NanoString (NSTG) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-35980
Entity Registrant Name	NANOSTRING TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0094687
Entity Address, Address Line One	530 Fairview Avenue North
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98109
City Area Code	206
Local Phone Number	378-6266
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	NSTG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,415,841
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001401708
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 98,457	$ 107,068
Short-term investments	213,618	241,821
Accounts receivable, net	30,381	40,130
Inventory, net	34,590	31,486
Prepaid expenses and other	10,084	7,115
Total current assets	387,130	427,620
Property and equipment, net	32,704	27,043
Operating lease right-of-use assets	18,562	19,226
Other assets	6,324	5,592
Total assets	444,720	479,481
Current liabilities:
Accounts payable	18,426	14,283
Accrued liabilities	4,541	6,765
Accrued compensation and other employee benefits	12,188	17,466
Customer deposits	1,262	1,278
Deferred revenue, current portion	8,053	7,474
Operating lease liabilities, current portion	5,116	4,889
Total current liabilities	49,586	52,155
Deferred revenue, net of current portion	3,820	3,527
Long-term debt, net	225,511	225,144
Operating lease liabilities, net of current portion	20,498	21,693
Total liabilities	299,415	302,519
Commitment and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 15,000 shares authorized; none issued	0	0
Common stock, $0.0001 par value, 150,000 shares authorized; 46,402 and 45,729 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	5	5
Additional paid-in capital	835,845	827,028
Accumulated other comprehensive loss	(1,292)	(318)
Accumulated deficit	(689,253)	(649,753)
Total stockholders’ equity	145,305	176,962
Total liabilities and stockholders’ equity	$ 444,720	$ 479,481

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	46,402,000	45,729,000
Common stock, shares outstanding (in shares)	46,402,000	45,729,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Revenue	$ 31,080	$ 31,617
Costs and expenses:
Cost of product revenue	14,778	15,623
Research and development	17,417	15,063
Selling, general and administrative	36,355	26,799
Total costs and expenses	68,550	57,485
Loss from operations	(37,470)	(25,868)
Other income (expense):
Interest income	151	118
Interest expense	(1,883)	(1,870)
Other income (expense), net	(217)	(32)
Total other expense, net	(1,949)	(1,784)
Net loss before provision for income tax	(39,419)	(27,652)
Provision for income tax	(81)	(60)
Net loss	$ (39,500)	$ (27,712)
Net loss per share - basic (in dollars per share)	$ (0.86)	$ (0.62)
Net loss per share - diluted (in dollars per share)	$ (0.86)	$ (0.62)
Weighted average shares used in computing basic net loss per share (in shares)	45,998	44,669
Weighted average shares used in computing diluted net loss per share (in shares)	45,998	44,669
Total product and service revenue
Revenue:
Revenue	$ 30,841	$ 31,394
Product
Revenue:
Revenue	26,571	27,708
Costs and expenses:
Cost of product revenue	11,472	12,046
Service revenue
Revenue:
Revenue	4,270	3,686
Costs and expenses:
Cost of product revenue	3,306	3,577
Collaboration revenue
Revenue:
Revenue	$ 239	$ 223

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (39,500)	$ (27,712)
Change in unrealized loss on available-for-sale debt securities	(974)	(74)
Comprehensive loss	$ (40,474)	$ (27,786)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Deficit Statement - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	[1]	Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment	[1]	Other Comprehensive Loss	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	[1]
Balance at beginning (in shares) at Dec. 31, 2020				44,441
Balance at beginning at Dec. 31, 2020	$ 306,948	$ (51,012)		$ 4	$ 848,891	$ (58,543)		$ 83	$ (542,030)	$ 7,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for stock options and restricted stock units (in shares)				726
Common stock issued for stock options and restricted stock units	2,250			$ 1	2,249
Common stock issued for employee stock purchase plan (in shares)				38
Common stock issued for employee stock purchase plan	1,192				1,192
Tax withholdings related to net share settlements of restricted stock units	(2,585)				(2,585)
Stock-based compensation	7,385				7,385
Net loss	(27,712)								(27,712)
Other comprehensive loss	(74)							(74)
Balance at end (in shares) at Mar. 31, 2021				45,205
Balance at end at Mar. 31, 2021	236,392			$ 5	798,589			9	(562,211)
Balance at beginning (in shares) at Dec. 31, 2021				45,729
Balance at beginning at Dec. 31, 2021	176,962			$ 5	827,028			(318)	(649,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for stock options and restricted stock units (in shares)				624
Common stock issued for stock options and restricted stock units	1,035			$ 0	1,035
Common stock issued for employee stock purchase plan (in shares)				49
Common stock issued for employee stock purchase plan	1,502				1,502
Tax withholdings related to net share settlements of restricted stock units	(1,505)				(1,505)
Stock-based compensation	7,785				7,785
Net loss	(39,500)								(39,500)
Other comprehensive loss	(974)							(974)
Balance at end (in shares) at Mar. 31, 2022				46,402
Balance at end at Mar. 31, 2022	$ 145,305			$ 5	$ 835,845			$ (1,292)	$ (689,253)
[1]	(1) Effective January 1, 2021, the Company adopted Accounting Standard Update No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40). See Note 2. Basis of Presentation and Summary of Significant Accounting Policies and Note 9. Long-term Debt, Net for more information.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (39,500)	$ (27,712)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	7,667	7,416
Depreciation and amortization	1,543	1,441
Amortization of deferred financing costs	367	355
Amortization of premium and accretion of discount on short-term investments, net	606	31
Non-cash operating lease cost	950	838
Allowance for inventory obsolescence and accounts receivable credit loss	610	951
Changes in operating assets and liabilities:
Accounts receivable	9,425	(2,462)
Inventory	(4,054)	(2,159)
Prepaid expenses and other assets	(3,050)	(3,559)
Accounts payable	3,924	943
Accrued liabilities	(3,372)	(1,060)
Accrued compensation and other employee benefits	(5,130)	(3,774)
Customer deposits	(16)	(299)
Deferred revenue and other liabilities	945	1,244
Operating lease liabilities	(1,168)	(1,050)
Net cash used in operating activities	(30,253)	(28,856)
Investing activities
Purchases of property and equipment	(3,002)	(2,672)
Purchase of internal-use software assets	(2,167)	0
Payments to Acquire Intangible Assets	(750)	0
Proceeds from maturity of short-term investments	37,424	15,362
Purchases of short-term investments	(10,800)	0
Net cash provided by investing activities	20,705	12,690
Financing activities
Tax withholdings related to net share settlements of restricted stock units	(1,504)	(2,585)
Proceeds from issuance of common stock for employee stock purchase plan	1,502	1,192
Proceeds from exercise of stock options	1,035	2,249
Repayment of finance lease obligations	(73)	0
Net cash provided by financing activities	960	856
Effect of exchange rate changes on cash and cash equivalents	(23)	(36)
Net decrease in cash and cash equivalents	(8,611)	(15,346)
Cash and cash equivalents
Beginning of period	107,068	411,848
End of period	$ 98,457	$ 396,502

