Penumbra (PEN) 10-Q 30 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 16, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		38,843,936
Entity Central Index Key	0001321732
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 288,332	$ 167,486
Marketable investments	51,363	121,701
Accounts receivable, net of allowance for credit losses of $3,075 and $3,169 at June 30, 2024 and December 31, 2023, respectively	200,831	201,768
Inventories	373,799	388,023
Prepaid expenses and other current assets	29,470	36,424
Total current assets	943,795	915,402
Property and equipment, net	57,709	72,691
Operating lease right-of-use assets	183,316	188,756
Finance lease right-of-use assets	29,366	31,092
Intangible assets, net	6,955	71,056
Goodwill	166,050	166,270
Deferred taxes	108,852	85,158
Other non-current assets	38,518	25,880
Total assets	1,534,561	1,556,305
Current liabilities:
Accounts payable	32,822	27,155
Accrued liabilities	104,071	110,555
Current operating lease liabilities	11,776	11,203
Current finance lease liabilities	2,325	2,231
Total current liabilities	150,994	151,144
Non-current operating lease liabilities	192,216	197,229
Non-current finance lease liabilities	22,501	23,680
Other non-current liabilities	7,619	5,308
Total liabilities	373,330	377,361
Commitments and contingencies
Stockholders’ equity:
Common stock	39	39
Additional paid-in capital	1,080,580	1,047,198
Accumulated other comprehensive loss	(5,048)	(3,151)
Retained earnings	85,660	134,858
Total Penumbra, Inc. stockholders’ equity	1,161,231	1,178,944
Total liabilities and stockholders’ equity	$ 1,534,561	$ 1,556,305

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 3,075	$ 3,169

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 299,403	$ 261,499	$ 578,058	$ 502,897
Cost of revenue	136,574	94,638	234,090	184,964
Gross profit	162,829	166,861	343,968	317,933
Operating expenses:
Research and development	24,942	21,537	49,568	41,523
Sales, general and administrative	141,903	127,435	286,315	250,513
Impairment charge	76,945	0	76,945	0
Total operating expenses	243,790	148,972	412,828	292,036
(Loss) income from operations	(80,961)	17,889	(68,860)	25,897
Interest and other income, net	3,087	1,647	5,612	2,291
(Loss) income before income taxes	(77,874)	19,536	(63,248)	28,188
(Benefit from) provision for income taxes	(17,674)	576	(14,050)	666
Net (loss) income	$ (60,200)	$ 18,960	$ (49,198)	$ 27,522
Net (loss) income per share:
Basic (in dollars per share)	$ (1.55)	$ 0.49	$ (1.27)	$ 0.72
Diluted (in dollars per share)	$ (1.55)	$ 0.48	$ (1.27)	$ 0.70
Weighted average shares outstanding:
Basic (in shares)	38,793,341	38,320,999	38,755,337	38,254,042
Diluted (in shares)	38,793,341	39,201,155	38,755,337	39,151,412

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (60,200)	$ 18,960	$ (49,198)	$ 27,522
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax	(451)	654	(2,304)	1,057
Net change in unrealized gains or losses on available-for-sale securities, net of tax	241	628	407	1,488
Total other comprehensive (loss) income, net of tax	(210)	1,282	(1,897)	2,545
Comprehensive (loss) income	$ (60,410)	$ 20,242	$ (51,095)	$ 30,067

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, 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]
Other comprehensive income (loss)	2,545			2,545
Net income (loss)	27,522
Ending balance (in shares) at Jun. 30, 2023		38,405,605
Ending balance at Jun. 30, 2023	1,066,543	$ 38	1,000,658	(5,579)	71,426
Beginning balance (in shares) at Mar. 31, 2023		38,242,100
Beginning balance at Mar. 31, 2023	1,024,469	$ 38	978,826	(6,861)	52,466
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		114,930
Issuance of common stock	1,614		1,614
Issuance of common stock under employee stock purchase plan (in shares)		51,264
Issuance of common stock under employee stock purchase plan	8,385		8,385
Shares held for tax withholdings (in shares)		(2,689)
Shares held for tax withholdings	(822)		(822)
Stock-based compensation	12,655		12,655
Other comprehensive income (loss)	1,282			1,282
Net income (loss)	18,960				18,960
Ending balance (in shares) at Jun. 30, 2023		38,405,605
Ending balance at Jun. 30, 2023	1,066,543	$ 38	1,000,658	(5,579)	71,426
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
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]
Other comprehensive income (loss)	(1,897)			(1,897)
Net income (loss)	(49,198)
Ending balance (in shares) at Jun. 30, 2024		38,835,781
Ending balance at Jun. 30, 2024	1,161,231	$ 39	1,080,580	(5,048)	85,660
Beginning balance (in shares) at Mar. 31, 2024		38,756,414
Beginning balance at Mar. 31, 2024	1,203,531	$ 39	1,062,470	(4,838)	145,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		28,043
Issuance of common stock	61		61
Issuance of common stock under employee stock purchase plan (in shares)		51,752
Issuance of common stock under employee stock purchase plan	8,861		8,861
Shares held for tax withholdings (in shares)		(428)
Shares held for tax withholdings	(89)		(89)
Stock-based compensation	9,277		9,277
Other comprehensive income (loss)	(210)			(210)
Net income (loss)	(60,200)				(60,200)
Ending balance (in shares) at Jun. 30, 2024		38,835,781
Ending balance at Jun. 30, 2024	$ 1,161,231	$ 39	$ 1,080,580	$ (5,048)	$ 85,660

