Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-51470 | ||
Entity Registrant Name | AtriCure, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 34-1940305 | ||
Entity Address, Address Line One | 7555 Innovation Way | ||
Entity Address, City or Town | Mason | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 45040 | ||
City Area Code | 513 | ||
Local Phone Number | 755-4100 | ||
Title of 12(b) Security | Common Stock, $.001 par value | ||
Trading Symbol | ATRC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,960.6 | ||
Entity Common Stock, Shares Outstanding | 45,573,003 | ||
Documents Incorporated By Reference | DOCUMENTS INCORPORATED BY REFERENCE Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K incorporate information by reference from the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K. | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001323885 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 41,944 | $ 28,483 |
Short-term investments | 202,274 | 53,318 |
Accounts receivable, less allowance for credit losses of $1,096 and $1,124 | 23,146 | 28,046 |
Inventories | 35,026 | 29,414 |
Prepaid and other current assets | 4,347 | 3,899 |
Total current assets | 306,737 | 143,160 |
Property and equipment, net | 28,290 | 32,646 |
Operating lease right-of-use assets | 1,914 | 4,032 |
Long-term investments | 14,178 | 12,675 |
Intangible assets, net | 128,199 | 129,881 |
Goodwill | 234,781 | 234,781 |
Other noncurrent assets | 440 | 705 |
Total Assets | 714,539 | 557,880 |
Current liabilities: | ||
Accounts payable | 12,736 | 14,948 |
Accrued liabilities | 27,984 | 32,750 |
Other current liabilities and current maturities of long-term debt and leases | 8,417 | 2,218 |
Total current liabilities | 49,137 | 49,916 |
Long-term debt | 53,435 | 59,634 |
Finance lease liabilities | 10,969 | 11,774 |
Operating lease liabilities | 1,180 | 2,796 |
Contingent consideration and other noncurrent liabilities | 187,424 | 186,417 |
Total Liabilities | 302,145 | 310,537 |
Commitments and contingencies (Note 8) | ||
Stockholders' Equity: | ||
Common stock, $0.001 par value, 90,000 shares authorized; 45,346 and 39,655 issued and outstanding | 45 | 40 |
Additional paid-in capital | 742,389 | 529,658 |
Accumulated other comprehensive income (loss) | 312 | (158) |
Accumulated deficit | (330,352) | (282,197) |
Total Stockholders' Equity | 412,394 | 247,343 |
Total Liabilities and Stockholders' Equity | $ 714,539 | $ 557,880 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for credit losses | $ 1,096 | $ 1,124 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 45,346,000 | 39,655,000 |
Common stock, shares outstanding | 45,346,000 | 39,655,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Operations and Comprehensive Loss [Abstract] | |||
Revenue | $ 206,531 | $ 230,807 | $ 201,630 |
Cost of revenue | 57,222 | 60,472 | 54,510 |
Gross profit | 149,309 | 170,335 | 147,120 |
Operating expenses: | |||
Research and development expenses | 43,070 | 41,230 | 34,723 |
Selling, general and administrative expenses | 150,472 | 162,227 | 129,524 |
Total operating expenses | 193,542 | 203,457 | 164,247 |
Loss from operations | (44,233) | (33,122) | (17,127) |
Other income (expense): | |||
Interest expense | (4,885) | (4,111) | (4,607) |
Interest income | 1,101 | 2,398 | 1,006 |
Other | (24) | (160) | (183) |
Loss before income tax expense | (48,041) | (34,995) | (20,911) |
Income tax expense (benefit) | 114 | 199 | 226 |
Net loss | $ (48,155) | $ (35,194) | $ (21,137) |
Basic and diluted net loss per share | $ (1.14) | $ (0.94) | $ (0.62) |
Weighted average shares outstanding — basic and diluted | 42,125 | 37,589 | 34,087 |
Comprehensive loss: | |||
Unrealized (loss) gain on investments | $ (46) | $ 137 | $ (31) |
Foreign currency translation adjustment | 516 | (96) | (202) |
Other comprehensive income (loss) | 470 | 41 | (233) |
Net loss | (48,155) | (35,194) | (21,137) |
Comprehensive loss, net of tax | $ (47,685) | $ (35,153) | $ (21,370) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning Balance at Dec. 31, 2017 | $ 35 | $ 386,963 | $ (225,866) | $ 34 | $ 161,166 |
Beginning Balance, Shares at Dec. 31, 2017 | 34,586 | ||||
Issuance of common stock through public offering | $ 3 | 82,870 | 82,873 | ||
Issuance of common stock through public offering, Shares | 2,875 | ||||
Issuance of common stock for settlement of contingent consideration | 6,279 | 6,279 | |||
Issuance of common stock for settlement of contingent consideration, Shares | 232 | ||||
Impact of equity compensation plans | $ 1 | 1,554 | 1,555 | ||
Impact of equity compensation plans, Shares | 781 | ||||
Issuance of common stock under employee stock purchase plan | 2,383 | 2,383 | |||
Issuance of common stock under employee stock purchase plan, Shares | 130 | ||||
Share-based employee compensation expense | 16,495 | 16,495 | |||
Other comprehensive income (loss) | (233) | (233) | |||
Net loss | (21,137) | (21,137) | |||
Ending Balance at Dec. 31, 2018 | $ 39 | 496,544 | (247,003) | (199) | 249,381 |
Ending Balance, Shares at Dec. 31, 2018 | 38,604 | ||||
Issuance of common stock for settlement of contingent consideration | $ 1 | 20,306 | 20,307 | ||
Issuance of common stock for settlement of contingent consideration, Shares | 699 | ||||
Impact of equity compensation plans | (7,831) | (7,831) | |||
Impact of equity compensation plans, Shares | 248 | ||||
Issuance of common stock under employee stock purchase plan | 2,662 | 2,662 | |||
Issuance of common stock under employee stock purchase plan, Shares | 104 | ||||
Share-based employee compensation expense | 17,977 | 17,977 | |||
Other comprehensive income (loss) | 41 | 41 | |||
Net loss | (35,194) | (35,194) | |||
Ending Balance at Dec. 31, 2019 | $ 40 | 529,658 | (282,197) | (158) | 247,343 |
Ending Balance, Shares at Dec. 31, 2019 | 39,655 | ||||
Issuance of common stock through public offering | $ 5 | 188,953 | 188,958 | ||
Issuance of common stock through public offering, Shares | 4,574 | ||||
Impact of equity compensation plans | (2,194) | (2,194) | |||
Impact of equity compensation plans, Shares | 1,013 | ||||
Issuance of common stock under employee stock purchase plan | 3,330 | 3,330 | |||
Issuance of common stock under employee stock purchase plan, Shares | 104 | ||||
Share-based employee compensation expense | 22,642 | 22,642 | |||
Other comprehensive income (loss) | 470 | 470 | |||
Net loss | (48,155) | (48,155) | |||
Ending Balance at Dec. 31, 2020 | $ 45 | $ 742,389 | $ (330,352) | $ 312 | $ 412,394 |
Ending Balance, Shares at Dec. 31, 2020 | 45,346 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (48,155) | $ (35,194) | $ (21,137) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Share-based compensation expense | 22,642 | 17,977 | 16,495 |
Depreciation | 7,866 | 7,423 | 7,244 |
Amortization of intangible assets | 1,682 | 1,943 | 1,510 |
Amortization of deferred financing costs | 509 | 375 | 515 |
Loss on disposal of property and equipment | 277 | 604 | 323 |
Amortization (accretion) of investments | 1,236 | (922) | (362) |
Change in value of contingent consideration | (357) | (4,916) | (10,825) |
Other non-cash adjustments to income | 1,070 | 1,514 | 763 |
Payment of nContact contingent consideration in excess of purchase accounting amount | (96) | ||
Changes in operating assets and liabilities, net of amounts acquired: | |||
Accounts receivable | 5,087 | (3,201) | (2,837) |
Inventories | (5,265) | (5,151) | (146) |
Other current assets | (477) | (1,199) | (367) |
Accounts payable | (1,560) | 2,790 | (2,398) |
Accrued liabilities | (4,908) | 3,108 | 7,016 |
Other noncurrent assets and liabilities | 484 | (962) | 131 |
Net cash used in operating activities | (19,869) | (15,811) | (4,171) |
Cash flows from investing activities: | |||
Purchases of available-for-sale securities | (227,045) | (73,249) | (106,588) |
Sales and maturities of available-for-sale securities | 75,306 | 100,485 | 27,389 |
Purchases of property and equipment | (5,259) | (12,182) | (6,211) |
Proceeds from sale of property and equipment | 39 | 6 | |
Proceeds from capital grant | 800 | ||
Cash paid for SentreHEART business combination | (17,240) | ||
Net cash (used in) provided by investing activities | (156,198) | (2,147) | (85,404) |
Cash flows from financing activities: | |||
Proceeds from sale of stock, net of offering costs of $218, $0, $229 | 188,958 | 82,873 | |
Proceeds from debt borrowings | 20,000 | 17,381 | |
Payments of debt and leases | (667) | (629) | (1,755) |
Payments of debt fees | (35) | (329) | (1,136) |
Proceeds from stock option exercises and employee stock purchase plan | 10,835 | 1,202 | 6,012 |
Shares repurchased for payment of taxes on stock awards | (13,029) | (9,033) | (4,457) |
Proceeds from issuance of common stock under employee stock purchase plan | 3,330 | 2,662 | 2,383 |
Payments of nContact contingent consideration amounts established in purchase accounting | (1,125) | ||
Proceeds from economic incentive loan | 500 | ||
Net cash provided by financing activities | 189,392 | 14,373 | 100,176 |
Effect of exchange rate changes on cash and cash equivalents | 136 | (163) | (179) |
Net increase (decrease) in cash and cash equivalents | 13,461 | (3,748) | 10,422 |
Cash and cash equivalents-beginning of period | 28,483 | 32,231 | 21,809 |
Cash and cash equivalents-end of period | 41,944 | 28,483 | 32,231 |
Supplemental cash flow information: | |||
Cash paid for interest | 4,366 | 3,719 | 3,870 |
Cash paid for income taxes, net of refunds | 217 | 259 | 65 |
Non-cash investing and financing activities: | |||
Share-settled portion of contingent consideration | 6,279 | ||
Accrued purchases of property and equipment | 298 | 1,053 | 348 |
Stock issuance in business combinations | 20,307 | ||
Contingent consideration in business combinations | 171,300 | ||
Assets obtained in exchange for finance lease obligations | $ 22 | $ 270 | 24 |
Finance lease early termination | $ (6) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Cash Flows [Abstract] | |||
Offering cost for sale of stock | $ 218 | $ 0 | $ 229 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | 1. DE SCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of the Business —The “Company” or “AtriCure” consists of AtriCure, Inc. and its wholly-owned subsidiaries. The Company is a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management and sells its products to medical centers globally through its direct sales force and distributors. Principles of Consolidation— The Consolidated Financial Statements include the accounts of AtriCure, Inc. and our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents— The Company considers highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. Cash equivalents include demand deposits, money market funds and repurchase agreements on deposit with certain financial institutions. Investments— The Company makes investments primarily in U.S. government and agency obligations, corporate bonds, commercial paper and asset-backed securities and classifies all investments as available-for-sale. Investments with maturities of less than one year are classified as short-term. Investments are recorded at fair value, with unrealized gains and losses recorded as accumulated other comprehensive income (loss). Gains and losses are recognized using the specific identification method when securities are sold and are included in interest income. Revenue Recognition— The Company recognizes revenue when control of promised goods is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. This generally occurs upon shipment of goods to customers. See Note 13 for further discussion on revenue. Sales Returns and Allowances — T he Company maintains a provision for potential returns of defective or damaged products, and invoice adjustments. The Company adjusts the provision using the expected value method based on historical experience. Increases to the provision result in a reduction of revenue, and the provision is included in accrued liabilities. Allowance for Credit Losses on Accounts Receivable —The Company evaluates the expected credit losses of accounts receivable, considering historical credit losses, current customer-specific information and other relevant factors when determining the allowance. An increase to the allowance for credit losses results in a corresponding increase in selling, general and administrative expenses. The Company charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The Company’s history of write-offs has not been significant. Inventories— Inventories are stated at the lower of cost or net realizable value based on the first-in, first-out cost method and consist of raw materials, work in process and finished goods. The Company’s industry is characterized by rapid product development and frequent new product introductions. Uncertain timing of product approvals, variability in product launch strategies and variation in product use all impact inventory reserves for excess, obsolete and expired products. An increase to inventory reserves results in a corresponding increase in cost of revenue. Inventories are written off against the reserve when they are physically disposed. Property and Equipment— Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of assets (see Note 8). The Company reassesses the useful lives of property and equipment at least annually and retires assets if they are no longer in service. Maintenance and repair costs are expensed as incurred. The Company’s RF and cryo generators are generally placed with customers served by our direct sales force. The estimated useful lives of this equipment are based on anticipated usage by customers and the timing and impact of expected new technology rollouts by the Company and may change in a future period if the Company experiences changes in the usage of the equipment or introduces new technologies. Depreciation related to generators and other capital equipment is recorded in cost of revenue. The Company reviews property and equipment for impairment at least annually using its best estimates based on reasonable and supportable assumptions and projections of expected future cash flows. Property and equipment impairments recorded by the Company have not been significant. Leases —The Company determines if an arrangement is a lease at inception of the contract. The Company applies the short-term lease recognition exemption, recognizing lease payments in profit or loss for leases that have a lease term of 12 months or less at commencement and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities and current maturities of debt and leases, and operating lease liabilities. Finance leases are included in property and equipment, other current liabilities and current maturities of debt and leases, and finance lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset excludes lease incentives. The Company uses the implicit rate when readily determinable, however, most of the leases do not provide an implicit rate and therefore, the Company uses the incremental borrowing rate based on the information available at measurement. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For real estate and equipment leases, the Company accounts for the lease and non-lease components as a single lease component. Additionally, the portfolio approach is applied to effectively account for the operating lease ROU assets and liabilities based on the term of the underlying lease. Lease expense is recognized on a straight-line basis over the lease term. See Note 11 for further discussion. Intangible Assets— Intangible assets with determinable useful lives are amortized on a straight-line basis over the estimated periods benefited. The Company reassesses the useful lives of intangible assets annually. Included in intangible assets is In Process Research and Development (IPR&D), representing the value of acquired technologies which have not yet reached technological feasibility. The primary basis for determining the technological feasibility is obtaining specific regulatory approvals. IPR&D is accounted for as an indefinite-lived intangible asset until completion or abandonment of the IPR&D project. Upon completion of the development project, the IPR&D will be amortized over its estimated useful life. The IPR&D assets represent estimates of the fair value of the pre-market approval (PMA) that could result from the CONVERGE IDE and aMAZE IDE clinical trials. If the IPR&D project is abandoned or regulatory approvals are not obtained, the Company may have a full or partial impairment charge related to the IPR&D, calculated as the excess carrying value of the IPR&D assets over the estimated fair value. The Company reviews intangible assets for impairment using its best estimates based on reasonable and supportable assumptions and projections of expected future cash flows. The Company performs impairment testing annually on October 1 or more often if impairment indicators are present. Goodwill— Goodwill represents the excess of purchase price over the fair value of the net assets acquired in business combinations. The Company’s goodwill is accounted for in a single reporting unit representing the Company as a whole. The Company tests goodwill for impairment annually on October 1, or more often if impairment indicators are present. Contingent Consideration and other Noncurrent Liabilities— This balance consists of the contingent consideration recorded in business combinations, as well as deferred payroll taxes as a result of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), deferred revenues, asset retirement obligations and other contractual obligations. The contingent consideration balance is included in noncurrent liabilities as such settlement is both required and expected to be made primarily in shares of the Company’s common stock pursuant to the SentreHEART merger agreement. Other Income (Expense)— Other income (expense) consists of foreign currency transaction gains and losses generated by settlements of intercompany balances denominated in Euros and invoices transacted in British Pounds. Income Taxes — Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities from a change in tax rates is recognized in the period that includes the enactment date. The Company’s estimate of the valuation allowance for deferred income tax assets requires significant estimates and judgments about future operating results. Deferred income tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more-likely-than-not that the deferred income tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. The Company evaluates deferred income tax assets on an annual basis to determine if valuation allowances are required. Deferred income tax assets are realized by having sufficient future taxable income to allow the related tax benefits to reduce taxes otherwise payable. The sources of taxable income that may be available to realize the benefit of deferred income tax assets are future reversals of existing taxable temporary differences, future taxable income, exclusive of reversing temporary differences and carryforwards, and tax planning strategies that are both prudent and feasible. In evaluating the need for a valuation allowance, the existence of cumulative losses in recent years is significant objectively verifiable negative evidence that must be overcome by objectively verifiable positive evidence to avoid the need to record a valuation allowance. The Company has recorded a valuation allowance against substantially all net deferred income tax assets as it is more-likely-than-not that the benefit of the deferred income tax assets will not be recognized in future periods. The Tax Cut and Jobs Act (Tax Reform Act) allows companies an election to reclassify the income tax effects of the Tax Reform Act on items within accumulated other comprehensive income (loss) to retained earnings. The Company has not made this election due to its full valuation allowance. Net Loss Per Share— Basic and diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Since the Company has experienced net losses for all periods presented, net loss per share excludes the effect of 2,301 , 3,623 and 3,869 stock options, restricted stock awards, restricted stock units and performance share awards as of December 31, 2020, 2019 and 2018 because they are anti-dilutive. Therefore, the number of shares calculated for basic net loss per share is also used for the diluted net loss per share calculation. Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)— In addition to net losses, the comprehensive income/loss includes foreign currency translation adjustments and unrealized gains and losses on investments. Accumulated o ther comprehensive (loss) income consisted of the following (net of tax): 2020 2019 2018 Total accumulated other comprehensive (loss) income at beginning of period $ ( 158 ) $ ( 199 ) $ 34 Unrealized gains (losses) on investments Balance at beginning of period $ 100 $ ( 37 ) $ ( 6 ) Other comprehensive (loss) income before reclassifications ( 70 ) 137 ( 31 ) Amounts reclassified from accumulated other comprehensive (loss) income to interest income 24 — — Balance at end of period $ 54 $ 100 $ ( 37 ) Foreign currency translation adjustment Balance at beginning of period $ ( 258 ) $ ( 162 ) $ 40 Other comprehensive income (loss) before reclassifications 555 ( 277 ) ( 367 ) Amounts reclassified from accumulated other comprehensive (loss) income to other (expense) income ( 39 ) 181 165 Balance at end of period $ 258 $ ( 258 ) $ ( 162 ) Total accumulated other comprehensive income (loss) at end of period $ 312 $ ( 158 ) $ ( 199 ) Research and Development Costs — Research and development costs are expensed as incurred. These costs include compensation and other internal and external costs associated with the development of and research related to new and existing products or concepts, preclinical studies, clinical trials, scientific and regulatory affairs. Advertising Costs — The Company expenses advertising costs as incurred. Advertising expense was $ 655 , $ 635 and $ 785 during the years ended December 31, 2020, 2019 and 2018. Share-Based Compensation— The Company records share-based compensation for all share-based payment awards, including stock options, restricted stock, performance shares and stock purchases related to an employee stock purchase plan, based on estimated fair values. The Company estimates the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Consolidated Statements of Operations and Comprehensive Loss. The Company estimates forfeitures at the time of grant and revises them, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates the fair value of time-based options on the date of grant using the Black-Scholes option-pricing model (Black-Scholes model). The Company’s determination of fair value is affected by the Company’s stock price, as well as assumptions regarding several subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. The value of the portion of the awards that is ultimately expected to vest is recognized as expense over the requisite service periods in the Consolidated Statements of Operations and Comprehensive Loss. The Company estimates the fair value of restricted stock awards, restricted stock units and performance share awards based upon the grant date closing market price of the Company’s common stock. The estimated fair value of performance share awards may be adjusted over the performance period based on changes to estimates of performance target achievement. The Company also has an employee stock purchase plan (ESPP) which is available to all eligible employees as defined by the plan document. Under the ESPP, shares of the Company’s common stock may be purchased at a discount. The Company estimates the number of shares to be purchased under the ESPP at the beginning of each purchase period based upon the fair value of the stock at the beginning of the purchase period using the Black-Scholes model and records estimated compensation expense during the period. Expense is adjusted at the time of stock purchase. Use of Estimates— The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Fair Value Disclosures — The Company classifies cash investments in U.S. government and agency obligations, accounts receivable, short-term other assets, accounts payable and accrued liabilities as Level 1. The carrying amounts of these assets and liabilities approximate their fair value due to their relatively short-term nature. Cash equivalents and investments in corporate bonds, repurchase agreements, commercial paper and asset-backed securities are classified as Level 2 within the fair value hierarchy. The fair value of fixed term debt is estimated by calculating the net present value of future debt payments at current market interest rates and is classified as Level 2. The book value of the Company’s fixed term debt approximates its fair value because the interest rate varies with market rates. Significant unobservable inputs with respect to the fair value measurements of the Level 3 contingent consideration liabilities are developed using Company data. See Note 3 – Fair Value for further information on fair value measurements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 2. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued Accounting Standard Update (ASU) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13). This guidance requires that financial assets measured at amortized costs, such as trade receivables and contract assets, be presented net of expected credit losses, which may be estimated based on relevant information such as historical experience, current conditions and future expectations for each pool of similar financial assets. The Company has applied the new requirements by calculating and recording an allowance for credit losses on trade receivables as of January 1, 2020. As a result of the adoption, the Company adjusted its allowance for credit losses on trade receivables; however, the adjustment did not have a material impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment” (ASU 2017-04). The guidance removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. Under ASU 2017-04, a goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance becomes effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted, and applied prospectively. The Company has adopted this guidance as of January 1, 2020, and the adoption of this standard did not have a material impact on its consolidated financial statements and related disclosures. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value [Abstract] | |
Fair Value | 3. FAIR VALUE FASB ASC 820, “Fair Value Measurements and Disclosures” (ASC 820), defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1—Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The valuation under this approach does not entail a significant degree of judgment. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; 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. The valuation technique for the Company’s Level 2 assets is based on quoted market prices for similar assets from observable pricing sources at the reporting date. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the as sets or liabilities. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: Quoted Prices in Active Significant Significant Markets for Other Other Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ — $ 38,452 $ — $ 38,452 Commercial paper — 76,914 — 76,914 U.S. government and agency obligations 45,399 — — 45,399 Corporate bonds — 73,730 — 73,730 Asset-backed securities — 20,409 — 20,409 Total assets $ 45,399 $ 209,505 $ — $ 254,904 Liabilities: Contingent consideration $ — $ — $ 184,800 $ 184,800 Total liabilities $ — $ — $ 184,800 $ 184,800 The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019: Quoted Prices in Active Significant Significant Markets for Other Other Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ — $ 14,502 $ — $ 14,502 Repurchase agreements — 10,000 — 10,000 Commercial paper — 13,755 — 13,755 U.S. government and agency obligations 8,539 — — 8,539 Corporate bonds — 24,852 — 24,852 Asset-backed securities — 18,847 — 18,847 Total assets $ 8,539 $ 81,956 $ — $ 90,495 Liabilities: Contingent consideration $ — $ — $ 185,157 $ 185,157 Total liabilities $ — $ — $ 185,157 $ 185,157 There were no changes in the levels or methodology of measurement of financial assets and liabilities during the years ended December 31, 2020 and 2019. Contingent Consideration. The Company has contingent consideration arrangements arising from the nContact and SentreHEART acquisitions. Contingent consideration arrangements under the nContact merger agreement obligated the Company to pay former shareholders of nContact up to $ 50,000 for the completion of enrollment of the CONVERGE IDE trial (Trial Enrollment Milestone) and corresponding PMA approval by December 31, 2020 (Regulatory Milestone). nContact shareholders were also entitled to additional sales-based contingent consideration on revenue in excess of an annual growth rate of more than 25 % over a specified baseline through 2019 (Commercial Milestone). No payments were made under the Commercial Milestone for calendar years 2016 through 2019 as revenues did not exceed the targets for these years. The Company completed patient enrollment on August 21, 2018, and cash payment of $ 1,221 and issuance of 232 shares of common stock was made to former nContact shareholders for the Trial Enrollment Milestone on September 20, 2018. No payments were made for the Regulatory Milestone as the Company did not obtain PMA approval from FDA for the Epi-Sense Guided Coagulation System as of December 31, 2020. Therefore, as of December 31, 2020, the terms of the contingent consideration arrangements under the nContact merger agreement expired and the underlying fair value is $ 0 . Contingent consideration arrangements under the SentreHEART merger agreement obligate the Company to pay former shareholders of SentreHEART for the following milestones, if achieved: PMA Milestone – up to $ 140,000 upon receiving PMA from FDA for the LARIAT system with an approved indication allowing commercial distribution in the United States for the exclusion of the LAA for treatment of atrial fibrillation. The full contingent consideration amount is only received if PMA approval is received on or before December 31, 2022. The potential contingent consideration is reduced by 4.17 % (or one-twenty-fourth) each month following December 2022 and is reduced to zero if the milestone is achieved after December 31, 2023. Payment of $ 25,000 of the PMA milestone may be accelerated upon achievement of an Interim Success Milestone as defined by the merger agreement. CPT Reimbursement Milestone – up to $ 120,000 upon American Medical Association approval of a Medicare Category 1 Current Procedural Terminology (CPT) Code. The full contingent consideration amount is only received if approval of the CPT Code is received on or before December 31, 2025. The potential contingent consideration is reduced by 4.17 % (or one-twenty-fourth) each month following December 2025 and is reduced to zero if the milestone is achieved after December 31, 2026. Subject to the terms and conditions of the merger agreement, all contingent consideration would be paid in cash and stock at the discretion of the Company, subject to certain limitations, with the maximum number of shares that may be issued after closing limited to 6,322 , representing total shares that may be issued in connection with the merger of 7,021 less 699 shares paid at closing. The maximum contingent consideration payable by AtriCure will not exceed $ 260,000 . The Company measures contingent consideration liabilities using unobservable inputs by applying the probability-weighted scenario method, an income approach. Various key assumptions, such as the probability and timing of achievement of the agreed milestones, are used in the determination of fair value of contingent consideration arrangements and are not observable in the market, thus representing a Level 3 measurement within the fair value hierarchy. The recurring Level 3 fair value measurements of the contingent consideration liabilities include the following significant inputs as of December 31, 2020: Weighted average Fair Value Valuation Technique Input Range by relative fair value Probability of payment 70.00 - 85.00 % 80.62 % Regulatory & Reimbursement milestones $ 184,800 Probability-weighted scenario approach Projected year of payment 2022 - 2025 n/a Discount rate 5.56 % 5.56 % Contingent consideration liabilities are periodically remeasured. Changes in the discount rate, time until payment and probabilities of payment may result in materially different fair value measurements. A decrease in the discount rate would result in a higher fair value measurement, while a decrease in the probability of payment would result in a lower fair value measurement. Movement in the forecasted timing of achievement to later in the milestone periods also causes a decrease in the fair value measurement. Subsequent revisions in key assumptions, which impact the estimated fair value of contingent consideration liabilities are recorded in selling, general and administrative expenses. The nContact contingent consideration was remeasured to $ 0 during 2020 and expired as of December 31, 2020 without meeting the regulatory milestone. The fair value of the SentreHEART contingent consideration was remeasured during 2020 resulting in an increase in fair value due to accretion and changes in estimates related to the forecasted timing of achievement of the milestones. The following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for acquisition-related contingent consideration for each of the years ended December 31: 2020 2019 2018 Beginning Balance – January 1 $ 185,157 $ 18,773 $ 37,098 Amounts acquired — 171,300 — Settlement of trial enrollment milestone — — ( 7,500 ) Changes in fair value included in selling, general and administrative expenses ( 357 ) ( 4,916 ) ( 10,825 ) Ending Balance – December 31 $ 184,800 $ 185,157 $ 18,773 Contingent consideration liabilities are classified as noncurrent liabilities primarily based on expected timing of payments and the Company expects to settle the majority of the milestone payments in stock. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments [Abstract] | |
Investments | 4. INVESTMENTS Investments as of December 31, 2020 consisted of the following: Unrealized Gains Cost Basis (Losses) Fair Value Corporate bonds $ 73,702 $ 28 $ 73,730 U.S. government and agency obligations 45,385 14 45,399 Commercial paper 76,914 — 76,914 Asset-backed securities 20,397 12 20,409 Total $ 216,398 $ 54 $ 216,452 Investments as of December 31, 2019 consisted of the following: Unrealized Gains Cost Basis (Losses) Fair Value Corporate bonds $ 24,796 $ 56 $ 24,852 U.S. government and agency obligations 8,529 10 8,539 Commercial paper 13,755 — 13,755 Asset-backed securities 18,813 34 18,847 Total $ 65,893 $ 100 $ 65,993 The Company has no t experienced any significant realized gains or losses on its investments in the years ended December 31, 2020, 2019 and 2018. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | 5. BUSINESS COMBINATIONS On August 13, 2019, the Company acquired 100 % of the outstanding equity interests of SentreHEART. Founded in 2005 and based in Redwood City, California, SentreHEART developed innovative technology for remote delivery of a suture for closure of anatomic structures including the left atrial appendage (LAA). This technology is currently being studied in the aMAZE IDE clinical trial, an FDA-approved, prospective, multicenter, randomized controlled trial. The objective of the aMAZE IDE trial is to demonstrate that the LARIAT ® device for LAA closure, plus a Pulmonary Vein Isolation (PVI) ablation, will lead to a reduced incidence of recurrent Afib compared to PVI alone. Management believes the acquisition of SentreHEART will significantly expand the Company’s addressable markets with a product designed for electrophysiologists, and the acquisition of SentreHEART deepens the Company’s commitment to provide the broadest possible offering of ablation and LAA management solutions to patients and customers. The total consideration paid to SentreHEART’s former shareholders at the acquisition date was $ 18,008 in cash and 699 shares of AtriCure common stock valued at approximately $ 20,307 . The cash paid at acquisition was subject to adjustment for net working capital balances outside of a specified range, resulting in a $ 768 adjustment received by the Company in November 2019. The merger agreement also provides for the Company to pay contingent consideration to former shareholders of SentreHEART if specified milestones are met related to the aMAZE IDE clinical trial, including PMA approval and reimbursement for the therapy involving SentreHEART’s devices. In connection with the acquisition of SentreHEART, fair value of $ 171,300 was recorded for the SentreHEART contingent consideration. See Note 3 for further details regarding the SentreHEART acquisition-related contingent consideration. Subject to the terms and conditions of the merger agreement, all contingent consideration would be paid in cash and stock at the discretion of the Company, subject to certain limitations, including the total number of shares that may be issued in connection with the merger. The maximum contingent consideration payable by AtriCure will not exceed $ 260,000 . The Company accounted for the acquisition in accordance with ASC 805, “Accounting for Business Combinations”. The assets acquired, liabilities assumed and the estimated contingent consideration obligations are recorded at their respective fair values as of the date of acquisition. The process of estimating fair values of identifiable assets, certain intangible assets and assumed liabilities requires significant assumptions and estimates. The judgments used to determine the fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the amounts recorded and the Company’s results of operations. The components of the aggregate purchase price for the SentreHEART acquisition are as follows: Fair value of AtriCure common stock issued at closing $ 20,307 Cash 17,240 Fair value of contingent consideration liabilities 171,300 Total purchase price $ 208,847 The fair value of the contingent consideration liabilities was determined by applying the probability-weighted scenario method. Key assumptions in the valuation of the contingent consideration liabilities are based on management’s judgment and estimates and include the probability of achievement of each of the milestones, timing of achievement and discount rates, reflecting the inherent risks of achieving the respective milestones. Most assumptions are not observable in the market, and thus represent a Level 3 measurement within the fair value hierarchy. See Note 3 for discussion of unobservable inputs. The following table summarizes the fair values of the assets acquired and the liabilities assumed based on the information that was available as of the acquisition date: August 13, 2019 Inventories $ 1,848 Current assets 328 Operating lease right-of-use asset 2,929 Property and equipment 94 Intangible assets 82,570 Other assets 202 Total identifiable assets $ 87,971 Current liabilities $ 5,719 Operating lease liability 2,929 Total liabilities assumed $ 8,648 Net identifiable assets acquired $ 79,323 Goodwill 129,524 Total consideration $ 208,847 During the measurement period, the Company recorded adjustments for the fair value of consideration transferred, including settlement of working capital, and the evaluation of certain tax attributes. Net deferred tax assets of $ 20,590 and offsetting valuation allowances were also recognized at the acquisition date for the future tax consequences attributable to differences between the above financial statement carrying amounts of existing assets and liabilities and their respective tax bases and acquired operating loss and tax credit carryforwards of SentreHEART. At acquisition, SentreHEART had approximately $ 184,036 of federal and state net operating loss carryforwards, which begin to expire in 2026 and $ 37,906 of federal net operating loss carryforwards which have no expiration as a result of the Tax Reform Act. A portion of the net operating loss carryforwards are subject to certain limitations under Internal Revenue Code Section 382. The Company recorded a full valuation allowance against the net deferred tax assets at acquisition. The goodwill recorded is not deductible for tax purposes. The valuation of the intangible assets acquired and related amortization periods are as follows: Amortization Term Valuation (in years) Developed technology $ 270 15 IPR&D 82,300 Indefinite Total $ 82,570 The fair value of the LARIAT developed technology was estimated using the relief-from-royalty method, an income approach. The LARIAT developed technology asset is amortized on a straight-line basis over its estimated useful life. The IPR&D asset was estimated using the excess earnings method, also an income approach. The IPR&D asset represents an estimate of the fair value of the PMA approval from the in-process aMAZE IDE clinical trial and is accounted for as an indefinite-lived intangible asset until completion or abandonment of the project. The Company recorded the excess of the aggregate purchase price over the estimated fair values of the identifiable net assets acquired as goodwill. Goodwill is primarily attributable to the benefits the Company expects to realize by enhancing its product offering and addressable markets, thereby contributing to an expanded revenue base. As discussed in Note 1, the Company accounts for goodwill in a single reporting unit representing the Company as a whole. The 2019 operating results of SentreHEART, including $ 1,280 of appendage management revenue and $ 8,505 of net loss, are included in the Consolidated Statements of Operations and Comprehensive Loss beginning August 14, 2019. The Consolidated Balance Sheet as of December 31, 2019 reflects the acquisition of SentreHEART. The Company recognized approximately $ 138 and $ 3,978 of acquisition-related costs in the years ended December 31, 2020 and 2019, consisting of legal, audit, tax and other due diligence expenses. Acquisition-related costs are included in selling, general and administrative expenses. The following supplemental pro forma information presents the financial results of the Company for the twelve months ended December 31, 2019 and 2018 as if the acquisition of SentreHEART had occurred on January 1, 2018. Year Ended December 31, (unaudited) 2019 2018 Revenue $ 232,768 $ 205,725 Net loss ( 40,970 ) ( 42,959 ) Basic and diluted net loss per share $ ( 1.09 ) $ ( 1.23 ) Certain pro forma adjustments have been made when calculating the amounts above to reflect the impact of the purchase transaction, primarily consisting of the exclusion of SentreHEART’s interest expense incurred on debt paid off or converted to equity in the acquisition, exclusion of fair value adjustments for SentreHEART’s derivative liabilities and preferred warrants settled as part of the acquisition, adjustments for amortization of intangible assets with determinable lives and exclusion of contingent consideration remeasurement. The Company also eliminated transaction expenses incurred by both AtriCure and SentreHEART. The supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made on January 1, 2018, nor is it indicative of any future results. The pro forma information does not include any adjustments for potential revenue enhancements, cost synergies or other operating efficiencies that could result from the acquisition. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets and Goodwill [Abstract] | |
