PROCEPT BioRobotics (PRCT) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover page

Cover page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-40797
Entity Registrant Name	PROCEPT BioRobotics Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0199180
Entity Address, Address Line One	900 Island Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	232-7200
Title of 12(b) Security	Common stock, $0.00001 par value per share
Trading Symbol	PRCT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,720,047
Entity Central Index Key	0001588978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Amendment Flag	false
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 249,217	$ 304,320
Accounts receivable, net	12,838	4,464
Inventory	22,358	13,147
Prepaid expenses and other current assets	4,519	4,242
Total current assets	288,932	326,173
Restricted cash	3,814	777
Property and equipment, net	5,120	5,045
Operating lease right-of-use assets, net	24,424	3,279
Intangible assets, net	1,545	1,750
Other assets	202	0
Total assets	324,037	337,024
Current liabilities:
Accounts payable	6,331	2,029
Accrued compensation	10,284	6,475
Deferred revenue	2,342	1,025
Operating lease – current portion	2,473	2,105
Other current liabilities	5,929	4,608
Total current liabilities	27,359	16,242
Note payable – non-current portion	50,692	50,004
Operating lease – non-current portion	23,415	1,991
Loan facility derivative liability	1,609	1,496
Other non-current liabilities	200	200
Total liabilities	103,275	69,933
Commitments and contingencies (see Note 11)
Stockholders’ equity:
Preferred stock	0	0
Common stock	0	0
Additional paid-in capital	541,048	528,666
Accumulated other comprehensive loss	217	(54)
Accumulated deficit	(320,503)	(261,521)
Total stockholders’ equity	220,762	267,091
Total liabilities and stockholders’ equity	$ 324,037	$ 337,024

