Total amortization of finite lived intangible assets | $ 2,553 | $ 2,552 | |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization Period | 8 years 9 months 18 days | 8 years 9 months 18 days | |
Finite lived intangible assets: gross carrying amount | $ 83,289 | $ 83,289 | |
Accumulated amortization | (22,020) | (19,640) | |
Finite lived intangible assets: net | $ 61,269 | $ 63,649 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization Period | 15 years | 15 years | |
Finite lived intangible assets: gross carrying amount | $ 6,434 | $ 6,579 | |
Accumulated amortization | (2,895) | (2,851) | |
Finite lived intangible assets: net | $ 3,539 | $ 3,728 | |
Trade secrets and processes | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization Period | 20 years | 20 years | |
Finite lived intangible assets: gross carrying amount | $ 5,256 | $ 5,256 | |
Accumulated amortization | (1,643) | (1,577) | |
Finite lived intangible assets: net | 3,613 | $ 3,679 | |
Cost of revenue | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total amortization of finite lived intangible assets | 66 | 66 | |
Sales, general and administrative | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total amortization of finite lived intangible assets | $ 2,487 | $ 2,486 |
Goodwill (Details)
Goodwill (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill | $ 166,270,000 |
Foreign currency translation and other adjustments | (167,000) |
Goodwill | 166,103,000 |
Goodwill impairment | $ 0 |
Indebtedness (Details)
Indebtedness (Details) - Revolving Credit Facility | Apr. 24, 2020 USD ($) |
Line of Credit Facility [Line Items] | |
Borrowing capacity | $ 100,000,000 |
Line of credit, increase limit | $ 150,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Royalty Obligations (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Apr. 22, 2024 | Jul. 31, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2018 | |
Other Commitments [Line Items] | |||||
Contingent liability | $ 4.6 | ||||
Subsequent Event | |||||
Other Commitments [Line Items] | |||||
Litigation settlement, amount agreed upon | $ 4.6 | ||||
Cost of revenue | |||||
Other Commitments [Line Items] | |||||
Royalty expense | 0.6 | $ 0.7 | |||
Royalty Agreement, March 2005 | |||||
Other Commitments [Line Items] | |||||
Minimum annual royalty payments | $ 0.1 | ||||
Extended term of agreement | 10 years | ||||
Increase in minimum annual royalty payments | $ 0.2 | ||||
Minimum quarterly royalty payments | $ 0.3 |
Stockholder's Equity - Stock-ba
Stockholder's Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 13,569 | $ 12,766 | |
Share-based compensation expense, capitalized in inventory | 1,200 | $ 1,300 | |
NonPerformanceShares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Unrecognized compensation cost related to unvested share-based compensation arrangements | $ 56,400 | ||
Unrecognized compensation cost, expected recognition period (in years) | 2 years 7 months 6 days | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Award requisite service period | 4 years 3 months | ||
Unrecognized compensation cost related to unvested share-based compensation arrangements | $ 27,300 | ||
Unrecognized compensation cost, expected recognition period (in years) | 3 years 6 months | ||
Cost of revenue | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 1,194 | 1,191 | |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 2,168 | 2,278 | |
Sales, general and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 10,207 | $ 9,297 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,178,944 | $ 998,858 |
Other comprehensive loss before reclassifications: | ||
Total other comprehensive (loss) income, net of tax | (1,687) | 1,263 |
Ending balance | 1,203,531 | 1,024,469 |
Marketable Investments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (558) | (3,500) |
Other comprehensive loss before reclassifications: | ||
Other comprehensive income before reclassifications | 166 | 860 |
Foreign currency translation (losses) gains | 0 | 0 |
Income tax effect — expense | 0 | 0 |
Net of tax | 166 | 860 |
Total other comprehensive (loss) income, net of tax | 166 | 860 |
Ending balance | (392) | (2,640) |
Currency Translation Adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (2,593) | (4,624) |
Other comprehensive loss before reclassifications: | ||
Other comprehensive income before reclassifications | 0 | 0 |
Foreign currency translation (losses) gains | (1,857) | 403 |
Income tax effect — expense | 4 | 0 |
Net of tax | (1,853) | 403 |
Total other comprehensive (loss) income, net of tax | (1,853) | 403 |
Ending balance | (4,446) | (4,221) |
Total | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (3,151) | (8,124) |
Other comprehensive loss before reclassifications: | ||
Other comprehensive income before reclassifications | 166 | 860 |
Foreign currency translation (losses) gains | (1,857) | 403 |
Income tax effect — expense | 4 | 0 |
Net of tax | (1,687) | 1,263 |
Total other comprehensive (loss) income, net of tax | (1,687) | 1,263 |
Ending balance | $ (4,838) | $ (6,861) |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 3,624 | $ 90 |
Effective tax rate | 24.80% | 1% |
Net Income per Share - Basic an
Net Income per Share - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net income | $ 11,002 | $ 8,562 |
Weighted average shares used to compute net income attributable to common stockholders: | ||
Basic (in shares) | 38,717,334 | 38,186,342 |
Potential dilutive stock-based options and awards (in shares) | 670,025 | 889,046 |
Diluted (in shares) | 39,387,359 | 39,075,388 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.28 | $ 0.22 |
Diluted (in dollars per share) | $ 0.28 | $ 0.22 |
Net Income per Share - Antidilu
Net Income per Share - Antidilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 26 | 26 |
Interest and other income (ex_3
Interest and other income (expense), net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
Interest income | $ 3,293 | $ 970 |
Interest expense | (402) | (416) |
Other income, net | (366) | 90 |
Interest and other income, net | $ 2,525 | $ 644 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 278,655 | $ 241,398 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 209,644 | 171,879 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 69,011 | 69,519 |
Thrombectomy | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 187,703 | 144,980 |
Embolization and Access | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 90,952 | $ 96,418 |
Revenues - Summary of Contract
Revenues - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 18,000 | $ 18,000 |
Contract liabilities | $ 7,261 | $ 6,496 |