Intangible Assets and Goodwill | 6. INTANGIBLE ASSETS AND GOODWILL The following table provides a summary of the Company’s intangible assets at December 31: 2020 2019 Estimated Accumulated Accumulated Useful Life Cost Amortization Cost Amortization Technology 5 - 15 years $ 11,691 $ 9,813 $ 11,691 $ 8,131 IPR&D 126,321 — 126,321 — Total $ 138,012 $ 9,813 $ 138,012 $ 8,131 Amortization expense related to intangible assets with definite lives, which excludes the IPR&D asset, was $ 1,682 , $ 1,943 and $ 1,510 for the years ended December 31, 2020, 2019 and 2018. Future amortization expense is projected as follows: 2021 $ 951 2022 718 2023 18 2024 18 2025 18 2026 and thereafter 155 Total $ 1,878 The Company expects to begin amortizing the $ 44,021 IPR&D asset that represents the fair value of the PMA approval from the CONVERGE IDE clinical trial in 2021. The following table provides a summary of the Company’s goodwill, which is not amortized, but rather tested annually for impairment: Net carrying amount as of December 31, 2018 $ 105,257 Additions 129,524 Net carrying amount as of December 31, 2019 234,781 Additions — Net carrying amount as of December 31, 2020 $ 234,781 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Inventories | 7. INVENTORIES Inventories consisted of the following at December 31: 2020 2019 Raw materials $ 11,966 $ 11,126 Work in process 2,424 1,260 Finished goods 20,636 17,028 Inventories $ 35,026 $ 29,414 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property and Equipment [Abstract] | |
Property and Equipment | 8. PROPERTY AND EQUIPMENT Property and equipment consisted of the following at December 31: Estimated Useful Life 2020 2019 Generators and other capital equipment 1 - 3 years $ 18,669 $ 20,167 Building under finance lease 15 years 14,250 14,250 Computer and other office equipment 3 years 8,045 7,606 Machinery, equipment and vehicles 3 - 7 years 6,697 5,905 Furniture and fixtures 3 - 7 years 5,849 5,009 Leasehold improvements 5 - 15 years 8,645 6,078 Construction in progress N/A 2,067 5,708 Land N/A 502 502 Equipment under finance leases 3 - 5 years 409 483 Total 65,133 65,708 Less accumulated depreciation ( 36,843 ) ( 33,062 ) Property and equipment, net $ 28,290 $ 32,646 Property and equipment depreciation expense was $ 7,866 , $ 7,423 and $ 7,244 for the years ended December 31, 2020, 2019 and 2018. Depreciation related to generators and other capital equipment was $ 2,503 , $ 2,910 and $ 3,191 for fiscal years 2020, 2019 and 2018. As of December 31, 2020 and 2019, the net carrying value of generators and other capital equipment was $ 3,410 and $ 4,272 . |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 9. ACCRUED LIABILITIES Accrued liabilities consisted of the following at December 31: 2020 2019 Accrued payroll and employee-related expenses $ 8,576 $ 6,748 Accrued legal settlement 6,000 — Accrued commissions 4,765 8,734 Accrued bonus 4,389 10,840 Sales returns and allowances 1,889 3,979 Accrued taxes and value-added taxes payable 1,256 1,658 Accrued royalties 703 732 Other accrued liabilities 406 59 Total $ 27,984 $ 32,750 |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2020 | |
Indebtedness [Abstract] | |
Indebtedness | 10. INDEBTEDNESS Credit Facility. The Company has a Loan and Security Agreement (Loan Agreement) with Silicon Valley Bank (SVB), which includes a $ 60,000 term loan and $ 20,000 revolving line of credit. The total combined term loan and revolving line of credit outstanding under the Loan Agreement cannot exceed $ 70,000 at any time prior to SVB’s consent. The term loan and revolving credit facility both mature or expire, as applicable, on August 1, 2024 . Principal payments of the term loan are to be made ratably commencing March 1, 2021 through the loan’s maturity date. If the Company meets certain conditions, as specified by the Loan Agreement, the commencement of term loan principal payments may be deferred by an additional six months. The term loan accrues interest at the greater of the Prime Rate or 5.00 %, plus 0.75 % and is subject to an additional 3.00% fee on the $60,000 term loan principal payable at maturity or upon acceleration or prepayment of the term loan. The Company is accruing the 3.00 % fee over the term of the Loan Agreement, with $ 495 accrued in the outstanding loan balance as of December 31, 2020. Additionally, the unamortized original financing costs related to the term loan of $ 393 are netted against the outstanding loan balance in the Consolidated Balance Sheets and are amortized ratably over the term of the Loan Agreement. The revolving line of credit is subject to an annual facility fee of 0.15 % of the revolving line of credit, and any borrowings thereunder bear interest at the greater of the Prime Rate or 5.00 %. Borrowing availability under the revolving credit facility is based on the lesser of $ 20,000 or a borrowing base calculation as defined by the Loan Agreement. As of December 31, 2020, the Company had no borrowings under the revolving credit facility and had borrowing availability of $ 8,750 . Financing costs related to the revolving line of credit are included in other assets in the Consolidated Balance Sheets and amortized ratably over the twelve-month period of the annual fee. On April 29, 2020, the Company and SVB entered into an amendment to the Loan Agreement which modified a covenant related to the Company’s liquidity ratio through the third quarter 2020 testing date and increased the early termination fees for both the term loan and revolving line of credit. The amendment was treated as a debt modification. On February 8, 2021, the Company and SVB entered into an amendment to the Loan Agreement which modified conditions which allow the Company to request to defer the term loan principal payments an additional six months , commencing in September 2021, if such conditions were satisfied. Additionally, the covenant reporting requirements were modified. The amendment was treated as a debt modification. Subsequent to the amendment, the conditions were satisfied by the Company and the Company requested such deferral. As a result, borrowings outstanding under the existing term loan agreement have been classified to reflect the deferral of principal payments in the Consolidated Balance Sheet as of December 31, 2020. Future principal payments of long-term debt are projected as follows: 2021 $ 6,667 2022 20,000 2023 20,000 2024 13,333 Total long-term debt, of which $ 6,667 is current and $ 53,333 is noncurrent $ 60,000 The Loan Agreement also provides for certain prepayment and early termination fees, as well as establishes a minimum liquidity covenant and dividend restrictions, along with other customary terms and conditions. Specified assets have been pledged as collateral. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 11. LEASES The Company has operating and finance leases for corporate offices, manufacturing and warehouse facilities and computer equipment. The Company’s leases have remaining lease terms of one year to ten years . Options to renew or extend leases beyond their initial term have been excluded from measurement of the ROU assets and lease liabilities for the majority of leases as exercise is not reasonably certain. The weighted average remaining lease term and the discount rate for the reporting periods is as follows: As of December 31, 2020 As of December 31, 2019 Operating Leases Weighted average remaining lease term (years) 3.2 3.5 Weighted average discount rate 5.68 % 5.94 % Finance leases Weighted average remaining lease term (years) 9.7 11.0 Weighted average discount rate 6.91 % 7.05 % In connection with the terms of the Company’s corporate headquarters lease, a letter of credit for $ 1,250 was issued to the building lessor in October 2015. The letter of credit is renewed annually and remains outstanding as of December 31, 2020. The components of lease expense are as follows: Year Ended Year Ended December 31, 2020 December 31, 2019 Operating lease cost $ 1,237 $ 952 Finance lease cost: Amortization of right-of-use assets 1,050 998 Interest on lease liabilities 844 872 Total finance lease cost $ 1,894 $ 1,870 Short term lease expense was not significant during the twelve months ended December 31, 2020 and 2019. Supplemental cash flow information related to leases is as follows: Year Ended Year Ended December 31, 2020 December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,236 $ 1,026 Operating cash flows for finance leases 844 872 Financing cash flows for finance leases 664 629 Right-of-use assets obtained in exchange for lease obligations: Operating Leases 1,421 1,884 Finance Leases 22 270 Operating lease right-of-use asset obtained in business combination — 2,929 Early termination of operating lease 2,743 — Supplemental balance sheet information related to leases is as follows: As of December 31, 2020 As of December 31, 2019 Operating Leases Operating lease right-of-use assets $ 1,914 $ 4,032 Other current liabilities and current maturities of debt and leases 927 1,465 Operating lease liabilities 1,180 2,796 Total operating lease liabilities $ 2,107 $ 4,261 Finance Leases Property and equipment, at cost $ 14,659 $ 14,733 Accumulated depreciation ( 5,247 ) ( 4,197 ) Property and equipment, net $ 9,412 $ 10,536 Other current liabilities and current maturities of debt and leases $ 823 $ 753 Finance lease liabilities 10,969 11,774 Total finance lease liabilities $ 11,792 $ 12,527 Maturities of lease liabilities as of December 31, 2020 are as follows: Operating Leases Finance Leases 2021 $ 927 $ 1,608 2022 637 1,629 2023 239 1,652 2024 246 1,674 2025 253 1,625 2026 and thereafter — 8,172 Total payments $ 2,302 $ 16,360 Less imputed interest ( 195 ) ( 4,568 ) Total $ 2,107 $ 11,792 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES Royalty Agreements. The Company has royalty agreements in place with terms that include payment of royalties of 3 % to 5 % of specified product sales. One royalty agreement remains in effect through 2025 , while the other agreement remains in effect the later of 2023 or until expiration of the underlying patents or patent applications. Parties to the royalty agreements have the right at any time to terminate the agreement immediately for cause. Royalty expense of $ 2,596 , $ 2,892 and $ 2,715 was recorded as part of cost of revenue for the years ended December 31, 2020, 2019 and 2018. Purchase Agreements. The Company enters into standard purchase agreements with certain vendors in the ordinary course of business, generally with terms that allow cancellation. Legal. The Company may, from time to time, become a party to legal proceedings. Such matters are subject to many uncertainties and to outcomes of which the financial impacts are not predictable with assurance and that may not be known for extended periods of time. When management has assessed that a loss is probable and an amount can be reasonably estimated, the Company records a liability. The Company received a Civil Investigative Demand (CID) from the U.S. Department of Justice (USDOJ) in December 2017 stating that it is investigating the Company to determine whether the Company has violated the False Claims Act, relating to the promotion of certain medical devices related to the treatment of atrial fibrillation for off-label use and submitted or caused to be submitted false claims to certain federal and state health care programs for medically unnecessary healthcare services related to the treatment of atrial fibrillation. The CID covers the period from January 2010 to December 2017 and requires the production of documents and answers to written interrogatories. The Company had no knowledge of the investigation prior to receipt of the CID. The Company maintains rigorous policies and procedures to promote compliance with the False Claims Act and other applicable regulatory requirements. The Company provided the USDOJ with documents and answers to the written interrogatories and is cooperating with its investigation. However, the Company cannot predict when the investigation will be resolved, the outcome of the investigation or its potential impact on the Company. The Company acquired nContact Surgical, Inc. pursuant to a merger agreement dated October 4, 2015. The merger agreement provides for contingent consideration or “earnout” to be paid upon attaining specified regulatory approvals and clinical and revenue milestones. The merger agreement’s earnout provisions required the Company to deliver periodic earnout reports to a designated representative of former nContact stockholders. In response to the reports delivered in and after February 2018, the Company received letters from representatives purporting to serve as “earnout objection statements” (as that term is defined in the merger agreement) and claim that for purposes of determining the commercial milestone payment, the Company should be including revenues of certain additional items and products that the Company has not included in its earnout statements. During February 2021, the Company entered into a settlement agreement with the former nContact stockholders requiring payment of $ 6,000 . The Company has recorded the $ 6,000 settlement as a component of current liabilities as of December 31, 2020 as the underlying cause occurred prior to December 31, 2020. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [Abstract] | |
Revenue | 13. REVENUE Revenue is generated primarily from the sale of medical devices. The Company recognizes revenue in an amount that reflects the consideration the Company expects to be entitled to in exchange for those devices when control of promised devices is transferred to customers. At contract inception, the Company assesses the products promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a product that is distinct. The Company’s devices are distinct and represent performance obligations. These performance obligations are satisfied, and revenue is recognized at a point in time upon shipment or delivery of products. Sales of devices are categorized as follows: open ablation, minimally invasive ablation, appendage management and valve tools. Shipping and handling activities performed after control over products transfers to customers are considered activities to fulfill the promise to transfer the products rather than as separate promises to customers. Revenue includes shipping and handling revenue of $ 1,192 , $ 1,485 and $ 1,236 in 2020, 2019 and 2018. Products are sold primarily through a direct sales force and through distributors in certain international markets. Terms of sale are generally consistent for both end-users and distributors, except that payment terms are generally net 30 days for end-users and net 60 days for distributors, with limited exceptions. The Company does not maintain any post-shipping obligations to customers. No installation, calibration or testing of products is performed by the Company subsequent to shipment in order to render products operational. Significant judgments and estimates involved in the Company’s recognition of revenue include the estimation of a provision for returns. We estimate the provision for sales returns and allowances using the expected value method based on historical experience and other factors that we believe could impact our expected returns, including defective or damaged products and invoice adjustments. In the normal course of business, the Company generally does not accept product returns unless a product is defective as manufactured. The Company does not provide customers with the right to a refund. The Company expects to be entitled to the total consideration for the products ordered by customers as product pricing is fixed according to the terms of customer contracts and payment terms are short. Payment terms fall within the one-year guidance for the practical expedient which allows the Company to forgo adjustment of the promised amount of consideration for the effects of a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price. Costs associated with product sales include commissions and royalties. Considering that product sales are performance obligations in contracts that are satisfied at a point in time, commission expense associated with product sales and royalties paid based on sales of certain products is incurred at that point in time rather than over time. Therefore, the Company applies the practical expedient and recognizes commissions and royalties as expense when incurred because the expense is incurred at a point in time and the amortization period is less than one year. Commissions are recorded as selling expense and royalties are recorded as cost of revenue. See Note 18 for disaggregated revenue by geographic area and by product category. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 14. INCOME TAXES The Company files federal, state, local and foreign income tax returns in jurisdictions with varying statutes of limitations. Income taxes are computed using the asset and liability method in accordance with FASB ASC 740, “Income Taxes”, under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Deferred taxes are measured using provisions of currently enacted tax laws. A valuation allowance against deferred tax assets is recorded when it is more likely than not that such assets will not be fully realized. The Company has recorded a valuation allowance against substantially all its net deferred tax assets as it is more likely than not that the benefit of the deferred tax assets will not be recognized in future periods. The Company’s provision for income taxes for each of the years ended December 31 is as follows: 2020 2019 2018 Current Tax Expense Federal $ ( 26 ) $ ( 26 ) $ ( 51 ) State 78 34 28 Foreign 74 165 198 Total current tax expense 126 173 175 Deferred Tax Expense Federal $ ( 10,304 ) $ ( 7,655 ) $ ( 3,048 ) State ( 1,686 ) ( 1,368 ) 178 Foreign ( 3,071 ) ( 1,690 ) 45 Change in valuation allowance 15,049 10,739 2,876 Total deferred tax expense ( 12 ) 26 51 Total tax expense $ 114 $ 199 $ 226 The detail of deferred tax assets and liabilities at December 31 is as follows: 2020 2019 Deferred tax assets (liabilities): Net operating loss carryforward $ 123,556 $ 111,000 Research and development and AMT credit carryforwards, net 9,365 8,193 Deferred interest 1,598 909 Equity compensation 8,623 8,233 Accruals and reserves 3,739 3,513 Inventories 1,360 1,007 Intangible assets ( 30,773 ) ( 30,996 ) Property and equipment, net ( 1,315 ) ( 1,482 ) Finance and operating lease liabilities 3,164 4,016 Right-of-use assets ( 2,547 ) ( 3,476 ) Other, net 293 287 Subtotal 117,063 101,204 Less valuation allowance ( 117,025 ) ( 101,178 ) Total $ 38 $ 26 The Company has federal net operating loss carryforwards of $ 339,699 which have expirations between 2021 and 2037 and $ 116,485 which has no expiration. The Company has state and local net operating loss carryforwards of $ 301,983 with varying expirations from 2021 to 2040 . A portion of the Company’s federal and state net operating loss carryforwards are subject to certain limitations under Internal Revenue Code Sections 382 and 383. The Company has federal research and development credit carryforwards of $ 9,365 which have expirations between 2022 and 2040 . Additionally, the Company has foreign net operating loss carryforwards of approximately $ 49,714 which have expirations between 2021 and 2027 . On January 1, 2019 the Company adopted ASC 842 and recognized $ 400 of operating lease liability deferred tax assets and $ 400 of offsetting right-of-use asset deferred tax liabilities. The Company’s 2020, 2019 and 2018 effective income tax rates differ from the federal statutory rate as follows: 2020 2019 2018 Federal tax at statutory rate 21.00 % $ ( 10,088 ) 21.00 % $ ( 6,950 ) 21.00 % $ ( 4,391 ) Federal and Foreign tax rate change 2.97 ( 1,425 ) 1.40 ( 462 ) ( 6.84 ) 1,430 Federal R&D credit 2.05 ( 985 ) 2.53 ( 837 ) 4.39 ( 918 ) Federal deferred adjustment 2.77 ( 1,328 ) 3.28 ( 1,085 ) ( 10.77 ) 2,253 Valuation allowance ( 31.33 ) 15,048 ( 32.45 ) 10,739 ( 13.75 ) 2,876 State income taxes 3.35 ( 1,607 ) 4.02 ( 1,334 ) ( 0.99 ) 206 Foreign NOL rate change 0.92 ( 441 ) ( 1.17 ) 388 ( 1.22 ) 256 Foreign tax rate differential 0.57 ( 274 ) ( 0.38 ) 126 ( 0.60 ) 125 Permanent differences and other ( 2.53 ) 1,214 1.17 ( 386 ) 7.70 ( 1,611 ) Effective tax rate ( 0.23 ) % $ 114 ( 0.60 ) % $ 199 ( 1.08 ) % $ 226 The Company’s pre-tax book loss for domestic and international operations was $( 43,218 ) and $( 4,823 ) for 2020, $( 28,002 ) and $( 6,993 ) for 2019 and $( 13,443 ) and $( 7,468 ) for 2018. The Company had undistributed earnings of foreign subsidiaries of approximately $ 235 at December 31, 2020. The Company does not consider these earnings as permanently reinvested and has determined that no current and deferred taxes are required on such amounts. Federal, state and local tax returns of the Company are routinely subject to examination by various taxing authorities. Federal income tax returns for periods beginning in 2017 are open for examination. Generally, state and foreign income tax returns for periods beginning in 2016 are open for examination. However, taxing authorities have the ability to adjust net operating loss and tax credit carryforwards from years prior to these periods. The Company has not recognized certain tax benefits because of the uncertainty of realizing the entire value of the tax position taken on income tax returns upon review by the taxing authorities. A reconciliation of the change in federal and state unrecognized tax benefits for 2020, 2019 and 2018 is presented below: 2020 2019 2018 Balance at the beginning of the year $ 1,777 $ 1,157 $ 1,157 Increases (decreases) for prior year tax positions 21 620 — Increases (decreases) for current year tax positions — — — Increases (decreases) related to settlements — — — Decreases related to statute lapse — — — Balance at the end of the year $ 1,798 $ 1,777 $ 1,157 For 2019, the Company’s increase for prior year tax positions relates to uncertain income tax benefits assumed pursuant to the SentreHEART acquisition. Historically, the Company did not have any interest and penalties accrued for unrecognized income tax benefits as a result of offsetting net operating losses. The Company has accrued interest and penalties associated with uncertain income tax benefits assumed pursuant to the SentreHEART acquisition as of December 31, 2019, and recognized interest and penalties within income tax expense. The amount is not significant. There are no amounts included in the balance of unrecognized tax benefits at December 31, 2018 that, if recognized, would affect the effective tax rate. The balance of unrecognized tax benefits at December 31, 2020 and 2019 includes $ 1,798 and $ 1,777 of tax benefits that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes and valuation allowance. The Company does not expect that its unrecognized tax benefits for research credits will significantly change within twelve months of December 31, 2020. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Concentrations [Abstract] | |
Concentrations | 15. CONCENTRATIONS During 2020, 2019 and 2018, approximately 10.8 %, 12.0 % and 10.8 % of the Company’s total net revenue was derived from its top ten customers. During 2020, 2019 and 2018 no individual customer accounted for more than 10% of the Company’s revenue. As of December 31, 2020 and 2019, 13.0 % and 16.5 % of the Company’s total accounts receivable balance was derived from its top ten customers. No individual customer accounted for more than 10% of the Company’s accounts receivable as of December 31, 2020 and 2019. The Company maintains cash and cash equivalents balances at financial institutions which at times exceed FDIC limits. As of December 31, 2020, $ 41,694 of the cash and cash equivalents balance was in excess of the FDIC limits. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 16. EMPLOYEE BENEFIT PLANS The Company sponsors the AtriCure, Inc. 401(k) Plan (401(k) Plan), a defined contribution plan covering substantially all U.S. employees of the Company. Eligible employees may contribute pre-tax annual compensation up to specified maximums under the Internal Revenue Code. During 2020, 2019 and 2018, the Company made matching contributions of 50 % on the first 6 % of employee contributions to the 401(k) Plan. The Company’s matching contributions expensed during 2020, 2019 and 2018 were $ 2,237 , $ 1,915 and $ 1,560 . Additional amounts may be contributed to the 401(k) Plan at the discretion of the Company’s Board of Directors, however, no such discretionary contributions were made during 2020, 2019 or 2018. The Company also provides retirement benefits for employees of AtriCure Europe B.V. and other foreign subsidiaries. Total contributions to retirement plans for these employees were $ 244 , $ 248 and $ 243 in 2020, 2019 and 2018. |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Equity Compensation Plans [Abstract] | |
Equity Compensation Plans | 17. EQUITY COMPENSATION PLANS The Company has two share-based incentive plans: the 2014 Stock Incentive Plan (2014 Plan) and the 2018 Employee Stock Purchase Plan (ESPP). Stock Incentive Plan Under the 2014 Plan, the Board of Directors may grant incentive stock options to Company employees and may grant restricted stock awards or restricted stock units (collectively RSAs), nonstatutory stock options, performance share awards (PSAs) or stock appreciation rights to Company employees, directors and consultants. The administrator (the Compensation Committee of the Board of Directors) has the authority to determine the terms of any awards, including the number of shares subject to each award, the exercisability of the awards and the form of consideration. As of December 31, 2020, 12,899 shares of common stock had been reserved for issuance under the 2014 Plan and 1,932 shares were available for future grants. Stock options, restricted stock awards, and restricted stock units granted generally vest at a rate of 33.3 % on the first, second and third anniversaries of the grant date. Stock options granted prior to 2018 under the 2014 Plan generally vest at a rate of 25 % on the first anniversary date of the grant and ratably each month thereafter over the following three years . Restricted stock awards granted prior to 2018 generally vest between one year and four years from the date of grant. Stock options generally expire ten years from the date of grant. In 2012 the Company granted 450 performance options to its President and Chief Executive Officer pursuant to his Employment Agreement. The options expire ten years from the date of grant and vest in increments of 25 shares when the volume adjusted weighted average closing price of the common stock of the Company as reported by NASDAQ (or any other exchange on which the common stock of the Company is listed) for 30 consecutive days equals or exceeds each of $ 10.00 per share, $ 12.50 per share, $ 15.00 per share, $ 17.50 per share, $ 20.00 per share, $ 25.00 per share, $ 30.00 per share, $ 35.00 per share and $ 40.00 per share. As of December 31, 2020, all of the performance options vested. A Monte Carlo simulation was performed to estimate the fair values, vesting terms and vesting probabilities for each tranche of options. Expense calculated using these estimates was recognized over the estimated vesting terms. As of December 31, 2017, compensation costs related to non-vested performance options were fully recognized. The Compensation Committee approved the grant of performance share awards to the Company’s Executive Leadership Team pursuant to the Company’s 2014 Plan. The form of award agreement for the PSAs (PSA Grant Form) provides, among other things, that each PSA that vests represents the right to receive one share of the Company’s common stock at the end of the performance period. With respect to the PSAs, the number of shares that vest and are issued to the recipient is based upon the Company’s performance as measured against the specified performance target at the end of the three-year performance period as determined by the Compensation Committee. Established threshold, target and maximum payout opportunities, which may range from 0 % to 200 % of the target amount, are used to calculate the number of shares that will be issuable when the award vests. Additionally, all or a portion of the PSAs may vest following a change of control or a termination of service by reason of death or disability (each as described in greater detail in the PSA Grant Form). The Company estimated the fair value of the PSAs based on its closing stock price on the grant date and will adjust compensation expense over the performance period based on its estimate of performance target achievement. In 2020, the Compensation Committee modified the methodology for measuring performance of the 2018, 2019, and 2020 performance awards. As a result of the modification which impacted the vesting conditions and performance measures related to the awards, the incremental compensation cost resulting from the modification is $ 4,162 , of which $ 569 is reflected in the year ended December 31, 2020. Activity under the plans during 2020 was as follows: Weighted Weighted Average Number of Average Remaining Aggregate Shares Exercise Contractual Intrinsic Time-Based Stock Options Outstanding Price Term Value Outstanding at January 1, 2020 1,507 $ 14.38 Granted 52 39.02 Exercised ( 646 ) 13.08 Cancelled ( 9 ) 28.97 Outstanding at December 31, 2020 904 $ 16.57 4.08 $ 35,345 Vested and expected to vest 900 $ 16.49 4.06 $ 35,271 Exercisable at December 31, 2020 807 $ 14.61 3.55 $ 33,143 Weighted Weighted RSA Average PSA Average Shares Grant Date Shares Grant Date Restricted Stock Awards and Performance Share Awards Outstanding Fair Value Outstanding Fair Value Outstanding at January 1, 2020 1,402 $ 21.76 264 $ 26.34 Awarded 446 40.77 140 38.42 Released ( 875 ) 20.89 ( 72 ) 57.08 Forfeited ( 38 ) 33.34 ( 45 ) 34.16 Outstanding at December 31, 2020 935 $ 30.92 287 $ 39.70 Weighted Weighted Average Number of Average Remaining Aggregate Shares Exercise Contractual Intrinsic Performance Stock Options Outstanding Price Term Value Outstanding at January 1, 2020 450 $ 13.48 Granted — — Exercised ( 275 ) 8.66 Cancelled — — Outstanding at December 31, 2020 175 $ 21.04 3.07 $ 6,085 Exercisable at December 31, 2020 175 $ 21.04 3.07 $ 6,085 Activity under the plans during 2019 was as follows: Weighted Weighted Average Number of Average Remaining Aggregate Shares Exercise Contractual Intrinsic Time-Based Stock Options Outstanding Price Term Value Outstanding at January 1, 2019 1,582 $ 13.83 Granted 42 28.77 Exercised ( 110 ) 10.91 Cancelled ( 7 ) 30.48 Outstanding at December 31, 2019 1,507 $ 14.38 4.25 $ 27,340 Vested and expected to vest 1,503 $ 14.35 4.24 $ 27,319 Exercisable at December 31, 2019 1,392 $ 13.55 3.90 $ 26,398 Weighted Weighted RSA Average PSA Average Shares Grant Date Shares Grant Date Restricted Stock Awards and Performance Share Awards Outstanding Fair Value Outstanding Fair Value Outstanding at January 1, 2019 1,746 $ 18.19 90 $ 17.71 Awarded 435 30.12 174 30.77 Released ( 776 ) 18.44 — — Forfeited ( 3 ) 18.02 — — Outstanding at December 31, 2019 1,402 $ 21.76 264 $ 26.34 Weighted Weighted Average Number of Average Remaining Aggregate Shares Exercise Contractual Intrinsic Performance Stock Options Outstanding Price Term Value Outstanding at January 1, 2019 450 $ 13.48 Granted — — Exercised — — Cancelled — — Outstanding at December 31, 2019 450 $ 13.48 3.45 $ 8,566 Exercisable at December 31, 2019 350 $ 13.48 3.45 $ 6,662 The total intrinsic value of options exercised during the years ended December 31, 2020, 2019 and 2018 was $ 29,594 , $ 1,985 and $ 5,343 . As a result of the Company’s full valuation allowance on its net deferred tax assets, no tax benefit was recognized related to the stock option exercises. The exercise price per share of each option is equal to the fair market value of the underlying share on the date of grant. For 2020, 2019 and 2018, $ 10,835 , $ 1,202 and $ 6,012 in cash proceeds were included in the Consolidated Statements of Cash Flows as a result of the exercise of stock options. The total fair value of restricted stock vested during 2020, 2019 and 2018 was $ 34,200 , $ 23,479 and $ 11,864 . The Company issues registered shares of common stock to satisfy stock option exercises and restricted stock grants. Employee Stock Purchase Plan The ESPP is available to eligible employees as defined in the plan document. Under the ESPP, shares of the Company’s common stock may be purchased at a discount (currently 15 %) of the lesser of the closing price of the Company’s common stock on the first trading day or the last trading day of the offering period. The offering period (currently six months ) and the offering price are subject to change. Participants may not purchase more than $ 25 of the Company’s common stock in a calendar year and may not purchase a value of more than 3 shares during an offering period. As of December 31, 2020, there were 387 shares available for future issuance under the ESPP. Valuation and Expense Information Under FASB ASC 718 The following table summarizes share-based compensation expense related to employees, directors and consultants for 2020, 2019 and 2018. The expense was allocated as follows: 2020 2019 2018 Cost of revenue $ 1,425 $ 917 $ 1,545 Research and development expenses 3,530 2,374 1,987 Selling, general and administrative expenses 17,687 14,686 12,963 Total $ 22,642 $ 17,977 $ 16,495 The expense by award type was allocated as follows: 2020 2019 2018 Restricted Stock Awards & Time-Based Stock Options $ 18,612 $ 13,922 $ 15,032 Performance Share Awards 2,921 3,254 766 ESPP 1,109 801 697 Total $ 22,642 $ 17,977 $ 16,495 As of December 31, 2020 there was $ 18,561 of unrecognized compensation costs related to non-vested stock options and restricted stock arrangements ($ 1,075 relating to stock options and $ 17,486 relating to restricted stock). This cost is expected to be recognized over a weighted-average period of 2.0 years for stock options and 1.7 years for restricted stock. As of December 31, 2020 there was $ 6,940 of unrecognized compensation costs related to non-vested performance share awards, and this cost is expected to be recognized over a weighted-average period of 1.6 years. In calculating compensation expense, the fair value of restricted stock awards, restricted stock units and performance share awards is based on the market value of the Company’s stock on the date of the awards or subsequent modification (as applicable). The fair value of the options is estimated on the grant date using the Black-Scholes model including the following assumptions: 2020 2019 2018 Range of risk-free interest rate 0.30 - 1.73 % 1.43 - 2.64 % 2.31 - 3.01 % Range of expected life of stock options (years) 5.15 to 5.65 5.13 to 5.69 5.14 to 5.71 Range of expected volatility of stock 40.00 - 43.00 % 40.00 - 42.00 % 41.00 - 42.00 % Weighted-average volatility 41.54 % 40.87 % 41.51 % Dividend yield 0.00 % 0.00 % 0.00 % The Company’s estimate of volatility is based solely on the Company’s trading history over the expected option life. The risk-free interest rate assumption is based upon the U.S. treasury yield curve at the time of grant for the expected option life. The Company estimates the expected terms of options using historical employee exercise behavior. Based on the assumptions noted above, the weighted average estimated grant date fair value per share of the stock options, restricted stock awards and performance share awards granted for 2020, 2019 and 2018 was as follows: 2020 2019 2018 Stock options $ 15.25 $ 11.56 $ 10.97 Restricted stock awards 40.77 30.12 18.71 Performance share awards 38.42 30.77 17.71 |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment and Geographic Information [Abstract] | |
Segment and Geographic Information | 18. SEGMENT AND GEOGRAPHIC INFORMATION The Company evaluates reporting segments in accordance with FASB ASC 280, “Segment Reporting”. The Company develops, manufactures and sells devices designed primarily for the surgical ablation of cardiac tissue and systems designed for the exclusion of the left atrial appendage. These devices are developed and marketed to a broad base of medical centers globally. Management considers all such sales to be part of a single operating segment. Revenue attributed to geographic areas is based on the location of the customers to whom products are sold. Revenue by geographic area was as follows: 2020 2019 2018 United States $ 169,244 $ 185,829 $ 162,146 Europe 23,217 27,929 25,912 Asia 13,118 15,976 12,687 Other international 952 1,073 885 Total international 37,287 44,978 39,484 Total revenue $ 206,531 $ 230,807 $ 201,630 United States revenue by product type was as follows: 2020 2019 2018 Open ablation $ 75,399 $ 80,205 $ 72,250 Minimally invasive ablation 25,647 34,842 35,053 Appendage management 66,981 68,166 52,891 Total ablation and appendage management 168,027 183,213 160,194 Valve tools 1,217 2,616 1,952 Total United States $ 169,244 $ 185,829 $ 162,146 International revenue by product type was as follows: 2020 2019 2018 Open ablation $ 18,655 $ 24,945 $ 21,118 Minimally invasive ablation 6,171 8,349 9,176 Appendage management 12,353 11,476 8,988 Total ablation and appendage management 37,179 44,770 39,282 Valve tools 108 208 202 Total international $ 37,287 $ 44,978 $ 39,484 The Company’s long-lived assets are principally located in the United States, except for $ 1,693 as of December 31, 2020 and $ 1,228 as of December 31, 2019, which are located primarily in Europe. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data | 19. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) For the Three Months Ended March 31, June 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 2020 2019 Operating Results: Revenue $ 53,225 $ 53,966 $ 40,824 $ 58,906 $ 54,757 $ 56,614 $ 57,725 $ 61,321 Gross profit 38,884 39,871 27,654 43,893 40,334 41,797 42,437 44,774 Loss from operations ( 15,454 ) ( 5,320 ) ( 7,285 ) ( 3,839 ) ( 3,991 ) ( 8,637 ) ( 17,503 ) ( 15,326 ) Net loss ( 16,408 ) ( 5,635 ) ( 8,236 ) ( 4,101 ) ( 4,949 ) ( 9,362 ) ( 18,562 ) ( 16,096 ) Net loss per share (basic and diluted) $ ( 0.42 ) $ ( 0.15 ) $ ( 0.20 ) $ ( 0.11 ) $ ( 0.11 ) $ ( 0.25 ) $ ( 0.42 ) $ ( 0.42 ) Amounts may not sum to consolidated totals for the full year due to rounding. Basic and diluted net loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per share amounts will not necessarily equal the total for the year. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | SCH EDULE II VALUATION AND QUALIFYING ACCOUNTS Beginning Additions Ending Balance Costs and Expenses Other (1) Deductions Balance Reserve for sales returns and allowances Year ended December 31, 2020 $ 3,979 $ 66 $ — $ 2,156 $ 1,889 Year ended December 31, 2019 1,410 $ 369 $ 2,240 $ 40 $ 3,979 Year ended December 31, 2018 1,169 $ 312 $ — $ 71 $ 1,410 Allowance for inventory valuation Year ended December 31, 2020 $ 1,517 $ 801 $ — $ 539 $ 1,779 Year ended December 31, 2019 1,029 $ 848 $ — $ 360 $ 1,517 Year ended December 31, 2018 889 $ 718 $ — $ 578 $ 1,029 Valuation allowance for deferred tax assets Year ended December 31, 2020 $ 101,178 $ 15,847 $ — $ — $ 117,025 Year ended December 31, 2019 69,849 $ 10,739 $ 20,590 $ — $ 101,178 Year ended December 31, 2018 66,973 $ 2,876 $ — $ — $ 69,849 (1) In connection with the acquisition of SentreHEART, the Company recognized an allowance for sales returns and refunds of for transition to ASC 606 to reflect SentreHEART’s historical refund practices, and recorded a valuation allowance to offset the acquired net deferred tax assets. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Nature of the Business | Nature of the Business —The “Company” or “AtriCure” consists of AtriCure, Inc. and its wholly-owned subsidiaries. The Company is a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management and sells its products to medical centers globally through its direct sales force and distributors. |