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - Parentheticals - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
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)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	44,714,000	43,676,000
Common stock, shares, outstanding (in shares)	44,714,000	43,676,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 20,349	$ 8,668	$ 51,237	$ 24,335
Cost of sales	10,118	4,428	24,828	12,986
Gross profit	10,231	4,240	26,409	11,349
Operating expenses:
Research and development	7,582	4,919	19,299	13,917
Selling, general and administrative	24,754	12,118	62,794	34,765
Total operating expenses	32,336	17,037	82,093	48,682
Loss from operations	(22,105)	(12,797)	(55,684)	(37,333)
Interest expense	(1,455)	(1,469)	(4,317)	(4,370)
Interest and other income, net	947	163	1,019	198
Net loss	$ (22,613)	$ (14,103)	$ (58,982)	$ (41,505)
Net loss per share, basic (in dollars per share)	$ (0.51)	$ (1.22)	$ (1.33)	$ (5.64)
Net loss per share, diluted (in dollars per share)	$ (0.51)	$ (1.22)	$ (1.33)	$ (5.64)
Weighted-average shares used in computing net loss per share attributable to common shareholders
Basic (in shares)	44,640	11,580	44,276	7,361
Diluted (in shares)	44,640	11,580	44,276	7,361
Other comprehensive loss:
Unrealized gain (loss) on cash equivalents	$ 185	$ (2)	$ 271	$ (27)
Comprehensive loss	$ (22,428)	$ (14,105)	$ (58,711)	$ (41,532)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at the beginning of the period (in shares) at Dec. 31, 2020	25,402,000
Balance at the beginning of the period at Dec. 31, 2020	$ 243,854
Balance at the end of the period (in shares) at Mar. 31, 2021	25,402,000
Balance at the end of the period at Mar. 31, 2021	$ 243,854
Balance at the beginning of the period (in shares) at Dec. 31, 2020		4,713,000
Balance at the beginning of the period at Dec. 31, 2020	(182,894)	$ 0	$ 18,788	$ (14)	$ (201,668)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance upon exercise of options (in shares)		504,000
Issuance upon exercise of options	1,225		1,225
Stock-based compensation expense	650		650
Unrealized gain on cash equivalents	(16)			(16)
Net loss	(12,822)				(12,822)
Balance at the end of the period (in shares) at Mar. 31, 2021		5,217,000
Balance at the end of the period at Mar. 31, 2021	$ (193,857)	$ 0	20,663	(30)	(214,490)
Balance at the beginning of the period (in shares) at Dec. 31, 2020	25,402,000
Balance at the beginning of the period at Dec. 31, 2020	$ 243,854
Balance at the end of the period (in shares) at Sep. 30, 2021	0
Balance at the end of the period at Sep. 30, 2021	$ 0
Balance at the beginning of the period (in shares) at Dec. 31, 2020		4,713,000
Balance at the beginning of the period at Dec. 31, 2020	(182,894)	$ 0	18,788	(14)	(201,668)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(41,505)
Balance at the end of the period (in shares) at Sep. 30, 2021		43,472,000
Balance at the end of the period at Sep. 30, 2021	$ 283,312	$ 0	526,526	(41)	(243,173)
Balance at the beginning of the period (in shares) at Mar. 31, 2021	25,402,000
Balance at the beginning of the period at Mar. 31, 2021	$ 243,854
Redeemable Convertible Preferred Stock
Issuance of preferred stock, net of issuance costs (in shares)	4,448,000
Issuance of preferred stock, net of issuance costs	$ 84,710
Balance at the end of the period (in shares) at Jun. 30, 2021	29,850,000
Balance at the end of the period at Jun. 30, 2021	$ 328,564
Balance at the beginning of the period (in shares) at Mar. 31, 2021		5,217,000
Balance at the beginning of the period at Mar. 31, 2021	(193,857)	$ 0	20,663	(30)	(214,490)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance upon exercise of options (in shares)		575,000
Issuance upon exercise of options	1,415		1,415
Stock-based compensation expense	725		725
Unrealized gain on cash equivalents	(9)			(9)
Net loss	(14,580)				(14,580)
Balance at the end of the period (in shares) at Jun. 30, 2021		5,792,000
Balance at the end of the period at Jun. 30, 2021	$ (206,306)	$ 0	22,803	(39)	(229,070)
Redeemable Convertible Preferred Stock
Issuance upon exercise of warrants (in shares)	62,000
Issuance upon exercise of warrants	$ 970
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)	(29,912,000)
Issuance of redeemable convertible preferred stock, net of issuance costs	$ (329,534)
Balance at the end of the period (in shares) at Sep. 30, 2021	0
Balance at the end of the period at Sep. 30, 2021	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance upon exercise of options (in shares)		229,000
Issuance upon exercise of options	855		855
Stock-based compensation expense	925		925
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)		29,912,000
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	329,534		329,534
Issuance of common stock upon Initial public offering, net of issuance costs (in shares)		7,539,000
Issuance common stock upon initial public offering, net of issuance costs	172,409		172,409
Unrealized gain on cash equivalents	(2)			(2)
Net loss	(14,103)				(14,103)
Balance at the end of the period (in shares) at Sep. 30, 2021		43,472,000
Balance at the end of the period at Sep. 30, 2021	$ 283,312	$ 0	526,526	(41)	(243,173)
Balance at the beginning of the period (in shares) at Dec. 31, 2021	0
Balance at the beginning of the period at Dec. 31, 2021	$ 0
Balance at the end of the period (in shares) at Mar. 31, 2022	0
Balance at the end of the period at Mar. 31, 2022	$ 0
Balance at the beginning of the period (in shares) at Dec. 31, 2021	43,676,000	43,676,000
Balance at the beginning of the period at Dec. 31, 2021	$ 267,091	$ 0	528,666	(54)	(261,521)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance upon exercise of options (in shares)		401,000
Issuance upon exercise of options	1,291		1,291
Stock-based compensation expense	1,552		1,552
Unrealized gain on cash equivalents	1			1
Net loss	(17,185)				(17,185)
Balance at the end of the period (in shares) at Mar. 31, 2022		44,077,000
Balance at the end of the period at Mar. 31, 2022	$ 252,750	$ 0	531,509	(53)	(278,706)
Balance at the beginning of the period (in shares) at Dec. 31, 2021	0
Balance at the beginning of the period at Dec. 31, 2021	$ 0
Balance at the end of the period (in shares) at Sep. 30, 2022	0
Balance at the end of the period at Sep. 30, 2022	$ 0
Balance at the beginning of the period (in shares) at Dec. 31, 2021	43,676,000	43,676,000
Balance at the beginning of the period at Dec. 31, 2021	$ 267,091	$ 0	528,666	(54)	(261,521)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (58,982)
Balance at the end of the period (in shares) at Sep. 30, 2022	44,714,000	44,714,000
Balance at the end of the period at Sep. 30, 2022	$ 220,762	$ 0	541,048	217	(320,503)
Balance at the beginning of the period (in shares) at Mar. 31, 2022	0
Balance at the beginning of the period at Mar. 31, 2022	$ 0
Balance at the end of the period (in shares) at Jun. 30, 2022	0
Balance at the end of the period at Jun. 30, 2022	$ 0
Balance at the beginning of the period (in shares) at Mar. 31, 2022		44,077,000
Balance at the beginning of the period at Mar. 31, 2022	252,750	$ 0	531,509	(53)	(278,706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance upon exercise of options (in shares)		400,000
Issuance upon exercise of options	1,572		1,572
Shares issued under employee stock purchase plan (in shares)		61,000
Shares issued under employee stock purchase plan	1,289		1,289
Stock-based compensation expense	2,676		2,676
Unrealized gain on cash equivalents	85			85
Net loss	(19,184)				(19,184)
Balance at the end of the period (in shares) at Jun. 30, 2022		44,538,000
Balance at the end of the period at Jun. 30, 2022	$ 239,188	$ 0	537,046	32	(297,890)
Balance at the end of the period (in shares) at Sep. 30, 2022	0
Balance at the end of the period at Sep. 30, 2022	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance upon exercise of options (in shares)		176,000
Issuance upon exercise of options	777		777
Stock-based compensation expense	3,225		3,225
Unrealized gain on cash equivalents	185			185
Net loss	$ (22,613)				(22,613)
Balance at the end of the period (in shares) at Sep. 30, 2022	44,714,000	44,714,000
Balance at the end of the period at Sep. 30, 2022	$ 220,762	$ 0	$ 541,048	$ 217	$ (320,503)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (58,982)	$ (41,505)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	2,178	2,561
Stock-based compensation expense	7,452	2,300
Change in fair value of redeemable convertible preferred stock warrants and derivative liability	113	(235)
Non-cash lease adjustment	645	(249)
Inventory write-down	87	537
Changes in operating assets and liabilities:
Accounts receivable, net	(8,375)	(4,804)
Inventory	(9,502)	(3,580)
Prepaid expenses and other current assets	(2)	(606)
Other assets	(202)	0
Accounts payable	4,243	2,362
Accrued compensation	3,810	235
Accrued interest expense	688	804
Deferred revenue	1,318	615
Other liabilities	1,321	707
Net cash used in operating activities	(55,208)	(40,858)
Cash flows from investing activities:
Purchases of property and equipment	(1,787)	(260)
Net cash used in investing activities	(1,787)	(260)
Cash flows from financing activities:
Proceeds from issuance of Series G preferred stock, net of issuance costs	0	84,710
Proceeds from issuance of common stock under employee stock purchase plan	1,289	0
Proceeds from issuance of common stock from the exercise of stock options	3,641	3,495
Proceeds from the exercise of redeemable convertible preferred stock warrants	0	858
Proceeds from issuance of common stock from the initial public offering, net of underwriting discounts, commissions and offering expenses	0	172,409
Net cash provided by financing activities	4,930	261,472
Net (decrease) increase in cash, cash equivalents and restricted cash	(52,065)	220,354
Cash, cash equivalents, and restricted cash- Beginning of period	305,096	100,907
Cash, cash equivalents, and restricted cash - End of period	253,031	321,261
Reconciliation of cash, cash equivalents and restricted cash to balance sheets:
Cash and cash equivalents	249,217	320,484
Restricted cash	3,814	777
Cash, cash equivalents and restricted cash in balance sheets	253,031	321,261
Supplemental cash flow information
Interest paid	3,573	3,566
Non-cash investing and financing activities
Transfer of evaluation units from inventory to property and equipment, net	203	(1,227)
Property and equipment included in accounts payable and other current liabilities	200	200
Deferred offering costs included in accounts payable and other current liabilities	0	819
Right-of-use assets obtained in exchange for operating lease liabilities	$ 22,668	$ 0