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (49,198)	$ 27,522
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	15,166	13,285
Stock-based compensation	23,129	25,589
Impairment charge	76,945	0
Inventory write-downs	36,184	1,399
Deferred taxes	(23,736)	(2,450)
Other	701	3,587
Changes in operating assets and liabilities:
Accounts receivable	(2,029)	(8,421)
Inventories	(22,953)	(25,758)
Prepaid expenses and other current and non-current assets	2,140	(5,901)
Accounts payable	5,492	(259)
Accrued expenses and other non-current liabilities	(935)	1,635
Net cash provided by (used in) operating activities	60,906	30,228
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of non-marketable investments	(10,000)	0
Purchases of marketable investments	(11,308)	(15,194)
Proceeds from maturities of marketable investments	82,926	27,970
Purchases of property and equipment	(10,360)	(8,236)
Other	1,600	(500)
Net cash provided by (used in) investing activities	52,858	4,040
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercises of stock options	299	3,823
Proceeds from issuance of stock under employee stock purchase plan	8,861	8,385
Payment of employee taxes related to vested stock	(510)	(1,026)
Payments of finance lease obligations	(1,109)	(957)
Other	(61)	(155)
Net cash provided by financing activities	7,480	10,070
Effect of foreign exchange rate changes on cash and cash equivalents	(398)	(29)
NET INCREASE IN CASH AND CASH EQUIVALENTS	120,846	44,309
CASH AND CASH EQUIVALENTS—Beginning of period	167,486	69,858
CASH AND CASH EQUIVALENTS—End of period	288,332	114,167
NONCASH INVESTING AND FINANCING ACTIVITIES:
Right-of-use assets obtained in exchange for lease obligations	864	1,155
Right-of-use assets obtained in exchange for finance lease obligations	25	76
Purchase of property and equipment funded through accounts payable and accrued liabilities	1,414	1,468
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for amounts included in the measurement of operating lease liabilities	11,013	9,816
Cash paid for income taxes	$ 9,543	$ 2,946

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, 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 and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 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 June 30, 2024, the results of its operations for the three and six months ended June 30, 2024 and 2023, the changes in its comprehensive income (loss) and stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and its cash flows for the six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 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 and six months ended June 30, 2023 to conform to the presentation for the three and six months ended June 30, 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 six months ended June 30, 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, non-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, the fair value of long-lived assets tested for impairment, 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 June 30, 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 June 30, 2024.

Investments and Fair Value of F

Investments and Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, 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 $ 8,906 $ 1 $ (2) $ — $ 8,905 Certificate of Deposit 3,050 1 — — 3,051 U.S. treasury 7,761 — (104) $ — 7,657 U.S. states and municipalities 900 — — — 900 Corporate bonds 30,932 4 (86) — 30,850 Total 51,549 6 (192) — 51,363 Non-marketable investments: Non-marketable debt securities 10,000 96 — — 10,096 Total 10,000 96 — — 10,096 Total $ 61,549 $ 102 $ (192) $ — $ 61,459 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 June 30, 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 $0.2 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. As of June 30, 2024, the Company’s non-marketable available-for sale debt securities were not in an unrealized loss position. During the three and six months ended June 30, 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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 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 $ 5,834 $ (2) $ — $ — $ 5,834 $ (2) U.S. treasury — — 7,657 (104) 7,657 (104) Corporate bonds 5,003 (2) 9,665 (84) 14,668 (86) Total $ 10,837 $ (4) $ 17,322 $ (188) $ 28,159 $ (192) 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 June 30, 2024 (in thousands): June 30, 2024 Marketable investments: Amortized Cost Fair Value Due in one year $ 48,740 $ 48,607 Due in one to five years 2,809 2,756 Total $ 51,549 $ 51,363 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 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. 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. Key inputs 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 within Level 3 as of June 30, 2023 or December 31, 2023. The following table summarizes the changes in fair value of our Level 3 non-marketable debt securities for the three and six months ended June 30, 2024 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2024 Balance, beginning of the period $ 10,000 $ — Total gains (losses) included in other comprehensive (loss) income 96 96 Purchases — 10,000 Balance, end of the period $ 10,096 $ 10,096 The Company did not hold any Level 3 marketable investments as of June 30, 2024 or December 31, 2023. During the six months ended June 30, 2024 and 2023, the Company did not have any transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy for marketable or non-marketable investments. Additionally, the Company did not have any financial assets and liabilities measured at fair value on a non-recurring basis as of June 30, 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 June 30, 2024 and December 31, 2023 (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Fair Value Financial Assets Cash equivalents: Commercial paper $ — $ 137,612 $ — $ 137,612 Certificate of deposit — 14,587 — 14,587 Money market funds 52,804 — — 52,804 U.S. treasury 12,768 — — 12,768 Corporate bonds — 2,466 — 2,466 Marketable investments: Commercial paper — 8,905 — 8,905 Certificate of deposit — 3,051 — 3,051 U.S. treasury 7,657 — — 7,657 U.S. states and municipalities — 900 — 900 Corporate bonds — 30,850 — 30,850 Non-marketable investments: Non-marketable investments — — 10,096 10,096 Total $ 73,229 $ 198,371 $ 10,096 $ 281,696 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	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	5. Balance Sheet Components Inventories The components of inventories consisted of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 125,915 $ 119,511 Work in process 37,170 34,489 Finished goods 210,714 234,023 Inventories $ 373,799 $ 388,023 During the three months ended June 30, 2024, the Company recorded a $33.4 million charge to cost of revenue in the unaudited condensed consolidated statements of operations for the write-down of immersive healthcare inventory to net realizable value. Refer to Note “4. Impairment of Immersive Healthcare Asset Group” for more details. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Machinery and equipment $ 46,482 $ 43,152 Furniture and fixtures 18,520 18,049 Leasehold improvements 31,820 29,241 Software 19,924 19,939 Computers 19,239 18,427 Construction in progress 6,901 3,535 Total property and equipment 142,886 132,343 Less: Accumulated depreciation and amortization (85,177) (59,652) Property and equipment, net $ 57,709 $ 72,691 During the three months ended June 30, 2024, the Company recorded an impairment of property and equipment charge of $18.0 million included within accumulated depreciation and amortization in the table above. Refer to Note “4. Impairment of Immersive Healthcare Asset Group” for more details. Accrued Liabilities The components of accrued liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Payroll and employee-related expenses $ 65,911 $ 65,395 Accrued expenses 14,012 11,711 Deferred revenue 4,683 6,985 Other accrued liabilities 19,465 26,464 Total accrued liabilities $ 104,071 $ 110,555 The following table shows the changes in the Company’s estimated product warranty accrual, included in accrued liabilities, for the six months ended June 30, 2024 and twelve months ended December 31, 2023, respectively (in thousands): June 30, 2024 December 31, 2023 Balance at the beginning of the period $ 5,755 $ 5,370 Accruals of warranties issued, net (2,783) 1,865 Settlements of warranty claims (950) (1,480) Balance at the end of the period $ 2,022 $ 5,755

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	6. Intangible Assets The following table presents details of the Company’s acquired intangible assets as of June 30, 2024 and December 31, 2023 (in thousands, except weighted-average amortization period): As of June 30, 2024 Weighted-Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets: Developed technology 1 8.8 years $ 83,289 $ (83,289) $ — Customer relationships 15.0 years 6,388 (2,981) 3,407 Trade secrets and processes 20.0 years 5,256 (1,708) 3,548 Total intangible assets 17.6 years $ 94,933 $ (87,978) $ 6,955 1 During the three months ended June 30, 2024, the Company recorded an impairment of developed technology charge of $58.9 million included within accumulated amortization in the table above. Refer to Note “4. Impairment of Immersive Healthcare Asset Group” for more details. 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 and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 66 $ 66 $ 131 $ 131 Sales, general and administrative 1 2,486 2,488 4,974 4,975 Total $ 2,552 $ 2,554 $ 5,105 $ 5,106 1 This does not include the impairment charge of $58.9 million related to the Company’s immersive healthcare developed technology during the three months ended June 30, 2024. Refer to Note “4. Impairment of Immersive Healthcare Asset Group” for more information.

