Inari Medical (NARI) 10-K 28 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39293
Entity Registrant Name	Inari Medical, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2902923
Entity Address, Address Line One	6001 Oak Canyon
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	877
Local Phone Number	923-4747
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	NARI
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 Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,830
Entity Common Stock, Shares Outstanding		57,960,555
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE The Registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2023. Portions of such definitive proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001531048
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	243
Auditor Name	BDO USA, P.C.
Auditor Location	Costa Mesa, California

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 38,597,000	$ 60,222,000
Restricted cash	611,000	0
Short-term investments in debt securities	76,855,000	266,179,000
Accounts receivable, net	70,119,000	58,611,000
Inventories, net	42,900,000	32,581,000
Prepaid expenses and other current assets	6,481,000	5,312,000
Total current assets	235,563,000	422,905,000
Property and equipment, net	20,929,000	21,655,000
Operating lease right-of-use assets	48,407,000	50,703,000
Goodwill	214,335,000	0
Intangible assets	150,884,000	0
Deposits and other assets	4,117,000	8,889,000
Total assets	674,235,000	504,152,000
Current liabilities
Accounts payable	10,577,000	7,659,000
Payroll-related accruals	48,706,000	38,955,000
Accrued expenses and other current liabilities	15,364,000	8,249,000
Operating lease liabilities, current portion	1,692,000	1,311,000
Total current liabilities	76,339,000	56,174,000
Operating lease liabilities, noncurrent portion	30,355,000	30,976,000
Deferred tax liability	36,231,000	0
Other long-term liability	66,400,000	0
Total liabilities	209,325,000	87,150,000
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and 2022	0	0
Common stock, $0.001 par value, 300,000,000 shares authorized as of December 31, 2023 and 2022; 57,762,414 and 54,021,656 shares issued and outstanding as of December 31, 2023 and 2022, respectively	58,000	54,000
Additional paid in capital	504,453,000	462,949,000
Accumulated other comprehensive income	8,885,000	849,000
Accumulated deficit	(48,486,000)	(46,850,000)
Total stockholders' equity	464,910,000	417,002,000
Total liabilities and stockholders' equity	$ 674,235,000	$ 504,152,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	57,762,414	54,021,656
Common stock, shares outstanding (in shares)	57,762,414	54,021,656

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 493,632	$ 383,471	$ 276,984
Cost of goods sold	59,068	44,506	24,757
Gross profit	434,564	338,965	252,227
Operating expenses
Research and development	87,533	74,221	51,018
Selling, general and administrative	361,063	292,843	190,365
Total operating expenses	448,596	367,064	241,383
(Loss) income from operations	(14,032)	(28,099)	10,844
Other income (expense)
Interest income	15,613	1,852	154
Interest expense	(196)	(294)	(295)
Other income (expense)	2,861	356	(18)
Total other income (expense)	18,278	1,914	(159)
Income (loss) before income taxes	4,246	(26,185)	10,685
Provision for income taxes	5,882	3,082	845
Net (loss) income	(1,636)	(29,267)	9,840
Other comprehensive income (loss)
Foreign currency translation adjustments	9,864	(592)	(379)
Unrealized loss (gain) on available-for-sale debt securities	(1,828)	1,843	(27)
Total other comprehensive income (loss)	8,036	1,251	(406)
Comprehensive income (loss)	$ 6,400	$ (28,016)	$ 9,434
Net (loss) income per share
Basic (in dollars per share)	$ (0.03)	$ (0.55)	$ 0.20
Diluted (in dollars per share)	$ (0.03)	$ (0.55)	$ 0.18
Weighted average common shares used to compute net (loss) income per share
Basic (in shares)	56,770,657	52,837,674	49,815,914
Diluted (in shares)	56,770,657	52,837,674	55,594,159

Consolidated Statements Stockho

Consolidated Statements Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		49,251,614
Beginning balance at Dec. 31, 2020	$ 200,254	$ 49	$ 227,624	$ 4	$ (27,423)
Options exercised for common stock (in shares)		806,008
Options exercised for common stock	869	$ 1	868
Shares issued under Employee Stock Purchase Plan (in shares)		85,049
Shares issued under Employee Stock Purchase Plan	5,558		5,558
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes (in shares)		170,781
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes	(2,354)		(2,354)
Share-based compensation	25,448		25,448
Other comprehensive income (loss)	(406)			(406)
Net income (loss)	9,840				9,840
Ending balance (in shares) at Dec. 31, 2021		50,313,452
Ending balance at Dec. 31, 2021	239,209	$ 50	257,144	(402)	(17,583)
Options exercised for common stock (in shares)		1,098,841
Options exercised for common stock	810	$ 1	809
Shares issued under Employee Stock Purchase Plan (in shares)		133,515
Shares issued under Employee Stock Purchase Plan	8,422		8,422
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes (in shares)		175,848
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes	(6,489)		(6,489)
Issuance of common stock in public offering, net of issuance costs (in shares)		2,300,000
Issuance of common stock in public offering, net of issuance costs	174,395	$ 3	174,392
Share-based compensation	28,671		28,671
Other comprehensive income (loss)	1,251			1,251
Net income (loss)	$ (29,267)				(29,267)
Ending balance (in shares) at Dec. 31, 2022	54,021,656	54,021,656
Ending balance at Dec. 31, 2022	$ 417,002	$ 54	462,949	849	(46,850)
Options exercised for common stock (in shares)		517,840
Options exercised for common stock	824		824
Shares issued under Employee Stock Purchase Plan (in shares)		204,545
Shares issued under Employee Stock Purchase Plan	9,921	$ 1	9,920
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes (in shares)		3,018,373
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes	(9,574)	$ 3	(9,577)
Share-based compensation	40,337		40,337
Other comprehensive income (loss)	8,036			8,036
Net income (loss)	$ (1,636)				(1,636)
Ending balance (in shares) at Dec. 31, 2023	57,762,414	57,762,414
Ending balance at Dec. 31, 2023	$ 464,910	$ 58	$ 504,453	$ 8,885	$ (48,486)

Condensed Consolidated Statemen

Condensed Consolidated Statements Stockholders’ Equity (Deficit) (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance costs	$ 11.9

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net (loss) income	$ (1,636,000)	$ (29,267,000)	$ 9,840,000
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	6,890,000	4,673,000	3,034,000
Amortization of deferred financing costs	47,000	143,000	143,000
Amortization of right-of-use assets	3,845,000	2,446,000	1,274,000
Deferred income taxes	(584,000)	0	0
Share-based compensation expense	40,337,000	28,671,000	25,448,000
Impairment loss on strategic investment	565,000	0	0
Allowance for credit losses, net	508,000	736,000	(22,000)
Loss on disposal of fixed assets	72,000	94,000	69,000
Amortization of premium and discount on marketable securities	(13,280,000)	0	0
Gain on previously held investment in LimFlow	(3,475,000)	0	0
Changes in:
Accounts receivable	(11,054,000)	(17,030,000)	(14,361,000)
Inventories	(7,438,000)	(11,688,000)	(10,488,000)
Prepaid expenses, deposits and other assets	10,737,000	580,000	(3,430,000)
Accounts payable	344,000	1,140,000	3,514,000
Payroll-related accruals, accrued expenses and other liabilities	11,843,000	10,691,000	25,992,000
Operating lease liabilities	(1,336,000)	(923,000)	(772,000)
Lease prepayments for lessor's owned leasehold improvements	(458,000)	(4,238,000)	(14,755,000)
Net cash provided (used in) by operating activities	35,927,000	(13,972,000)	25,486,000
Cash flows from investing activities
Purchases of property and equipment	(4,710,000)	(9,951,000)	(13,645,000)
Purchases of marketable securities	(406,173,000)	(489,605,000)	(134,377,000)
Maturities of marketable securities	508,279,000	312,600,000	97,000,000
Sales of marketable securities	87,061,000	0	0
Purchases of other investments	(565,000)	(8,260,000)	0
Net cash paid for acquisition	(240,419,000)	0	0
Capitalized software development costs	(1,491,000)	0	0
Net cash used in investing activities	(58,018,000)	(195,216,000)	(51,022,000)
Cash flows from financing activities
Issuance of common stock in public offering, net of issuance costs of $11.9 million	0	174,395,000	0
Proceeds from issuance of common stock under employee stock purchase plan	9,921,000	8,422,000	5,558,000
Proceeds from exercise of stock options	824,000	810,000	869,000
Payment of taxes related to vested restricted stock units	(9,574,000)	(6,489,000)	(2,354,000)
Net cash provided by financing activities	1,171,000	177,138,000	4,073,000
Effect of foreign exchange rate on cash, cash equivalents and restricted cash	(94,000)	(480,000)	(402,000)
Net decrease in cash, cash equivalents and restricted cash	(21,014,000)	(32,530,000)	(21,865,000)
Cash, cash equivalents and restricted cash beginning of year	60,222,000	92,752,000	114,617,000
Cash, cash equivalents and restricted cash end of year	$ 39,208,000	$ 60,222,000	$ 92,752,000

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Statement of Cash Flows [Abstract]
Stock issuance costs	$ 11.9