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Description of Business	Description of the BusinessNanoString Technologies, Inc. (the “Company”) was incorporated in the state of Delaware on June 20, 2003. The Company’s headquarters is located in Seattle, Washington. The Company’s proprietary chemistries enable the direct detection, identification, and quantification of individual target molecules in biological samples by attaching unique molecular reporters to each target molecule of interest. The Company currently markets and sells two platforms based on its proprietary technologies, its nCounter Analysis System, and its GeoMx Digital Spatial Profiler, or GeoMx DSP System. The platforms are comprised of the instrument and related consumables and services. The Company sells its instruments primarily to academic, government, biopharmaceutical, and clinical laboratory customers.

Concentration of Risks

Concentration of Risks	3 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
Concentration of Risks	5. Concentration of Risks Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term investments, and accounts receivable. Cash is invested in accordance with the Company’s investment policy, which includes guidelines intended to minimize and diversify credit risk. Most of the Company’s investments are not federally insured. The Company has credit risk related to the collectability of its accounts receivable. The Company performs initial and ongoing evaluations of its customers’ credit history or financial position and generally extends credit on account without collateral. Additionally, the Company evaluates collectability risk over the life of its receivables in order to establish an appropriate reserve for certain receivables that may become uncollectible in future periods. The Company has not experienced significant credit losses to date. During the three months ended March 31, 2022 and 2021, the Company had no customers that individually represented more than 10% of total revenue. The Company had one customer/distributor, Cold Spring Biotech Corporation, that represented 11% of total accounts receivable as of March 31, 2022. The Company had no customers that represented more than 10% of total accounts receivable as of December 31, 2021. The Company is also subject to supply chain risks related to the outsourcing of the manufacturing and production of its instruments to sole suppliers. Although there are a limited number of manufacturers for instruments of this type, the Company believes that other suppliers could provide similar products on comparable terms. Similarly, the Company sources certain raw materials used in the manufacture of consumables from sole suppliers. The impact of the COVID-19 global pandemic has not had a significant impact on the Company’s ability to source raw materials or its instruments to date. However, a change in or loss of suppliers could cause a delay in manufacturing and a possible loss of sales, which would adversely affect operating results. Should COVID-19 (or a variant thereof) continue to impact the global economy at the same or heightened levels during future periods, or if certain geographies where the Company’s key suppliers or manufacturing facilities are located are more severely impacted than others, this could negatively impact the Company’s ability to manufacture new products, fulfill customer orders, and collect from customers, which could adversely affect future operating results.