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	7. Goodwill The following table presents the changes in goodwill during the six months ended June 30, 2024 (in thousands): Total Company Balance as of December 31, 2023 $ 166,270 Foreign currency translation (220) Balance as of June 30, 2024 $ 166,050 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 operates as one segment, which is the sole reporting unit of the Company, and therefore goodwill is tested for impairment at the consolidated level. Accordingly, when assessing whether an impairment test is required more frequently than on its annual testing date, the Company considers whether events or circumstances have taken place that indicate it is more likely than not that the Company’s enterprise fair value is less than the carrying amount of its one reporting unit, including goodwill. Due to the impairment of the Immersive Healthcare asset group during the three and six months ended June 30, 2024, the Company assessed the reporting unit for impairment and determined there was no impairment of goodwill.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2024 and 2023 was $0.7 million and $0.7 million, respectively, and for the six months ended June 30, 2024 and 2023, was $1.3 million and $1.3 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 material. 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. On April 7, 2023, a former contractor who had been retained by the Company through a third party staffing agency filed a putative class action lawsuit as well as a Private Attorney General Act (“PAGA”) representative action complaint against the Company in the Superior Court of the State of California for the County of Alameda, on behalf of the contractor and similarly situated Company contractors and employees in California, alleging various claims pursuant to the California Labor Code related to wages, overtime, meal and rest breaks, reimbursement of business expenses, wage statements and records, and other similar allegations. Additionally, on April 10, 2023, a current employee of the Company filed a PAGA representative action complaint against the Company in the Superior Court of the State of California for the County of Alameda, on behalf of the employee and similarly situated Company employees in California, alleging similar claims. The complaints seek payment of various alleged unpaid wages, penalties, interest and attorneys’ fees in unspecified amounts. Following mediation in April 2024, in May 2024 the parties entered into a formal agreement to settle the claims for an aggregate amount of $4.6 million, subject to approval by the court. The proposed settlement agreement was submitted to the court for preliminary approval on June 18, 2024. The Company recorded an accrual of $4.6 million in its financial statements for the three months ended March 31, 2024 related to these matters. There have been no changes to the accrual as of June 30, 2024.

Stockholder's Equity

Stockholder's Equity	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 981 $ 1,281 $ 2,175 $ 2,472 Research and development 1,746 2,431 3,914 4,709 Sales, general and administrative 6,833 9,111 17,040 18,408 Total $ 9,560 $ 12,823 $ 23,129 $ 25,589 As of June 30, 2024, total unrecognized compensation cost related to unvested share-based compensation arrangements, excluding PSUs, was $52.9 million, which is expected to be recognized over a weighted average period of 2.5 years. As of June 30, 2024, total unrecognized compensation cost related to unvested PSU share-based compensation arrangements was $14.4 million, which is expected to be recognized over a weighted average period of 3.0 years. The total stock-based compensation cost capitalized in inventory was $1.2 million and $1.3 million as of June 30, 2024 and December 31, 2023, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	10. Accumulated Other Comprehensive (Loss) Income Other comprehensive (loss) income consists of two components: unrealized gains or losses on the Company’s available-for-sale marketable investments, non-marketable investments, and gains or losses from foreign currency translation adjustments. Until realized and reported as a component of consolidated net (loss) income, these comprehensive (loss) income items accumulate and are included within accumulated other comprehensive (loss) income. Unrealized gains and losses on our marketable investments are reclassified from accumulated other comprehensive (loss) 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 (loss) 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 (loss) income into earnings affect our condensed consolidated statements of comprehensive income (loss) (in thousands): Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Marketable Non-Marketable Investments Currency Translation Total Marketable Non-Marketable Investments Currency Translation Total Balance, beginning of the period $ (392) $ — $ (4,446) $ (4,838) $ (2,640) $ — $ (4,221) $ (6,861) Other comprehensive loss before reclassifications: Unrealized gains — investments 145 96 — 241 628 — — 628 Foreign currency translation (losses) gains — — (451) (451) — — 654 654 Income tax effect — expense — — — — — — — — Net of tax 145 96 (451) (210) 628 — 654 1,282 Net current-year other comprehensive (loss) income 145 96 (451) (210) 628 — 654 1,282 Balance, end of the period $ (247) $ 96 $ (4,897) $ (5,048) $ (2,012) $ — $ (3,567) $ (5,579) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Marketable Non-Marketable Investments Currency Translation Total Marketable Non-Marketable Investments 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 (loss) gain — investments 311 96 — 407 1,488 — — 1,488 Foreign currency translation (losses) gains — — (2,308) (2,308) — — 1,057 1,057 Income tax effect — expense — — 4 4 — — — — Net of tax 311 96 (2,304) (1,897) 1,488 — 1,057 2,545 Net current-year other comprehensive (loss) income 311 96 (2,304) (1,897) 1,488 — 1,057 2,545 Balance, end of the period $ (247) $ 96 $ (4,897) $ (5,048) $ (2,012) $ — $ (3,567) $ (5,579)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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. During the three months ended June 30, 2024, the Company recorded a pre-tax impairment charge of $76.9 million for finite-lived intangible assets, property and equipment, and another $33.4 million charge to cost of revenue. Refer to Note “4. Impairment of Immersive Healthcare Asset Group” for more information. According to ASC 740-270-30-8 guidance for significant unusual or infrequently occurring items that are separately reported, the $26.5 million income tax benefit as a result of the impairment charge was excluded from the calculation of the Company’s estimated annual effective tax rate. The Company’s benefit from income taxes was $17.7 million and $14.1 million for the three and six months ended June 30, 2024, respectively, which was primarily due to tax expenses attributable to its worldwide profits offset by a discrete tax benefit from the impairment charge related to the immersive healthcare asset group. The Company’s provision for income taxes was $0.6 million and $0.7 million for the three and six months ended June 30, 2023, respectively, which was primarily due to tax expenses attributable to its worldwide profits offset by excess tax benefits from stock-based compensation attributable to its U.S. jurisdiction. The Company’s effective tax rate changed to 22.7% for the three months ended June 30, 2024, from 2.9% for the three months ended June 30, 2023, and to 22.2% for the six months ended June 30, 2024, compared to 2.4% for the six months ended June 30, 2023, which were primarily due to decrease in excess tax benefits from stock-based compensation attributable to its U.S. jurisdiction for the three and six months in 2024. Significant domestic deferred tax assets (“DTAs”) were generated in recent years, primarily due to excess tax benefits from stock option exercises and vesting of restricted stock units. The Company evaluates all available positive and negative evidence, objective and subjective in nature, in each reporting period to determine if sufficient taxable income will be generated to realize the benefits of its DTAs and, if not, a valuation allowance to reduce the DTAs is recorded. As of June 30, 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 (Loss) Income per Share