Organization

Organization	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Organization	Organization Description of Business PROCEPT BioRobotics Corporation (the “Company”) is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. It develops, manufactures and sells the AquaBeam Robotic System, an advanced, image-guided, surgical robotic system for use in minimally invasive urologic surgery, with an initial focus on treating benign prostatic hyperplasia, or BPH. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. The AquaBeam Robotic System employs a single-use disposable handpiece to deliver the Company’s proprietary Aquablation therapy, which combines real-time, multi-dimensional imaging, personalized treatment planning, automated robotics and heat-free waterjet ablation for targeted and rapid removal of prostate tissue. The Company designed its AquaBeam Robotic System to enable consistent and reproducible BPH surgery outcomes. The Company received U.S. Food and Drug Administration clearance in December 2017 to market its AquaBeam Robotic System. Liquidity As of September 30, 2022, the Company had cash and cash equivalents of $249.2 million, and an accumulated deficit of $320.5 million. In September 2021, the Company completed its initial public offering (“IPO”) for net proceeds of approximately $172.4 million, after deducting underwriting discounts and commissions and offering expenses. Since its inception, the Company has financed its operations with a combination of debt and equity financing arrangements. The Company expects its cash, cash equivalents, and anticipated revenue will be sufficient to meet its capital requirements and fund its operations through at least the next twelve months from the issuance date of these financial statements. The Company has not achieved positive cash flow from operations to date and expects to continue incurring losses for the foreseeable future as it focuses on growing its business.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements have been presented in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. The Company operates as one reportable segment. Unaudited Interim Financial Statements The accompanying balance sheet as of September 30, 2022, the statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021, the statements of cash flows for the nine months ended September 30, 2022 and 2021, and the statements of redeemable convertible preferred stock and stockholders’ equity (deficit) as of September 30, 2022 and 2021, are unaudited. The financial data and other information disclosed in these notes to the financial statements related to September 30, 2022, and the three and nine months ended September 30, 2022 and 2021, are also unaudited. The accompanying balance sheet as of December 31, 2021 have been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K (“Annual Report”) filed with the Securities and Exchange Commission. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to a fair statement of the Company’s financial position as of September 30, 2022, and the results of its operations and cash flows for the three and nine months ended September 30, 2022 and 2021. The results for the three and nine months ended September 30, 2022, are not necessarily indicative of results to be expected for the year ending December 31, 2022, or for any other interim period or for any future year and should be read in conjunction with the annual consolidated financial statements included in the Company’s Annual Report. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements. Management uses significant judgment when making estimates related to its common stock valuation in periods before the Company’s IPO and related stock-based compensation expense, right-of-use lease asset, lease liability, and loan facility derivative liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Initial Public Offering (IPO) In September 2021, the Company completed its IPO by issuing 6,556,000 shares of common stock, and the exercise of the underwriters option for 983,400 shares, at an offering price of $25.00 per share, for total net proceeds of approximately $172.4 million, after deducting underwriting discounts and commissions of $13.2 million and offering expenses of $2.9 million. Offering costs are capitalized, and consist of fees and expenses incurred in connection with the sale of common stock in its IPO, including legal, accounting, printing and other IPO-related costs. Upon completion of its IPO, these deferred offering costs were reclassified to stockholders’ equity and recorded against the proceeds from the offering. In addition, all 29,912,264 shares of its then-outstanding redeemable convertible preferred stock automatically converted into 29,912,264 shares of common stock and it reclassified $329.5 million of redeemable convertible preferred stock to additional paid-in capital on its condensed consolidated balance sheet. Also, upon the completion of the Company’s IPO, the Company’s 62,454 redeemable convertible preferred stock warrants were exercised and the remaining unexercised warrants expired. JOBS Act Accounting Election The Company is an emerging growth company, as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to avail itself of this exemption and, therefore, for new or revised accounting standards applicable to public companies, the Company will be subject to an extended transition period until those standards would otherwise apply to private companies. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-4”). The amendments in ASU 2020-4 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. These amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2016-13 will be effective for the Company beginning January 1, 2023. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. Significant Accounting Policies Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization for property and equipment are determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. As of June 30, 2022, the Company no longer reclassifies inventory used at customer sites for evaluation purposes to property and equipment due to change in customary business practices. Income Taxes On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 ( the Inflation Act) into law. The Inflation Act contains certain tax measures, including a corporate alternative minimum tax of 15% on some large corporations and an excise tax of 1% on corporate stock buy-backs. The Company expects the various provisions of the Inflation Act to not have a material impact on the Company’s condensed consolidated financial statements and related notes. During the three months ended September 30, 2022, there have been no material changes to the Company’s significant accounting policies as described in its 2021 Annual Report or the first quarter 2022 Quarterly Report that could have had a material impact on the Company’s condensed consolidated financial statements and related notes.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 12,077 $ — $ — $ 12,077 Cash equivalents 237,140 — — $ 237,140 Total cash and cash equivalents $ 249,217 $ — $ — $ 249,217 Loan facility derivative liability $ — $ — $ 1,609 $ 1,609 December 31, 2021 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 13,621 $ — $ — $ 13,621 Cash equivalents 290,699 — — 290,699 Total cash and cash equivalents $ 304,320 $ — $ — $ 304,320 Loan facility derivative liability $ — $ — $ 1,496 $ 1,496 Cash equivalents consist primarily of money market funds and treasury securities. There were no transfers in and out of Level 3 during the three and nine months ended September 30, 2022 and year ended December 31, 2021. The fair value of the loan facility derivative liability was determined using a discounted cash flow calculation discounted at 10%. The following table sets forth a summary of the changes in the estimated fair value of the Company’s loan facility derivative liability, classified as Level 3 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning of the period $ 1,570 $ 1,787 $ 1,496 $ 1,782 Change in fair value 39 (177) 113 (172) End of the period $ 1,609 $ 1,610 $ 1,609 $ 1,610

Inventory

Inventory	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consists of the following (in thousands): September 30, December 31, 2022 2021 Raw materials $ 11,757 $ 6,740 Work-in-process 1,890 905 Finished goods 8,711 5,502 Total inventory $ 22,358 $ 13,147