Organization

Organization	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Description of Business Inari Medical, Inc. (the “Company”) was incorporated in Delaware in July 2011 and is headquartered in Irvine, California. The Company purpose builds a variety of products, including minimally invasive, novel, catheter-based mechanical thrombectomy systems for the unique characteristics of specific disease states. On November 15, 2023, the Company acquired LimFlow S.A. (“LimFlow”), a medical device company focused in limb salvage for patients with chronic limb-threatening ischemia (CLTI). LimFlow focuses on transforming the treatment of CLTI, an advanced stage of peripheral artery disease that is associated with increased mortality, risk of amputation and impaired quality of life.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Management Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying consolidated financial statements may include, but are not limited to, valuation of intangible asset, contingent consideration liability, collectability of receivables, recoverability of long-lived assets, valuation of inventory, operating lease right-of-use (“ROU”) assets and liabilities, other investments, fair value of stock options, recoverability of net deferred tax assets and related valuation allowance, and certain accruals. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. Actual results could differ materially from those estimates. Management periodically evaluates such estimates and assumptions, and they are adjusted prospectively based upon such periodic evaluation. Cash, Cash Equivalents and Restricted Cash The Company considers cash on hand, cash in demand deposit accounts including money market funds, and instruments with a maturity date of 90 days or less at date of purchase to be cash and cash equivalents. The Company maintains its cash and cash equivalent balances with banks. At times, the cash and cash equivalent balances may exceed federally insured limits. The Company does not believe that this results in any significant credit risk as the Company’s policy is to place its cash and cash equivalents in highly-rated financial institutions. The Company defines restricted cash as cash that is legally restricted as to withdrawal or usage. The Company’s restricted cash primarily relates to an amount in escrow related to a manufacturing contract with a supplier. Investments in Debt and Equity Securities Investments in debt securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. The Company determines the appropriate classification of its investments in available-for-sale debt securities at the time of purchase. The Company considers all marketable securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classifies these securities within current assets on the consolidated balance sheets, as applicable, as they are available to support current operational liquidity needs. Unrealized gains and losses are excluded from earnings and reported as a component of comprehensive income (loss). The Company periodically evaluates whether declines in fair values of its marketable securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not that it will be required to sell any marketable securities before recovery of its amortized cost basis. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on marketable securities are included in other income (expenses), net on the consolidated statements of operations and comprehensive income (loss). The cost of investments sold is based on the specific-identification method. Interest on marketable securities is included in interest income. The Company has strategic investments in certain privately held companies, with no readily determinable fair value. The Company elected the measurement alternative under which it measures these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investments. The Company will monitor the information that becomes available from time to time and adjust the carrying values of these investments if there are identified events or changes in circumstances that have a significant adverse effect on the fair values or if there are observable changes in fair value. Impairment loss, which is generally the difference between the carrying value and the fair value of the investment, is recorded in other income (expense) in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2023 and 2022, total other investments of $1.5 million and $8.3 million, respectively, were included in deposits and other assets in the consolidated balance sheets. As a result of the LimFlow acquisition, the Company recognized a gain on the pre-existing investment in LimFlow of $3.5 million. which was recorded in other income (expense) in consolidated statements of operations and comprehensive income (loss). See N ote 3. Business Combination for additional information. Additionally, during the year ended December 31, 2023, the Company recorded an impairment loss of $0.6 million in other income (expense) in the consolidated statements of operations and comprehensive income (loss) related to a strategic investment. There were no impairment losses recorded during the years ended December 31, 2022 or 2021. Accounts Receivable, net Trade accounts receivable are recorded at the invoiced amount, net of any allowance for credit losses. 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 (“SG&A”). The Company charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The allowance for credit losses was $1.3 million and $0.8 million as of December 31, 2023 and 2022, respectively. Inventories, net The Company values inventory at the lower of the actual cost to purchase or manufacture the inventory or net realizable value for such inventory. Cost, which includes material, labor and overhead costs, is determined on the first-in, first out method, or FIFO. The Company regularly reviews inventory quantities in process and on hand, and when appropriate, records a provision for obsolete and excess inventory. The Company writes down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value and inventory in excess of expected requirements based on future demand and as compared to remaining shelf life. The estimate of excess quantities is subjective and primarily dependent on the Company’s estimates of future demand for a particular product. If the estimate of future demand is inaccurate based on actual sales, the Company may increase the write down for excess inventory for that component and record a charge to inventory impairment in cost of goods sold on the accompanying consolidated statements of operations and comprehensive income (loss). Property and Equipment, net Property and equipment are stated at cost. Additions and improvements that extend the lives of the assets are capitalized while expenditures for repairs and maintenance are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets, ranging from two Right-of-use Assets and Lease Liabilities The Company determines if an arrangement contains a lease at inception and determines the classification of the lease, as either operating or finance, at commencement. Right-of-use assets and lease liabilities are recorded based on the present value of future lease payments which factors in certain qualifying initial direct costs incurred as well as any lease incentives received. If an implicit rate is not readily determinable, the Company utilizes inputs from third-party lenders to determine the appropriate discount rate. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Lease terms may factor in options to extend or terminate the lease. The Company adheres to the short-term lease recognition exemption for all classes of assets (i.e. facilities and equipment). As a result, leases with an initial term of twelve months or less are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. In addition, for certain equipment leases, the Company accounts for lease and non-lease components, such as services, as a single lease component as permitted. Business Combination Under the acquisition method of accounting, ASC 805, Business Combinations , the Company allocates the fair value of the total consideration transferred to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. Determining these fair values require the Company to make estimates and assumptions, especially with respect to the intangible asset. The Company records the excess consideration over the aggregate fair value of tangible and intangible assets, net of liabilities assumed, as goodwill. Costs that the Company incurs to complete the business combination, such as legal and other advisory fees, are expensed as they are incurred. In an acquisition with contingent consideration which can be earned by the sellers upon the completion of certain future performance or other milestones, the acquisition-date fair value of contingent consideration liability is recorded as a component of accrued liabilities and/or other long-term liabilities. These estimates require significant management judgment, including evaluating the probability of achieving certain future milestones. Changes in the fair value of the contingent consideration subsequent to the acquisition date are recognized in SG&A in the consolidated statements of operations and comprehensive income (loss). If the initial accounting for a business combination is incomplete by the end of a reporting period that falls within the measurement period, the Company reports provisional amounts in its financial statements. During the measurement period, the Company adjusts the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. The Company records these adjustments to the provisional amounts with a corresponding offset to goodwill. Any adjustments identified after the measurement period are recorded in the consolidated statements of operations and comprehensive income (loss). Intangible Assets and Goodwill Assets acquired, including intangible asset, and liabilities assumed are measured at fair value as of the acquisition date. Goodwill, which has an indefinite useful life, represents the excess of cost over fair value of the net assets acquired. In accordance with ASC 350, Intangibles-Goodwill and Other , the acquired goodwill is not amortized; however, it is reviewed for impairment at least annually during the fourth quarter, or more frequently if an event occurs indicating the potential for impairment. Goodwill is considered to be impaired if the carrying value of the reporting unit exceeds its respective fair value. The Company performs its goodwill impairment analysis at the reporting unit level, which aligns with the Company’s reporting structure and availability of discrete financial information. During the goodwill impairment review, the Company assesses qualitative factors to determine whether it is more likely than not that the fair values of the Company’s reporting units are less than the carrying amounts, including goodwill. The qualitative factors include, but are not limited to, macroeconomic conditions, industry and market considerations, and the Company’s overall financial performance. If, after assessing the totality of these qualitative factors, the Company determines that it is not more likely than not that the fair values of the Company’s reporting units are less than the carrying amounts, then no additional assessment is deemed necessary. Otherwise, the Company proceeds to compare the estimated fair values of the reporting units with the carrying values, including goodwill. If the carrying amounts of the reporting units exceed the fair values, the Company records an impairment loss based on the difference. The Company may elect to bypass the qualitative assessment in a period and proceed to perform the quantitative goodwill impairment test. The Company’s identifiable intangible asset with a finite life is comprised of acquired developed technology. The cost of identifiable intangible asset with finite lives is generally amortized on a straight-line basis over the assets’ respective estimated useful life of 15 years. The Company performs regular reviews to determine if any event has occurred that may indicate that the intangible asset with finite useful lives are potentially impaired. If indicators of impairment exist, an impairment test is performed to assess the recoverability of the affected assets by determining whether the carrying amount of such assets exceeds the undiscounted expected future cash flows. If the affected assets are not recoverable, the Company estimates the fair value of the assets and records an impairment loss if the carrying value of the assets exceeds the fair value. Factors that may indicate potential impairment include a significant decline in the Company’s stock price and market capitalization compared to the net book value, significant changes in the ability of a particular asset to generate positive cash flows for the Company’s strategic business objectives, and the pattern of utilization of a particular asset. Capitalized Software The Company capitalizes certain development costs related to internal-use software. Costs associated with preliminary project activities and post-implementation activities are expensed as incurred. Software development costs are capitalized when the technological feasibility has been established and it is probable that the project will be completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements when it is probable that such expenditures will result in additional functionality of the software to its customers. In general, such costs primarily include payroll and payroll-related costs for employees directly associated with development and enhancement of the software. Impairment of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount to the future net undiscounted cash flows which the assets are expected to generate. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset. The Company has not identified any such impairment losses to date. Fair Value of Financial Instruments The Company’s cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their liquidity or short maturities. The Company measures and records certain financial assets and liabilities at fair value on a recurring basis. U.S. GAAP provides a fair value hierarchy that distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels. • Level 1—Adjusted quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices 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. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. See Note 4 . Fair Value Measurements for further information. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company sells its products primarily to hospitals in the United States through its direct sales force. The Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of shipping or delivering the product. For sales where the Company’s sales representatives hand-deliver products directly to the hospitals, control of the products transfers to the customers upon such hand delivery. For sales where products are shipped, control of the products transfers either upon shipment or delivery of the products to the customer, depending on the shipping terms and conditions. Revenue from product sales is comprised of product revenue, net of product returns, discounts, administrative fees and sales rebates. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity, and not a separate performance obligation. Performance Obligation —The Company has revenue arrangements that consist of a single performance obligation, the shipping or delivery of the Company’s products. The satisfaction of this performance obligation occurs with the transfer of control of the Company’s product to its customers, either upon shipment or delivery of the product. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of revenue recognized is based on the transaction price, which represents the invoiced amount, net of discounts, administrative fees and sales rebates, where applicable. The Company provides a standard 30-day unconditional right of return period. The Company establishes estimated provisions for returns at the time of sale based on historical experience. Historically, the actual product returns have been immaterial to the Company’s consolidated financial statements. For both the years ended December 31, 2023 and 2022, the Company recorded $1.2 million of unbilled receivables, which are included in accounts receivable, net, in the accompanying consolidated balance sheets. The Company disaggregates revenue between Venous Thromboembolism (“VTE”) and Emerging Therapies. Revenue from VTE and Emerging Therapies is as follows: Years Ended December 31, 2023 2022 2021 VTE $ 476,275 $ 381,431 $ 276,984 Emerging Therapies 17,357 2,040 — Total Revenue $ 493,632 $ 383,471 $ 276,984 Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands): Years Ended December 31, 2023 2022 2021 United States $ 469,864 $ 374,040 $ 274,402 International 23,768 9,431 2,582 Total revenue $ 493,632 $ 383,471 $ 276,984 The Company offers payment terms to its customers of less than three months and these terms do not include a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price. The Company offers its standard warranty to all customers. The Company does not sell any warranties on a standalone basis. The Company’s warranty provides that its products are free of material defects and conform to specifications, and includes an offer to repair, replace or refund the purchase price of defective products. This assurance does not constitute a service and is not considered a separate performance obligation. The Company estimates warranty liabilities at the time of revenue recognition and records it as a charge to cost of goods sold. Costs associated with product sales include commissions and are recorded in SG&A expenses. The Company applies the practical expedient and recognizes commissions as an expense when incurred because the amortization period is less than one year. Cost of Goods Sold Cost of goods sold consists primarily of the cost of raw materials, components, direct labor and manufacturing overhead. Overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management, including stock-based compensation. Cost of goods sold also includes depreciation expense for production equipment, inventory impairment charges, and certain direct costs such as shipping and handling costs. Advertising Costs Advertising costs are charged to operations as incurred. Advertising costs were $1.2 million, $1.0 million and $0.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Advertising costs are included in SG&A expenses in the accompanying consolidated statements of operations and comprehensive income (loss). Research and Development Research and development costs are expensed as incurred and include the costs to design, develop, test, deploy and enhance new and existing products. Research and development costs also include expenses associated with the purchase of intellectual property relating to a particular research and development project that has no alternative future use, clinical studies, registries and sponsored research. These costs include direct salary and employee benefit related costs for research and development personnel, costs for materials used and costs for outside services. Patent-related Expenditures Expenditures related to patent research and applications, which are primarily legal fees, are expensed as incurred and are included in SG&A expenses in the accompanying consolidated statements of operations and comprehensive income (loss). Stock-based Compensation The Company's stock based compensation arises from restricted stock units (“RSU”), stock options and the Company's Employee Stock Purchase Plan (“ESPP”). The fair value of RSUs are determined by the closing stock price of the Company’s common stock on the awards’ grant date and the expense is recognized based on the estimated number of awards that are expected to vest. The fair value of the stock options and stock purchased under the ESPP is calculated using the Black-Scholes option pricing model, which requires valuation assumptions of expected term, expected volatility, risk-free interest rate, and expected dividend yield. For the purposes of utilizing the Black-Scholes valuation model for the stock options, the Company uses the simplified method for determining the expected term of the granted options. The simplified method is used since the Company does not have adequate historical data to utilize in calculating the expected term of options. Stock-based compensation is recognized over the service period. The Company estimates and adjusts forfeiture rates based on a periodic review of recent forfeiture activity. Adjustments in the estimated forfeiture rates could cause changes in the amount of expense that is recognized in future periods. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Management assesses the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. As of December 31, 2023, the net deferred tax assets have been partially offset by a valuation allowance. As of December 31, 2022, the net deferred tax assets were fully offset by a valuation allowance. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of provision for income taxes. Foreign Currency Translation When the functional currencies of the Company’s foreign subsidiaries are currencies other than the U.S. dollar, the assets and liabilities of the foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect on the balance sheet date. Income and expense items of the subsidiaries are translated into U.S. dollars at the average exchange rates prevailing during the period. Gains or losses from these translation adjustments are reported as a separate component of stockholders’ equity in accumulated other comprehensive income (loss) until there is a sale, or complete or substantially complete liquidation of the Company’s investment in the foreign subsidiaries, at which time the gains or losses will be realized and included in consolidated net income (loss). Transaction gains and losses are included in other income (expense) and have not been significant for the years presented. For the Company's intercompany accounts that are denominated in the functional currency of a foreign subsidiary, gains and losses resulting from the remeasurement of such intercompany transactions that the Company considers to be of a long-term investment nature are recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. Additionally, gains and losses resulting from the remeasurement of such intercompany transactions from those foreign subsidiaries for which the Company anticipates settlement in the foreseeable future are recorded in the consolidated statements of operations and comprehensive income (loss). Comprehensive Income (Loss) The Company’s comprehensive income (loss) is comprised of net income (loss) and changes in unrealized gain and losses on available-for-sale debt securities and gains or losses from foreign currency translation adjustments. Net Income (Loss) per Share of Common Stock Basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potential dilutive common shares. Diluted net income (loss) per share is computed using the treasury stock method by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net income (loss) per share calculation, shares from common stock options, RSUs and ESPP are potentially dilutive securities. For the periods the Company is in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential dilutive common shares would have been anti-dilutive. Segment Reporting Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in one segment. Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance. Recently Issued Not Yet Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting, Topic 280 , which requires enhanced disclosures primarily around segment expenses for all public entities, including public entities with a single reportable segment. On an annual and interim basis, entities are required to disclose significant segment expenses that are regularly provided to the CODM. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements and related disclosures. In December 2023, FASB issued ASU 2023-09, Income Tax, Topic 740 , which requires public companies to disclose specific categories in the rate reconciliation, disaggregate information related to income taxes paid, income or loss from operations before income tax expense or benefit, and income tax expense or benefit from operations. The ASU is effective for annual fiscal years beginning after December 15, 2024, with early adoption permitted. Amendments are applicable on a prospective basis with retrospective application permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements and related disclosures. Supplemental Cash Flow Information Supplemental cash flow information includes the following: Years Ended December 31, 2023 2022 2021 Supplemental disclosures of cash flow information: Cash paid for income taxes $ 5,512 $ 3,417 $ 472 Cash paid for interest $ 150 $ 151 $ 151 Noncash investing and financing: Lease liabilities arising from obtaining new right-of-use assets $ 1,030 $ 3,947 $ 28,648 Fair value of contingent consideration $ 65,931 $ — $ — Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 38,597 $ 60,222 $ 92,752 Restricted cash 611 — — Total cash, cash equivalents and restricted cash shows in the statement of cash flows $ 39,208 $ 60,222 $ 92,752

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination	BUSINESS COMBINATION Acquisition of LimFlow S.A. On November 15, 2023, the Company completed its acquisition of LimFlow, a medical device company focused on limb salvage for patients with CLTI. The acquisition is expected to accelerate access and adoption of LimFlow’s products into U.S. and other regions providing care to patients worldwide suffering from the most severe form of peripheral artery disease – CLTI and who are facing the prospect of amputation. As a result of the acquisition, LimFlow’s stockholders received as consideration (i) cash, and (ii) contingent consideration related to certain commercial and reimbursement milestones. The results of operations of LimFlow have been included in the consolidated financial statements from the date of the acquisition. Purchase Price The total purchase price consisted of the following (in thousands): As of November 15, 2023 Cash $ 242,001 Fair value of contingent consideration 65,931 Fair value of previously held investment 10,235 Total purchase price $ 318,167 Contingent Consideration The LimFlow stockholders can achieve up to $165.0 million of additional contingent consideration if certain commercial and reimbursement milestones are achieved, as outlined under the Contingent Payments of the share purchase agreement with LimFlow. Such payments include (i) up to $140.0 million based on net revenue generated from the sale of the LimFlow System for the year 2024 through 2026 and (ii) up to $25.0 million based on the achievement of certain reimbursement milestones related to the LimFlow System. The acquisition-date fair value of the contingent consideration was measured using a Monte Carlo simulation which represents Level 3 measurements because they are supported by little or no market activity and reflect the Company’s assumptions in measuring fair value. Estimates and assumptions used in the fair value assessment included forecasted revenues for LimFlow, revenue risk premium, revenue volatility, operational leverage ratio, counterparty credit spread, and weighted average cost of capital. The Company has determined that the range of the potential payments on such contingencies is $65.9 million to $165.0 million. The fair value of the contingent consideration as of the acquisition was $65.9 million recorded within other long-term liabilities. As of December 31, 2023, the Company did not record any changes in fair value of contingent consideration as none of the underlying assumptions significantly changed. Previously Held Investment Prior to the acquisition, the Company held an investment in LimFlow, which represented approximately 3.7% of LimFlow's outstanding equity, and was recorded at cost minus impairment. Authoritative guidance on accounting for business combinations requires that an acquirer remeasure its previously held equity investment in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss in earnings. In connection with acquiring the remaining 96.3% equity interest of LimFlow, the Company remeasured its previously held equity investment to its fair value, as of the date of acquisition, based on the fair value of total consideration transferred. Estimates and assumptions used in the remeasurement represent a Level 3 measurement because they are supported by little or no market activity and reflect the Company’s assumptions in measuring the fair value. As a result of the remeasurement, the Company valued its previously held equity investment in LimFlow at $10.2 million and recognized a gain of $3.5 million, included in other income (expense) in the consolidated statements of operations and comprehensive income (loss) during the year ended December 31, 2023. Transaction costs The transaction costs associated with the acquisition of LimFlow consisted primarily of legal and financial advisory fees of approximately $8.7 million in addition to $1.7 million of severance and integration related costs, which were expensed as incurred as SG&A expense during the year ended December 31, 2023. Net assets acquired and liabilities assumed The preliminary fair values of assets acquired and liabilities assumed were (in thousands): As of November 15, 2023 Cash and cash equivalents $ 1,582 Accounts receivable 919 Inventories 2,635 Property and equipment 266 Goodwill 207,800 Intangible asset 146,000 Other current and noncurrent assets 2,155 Accounts payable (2,509) Deferred tax liability (36,500) Other current and noncurrent liabilities (4,181) Total net assets acquired $ 318,167 The Company is still finalizing the allocation of the purchase price, therefore, the fair value estimates assigned to intangible asset, goodwill and the related tax impacts of the acquisition, among other items, are subject to change as additional information is received to complete the analysis including final adjustments to net working capital. The Company expects to finalize the valuation as soon as practicable, but no later than one year after the acquisition date. The preliminary fair value assigned to the intangible asset acquired was as following (in thousands, except for estimated useful life which are in years): Fair value Useful life Developed technology $ 146,000 15 years The preliminary fair value assigned to identifiable intangible asset, the developed technology, acquired as part of the LimFlow acquisition, was estimated using the multi-period excess earnings method. Under this method, an intangible asset’s fair value is equal to the present value of future economic benefits to be derived from ownership of the asset. The estimated fair value was developed by discounting future net cash flows to their present value at market-based rates of return. Such assumptions included forecasted revenues, cost of sales and operating expenses, technology obsolescence, and weighted average cost of capital. The useful life of the developed technology for amortization purposes was determined by considering the period of expected cash flows used to measure the fair values of the intangible asset adjusted as appropriate for entity-specific factors including competitive, economic and other factors that may limit the useful life. The developed technology asset will be amortized on a straight-line basis over its estimated useful life. Unaudited pro forma financial information The following unaudited pro forma financial information summarizes the combined results of operations of the Company and LimFlow as if the companies had been combined as of the beginning of the fiscal year 2022 (in thousands): Years Ended December 31, 2023 2022 Revenue $ 495,247 $ 383,737 Net Loss $ (40,458) $ (59,372)

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Investments in debt securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. As of December 31, 2023, all of the Company's investments in debt securities had maturities of less than 12 months and were classified as short-term investments on the consolidated balance sheets. The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023 and 2022 (in thousands): December 31, 2023 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 2,753 $ — $ — $ 2,753 Total included in cash and cash equivalents 2,753 — — 2,753 Investments: U.S. Treasury securities 41,685 — — 41,685 U.S. Government agencies — 26,238 — 26,238 Corporate debt securities and commercial paper — 8,932 — 8,932 Total included in short-term investments 41,685 35,170 — 76,855 Total financial assets $ 44,438 $ 35,170 $ — $ 79,608 Financial Liability Contingent consideration $ — $ — $ 65,931 $ 65,931 Total financial liabilities $ — $ — $ 65,931 $ 65,931 December 31, 2022 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,329 $ — $ — $ 20,329 Total included in cash and cash equivalents 20,329 — — 20,329 Investments: U.S. Treasury securities 172,088 — — 172,088 U.S. Government agencies — 47,131 — 47,131 Corporate debt securities and commercial paper — 46,960 — 46,960 Total included in short-term investments 172,088 94,091 — 266,179 Total financial assets $ 192,417 $ 94,091 $ — $ 286,508 There were no transfers between Levels 1, 2 or 3 for the periods presented.