Net (Loss) Income per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net (Loss) Income per Share	12. Net (Loss) Income per Share The Company computed basic net (loss) income per share based on the weighted average number of shares of common stock outstanding during the period. The Company computed diluted net (loss) 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 (loss) income per share is as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net (loss) income $ (60,200) $ 18,960 $ (49,198) $ 27,522 Denominator: Weighted average shares used to compute net (loss) income attributable to common stockholders: Basic 38,793,341 38,320,999 38,755,337 38,254,042 Potential dilutive stock-based options and awards — 880,156 — 897,370 Diluted 38,793,341 39,201,155 38,755,337 39,151,412 Net (loss) income per share: Basic $ (1.55) $ 0.49 $ (1.27) $ 0.72 Diluted $ (1.55) $ 0.48 $ (1.27) $ 0.70 For the three months ended June 30, 2024 and 2023, outstanding stock-based awards of 1,131 thousand and 8 thousand shares, respectively, and for the six months ended June 30, 2024 and 2023 outstanding stock-based awards of 1,215 thousand and 8 thousand shares, respectively, were excluded from the computation of diluted net (loss) 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023 and (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 3,657 $ 1,283 $ 6,950 $ 2,253 Interest expense (344) (444) (746) (860) Other (expense) income, net 1 (226) 808 (592) 898 Interest and other income, net $ 3,087 $ 1,647 $ 5,612 $ 2,291 1 Consists primarily of the effects of foreign currency gains or losses.

Revenues

Revenues	6 Months Ended
	Jun. 30, 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 June 30, 2023 to conform to the presentation for the period ended June 30, 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 and six months ended June 30, 2024 and 2023 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 218,180 $ 186,772 $ 427,824 $ 358,651 International 81,223 74,727 150,234 144,246 Total $ 299,403 $ 261,499 $ 578,058 $ 502,897 The Company’s revenues disaggregated by product category for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Thrombectomy $ 203,502 $ 162,503 $ 391,205 $ 307,483 Embolization and Access 95,901 98,996 186,853 195,414 Total $ 299,403 $ 261,499 $ 578,058 $ 502,897 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 June 30, 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 and six months ended June 30, 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): June 30, 2024 December 31, 2023 Contract assets $ 18,000 $ 18,000 Contract liabilities $ 3,660 $ 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. Revenue recognized during the three and six months ended June 30, 2024 relating to contract liabilities as of March 31, 2024 and December 31, 2023 was $3.6 million and $2.8 million, respectively. 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.

Impairment of Immersive Healthc

Impairment of Immersive Healthcare Asset Group	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Impairment of Immersive Healthcare Asset Group	4. Impairment of Immersive Healthcare Asset Group The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During the three months ended June 30, 2024, the Company made the strategic decision to explore alternative avenues for its Immersive Healthcare business; as a consequence to this decision, the Company tested the Immersive Healthcare asset group’s long-lived assets for impairment. Prior to the three months ended June 30, 2024, there were no events or circumstances that indicated the need to test for impairment. The Immersive Healthcare asset group included substantially all the assets and liabilities associated with the Immersive Healthcare business, which primarily consisted of finite-lived developed technology intangible assets, inventory, and property and equipment associated with the developed technology. Prior to performing a recoverability test for the asset group, the Company recorded a $33.4 million charge to cost of revenue in the unaudited condensed consolidated statements of operations during the three months ended June 30, 2024 for the write-down of Immersive Healthcare inventory to net realizable value. The Company then performed a recoverability test for the asset group, comparing the carrying amount of the asset group to the sum of its estimated undiscounted future cash flows. The carrying amount of the asset group was determined to be not recoverable, as it exceeded the undiscounted future cash flows. Accordingly, the Company measured the impairment loss by calculating the excess of the asset group's carrying amount over its fair value. The fair value of the asset group was determined using a discounted cash flow approach, which is considered a Level 3 measurement within the fair value hierarchy and utilized significant Level 3 inputs such as expected future cash flows, including forecasted sales, gross profit and operating expenses, and the use of an appropriate discount rate. As a result of this assessment, the Company recorded a pre-tax impairment charge of $76.9 million during the three months ended June 30, 2024, which was primarily comprised of $58.9 million in finite-lived intangible assets and $18.0 million in property and equipment.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (60,200)	$ 11,002	$ 18,960	$ 8,562	$ (49,198)	$ 27,522

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Rule 10b5-1 Trading Plans During the quarterly period ended June 30, 2024, certain of our directors and officers adopted trading plans, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Rule 10b5-1 Trading Arrangements”). Each Rule 10b5-1 Trading Arrangement was entered into during an open trading window under our Securities Trading Policy. The following table presents the material terms of each Rule 10b5-1 Trading Arrangement adopted by our officers and directors during the three months ended June 30, 2024, other than terms with respect to the price at which the individual executing the Rule 10b5-1 Trading Arrangement is authorized to trade: Name and Title of Officer or Director Plan Action Plan Action Date Plan Duration Total Securities to be Sold Arani Bose, Director Adoption 5/14/2024 9/19/2024 -1/31/2025 22,500 Harpreet Grewal, Director Adoption 5/14/2024 9/4/2024 - 4/15/2025 1,315
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Arani Bose [Member]
Trading Arrangements, by Individual
Name	Arani Bose
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/14/2024
Expiration Date	1/31/2025
Arrangement Duration	134 days
Aggregate Available	22,500	22,500
Harpreet Grewal [Member]
Trading Arrangements, by Individual
Name	Harpreet Grewal
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/14/2024
Expiration Date	4/15/2025
Arrangement Duration	223 days
Aggregate Available	1,315	1,315

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation The accompanying condensed consolidated balance sheet as of June 30, 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 and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 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 June 30, 2024, the results of its operations for the three and six months ended June 30, 2024 and 2023, the changes in its comprehensive income (loss) and stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and its cash flows for the six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 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 and six months ended June 30, 2023 to conform to the presentation for the three and six months ended June 30, 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 June 30, 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 June 30, 2024.