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets In March 2019, the Company entered into a license agreement with HydroCision, Inc. This agreement grants the Company an exclusive, perpetual, irrevocable, worldwide, fully paid-up license to develop, manufacture and commercialize products in the field of urology using the patented technology and know-how controlled by HydroCision as of the effective date and as well as new patented technology developed by HydroCision that cover certain activities and improvements that relate to the use of fluid jet technology in connection with the licensed products during the period commencing on the effective date and ending on the earlier of the date that the Company ceases to use HydroCision’s existing contract manufacturers and the third anniversary of the effective date. Also included is the right to utilize HydroCision’s contract manufacturers, if desired. The consideration paid was a one-time upfront payment of $2.5 million, as well as allowing HydroCision (a reciprocal license) to use any new patented technology and know-how developed by the Company relating to the HydroCision patented technology and know-how in the field of urology for HydroCision use outside the field of urology. HydroCision will pay for any patent maintenance fees on HydroCision’s licensed patents. As of September 30, 2022 and December 31, 2021, accumulated amortization was $1.0 million and $0.8 million, respectively, and the net carrying amount is expected to be amortized at a rate of $0.3 million per year until fully amortized. Amortization expense for intangible assets was $0.1 million and $0.2 million for the three and nine months ended September 30, 2022 and 2021.