Principles of Consolidation | Principles of Consolidation— The Consolidated Financial Statements include the accounts of AtriCure, Inc. and our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents— The Company considers highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. Cash equivalents include demand deposits, money market funds and repurchase agreements on deposit with certain financial institutions. |
Investments | Investments— The Company makes investments primarily in U.S. government and agency obligations, corporate bonds, commercial paper and asset-backed securities and classifies all investments as available-for-sale. Investments with maturities of less than one year are classified as short-term. Investments are recorded at fair value, with unrealized gains and losses recorded as accumulated other comprehensive income (loss). Gains and losses are recognized using the specific identification method when securities are sold and are included in interest income. |
Revenue Recognition | Revenue Recognition— The Company recognizes revenue when control of promised goods is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. This generally occurs upon shipment of goods to customers. See Note 13 for further discussion on revenue. |
Sales Returns and Allowances | Sales Returns and Allowances — T he Company maintains a provision for potential returns of defective or damaged products, and invoice adjustments. The Company adjusts the provision using the expected value method based on historical experience. Increases to the provision result in a reduction of revenue, and the provision is included in accrued liabilities. |
Allowance for Credit Losses on Accounts Receivable | Allowance for Credit Losses on Accounts Receivable —The Company evaluates the expected credit losses of accounts receivable, considering historical credit losses, current customer-specific information and other relevant factors when determining the allowance. An increase to the allowance for credit losses results in a corresponding increase in selling, general and administrative expenses. The Company charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The Company’s history of write-offs has not been significant. |
Inventories | Inventories— Inventories are stated at the lower of cost or net realizable value based on the first-in, first-out cost method and consist of raw materials, work in process and finished goods. The Company’s industry is characterized by rapid product development and frequent new product introductions. Uncertain timing of product approvals, variability in product launch strategies and variation in product use all impact inventory reserves for excess, obsolete and expired products. An increase to inventory reserves results in a corresponding increase in cost of revenue. Inventories are written off against the reserve when they are physically disposed. |
Property and Equipment | Property and Equipment— Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of assets (see Note 8). The Company reassesses the useful lives of property and equipment at least annually and retires assets if they are no longer in service. Maintenance and repair costs are expensed as incurred. The Company’s RF and cryo generators are generally placed with customers served by our direct sales force. The estimated useful lives of this equipment are based on anticipated usage by customers and the timing and impact of expected new technology rollouts by the Company and may change in a future period if the Company experiences changes in the usage of the equipment or introduces new technologies. Depreciation related to generators and other capital equipment is recorded in cost of revenue. The Company reviews property and equipment for impairment at least annually using its best estimates based on reasonable and supportable assumptions and projections of expected future cash flows. Property and equipment impairments recorded by the Company have not been significant. |
Leases | Leases —The Company determines if an arrangement is a lease at inception of the contract. The Company applies the short-term lease recognition exemption, recognizing lease payments in profit or loss for leases that have a lease term of 12 months or less at commencement and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities and current maturities of debt and leases, and operating lease liabilities. Finance leases are included in property and equipment, other current liabilities and current maturities of debt and leases, and finance lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset excludes lease incentives. The Company uses the implicit rate when readily determinable, however, most of the leases do not provide an implicit rate and therefore, the Company uses the incremental borrowing rate based on the information available at measurement. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For real estate and equipment leases, the Company accounts for the lease and non-lease components as a single lease component. Additionally, the portfolio approach is applied to effectively account for the operating lease ROU assets and liabilities based on the term of the underlying lease. Lease expense is recognized on a straight-line basis over the lease term. See Note 11 for further discussion. |
Intangible Assets | Intangible Assets— Intangible assets with determinable useful lives are amortized on a straight-line basis over the estimated periods benefited. The Company reassesses the useful lives of intangible assets annually. Included in intangible assets is In Process Research and Development (IPR&D), representing the value of acquired technologies which have not yet reached technological feasibility. The primary basis for determining the technological feasibility is obtaining specific regulatory approvals. IPR&D is accounted for as an indefinite-lived intangible asset until completion or abandonment of the IPR&D project. Upon completion of the development project, the IPR&D will be amortized over its estimated useful life. The IPR&D assets represent estimates of the fair value of the pre-market approval (PMA) that could result from the CONVERGE IDE and aMAZE IDE clinical trials. If the IPR&D project is abandoned or regulatory approvals are not obtained, the Company may have a full or partial impairment charge related to the IPR&D, calculated as the excess carrying value of the IPR&D assets over the estimated fair value. The Company reviews intangible assets for impairment using its best estimates based on reasonable and supportable assumptions and projections of expected future cash flows. The Company performs impairment testing annually on October 1 or more often if impairment indicators are present. |
Goodwill | Goodwill— Goodwill represents the excess of purchase price over the fair value of the net assets acquired in business combinations. The Company’s goodwill is accounted for in a single reporting unit representing the Company as a whole. The Company tests goodwill for impairment annually on October 1, or more often if impairment indicators are present. |
Contingent Consideration and Other Noncurrent Liabilities | Contingent Consideration and other Noncurrent Liabilities— This balance consists of the contingent consideration recorded in business combinations, as well as deferred payroll taxes as a result of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), deferred revenues, asset retirement obligations and other contractual obligations. The contingent consideration balance is included in noncurrent liabilities as such settlement is both required and expected to be made primarily in shares of the Company’s common stock pursuant to the SentreHEART merger agreement. |
Other Income (Expense) | Other Income (Expense)— Other income (expense) consists of foreign currency transaction gains and losses generated by settlements of intercompany balances denominated in Euros and invoices transacted in British Pounds. |
Income Taxes | Income Taxes — Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities from a change in tax rates is recognized in the period that includes the enactment date. The Company’s estimate of the valuation allowance for deferred income tax assets requires significant estimates and judgments about future operating results. Deferred income tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more-likely-than-not that the deferred income tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. The Company evaluates deferred income tax assets on an annual basis to determine if valuation allowances are required. Deferred income tax assets are realized by having sufficient future taxable income to allow the related tax benefits to reduce taxes otherwise payable. The sources of taxable income that may be available to realize the benefit of deferred income tax assets are future reversals of existing taxable temporary differences, future taxable income, exclusive of reversing temporary differences and carryforwards, and tax planning strategies that are both prudent and feasible. In evaluating the need for a valuation allowance, the existence of cumulative losses in recent years is significant objectively verifiable negative evidence that must be overcome by objectively verifiable positive evidence to avoid the need to record a valuation allowance. The Company has recorded a valuation allowance against substantially all net deferred income tax assets as it is more-likely-than-not that the benefit of the deferred income tax assets will not be recognized in future periods. The Tax Cut and Jobs Act (Tax Reform Act) allows companies an election to reclassify the income tax effects of the Tax Reform Act on items within accumulated other comprehensive income (loss) to retained earnings. The Company has not made this election due to its full valuation allowance. |
Net Loss Per Share | Net Loss Per Share— Basic and diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Since the Company has experienced net losses for all periods presented, net loss per share excludes the effect of 2,301 , 3,623 and 3,869 stock options, restricted stock awards, restricted stock units and performance share awards as of December 31, 2020, 2019 and 2018 because they are anti-dilutive. Therefore, the number of shares calculated for basic net loss per share is also used for the diluted net loss per share calculation. |
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)— In addition to net losses, the comprehensive income/loss includes foreign currency translation adjustments and unrealized gains and losses on investments. Accumulated o ther comprehensive (loss) income consisted of the following (net of tax): 2020 2019 2018 Total accumulated other comprehensive (loss) income at beginning of period $ ( 158 ) $ ( 199 ) $ 34 Unrealized gains (losses) on investments Balance at beginning of period $ 100 $ ( 37 ) $ ( 6 ) Other comprehensive (loss) income before reclassifications ( 70 ) 137 ( 31 ) Amounts reclassified from accumulated other comprehensive (loss) income to interest income 24 — — Balance at end of period $ 54 $ 100 $ ( 37 ) Foreign currency translation adjustment Balance at beginning of period $ ( 258 ) $ ( 162 ) $ 40 Other comprehensive income (loss) before reclassifications 555 ( 277 ) ( 367 ) Amounts reclassified from accumulated other comprehensive (loss) income to other (expense) income ( 39 ) 181 165 Balance at end of period $ 258 $ ( 258 ) $ ( 162 ) Total accumulated other comprehensive income (loss) at end of period $ 312 $ ( 158 ) $ ( 199 ) |
Research and Development Costs | Research and Development Costs — Research and development costs are expensed as incurred. These costs include compensation and other internal and external costs associated with the development of and research related to new and existing products or concepts, preclinical studies, clinical trials, scientific and regulatory affairs. |
Advertising Costs | Advertising Costs — The Company expenses advertising costs as incurred. Advertising expense was $ 655 , $ 635 and $ 785 during the years ended December 31, 2020, 2019 and 2018. |
Share-Based Compensation | Share-Based Compensation— The Company records share-based compensation for all share-based payment awards, including stock options, restricted stock, performance shares and stock purchases related to an employee stock purchase plan, based on estimated fair values. The Company estimates the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Consolidated Statements of Operations and Comprehensive Loss. The Company estimates forfeitures at the time of grant and revises them, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates the fair value of time-based options on the date of grant using the Black-Scholes option-pricing model (Black-Scholes model). The Company’s determination of fair value is affected by the Company’s stock price, as well as assumptions regarding several subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. The value of the portion of the awards that is ultimately expected to vest is recognized as expense over the requisite service periods in the Consolidated Statements of Operations and Comprehensive Loss. The Company estimates the fair value of restricted stock awards, restricted stock units and performance share awards based upon the grant date closing market price of the Company’s common stock. The estimated fair value of performance share awards may be adjusted over the performance period based on changes to estimates of performance target achievement. The Company also has an employee stock purchase plan (ESPP) which is available to all eligible employees as defined by the plan document. Under the ESPP, shares of the Company’s common stock may be purchased at a discount. The Company estimates the number of shares to be purchased under the ESPP at the beginning of each purchase period based upon the fair value of the stock at the beginning of the purchase period using the Black-Scholes model and records estimated compensation expense during the period. Expense is adjusted at the time of stock purchase. |
Use of Estimates | Use of Estimates— The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. |
Fair Value Disclosures | Fair Value Disclosures — The Company classifies cash investments in U.S. government and agency obligations, accounts receivable, short-term other assets, accounts payable and accrued liabilities as Level 1. The carrying amounts of these assets and liabilities approximate their fair value due to their relatively short-term nature. Cash equivalents and investments in corporate bonds, repurchase agreements, commercial paper and asset-backed securities are classified as Level 2 within the fair value hierarchy. The fair value of fixed term debt is estimated by calculating the net present value of future debt payments at current market interest rates and is classified as Level 2. The book value of the Company’s fixed term debt approximates its fair value because the interest rate varies with market rates. Significant unobservable inputs with respect to the fair value measurements of the Level 3 contingent consideration liabilities are developed using Company data. See Note 3 – Fair Value for further information on fair value measurements. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 2020 2019 2018 Total accumulated other comprehensive (loss) income at beginning of period $ ( 158 ) $ ( 199 ) $ 34 Unrealized gains (losses) on investments Balance at beginning of period $ 100 $ ( 37 ) $ ( 6 ) Other comprehensive (loss) income before reclassifications ( 70 ) 137 ( 31 ) Amounts reclassified from accumulated other comprehensive (loss) income to interest income 24 — — Balance at end of period $ 54 $ 100 $ ( 37 ) Foreign currency translation adjustment Balance at beginning of period $ ( 258 ) $ ( 162 ) $ 40 Other comprehensive income (loss) before reclassifications 555 ( 277 ) ( 367 ) Amounts reclassified from accumulated other comprehensive (loss) income to other (expense) income ( 39 ) 181 165 Balance at end of period $ 258 $ ( 258 ) $ ( 162 ) Total accumulated other comprehensive income (loss) at end of period $ 312 $ ( 158 ) $ ( 199 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: Quoted Prices in Active Significant Significant Markets for Other Other Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ — $ 38,452 $ — $ 38,452 Commercial paper — 76,914 — 76,914 U.S. government and agency obligations 45,399 — — 45,399 Corporate bonds — 73,730 — 73,730 Asset-backed securities — 20,409 — 20,409 Total assets $ 45,399 $ 209,505 $ — $ 254,904 Liabilities: Contingent consideration $ — $ — $ 184,800 $ 184,800 Total liabilities $ — $ — $ 184,800 $ 184,800 The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019: Quoted Prices in Active Significant Significant Markets for Other Other Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ — $ 14,502 $ — $ 14,502 Repurchase agreements — 10,000 — 10,000 Commercial paper — 13,755 — 13,755 U.S. government and agency obligations 8,539 — — 8,539 Corporate bonds — 24,852 — 24,852 Asset-backed securities — 18,847 — 18,847 Total assets $ 8,539 $ 81,956 $ — $ 90,495 Liabilities: Contingent consideration $ — $ — $ 185,157 $ 185,157 Total liabilities $ — $ — $ 185,157 $ 185,157 |
Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Acquisition-Related Contingent Consideration | 2020 2019 2018 Beginning Balance – January 1 $ 185,157 $ 18,773 $ 37,098 Amounts acquired — 171,300 — Settlement of trial enrollment milestone — — ( 7,500 ) Changes in fair value included in selling, general and administrative expenses ( 357 ) ( 4,916 ) ( 10,825 ) Ending Balance – December 31 $ 184,800 $ 185,157 $ 18,773 |
Fair Value, Measurements, Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Acquisition-Related Contingent Consideration | Weighted average Fair Value Valuation Technique Input Range by relative fair value Probability of payment 70.00 - 85.00 % 80.62 % Regulatory & Reimbursement milestones $ 184,800 Probability-weighted scenario approach Projected year of payment 2022 - 2025 n/a Discount rate 5.56 % 5.56 % |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments [Abstract] | |