Investments and Fair Value of_2

Investments and Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Marketable Investments	The Company’s marketable and non-marketable investments as of June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, 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 $ 8,906 $ 1 $ (2) $ — $ 8,905 Certificate of Deposit 3,050 1 — — 3,051 U.S. treasury 7,761 — (104) $ — 7,657 U.S. states and municipalities 900 — — — 900 Corporate bonds 30,932 4 (86) — 30,850 Total 51,549 6 (192) — 51,363 Non-marketable investments: Non-marketable debt securities 10,000 96 — — 10,096 Total 10,000 96 — — 10,096 Total $ 61,549 $ 102 $ (192) $ — $ 61,459 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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 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 $ 5,834 $ (2) $ — $ — $ 5,834 $ (2) U.S. treasury — — 7,657 (104) 7,657 (104) Corporate bonds 5,003 (2) 9,665 (84) 14,668 (86) Total $ 10,837 $ (4) $ 17,322 $ (188) $ 28,159 $ (192) 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 June 30, 2024 (in thousands): June 30, 2024 Marketable investments: Amortized Cost Fair Value Due in one year $ 48,740 $ 48,607 Due in one to five years 2,809 2,756 Total $ 51,549 $ 51,363
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 June 30, 2024 and December 31, 2023 (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Fair Value Financial Assets Cash equivalents: Commercial paper $ — $ 137,612 $ — $ 137,612 Certificate of deposit — 14,587 — 14,587 Money market funds 52,804 — — 52,804 U.S. treasury 12,768 — — 12,768 Corporate bonds — 2,466 — 2,466 Marketable investments: Commercial paper — 8,905 — 8,905 Certificate of deposit — 3,051 — 3,051 U.S. treasury 7,657 — — 7,657 U.S. states and municipalities — 900 — 900 Corporate bonds — 30,850 — 30,850 Non-marketable investments: Non-marketable investments — — 10,096 10,096 Total $ 73,229 $ 198,371 $ 10,096 $ 281,696 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
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the changes in fair value of our Level 3 non-marketable debt securities for the three and six months ended June 30, 2024 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2024 Balance, beginning of the period $ 10,000 $ — Total gains (losses) included in other comprehensive (loss) income 96 96 Purchases — 10,000 Balance, end of the period $ 10,096 $ 10,096

Balance Sheet Components Balanc

Balance Sheet Components Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventories	The components of inventories consisted of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 125,915 $ 119,511 Work in process 37,170 34,489 Finished goods 210,714 234,023 Inventories $ 373,799 $ 388,023
Property, Plant and Equipment	Property and equipment, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Machinery and equipment $ 46,482 $ 43,152 Furniture and fixtures 18,520 18,049 Leasehold improvements 31,820 29,241 Software 19,924 19,939 Computers 19,239 18,427 Construction in progress 6,901 3,535 Total property and equipment 142,886 132,343 Less: Accumulated depreciation and amortization (85,177) (59,652) Property and equipment, net $ 57,709 $ 72,691
Schedule of Accrued Liabilities	The components of accrued liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Payroll and employee-related expenses $ 65,911 $ 65,395 Accrued expenses 14,012 11,711 Deferred revenue 4,683 6,985 Other accrued liabilities 19,465 26,464 Total accrued liabilities $ 104,071 $ 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 six months ended June 30, 2024 and twelve months ended December 31, 2023, respectively (in thousands): June 30, 2024 December 31, 2023 Balance at the beginning of the period $ 5,755 $ 5,370 Accruals of warranties issued, net (2,783) 1,865 Settlements of warranty claims (950) (1,480) Balance at the end of the period $ 2,022 $ 5,755

Intangible Assets Intangible As

Intangible Assets Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands, except weighted-average amortization period): As of June 30, 2024 Weighted-Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets: Developed technology 1 8.8 years $ 83,289 $ (83,289) $ — Customer relationships 15.0 years 6,388 (2,981) 3,407 Trade secrets and processes 20.0 years 5,256 (1,708) 3,548 Total intangible assets 17.6 years $ 94,933 $ (87,978) $ 6,955 1 During the three months ended June 30, 2024, the Company recorded an impairment of developed technology charge of $58.9 million included within accumulated amortization in the table above. Refer to Note “4. Impairment of Immersive Healthcare Asset Group” for more details. 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 and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 66 $ 66 $ 131 $ 131 Sales, general and administrative 1 2,486 2,488 4,974 4,975 Total $ 2,552 $ 2,554 $ 5,105 $ 5,106 1 This does not include the impairment charge of $58.9 million related to the Company’s immersive healthcare developed technology during the three months ended June 30, 2024. Refer to Note “4. Impairment of Immersive Healthcare Asset Group” for more information.