Loan Facility and Derivative Li

Loan Facility and Derivative Liability	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Loan Facility and Derivative Liability	Loan Facility and Derivative LiabilityIn September 2019, the Company entered into a loan facility for up to $75.0 million available in four installments. The Company borrowed $25.0 million in September 2019. An additional $25.0 million was borrowed in March 2020. The third installment of $10.0 million was originally available for draw through March 31, 2021 contingent upon achieving $20.0 million in trailing six months revenue. In January 2021, the third installment was amended to be available for draw through June 30, 2021 contingent upon achieving $6.4 million trailing six months revenue. The remaining $15.0 million was originally available for draw through June 30, 2021 and is contingent upon achieving $25.0 million in trailing six months revenue. In January 2021, this installment was amended to be available for draw through June 30, 2022. The facility bears an interest rate of the greater of (i) 9.37% and (ii) 7.17% plus 30 day LIBOR. The initial term of the facility is 60 months with interest-only payments each month for 24 months followed by 36 months amortization of principal and interest. In January 2021, the interest-only period was amended to 36 months followed by 24 months amortization (principal and interest) beginning October 1, 2022 since the amended trailing six months target revenue of $6.4 million was achieved, and accordingly, the current portion of the amount due was reclassified to non-current. Upon drawing the final $15.0 million tranche, the interest-only period was extended 12 months followed by 24 months amortization of principal and interest. Upon the completion of the Company raising over $50.0 million in its IPO in September 2021, interest-only payments were extended an additional 12 months followed by 12 months amortization of principal and interest. Substantially all assets of the Company are pledged as collateral. Commencing with the earlier of June 30, 2021 and the month following the funding of either the third or final installment, the Company is required to achieve revenues for the previous six months ended equal to the greater of (1) 70% of the forecast for the commensurate period, (2) $15.0 million if neither third or final installments have been drawn, (3) $20.0 million if the third but not final installment has been drawn and (4) $25.0 million if both the third and final installments have been drawn. The loan facility includes certain fees payable to the lender recorded as a loan discount that are accrued and amortized to interest expense during the loan term. A 6% final payment fee of each funded tranche is payable at the earlier of prepayment or loan maturity and a 0.25% facility fee paid at each funded tranche. A prepayment fee was originally payable if the loan is paid before maturity in the amount of 3% of loans outstanding if paid in full during first 12 months, 2% if loan is paid in full during second twelve months, or 1% if loan is paid in full thereafter before maturity. In January 2021, the prepayment fee was removed as part of the amendments. In addition, the Company would pay the lender’s loan initiation fees and a fee upon the earlier occurrence of a defined liquidity event, including but not limited to, a merger or sale of the Company’s assets or voting stock, or achieving a $200 million trailing twelve months revenue target, in each case, by September 2029 . The success fees are calculated at the time of the liquidity event occurrence to be $1.0 million if only the first installment has been drawn, $2.0 million if the first two installments have been drawn, $2.4 million if the first three installments have been drawn, or $3.0 million if all four installments have been drawn, in each case, upon the occurrence of the defined liquidity event. As of September 30, 2022, the Company has drawn on the first two installments. The Company determined that this obligation to pay success fees represents freestanding financial instruments. The amendments in January 2021 were accounted for as a debt modification under ASC 470-50-40 as the changes in the debt terms are not considered substantial, and thus no gain or loss was recorded and a new effective interest rate was established based on the carrying value of the loan and the revised cash flows. In connection with the Company’s loan facility, the Company is obligated to pay a fee upon the earlier occurrence of a defined liquidity event, including but not limited to, a merger or sale of its assets or voting stock, or achieving a $200.0 million trailing twelve months revenue target, in each case, by September 2029 . The fee is calculated at the time of the liquidity event occurrence to be $1.0 million if only the first installment has been drawn, $2.0 million if the first two installments have been drawn, $2.4 million if the first three installments have been drawn, or $3.0 million if all four installments have been drawn, in each case, upon the occurrence of the liquidity event. As of September 30, 2022, the Company has drawn on the first two installments. The Company has determined this fee is a freestanding derivative instrument. The initial $1.4 million fair value of this loan facility derivative was recorded as a debt discount and liability on the date of issuance in connection with obtaining additional financing as applicable and will be revalued every reporting period until the earlier occurrence of a defined liquidity event or achieving a revenue target by September 2029 or termination of such fee arrangement. Subsequent to September 30, 2022, the Company paid the loan facility and related fees in full. See Note 12 for further information.
Loan Facility and Derivative Liability	Loan Facility and Derivative LiabilityIn September 2019, the Company entered into a loan facility for up to $75.0 million available in four installments. The Company borrowed $25.0 million in September 2019. An additional $25.0 million was borrowed in March 2020. The third installment of $10.0 million was originally available for draw through March 31, 2021 contingent upon achieving $20.0 million in trailing six months revenue. In January 2021, the third installment was amended to be available for draw through June 30, 2021 contingent upon achieving $6.4 million trailing six months revenue. The remaining $15.0 million was originally available for draw through June 30, 2021 and is contingent upon achieving $25.0 million in trailing six months revenue. In January 2021, this installment was amended to be available for draw through June 30, 2022. The facility bears an interest rate of the greater of (i) 9.37% and (ii) 7.17% plus 30 day LIBOR. The initial term of the facility is 60 months with interest-only payments each month for 24 months followed by 36 months amortization of principal and interest. In January 2021, the interest-only period was amended to 36 months followed by 24 months amortization (principal and interest) beginning October 1, 2022 since the amended trailing six months target revenue of $6.4 million was achieved, and accordingly, the current portion of the amount due was reclassified to non-current. Upon drawing the final $15.0 million tranche, the