Short-term Investments

Short-term Investments	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Short-term Investments	Short-term Investments Short-term investments consisted of available-for-sale and equity securities as follows (in thousands): Type of securities as of March 31, 2022 Amortized Gross Gross Fair value Corporate debt securities $ 142,862 $ — $ (873) $ 141,989 Government-related debt securities 40,574 — (345) 40,229 Asset-backed securities 31,475 — (75) 31,400 Total available-for-sale debt securities $ 214,911 $ — $ (1,293) $ 213,618 Type of securities as of December 31, 2021 Amortized Gross Gross Fair value Corporate debt securities $ 177,375 $ 3 $ (195) $ 177,183 Government-related debt securities 33,134 2 (97) 33,039 Asset-backed securities 31,631 — (32) 31,599 Total available-for-sale debt securities $ 242,140 $ 5 $ (324) $ 241,821 The fair values of available-for-sale debt securities by contractual maturity were as follows (in thousands): March 31, 2022 December 31, 2021 Maturing in one year or less $ 187,712 $ 174,534 Maturing in one to three years 25,906 67,287 Total available-for-sale debt securities $ 213,618 $ 241,821 The Company has both the intent and ability to sell its available-for-sale debt securities maturing greater than one year within 12 months from the balance sheet date and, accordingly, has classified these securities as current in the condensed consolidated balance sheets. The following table summarizes investments that have been in a continuous unrealized loss position as of March 31, 2022 (in thousands). Less than 12 months 12 months or greater Total Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Corporate debt securities $ 75,500 $ (873) $ — $ — $ 75,500 $ (873) Government-related debt securities 40,229 (345) — — 40,229 (345) Asset Backed Securities 31,399 (75) — — 31,399 (75) Total $ 147,128 $ (1,293) $ — $ — $ 147,128 $ (1,293) The Company invests in securities that are rated investment grade or better. The unrealized losses on available-for-sale debt securities as of March 31, 2022 were caused primarily by interest rate increases. The Company reviews the individual securities in its portfolio for impairment when events indicate the fair value of the investments may be below the carrying value. The Company reviews the individual securities in its portfolio for indications that unrealized losses are credit related and require an allowance to be recorded at the present value of the future expected cash flows. The Company determined unrealized losses were not for credit losses and therefore did not record an allowance related to its available-for-sale debt investments for the three month period ended March 31, 2022. The Company did not record any impairment charges related to its available-for-sale debt investments for the three month period ended March 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. 10x Genomics On May 6, 2021, 10x Genomics, Inc. and Prognosys Biosciences, Inc. (“Prognosys”) filed a complaint, on May 19, 2021, an amended complaint, and on May 4, 2022, a second amended complaint, against the Company in the U.S. District Court for the District of Delaware. The amended complaint alleges that certain of the Company’s products, services and components, including those sold by the Company for use in connection with its GeoMx DSP system (the “Identified GeoMx Products”), infringe seven patents owned by Prognosys: (a) U.S. Patent No. 10,472,669,“Spatially encoded biological assays,” (b) U.S. Patent No. 10,961,566,“Spatially encoded biological assays,” (c) U.S. Patent No. 10,983,133,“Spatially encoded biological assays,” (d) U.S. Patent No. 10,966,219,“Spatially encoded biological assays,” (e) U.S. Patent No. 11,001,878, “Spatially encoded biological assays,” (f) U.S. Patent No. 11,008,607, “Spatially encoded biological assays,” and (g) U.S. Patent No. 11,293,917, “Systems for analyzing target biological molecules via sample imaging and delivery of probes to substrate wells” (the “Asserted Prognosys Patents”). The amended complaint seeks, among other relief, injunctive relief and unspecified damages (including treble damages and attorneys’ fees) in relation to the Company’s making, using, selling, offering to sell, exporting and/or importing in the United States the Identified GeoMx Products, as well as the alleged infringement by others of the Asserted Prognosys Patents through their use of the Identified GeoMx Products. The Company has evaluated the plaintiffs’ claims and does not believe that its activities infringe any patent rights held by the plaintiffs. On November 17, 2021, the Court granted the Company’s motion to dismiss the plaintiffs’ claims of pre-suit indirect infringement and willful infringement with leave to amend the complaint. Discovery is in progress. A trial is scheduled for August 2023. The Company intends to vigorously defend itself in this ongoing litigation. The Company is unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this case. On February 28, 2022, 10x Genomics, Inc. and President and Fellows of Harvard College (“Harvard”) filed a complaint against the Company in the U.S. District Court for the District of Delaware. The complaint alleges that certain of the Company’s products, services and components, including those sold by the Company for use in connection with its CosMx SMI system (the “Identified CosMx Products”), infringe two patents owned by Harvard: (a) U.S. Patent No. 10,227,639, “Compositions and Methods for Analyte Detection,” and (b) U.S. Patent No. 11,021,737, “Compositions and Methods for Analyte Detection” (the “Asserted Harvard Patents”). The complaint seeks, among other relief, injunctive relief and unspecified damages (including attorneys’ fees) in relation to the Company’s making, using, selling, offering to sell, exporting and/or importing in the United States the Identified CosMx Products. The Company has evaluated the plaintiffs’ claims and does not believe that its activities infringe any patent rights held by the plaintiffs. The Company intends to vigorously defend itself in this ongoing litigation. The Company is unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this case. In May 2022, the Company was notified of a complaint, dated March 4, 2022, naming the Company and its wholly-owned subsidiary, NanoString Technologies Germany GmbH, which 10x Genomics, Inc. filed in the Munich Regional Court in Germany, alleging that certain of the Company's products and services, including those for use in connection with the Company’s CosMx SMI system, infringe European Patent No. 2794928B1. The Company has evaluated the claims and does not believe that its activities infringe any patent rights held by the plaintiff. The Company intends to vigorously defend itself in this litigation. The Company is unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this case. Contingencies Other than the pending litigations with 10x Genomics and its co-plaintiffs, the Company is not engaged in any material legal proceedings. The Company is involved in other legal proceedings from time to time arising in the normal course of business. Additionally, the Company operates in various states and local jurisdictions for which sales, occupation, or franchise taxes may be payable to certain taxing authorities. Management believes that the outcome of these proceedings and any amounts that may become payable to certain taxing authorities will not have a material impact on the Company’s financial condition, results of operations, or liquidity.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements reflect the accounts of the Company and its wholly-owned subsidiaries. The unaudited condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for annual financial statements. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and U.S. GAAP for unaudited condensed consolidated financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the Company’s financial position and results of its operations as of and for the periods presented. Unless indicated otherwise, all amounts presented in financial tables are presented in thousands, except for per share and par value amounts. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Given the global economic climate and additional or unforeseen effects from the COVID-19 pandemic, certain estimates are becoming more challenging, and actual results could differ materially from those estimates. The results of the Company’s operations for the three month period ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year or for any other period. Revenue Recognition The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration expected to be received in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. Performance obligations are considered satisfied once the Company has transferred control of a product or service to the customer, meaning the customer has the ability to use and obtain the benefit of the product or service. The Company recognizes revenue for satisfied performance obligations only when there are no uncertainties regarding payment terms or transfer of control. The Company generates the majority of its revenue from sales of its proprietary GeoMx DSP and nCounter Analysis systems, and related consumables. Services consist of instrument service contracts for maintenance, repair and other support related to customer owned instruments, and also certain service fees for assay processing and data analysis and reporting. Leases The Company determines if an arrangement is a lease at inception of a contract. The Company’s leasing portfolio is comprised of operating leases primarily for general office, manufacturing, and research and development purposes, and financing leases for equipment. Operating and financing lease liabilities and the corresponding right-of-use assets are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Operating lease right-of-use assets are reduced by lease incentives included in the agreement. As the existing leases do not contain an implicit interest rate, the Company estimates its incremental borrowing rate based on information available at commencement date in determining the present value of future payments. The Company includes options to extend the lease in the lease liability and right-of-use asset when it is reasonably certain that the option will be exercised. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Finance lease assets are amortized within operating expenses on a straight-line basis over the shorter of the estimated useful lives of the assets or, in the instance where title does not transfer at the end of the lease term, the lease term. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term. For our short-term leases, we recognize lease payments as an expense on a straight-line basis over the lease term. Capitalized Internal-Use Software Costs The Company capitalizes certain development costs incurred in connection with software development for internal-use software platforms used in operations. Costs incurred in the preliminary stages of development are expensed as incurred. Once software has reached the development stage, internal and external costs, if direct, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized internal-use software development costs are included in property and equipment and are amortized on a straight-line basis over the estimated useful life and are included in depreciation and amortization within operating expenses in our consolidated statements of operations. Capitalized internal-use software development costs were $7.0 million and $4.0 million as of March 31, 2022 and December 31, 2021, respectively. Capitalized costs associated with the implementation of hosted third-party cloud computing arrangements are recorded as part of current and long-term other assets. Maintenance and training costs are expensed as incurred and are expensed on a straight-line basis over the term of the related hosting arrangement. Costs are recorded within the consolidated statements of operations based on the functional use of the software. Unamortized capitalized software implementation costs were $3.1 million and $3.2 million as of March 31, 2022 and December 31, 2021, respectively.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company operates as a single reportable segment. The Company has one sales force that sells the Company’s nCounter Analysis systems, its GeoMx DSP system, its CosMx SMI system, and the consumables and services related to these platforms. Disaggregated Revenues The following table of total revenue is based on the geographic location of end users or distributors who purchase products and services, and of our collaborators. For sales to distributors, their geographic location may be different from the geographic location of the ultimate end customer. For collaboration agreements, revenues are derived from partners located primarily in the United States. Americas consists of the United States, Canada, Mexico, and South America; and Asia Pacific includes Japan, China, South Korea, Singapore, Malaysia, India, and Australia. The following table provides information about disaggregated revenue by major product line and primary geographic market (in thousands): Three Months Ended March 31, 2022 Americas Europe and Middle East Asia Pacific Total Product revenue: Instruments $ 5,698 $ 1,746 $ 1,659 $ 9,103 Consumables 12,275 4,006 1,187 17,468 Total product revenue 17,973 5,752 2,846 26,571 Service revenue 3,049 998 223 4,270 Total product and service revenue 21,022 6,750 3,069 30,841 Collaboration revenue 239 — — 239 Total revenues $ 21,261 $ 6,750 $ 3,069 $ 31,080 Three Months Ended March 31, 2021 Americas Europe and Middle East Asia Pacific Total Product revenue: Instruments $ 5,473 $ 3,634 $ 2,638 $ 11,745 Consumables 11,342 3,344 1,277 15,963 Total product revenue 16,815 6,978 3,915 27,708 Service revenue 2,682 772 232 3,686 Total product and service revenue 19,497 7,750 4,147 31,394 Collaboration revenue 223 — — 223 Total revenues $ 19,720 $ 7,750 $ 4,147 $ 31,617 Total revenue in the United States was $20.4 million and $18.8 million for the three month periods ended March 31, 2022 and 2021, respectively. The Company’s assets are primarily located in the United States and therefore are not allocated to any specific geographic region. Contract balances and remaining performance obligations Contract liabilities are comprised of the current and long-term portions of deferred revenue of $11.3 million and $10.3 million as of March 31, 2022 and December 31, 2021, respectively, and customer deposits of $1.3 million as of both March 31, 2022 and December 31, 2021, included within the condensed consolidated balance sheets. Total contract liabilities increased by $0.9 million as of March 31, 2022 as a result of additional deferred revenue of $3.9 million associated primarily with new or extended service contracts, partially offset by the recognition of previously deferred revenue and customer deposits of $2.9 million for the completion of certain performance obligations during the period. The Company recorded contract assets of $0.7 million as of both March 31, 2022 and December 31, 2021, related to revenues recognized, but not yet invoiced to customers. The Company’s contractual payment terms for its contracts with customers approximates 45 days on average. As of March 31, 2022, unsatisfied or partially unsatisfied performance obligations related to undelivered products and service contracts were $12.5 million and are expected to be completed over the term of the related contract or as products are delivered.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Convertible notes, outstanding options to purchase common stock, restricted stock units and common stock warrants have not been included in the calculation of diluted net loss per share because to do so would be anti-dilutive. Accordingly, the numerator and the denominator used in computing both basic and diluted net loss per share for each period are the same. The following shares were excluded from the computation of basic and diluted net loss per share for the periods presented (in thousands): Three Months Ended 2022 2021 Convertible notes — 4,811 Options to purchase common stock 1,945 2,560 Restricted stock units 1,232 1,407 Common stock warrants 471 471