Cash Equivalents and Short-Term

Cash Equivalents and Short-Term Investments	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Cash Equivalents and Short-Term Investments	CASH EQUIVALENTS AND INVESTMENTS The following is a summary of the Company’s cash equivalents and investments in debt securities as of December 31, 2023 and 2022 (in thousands): December 31, 2023 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 2,753 $ — $ — $ 2,753 Total included in cash and cash equivalents 2,753 — — 2,753 Investments: U.S. Treasury securities 41,672 13 — 41,685 U.S. Government agencies 26,248 — (10) 26,238 Corporate debt securities and commercial paper 8,935 — (3) 8,932 Total included in short-term investments 76,855 13 (13) 76,855 Total financial assets $ 79,608 $ 13 $ (13) $ 79,608 December 31, 2022 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,329 $ — $ — $ 20,329 Total included in cash and cash equivalents 20,329 — — 20,329 Investments: U.S. Treasury securities 171,006 1,120 (38) 172,088 U.S. Government agencies 46,777 354 — 47,131 Corporate debt securities and commercial paper 46,576 397 (13) 46,960 Total included in short-term investments 264,359 1,871 (51) 266,179 Total financial assets $ 284,688 $ 1,871 $ (51) $ 286,508 The Company regularly reviews any changes to the rating of its debt securities and reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As of December 31, 2023, the risk of expected credit losses was not significant.

Inventories, Net

Inventories, Net	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories, Net	INVENTORIES, NET Inventories, net of reserves, consist of the following (in thousands): December 31, December 31, Raw materials $ 14,310 $ 13,943 Work-in-process 5,330 3,396 Finished goods 23,260 15,242 Total inventories, net $ 42,900 $ 32,581

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, net	PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following (in thousands): December 31, December 31, Manufacturing equipment $ 16,653 $ 13,585 Computer hardware 5,641 5,123 Leasehold improvements 4,682 5,040 Furniture and fixtures 4,491 4,119 Assets in progress 3,135 2,516 Computer software — 100 Total property and equipment, gross 34,602 30,483 Accumulated depreciation (13,673) (8,828) Total property and equipment, net $ 20,929 $ 21,655 Depreciation expense of $4.5 million, $3.8 million and $2.4 million was included in operating expenses and $1.1 million, $0.9 million and $0.7 million was included in cost of goods sold for the years ended December 31, 2023, 2022 and 2021, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in carrying amount of goodwill were as follows (in thousands): December 31, Balance as of January 1, 2023 $ — Goodwill acquired - LimFlow 207,800 Foreign currency translation adjustments 6,535 Balance as of December 31, 2023 $ 214,335 Goodwill is primarily attributable to enhanced growth opportunities, and plans to leverage the Company's core competencies bringing LimFlow's treatment of CLTI to market in the U.S. The goodwill is not deductible for tax purposes. Intangible Assets The intangible assets consist of the following as of December 31, 2023 (in thousands): Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Developed technology $ 150,649 $ (1,256) $ 149,393 Capitalized software (a) 1,491 — 1,491 Total intangible assets, net $ 152,140 $ (1,256) $ 150,884 _____________ (a) The useful life of the capitalized software will be determined once the asset is put into service. No amortization expense has been recorded related to the capitalized software during the years ended December 31, 2023, 2022 and 2021. During the year ended December 31, 2023, $1.3 million of amortization expense was recorded within the SG&A expenses within the consolidated statements of operations and comprehensive income (loss) related to the developed technology asset. There were no intangible assets and no amortization was recorded for the years ended December 31, 2022 and 2021. The developed technology asset has a weighted-average amortization period of 15 years. The estimated future annual amortization of the intangible assets in service is the following (in thousands): Year ending December 31: Amount 2024 $ 10,043 2025 10,043 2026 10,043 2027 10,043 2028 10,043 Thereafter 99,178 Total $ 149,393

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Operating Leases The Company has operating leases for facilities and certain equipment. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term. For lease agreements, other than long-term real estate leases, the Company combines lease and non-lease components (see Note 2. Summary of Significant Accounting Policies ). The variable lease payments primarily relate to common area maintenance, property taxes, and insurance. The operating leases for facilities expire at various dates through July 2041 and some contain renewal options, the longest of which is for five years. The ROU asset and lease liability includes renewal options if the Company is reasonably certain to exercise such renewal options. The interest rate implicit in lease agreements is typically not readily determinable, and as such the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The incremental borrowing rate is defined as the interest rate the Company would incur to borrow on a collateralized basis, considering factors such as length of lease term. The following table presents the weighted average remaining lease term and discount rate: Years Ended December 31, 2023 2022 2021 Weighted average remaining term 17.8 years 17.1 years 19.2 years Weighted average discount rate 6.1 % 6.1 % 6.0 % Cash paid for amounts included in the measurement of operating leases were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,445 $ 2,700 $ 14,600 Total lease costs were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Operating lease cost $ 4,914 $ 4,276 $ 1,568 Short-term lease cost 119 240 200 Variable lease cost 723 622 473 Total lease costs $ 5,756 $ 5,138 $ 2,241 Future minimum lease payments under operating leases liabilities as of December 31, 2023 are as follows (in thousands): Year ending December 31: Amount 2024 $ 3,560 2025 3,046 2026 2,925 2027 2,991 2028 2,884 Thereafter 36,002 Total lease payments 51,408 Less imputed interest (19,361) Total lease liabilities 32,047 Less: lease liabilities - current portion (1,692) Lease liabilities - noncurrent portion $ 30,355 The Company signed a ten-year lease for real estate in October 2023, with total undiscounted contractual payments of the lease of $7.2 million, which are expected to commence in October 2024. Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and may provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not been subject to any claims or required to defend any action related to its indemnification obligations. The Company’s amended and restated certificate of incorporation contains provisions limiting the liability of directors, and its amended and restated bylaws provide that the Company will indemnify each of its directors to the fullest extent permitted under Delaware law. The Company’s amended and restated certificate of incorporation and amended and restated bylaws also provide its board of directors with discretion to indemnify its officers and employees when determined appropriate by the board. In addition, the Company has entered and expects to continue to enter into agreements to indemnify its directors and executive officers. Legal Proceedings In December 2023, the Company received a civil investigative demand (“CID”) from the U.S. Department of Justice, Civil Division, in connection with an investigation under the federal Anti-Kickback Statute and Civil False Claims Act (the “Investigation”). The CID requests information and documents primarily relating to meals and consulting service payments provided to health care professionals (“HCPs”). The Company is cooperating with the Investigation. The Company is unable to express a view at this time regarding the likely duration, or ultimate outcome, of the Investigation or estimate the possibility of, or amount or range of, any possible financial impact. Depending on the outcome of the Investigation, there may be a material impact on the Company’s business, results of operations, or financial condition. For more information, please refer to “ Item 3. Legal Proceedings ” in this Annual Report on Form 10-K. Licensed Technology In December 2021, the Company entered into an exclusive, perpetual, royalty free, technology license agreement (the “Licensed Technology”) for use in a particular research and development project that requires total payments of approximately $4.2 million payable in three installments due in 2022 and 2023. The Company accounted for the license as a research and development expense as it was determined not to have an alternative future use. As of December 31, 2023, there was no outstanding balance as the Company satisfied its last installment payment during the year ended December 31, 2023. As of December 31, 2022, the outstanding balance was approximately $1.3 million which was included in accrued expenses and other current liabilities on the consolidated balance sheets. Sublicense Agreement In August 2019, the Company entered into a sublicense agreement with Inceptus Medical, LLC (“Inceptus”), pursuant to which Inceptus granted to the Company a non-transferable, worldwide, exclusive sublicense to its licensed intellectual property rights related to the tubular braiding for the non-surgical removal of clots and treatment of embolism and thrombosis in human vasculature other than carotid arteries, coronary vasculature and cerebral vasculature. Under the sublicense agreement, the Company is required to pay an ongoing quarterly administration fee, which amounted to $87,750, $116,000, and $116,000 for the years ended December 31, 2023, 2022 and 2021, respectively. Additionally, the Company is obligated to pay an ongoing royalty ranging from 1% to 1.5% of the net sales of products utilizing the licensed intellectual property, subject to a minimum royalty quarterly fee of $1,500. In June 2023, the sublicense agreement was terminated and the Company is no longer required to pay any ongoing administration and royalty fees beginning in July 2023. The Company recorded royalty expense to cost of goods sold of $5,000, $215,000, and $769,000 for the years ended December 31, 2023, 2022, and 2021, respectively. Self-Insured Health Plan As of January 1, 2023, the Company implemented a self-insurance program to cover employees and their dependent health benefits, including medical, dental, and vision. As part of the program, the Company also has stop-loss coverage from a third party which limits exposure to large claims. The Company records a liability associated with these benefits that includes an estimate of both claims filed and losses incurred but not yet reported based on historical claims experience. In estimating this accrual, the Company utilizes an independent third-party broker to estimate a range of expected losses, which are based on analyses of historical data. The assumptions are closely monitored and adjusted when necessary by changing circumstances. If the liability generated from incurred claims exceeds the expense recorded, the Company may record an additional expense. As of December 31, 2023, the Company's self-insurance liability, inclusive of administrative fees, was $1.4 million, which is included in accrued expenses and other current liabilities on the consolidated balance sheets.

Concentrations

Concentrations	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentrations	CONCENTRATIONS The Company’s revenue is derived primarily from the sale of catheter-based therapeutic devices. For the years ended December 31, 2023, 2022 and 2021, there were no customers which accounted for more than 10% of the Company’s revenue. There were no customers which accounted for more than 10% of the Company’s accounts receivable as of December 31, 2023 and 2022. No vendor accounted for more than 10% of the Company’s purchases for the years ended December 31, 2023, 2022 and 2021. There were no vendors which accounted for more than 10% of the Company’s accounts payable as of December 31, 2023 and 2022.

Related Party

Related Party	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party	RELATED PARTY The Company utilizes MRI The Hoffman Group (“MRI”), a recruiting services company owned by the brother of the former Chief Executive Officer and President and current member of the board of directors of the Company. The Company paid for recruiting services provided by MRI amounting to $165,000, $320,000, and $369,000 for the years ended December 31, 2023, 2022, and 2021, respectively, which was included in SG&A expenses on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2023 and 2022, there was no balance payable to MRI.

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Credit Facility	CREDIT FACILITY Bank of America Credit Facility On December 16, 2022, the Company amended its senior secured revolving credit facility with Bank of America (the “Previously Amended Credit Agreement”) under which the Company may borrow loans up to a maximum principal amount of $40.0 million and increases the optional accordion to $120.0 million. The Amended Credit Agreement matures on December 16, 2027. Advances under the Previously Amended Credit Agreement will bear interest at a base rate per annum (“the Base Rate”) plus an applicable margin (‘the Margin”). The Base Rate equals the greater of (i) the Prime Rate, (ii) the Federal funds rate plus 0.50%, or (iii) the Bloomberg Short-Term Bank Yield Index (“the BSBY”) rate based upon an interest period of one month plus 1.00%, in any case has a floor of 0%. The Margin ranges, depending on average daily availability, from 0.50% to 1.00% in the case of Prime Rate and the Federal funds rate loans, and 1.50% to 2.00% in the case of BSBY Rate loans. As a condition to entering into the Previously Amended Credit Agreement, the Company was obligated to pay a nonrefundable fee of $10,000. The Company is also required to pay an unused line fee at an annual rate of 0.25% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Previously Amended Credit Agreement. The Previously Amended Credit Agreement also includes the LC Facility of up to $5.0 million. In February 2023, the Company amended the LC Facility to increase the limit to up to $10.0 million. The Company is required to pay the following fees under the LC Facility are as follows: (a) a fee equal to the applicable margin in effect for BSBY loans (currently 2.25%) times the average daily stated amount of outstanding letter of credits; (b) a fronting fee equal to 0.125% per annum on the stated amount of each letter of credit outstanding. On November 1, 2023, the Company further amended its credit facility (the “Amended Credit Agreement”) to, among other things, increase the amount available for borrowing to up to a maximum principal amount of $75.0 million. Additionally, advances under the amended credit agreement will bear interest at the Base Rate or the BSBY rate, plus the Margin. The Margin ranges from 0.60% to 1.10% in the case of the Base Rate loans and 1.60% to 2.10% in the case of the BSBY rate loans depending on average daily availability, in each case with a floor of 0%. As a condition of entering into the amended credit agreement, the Company was obligated to pay a nonrefundable fee of $88,000. Lastly, the Company amended the LC Facility to increase the limit up to $18.8 million. This amendment was accounted for as a debt modification in accordance ASC 470, Debt . The Amended Credit Agreement contains certain customary covenants subject to certain exceptions, including, among others, the following: a fixed charge coverage ratio covenant, and limitations of indebtedness, liens, investments, asset sales, mergers, consolidations, liquidations, dispositions, restricted payments, transactions with affiliates and prepayments of certain debt. The Amended Credit Agreement also contains certain events of default subject to certain customary grace periods, including, among others, payment defaults, breaches of any representation, warranty or covenants, judgment defaults, cross defaults to certain other contracts, bankruptcy and insolvency defaults, material judgment defaults and a change of control default. As of December 31, 2023, the amount available to borrow under the Amended Credit Agreement is approximately $56.1 million, and the Company had four letters of credit in the aggregated amount of $2.4 million outstanding under the LC Facility and as a result, the Company had $16.4 million of unused line of credit. The aggregate stated amount outstanding of letter of credits reduces the total borrowing base available under the Amended Credit Agreement. As of December 31, 2023, there was no principal amount outstanding, and no cash was pledged under the Amended Credit Agreement, and the Company was in compliance with its covenant requirement. Obligations under the Amended Credit Agreement are secured by substantially all of the Company’s assets, excluding intellectual property. Deferred Financing Costs As of December 31, 2023 and 2022, costs incurred directly related to debt are presented in other assets and are being amortized over the five-year life of the Credit Agreement on the straight-line basis as follows (in thousands): Years Ended December 31, 2023 2022 Deferred Financing Costs $ 1,454 $ 511 Accumulated amortization (382) (334) Unamortized deferred financing costs $ 1,072 $ 177

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	STOCKHOLDER'S EQUITY Common Stock In March 2022, the Company completed an underwritten public offering (“Follow-On Offering”) of 2,300,000 shares of its common stock, including 300,000 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares, at a public offering price of $81.00 per share. The Company received net proceeds of approximately $174.4 million, after deducting underwriters’ discounts and commissions of $11.2 million and offering costs of $0.7 million. Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (in thousands): Unrealized Gain (Loss) on Investments Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2020 $ 4 $ — $ 4 Other comprehensive loss (27) (379) (406) Balance, December 31, 2021 (23) (379) (402) Other comprehensive income (loss) 1,843 (592) 1,251 Balance, December 31, 2022 1,820 (971) 849 Other comprehensive (loss) income (1,829) 9,865 8,036 Balance, December 31, 2023 $ (9) $ 8,894 $ 8,885