interest-only period was extended 12 months followed by 24 months amortization of principal and interest. Upon the completion of the Company raising over $50.0 million in its IPO in September 2021, interest-only payments were extended an additional 12 months followed by 12 months amortization of principal and interest. Substantially all assets of the Company are pledged as collateral. Commencing with the earlier of June 30, 2021 and the month following the funding of either the third or final installment, the Company is required to achieve revenues for the previous six months ended equal to the greater of (1) 70% of the forecast for the commensurate period, (2) $15.0 million if neither third or final installments have been drawn, (3) $20.0 million if the third but not final installment has been drawn and (4) $25.0 million if both the third and final installments have been drawn. The loan facility includes certain fees payable to the lender recorded as a loan discount that are accrued and amortized to interest expense during the loan term. A 6% final payment fee of each funded tranche is payable at the earlier of prepayment or loan maturity and a 0.25% facility fee paid at each funded tranche. A prepayment fee was originally payable if the loan is paid before maturity in the amount of 3% of loans outstanding if paid in full during first 12 months, 2% if loan is paid in full during second twelve months, or 1% if loan is paid in full thereafter before maturity. In January 2021, the prepayment fee was removed as part of the amendments. In addition, the Company would pay the lender’s loan initiation fees and a fee upon the earlier occurrence of a defined liquidity event, including but not limited to, a merger or sale of the Company’s assets or voting stock, or achieving a $200 million trailing twelve months revenue target, in each case, by September 2029 . The success fees are calculated at the time of the liquidity event occurrence to be $1.0 million if only the first installment has been drawn, $2.0 million if the first two installments have been drawn, $2.4 million if the first three installments have been drawn, or $3.0 million if all four installments have been drawn, in each case, upon the occurrence of the defined liquidity event. As of September 30, 2022, the Company has drawn on the first two installments. The Company determined that this obligation to pay success fees represents freestanding financial instruments. The amendments in January 2021 were accounted for as a debt modification under ASC 470-50-40 as the changes in the debt terms are not considered substantial, and thus no gain or loss was recorded and a new effective interest rate was established based on the carrying value of the loan and the revised cash flows. In connection with the Company’s loan facility, the Company is obligated to pay a fee upon the earlier occurrence of a defined liquidity event, including but not limited to, a merger or sale of its assets or voting stock, or achieving a $200.0 million trailing twelve months revenue target, in each case, by September 2029 . The fee is calculated at the time of the liquidity event occurrence to be $1.0 million if only the first installment has been drawn, $2.0 million if the first two installments have been drawn, $2.4 million if the first three installments have been drawn, or $3.0 million if all four installments have been drawn, in each case, upon the occurrence of the liquidity event. As of September 30, 2022, the Company has drawn on the first two installments. The Company has determined this fee is a freestanding derivative instrument. The initial $1.4 million fair value of this loan facility derivative was recorded as a debt discount and liability on the date of issuance in connection with obtaining additional financing as applicable and will be revalued every reporting period until the earlier occurrence of a defined liquidity event or achieving a revenue target by September 2029 or termination of such fee arrangement. Subsequent to September 30, 2022, the Company paid the loan facility and related fees in full. See Note 12 for further information.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options The Company had 4.4 million shares available for grant as of September 30, 2022 under the 2021 Equity Incentive Award Plan. The Company ceased making awards under the 2008 Stock Plan upon the effective date of the Company’s IPO. A summary of the Company’s stock option activity and related information are as follows (shares in thousands): Nine Months Ended September 30, 2022 Number of Shares Weighted Average Exercise Price Outstanding, beginning of period 6,365 $ 5.34 Granted 254 35.58 Exercised (978) 3.72 Forfeited (224) 7.75 Outstanding, end of period 5,417 6.95 Vested and expected to vest 5,417 6.95 Exercisable 3,142 5.27 As of September 30, 2022 and December 31, 2021, the aggregate pre-tax intrinsic value of options outstanding and exercisable was $113.7 million and $64.3 million, respectively, and the aggregate pre-tax intrinsic value options outstanding were $187.0 million and $125.7 million, respectively. The aggregate pre-tax intrinsic value of options exercised was $27.9 million and $5.1 million during the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, there was a total of $9.7 million of unrecognized stock-based compensation expense related to stock options. There were no stock options granted for the three months ended September 30, 2022. The fair value of the options granted to employees or directors was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Expected life (years) 0.0 5.9 5.9 6.0 Expected volatility — % 53 % 55 % 50 % Risk-free interest rate — % 0.9 % 2.5 % 1.0 % Expected dividend rate — % — % — % — % Weighted-average fair value $ — $ 7.00 $ 19.15 $ 3.88 Restricted Stock Units A summary of the Company’s restricted stock unit (“RSU”) activity and related information are as follows (restricted stock units in thousands): Nine Months Ended September 30, 2022 Number of Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period 35 $ 34.78 Awarded 630 34.42 Forfeited (29) 33.76 Outstanding, end of period 636 34.47 As of September 30, 2022, there was a total of $19.1 million of unrecognized stock-based compensation expense related to RSUs. Employee Stock Purchase Plan As of September 30, 2022, there was approximately $0.3 million of unrecognized cost related to employee stock purchases under the Employee Stock Purchase Plan (“ESPP”). This cost is expected to be recognized over a weighted average period of 0.5 years. As of September 30, 2022, a total of 0.8 million shares were available for issuance under the ESPP. The fair value of the awards granted under the ESPP for the nine months ended September 30, 2022 to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table: Nine Months Ended September 30, 2022 Expected life (years) 0.8 Expected volatility 57 % Risk-free interest rate 1.8 % Expected dividend rate — % Weighted-average fair value $ 12.25 Total stock-based compensation recognized, before taxes, are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of sales $ 337 $ 62 $ 712 $ 135 Research and development 678 174 1,531 482 Sales, general and administrative 2,210 689 5,209 1,683 Total stock-based compensation $ 3,225 $ 925 $ 7,452 $ 2,300