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is used to measure fair value. The three levels of the fair value hierarchy are as follows: • Level 1 — Quoted prices in active markets for identical assets and liabilities. • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The recorded amounts of certain financial instruments, including cash, accounts receivable, prepaid expenses and other, accounts payable and accrued liabilities, approximate fair value due to their relatively short-term maturities. The recorded amount of the Company’s long-term debt can be determined based on the estimated or actual bid prices of the Convertible Senior Notes in an over-the-counter market, which are classified as a Level 2 financial instrument. The Company’s investments by level within the fair value hierarchy were as follows (in thousands): Fair value measurement using: Type of securities as of March 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 77,984 $ — $ — $ 77,984 Short-term investments: Corporate debt securities — 141,989 — 141,989 Government-related debt securities — 40,229 — 40,229 Asset-backed securities — 31,400 — 31,400 Total $ 77,984 $ 213,618 $ — $ 291,602 Fair value measurement using: Type of securities as of December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 98,247 $ — $ — $ 98,247 Short-term investments: Corporate debt securities — 177,183 — 177,183 Government-related debt securities — 33,039 — 33,039 Asset-backed securities — 31,599 — 31,599 Total $ 98,247 $ 241,821 $ — $ 340,068 In March 2020, the Company issued $230.0 million of Convertible Notes as described in more detail in Note 9. Long-term Debt, Net. As of March 31, 2022, the fair value of the Convertible Notes was $233.3 million.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory, net of related allowances, consisted of the following as of the date indicated (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 4,958 $ 5,135 Work in process 11,492 9,916 Finished goods 18,140 16,435 Total inventory, net $ 34,590 $ 31,486

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt, Net In March 2020, the Company issued $230.0 million in aggregate principal amount of its Convertible Notes in a private offering. The Convertible Notes are governed by an indenture dated March 9, 2020 between the Company and U.S. Bank, National Association, as trustee. The Company received net proceeds from the offering of $222.6 million. The Convertible Notes bear interest at a rate of 2.625% per year, payable semi-annually in arrears on March 1st and September 1st. The Convertible Notes may bear additional interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under, or if the Convertible Notes are not freely tradeable as required by, the indenture governing the Convertible Notes. Upon conversion, the Convertible Notes will be convertible into cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. The Convertible Notes are general unsecured senior obligations and will mature on March 1, 2025, unless earlier repurchased, redeemed or converted, subject to satisfaction of certain conditions and during the periods described below. The initial conversion rate for the Convertible Notes is 20.9161 shares of common stock, par value $0.0001 per share, per $1,000 principal amount of Convertible Notes (which is equivalent to an initial conversion price of approximately $47.81 per share). The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that may occur prior to the maturity date or if the Company issues a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with such corporate event or in connection with such redemption, as the case may be, in certain circumstances. The Company incurred approximately $7.4 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees directly associated with the issuance. The debt issuance costs are amortized to interest expense using the effective interest method over five years, the contractual term of the Convertible Notes, with an effective interest rate of 3.3%. The Company monitors the provision of the Convertible Notes that allow for certain conversion rights at each quarterly reporting date in order to determine whether the Convertible Notes are convertible or subject to an event triggering potential redemption during the prescribed measurement periods. As of the date of this report, none of the outstanding convertible notes had been redeemed by the Company. Based on the closing price of our common stock of $34.75 on the last trading day of the quarter, the if-converted values of the Convertible Notes did not exceed the remaining principal balance as of March 31, 2022. All future principal payments related to the Convertible Notes are due in March 2025. The outstanding balances of the Company’s Convertible Notes and previously outstanding term loan consisted of the following (in thousands): March 31, 2022 December 31, 2021 Outstanding principal of Convertible Note $ 230,000 $ 230,000 Less: unamortized issuance costs (4,489) (4,856) Long-term debt, net $ 225,511 $ 225,144 The following table sets forth total interest expense recognized related to the Convertible Notes (in thousands): Three Months Ended March 31, 2022 2021 Contractual interest expense $ 1,509 $ 1,509 Amortization of issuance costs 367 355 Total interest expense $ 1,876 $ 1,864