Summary of Short-term Investments | Investments as of December 31, 2020 consisted of the following: Unrealized Gains Cost Basis (Losses) Fair Value Corporate bonds $ 73,702 $ 28 $ 73,730 U.S. government and agency obligations 45,385 14 45,399 Commercial paper 76,914 — 76,914 Asset-backed securities 20,397 12 20,409 Total $ 216,398 $ 54 $ 216,452 Investments as of December 31, 2019 consisted of the following: Unrealized Gains Cost Basis (Losses) Fair Value Corporate bonds $ 24,796 $ 56 $ 24,852 U.S. government and agency obligations 8,529 10 8,539 Commercial paper 13,755 — 13,755 Asset-backed securities 18,813 34 18,847 Total $ 65,893 $ 100 $ 65,993 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Components of Aggregate Purchase Price | Fair value of AtriCure common stock issued at closing $ 20,307 Cash 17,240 Fair value of contingent consideration liabilities 171,300 Total purchase price $ 208,847 |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | August 13, 2019 Inventories $ 1,848 Current assets 328 Operating lease right-of-use asset 2,929 Property and equipment 94 Intangible assets 82,570 Other assets 202 Total identifiable assets $ 87,971 Current liabilities $ 5,719 Operating lease liability 2,929 Total liabilities assumed $ 8,648 Net identifiable assets acquired $ 79,323 Goodwill 129,524 Total consideration $ 208,847 |
Valuation of Intangible Assets Acquired and Related Amortization Periods | Amortization Term Valuation (in years) Developed technology $ 270 15 IPR&D 82,300 Indefinite Total $ 82,570 |
Pro-forma Acquisition Information | Year Ended December 31, (unaudited) 2019 2018 Revenue $ 232,768 $ 205,725 Net loss ( 40,970 ) ( 42,959 ) Basic and diluted net loss per share $ ( 1.09 ) $ ( 1.23 ) |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets and Goodwill [Abstract] | |
Company's Intangible Assets | 2020 2019 Estimated Accumulated Accumulated Useful Life Cost Amortization Cost Amortization Technology 5 - 15 years $ 11,691 $ 9,813 $ 11,691 $ 8,131 IPR&D 126,321 — 126,321 — Total $ 138,012 $ 9,813 $ 138,012 $ 8,131 |
Future Amortization Expense Related To Intangible Assets With Definite Lives | 2021 $ 951 2022 718 2023 18 2024 18 2025 18 2026 and thereafter 155 Total $ 1,878 |
Summary Of Company's Goodwill | Net carrying amount as of December 31, 2018 $ 105,257 Additions 129,524 Net carrying amount as of December 31, 2019 234,781 Additions — Net carrying amount as of December 31, 2020 $ 234,781 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Summary Of Inventories | 2020 2019 Raw materials $ 11,966 $ 11,126 Work in process 2,424 1,260 Finished goods 20,636 17,028 Inventories $ 35,026 $ 29,414 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property and Equipment [Abstract] | |
Summary Of Property And Equipment | Estimated Useful Life 2020 2019 Generators and other capital equipment 1 - 3 years $ 18,669 $ 20,167 Building under finance lease 15 years 14,250 14,250 Computer and other office equipment 3 years 8,045 7,606 Machinery, equipment and vehicles 3 - 7 years 6,697 5,905 Furniture and fixtures 3 - 7 years 5,849 5,009 Leasehold improvements 5 - 15 years 8,645 6,078 Construction in progress N/A 2,067 5,708 Land N/A 502 502 Equipment under finance leases 3 - 5 years 409 483 Total 65,133 65,708 Less accumulated depreciation ( 36,843 ) ( 33,062 ) Property and equipment, net $ 28,290 $ 32,646 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 2020 2019 Accrued payroll and employee-related expenses $ 8,576 $ 6,748 Accrued legal settlement 6,000 — Accrued commissions 4,765 8,734 Accrued bonus 4,389 10,840 Sales returns and allowances 1,889 3,979 Accrued taxes and value-added taxes payable 1,256 1,658 Accrued royalties 703 732 Other accrued liabilities 406 59 Total $ 27,984 $ 32,750 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Indebtedness [Abstract] | |
Future Maturities On Debt | 2021 $ 6,667 2022 20,000 2023 20,000 2024 13,333 Total long-term debt, of which $ 6,667 is current and $ 53,333 is noncurrent $ 60,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary Of Weighted Average Remaining Lease Term And Discount Rate | As of December 31, 2020 As of December 31, 2019 Operating Leases Weighted average remaining lease term (years) 3.2 3.5 Weighted average discount rate 5.68 % 5.94 % Finance leases Weighted average remaining lease term (years) 9.7 11.0 Weighted average discount rate 6.91 % 7.05 % |
Summary Of Components Of Lease Expense | Year Ended Year Ended December 31, 2020 December 31, 2019 Operating lease cost $ 1,237 $ 952 Finance lease cost: Amortization of right-of-use assets 1,050 998 Interest on lease liabilities 844 872 Total finance lease cost $ 1,894 $ 1,870 |
Summary Of Supplemental Cash Flow Information Related To Leases | Year Ended Year Ended December 31, 2020 December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,236 $ 1,026 Operating cash flows for finance leases 844 872 Financing cash flows for finance leases 664 629 Right-of-use assets obtained in exchange for lease obligations: Operating Leases 1,421 1,884 Finance Leases 22 270 Operating lease right-of-use asset obtained in business combination — 2,929 Early termination of operating lease 2,743 — |
Summary Of Supplemental Balance Sheet Information Related To Leases | As of December 31, 2020 As of December 31, 2019 Operating Leases Operating lease right-of-use assets $ 1,914 $ 4,032 Other current liabilities and current maturities of debt and leases 927 1,465 Operating lease liabilities 1,180 2,796 Total operating lease liabilities $ 2,107 $ 4,261 Finance Leases Property and equipment, at cost $ 14,659 $ 14,733 Accumulated depreciation ( 5,247 ) ( 4,197 ) Property and equipment, net $ 9,412 $ 10,536 Other current liabilities and current maturities of debt and leases $ 823 $ 753 Finance lease liabilities 10,969 11,774 Total finance lease liabilities $ 11,792 $ 12,527 |
Schedule Of Maturities Of Lease Liabilities | Operating Leases Finance Leases 2021 $ 927 $ 1,608 2022 637 1,629 2023 239 1,652 2024 246 1,674 2025 253 1,625 2026 and thereafter — 8,172 Total payments $ 2,302 $ 16,360 Less imputed interest ( 195 ) ( 4,568 ) Total $ 2,107 $ 11,792 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Summary Of Company's Provision for Income Taxes | 2020 2019 2018 Current Tax Expense Federal $ ( 26 ) $ ( 26 ) $ ( 51 ) State 78 34 28 Foreign 74 165 198 Total current tax expense 126 173 175 Deferred Tax Expense Federal $ ( 10,304 ) $ ( 7,655 ) $ ( 3,048 ) State ( 1,686 ) ( 1,368 ) 178 Foreign ( 3,071 ) ( 1,690 ) 45 Change in valuation allowance 15,049 10,739 2,876 Total deferred tax expense ( 12 ) 26 51 Total tax expense $ 114 $ 199 $ 226 |
Summary of Detail of Deferred Tax Assets and Liabilities | 2020 2019 Deferred tax assets (liabilities): Net operating loss carryforward $ 123,556 $ 111,000 Research and development and AMT credit carryforwards, net 9,365 8,193 Deferred interest 1,598 909 Equity compensation 8,623 8,233 Accruals and reserves 3,739 3,513 Inventories 1,360 1,007 Intangible assets ( 30,773 ) ( 30,996 ) Property and equipment, net ( 1,315 ) ( 1,482 ) Finance and operating lease liabilities 3,164 4,016 Right-of-use assets ( 2,547 ) ( 3,476 ) Other, net 293 287 Subtotal 117,063 101,204 Less valuation allowance ( 117,025 ) ( 101,178 ) Total $ 38 $ 26 |
Summary Of Difference Between Effective Income Tax Rates and Federal Statutory Rate | 2020 2019 2018 Federal tax at statutory rate 21.00 % $ ( 10,088 ) 21.00 % $ ( 6,950 ) 21.00 % $ ( 4,391 ) Federal and Foreign tax rate change 2.97 ( 1,425 ) 1.40 ( 462 ) ( 6.84 ) 1,430 Federal R&D credit 2.05 ( 985 ) 2.53 ( 837 ) 4.39 ( 918 ) Federal deferred adjustment 2.77 ( 1,328 ) 3.28 ( 1,085 ) ( 10.77 ) 2,253 Valuation allowance ( 31.33 ) 15,048 ( 32.45 ) 10,739 ( 13.75 ) 2,876 State income taxes 3.35 ( 1,607 ) 4.02 ( 1,334 ) ( 0.99 ) 206 Foreign NOL rate change 0.92 ( 441 ) ( 1.17 ) 388 ( 1.22 ) 256 Foreign tax rate differential 0.57 ( 274 ) ( 0.38 ) 126 ( 0.60 ) 125 Permanent differences and other ( 2.53 ) 1,214 1.17 ( 386 ) 7.70 ( 1,611 ) Effective tax rate ( 0.23 ) % $ 114 ( 0.60 ) % $ 199 ( 1.08 ) % $ 226 |
Summary Of Reconciliation of Change in Federal and State Unrecognized Tax Benefits | 2020 2019 2018 Balance at the beginning of the year $ 1,777 $ 1,157 $ 1,157 Increases (decreases) for prior year tax positions 21 620 — Increases (decreases) for current year tax positions — — — Increases (decreases) related to settlements — — — Decreases related to statute lapse — — — Balance at the end of the year $ 1,798 $ 1,777 $ 1,157 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Compensation Plans [Abstract] | |
Activity Under Stock Based Compensation Plans | Activity under the plans during 2020 was as follows: Weighted Weighted Average Number of Average Remaining Aggregate Shares Exercise Contractual Intrinsic Time-Based Stock Options Outstanding Price Term Value Outstanding at January 1, 2020 1,507 $ 14.38 Granted 52 39.02 Exercised ( 646 ) 13.08 Cancelled ( 9 ) 28.97 Outstanding at December 31, 2020 904 $ 16.57 4.08 $ 35,345 Vested and expected to vest 900 $ 16.49 4.06 $ 35,271 Exercisable at December 31, 2020 807 $ 14.61 3.55 $ 33,143 Weighted Weighted RSA Average PSA Average Shares Grant Date Shares Grant Date Restricted Stock Awards and Performance Share Awards Outstanding Fair Value Outstanding Fair Value Outstanding at January 1, 2020 1,402 $ 21.76 264 $ 26.34 Awarded 446 40.77 140 38.42 Released ( 875 ) 20.89 ( 72 ) 57.08 Forfeited ( 38 ) 33.34 ( 45 ) 34.16 Outstanding at December 31, 2020 935 $ 30.92 287 $ 39.70 Weighted Weighted Average Number of Average Remaining Aggregate Shares Exercise Contractual Intrinsic Performance Stock Options Outstanding Price Term Value Outstanding at January 1, 2020 450 $ 13.48 Granted — — Exercised ( 275 ) 8.66 Cancelled — — Outstanding at December 31, 2020 175 $ 21.04 3.07 $ 6,085 Exercisable at December 31, 2020 175 $ 21.04 3.07 $ 6,085 Activity under the plans during 2019 was as follows: Weighted Weighted Average Number of Average Remaining Aggregate Shares Exercise Contractual Intrinsic Time-Based Stock Options Outstanding Price Term Value Outstanding at January 1, 2019 1,582 $ 13.83 Granted 42 28.77 Exercised ( 110 ) 10.91 Cancelled ( 7 ) 30.48 Outstanding at December 31, 2019 1,507 $ 14.38 4.25 $ 27,340 Vested and expected to vest 1,503 $ 14.35 4.24 $ 27,319 Exercisable at December 31, 2019 1,392 $ 13.55 3.90 $ 26,398 Weighted Weighted RSA Average PSA Average Shares Grant Date Shares Grant Date Restricted Stock Awards and Performance Share Awards Outstanding Fair Value Outstanding Fair Value Outstanding at January 1, 2019 1,746 $ 18.19 90 $ 17.71 Awarded 435 30.12 174 30.77 Released ( 776 ) 18.44 — — Forfeited ( 3 ) 18.02 — — Outstanding at December 31, 2019 1,402 $ 21.76 264 $ 26.34 Weighted Weighted Average Number of Average Remaining Aggregate Shares Exercise Contractual Intrinsic Performance Stock Options Outstanding Price Term Value Outstanding at January 1, 2019 450 $ 13.48 Granted — — Exercised — — Cancelled — — Outstanding at December 31, 2019 450 $ 13.48 3.45 $ 8,566 Exercisable at December 31, 2019 350 $ 13.48 3.45 $ 6,662 |
Share-Based Compensation Expense Related To Employee Share-Based Compensation | 2020 2019 2018 Cost of revenue $ 1,425 $ 917 $ 1,545 Research and development expenses 3,530 2,374 1,987 Selling, general and administrative expenses 17,687 14,686 12,963 Total $ 22,642 $ 17,977 $ 16,495 The expense by award type was allocated as follows: 2020 2019 2018 Restricted Stock Awards & Time-Based Stock Options $ 18,612 $ 13,922 $ 15,032 Performance Share Awards 2,921 3,254 766 ESPP 1,109 801 697 Total $ 22,642 $ 17,977 $ 16,495 |
Assumptions Used for Determining Fair Value of Options | 2020 2019 2018 Range of risk-free interest rate 0.30 - 1.73 % 1.43 - 2.64 % 2.31 - 3.01 % Range of expected life of stock options (years) 5.15 to 5.65 5.13 to 5.69 5.14 to 5.71 Range of expected volatility of stock 40.00 - 43.00 % 40.00 - 42.00 % 41.00 - 42.00 % Weighted-average volatility 41.54 % 40.87 % 41.51 % Dividend yield 0.00 % 0.00 % 0.00 % |
Weighted Average Estimated Grant Date Fair Value Per Share of Stock Options, Restricted Stock Granted, And Performance Awards | 2020 2019 2018 Stock options $ 15.25 $ 11.56 $ 10.97 Restricted stock awards 40.77 30.12 18.71 Performance share awards 38.42 30.77 17.71 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment and Geographic Information [Abstract] | |
Revenue By Geographic Area | 2020 2019 2018 United States $ 169,244 $ 185,829 $ 162,146 Europe 23,217 27,929 25,912 Asia 13,118 15,976 12,687 Other international 952 1,073 885 Total international 37,287 44,978 39,484 Total revenue $ 206,531 $ 230,807 $ 201,630 |
Revenue By Product Type | United States revenue by product type was as follows: 2020 2019 2018 Open ablation $ 75,399 $ 80,205 $ 72,250 Minimally invasive ablation 25,647 34,842 35,053 Appendage management 66,981 68,166 52,891 Total ablation and appendage management 168,027 183,213 160,194 Valve tools 1,217 2,616 1,952 Total United States $ 169,244 $ 185,829 $ 162,146 International revenue by product type was as follows: 2020 2019 2018 Open ablation $ 18,655 $ 24,945 $ 21,118 Minimally invasive ablation 6,171 8,349 9,176 Appendage management 12,353 11,476 8,988 Total ablation and appendage management 37,179 44,770 39,282 Valve tools 108 208 202 Total international $ 37,287 $ 44,978 $ 39,484 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | For the Three Months Ended March 31, June 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 2020 2019 Operating Results: Revenue $ 53,225 $ 53,966 $ 40,824 $ 58,906 $ 54,757 $ 56,614 $ 57,725 $ 61,321 Gross profit 38,884 39,871 27,654 43,893 40,334 41,797 42,437 44,774 Loss from operations ( 15,454 ) ( 5,320 ) ( 7,285 ) ( 3,839 ) ( 3,991 ) ( 8,637 ) ( 17,503 ) ( 15,326 ) Net loss ( 16,408 ) ( 5,635 ) ( 8,236 ) ( 4,101 ) ( 4,949 ) ( 9,362 ) ( 18,562 ) ( 16,096 ) Net loss per share (basic and diluted) $ ( 0.42 ) $ ( 0.15 ) $ ( 0.20 ) $ ( 0.11 ) $ ( 0.11 ) $ ( 0.25 ) $ ( 0.42 ) $ ( 0.42 ) |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |||
Depreciation | $ 7,866 | $ 7,423 | $ 7,244 |
Property and equipment, net | $ 28,290 | $ 32,646 | |
Options, restricted stock and performance based shares excluded from calculation of net loss per share | 2,301 | 3,623 | 3,869 |
Share-based compensation expense recognized | $ 22,642 | $ 17,977 | $ 16,495 |
Advertising costs | $ 655 | $ 635 | $ 785 |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive (loss) income at beginning of period | $ (158) | $ (199) | $ 34 |
Total accumulated other comprehensive income (loss) at end of period | 312 | (158) | (199) |
Unrealized Gains (Losses) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive (loss) income at beginning of period | 100 | (37) | (6) |
Other comprehensive income (loss) before reclassifications | (70) | 137 | (31) |
Amounts reclassified from accumulated other comprehensive (loss) income to other income (expense) | 24 | ||
Total accumulated other comprehensive income (loss) at end of period | 54 | 100 | (37) |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive (loss) income at beginning of period | (258) | (162) | 40 |
Other comprehensive income (loss) before reclassifications | 555 | (277) | (367) |
Amounts reclassified from accumulated other comprehensive (loss) income to other income (expense) | (39) | 181 | 165 |
Total accumulated other comprehensive income (loss) at end of period | $ 258 | $ (258) | $ (162) |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) shares in Thousands | Aug. 13, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2026 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Changes in levels or methodology | $ 0 | $ 0 | $ 0 | ||||
Change in value of contingent consideration | (357,000) | (4,916,000) | $ (10,825,000) | ||||
Maximum contingent consideration payable | 260,000,000 | ||||||
nContact Surgical [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value contingent consideration | 0 | ||||||
SentreHEART [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value of AtriCure common stock issued at closing | $ 20,307,000 | $ 20,307,000 | |||||
Shares issued or issuable | 699 | 6,322 | |||||
Total shares that may be issued | 7,021 | ||||||
Shares issued at closing | 699 | ||||||
Maximum contingent consideration payable | $ 260,000,000 | ||||||
Significant Other Unobservable Inputs (Level 3) [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Settlement of trial enrollment milestone | $ (7,500,000) | ||||||
Completion Of CONVERGE IDE Trial And Receiving A PMA From FDA [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Payments of contingent consideration | 0 | ||||||
Completion Of CONVERGE IDE Trial And Receiving A PMA From FDA [Member] | nContact Surgical [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Payments of contingent consideration | $ 0 | ||||||
Maximum contingent consideration payable | $ 50,000,000 | ||||||
Patient Enrollment In Converge IDE Trial [Member] | nContact Surgical [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Shares issued or issuable | 232 | ||||||
Payments of contingent consideration | $ 1,221,000 | ||||||
Receiving PMA From FDA For LARIAT System [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Potential contingent consideration reduction, percentage | 4.17% | ||||||
Receiving PMA From FDA For LARIAT System [Member] | Forecast [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Potential contingent consideration reduction if regulatory milestone not met | $ 0 | ||||||
Achievement Of Interim Success Milestone [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Payments of contingent consideration | $ 25,000,000 | ||||||
American Medical Association Approval [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Potential contingent consideration reduction, percentage | 4.17% | ||||||
Payments of contingent consideration | $ 120,000,000 | ||||||
American Medical Association Approval [Member] | Forecast [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Potential contingent consideration reduction if regulatory milestone not met | $ 0 | ||||||
Minimum [Member] | Completion Of CONVERGE IDE Trial And Receiving A PMA From FDA [Member] | nContact Surgical [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Entitled sales-based contingent consideration on revenue in excess of annual growth through 2019 | 25.00% | ||||||
Maximum [Member] | Receiving PMA From FDA For LARIAT System [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Payments of contingent consideration | $ 140,000,000 |
Fair Value (Financial Assets An
Fair Value (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Total assets | $ 254,904 | $ 90,495 |
Liabilities: | ||
Contingent consideration | 184,800 | 185,157 |
Total liabilities | 184,800 | 185,157 |
Money Market Funds [Member] | ||
Assets: | ||
Total assets | 38,452 | 14,502 |
Repurchase Agreements [Member] | ||
Assets: | ||
Total assets | 10,000 | |
Commercial Paper [Member] | ||
Assets: | ||
Total assets | 76,914 | 13,755 |
U.S. Government And Agency Obligations [Member] | ||
Assets: | ||
Total assets | 45,399 | 8,539 |
Corporate Bonds [Member] | ||
Assets: | ||
Total assets | 73,730 | 24,852 |
Asset-backed Securities [Member] | ||
Assets: | ||
Total assets | 20,409 | 18,847 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Total assets | 45,399 | 8,539 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Government And Agency Obligations [Member] | ||
Assets: | ||
Total assets | 45,399 | 8,539 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Total assets | 209,505 | 81,956 |
Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | ||
Assets: | ||
Total assets | 38,452 | 14,502 |
Significant Other Observable Inputs (Level 2) [Member] | Repurchase Agreements [Member] | ||
Assets: | ||
Total assets | 10,000 | |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Assets: | ||
Total assets | 76,914 | 13,755 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total assets | 73,730 | 24,852 |
Significant Other Observable Inputs (Level 2) [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Total assets | 20,409 | 18,847 |
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Liabilities: | ||
Contingent consideration | 184,800 | 185,157 |
Total liabilities | $ 184,800 | $ 185,157 |
Fair Value (Level 3 Fair Value
Fair Value (Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Acquisition-Related Contingent Consideration (Recurring)) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Minimum [Member] | Measurement Input, Year Projection [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Projected fiscal year of payment | 2022 |
Maximum [Member] | Measurement Input, Year Projection [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Projected fiscal year of payment | 2025 |
Significant Other Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Regulatory & Reimbursement milestones | $ 184,800 |