Equity Incentive Plans

Equity Incentive Plans	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	14. EQUITY INCENTIVE PLANS In 2011, the Company adopted the 2011 Equity Incentive Plan (the “2011 Plan”) to permit the grant of share-based awards, such as stock grants and incentives and non-qualified stock options to employees and directors. The Board has the authority to determine to whom awards will be granted, the number of shares, the term and the exercise price. In March 2020, the Company adopted the 2020 Incentive Award Plan (the “2020 Plan”), which became effective in connection with the Company's initial public offering in May 2020 (“IPO”). As a result, the Company may not grant any additional awards under the 2011 Plan. The 2011 Plan will continue to govern outstanding equity awards granted thereunder. The Company has initially reserved 3,468,048 shares of common stock for the issuance of a variety of awards under the 2020 Plan, including stock options, stock appreciation rights, awards of restricted stock and awards of restricted stock units. In addition, the number of shares of common stock reserved for issuance under the 2020 Plan will automatically increase on the first day of January for a period of up to ten years, commencing on January 1, 2021, in an amount equal to 3% of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. As of December 31, 2023, there were 6,476,157 shares available for issuance under the 2020 Plan, including 1,620,650 additional shares reserved effective January 1, 2023. 2011 Equity Incentive Plan Restricted Stock Units In March 2019, the Company granted, under the 2011 Plan, restricted stock unit awards (“RSUs”) to certain employees that vest only upon the satisfaction of both a time-based service condition and a performance-based condition that was satisfied on the effective date of the IPO of the Company's common stock. The RSUs were subject to four-year cliff vesting and vested in full in March 2023. The vesting was also subject to a market-based condition related to the value of the Company's common stock as of the vesting date. As a result of exceeding the value of the Company's common stock as set forth in the grant agreement, the maximum amount of RSUs were earned and vested during the year ended December 31, 2023. RSU activity under the 2011 Plan is set forth below: Number of Weighted Outstanding, December 31, 2022 2,712,674 $ 0.17 Vested (2,712,674) (a) Outstanding, December 31, 2023 — $ — _____________ (a) The vested RSUs will be distributed to the employees in installments. The first installment was distributed in the quarter ended March 31, 2023 with a weighted average fair value of $64.34. The second installment was distributed in the quarter ended June 30, 2023 with a weighted average fair value of $71.17. The third installment was distributed in the quarter ended September 30, 2023 with a weighted average fair value of $68.33. The final installment was distributed in the quarter ended December 31, 2023 with a weighted average fair value of $61.04. The total fair value of RSUs vested under the 2011 Plan was $170.6 million for the year ended December 31, 2023. No RSUs had vested under the 2011 Plan for the year ended December 31, 2022. Stock Options A summary of stock option activities under the 2011 Plan is as follows (intrinsic value in thousands): Number of Weighted Weighted Intrinsic Outstanding, December 31, 2020 3,436,785 $ 1.36 8.05 $ 295,331 Exercised (806,008) $ 1.08 $ 73,299 Cancelled (56,423) $ 2.17 Outstanding, December 31, 2021 2,574,354 $ 1.43 7.07 $ 231,286 Exercised (1,098,841) $ 0.74 $ 80,830 Cancelled (19,185) $ 2.64 Outstanding, December 31, 2022 1,456,328 $ 1.93 6.20 $ 89,749 Exercised (515,222) $ 1.36 $ 31,577 Cancelled (3,410) $ 5.12 Outstanding, December 31, 2023 937,696 $ 2.24 5.20 $ 58,778 Vested and exercisable at December 31, 2023 933,887 $ 2.22 5.20 $ 58,557 Vested and expected to vest at December 31, 2023 937,692 $ 2.24 5.20 $ 58,777 The aggregate intrinsic values of options outstanding, vested and exercisable, and vested and expected to vest were calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock. 2020 Incentive Award Plan Restricted Stock Units RSUs are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest over a four-year period with straight-line vesting and a 25% one-year cliff or over a three-year period in equal amounts on a quarterly basis, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date. RSU activities under the 2020 Plan is set forth below: Number of Weighted Outstanding, December 31, 2020 222,564 $ 58.86 Granted 515,880 98.98 Vested (99,758) 78.15 Cancelled (27,481) 86.41 Outstanding, December 31, 2021 611,205 88.34 Granted 696,111 73.22 Vested (257,198) 84.15 Cancelled (50,903) 82.92 Outstanding, December 31, 2022 999,215 79.16 Granted 892,939 59.12 Vested (458,632) 73.85 Cancelled (125,524) 73.24 Outstanding, December 31, 2023 1,307,998 $ 67.91 In 2021, the Company accelerated the vesting of 8,947 RSUs for a director and accounted for the vesting acceleration as a modification under ASC 718. The Company recognized a one-time stock-based compensation expense as a result of this modification of approximately $0.4 million, which was determined based on the fair value of the Company’s shares of common stock at the time of the modification and was included in SG&A expenses on the consolidated statements of operations and comprehensive income (loss). The total fair value of RSUs vested under the 2020 Plan during the years ended December 31, 2023, 2022 and 2021, was $28.5 million, $20.2 million and $17.7 million, respectively. Stock Options During the year ended December 31, 2023, the Company granted non-qualified stock options to certain employees with vesting over a four-year period on a quarterly basis. The fair value of options granted was calculated using the following weighted average assumptions: Year ended December 31, 2023 Expected term (in years) 4.56 Expected volatility 50.35% Expected dividends 0.00% Risk free interest rate 4.05% Weighted-average fair value of options granted $25.98 per share Expected term. Due to lack of the Company’s historical share option exercise information, the expected term for options granted was determined using the simplified method. The Company calculated the expected term as the average of the vesting period and the contractual term of the option as the Company believes this represents the best estimate of the expected terms of the stock options. Expected volatility. Due to lack of the Company’s historical stock price volatility data, the Company used the historical daily changes in the market price of its comparable companies to determine the expected volatility during the equivalent period of the expected term of the stock options. Expected dividends. The Company has not declared or paid any dividends. Risk-free interest rates. The Company applies the risk-free interest rate based on the U.S. Treasury yield for the expected term of the option. The Company uses its historical rate of cancelled or expired unvested shares since inception of the plan as the expected forfeiture rate. A summary of stock option activities under the 2020 Plan for the year ended December 31, 2023 is as follows (intrinsic value in thousands): Number of Weighted Weighted Intrinsic Outstanding, December 31, 2022 — $ — — $ — Granted 181,870 $ 56.00 Exercised (2,720) $ 56.00 $ 21 Cancelled (12,947) $ 56.00 Outstanding, December 31, 2023 166,203 $ 56.00 6.10 $ 1,483 Vested and exercisable at December 31, 2023 30,348 $ 56.00 6.00 $ 271 Vested and expected to vest at December 31, 2023 155,278 $ 56.00 6.10 $ 1,385 Employee Stock Purchase Plan In May 2020, the Company adopted the 2020 Employee Stock Purchase Plan (“ESPP”), which became effective on the date the ESPP was adopted by the Company’s board of directors. Each offering to the employees to purchase stock under the ESPP will begin on each August 1 and February 1 and will end on the following January 31 and July 31, respectively. The first offering period began on August 1, 2020. On each purchase date, which falls on the last date of each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of (1) the fair market value per share of the common stock on the offering date or (2) the fair market value of the common stock on the purchase date. The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Company’s Compensation Committee, in its sole discretion. The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions: Years Ended December 31, 2023 2022 2021 Expected term (in years) 0.5 0.5 0.5 Expected volatility 42.08% - 49.89% 56.09% - 72.78% 51.47% - 51.91% Dividend yield 0.00% 0.00% 0.00% Risk free interest rate 4.79% - 5.54% 0.48% - 2.96% 0.06% - 0.08% Total shares of common stock purchased under the ESPP for the years as of December 31, 2023, 2022, and 2021 were 204,545, 133,515 and 85,049, respectively. As of December 31, 2023 and 2022, there were 2,103,629 and 1,767,957 shares, respectively, reserved for future purchases. Stock-based Compensation Expense Total compensation cost for all share-based payment arrangements recognized, including $3.4 million, $3.3 million and $2.4 million of stock-based compensation expense related to the ESPP for the years ended December 31, 2023, 2022 and 2021, respectively, was as follows (in thousands): Years Ended December 31, 2023 2022 2021 Cost of goods sold $ 1,617 $ 1,510 $ 815 Research and development 6,440 4,255 2,214 Selling, general and administrative 32,280 22,906 22,419 $ 40,337 $ 28,671 $ 25,448 Total compensation costs as of December 31, 2023 related to all non-vested awards to be recognized in future periods was $75.1 million and is expected to be recognized over the remaining weighted average period of 2.6 years. The income tax benefit from the exercises of stock options before valuation allowance was $21.7 million, $7.6 million and $10.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company's income tax provision is summarized as follows (in thousands): Years Ended December 31, 2023 2022 2021 Income (loss) before provision for income taxes: United States $ 21,278 $ (15,787) $ 18,301 Foreign (17,032) (10,398) (7,616) Income (loss) before income taxes $ 4,246 $ (26,185) $ 10,685 Current tax expense: Federal $ 4,282 $ 826 $ — State 2,475 1,997 832 Foreign (291) 259 13 Total current tax expense 6,466 3,082 845 Deferred tax expense: Federal $ (111) $ — $ — State (25) — — Foreign (448) — — Total deferred tax expense (584) — — Total provision for income taxes $ 5,882 $ 3,082 $ 845 Provision for income taxes as a percentage of income (loss) before taxes 138.5 % (11.8 %) 7.9 % Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. The tax effects of significant items comprising the Company’s deferred taxes are as follows (in thousands): December 31, 2023 2022 Deferred tax assets Capitalized R&D expenses $ 33,528 $ 14,250 Credit carryforwards 9,905 10,298 Operating leases 7,464 7,587 Net operating losses and capital loss carryforwards 9,159 6,038 Equity compensation 2,678 2,307 Intangible asset 2,168 2,008 Accrued employee compensation 2,082 1,321 Inventory 1,702 1,207 Other 492 — Total deferred tax assets $ 69,178 $ 45,016 Deferred tax liabilities Right-of-use assets $ (9,836) $ (10,390) Fixed asset basis (3,519) (3,980) Intangible asset (37,348) — Other liabilities (472) (325) Total deferred tax liabilities $ (51,175) $ (14,695) Valuation allowance $ (53,823) $ (30,321) Net deferred tax assets (liabilities) $ (35,820) $ — ASC 740, Income Taxes requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not”. Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward periods. Based on its evaluation, including projected taxable losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly has provided for a partial valuation allowance in the US and certain foreign jurisdictions. The Company will continue to assess its position on the realizability of its deferred tax assets, until such time as sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Any release of the valuation allowance will result in a material benefit recognized in the quarter of release. The valuation allowance increased by approximately $23.5 million during the year ended December 31, 2023. Additionally, the Company recorded $0.4 million and nil of deferred tax assets within deposits and other assets in the consolidated balance sheets as of December 31, 2023 and 2022, respectively. The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows (in thousands): Years Ended December 31, 2023 2022 2021 Statutory rate $ 892 $ (5,499) $ 2,244 State taxes, net of federal benefit (683) (1,060) (317) Foreign taxes 252 — — Foreign rate differential 1,621 1,982 1,181 Meals and entertainment 1,383 37 14 Non-deductible fringe benefits 137 115 104 Transaction costs 935 — — Foreign derived intangible income deduction (236) (18) — Deferred gain on foreign investment (730) — — Equity compensation (37,492) (9,351) (8,387) 162(m) limitation 27,189 8,242 4,162 Other deferred adjustment (818) 105 (1,127) Permanent adjustments 44 6 — General business credits (9,708) (4,709) (3,761) Change in valuation allowance 21,977 12,891 6,031 Intercompany profit in inventory 1,119 341 701 Total $ 5,882 $ 3,082 $ 845 For tax years beginning after December 31, 2021, certain research and development expenses are required to be capitalized and amortized over a five year or fifteen year period under the Tax Cuts and Jobs Act, which was signed into law December 22, 2017. The Company has reviewed and incorporated this change which impacts the expected U.S. federal and state tax expense and cash taxes to be paid for the tax years ending December 31, 2022 and December 31, 2023. As a result of losses incurred in the past, the Company has net operating loss (“NOL”) carry-forwards that are available to offset future taxable income and subject to expiration rules and to Internal Revenue Code of 1986, as amended (“IRC”) §382. In general, IRC §382 may impact the amount of NOLs that can be utilized each year after certain ownership changes occur. An ownership change occurs, generally, if the percentage of stock of the loss corporation owned by one or more 5% shareholders has increased by more than 50 percentage points relative to the lowest percentage of stock of the loss corporation owned by the same 5% shareholders at any time during the testing period (generally, the three-year period preceding a testing date). Net operating losses and tax credit carryforwards as of December 31, 2023 are as follows (in thousands): Amount Expiration Net operating losses, federal - expiring $ 7,997 2036-2037 Net operating losses, federal - indefinite $ 1,774 Indefinite Net operating losses, state - expiring $ 25,484 2032-2043 Net operating losses, state - indefinite $ 1,625 Indefinite Net operating losses, foreign - expiring $ 47,233 2028-2030 Net operating losses, foreign - indefinite $ 5,041 Indefinite Tax credits, federal $ 9,781 2031-2043 Tax credits, state $ 13,346 Indefinite Pursuant to an IRC §382 limitation analysis performed by the Company, it was noted that an ownership change, as defined under IRC §382, occurred on March 29, 2018 and December 31, 2021. Usage of NOL’s generated prior to March 29, 2018 will be limited to $3.0 million for calendar years 2019 through 2022, $0.7 million for 2023, $0.6 million from 2024 through 2039, and $0.2 million for 2040 for both federal and state purposes. The IRC §382 ownership change that occurred on December 31, 2021 did not further limit the use of the Company's NOL's generated prior to December 31, 2021. Of the federal net operating loss and the state net operating loss carryforward amounts, $9.8 million and $19.5 million are subject to the IRC §382 limitation, respectively. In the ordinary course of its business the Company incurs costs that, for tax purposes, are determined to be qualified research expenditures within the meaning of IRC §41 and are, therefore, eligible for the Increasing Research Activities credit under IRC §41. Research & Development credit carryovers generated prior to March 29, 2018 are limited under IRC §383 to $0.3 million a year for both federal and state purposes. Additionally, R&D credit carryovers acquired as part of the LimFlow acquisition are limited under IRC §383 for all credits generated prior to November 15, 2023. The limitation is expected to be immaterial. The Company has adjusted the deferred tax assets related to Federal R&D credit carryover to account for any tax credits that will expire unused due to the IRC §383 limitations. As of December 31, 2023 and 2022, the Company has total uncertain tax positions of $10.6 million and $5.5 million respectively. The Company estimates that these liabilities would be reduced by $10.6 million and $5.5 million, respectively, from offsetting tax benefits associated with the correlative effects of net operating losses and other timing adjustments. The net amounts of all years, if not required, would favorably affect the Company's effective tax rate. No interest or penalties have been recorded related to the uncertain tax positions. A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Balance at the beginning of the year $ 5,526 $ 2,679 $ 882 Additions based on tax positions related to the current year 4,254 2,348 1,352 Additions based on tax positions related to prior years 803 499 445 Deductions based on tax positions related to prior years — — — Balance at the end of the year $ 10,583 $ 5,526 $ 2,679 It is not expected that there will be a significant change in uncertain tax position in the next 12 months. The Company is subject to U.S. federal and state income tax in multiple state jurisdictions, and various foreign jurisdictions. In the normal course of business, the Company is subject to examination by tax authorities. As of the date of the financial statements, there are no income tax examinations in progress. The statute of limitations for tax years ended December 31, 2020, December 31, 2019, and December 31, 2020, are open for federal, state, and foreign tax purposes, respectively.