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements reflect the accounts of the Company and its wholly-owned subsidiaries. The unaudited condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for annual financial statements. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and U.S. GAAP for unaudited condensed consolidated financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the Company’s financial position and results of its operations as of and for the periods presented. Unless indicated otherwise, all amounts presented in financial tables are presented in thousands, except for per share and par value amounts. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Given the global economic climate and additional or unforeseen effects from the COVID-19 pandemic, certain estimates are becoming more challenging, and actual results could differ materially from those estimates. The results of the Company’s operations for the three month period ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year or for any other period.
Revenue Recognition	The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration expected to be received in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. Performance obligations are considered satisfied once the Company has transferred control of a product or service to the customer, meaning the customer has the ability to use and obtain the benefit of the product or service. The Company recognizes revenue for satisfied performance obligations only when there are no uncertainties regarding payment terms or transfer of control.The Company generates the majority of its revenue from sales of its proprietary GeoMx DSP and nCounter Analysis systems, and related consumables. Services consist of instrument service contracts for maintenance, repair and other support related to customer owned instruments, and also certain service fees for assay processing and data analysis and reporting.
Leases	The Company determines if an arrangement is a lease at inception of a contract. The Company’s leasing portfolio is comprised of operating leases primarily for general office, manufacturing, and research and development purposes, and financing leases for equipment. Operating and financing lease liabilities and the corresponding right-of-use assets are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Operating lease right-of-use assets are reduced by lease incentives included in the agreement. As the existing leases do not contain an implicit interest rate, the Company estimates its incremental borrowing rate based on information available at commencement date in determining the present value of future payments. The Company includes options to extend the lease in the lease liability and right-of-use asset when it is reasonably certain that the option will be exercised. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Finance lease assets are amortized within operating expenses on a straight-line basis over the shorter of the estimated useful lives of the assets or, in the instance where title does not transfer at the end of the lease term, the lease term. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term. For our short-term leases, we recognize lease payments as an expense on a straight-line basis over the lease term.
Net Loss Per Share	Net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Convertible notes, outstanding options to purchase common stock, restricted stock units and common stock warrants have not been included in the calculation of diluted net loss per share because to do so would be anti-dilutive. Accordingly, the numerator and the denominator used in computing both basic and diluted net loss per share for each period are the same.
Fair Value Measurements	The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is used to measure fair value. The three levels of the fair value hierarchy are as follows: • Level 1 — Quoted prices in active markets for identical assets and liabilities. • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The recorded amounts of certain financial instruments, including cash, accounts receivable, prepaid expenses and other, accounts payable and accrued liabilities, approximate fair value due to their relatively short-term maturities. The recorded amount of the Company’s long-term debt can be determined based on the estimated or actual bid prices of the Convertible Senior Notes in an over-the-counter market, which are classified as a Level 2 financial instrument.
Internal Use Software, Policy	The Company capitalizes certain development costs incurred in connection with software development for internal-use software platforms used in operations. Costs incurred in the preliminary stages of development are expensed as incurred. Once software has reached the development stage, internal and external costs, if direct, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized internal-use software development costs are included in property and equipment and are amortized on a straight-line basis over the estimated useful life and are included in depreciation and amortization within operating expenses in our consolidated statements of operations. Capitalized internal-use software development costs were $7.0 million and $4.0 million as of March 31, 2022 and December 31, 2021, respectively. Capitalized costs associated with the implementation of hosted third-party cloud computing arrangements are recorded as part of current and long-term other assets. Maintenance and training costs are expensed as incurred and are expensed on a straight-line basis over the term of the related hosting arrangement. Costs are recorded within the consolidated statements of operations based on the functional use of the software. Unamortized capitalized software implementation costs were $3.1 million and $3.2 million as of March 31, 2022 and December 31, 2021, respectively.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table provides information about disaggregated revenue by major product line and primary geographic market (in thousands): Three Months Ended March 31, 2022 Americas Europe and Middle East Asia Pacific Total Product revenue: Instruments $ 5,698 $ 1,746 $ 1,659 $ 9,103 Consumables 12,275 4,006 1,187 17,468 Total product revenue 17,973 5,752 2,846 26,571 Service revenue 3,049 998 223 4,270 Total product and service revenue 21,022 6,750 3,069 30,841 Collaboration revenue 239 — — 239 Total revenues $ 21,261 $ 6,750 $ 3,069 $ 31,080 Three Months Ended March 31, 2021 Americas Europe and Middle East Asia Pacific Total Product revenue: Instruments $ 5,473 $ 3,634 $ 2,638 $ 11,745 Consumables 11,342 3,344 1,277 15,963 Total product revenue 16,815 6,978 3,915 27,708 Service revenue 2,682 772 232 3,686 Total product and service revenue 19,497 7,750 4,147 31,394 Collaboration revenue 223 — — 223 Total revenues $ 19,720 $ 7,750 $ 4,147 $ 31,617