Significant Other Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Discount Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Contingent consideration, measurement input | 5.56% |
Significant Other Unobservable Inputs (Level 3) [Member] | Minimum [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Probabilty Of Payment [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Contingent consideration, measurement input | 70.00% |
Significant Other Unobservable Inputs (Level 3) [Member] | Maximum [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Probabilty Of Payment [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Contingent consideration, measurement input | 85.00% |
Significant Other Unobservable Inputs (Level 3) [Member] | Weighted Average [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Probabilty Of Payment [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Contingent consideration, measurement input | 5.56% |
Significant Other Unobservable Inputs (Level 3) [Member] | Weighted Average [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Discount Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Contingent consideration, measurement input | 80.62% |
Fair Value (Level 3 Fair Valu_2
Fair Value (Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Acquisition-Related Contingent Consideration) (Details) - Significant Other Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 185,157 | $ 18,773 | $ 37,098 |
Amounts acquired | 171,300 | ||
Settlement of trial enrollment milestone | (7,500) | ||
Changes in fair value included in earnings | (357) | (4,916) | (10,825) |
Ending Balance | $ 184,800 | $ 185,157 | $ 18,773 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments [Abstract] | |||
Gain (Loss) on Investments | $ 0 | $ 0 | $ 0 |
Investments (Summary Of Short-t
Investments (Summary Of Short-term Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Investment Holdings [Line Items] | ||
Short-term investments, Cost Basis | $ 216,398 | $ 65,893 |
Short-term investment, Unrealized Gains (Losses) | 54 | 100 |
Short-term investments, Fair Value | 216,452 | 65,993 |
Corporate Bonds [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Short-term investments, Cost Basis | 73,702 | 24,796 |
Short-term investment, Unrealized Gains (Losses) | 28 | 56 |
Short-term investments, Fair Value | 73,730 | 24,852 |
U.S. Government And Agency Obligations [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Short-term investments, Cost Basis | 45,385 | 8,529 |
Short-term investment, Unrealized Gains (Losses) | 14 | 10 |
Short-term investments, Fair Value | 45,399 | 8,539 |
Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Short-term investments, Cost Basis | 76,914 | 13,755 |
Short-term investments, Fair Value | 76,914 | 13,755 |
Asset-backed Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Short-term investments, Cost Basis | 20,397 | 18,813 |
Short-term investment, Unrealized Gains (Losses) | 12 | 34 |
Short-term investments, Fair Value | $ 20,409 | $ 18,847 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | Aug. 13, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Combination Transactions [Line Items] | ||||||||||||
Cash payments to former shareholders | $ 17,240 | |||||||||||
Maximum contingent consideration payable | $ 260,000 | $ 260,000 | ||||||||||
Revenue | 57,725 | $ 54,757 | $ 40,824 | $ 53,225 | $ 61,321 | $ 56,614 | $ 58,906 | $ 53,966 | 206,531 | 230,807 | $ 201,630 | |
Net loss | $ (18,562) | $ (4,949) | $ (8,236) | $ (16,408) | (16,096) | $ (9,362) | $ (4,101) | $ (5,635) | (48,155) | (35,194) | (21,137) | |
Common Stock [Member] | ||||||||||||
Business Combination Transactions [Line Items] | ||||||||||||
Net loss | ||||||||||||
SentreHEART [Member] | ||||||||||||
Business Combination Transactions [Line Items] | ||||||||||||
Acquisition of shares and voting interest | 100.00% | |||||||||||
Consideration payment, value | $ 20,307 | $ 20,307 | ||||||||||
Cash payments to former shareholders | $ 18,008 | |||||||||||
Consideration payment, shares | 699 | 6,322 | ||||||||||
Adjustment for net working capital balances outside of specified range | $ 768 | |||||||||||
Fair value of contingent consideration liabilities | $ 171,300 | |||||||||||
Shares issued at closing | 699 | 699 | ||||||||||
Maximum contingent consideration payable | $ 260,000 | $ 260,000 | ||||||||||
Revenue | 1,280 | |||||||||||
Net loss | 8,505 | |||||||||||
Net deferred tax assets | 20,590 | 20,590 | ||||||||||
Federal and state net operating loss carryforwards | 184,036 | 184,036 | ||||||||||
Federal net operating loss carryforwards | $ 37,906 | 37,906 | ||||||||||
Selling, General and Administrative Expenses [Member] | SentreHEART [Member] | ||||||||||||
Business Combination Transactions [Line Items] | ||||||||||||
Acquisition related costs | $ 138 | $ 3,978 |
Business Combinations (Schedule
Business Combinations (Schedule of Components of Aggregate Purchase Price) (Details) - SentreHEART [Member] - USD ($) $ in Thousands | Aug. 13, 2019 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||
Fair value of AtriCure common stock issued at closing | $ 20,307 | $ 20,307 |
Cash | 17,240 | |
Fair value of contingent consideration liabilities | 171,300 | |
Total purchase price | $ 208,847 |
Business Combinations (Summary
Business Combinations (Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 13, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Operating lease right-of-use asset | $ 2,929 | |||
Goodwill | $ 234,781 | $ 234,781 | $ 105,257 | |
SentreHEART [Member] | ||||
Business Acquisition [Line Items] | ||||
Inventories | $ 1,848 | |||
Current assets | 328 | |||
Operating lease right-of-use asset | 2,929 | |||
Property and equipment | 94 | |||
Intangible assets | $ 82,570 | 82,570 | ||
Other assets | 202 | |||
Total identifiable assets | 87,971 | |||
Current liabilities | 5,719 | |||
Operating lease liability | 2,929 | |||
Total liabilities assumed | 8,648 | |||
Net identifiable assets acquired | 79,323 | |||
Goodwill | 129,524 | |||
Total consideration | $ 208,847 |
Business Combinations (Valuatio
Business Combinations (Valuation of Intangible Assets Acquired and Related Amortization Periods) (Details) - SentreHEART [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Aug. 13, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 82,570 | $ 82,570 |
Developed Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 270 | |
Intangible assets amortization period | 15 years | |
IPR&D [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 82,300 |
Business Combination (Pro-forma
Business Combination (Pro-forma Acquisition Information) (Details) - SentreHEART [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition Pro Forma Information [Line Items] | ||
Revenue | $ 232,768 | $ 205,725 |
Net loss | $ (40,970) | $ (42,959) |
Basic and diluted net loss per share | $ (1.09) | $ (1.23) |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 1,682 | $ 1,943 | $ 1,510 |
IPR&D [Member] | Scenario, Plan [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 44,021 | ||
Minimum [Member] | Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Useful Life | 5 years | ||
Maximum [Member] | Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Useful Life | 15 years |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Company's Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 138,012 | $ 138,012 |
Accumulated Amortization | 9,813 | 8,131 |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 11,691 | 11,691 |
Accumulated Amortization | 9,813 | 8,131 |
IPR&D [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 126,321 | $ 126,321 |
Minimum [Member] | Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Maximum [Member] | Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 15 years |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill (Future Amortization Expense Related To Intangible Assets With Definite Lives) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Intangible Assets and Goodwill [Abstract] | |
2021 | $ 951 |
2022 | 718 |
2023 | 18 |
2024 | 18 |
2025 | 18 |
2026 and thereafter | 155 |
Total | $ 1,878 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill (Summary Of Company's Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets and Goodwill [Abstract] | ||
Beginning Balance | $ 234,781 | $ 105,257 |
Amounts acquired | 129,524 | |
Ending Balance | $ 234,781 | $ 234,781 |
Inventories (Summary Of Invento
Inventories (Summary Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Raw materials | $ 11,966 | $ 11,126 |
Work in process | 2,424 | 1,260 |
Finished goods | 20,636 | 17,028 |
Inventories | $ 35,026 | $ 29,414 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 7,866 | $ 7,423 | $ 7,244 |
Net carrying value | 28,290 | 32,646 | |
Generators and Other Capital Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 2,503 | 2,910 | $ 3,191 |
Net carrying value | $ 3,410 | $ 4,272 |
Property and Equipment (Summary
Property and Equipment (Summary Of Property And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 65,133 | $ 65,708 |
Less accumulated depreciation | (36,843) | (33,062) |
Property, and equipment, net | 28,290 | 32,646 |
Generators and Other Capital Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 18,669 | 20,167 |
Property, and equipment, net | $ 3,410 | 4,272 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Property and equipment, gross | $ 14,250 | 14,250 |
Computer and Other Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Property and equipment, gross | $ 8,045 | 7,606 |
Machinery, Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6,697 | 5,905 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,849 | 5,009 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,645 | 6,078 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,067 | 5,708 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 502 | 502 |
Equipment Under Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 409 | $ 483 |
Minimum [Member] | Generators and Other Capital Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 1 year | |
Minimum [Member] | Machinery, Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Minimum [Member] | Equipment Under Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Maximum [Member] | Generators and Other Capital Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Maximum [Member] | Machinery, Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Maximum [Member] | Equipment Under Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years |
Accrued Liabilities (Accrued Li
Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities [Abstract] | ||
Accrued payroll and employee-related expenses | $ 8,576 | $ 6,748 |
Accrued settlement | 6,000 | |
Accrued commissions | 4,765 | 8,734 |
Accrued bonus | 4,389 | 10,840 |
Sales returns and allowances | 1,889 | 3,979 |
Accrued taxes and value-added taxes payable | 1,256 | 1,658 |
Accrued royalties | 703 | 732 |
Other accrued liabilities | 406 | 59 |
Total | $ 27,984 | $ 32,750 |
Indebtedness (Narrative) (Detai
Indebtedness (Narrative) (Details) - Silicon Valley Bank, Amended And Restated Loan Agreement Effective 2/23/18 [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Feb. 23, 2018 | |
Line of Credit Facility [Line Items] | ||
Line of credit, maximum borrowing capacity | $ 70,000,000 | |
Upon certain conditions met, deferred loan payment period | 6 months | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, borrowings | $ 20,000,000 | |
Maturity date | Aug. 1, 2024 | |
Line of credit, amount outstanding | $ 0 | |
Line of credit, revolving line of credit | $ 8,750,000 | |
Annual commitment fee, percentage | 0.15% | |
Revolving Credit Facility [Member] | Prime Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis rate | 5.00% | |
Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Loan amount | $ 60,000,000 | |
Term loan principal payment start date | Mar. 1, 2021 | |
Annual commitment fee | $ 495,000 | |
Annual commitment fee, percentage | 3.00% | |
Financing costs | $ 393,000 | |
Term Loan [Member] | Prime Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis rate | 0.75% | |
Interest rate | 5.00% | |
Term Loan [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, borrowings | $ 20,000,000 |
Indebtedness (Future Maturities
Indebtedness (Future Maturities On Debt) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Indebtedness [Abstract] | |
2021 | $ 6,667 |
2022 | 20,000 |
2023 | 20,000 |
2024 | 13,333 |
Total long-term debt, of which $6,667 is current and $53,333 is noncurrent | 60,000 |
Current | 6,667 |
Noncurrent | $ 53,333 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2015 |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 1,914 | $ 4,032 | |
Operating lease liabilities | $ 1,180 | $ 2,796 | |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 10 years | ||
Letter of Credit [Member] | Mason Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Letter of credit outstanding | $ 1,250 |
Leases (Summary Of Weighted Ave
Leases (Summary Of Weighted Average Remaining Lease Term And Discount Rate) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Leases, Weighted average remaining lease term (years) | 3 years 2 months 12 days | 3 years 6 months |
Operating Leases, Weighted average discount rate | 5.68% | 5.94% |
Finance Leases, Weighted average remaining lease term (years) | 9 years 8 months 12 days | 11 years |
Finance Leases, Weighted average discount rate | 6.91% | 7.05% |
Leases (Summary Of Components O
Leases (Summary Of Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,237 | $ 952 |
Amortization of right-of-use assets | 1,050 | 998 |
Interest on lease liabilities | 844 | 872 |
Total finance lease cost | $ 1,894 | $ 1,870 |
Leases (Summary Of Supplemental
Leases (Summary Of Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 1,236 | $ 1,026 |
Operating cash flows from finance leases | 844 | 872 |
Financing cash flows from finance leases | 664 | 629 |
Operating Leases | 1,421 | 1,884 |
Finance Leases | 22 | 270 |
Operating lease right-of-use asset obtained in business combination | $ 2,929 | |
Early termination of operating lease | $ 2,743 |
Leases (Summary Of Supplement_2
Leases (Summary Of Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 1,914 | $ 4,032 |
Operating lease liabilities | 1,180 | 2,796 |
Total operating lease liabilities | 2,107 | 4,261 |
Property and equipment, at cost | 65,133 | 65,708 |
Finance Leases, Property and equipment, at cost | 14,659 | 14,733 |
Finance Leases, Accumulated depreciation | (5,247) | (4,197) |
Finance Leases, Property and equipment, net | 9,412 | 10,536 |
Accumulated depreciation | (36,843) | (33,062) |
Property and equipment, net | 28,290 | 32,646 |
Other current liabilities and current maturities of debt and leases | 823 | 753 |
Finance lease liabilities | 10,969 | 11,774 |
Total finance lease liabilities | 11,792 | 12,527 |
Other Current Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Other current liabilities and current maturities of debt and leases | $ 927 | $ 1,465 |
Leases (Schedule Of Maturities
Leases (Schedule Of Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 927 | |
2022 | 637 | |
2023 | 239 | |
2024 | 246 | |
2024 | 253 | |
2025 and thereafter | ||
Total payments | 2,302 | |
Less imputed interest | (195) | |
Total | 2,107 | $ 4,261 |
Finance Leases | ||
2021 | 1,608 | |
2022 | 1,629 | |
2023 | 1,652 | |
2024 | 1,674 | |
2024 | 1,625 | |
2025 and thereafter | 8,172 | |
Total payments | 16,360 | |
Less imputed interest | (4,568) | |
Total | $ 11,792 | $ 12,527 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies [Line Items] | |||
Royalty expense | $ 2,596 | $ 2,892 | $ 2,715 |
Former nContact Stockholders [Member] | |||
Commitments and Contingencies [Line Items] | |||
Liability related settlement current | $ 6,000 | ||
Minimum [Member] | |||
Commitments and Contingencies [Line Items] | |||
Royalty rates | 3.00% | ||
Royalty agreement term | 2025 | ||
Maximum [Member] | |||
Commitments and Contingencies [Line Items] | |||
Royalty rates | 5.00% | ||
Royalty agreement term | 2023 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 57,725 | $ 54,757 | $ 40,824 | $ 53,225 | $ 61,321 | $ 56,614 | $ 58,906 | $ 53,966 | $ 206,531 | $ 230,807 | $ 201,630 |
Shipping and Handling [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 1,192 | $ 1,485 | $ 1,236 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||||
Research and development and AMT credit carryforwards, net | $ 9,365,000 | $ 8,193,000 | |||
Pre-tax book loss for domestic operations | (43,218,000) | (28,002,000) | $ (13,443,000) | ||
Pre-tax book loss for international operations | (4,823,000) | (6,993,000) | (7,468,000) | ||
Undistributed earnings of foreign subsidiaries | 235,000 | ||||
Finance and operating lease liabilities | 3,164,000 | 4,016,000 | |||
Right-of-use assets | (2,547,000) | (3,476,000) | |||
Unrecognized tax benefits that would impact effective tax rate | 0 | ||||
Unrecognized tax benefits | 1,798,000 | 1,777,000 | $ 1,157,000 | $ 1,157,000 | |
Unrecognized tax benefits that would result in adjustments to other tax accounts | $ 1,798,000 | 1,777,000 | |||
Tax Year 2015 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Open Tax Year | 2016 | ||||
Tax Year 2016 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Open Tax Year | 2017 | ||||
Federal [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward | $ 116,485,000 | ||||
Research and development and AMT credit carryforwards, net | 9,365,000 | ||||
Federal [Member] | Tax Year 2021 And 2038 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward | 339,699,000 | ||||
State [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward | 301,983,000 | ||||
Foreign [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward | $ 49,714,000 | ||||
Minimum [Member] | Federal [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward, expiration year | 2021 | ||||
Research and development credit credit carryforwards expiration year | 2022 | ||||
Minimum [Member] | State [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward, expiration year | 2021 | ||||
Minimum [Member] | Foreign [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward, expiration year | 2021 | ||||
Maximum [Member] | Federal [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward, expiration year | 2037 | ||||
Research and development credit credit carryforwards expiration year | 2040 | ||||
Maximum [Member] | State [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward, expiration year | 2040 | ||||
Maximum [Member] | Foreign [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward, expiration year | 2027 | ||||
SentreHEART [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net deferred tax assets | $ 20,590,000 | ||||
ASC 842 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Finance and operating lease liabilities | $ 400,000 | ||||
Right-of-use assets | $ 400,000 |
Income Taxes (Summary Of Compan
Income Taxes (Summary Of Company's Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current Tax Expense | |||
Federal | $ (26) | $ (26) | $ (51) |
State | 78 | 34 | 28 |
Foreign | 74 | 165 | 198 |
Total current tax expense | 126 | 173 | 175 |
Deferred Tax Expense | |||
Federal | (10,304) | (7,655) | (3,048) |
State | (1,686) | (1,368) | 178 |
Foreign | (3,071) | (1,690) | 45 |
Change in valuation allowance | 15,049 | 10,739 | 2,876 |
Total deferred tax expense | (12) | 26 | 51 |
Total tax expense | $ 114 | $ 199 | $ 226 |
Income Taxes (Summary Of Detail
Income Taxes (Summary Of Detail Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets (liabilities): | ||
Net operating loss carryforward | $ 123,556 | $ 111,000 |
Research and development and AMT credit carryforwards, net | 9,365 | 8,193 |
Deferred interest | 1,598 | 909 |
Equity compensation | 8,623 | 8,233 |
Accruals and reserves | 3,739 | 3,513 |
Inventories | 1,360 | 1,007 |
Intangible assets | (30,773) | (30,996) |
Property and equipment, net | (1,315) | (1,482) |
Finance and operating lease liabilities | 3,164 | 4,016 |
Right-of-use assets | (2,547) | (3,476) |
Other, net | 293 | 287 |
Subtotal | 117,063 | 101,204 |
Less valuation allowance | (117,025) | (101,178) |
Total | $ 38 | $ 26 |
Income Taxes (Summary Of Differ
Income Taxes (Summary Of Difference Between Effective Income Tax Rates And Federal Statutory Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Federal tax at statutory rate | 21.00% | 21.00% | 21.00% |
Federal and Foreign tax rate change | 2.97% | 1.40% | (6.84%) |