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents the changes in goodwill during the six months ended June 30, 2024 (in thousands): Total Company Balance as of December 31, 2023 $ 166,270 Foreign currency translation (220) Balance as of June 30, 2024 $ 166,050

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 981 $ 1,281 $ 2,175 $ 2,472 Research and development 1,746 2,431 3,914 4,709 Sales, general and administrative 6,833 9,111 17,040 18,408 Total $ 9,560 $ 12,823 $ 23,129 $ 25,589

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jun. 30, 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 (loss) income into earnings affect our condensed consolidated statements of comprehensive income (loss) (in thousands): Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Marketable Non-Marketable Investments Currency Translation Total Marketable Non-Marketable Investments Currency Translation Total Balance, beginning of the period $ (392) $ — $ (4,446) $ (4,838) $ (2,640) $ — $ (4,221) $ (6,861) Other comprehensive loss before reclassifications: Unrealized gains — investments 145 96 — 241 628 — — 628 Foreign currency translation (losses) gains — — (451) (451) — — 654 654 Income tax effect — expense — — — — — — — — Net of tax 145 96 (451) (210) 628 — 654 1,282 Net current-year other comprehensive (loss) income 145 96 (451) (210) 628 — 654 1,282 Balance, end of the period $ (247) $ 96 $ (4,897) $ (5,048) $ (2,012) $ — $ (3,567) $ (5,579) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Marketable Non-Marketable Investments Currency Translation Total Marketable Non-Marketable Investments 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 (loss) gain — investments 311 96 — 407 1,488 — — 1,488 Foreign currency translation (losses) gains — — (2,308) (2,308) — — 1,057 1,057 Income tax effect — expense — — 4 4 — — — — Net of tax 311 96 (2,304) (1,897) 1,488 — 1,057 2,545 Net current-year other comprehensive (loss) income 311 96 (2,304) (1,897) 1,488 — 1,057 2,545 Balance, end of the period $ (247) $ 96 $ (4,897) $ (5,048) $ (2,012) $ — $ (3,567) $ (5,579)

Net (Loss) Income per Share (Ta

Net (Loss) Income per Share (Tables)	6 Months Ended
	Jun. 30, 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 (loss) income per share is as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net (loss) income $ (60,200) $ 18,960 $ (49,198) $ 27,522 Denominator: Weighted average shares used to compute net (loss) income attributable to common stockholders: Basic 38,793,341 38,320,999 38,755,337 38,254,042 Potential dilutive stock-based options and awards — 880,156 — 897,370 Diluted 38,793,341 39,201,155 38,755,337 39,151,412 Net (loss) income per share: Basic $ (1.55) $ 0.49 $ (1.27) $ 0.72 Diluted $ (1.55) $ 0.48 $ (1.27) $ 0.70

Interest and other income (ex_2

Interest and other income (expense), net (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023 and (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 3,657 $ 1,283 $ 6,950 $ 2,253 Interest expense (344) (444) (746) (860) Other (expense) income, net 1 (226) 808 (592) 898 Interest and other income, net $ 3,087 $ 1,647 $ 5,612 $ 2,291 1 Consists primarily of the effects of foreign currency gains or losses.

Revenues Revenues (Tables)

Revenues Revenues (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 218,180 $ 186,772 $ 427,824 $ 358,651 International 81,223 74,727 150,234 144,246 Total $ 299,403 $ 261,499 $ 578,058 $ 502,897 The Company’s revenues disaggregated by product category for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Thrombectomy $ 203,502 $ 162,503 $ 391,205 $ 307,483 Embolization and Access 95,901 98,996 186,853 195,414 Total $ 299,403 $ 261,499 $ 578,058 $ 502,897
Summary of Contract Assets and Liabilities	The following information summarizes the Company’s contract assets and liabilities (in thousands): June 30, 2024 December 31, 2023 Contract assets $ 18,000 $ 18,000 Contract liabilities $ 3,660 $ 6,496

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Disclosures (Details) - 6 months ended Jun. 30, 2024	activity	segment	operating_segments
Accounting Policies [Abstract]
Number of business activities	1
Number of operating segments		1	1

Investments and Fair Value of_3

Investments and Fair Value of Financial Instruments - Gains and Losses of Marketable Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 51,549	$ 122,259
Gross Unrealized Gains	6	70
Gross Unrealized Losses	(192)	(628)
Allowance for Credit Loss	0	0
Fair Value	51,363	121,701
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,906	39,727
Gross Unrealized Gains	1	32
Gross Unrealized Losses	(2)	(3)
Allowance for Credit Loss	0	0
Fair Value	8,905	39,756
Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,050	6,392
Gross Unrealized Gains	1	9
Gross Unrealized Losses	0	0
Allowance for Credit Loss	0	0
Fair Value	3,051	6,401
U.S. treasury
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,761	10,226
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(104)	(160)
Allowance for Credit Loss	0	0
Fair Value	7,657	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	0	(35)
Allowance for Credit Loss	0	0
Fair Value	900	2,915
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30,932	62,964
Gross Unrealized Gains	4	29
Gross Unrealized Losses	(86)	(430)
Allowance for Credit Loss	0	0
Fair Value	30,850	$ 62,563
Non-marketable investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,000
Gross Unrealized Gains	96
Gross Unrealized Losses	0
Allowance for Credit Loss	0
Fair Value	10,096
Marketable And Non-Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	61,549
Gross Unrealized Gains	102
Gross Unrealized Losses	(192)
Allowance for Credit Loss	0
Fair Value	$ 61,459

Investments and Fair Value of_4

Investments and Fair Value of Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Gross Unrealized Losses	$ (192,000)	$ (192,000)		$ (628,000)
Allowance for credit loss	$ 0	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	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Less than 12 months: Fair Value	$ 10,837	$ 37,863
Less than 12 months: Gross Unrealized Losses	(4)	(59)
12 Months of more: Fair Value	17,322	38,216
12 months or more: Gross Unrealized Losses	(188)	(569)
Total: Fair Value	28,159	76,079
Total: Gross Unrealized Losses	(192)	(628)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than 12 months: Fair Value	5,834	16,241
Less than 12 months: Gross Unrealized Losses	(2)	(3)
12 Months of more: Fair Value	0	0
12 months or more: Gross Unrealized Losses	0	0
Total: Fair Value	5,834	16,241
Total: Gross Unrealized Losses	(2)	(3)
U.S. treasury
Debt Securities, Available-for-sale [Line Items]
Less than 12 months: Fair Value	0	5,677
Less than 12 months: Gross Unrealized Losses	0	(54)
12 Months of more: Fair Value	7,657	4,389
12 months or more: Gross Unrealized Losses	(104)	(106)
Total: Fair Value	7,657	10,066
Total: Gross Unrealized Losses	(104)	(160)
U.S. states and municipalities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months: Fair Value		0
Less than 12 months: Gross Unrealized Losses		0
12 Months of more: Fair Value		2,915
12 months or more: Gross Unrealized Losses		(35)
Total: Fair Value		2,915
Total: Gross Unrealized Losses		(35)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months: Fair Value	5,003	15,945
Less than 12 months: Gross Unrealized Losses	(2)	(2)
12 Months of more: Fair Value	9,665	30,912
12 months or more: Gross Unrealized Losses	(84)	(428)
Total: Fair Value	14,668	46,857
Total: Gross Unrealized Losses	$ (86)	$ (430)