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary of Shares Underlying Outstanding Options and Warrants were Excluded from Computation of Basic and Diluted Net Loss Per Share	The following shares were excluded from the computation of basic and diluted net loss per share for the periods presented (in thousands): Three Months Ended 2022 2021 Convertible notes — 4,811 Options to purchase common stock 1,945 2,560 Restricted stock units 1,232 1,407 Common stock warrants 471 471

Short-term Investments (Tables)

Short-term Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale	Short-term investments consisted of available-for-sale and equity securities as follows (in thousands): Type of securities as of March 31, 2022 Amortized Gross Gross Fair value Corporate debt securities $ 142,862 $ — $ (873) $ 141,989 Government-related debt securities 40,574 — (345) 40,229 Asset-backed securities 31,475 — (75) 31,400 Total available-for-sale debt securities $ 214,911 $ — $ (1,293) $ 213,618 Type of securities as of December 31, 2021 Amortized Gross Gross Fair value Corporate debt securities $ 177,375 $ 3 $ (195) $ 177,183 Government-related debt securities 33,134 2 (97) 33,039 Asset-backed securities 31,631 — (32) 31,599 Total available-for-sale debt securities $ 242,140 $ 5 $ (324) $ 241,821
Fair Values of Available-for-Sale Securities by Contractual Maturity	The fair values of available-for-sale debt securities by contractual maturity were as follows (in thousands): March 31, 2022 December 31, 2021 Maturing in one year or less $ 187,712 $ 174,534 Maturing in one to three years 25,906 67,287 Total available-for-sale debt securities $ 213,618 $ 241,821
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	The following table summarizes investments that have been in a continuous unrealized loss position as of March 31, 2022 (in thousands). Less than 12 months 12 months or greater Total Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Corporate debt securities $ 75,500 $ (873) $ — $ — $ 75,500 $ (873) Government-related debt securities 40,229 (345) — — 40,229 (345) Asset Backed Securities 31,399 (75) — — 31,399 (75) Total $ 147,128 $ (1,293) $ — $ — $ 147,128 $ (1,293)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Company's Available-for-Sale Securities by Level within Fair Value Hierarchy	The Company’s investments by level within the fair value hierarchy were as follows (in thousands): Fair value measurement using: Type of securities as of March 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 77,984 $ — $ — $ 77,984 Short-term investments: Corporate debt securities — 141,989 — 141,989 Government-related debt securities — 40,229 — 40,229 Asset-backed securities — 31,400 — 31,400 Total $ 77,984 $ 213,618 $ — $ 291,602 Fair value measurement using: Type of securities as of December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 98,247 $ — $ — $ 98,247 Short-term investments: Corporate debt securities — 177,183 — 177,183 Government-related debt securities — 33,039 — 33,039 Asset-backed securities — 31,599 — 31,599 Total $ 98,247 $ 241,821 $ — $ 340,068

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory, net of related allowances, consisted of the following as of the date indicated (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 4,958 $ 5,135 Work in process 11,492 9,916 Finished goods 18,140 16,435 Total inventory, net $ 34,590 $ 31,486

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Components of Borrowings, Including Current Portion	The outstanding balances of the Company’s Convertible Notes and previously outstanding term loan consisted of the following (in thousands): March 31, 2022 December 31, 2021 Outstanding principal of Convertible Note $ 230,000 $ 230,000 Less: unamortized issuance costs (4,489) (4,856) Long-term debt, net $ 225,511 $ 225,144
Schedule of Interest Expense	The following table sets forth total interest expense recognized related to the Convertible Notes (in thousands): Three Months Ended March 31, 2022 2021 Contractual interest expense $ 1,509 $ 1,509 Amortization of issuance costs 367 355 Total interest expense $ 1,876 $ 1,864

Description of Business - Addit

Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022platform
Equity [Abstract]
Number of platforms	2

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Capitalized Computer Software, Gross	$ 3.1	$ 3.2
Software Development
Significant Accounting Policies [Line Items]
Capitalized Computer Software, Gross	$ 7	$ 4

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)sales_force	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number Of Sales Forces | sales_force	1
Contract liabilities	$ (11,300)		$ (10,300)
Customer deposits	1,262		$ 1,278
Increase in contract with customer liability	900
Cash payments received form customers	3,900
Performance obligation satisfied in previous period	2,900
Contract assets	$ 700
Revenue, Performance Obligation, Description of Payment Terms	45 days
UNITED STATES
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 20,400	$ 18,800
Total Products And Services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligation	$ 12,500