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement Plan	RETIREMENT PLAN In December 2017, the Company adopted the Inari Medical, Inc. 401(k) Plan which allows eligible

Net Income (Loss) Per Share

Net Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	NET INCOME (LOSS) PER SHARE The components of net (loss) income per share are as follows: Years Ended December 31, 2023 2022 2021 Numerator: Net (loss) income $ (1,636) $ (29,267) $ 9,840 Denominator: Weighted average number of common shares outstanding - basic 56,770,657 52,837,674 49,815,914 Common stock equivalents from outstanding common stock options — — 2,842,938 Common stock equivalents from unvested RSUs — — 2,929,524 Common stock equivalents from ESPP — — 5,783 Weighted average number of common shares outstanding - diluted 56,770,657 52,837,674 55,594,159 Net (loss) income per share: Basic $ (0.03) $ (0.55) $ 0.20 Diluted $ (0.03) $ (0.55) $ 0.18 The Company did not have any anti-dilutive common stock equivalents for the year ended December 31, 2021. The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the period presented below due to their anti-dilutive effect: Years Ended December 31, 2023 2022 Common stock options 1,092,974 1,456,328 RSUs 1,307,998 3,711,889 Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect 2,400,972 5,168,217

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ (1,636)	$ (29,267)	$ 9,840

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Andrew J. Hykes [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 13, 2023, Andrew J. Hykes, Chief Executive Officer and a member of our Board of Directors, entered into a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) (a “Rule 10b5-1 Trading Plan”) for the sale of securities of our common stock. Mr. Hykes’ Rule 10b5-1 Trading Plan, which has a term from March 20, 2024 to December 31, 2024, provides for the sale of up to 110,000 shares of common stock pursuant to a series of market orders at pre-determined price thresholds.
Name	Andrew J. Hykes
Title	Chief Executive Officer and a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 13, 2023
Arrangement Duration	286 days
Aggregate Available	110,000	110,000
Mitchell C. Hill [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 9, 2023, Mitchell C. Hill, Chief Financial Officer, entered into a Rule 10b5-1 Trading Plan for the sale of securities of our common stock. Mr. Hill’s Rule 10b5-1 Trading Plan, which has a term from March 12, 2024 to December 31, 2024, provides for the exercise of options and sale of up to 45,000 shares of common stock on a monthly basis at a pre-determined limit price.
Name	Mitchell C. Hill
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 9, 2023
Arrangement Duration	294 days
Aggregate Available	45,000	45,000
Thomas Tu, M [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 11, 2023, Thomas Tu, MD, Chief Medical Officer, entered into a Rule 10b5-1 Trading Plan for the sale of securities of our common stock. Mr. Tu’s Rule 10b5-1 Trading Plan, which has a term from February 27, 2024 to December 31, 2024, provides for the sale of up to 82,000 shares of common stock pursuant to a series of market orders at pre-determined price thresholds.
Name	Thomas Tu, MD
Title	Chief Medical Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 11, 2023
Arrangement Duration	308 days
Aggregate Available	82,000	82,000
Rebecca Chambers [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 6, 2023, Rebecca Chambers, a member of our Board of Directors, entered into a Rule 10b5-1 Trading Plan for the sale of securities of our common stock. Ms. Chambers’ Rule 10b5-1 Trading Plan, which has a term from May 18, 2024 to December 20, 2024, provides for the sale of up to 1,224 shares of common stock pursuant to a series of market orders.
Name	Rebecca Chambers
Title	a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 6, 2023
Arrangement Duration	216 days
Aggregate Available	1,224	1,224
William Hoffman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 14, 2023, William Hoffman, a member of our Board of Directors, entered into a Rule 10b5-1 Trading Plan for the sale of securities of our common stock. Mr. Hoffman’s Rule 10b5-1 Trading Plan, which has a term from March 14, 2024 to March 16, 2025, provides for the sale of up to 735,000 shares of common stock pursuant to a series of market orders at pre-determined price thresholds.
Name	William Hoffman
Title	a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 14, 2023
Arrangement Duration	367 days
Aggregate Available	735,000	735,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Management Estimates	Management Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying consolidated financial statements may include, but are not limited to, valuation of intangible asset, contingent consideration liability, collectability of receivables, recoverability of long-lived assets, valuation of inventory, operating lease right-of-use (“ROU”) assets and liabilities, other investments, fair value of stock options, recoverability of net deferred tax assets and related valuation allowance, and certain accruals. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. Actual results could differ materially from those estimates. Management periodically evaluates such estimates and assumptions, and they are adjusted prospectively based upon such periodic evaluation.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers cash on hand, cash in demand deposit accounts including money market funds, and instruments with a maturity date of 90 days or less at date of purchase to be cash and cash equivalents. The Company maintains its cash and cash equivalent balances with banks. At times, the cash and cash equivalent balances may exceed federally insured limits. The Company does not believe that this results in any significant credit risk as the Company’s policy is to place its cash and cash equivalents in highly-rated financial institutions. The Company defines restricted cash as cash that is legally restricted as to withdrawal or usage. The Company’s restricted cash primarily relates to an amount in escrow related to a manufacturing contract with a supplier.
Investments in Debt and Equity Securities	Investments in Debt and Equity Securities Investments in debt securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. The Company determines the appropriate classification of its investments in available-for-sale debt securities at the time of purchase. The Company considers all marketable securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classifies these securities within current assets on the consolidated balance sheets, as applicable, as they are available to support current operational liquidity needs. Unrealized gains and losses are excluded from earnings and reported as a component of comprehensive income (loss). The Company periodically evaluates whether declines in fair values of its marketable securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not that it will be required to sell any marketable securities before recovery of its amortized cost basis. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on marketable securities are included in other income (expenses), net on the consolidated statements of operations and comprehensive income (loss). The cost of investments sold is based on the specific-identification method. Interest on marketable securities is included in interest income. The Company has strategic investments in certain privately held companies, with no readily determinable fair value. The Company elected the measurement alternative under which it measures these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investments. The Company will monitor the information that becomes available from time to time and adjust the carrying values of these investments if there are identified events or changes in circumstances that have a significant adverse effect on the fair values or if there are observable changes in fair value. Impairment loss, which is generally the difference between the carrying value and the fair value of the investment, is recorded in other income (expense) in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2023 and 2022, total other investments of $1.5 million and $8.3 million, respectively, were included in deposits and other assets in the consolidated balance sheets. As a result of the LimFlow acquisition, the Company recognized a gain on the pre-existing investment in LimFlow of $3.5 million. which was recorded in other income (expense) in consolidated statements of operations and comprehensive income (loss). See N ote 3. Business Combination for additional information. Additionally, during the year ended December 31, 2023, the Company recorded an impairment loss of $0.6 million in other income (expense) in the consolidated statements of operations and comprehensive income (loss) related to a strategic investment. There were no impairment losses recorded during the years ended December 31, 2022 or 2021.
Accounts Receivable, Net	Accounts Receivable, net Trade accounts receivable are recorded at the invoiced amount, net of any allowance for credit losses. 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 (“SG&A”). The Company charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The allowance for credit losses was $1.3 million and $0.8 million as of December 31, 2023 and 2022, respectively.
Inventories, Net	Inventories, net The Company values inventory at the lower of the actual cost to purchase or manufacture the inventory or net realizable value for such inventory. Cost, which includes material, labor and overhead costs, is determined on the first-in, first out method, or FIFO. The Company regularly reviews inventory quantities in process and on hand, and when appropriate, records a provision for obsolete and excess inventory. The Company writes down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value and inventory in excess of expected requirements based on future demand and as compared to remaining shelf life. The estimate of excess quantities is subjective and primarily dependent on the Company’s estimates of future demand for a particular product. If the estimate of future demand is inaccurate based on actual sales, the Company may increase the write down for excess inventory for that component and record a charge to inventory impairment in cost of goods sold on the accompanying consolidated statements of operations and comprehensive income (loss).
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost. Additions and improvements that extend the lives of the assets are capitalized while expenditures for repairs and maintenance are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets, ranging from two
Right-of-use Assets and Lease Liabilities	Right-of-use Assets and Lease Liabilities The Company determines if an arrangement contains a lease at inception and determines the classification of the lease, as either operating or finance, at commencement. Right-of-use assets and lease liabilities are recorded based on the present value of future lease payments which factors in certain qualifying initial direct costs incurred as well as any lease incentives received. If an implicit rate is not readily determinable, the Company utilizes inputs from third-party lenders to determine the appropriate discount rate. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Lease terms may factor in options to extend or terminate the lease. The Company adheres to the short-term lease recognition exemption for all classes of assets (i.e. facilities and equipment). As a result, leases with an initial term of twelve months or less are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. In addition, for certain equipment leases, the Company accounts for lease and non-lease components, such as services, as a single lease component as permitted.
Business Combination	Business Combination Under the acquisition method of accounting, ASC 805, Business Combinations , the Company allocates the fair value of the total consideration transferred to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. Determining these fair values require the Company to make estimates and assumptions, especially with respect to the intangible asset. The Company records the excess consideration over the aggregate fair value of tangible and intangible assets, net of liabilities assumed, as goodwill. Costs that the Company incurs to complete the business combination, such as legal and other advisory fees, are expensed as they are incurred. In an acquisition with contingent consideration which can be earned by the sellers upon the completion of certain future performance or other milestones, the acquisition-date fair value of contingent consideration liability is recorded as a component of accrued liabilities and/or other long-term liabilities. These estimates require significant management judgment, including evaluating the probability of achieving certain future milestones. Changes in the fair value of the contingent consideration subsequent to the acquisition date are recognized in SG&A in the consolidated statements of operations and comprehensive income (loss). If the initial accounting for a business combination is incomplete by the end of a reporting period that falls within the measurement period, the Company reports provisional amounts in its financial statements. During the measurement period, the Company adjusts the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. The Company records these adjustments to the provisional amounts with a corresponding offset to goodwill. Any adjustments identified after the measurement period are recorded in the consolidated statements of operations and comprehensive income (loss).
Intangible Assets and Goodwill	Intangible Assets and Goodwill Assets acquired, including intangible asset, and liabilities assumed are measured at fair value as of the acquisition date. Goodwill, which has an indefinite useful life, represents the excess of cost over fair value of the net assets acquired. In accordance with ASC 350, Intangibles-Goodwill and Other , the acquired goodwill is not amortized; however, it is reviewed for impairment at least annually during the fourth quarter, or more frequently if an event occurs indicating the potential for impairment. Goodwill is considered to be impaired if the carrying value of the reporting unit exceeds its respective fair value. The Company performs its goodwill impairment analysis at the reporting unit level, which aligns with the Company’s reporting structure and availability of discrete financial information. During the goodwill impairment review, the Company assesses qualitative factors to determine whether it is more likely than not that the fair values of the Company’s reporting units are less than the carrying amounts, including goodwill. The qualitative factors include, but are not limited to, macroeconomic conditions, industry and market considerations, and the Company’s overall financial performance. If, after assessing the totality of these qualitative factors, the Company determines that it is not more likely than not that the fair values of the Company’s reporting units are less than the carrying amounts, then no additional assessment is deemed necessary. Otherwise, the Company proceeds to compare the estimated fair values of the reporting units with the carrying values, including goodwill. If the carrying amounts of the reporting units exceed the fair values, the Company records an impairment loss based on the difference. The Company may elect to bypass the qualitative assessment in a period and proceed to perform the quantitative goodwill impairment test. The Company’s identifiable intangible asset with a finite life is comprised of acquired developed technology. The cost of identifiable intangible asset with finite lives is generally amortized on a straight-line basis over the assets’ respective estimated useful life of 15 years. The Company performs regular reviews to determine if any event has occurred that may indicate that the intangible asset with finite useful lives are potentially impaired. If indicators of impairment exist, an impairment test is performed to assess the recoverability of the affected assets by determining whether the carrying amount of such assets exceeds the undiscounted expected future cash flows. If the affected assets are not recoverable, the Company estimates the fair value of the assets and records an impairment loss if the carrying value of the assets exceeds the fair value. Factors that may indicate potential impairment include a significant decline in the Company’s stock price and market capitalization compared to the net book value, significant changes in the ability of a particular asset to generate positive cash flows for the Company’s strategic business objectives, and the pattern of utilization of a particular asset.
Capitalized software	Capitalized Software The Company capitalizes certain development costs related to internal-use software. Costs associated with preliminary project activities and post-implementation activities are expensed as incurred. Software development costs are capitalized when the technological feasibility has been established and it is probable that the project will be completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements when it is probable that such expenditures will result in additional functionality of the software to its customers. In general, such costs primarily include payroll and payroll-related costs for employees directly associated with development and enhancement of the software.
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount to the future net undiscounted cash flows which the assets are expected to generate. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset. The Company has not identified any such impairment losses to date.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their liquidity or short maturities. The Company measures and records certain financial assets and liabilities at fair value on a recurring basis. U.S. GAAP provides a fair value hierarchy that distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels. • Level 1—Adjusted quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices 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. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. See Note 4 . Fair Value Measurements for further information.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company sells its products primarily to hospitals in the United States through its direct sales force. The Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of shipping or delivering the product. For sales where the Company’s sales representatives hand-deliver products directly to the hospitals, control of the products transfers to the customers upon such hand delivery. For sales where products are shipped, control of the products transfers either upon shipment or delivery of the products to the customer, depending on the shipping terms and conditions. Revenue from product sales is comprised of product revenue, net of product returns, discounts, administrative fees and sales rebates. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity, and not a separate performance obligation. Performance Obligation —The Company has revenue arrangements that consist of a single performance obligation, the shipping or delivery of the Company’s products. The satisfaction of this performance obligation occurs with the transfer of control of the Company’s product to its customers, either upon shipment or delivery of the product. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of revenue recognized is based on the transaction price, which represents the invoiced amount, net of discounts, administrative fees and sales rebates, where applicable. The Company provides a standard 30-day unconditional right of return period. The Company establishes estimated provisions for returns at the time of sale based on historical experience. Historically, the actual product returns have been immaterial to the Company’s consolidated financial statements. For both the years ended December 31, 2023 and 2022, the Company recorded $1.2 million of unbilled receivables, which are included in accounts receivable, net, in the accompanying consolidated balance sheets. The Company disaggregates revenue between Venous Thromboembolism (“VTE”) and Emerging Therapies. Revenue from VTE and Emerging Therapies is as follows: Years Ended December 31, 2023 2022 2021 VTE $ 476,275 $ 381,431 $ 276,984 Emerging Therapies 17,357 2,040 — Total Revenue $ 493,632 $ 383,471 $ 276,984 Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands): Years Ended December 31, 2023 2022 2021 United States $ 469,864 $ 374,040 $ 274,402 International 23,768 9,431 2,582 Total revenue $ 493,632 $ 383,471 $ 276,984 The Company offers payment terms to its customers of less than three months and these terms do not include a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price. The Company offers its standard warranty to all customers. The Company does not sell any warranties on a standalone basis. The Company’s warranty provides that its products are free of material defects and conform to specifications, and includes an offer to repair, replace or refund the purchase price of defective products. This assurance does not constitute a service and is not considered a separate performance obligation. The Company estimates warranty liabilities at the time of revenue recognition and records it as a charge to cost of goods sold. Costs associated with product sales include commissions and are recorded in SG&A expenses. The Company applies the practical expedient and recognizes commissions as an expense when incurred because the amortization period is less than one year.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold consists primarily of the cost of raw materials, components, direct labor and manufacturing overhead. Overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management, including stock-based compensation. Cost of goods sold also includes depreciation expense for production equipment, inventory impairment charges, and certain direct costs such as shipping and handling costs.
Advertising Costs	Advertising Costs Advertising costs are charged to operations as incurred. Advertising costs were $1.2 million, $1.0 million and $0.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Advertising costs are included in SG&A expenses in the accompanying consolidated statements of operations and comprehensive income (loss).
Research and Development	Research and Development Research and development costs are expensed as incurred and include the costs to design, develop, test, deploy and enhance new and existing products. Research and development costs also include expenses associated with the purchase of intellectual property relating to a particular research and development project that has no alternative future use, clinical studies, registries and sponsored research. These costs include direct salary and employee benefit related costs for research and development personnel, costs for materials used and costs for outside services.
Patent-related Expenditures	Patent-related Expenditures Expenditures related to patent research and applications, which are primarily legal fees, are expensed as incurred and are included in SG&A expenses in the accompanying consolidated statements of operations and comprehensive income (loss).
Stock-based Compensation	Stock-based Compensation The Company's stock based compensation arises from restricted stock units (“RSU”), stock options and the Company's Employee Stock Purchase Plan (“ESPP”). The fair value of RSUs are determined by the closing stock price of the Company’s common stock on the awards’ grant date and the expense is recognized based on the estimated number of awards that are expected to vest. The fair value of the stock options and stock purchased under the ESPP is calculated using the Black-Scholes option pricing model, which requires valuation assumptions of expected term, expected volatility, risk-free interest rate, and expected dividend yield. For the purposes of utilizing the Black-Scholes valuation model for the stock options, the Company uses the simplified method for determining the expected term of the granted options. The simplified method is used since the Company does not have adequate historical data to utilize in calculating the expected term of options. Stock-based compensation is recognized over the service period. The Company estimates and adjusts forfeiture rates based on a periodic review of recent forfeiture activity. Adjustments in the estimated forfeiture rates could cause changes in the amount of expense that is recognized in future periods.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Management assesses the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. As of December 31, 2023, the net deferred tax assets have been partially offset by a valuation allowance. As of December 31, 2022, the net deferred tax assets were fully offset by a valuation allowance. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of provision for income taxes.
Foreign Currency Transaction	Foreign Currency Translation When the functional currencies of the Company’s foreign subsidiaries are currencies other than the U.S. dollar, the assets and liabilities of the foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect on the balance sheet date. Income and expense items of the subsidiaries are translated into U.S. dollars at the average exchange rates prevailing during the period. Gains or losses from these translation adjustments are reported as a separate component of stockholders’ equity in accumulated other comprehensive income (loss) until there is a sale, or complete or substantially complete liquidation of the Company’s investment in the foreign subsidiaries, at which time the gains or losses will be realized and included in consolidated net income (loss). Transaction gains and losses are included in other income (expense) and have not been significant for the years presented. For the Company's intercompany accounts that are denominated in the functional currency of a foreign subsidiary, gains and losses resulting from the remeasurement of such intercompany transactions that the Company considers to be of a long-term investment nature are recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. Additionally, gains and losses resulting from the remeasurement of such intercompany transactions from those foreign subsidiaries for which the Company anticipates settlement in the foreseeable future are recorded in the consolidated statements of operations and comprehensive income (loss).
Comprehensive Income (Loss)	Comprehensive Income (Loss)
Net Income (Loss) per Share of Common Stock	Net Income (Loss) per Share of Common Stock Basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potential dilutive common shares. Diluted net income (loss) per share is computed using the treasury stock method by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net income (loss) per share calculation, shares from common stock options, RSUs and ESPP are potentially dilutive securities. For the periods the Company is in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential dilutive common shares would have been anti-dilutive.
Segment Reporting	Segment Reporting Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in one segment. Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance.
Recently Issued Not Yet Adopted Accounting Pronouncements	Recently Issued Not Yet Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting, Topic 280 , which requires enhanced disclosures primarily around segment expenses for all public entities, including public entities with a single reportable segment. On an annual and interim basis, entities are required to disclose significant segment expenses that are regularly provided to the CODM. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements and related disclosures. In December 2023, FASB issued ASU 2023-09, Income Tax, Topic 740 , which requires public companies to disclose specific categories in the rate reconciliation, disaggregate information related to income taxes paid, income or loss from operations before income tax expense or benefit, and income tax expense or benefit from operations. The ASU is effective for annual fiscal years beginning after December 15, 2024, with early adoption permitted. Amendments are applicable on a prospective basis with retrospective application permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Disaggregation of Revenue	The Company disaggregates revenue between Venous Thromboembolism (“VTE”) and Emerging Therapies. Revenue from VTE and Emerging Therapies is as follows: Years Ended December 31, 2023 2022 2021 VTE $ 476,275 $ 381,431 $ 276,984 Emerging Therapies 17,357 2,040 — Total Revenue $ 493,632 $ 383,471 $ 276,984 Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands): Years Ended December 31, 2023 2022 2021 United States $ 469,864 $ 374,040 $ 274,402 International 23,768 9,431 2,582 Total revenue $ 493,632 $ 383,471 $ 276,984
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow information includes the following: Years Ended December 31, 2023 2022 2021 Supplemental disclosures of cash flow information: Cash paid for income taxes $ 5,512 $ 3,417 $ 472 Cash paid for interest $ 150 $ 151 $ 151 Noncash investing and financing: Lease liabilities arising from obtaining new right-of-use assets $ 1,030 $ 3,947 $ 28,648 Fair value of contingent consideration $ 65,931 $ — $ — Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 38,597 $ 60,222 $ 92,752 Restricted cash 611 — — Total cash, cash equivalents and restricted cash shows in the statement of cash flows $ 39,208 $ 60,222 $ 92,752