Federal R&D credit | 2.05% | 2.53% | 4.39% |
Federal deferred adjustment | 2.77% | 3.28% | (10.77%) |
Valuation allowance | (31.33%) | (32.45%) | (13.75%) |
State income taxes | 3.35% | 4.02% | (0.99%) |
Foreign NOL rate change | 0.92% | (1.17%) | (1.22%) |
Foreign tax rate differential | 0.57% | (0.38%) | (0.60%) |
Permanent differences and other | (2.53%) | 1.17% | 7.70% |
Effective tax rate | (0.23%) | (0.60%) | (1.08%) |
Federal tax at statutory rate | $ (10,088) | $ (6,950) | $ (4,391) |
Federal and Foreign tax rate change | (1,425) | (462) | 1,430 |
Federal R&D credit | (985) | (837) | (918) |
Federal deferred adjustment | (1,328) | (1,085) | 2,253 |
Valuation allowance | 15,048 | 10,739 | 2,876 |
State income taxes | (1,607) | (1,334) | 206 |
Foreign NOL rate change | (441) | 388 | 256 |
Foreign tax rate differential | (274) | 126 | 125 |
Permanent differences and other | 1,214 | (386) | (1,611) |
Total tax expense | $ 114 | $ 199 | $ 226 |
Income Taxes (Summary Of Reconc
Income Taxes (Summary Of Reconciliation Of Change In Federal And State Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Balance at the beginning of the year | $ 1,777 | $ 1,157 | $ 1,157 |
Increases (decreases) for prior year tax positions | 21 | 620 | |
Increases (decreases) for prior year tax positions | |||
Increases (decreases) for current year tax positions | |||
Increases (decreases) related to settlements | |||
Decreases related to statute lapse | |||
Balance at the end of the year | $ 1,798 | $ 1,777 | $ 1,157 |
Concentrations (Narrative) (Det
Concentrations (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)customer | Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | |||
Number of customers | customer | 10 | ||
Cash and cash equivalents balance in excess of FDIC limits | $ | $ 41,694 | ||
Net Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Percentage representation of significant customer | 10.80% | 12.00% | 10.80% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Percentage representation of significant customer | 13.00% | 16.50% |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Benefit Plans [Abstract] | |||
Employee contribution percent | 50.00% | 50.00% | 50.00% |
Maximum percentage of employee contribution to the plan | 6.00% | 6.00% | 6.00% |
Company's matching contribution | $ 2,237,000 | $ 1,915,000 | $ 1,560,000 |
Discretionary contributions made | 0 | 0 | 0 |
Total contributions to retirement plan | $ 244,000 | $ 248,000 | $ 243,000 |
Equity Compensation Plans (Narr
Equity Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of options exercised | $ 29,594,000 | $ 1,985,000 | $ 5,343,000 |
Tax benefit recognized | 0 | 0 | 0 |
Incremental compensation expenses | $ 569,000 | $ 4,162,000 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiry of options from the date of grant | 10 years | ||
Weighted average period of recognizing cost | 2 years | ||
Options awarded | 52 | 42 | |
Stock options compensation costs | $ 1,075,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average period of recognizing cost | 1 year 8 months 12 days | ||
Total fair value of restricted stock vested | $ 34,200,000 | $ 23,479,000 | $ 11,864,000 |
Unrecognized compensation costs related to non-vested performance options | $ 17,486,000 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiry of options from the date of grant | 10 years | ||
Weighted average period of recognizing cost | 1 year 7 months 6 days | ||
Unrecognized compensation costs related to non-vested performance options | $ 6,940,000 | ||
Options awarded | |||
Number of shares options vest in | 25 | ||
Period of considering closing price of common stock | 30 days | ||
Stock Options And Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs related to non-vested share-based compensation arrangements with performance shares | $ 18,561,000 | ||
President And CEO [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options awarded | 450 | ||
Minimum [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual term (years) | 5 years 1 month 24 days | 5 years 1 month 17 days | 5 years 1 month 20 days |
Expected volatility of stock | 40.00% | 40.00% | 41.00% |
Interest rate | 0.30% | 1.43% | 2.31% |
Minimum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Maximum [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual term (years) | 5 years 7 months 24 days | 5 years 8 months 8 days | 5 years 8 months 15 days |
Expected volatility of stock | 43.00% | 42.00% | 42.00% |
Interest rate | 1.73% | 2.64% | 3.01% |
Maximum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
2014 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock reserved for issuance | 12,899 | ||
Shares available for future grants | 1,932 | ||
2014 Plan [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable period beginning | 3 years | ||
2008 Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Company's common stock may be purchased at a discount | 15.00% | ||
Participants purchase limit value | $ 25,000 | ||
Description of participants purchase limit | Participants may not purchase more than $25 of the Company’s common stock in a calendar year and may not purchase a value of more than 3 shares during an offering period. | ||
Participants purchase limit shares | 3 | ||
Offering period | 6 months | ||
Shares available for future issuance under the ESPP | 387 | ||
2018 PSAs [Member] | Minimum [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance stock award threshold, target and maximum payout opportunity percentage | 0.00% | ||
2018 PSAs [Member] | Maximum [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance stock award threshold, target and maximum payout opportunity percentage | 200.00% | ||
First Anniversary Date Of Grant [Member] | 2014 Plan [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 25.00% | ||
First, Second, And Third Anniversaries [Member] | Stock Options, RSA's, and RSU's [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 33.30% | ||
Tranche 4 [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price by which volume adjusted weighted average closing price exceeds under vesting condition | $ 17.50 | ||
Tranche 5 [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price by which volume adjusted weighted average closing price exceeds under vesting condition | 20 | ||
Tranche 6 [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price by which volume adjusted weighted average closing price exceeds under vesting condition | 25 | ||
Tranche 7 [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price by which volume adjusted weighted average closing price exceeds under vesting condition | 30 | ||
Tranche 8 [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price by which volume adjusted weighted average closing price exceeds under vesting condition | 35 | ||
Tranche 9 [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price by which volume adjusted weighted average closing price exceeds under vesting condition | $ 40 |
Equity Compensation Plans (Acti
Equity Compensation Plans (Activity Under Stock Based Compensation Plans) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Number of Shares Outstanding, Stock Options | 1,507 | 1,582 | |
Granted, Number of Shares Outstanding, Stock Options | 52 | 42 | |
Exercised, Number of Shares Outstanding, Stock Options | (646) | (110) | |
Cancelled or forfeited, Number of Shares Outstanding, Stock Options | (9) | (7) | |
Ending balance, Number of Shares Outstanding, Stock Options | 904 | 1,507 | 1,582 |
Vested and expected to vest, Number of Shares Outstanding, Stock Options | 900 | 1,503 | |
Exercisable, Ending balance, Number of Shares Outstanding, Stock Options | 807 | 1,392 | |
Beginning balance, Weighted Average Exercise Price, Stock Options | $ 14.38 | $ 13.83 | |
Granted, Weighted Average Exercise Price, Stock Options | 39.02 | 28.77 | |
Exercised, Weighted Average Exercise Price, Stock Options | 13.08 | 10.91 | |
Cancelled or forfeited, Weighted Average Exercise Price, Stock Options | 28.97 | 30.48 | |
Ending balance, Weighted Average Exercise Price, Stock Options | 16.57 | 14.38 | $ 13.83 |
Vested and expected to vest, Weighted Average Exercise Price, Stock Options | 16.49 | 14.35 | |
Exercisable, Ending balance, Weighted Average Exercise Price, Stock Options | $ 14.61 | $ 13.55 | |
Outstanding, Ending balance, Weighted Average Remaining Contractual Term, Stock Options | 4 years 29 days | 4 years 3 months | |
Vested and expected to vest, Weighted Average Remaining Contractual Term, Stock Options | 4 years 21 days | 4 years 2 months 26 days | |
Exercisable, Ending balance, Weighted Average Remaining Contractual Term, Stock Options | 3 years 6 months 18 days | 3 years 10 months 24 days | |
Outstanding, Ending balance, Aggregate Intrinsic Value, Stock Options | $ 35,345 | $ 27,340 | |
Vested and expected to vest, Aggregate Intrinsic Value, Stock Options | 35,271 | 27,319 | |
Exercisable, Ending balance, Aggregate Intrinsic Value, Stock Options | $ 33,143 | $ 26,398 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Number of Shares Outstanding | 1,402 | 1,746 | |
Awarded, Number of Shares Outstanding | 446 | 435 | |
Released, Number of Shares Outstanding | (875) | (776) | |
Forfeited, Number of Shares Outstanding | (38) | (3) | |
Ending balance, Number of Shares Outstanding | 935 | 1,402 | 1,746 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 21.76 | $ 18.19 | |
Awarded, Weighted Average Grant Date Fair Value | 40.77 | 30.12 | $ 18.71 |
Released, Weighted Average Grant Date Fair Value | 20.89 | 18.44 | |
Forfeited, Weighted Average Grant Date Fair Value | 33.34 | 18.02 | |
Ending balance, Weighted Average Grant Date Fair Value | $ 30.92 | $ 21.76 | $ 18.19 |
Performance Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Number of Shares Outstanding | 264 | 90 | |
Awarded, Number of Shares Outstanding | 140 | 174 | |
Released, Number of Shares Outstanding | (72) | ||
Forfeited, Number of Shares Outstanding | (45) | ||
Ending balance, Number of Shares Outstanding | 287 | 264 | 90 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 26.34 | $ 17.71 | |
Awarded, Weighted Average Grant Date Fair Value | 38.42 | 30.77 | $ 17.71 |
Released, Weighted Average Grant Date Fair Value | 57.08 | ||
Forfeited, Weighted Average Grant Date Fair Value | 34.16 | ||
Ending balance, Weighted Average Grant Date Fair Value | $ 39.70 | $ 26.34 | $ 17.71 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Number of Shares Outstanding, Stock Options | 450 | 450 | |
Granted, Number of Shares Outstanding, Stock Options | |||
Exercised, Number of Shares Outstanding, Stock Options | (275) | ||
Cancelled or forfeited, Number of Shares Outstanding, Stock Options | |||
Ending balance, Number of Shares Outstanding, Stock Options | 175 | 450 | 450 |
Exercisable, Ending balance, Number of Shares Outstanding, Stock Options | 175 | 350 | |
Beginning balance, Weighted Average Exercise Price, Stock Options | $ 13.48 | $ 13.48 | |
Granted, Weighted Average Exercise Price, Stock Options | |||
Exercised, Weighted Average Exercise Price, Stock Options | 8.66 | ||
Cancelled or forfeited, Weighted Average Exercise Price, Stock Options | |||
Ending balance, Weighted Average Exercise Price, Stock Options | 21.04 | 13.48 | $ 13.48 |
Exercisable, Ending balance, Weighted Average Exercise Price, Stock Options | $ 21.04 | $ 13.48 | |
Outstanding, Ending balance, Weighted Average Remaining Contractual Term, Stock Options | 3 years 25 days | 3 years 5 months 12 days | |
Exercisable, Ending balance, Weighted Average Remaining Contractual Term, Stock Options | 3 years 25 days | 3 years 5 months 12 days | |
Outstanding, Ending balance, Aggregate Intrinsic Value, Stock Options | $ 6,085 | $ 8,566 | |
Exercisable, Ending balance, Aggregate Intrinsic Value, Stock Options | $ 6,085 | $ 6,662 |
Equity Compensation Plans (Shar
Equity Compensation Plans (Share-Based Compensation Expense Related To Employee Share-Based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | $ 22,642 | $ 17,977 | $ 16,495 |
Cost of Revenue [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | 1,425 | 917 | 1,545 |
Research and Development Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | 3,530 | 2,374 | 1,987 |
Selling, General and Administrative Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | 17,687 | 14,686 | 12,963 |
Restricted Stock Awards & Time-Based Stock Options [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | 18,612 | 13,922 | 15,032 |
Performance Share Awards [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | 2,921 | 3,254 | 766 |
ESPP [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | $ 1,109 | $ 801 | $ 697 |
Equity Compensation Plans (Assu
Equity Compensation Plans (Assumptions Used for Determining Fair Value of Options) (Details) - Employee Stock Option [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average volatility | 41.54% | 40.87% | 41.51% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Range of risk-free interest rate | 0.30% | 1.43% | 2.31% |
Range of expected life of stock option (years) | 5 years 1 month 24 days | 5 years 1 month 17 days | 5 years 1 month 20 days |
Range of expected volatility of stock | 40.00% | 40.00% | 41.00% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Range of risk-free interest rate | 1.73% | 2.64% | 3.01% |
Range of expected life of stock option (years) | 5 years 7 months 24 days | 5 years 8 months 8 days | 5 years 8 months 15 days |
Range of expected volatility of stock | 43.00% | 42.00% | 42.00% |
Equity Compensation Plans (Weig
Equity Compensation Plans (Weighted Average Estimated Grant Date Fair Value Per Share of Stock Options, Restricted Stock Granted, And Performance Awards) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average estimated grant date fair value per share of the stock options granted | $ 15.25 | $ 11.56 | $ 10.97 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average estimated grant date fair value per share of the restricted stock granted | 40.77 | 30.12 | 18.71 |
Performance Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average estimated grant date fair value per share of the restricted stock granted | $ 38.42 | $ 30.77 | $ 17.71 |
Equity Compensation Plans (Esti
Equity Compensation Plans (Estimated Grant Date Fair Value Per Share of Performance Options Granted) (Details) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2020$ / shares | |
Tranche 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Price Target | $ 10 |
Tranche 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Price Target | 12.50 |
Tranche 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Price Target | 15 |
Tranche 4 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Price Target | 17.50 |
Tranche 5 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Price Target | 20 |
Tranche 6 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Price Target | 25 |
Tranche 7 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Price Target | 30 |
Tranche 8 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Price Target | 35 |
Tranche 9 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Price Target | $ 40 |
Segment and Geographic Inform_3
Segment and Geographic Information (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Europe [Member] | ||
Long-lived assets | $ 1,693 | $ 1,228 |
Segment and Geographic Inform_4
Segment and Geographic Information (Revenue By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue recognized from contracts with customers | $ 57,725 | $ 54,757 | $ 40,824 | $ 53,225 | $ 61,321 | $ 56,614 | $ 58,906 | $ 53,966 | $ 206,531 | $ 230,807 | $ 201,630 |
Revenue | $ 57,725 | $ 54,757 | $ 40,824 | $ 53,225 | $ 61,321 | $ 56,614 | $ 58,906 | $ 53,966 | 206,531 | 230,807 | 201,630 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue recognized from contracts with customers | 169,244 | 185,829 | 162,146 | ||||||||
Revenue | 169,244 | 185,829 | 162,146 | ||||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue recognized from contracts with customers | 23,217 | 27,929 | 25,912 | ||||||||
Revenue | 23,217 | 27,929 | 25,912 | ||||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue recognized from contracts with customers | 13,118 | 15,976 | 12,687 | ||||||||
Revenue | 13,118 | 15,976 | 12,687 | ||||||||
Other International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue recognized from contracts with customers | 952 | 1,073 | 885 | ||||||||
Revenue | 952 | 1,073 | 885 | ||||||||
International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue recognized from contracts with customers | 37,287 | 44,978 | 39,484 | ||||||||
Revenue | $ 37,287 | $ 44,978 | $ 39,484 |
Segment and Geographic Inform_5
Segment and Geographic Information (Revenue By Product Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 57,725 | $ 54,757 | $ 40,824 | $ 53,225 | $ 61,321 | $ 56,614 | $ 58,906 | $ 53,966 | $ 206,531 | $ 230,807 | $ 201,630 |
United States [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 169,244 | 185,829 | 162,146 | ||||||||
United States [Member] | Open Ablation [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 75,399 | 80,205 | 72,250 | ||||||||
United States [Member] | Minimally Invasive Ablation [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 25,647 | 34,842 | 35,053 | ||||||||
United States [Member] | Appendage Management [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 66,981 | 68,166 | 52,891 | ||||||||
United States [Member] | Ablation And Appendage Management [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 168,027 | 183,213 | 160,194 | ||||||||
United States [Member] | Valve Tools [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 1,217 | 2,616 | 1,952 | ||||||||
International [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 37,287 | 44,978 | 39,484 | ||||||||
International [Member] | Open Ablation [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 18,655 | 24,945 | 21,118 | ||||||||
International [Member] | Minimally Invasive Ablation [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 6,171 | 8,349 | 9,176 | ||||||||
International [Member] | Appendage Management [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 12,353 | 11,476 | 8,988 | ||||||||
International [Member] | Ablation And Appendage Management [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 37,179 | 44,770 | 39,282 | ||||||||
International [Member] | Valve Tools [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 108 | $ 208 | $ 202 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Results: | |||||||||||
Revenue recognized from contracts with customers | $ 57,725 | $ 54,757 | $ 40,824 | $ 53,225 | $ 61,321 | $ 56,614 | $ 58,906 | $ 53,966 | $ 206,531 | $ 230,807 | $ 201,630 |
Gross profit | 42,437 | 40,334 | 27,654 | 38,884 | 44,774 | 41,797 | 43,893 | 39,871 | 149,309 | 170,335 | 147,120 |
Loss from operations | (17,503) | (3,991) | (7,285) | (15,454) | (15,326) | (8,637) | (3,839) | (5,320) | (44,233) | (33,122) | (17,127) |
Net loss | $ (18,562) | $ (4,949) | $ (8,236) | $ (16,408) | $ (16,096) | $ (9,362) | $ (4,101) | $ (5,635) | $ (48,155) | $ (35,194) | $ (21,137) |
Net loss per share (basic and diluted) | $ (0.42) | $ (0.11) | $ (0.20) | $ (0.42) | $ (0.42) | $ (0.25) | $ (0.11) | $ (0.15) |
Schedule II (Schedule Of Valuat
Schedule II (Schedule Of Valuation And Qualifying Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Reserve For Sales Returns And Allowances [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Beginning Balance | $ 3,979 | $ 1,410 | $ 1,169 | |
Additions | 66 | 369 | 312 | |
Other | [1] | 2,240 | ||
Deductions | 2,156 | 40 | 71 | |
Ending Balance | 1,889 | 3,979 | 1,410 | |
Allowance For Inventory Valuation [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Beginning Balance | 1,517 | 1,029 | 889 | |
Additions | 801 | 848 | 718 | |
Other | [1] | |||
Deductions | 539 | 360 | 578 | |
Ending Balance | 1,779 | 1,517 | 1,029 | |
Valuation Allowance For Deferred Tax Assets [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Beginning Balance | 101,178 | 69,849 | 66,973 | |
Additions | 15,847 | 10,739 | 2,876 | |
Other | [1] | 20,590 | ||
Deductions | ||||
Ending Balance | $ 117,025 | $ 101,178 | $ 69,849 | |
[1] | In connection with the acquisition of SentreHEART, the Company recognized an allowance for sales returns and refunds of for transition to ASC 606 to reflect SentreHEART’s historical refund practices, and recorded a valuation allowance to offset the acquired net deferred tax assets. |