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	$ 31,080	$ 31,617
Total product and service revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	30,841	31,394
Total product revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	26,571	27,708
Instruments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	9,103	11,745
Consumables
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	17,468	15,963
Service revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	4,270	3,686
Collaboration revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	239	223
Americas
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	21,261	19,720
Americas | Total product and service revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	21,022	19,497
Americas | Total product revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	17,973	16,815
Americas | Instruments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	5,698	5,473
Americas | Consumables
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	12,275	11,342
Americas | Service revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	3,049	2,682
Americas | Collaboration revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	239	223
Europe and Middle East
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	6,750	7,750
Europe and Middle East | Total product and service revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	6,750	7,750
Europe and Middle East | Total product revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	5,752	6,978
Europe and Middle East | Instruments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	1,746	3,634
Europe and Middle East | Consumables
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	4,006	3,344
Europe and Middle East | Service revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	998	772
Europe and Middle East | Collaboration revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	0	0
Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	3,069	4,147
Asia Pacific | Total product and service revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	3,069	4,147
Asia Pacific | Total product revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	2,846	3,915
Asia Pacific | Instruments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	1,659	2,638
Asia Pacific | Consumables
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	1,187	1,277
Asia Pacific | Service revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	223	232
Asia Pacific | Collaboration revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	$ 0	$ 0

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Shares Underlying Outstanding Options and Warrants were Excluded from Computation of Basic and Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	0	4,811
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	1,945	2,560
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	1,232	1,407
Common stock warrants | Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	471	471

Concentration of Risks - Additi

Concentration of Risks - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022
Customer Concentration Risk | Accounts Receivable [Member] | Cold Spring Biotech Corporation
Concentration Risk [Line Items]
Concentration risk percentage	11.00%

Short-term Investments - Availa

Short-term Investments - Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 214,911	$ 242,140
Gross unrealized gains	0	5
Gross unrealized losses	(1,293)	(324)
Fair value	213,618	241,821
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	142,862	177,375
Gross unrealized gains	0	3
Gross unrealized losses	(873)	(195)
Fair value	141,989	177,183
Government-related debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	40,574	33,134
Gross unrealized gains	0	2
Gross unrealized losses	(345)	(97)
Fair value	40,229	33,039
Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	31,475	31,631
Gross unrealized gains	0	0
Gross unrealized losses	(75)	(32)
Fair value	$ 31,400	$ 31,599

Short-term Investments - Fair V

Short-term Investments - Fair Values of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 187,712	$ 174,534
Maturing in one to three years	25,906	67,287
Total available-for-sale debt securities	$ 213,618	$ 241,821

Short-term Investments - Summar

Short-term Investments - Summary of Investments in a Continuous Loss Position (Details)	Mar. 31, 2022USD ($)
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 147,128,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,293,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Total, Fair value	147,128,000
Total, Gross unrealized losses	(1,293,000)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	75,500,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(873,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Total, Fair value	75,500,000
Total, Gross unrealized losses	(873,000)
US Government Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	40,229,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(345,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Total, Fair value	40,229,000
Total, Gross unrealized losses	(345,000)
Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	31,399,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(75,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Total, Fair value	31,399,000
Total, Gross unrealized losses	$ (75,000)

Fair Value Measurements - Compa

Fair Value Measurements - Company's Available-for-Sale Securities by Level within Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 213,618	$ 241,821
Total	291,602	340,068
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	141,989	177,183
US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	40,229	33,039
Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	31,400	31,599
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	31,400	31,599
Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	77,984	98,247
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	77,984	98,247
Level 1 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Level 1 | US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Level 1 | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	0	0
Level 1 | Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	77,984	98,247
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	213,618	241,821
Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	141,989	177,183
Level 2 | US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	40,229	33,039
Level 2 | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	31,400	31,599
Level 2 | Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 3 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Level 3 | US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Level 3 | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	0	0
Level 3 | Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	$ 0
Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	$ 233,300
Senior Notes | Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument face amount			$ 230,000

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 4,958	$ 5,135
Work in process	11,492	9,916
Finished goods	18,140	16,435
Inventory, net	$ 34,590	$ 31,486

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2020USD ($)$ / shares	Mar. 31, 2022$ / shares	Dec. 31, 2021$ / shares	Jun. 30, 2021	Mar. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Share price (in usd per share)		$ 34.75
Convertible Notes
Line of Credit Facility [Line Items]
Debt issuance costs | $					$ 7.4
Debt term		5 years
Effective interest rate		3.30%
Senior Notes | Convertible Notes
Line of Credit Facility [Line Items]
Debt instrument face amount | $	$ 230
Proceeds from issuance of debt | $	$ 222.6
Debt instrument stated rate				2.625%
Conversion ratio	20.9161
Common stock, par value (in dollars per share)	$ 0.0001
Conversion price	$ 47.81

Long-term Debt - Components of

Long-term Debt - Components of Borrowings, Including Current Portion (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, net of discounts	$ 225,511	$ 225,144
Convertible Notes
Debt Instrument [Line Items]
Unamortized debt discounts	(4,489)	(4,856)
Long-term debt, net of discounts	225,511	225,144
Convertible Notes
Debt Instrument [Line Items]
Outstanding Principal Of Convertible Debt	$ 230,000	$ 230,000

Long-term Debt - Schedule of In

Long-term Debt - Schedule of Interest (Details) - Convertible Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 1,509	$ 1,509
Amortization of issuance costs	367	355
Total interest expense	$ 1,876	$ 1,864