Investments and Fair Value of_6

Investments and Fair Value of Financial Instruments - Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year	$ 48,740
Due in one to five years	2,809
Total	51,549	$ 122,259
Fair Value
Due in one year	48,607
Due in one to five years	2,756
Total	$ 51,363	$ 121,701

Investments and Fair Value of_7

Investments and Fair Value of Financial Instruments - Non-Marketable Securities (Details) - Non-marketable investments - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of the period	$ 10,000	$ 0
Total gains (losses) included in other comprehensive (loss) income	96	96
Purchases	0	10,000
Balance, end of the period	$ 10,096	$ 10,096

Investments and Fair Value of_8

Investments and Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Assets
Assets, Fair Value Disclosure	$ 281,696	$ 208,692
Commercial paper
Financial Assets
Marketable investments	8,905	39,756
Certificate of Deposit
Financial Assets
Marketable investments	3,051	6,401
U.S. treasury
Financial Assets
Marketable investments	7,657	10,066
U.S. states and municipalities
Financial Assets
Marketable investments	900	2,915
Corporate bonds
Financial Assets
Marketable investments	30,850	62,563
Non-marketable investments
Financial Assets
Marketable investments	10,096
Commercial paper
Financial Assets
Cash equivalents	137,612
Certificate of Deposit
Financial Assets
Cash equivalents	14,587
Money market funds
Financial Assets
Cash equivalents	52,804	86,991
U.S. treasury
Financial Assets
Cash equivalents	12,768
Corporate bonds
Financial Assets
Marketable investments	2,466
Level 1
Financial Assets
Assets, Fair Value Disclosure	73,229	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	7,657	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	52,804	86,991
Level 1 | U.S. treasury
Financial Assets
Cash equivalents	12,768
Level 1 | Corporate bonds
Financial Assets
Marketable investments	0
Level 2
Financial Assets
Assets, Fair Value Disclosure	198,371	111,635
Level 2 | Commercial paper
Financial Assets
Marketable investments	8,905	39,756
Level 2 | Certificate of Deposit
Financial Assets
Marketable investments	3,051	6,401
Level 2 | U.S. treasury
Financial Assets
Marketable investments	0	0
Level 2 | U.S. states and municipalities
Financial Assets
Marketable investments	900	2,915
Level 2 | Corporate bonds
Financial Assets
Marketable investments	30,850	62,563
Level 2 | Non-marketable investments
Financial Assets
Marketable investments	0
Level 2 | Commercial paper
Financial Assets
Cash equivalents	137,612
Level 2 | Certificate of Deposit
Financial Assets
Cash equivalents	14,587
Level 2 | Money market funds
Financial Assets
Cash equivalents	0	0
Level 2 | U.S. treasury
Financial Assets
Cash equivalents	0
Level 2 | Corporate bonds
Financial Assets
Marketable investments	2,466
Level 3
Financial Assets
Assets, Fair Value Disclosure	10,096	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	10,096
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
Level 3 | Corporate bonds
Financial Assets
Marketable investments	$ 0

Balance Sheet Components - Inve

Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 125,915	$ 119,511
Work in process	37,170	34,489
Finished goods	210,714	234,023
Inventories	$ 373,799	$ 388,023

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Impaired Long-Lived Assets Held and Used [Line Items]
Inventory write-downs			$ 36,184	$ 1,399
Impairment charge	$ 76,945	$ 0	76,945	$ 0
Immersive Healthcare Inventory
Impaired Long-Lived Assets Held and Used [Line Items]
Inventory write-downs	33,400		$ 33,400
Property, Plant and Equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charge	$ 18,000

Balance Sheet Components - Prop

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 142,886	$ 132,343
Less: Accumulated depreciation and amortization	(85,177)	(59,652)
Property and equipment, net	57,709	72,691
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	46,482	43,152
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	18,520	18,049
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	31,820	29,241
Software
Property, Plant and Equipment [Line Items]
Total property and equipment	19,924	19,939
Computers
Property, Plant and Equipment [Line Items]
Total property and equipment	19,239	18,427
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 6,901	$ 3,535

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payroll and employee-related expenses	$ 65,911	$ 65,395
Accrued expenses	14,012	11,711
Deferred revenue	4,683	6,985
Other accrued liabilities	19,465	26,464
Total accrued liabilities	$ 104,071	$ 110,555

Balance Sheet Components - Prod

Balance Sheet Components - Product Warranty (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 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	(2,783)	1,865
Settlements of warranty claims	(950)	(1,480)
Balance at the end of the period	$ 2,022	$ 5,755

Intangible Assets - Intangible

Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period			17 years 7 months 6 days		9 years 7 months 6 days
Finite lived intangible assets: gross carrying amount	$ 94,933		$ 94,933		$ 95,124
Accumulated amortization	(87,978)		(87,978)		(24,068)
Finite lived intangible assets: net	6,955		6,955		71,056
Intangible assets, net	6,955		6,955		$ 71,056
Total amortization of finite lived intangible assets	2,552	$ 2,554	$ 5,105	$ 5,106
Developed technology1
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		$ 83,289
Accumulated amortization	(83,289)		(83,289)		(19,640)
Finite lived intangible assets: net	0		$ 0		$ 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	6,388		$ 6,388		$ 6,579
Accumulated amortization	(2,981)		(2,981)		(2,851)
Finite lived intangible assets: net	3,407		$ 3,407		$ 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		$ 5,256
Accumulated amortization	(1,708)		(1,708)		(1,577)
Finite lived intangible assets: net	3,548		3,548		$ 3,679
Cost of revenue
Finite-Lived Intangible Assets [Line Items]
Total amortization of finite lived intangible assets	66	66	131	131
Sales, general and administrative
Finite-Lived Intangible Assets [Line Items]
Total amortization of finite lived intangible assets	$ 2,486	$ 2,488	$ 4,974	$ 4,975

Goodwill (Details)

Goodwill (Details) - 6 months ended Jun. 30, 2024 $ in Thousands	segment	USD ($)	operating_segments	unit
Goodwill [Roll Forward]
Goodwill		$ 166,270
Foreign currency translation and other adjustments		(220)
Goodwill		$ 166,050
Number of operating segments	1		1
Number of reporting units | unit				1