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Total Purchase Price Consideration	The total purchase price consisted of the following (in thousands): As of November 15, 2023 Cash $ 242,001 Fair value of contingent consideration 65,931 Fair value of previously held investment 10,235 Total purchase price $ 318,167
Schedule of Fair Values of Assets Acquired and Liabilities Assumed	The preliminary fair values of assets acquired and liabilities assumed were (in thousands): As of November 15, 2023 Cash and cash equivalents $ 1,582 Accounts receivable 919 Inventories 2,635 Property and equipment 266 Goodwill 207,800 Intangible asset 146,000 Other current and noncurrent assets 2,155 Accounts payable (2,509) Deferred tax liability (36,500) Other current and noncurrent liabilities (4,181) Total net assets acquired $ 318,167
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	The preliminary fair value assigned to the intangible asset acquired was as following (in thousands, except for estimated useful life which are in years): Fair value Useful life Developed technology $ 146,000 15 years
Schedule of Pro Forma Information	The following unaudited pro forma financial information summarizes the combined results of operations of the Company and LimFlow as if the companies had been combined as of the beginning of the fiscal year 2022 (in thousands): Years Ended December 31, 2023 2022 Revenue $ 495,247 $ 383,737 Net Loss $ (40,458) $ (59,372)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value	The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023 and 2022 (in thousands): December 31, 2023 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 2,753 $ — $ — $ 2,753 Total included in cash and cash equivalents 2,753 — — 2,753 Investments: U.S. Treasury securities 41,685 — — 41,685 U.S. Government agencies — 26,238 — 26,238 Corporate debt securities and commercial paper — 8,932 — 8,932 Total included in short-term investments 41,685 35,170 — 76,855 Total financial assets $ 44,438 $ 35,170 $ — $ 79,608 Financial Liability Contingent consideration $ — $ — $ 65,931 $ 65,931 Total financial liabilities $ — $ — $ 65,931 $ 65,931 December 31, 2022 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,329 $ — $ — $ 20,329 Total included in cash and cash equivalents 20,329 — — 20,329 Investments: U.S. Treasury securities 172,088 — — 172,088 U.S. Government agencies — 47,131 — 47,131 Corporate debt securities and commercial paper — 46,960 — 46,960 Total included in short-term investments 172,088 94,091 — 266,179 Total financial assets $ 192,417 $ 94,091 $ — $ 286,508

Cash Equivalents and Short-Te_2

Cash Equivalents and Short-Term Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Cash Equivalents and Short-Term Investments	The following is a summary of the Company’s cash equivalents and investments in debt securities as of December 31, 2023 and 2022 (in thousands): December 31, 2023 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 2,753 $ — $ — $ 2,753 Total included in cash and cash equivalents 2,753 — — 2,753 Investments: U.S. Treasury securities 41,672 13 — 41,685 U.S. Government agencies 26,248 — (10) 26,238 Corporate debt securities and commercial paper 8,935 — (3) 8,932 Total included in short-term investments 76,855 13 (13) 76,855 Total financial assets $ 79,608 $ 13 $ (13) $ 79,608 December 31, 2022 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,329 $ — $ — $ 20,329 Total included in cash and cash equivalents 20,329 — — 20,329 Investments: U.S. Treasury securities 171,006 1,120 (38) 172,088 U.S. Government agencies 46,777 354 — 47,131 Corporate debt securities and commercial paper 46,576 397 (13) 46,960 Total included in short-term investments 264,359 1,871 (51) 266,179 Total financial assets $ 284,688 $ 1,871 $ (51) $ 286,508 The Company regularly reviews any changes to the rating of its debt securities and reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As of December 31, 2023, the risk of expected credit losses was not significant.

Inventories, Net (Tables)

Inventories, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories, net of reserves, consist of the following (in thousands): December 31, December 31, Raw materials $ 14,310 $ 13,943 Work-in-process 5,330 3,396 Finished goods 23,260 15,242 Total inventories, net $ 42,900 $ 32,581

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following (in thousands): December 31, December 31, Manufacturing equipment $ 16,653 $ 13,585 Computer hardware 5,641 5,123 Leasehold improvements 4,682 5,040 Furniture and fixtures 4,491 4,119 Assets in progress 3,135 2,516 Computer software — 100 Total property and equipment, gross 34,602 30,483 Accumulated depreciation (13,673) (8,828) Total property and equipment, net $ 20,929 $ 21,655

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Amounts of Goodwill	The changes in carrying amount of goodwill were as follows (in thousands): December 31, Balance as of January 1, 2023 $ — Goodwill acquired - LimFlow 207,800 Foreign currency translation adjustments 6,535 Balance as of December 31, 2023 $ 214,335
Schedule of Identifiable Intangible Assets	The intangible assets consist of the following as of December 31, 2023 (in thousands): Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Developed technology $ 150,649 $ (1,256) $ 149,393 Capitalized software (a) 1,491 — 1,491 Total intangible assets, net $ 152,140 $ (1,256) $ 150,884 _____________ (a) The useful life of the capitalized software will be determined once the asset is put into service. No amortization expense has been recorded related to the capitalized software during the years ended December 31, 2023, 2022 and 2021.
Schedule of Estimated Future Annual Amortization of the Intangible Asset	The estimated future annual amortization of the intangible assets in service is the following (in thousands): Year ending December 31: Amount 2024 $ 10,043 2025 10,043 2026 10,043 2027 10,043 2028 10,043 Thereafter 99,178 Total $ 149,393

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Cost	The following table presents the weighted average remaining lease term and discount rate: Years Ended December 31, 2023 2022 2021 Weighted average remaining term 17.8 years 17.1 years 19.2 years Weighted average discount rate 6.1 % 6.1 % 6.0 % Cash paid for amounts included in the measurement of operating leases were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,445 $ 2,700 $ 14,600 Total lease costs were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Operating lease cost $ 4,914 $ 4,276 $ 1,568 Short-term lease cost 119 240 200 Variable lease cost 723 622 473 Total lease costs $ 5,756 $ 5,138 $ 2,241
Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities	Future minimum lease payments under operating leases liabilities as of December 31, 2023 are as follows (in thousands): Year ending December 31: Amount 2024 $ 3,560 2025 3,046 2026 2,925 2027 2,991 2028 2,884 Thereafter 36,002 Total lease payments 51,408 Less imputed interest (19,361) Total lease liabilities 32,047 Less: lease liabilities - current portion (1,692) Lease liabilities - noncurrent portion $ 30,355

Credit Facility (Tables)

Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Costs Incurred Directly Related to Debt	As of December 31, 2023 and 2022, costs incurred directly related to debt are presented in other assets and are being amortized over the five-year life of the Credit Agreement on the straight-line basis as follows (in thousands): Years Ended December 31, 2023 2022 Deferred Financing Costs $ 1,454 $ 511 Accumulated amortization (382) (334) Unamortized deferred financing costs $ 1,072 $ 177

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Accumulated Balances of Other Comprehensive Income (Loss)	The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (in thousands): Unrealized Gain (Loss) on Investments Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2020 $ 4 $ — $ 4 Other comprehensive loss (27) (379) (406) Balance, December 31, 2021 (23) (379) (402) Other comprehensive income (loss) 1,843 (592) 1,251 Balance, December 31, 2022 1,820 (971) 849 Other comprehensive (loss) income (1,829) 9,865 8,036 Balance, December 31, 2023 $ (9) $ 8,894 $ 8,885

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of RSU Activity	RSU activity under the 2011 Plan is set forth below: Number of Weighted Outstanding, December 31, 2022 2,712,674 $ 0.17 Vested (2,712,674) (a) Outstanding, December 31, 2023 — $ — _____________ (a) The vested RSUs will be distributed to the employees in installments. The first installment was distributed in the quarter ended March 31, 2023 with a weighted average fair value of $64.34. The second installment was distributed in the quarter ended June 30, 2023 with a weighted average fair value of $71.17. The third installment was distributed in the quarter ended September 30, 2023 with a weighted average fair value of $68.33. The final installment was distributed in the quarter ended December 31, 2023 with a weighted average fair value of $61.04. RSU activities under the 2020 Plan is set forth below: Number of Weighted Outstanding, December 31, 2020 222,564 $ 58.86 Granted 515,880 98.98 Vested (99,758) 78.15 Cancelled (27,481) 86.41 Outstanding, December 31, 2021 611,205 88.34 Granted 696,111 73.22 Vested (257,198) 84.15 Cancelled (50,903) 82.92 Outstanding, December 31, 2022 999,215 79.16 Granted 892,939 59.12 Vested (458,632) 73.85 Cancelled (125,524) 73.24 Outstanding, December 31, 2023 1,307,998 $ 67.91
Summary of Stock Option Activity	A summary of stock option activities under the 2011 Plan is as follows (intrinsic value in thousands): Number of Weighted Weighted Intrinsic Outstanding, December 31, 2020 3,436,785 $ 1.36 8.05 $ 295,331 Exercised (806,008) $ 1.08 $ 73,299 Cancelled (56,423) $ 2.17 Outstanding, December 31, 2021 2,574,354 $ 1.43 7.07 $ 231,286 Exercised (1,098,841) $ 0.74 $ 80,830 Cancelled (19,185) $ 2.64 Outstanding, December 31, 2022 1,456,328 $ 1.93 6.20 $ 89,749 Exercised (515,222) $ 1.36 $ 31,577 Cancelled (3,410) $ 5.12 Outstanding, December 31, 2023 937,696 $ 2.24 5.20 $ 58,778 Vested and exercisable at December 31, 2023 933,887 $ 2.22 5.20 $ 58,557 Vested and expected to vest at December 31, 2023 937,692 $ 2.24 5.20 $ 58,777 A summary of stock option activities under the 2020 Plan for the year ended December 31, 2023 is as follows (intrinsic value in thousands): Number of Weighted Weighted Intrinsic Outstanding, December 31, 2022 — $ — — $ — Granted 181,870 $ 56.00 Exercised (2,720) $ 56.00 $ 21 Cancelled (12,947) $ 56.00 Outstanding, December 31, 2023 166,203 $ 56.00 6.10 $ 1,483 Vested and exercisable at December 31, 2023 30,348 $ 56.00 6.00 $ 271 Vested and expected to vest at December 31, 2023 155,278 $ 56.00 6.10 $ 1,385
Schedule of Estimated Fair Value of Option Grant and ESPP	The fair value of options granted was calculated using the following weighted average assumptions: Year ended December 31, 2023 Expected term (in years) 4.56 Expected volatility 50.35% Expected dividends 0.00% Risk free interest rate 4.05% Weighted-average fair value of options granted $25.98 per share The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions: Years Ended December 31, 2023 2022 2021 Expected term (in years) 0.5 0.5 0.5 Expected volatility 42.08% - 49.89% 56.09% - 72.78% 51.47% - 51.91% Dividend yield 0.00% 0.00% 0.00% Risk free interest rate 4.79% - 5.54% 0.48% - 2.96% 0.06% - 0.08%
Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized	Total compensation cost for all share-based payment arrangements recognized, including $3.4 million, $3.3 million and $2.4 million of stock-based compensation expense related to the ESPP for the years ended December 31, 2023, 2022 and 2021, respectively, was as follows (in thousands): Years Ended December 31, 2023 2022 2021 Cost of goods sold $ 1,617 $ 1,510 $ 815 Research and development 6,440 4,255 2,214 Selling, general and administrative 32,280 22,906 22,419 $ 40,337 $ 28,671 $ 25,448

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Provision (Benefit) for Income Taxes	The Company's income tax provision is summarized as follows (in thousands): Years Ended December 31, 2023 2022 2021 Income (loss) before provision for income taxes: United States $ 21,278 $ (15,787) $ 18,301 Foreign (17,032) (10,398) (7,616) Income (loss) before income taxes $ 4,246 $ (26,185) $ 10,685 Current tax expense: Federal $ 4,282 $ 826 $ — State 2,475 1,997 832 Foreign (291) 259 13 Total current tax expense 6,466 3,082 845 Deferred tax expense: Federal $ (111) $ — $ — State (25) — — Foreign (448) — — Total deferred tax expense (584) — — Total provision for income taxes $ 5,882 $ 3,082 $ 845 Provision for income taxes as a percentage of income (loss) before taxes 138.5 % (11.8 %) 7.9 %
Schedule of Tax Effects of Significant Items Comprising Company's Deferred Taxes	The tax effects of significant items comprising the Company’s deferred taxes are as follows (in thousands): December 31, 2023 2022 Deferred tax assets Capitalized R&D expenses $ 33,528 $ 14,250 Credit carryforwards 9,905 10,298 Operating leases 7,464 7,587 Net operating losses and capital loss carryforwards 9,159 6,038 Equity compensation 2,678 2,307 Intangible asset 2,168 2,008 Accrued employee compensation 2,082 1,321 Inventory 1,702 1,207 Other 492 — Total deferred tax assets $ 69,178 $ 45,016 Deferred tax liabilities Right-of-use assets $ (9,836) $ (10,390) Fixed asset basis (3,519) (3,980) Intangible asset (37,348) — Other liabilities (472) (325) Total deferred tax liabilities $ (51,175) $ (14,695) Valuation allowance $ (53,823) $ (30,321) Net deferred tax assets (liabilities) $ (35,820) $ —
Schedule of Reconciliation of Effective Tax Rate of Provision (Benefit) for Income Taxes from Federal Statutory Rate	The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows (in thousands): Years Ended December 31, 2023 2022 2021 Statutory rate $ 892 $ (5,499) $ 2,244 State taxes, net of federal benefit (683) (1,060) (317) Foreign taxes 252 — — Foreign rate differential 1,621 1,982 1,181 Meals and entertainment 1,383 37 14 Non-deductible fringe benefits 137 115 104 Transaction costs 935 — — Foreign derived intangible income deduction (236) (18) — Deferred gain on foreign investment (730) — — Equity compensation (37,492) (9,351) (8,387) 162(m) limitation 27,189 8,242 4,162 Other deferred adjustment (818) 105 (1,127) Permanent adjustments 44 6 — General business credits (9,708) (4,709) (3,761) Change in valuation allowance 21,977 12,891 6,031 Intercompany profit in inventory 1,119 341 701 Total $ 5,882 $ 3,082 $ 845
Schedule of Net Operating Losses And Tax Credit Carryforwards	Net operating losses and tax credit carryforwards as of December 31, 2023 are as follows (in thousands): Amount Expiration Net operating losses, federal - expiring $ 7,997 2036-2037 Net operating losses, federal - indefinite $ 1,774 Indefinite Net operating losses, state - expiring $ 25,484 2032-2043 Net operating losses, state - indefinite $ 1,625 Indefinite Net operating losses, foreign - expiring $ 47,233 2028-2030 Net operating losses, foreign - indefinite $ 5,041 Indefinite Tax credits, federal $ 9,781 2031-2043 Tax credits, state $ 13,346 Indefinite
Summary of Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits	A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Balance at the beginning of the year $ 5,526 $ 2,679 $ 882 Additions based on tax positions related to the current year 4,254 2,348 1,352 Additions based on tax positions related to prior years 803 499 445 Deductions based on tax positions related to prior years — — — Balance at the end of the year $ 10,583 $ 5,526 $ 2,679