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Upon the completion of the Company’s IPO in September 2021, all 29,912,264 shares of its then-outstanding redeemable convertible preferred stock automatically converted into 29,912,264 shares of common stock. Net loss per share was determined as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net loss $ (22,613) $ (14,103) $ (58,982) $ (41,505) Weighted-average common stock outstanding 44,640 11,580 44,276 7,361 Net loss per share, basic and diluted $ (0.51) $ (1.22) $ (1.33) $ (5.64) The following potentially dilutive securities outstanding have been excluded from the computations of weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares, in thousands): As of September 30, 2022 2021 Common stock options 5,417 6,607 Restricted stock units 636 — Employee stock purchase plan 61 — Total 6,114 6,607

Revenue

Revenue	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S. System sales and rentals $ 9,811 $ 5,038 $ 26,081 $ 14,368 Handpieces and other consumables 8,015 2,184 18,182 5,458 Service 812 169 1,741 378 Total U.S. revenue 18,638 7,391 46,004 20,204 Outside of U.S. System sales and rentals 743 481 2,353 1,725 Handpieces and other consumables 791 666 2,369 2,159 Service 177 130 511 247 Total outside of U.S. revenue 1,711 1,277 5,233 4,131 Total revenue $ 20,349 $ 8,668 $ 51,237 $ 24,335