Commitments and Contingencies -

Commitments and Contingencies - Royalty Obligations (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2024	Jul. 31, 2019	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2018
Other Commitments [Line Items]
Litigation settlement, amount agreed upon	$ 4.6
Contingent liability			$ 4.6		$ 4.6		$ 4.6
Cost of revenue
Other Commitments [Line Items]
Royalty expense			0.7	$ 0.7	1.3	$ 1.3
Royalty Agreement, March 2005
Other Commitments [Line Items]
Minimum annual royalty payments			$ 0.3		$ 0.3			$ 0.1
Extended term of agreement		10 years
Increase in minimum annual royalty payments		$ 0.2

Stockholder's Equity - Stock-ba

Stockholder's Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 9,560		$ 12,823	$ 23,129	$ 25,589
Share-based compensation expense, capitalized in inventory		$ 1,300		1,200
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	52,900			$ 52,900
Unrecognized compensation cost, expected recognition period (in years)				2 years 6 months
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	14,400			$ 14,400
Unrecognized compensation cost, expected recognition period (in years)				3 years
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	981		1,281	$ 2,175	2,472
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,746		2,431	3,914	4,709
Sales, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 6,833		$ 9,111	$ 17,040	$ 18,408

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,203,531	$ 1,178,944	$ 1,024,469	$ 998,858	$ 1,178,944	$ 998,858
Other comprehensive loss before reclassifications:
Total other comprehensive (loss) income, net of tax	(210)	(1,687)	1,282	1,263	(1,897)	2,545
Ending balance	1,161,231	1,203,531	1,066,543	1,024,469	1,161,231	1,066,543
Marketable Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(392)	(558)	(2,640)	(3,500)	(558)	(3,500)
Other comprehensive loss before reclassifications:
Other comprehensive income before reclassifications	145		628		311	1,488
Foreign currency translation (losses) gains	0		0		0	0
Income tax effect — expense	0		0		0	0
Net of tax	145		628		311	1,488
Total other comprehensive (loss) income, net of tax	145		628		311	1,488
Ending balance	(247)	(392)	(2,012)	(2,640)	(247)	(2,012)
Non-Marketable Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0	0	0	0	0
Other comprehensive loss before reclassifications:
Other comprehensive income before reclassifications	96		0		96	0
Foreign currency translation (losses) gains	0		0		0	0
Income tax effect — expense	0		0		0	0
Net of tax	96		0		96	0
Total other comprehensive (loss) income, net of tax	96		0		96	0
Ending balance	96	0	0	0	96	0
Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(4,446)	(2,593)	(4,221)	(4,624)	(2,593)	(4,624)
Other comprehensive loss before reclassifications:
Other comprehensive income before reclassifications	0		0		0	0
Foreign currency translation (losses) gains	(451)		654		(2,308)	1,057
Income tax effect — expense	0		0		4	0
Net of tax	(451)		654		(2,304)	1,057
Total other comprehensive (loss) income, net of tax	(451)		654		(2,304)	1,057
Ending balance	(4,897)	(4,446)	(3,567)	(4,221)	(4,897)	(3,567)
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(4,838)	(3,151)	(6,861)	(8,124)	(3,151)	(8,124)
Other comprehensive loss before reclassifications:
Other comprehensive income before reclassifications	241		628		407	1,488
Foreign currency translation (losses) gains	(451)		654		(2,308)	1,057
Income tax effect — expense	0		0		4	0
Net of tax	(210)		1,282		(1,897)	2,545
Total other comprehensive (loss) income, net of tax	(210)	(1,687)	1,282	1,263	(1,897)	2,545
Ending balance	$ (5,048)	$ (4,838)	$ (5,579)	$ (6,861)	$ (5,048)	$ (5,579)

Income Taxes Income Taxes (Deta

Income Taxes Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Impairment charge	$ 76,945	$ 0	$ 76,945	$ 0
Inventory write-downs			36,184	1,399
Income tax benefit as a result of impairment charge	26,500
(Benefit from) provision for income taxes	$ (17,674)	$ 576	$ (14,050)	$ 666
Effective tax rate	22.70%	2.90%	22.20%	2.40%
Immersive Healthcare Inventory
Effective Income Tax Rate Reconciliation [Line Items]
Inventory write-downs	$ 33,400		$ 33,400

Net (Loss) Income per Share - B

Net (Loss) Income per Share - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net (loss) income	$ (60,200)	$ 11,002	$ 18,960	$ 8,562	$ (49,198)	$ 27,522
Weighted average shares used to compute net (loss) income attributable to common stockholders:
Basic (in shares)	38,793,341		38,320,999		38,755,337	38,254,042
Potential dilutive stock-based options and awards (in shares)	0		880,156		0	897,370
Diluted (in shares)	38,793,341		39,201,155		38,755,337	39,151,412
Net (loss) income per share:
Basic (in dollars per share)	$ (1.55)		$ 0.49		$ (1.27)	$ 0.72
Diluted (in dollars per share)	$ (1.55)		$ 0.48		$ (1.27)	$ 0.70

Net (Loss) Income per Share - A

Net (Loss) Income per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from the computation of earnings per share (in shares)	1,131	8	1,215	8

Interest and other income (ex_3

Interest and other income (expense), net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Interest income	$ 3,657	$ 1,283	$ 6,950	$ 2,253
Interest expense	(344)	(444)	(746)	(860)
Other income, net	(226)	808	(592)	898
Interest and other income, net	$ 3,087	$ 1,647	$ 5,612	$ 2,291

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 299,403	$ 261,499	$ 578,058	$ 502,897
United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	218,180	186,772	427,824	358,651
International
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	81,223	74,727	150,234	144,246
Thrombectomy
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	203,502	162,503	391,205	307,483
Embolization and Access
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 95,901	$ 98,996	$ 186,853	$ 195,414

Revenues - Summary of Contract

Revenues - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 18,000	$ 18,000
Contract liabilities	$ 3,660	$ 6,496

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognized relating to contract liabilities	$ 3.6	$ 2.8

Impairment of Immersive Healt_2

Impairment of Immersive Healthcare Asset Group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Impaired Long-Lived Assets Held and Used [Line Items]
Inventory write-downs			$ 36,184	$ 1,399
Impairment charge	$ 76,945	$ 0	76,945	$ 0
Immersive Healthcare Inventory
Impaired Long-Lived Assets Held and Used [Line Items]
Inventory write-downs	33,400		$ 33,400
Finite-Lived Intangible Assets
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charge	58,900
Property, Plant and Equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charge	$ 18,000