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Components of Net (Loss) Income Per Share	The components of net (loss) income per share are as follows: Years Ended December 31, 2023 2022 2021 Numerator: Net (loss) income $ (1,636) $ (29,267) $ 9,840 Denominator: Weighted average number of common shares outstanding - basic 56,770,657 52,837,674 49,815,914 Common stock equivalents from outstanding common stock options — — 2,842,938 Common stock equivalents from unvested RSUs — — 2,929,524 Common stock equivalents from ESPP — — 5,783 Weighted average number of common shares outstanding - diluted 56,770,657 52,837,674 55,594,159 Net (loss) income per share: Basic $ (0.03) $ (0.55) $ 0.20 Diluted $ (0.03) $ (0.55) $ 0.18
Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share	The Company did not have any anti-dilutive common stock equivalents for the year ended December 31, 2021. The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the period presented below due to their anti-dilutive effect: Years Ended December 31, 2023 2022 Common stock options 1,092,974 1,456,328 RSUs 1,307,998 3,711,889 Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect 2,400,972 5,168,217

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary of Significant Accounting Policies [Line Items]
Other Investments	$ 1,500,000	$ 8,300,000
Gain recognized, amount	3,475,000	0	$ 0
Impairment loss on strategic investment	565,000	0	0
Allowance for doubtful accounts	$ 1,300,000	800,000
Useful life	15 years
Number of operating segments | Segment	1
LimFlow
Summary of Significant Accounting Policies [Line Items]
Gain recognized, amount	$ 3,500,000
SG&A Expenses
Summary of Significant Accounting Policies [Line Items]
Advertising costs	1,200,000	1,000,000	$ 300,000
Accounts Receivable, Net
Summary of Significant Accounting Policies [Line Items]
Unbilled receivables	$ 1,200,000	$ 1,200,000
Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	10 years
Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	2 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 493,632	$ 383,471	$ 276,984
United States
Disaggregation of Revenue [Line Items]
Total revenue	469,864	374,040	274,402
International
Disaggregation of Revenue [Line Items]
Total revenue	23,768	9,431	2,582
VTE
Disaggregation of Revenue [Line Items]
Total revenue	476,275	381,431	276,984
Emerging Therapies
Disaggregation of Revenue [Line Items]
Total revenue	$ 17,357	$ 2,040	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$ 5,512	$ 3,417	$ 472
Cash paid for interest	150	151	151
Noncash investing and financing:
Lease liabilities arising from obtaining new right-of-use assets	1,030	3,947	28,648
Fair value of contingent consideration	65,931	0	0
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	38,597	60,222	92,752
Restricted cash	611	0	0
Total cash, cash equivalents and restricted cash shows in the statement of cash flows	$ 39,208	$ 60,222	$ 92,752	$ 114,617

Business Combination - Schedule

Business Combination - Schedule of Total Purchase Price Consideration (Details) - LimFlow - USD ($) $ in Thousands		12 Months Ended
	Nov. 15, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Cash	$ 242,001
Fair value of contingent consideration	65,931
Fair value of previously held investment	10,235	$ 10,200
Total purchase price	$ 318,167

Business Combination - Addition

Business Combination - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 15, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 14, 2023
Business Acquisition [Line Items]
Gain recognized, amount		$ 3,475	$ 0	$ 0
LimFlow
Business Acquisition [Line Items]
Maximum contingent consideration	$ 165,000
Range of outcomes on contingent consideration arrangements	$ 65,900
Acquiring equity interest percentage					3.70%
Percentage of voting interests acquired	96.30%
Fair value of previously held investment	$ 10,235	10,200
Severance and integration related costs		1,700
Transaction costs		8,700
Gain recognized, amount		$ 3,500
LimFlow | Net Revenue
Business Acquisition [Line Items]
Maximum contingent consideration	140,000
LimFlow | Reimbursement Milestones
Business Acquisition [Line Items]
Maximum contingent consideration	$ 25,000

Business Combination - Schedu_2

Business Combination - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Nov. 15, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 214,335		$ 0
LimFlow
Business Acquisition [Line Items]
Cash and cash equivalents		$ 1,582
Accounts receivable		919
Inventories		2,635
Property and equipment		266
Goodwill		207,800
Other current and noncurrent assets		2,155
Accounts payable		(2,509)
Deferred tax liability		(36,500)
Other current and noncurrent liabilities		(4,181)
Total net assets acquired		$ 318,167

Business Combination - Schedu_3

Business Combination - Schedule of Fair Value Assigned to the Intangible Asset Acquired (Details) - Developed technology - USD ($) $ in Thousands		12 Months Ended
	Nov. 15, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Useful life		15 years
LimFlow
Business Acquisition [Line Items]
Fair value	$ 146,000
Useful life	15 years

Business Combination - Schedu_4

Business Combination - Schedule of Pro Forma Information (Details) - LimFlow - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue	$ 495,247	$ 383,737
Net Loss	$ (40,458)	$ (59,372)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Assets
Total included in short-term investments	$ 79,608	$ 286,508
Fair Value Measurements Recurring
Financial Assets
Total included in cash and cash equivalents	2,753	20,329
Total included in short-term investments	76,855	266,179
Total financial assets	79,608	286,508
Financial Liability
Contingent consideration	65,931
Total financial liabilities	65,931
Fair Value Measurements Recurring | U.S. Treasury securities
Financial Assets
Total included in short-term investments	41,685	172,088
Fair Value Measurements Recurring | U.S. Government agencies
Financial Assets
Total included in short-term investments	26,238	47,131
Fair Value Measurements Recurring | Corporate debt securities and commercial paper
Financial Assets
Total included in short-term investments	8,932	46,960
Fair Value Measurements Recurring | Money market mutual funds
Financial Assets
Total included in cash and cash equivalents	2,753	20,329
Fair Value Measurements Recurring | Level 1
Financial Assets
Total included in cash and cash equivalents	2,753	20,329
Total included in short-term investments	41,685	172,088
Total financial assets	44,438	192,417
Financial Liability
Contingent consideration	0
Total financial liabilities	0
Fair Value Measurements Recurring | Level 1 | U.S. Treasury securities
Financial Assets
Total included in short-term investments	41,685	172,088
Fair Value Measurements Recurring | Level 1 | U.S. Government agencies
Financial Assets
Total included in short-term investments	0	0
Fair Value Measurements Recurring | Level 1 | Corporate debt securities and commercial paper
Financial Assets
Total included in short-term investments	0	0
Fair Value Measurements Recurring | Level 1 | Money market mutual funds
Financial Assets
Total included in cash and cash equivalents	2,753	20,329
Fair Value Measurements Recurring | Level 2
Financial Assets
Total included in cash and cash equivalents	0	0
Total included in short-term investments	35,170	94,091
Total financial assets	35,170	94,091
Financial Liability
Contingent consideration	0
Total financial liabilities	0
Fair Value Measurements Recurring | Level 2 | U.S. Treasury securities
Financial Assets
Total included in short-term investments	0	0
Fair Value Measurements Recurring | Level 2 | U.S. Government agencies
Financial Assets
Total included in short-term investments	26,238	47,131
Fair Value Measurements Recurring | Level 2 | Corporate debt securities and commercial paper
Financial Assets
Total included in short-term investments	8,932	46,960
Fair Value Measurements Recurring | Level 2 | Money market mutual funds
Financial Assets
Total included in cash and cash equivalents	0	0
Fair Value Measurements Recurring | Level 3
Financial Assets
Total included in cash and cash equivalents	0	0
Total included in short-term investments	0	0
Total financial assets	0	0
Financial Liability
Contingent consideration	65,931
Total financial liabilities	65,931
Fair Value Measurements Recurring | Level 3 | U.S. Treasury securities
Financial Assets
Total included in short-term investments	0	0
Fair Value Measurements Recurring | Level 3 | U.S. Government agencies
Financial Assets
Total included in short-term investments	0	0
Fair Value Measurements Recurring | Level 3 | Corporate debt securities and commercial paper
Financial Assets
Total included in short-term investments	0	0
Fair Value Measurements Recurring | Level 3 | Money market mutual funds
Financial Assets
Total included in cash and cash equivalents	$ 0	$ 0

Cash Equivalents and Short-Te_3

Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost Basis	$ 79,608	$ 284,688
Unrealized Gain	13	1,871
Unrealized Loss	(13)	(51)
Fair Value	79,608	286,508
Cash And Cash Equivalents
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost Basis	2,753	20,329
Unrealized Gain	0	0
Unrealized Loss	0	0
Fair Value	2,753	20,329
Cash And Cash Equivalents | Money market mutual funds
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost Basis	2,753	20,329
Unrealized Gain	0	0
Unrealized Loss	0	0
Fair Value	2,753	20,329
Short Term investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost Basis	76,855	264,359
Unrealized Gain	13	1,871
Unrealized Loss	(13)	(51)
Fair Value	76,855	266,179
Short Term investments | U.S. Treasury securities
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost Basis	41,672	171,006
Unrealized Gain	13	1,120
Unrealized Loss	0	(38)
Fair Value	41,685	172,088
Short Term investments | U.S. Government agencies
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost Basis	26,248	46,777
Unrealized Gain	0	354
Unrealized Loss	(10)	0
Fair Value	26,238	47,131
Short Term investments | Corporate debt securities and commercial paper
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost Basis	8,935	46,576
Unrealized Gain	0	397
Unrealized Loss	(3)	(13)
Fair Value	$ 8,932	$ 46,960

Inventories, Net - Schedule of

Inventories, Net - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 14,310	$ 13,943
Work-in-process	5,330	3,396
Finished goods	23,260	15,242
Total inventories, net	$ 42,900	$ 32,581

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 34,602	$ 30,483
Accumulated depreciation	(13,673)	(8,828)
Total property and equipment, net	20,929	21,655
Manufacturing equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	16,653	13,585
Computer hardware
Property Plant And Equipment [Line Items]
Total property and equipment, gross	5,641	5,123
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	4,682	5,040
Furniture and fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, gross	4,491	4,119
Assets in progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	3,135	2,516
Computer software
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 0	$ 100

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Expense
Property Plant And Equipment [Line Items]
Depreciation expense	$ 4.5	$ 3.8	$ 2.4
Cost of goods sold
Property Plant And Equipment [Line Items]
Depreciation expense	$ 1.1	$ 0.9	$ 0.7

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Carrying Amounts of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 0
Goodwill acquired - LimFlow	207,800
Foreign currency translation adjustments	6,535
Goodwill, ending balance	$ 214,335

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Identifiable Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 152,140,000
Accumulated Amortization	(1,256,000)
Intangible Assets, Net	150,884,000
Capitalized software, Gross Carrying Amount	1,491,000
Capitalized software, Accumulated Amortization	0
Capitalized software, Net	1,491,000
Capitalized software, amortization	0	$ 0	$ 0
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	150,649,000
Accumulated Amortization	(1,256,000)
Intangible Assets, Net	$ 149,393,000

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,300,000	$ 0	$ 0
Intangible assets	$ 150,884,000	$ 0	$ 0
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful life	15 years

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Estimated Future Annual Amortization of the Intangible Asset (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net	$ 150,884
Developed technology
Finite-Lived Intangible Assets [Line Items]
2024	10,043
2025	10,043
2026	10,043
2027	10,043
2028	10,043
Thereafter	99,178
Intangible Assets, Net	$ 149,393

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($) installment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) installment	Oct. 31, 2023 USD ($)
Lessee Lease Description [Line Items]
Operating lease, term of contract		12 months
Lease not yet commenced, term of contract					10 years
Contract to perform for others, costs incurred	$ 4,200,000
Contract to perform for others, costs incurred, number of installments | installment	3			3
Outstanding balance		$ 0	$ 1,300,000
Administration fee		87,750	116,000	$ 116,000
Self insurance reserve		1,400,000
Inceptus
Lessee Lease Description [Line Items]
Royalty expense		$ 5,000	$ 215,000	$ 769,000
Purchase Option Term
Lessee Lease Description [Line Items]
Lease, liability to be paid					$ 7,200,000
Maximum
Lessee Lease Description [Line Items]
Operating lease, term of contract		5 years
Maximum | Inceptus
Lessee Lease Description [Line Items]
Related party transaction, rate		1.50%
Minimum
Lessee Lease Description [Line Items]
Related party transaction, rate		1%
Minimum | Inceptus
Lessee Lease Description [Line Items]
Royalty quarterly fee		$ 1,500

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Operating Lease Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining term	17 years 9 months 18 days	17 years 1 month 6 days	19 years 2 months 12 days
Weighted average discount rate	6.10%	6.10%	6%
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,445	$ 2,700	$ 14,600

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of total lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee Lease Description [Line Items]
Operating lease cost	$ 4,914	$ 4,276	$ 1,568
Short-term lease cost	119	240	200
Variable lease cost	723	622	473
Leasehold improvements
Lessee Lease Description [Line Items]
Total lease costs	$ 5,756	$ 5,138	$ 2,241

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 3,560
2025	3,046
2026	2,925
2027	2,991
2028	2,884
Thereafter	36,002
Total lease payments	51,408
Less imputed interest	(19,361)
Total lease liabilities	32,047
Less: lease liabilities - current portion	(1,692)	$ (1,311)
Lease liabilities - noncurrent portion	$ 30,355	$ 30,976

Related Party (Details)

Related Party (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Development expenses incurred	$ 165	$ 320	$ 369
Accounts payable	10,577	7,659
Related Party
Related Party Transaction [Line Items]
Accounts payable	$ 0	$ 0

Credit Facility - Additional In

Credit Facility - Additional Information (Details) - Bank of America Credit Facility - Line of Credit			12 Months Ended
	Nov. 01, 2023 USD ($)	Dec. 16, 2022 USD ($)	Dec. 31, 2023 USD ($) LetterOfCredit	Dec. 31, 2022	Feb. 28, 2023 USD ($)
Revolving Line of Credit | Previously Amended Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 40,000,000
Line of credit facility, accordion feature, higher borrowing capacity option		120,000,000
Debt instrument, fee amount		$ 10,000
Unused line fee at annual rate		0.25%
Revolving Line of Credit | Previously Amended Credit Agreement | Federal Funds Rate
Debt Instrument [Line Items]
Term loan variable interest rate		0.50%
Revolving Line of Credit | Previously Amended Credit Agreement | Federal Funds Rate | Minimum
Debt Instrument [Line Items]
Term loan variable interest rate		0.50%
Revolving Line of Credit | Previously Amended Credit Agreement | Federal Funds Rate | Maximum
Debt Instrument [Line Items]
Term loan variable interest rate		1%
Revolving Line of Credit | Previously Amended Credit Agreement | Bloomberg Short Term Bank Yield Index (BSBY)
Debt Instrument [Line Items]
Term loan variable interest rate		1%
Basis spread on variable rate, floor		0%
Revolving Line of Credit | Previously Amended Credit Agreement | Bloomberg Short Term Bank Yield Index (BSBY) | Minimum
Debt Instrument [Line Items]
Term loan variable interest rate		1.50%
Revolving Line of Credit | Previously Amended Credit Agreement | Bloomberg Short Term Bank Yield Index (BSBY) | Maximum
Debt Instrument [Line Items]
Term loan variable interest rate		2%
Revolving Line of Credit | Amended Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000,000
Debt instrument, fee amount	$ 88,000
Line of credit facility, amount available to borrow			$ 56,100,000
Line of credit facility, unused line of credit			16,400,000
Principal amount outstanding			0
Cash pledged under credit agreement			$ 0
Debt instrument, term			5 years	5 years
Revolving Line of Credit | Amended Credit Agreement | Bloomberg Short Term Bank Yield Index (BSBY)
Debt Instrument [Line Items]
Basis spread on variable rate, floor	0%
Revolving Line of Credit | Amended Credit Agreement | Bloomberg Short Term Bank Yield Index (BSBY) | Minimum
Debt Instrument [Line Items]
Term loan variable interest rate	1.60%
Revolving Line of Credit | Amended Credit Agreement | Bloomberg Short Term Bank Yield Index (BSBY) | Maximum
Debt Instrument [Line Items]
Term loan variable interest rate	2.10%
Revolving Line of Credit | Amended Credit Agreement | Base Rate Loans | Minimum
Debt Instrument [Line Items]
Term loan variable interest rate	0.60%
Revolving Line of Credit | Amended Credit Agreement | Base Rate Loans | Maximum
Debt Instrument [Line Items]
Term loan variable interest rate	1.10%
Letter of Credit | Previously Amended Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 5,000,000			$ 10,000,000
Percentage of fee on average daily stated amount of outstanding letter of credit			2.25%
Percentage of fronting fee on stated amount of each letter of credit outstanding			0.125%
Letter of Credit | Amended Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 18,800,000
Number of letter of credit | LetterOfCredit			4
Letters of credit outstanding amount			$ 2,400,000

Credit Facility - Schedule of C

Credit Facility - Schedule of Costs Incurred Directly Related to Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Deferred Financing Costs	$ 1,454	$ 511
Accumulated amortization	(382)	(334)
Unamortized deferred financing costs	$ 1,072	$ 177

Stockholders' Equity- Additiona

Stockholders' Equity- Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Net proceeds from IPO	$ 174,400	$ 0	$ 174,395	$ 0
Underwriters' discounts and commissions	11,200
Offering costs	$ 700
IPO
Class Of Stock [Line Items]
Stock issued (in shares)	2,300,000
Public offering price (in dollars per share)	$ 81
Over-allotment Option
Class Of Stock [Line Items]
Sale of stock, shares issued (in shares)	300,000

Stockholders Equity - Schedule

Stockholders Equity - Schedule of Accumulated Balances of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 417,002	$ 239,209	$ 200,254
Other Comprehensive Income (Loss)	8,036	1,251	(406)
Ending balance	464,910	417,002	239,209
Unrealized Gain (Loss) on Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,820	(23)	4
Other Comprehensive Income (Loss)	(1,829)	1,843	(27)
Ending balance	(9)	1,820	(23)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(971)	(379)	0
Other Comprehensive Income (Loss)	9,865	(592)	(379)
Ending balance	8,894	(971)	(379)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	849	(402)	4
Other Comprehensive Income (Loss)	8,036	1,251	(406)
Ending balance	$ 8,885	$ 849	$ (402)

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Details) - USD ($)	1 Months Ended			12 Months Ended
	Mar. 31, 2023	May 31, 2020	Mar. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total compensation cost				$ 40,337,000	$ 28,671,000	$ 25,448,000
Dividends				0
Compensation costs related to all non-vested awards to be recognized in future				$ 75,100,000
Non vested stock awards, expected remaining weighted average period				2 years 7 months 6 days
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit				$ 21,700,000	$ 7,600,000	$ 10,300,000
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock purchased under ESPP (in shares)				204,545	133,515	85,049
SG&A Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total compensation cost				$ 32,280,000	$ 22,906,000	$ 22,419,000
Restricted Stock Units | Vesting, Option Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period				3 years
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total compensation cost				$ 3,400,000	3,300,000	2,400,000
Common stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period				4 years
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)			3,468,048				1,620,650
Percentage of annual increase in shares reserved for issuance on capital stock outstanding at year end			3%
Number of shares available for issuance (in shares)				6,476,157
Total fair value of RSUs vested				$ 28,500,000	$ 20,200,000	$ 17,700,000
2020 Incentive Award Plan | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award cliff vesting period				1 year
Restricted stock units, vested (in shares)				458,632	257,198	99,758
Award vesting period				4 years
2020 Incentive Award Plan | Restricted Stock Units | SG&A Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested (in shares)						8,947
Total compensation cost						$ 400,000
2020 Incentive Award Plan | Employee Stock Purchase Plan | Share Based Compensation Award Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage				25%
2020 Incentive Award Plan | Employee Stock Purchase Plan | Share-Based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage				25%
2020 Incentive Award Plan | Employee Stock Purchase Plan | Share-Based Payment Arrangement, Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage				25%
2020 Incentive Award Plan | Employee Stock Purchase Plan | Share-Based Payment Arrangement, Tranche Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage				25%
2020 Incentive Award Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of award			10 years
2011 Equity Incentive Plan | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award cliff vesting period	4 years
Total fair value of RSUs vested				$ 170,600,000
Restricted stock units, vested (in shares)				2,712,674	0
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)				2,103,629	1,767,957
First offering start date		Aug. 01, 2020
Percentage of purchase price on fair market value of common stock		85%
2020 Employee Stock Purchase Plan | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock purchased under ESPP (in shares)				204,545	133,515	85,049

Equity Incentive Plans - Summar

Equity Incentive Plans - Summary of RSU Activity (Details) - Restricted Stock Units - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
2011 Equity Incentive Plan
Number of Awards
Balance at beginning of period (in shares)				2,712,674	2,712,674
Vested (in shares)					(2,712,674)	0
Balance at end of period (in shares)	0				0	2,712,674
Weighted Average Fair Value
Balance at beginning of period (in dollars per share)				$ 0.17	$ 0.17
Vested (in dollars per share)	$ 61.04	$ 68.33	$ 71.17	$ 64.34
Balance at end of period (in dollars per share)	$ 0				$ 0	$ 0.17
2020 Incentive Award Plan
Number of Awards
Balance at beginning of period (in shares)				999,215	999,215	611,205	222,564
Granted (in shares)					892,939	696,111	515,880
Vested (in shares)					(458,632)	(257,198)	(99,758)
Cancelled (in shares)					(125,524)	(50,903)	(27,481)
Balance at end of period (in shares)	1,307,998				1,307,998	999,215	611,205
Weighted Average Fair Value
Balance at beginning of period (in dollars per share)				$ 79.16	$ 79.16	$ 88.34	$ 58.86
Granted (in dollars per share)					59.12	73.22	98.98
Vested (in dollars per share)					73.85	84.15	78.15
Cancelled (in dollars per share)					73.24	82.92	86.41
Balance at end of period (in dollars per share)	$ 67.91				$ 67.91	$ 79.16	$ 88.34

Equity Incentive Plans - Summ_2

Equity Incentive Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2011 Equity Incentive Plan
Number of Awards
Balance at beginning of period (in shares)	1,456,328	2,574,354	3,436,785
Exercised (in shares)	(515,222)	(1,098,841)	(806,008)
Cancelled (in shares)	(3,410)	(19,185)	(56,423)
Balance at end of period (in shares)	937,696	1,456,328	2,574,354	3,436,785
Number of Awards, Vested and exercisable (in shares)	933,887
Number of Awards, Vested and expected to vest (in shares)	937,692
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 1.93	$ 1.43	$ 1.36
Exercised (in dollars per share)	1.36	0.74	1.08
Cancelled (in dollars per share)	5.12	2.64	2.17
Balance at end of period (in dollars per share)	2.24	$ 1.93	$ 1.43	$ 1.36
Weighted Average Exercise Price, Vested and exercisable (in dollars per share)	2.22
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share)	$ 2.24
Weighted Average Remaining Contractual Life (in years)
Outstanding	5 years 2 months 12 days	6 years 2 months 12 days	7 years 25 days	8 years 18 days
Vested and exercisable	5 years 2 months 12 days
Vested and expected to vest	5 years 2 months 12 days
Intrinsic Value
Balance at beginning of period	$ 89,749	$ 231,286	$ 295,331
Exercised	31,577	80,830	73,299
Balance at end of period	58,778	$ 89,749	$ 231,286	$ 295,331
Intrinsic Value, Vested and exercisable	58,557
Intrinsic Value, Vested and expected to vest	$ 58,777
2020 Incentive Award Plan
Number of Awards
Balance at beginning of period (in shares)	0
Granted (in shares)	181,870
Exercised (in shares)	(2,720)
Cancelled (in shares)	(12,947)
Balance at end of period (in shares)	166,203	0
Number of Awards, Vested and exercisable (in shares)	30,348
Number of Awards, Vested and expected to vest (in shares)	155,278
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 0
Granted (in dollars per share)	56
Exercised (in dollars per share)	56
Cancelled (in dollars per share)	56
Balance at end of period (in dollars per share)	56	$ 0
Weighted Average Exercise Price, Vested and exercisable (in dollars per share)	56
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share)	$ 56
Weighted Average Remaining Contractual Life (in years)
Outstanding	6 years 1 month 6 days
Vested and exercisable	6 years
Vested and expected to vest	6 years 1 month 6 days
Intrinsic Value
Balance at beginning of period	$ 0
Exercised	21
Balance at end of period	1,483	$ 0
Intrinsic Value, Vested and exercisable	271
Intrinsic Value, Vested and expected to vest	$ 1,385

Equity Incentive Plans - Schedu

Equity Incentive Plans - Schedule of Estimated Fair Value of Option Grant and ESPP on Date of Grant (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility - minimum	42.08%
Expected volatility - maximum	49.89%
Risk free interest rate- minimum	4.79%
Risk free interest rate - maximum	5.54%
2020 Incentive Award Plan | Common stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	4 years 6 months 21 days
Expected volatility	50.35%
Expected dividends	0%
Risk free interest rate	4.05%
Weighted-average fair value of options granted (in dollars per share)	$ 25.98
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 months	6 months	6 months
Expected volatility - minimum		56.09%	51.47%
Expected volatility - maximum		72.78%	51.91%
Expected dividends	0%	0%	0%
Risk free interest rate- minimum		0.48%	0.06%
Risk free interest rate - maximum		2.96%	0.08%

Equity Incentive Plans - Sche_2

Equity Incentive Plans - Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	$ 40,337	$ 28,671	$ 25,448
Employee Stock Purchase Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	3,400	3,300	2,400
Cost of goods sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	1,617	1,510	815
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	6,440	4,255	2,214
Selling, general and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	$ 32,280	$ 22,906	$ 22,419

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) before provision for income taxes:
United States	$ 21,278	$ (15,787)	$ 18,301
Foreign	(17,032)	(10,398)	(7,616)
Income (loss) before income taxes	4,246	(26,185)	10,685
Current tax expense:
Federal	4,282	826	0
State	2,475	1,997	832
Foreign	(291)	259	13
Total current tax expense	6,466	3,082	845
Deferred tax expense:
Federal	(111)	0	0
State	(25)	0	0
Foreign	(448)	0	0
Total deferred tax expense	(584)	0	0
Total	$ 5,882	$ 3,082	$ 845
Provision for income taxes as a percentage of income (loss) before taxes	138.50%	(11.80%)	7.90%

Income Taxes - Schedule of Tax

Income Taxes - Schedule of Tax Effects of Significant Items Comprising Company's Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Capitalized R&D expenses	$ 33,528	$ 14,250
Credit carryforwards	9,905	10,298
Operating leases	7,464	7,587
Net operating losses and capital loss carryforwards	9,159	6,038
Equity compensation	2,678	2,307
Intangible asset	2,168	2,008
Accrued employee compensation	2,082	1,321
Inventory	1,702	1,207
Other	492	0
Total deferred tax assets	69,178	45,016
Deferred tax liabilities
Right-of-use assets	(9,836)	(10,390)
Fixed asset basis	(3,519)	(3,980)
Intangible asset	(37,348)	0
Other liabilities	(472)	(325)
Total deferred tax liabilities	(51,175)	(14,695)
Valuation allowance	(53,823)	(30,321)
Net deferred tax assets (liabilities)	$ (35,820)	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Increase in valuation allowance	$ 23,500,000
Deferred tax assets	400,000	$ 0
R&D credit carryovers, Limitation on use	300,000
Total uncertain tax positions	10,583,000	5,526,000	$ 2,679,000	$ 882,000
Unrecognized tax benefits, decrease from offsetting and other timing adjustments	10,600,000	$ 5,500,000
Interest or penalties related to uncertain tax positions	0
Federal
Income Tax Disclosure [Line Items]
Limitation on usage of NOL	9,800,000
State
Income Tax Disclosure [Line Items]
Limitation on usage of NOL	19,500,000
Calendar Years 2019 Through 2022
Income Tax Disclosure [Line Items]
R&D credit carryovers, Limitation on use	3,000,000
Calendar Year 2023
Income Tax Disclosure [Line Items]
Limitation on usage of NOL	700,000
Calendar Years 2024 Through 2029
Income Tax Disclosure [Line Items]
Limitation on usage of NOL	600,000
Calendar Year 2040
Income Tax Disclosure [Line Items]
Limitation on usage of NOL	$ 200,000

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Effective Tax Rate of Provision (Benefit) for Income Taxes from Federal Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory rate	$ 892	$ (5,499)	$ 2,244
State taxes, net of federal benefit	(683)	(1,060)	(317)
Foreign taxes	252	0	0
Foreign rate differential	1,621	1,982	1,181
Meals and entertainment	1,383	37	14
Non-deductible fringe benefits	137	115	104
Transaction costs	935	0	0
Foreign derived intangible income deduction	(236)	(18)	0
Deferred gain on foreign investment	(730)	0	0
Equity compensation	(37,492)	(9,351)	(8,387)
162(m) limitation	27,189	8,242	4,162
Other deferred adjustment	(818)	105	(1,127)
Permanent adjustments	44	6	0
General business credits	(9,708)	(4,709)	(3,761)
Change in valuation allowance	21,977	12,891	6,031
Intercompany profit in inventory	1,119	341	701
Total	$ 5,882	$ 3,082	$ 845

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net Operating Losses and Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Federal
Operating Loss Carryforwards [Line Items]
Net operating losses, federal - expiring	$ 7,997
Net operating losses, amount	1,774
Tax credits, amount	9,781
State
Operating Loss Carryforwards [Line Items]
Net operating losses, federal - expiring	25,484
Net operating losses, amount	1,625
Tax credits, amount	13,346
Foreign
Operating Loss Carryforwards [Line Items]
Net operating losses, federal - expiring	47,233
Net operating losses, amount	$ 5,041

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 5,526	$ 2,679	$ 882
Additions based on tax positions related to the current year	4,254	2,348	1,352
Additions based on tax positions related to prior years	803	499	445
Deductions based on tax positions related to prior years	0	0	0
Balance at the end of the year	$ 10,583	$ 5,526	$ 2,679

Retirement Plan (Details)

Retirement Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
401 (k) Plan	Qualified Plan [Member]
Minimum employee service period	1 month
Employer matching contribution, percent of match	100%
Participating employee up to greater	$ 3,000
Participating employee eligible compensation	4%
Matching contribution expense recognized	$ 8,600,000	$ 7,500,000

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation of Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net (loss) income	$ (1,636)	$ (29,267)	$ 9,840
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	56,770,657	52,837,674	49,815,914
Weighted average number of common shares outstanding - diluted (in shares)	56,770,657	52,837,674	55,594,159
Net (loss) income per share:
Basic (in dollars per share)	$ (0.03)	$ (0.55)	$ 0.20
Diluted (in dollars per share)	$ (0.03)	$ (0.55)	$ 0.18
Common stock options
Denominator:
Common stock equivalents (in shares)	0	0	2,842,938
Unvested RSUs
Denominator:
Common stock equivalents (in shares)	0	0	2,929,524
ESPP
Denominator:
Common stock equivalents (in shares)	0	0	5,783

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect (in shares)	2,400,972	5,168,217	0

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect (in shares)	2,400,972	5,168,217	0
Common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect (in shares)	1,092,974	1,456,328
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect (in shares)	1,307,998	3,711,889