Segment, Geographical, and Cust

Segment, Geographical, and Customer Concentration	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment, Geographical, and Customer Concentration	Segment, Geographical, and Customer Concentration The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s long-lived assets are primarily based in the United States. No customers accounted for more than 10% of revenue during the three and nine months ended September 30, 2022 and 2021. No customers accounted for more than 10% of accounts receivable at September 30, 2022. One customer accounted for 11% of accounts receivable at December 31, 2021. The Company’s revenue by geographical location is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 United States 92 % 85 % 90 % 83 % Outside the United States 8 % 15 % 10 % 17 %
Segment, Geographical, and Customer Concentration	Segment, Geographical, and Customer Concentration The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s long-lived assets are primarily based in the United States. No customers accounted for more than 10% of revenue during the three and nine months ended September 30, 2022 and 2021. No customers accounted for more than 10% of accounts receivable at September 30, 2022. One customer accounted for 11% of accounts receivable at December 31, 2021. The Company’s revenue by geographical location is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 United States 92 % 85 % 90 % 83 % Outside the United States 8 % 15 % 10 % 17 %

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of September 30, 2022 and December 31, 2021, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Facility Lease In July 2013, the Company entered into a lease agreement for its current facility located in Redwood City, California. In 2018, the Company expanded the lease space and extended the lease agreement through October 2023. The lease agreement provides for an escalation of rent payments each year and the Company records rent expense on a straight-line basis over the term of the lease. In December 2021, the Company entered into a lease for two existing buildings, comprising approximately 158,221 square feet of space, located in San Jose, California. The lease commenced in July 2022, and will continue for 122 months following thereafter, with two five year options to extend the term of the lease. The Lease provides for annual base rent of $4.3 million for the first year, which increases on a yearly basis up to $5.5 million for the tenth year, for an aggregate of $49.2 million. Under the terms of the lease, the Company will receive an allowance of up to $7.9 million from the landlord to be applied to the Company’s construction of tenant improvements following the landlord’s delivery of the two buildings to the Company. During the three months ended September 30, 2022, the Company recorded both an right-of-use asset and liability of $22.7 million related to the lease. Lease payments have not yet commenced for the lease. The Company used 9% as its discount rate and the remaining operating lease term is 10.4 years. Rent expense recognized under the lease, including additional rent charges for utilities, parking, maintenance, and real estate taxes, was $1.9 million and $0.5 million for the three months ended September 30, 2022 and 2021, respectively, and $3.3 million and $1.5 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 Minimum Lease Payments Debt Repayments Total 2022 $ 658 $ — $ 658 2023 5,610 12,500 18,110 2024 4,184 37,500 41,684 2025 4,297 — 4,297 2026 4,426 — 4,426 Thereafter 24,146 — 24,146 Total minimum payments 43,321 50,000 93,321 Less: amount representing interest/unamortized debt discount (17,433) 692 (16,741) Present value of future payments $ 25,888 $ 50,692 76,580 Less: current portion (2,473) — (2,473) Non-current portion $ 23,415 $ 50,692 $ 74,107
Commitments and Contingencies	Commitments and Contingencies Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of September 30, 2022 and December 31, 2021, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Facility Lease In July 2013, the Company entered into a lease agreement for its current facility located in Redwood City, California. In 2018, the Company expanded the lease space and extended the lease agreement through October 2023. The lease agreement provides for an escalation of rent payments each year and the Company records rent expense on a straight-line basis over the term of the lease. In December 2021, the Company entered into a lease for two existing buildings, comprising approximately 158,221 square feet of space, located in San Jose, California. The lease commenced in July 2022, and will continue for 122 months following thereafter, with two five year options to extend the term of the lease. The Lease provides for annual base rent of $4.3 million for the first year, which increases on a yearly basis up to $5.5 million for the tenth year, for an aggregate of $49.2 million. Under the terms of the lease, the Company will receive an allowance of up to $7.9 million from the landlord to be applied to the Company’s construction of tenant improvements following the landlord’s delivery of the two buildings to the Company. During the three months ended September 30, 2022, the Company recorded both an right-of-use asset and liability of $22.7 million related to the lease. Lease payments have not yet commenced for the lease. The Company used 9% as its discount rate and the remaining operating lease term is 10.4 years. Rent expense recognized under the lease, including additional rent charges for utilities, parking, maintenance, and real estate taxes, was $1.9 million and $0.5 million for the three months ended September 30, 2022 and 2021, respectively, and $3.3 million and $1.5 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 Minimum Lease Payments Debt Repayments Total 2022 $ 658 $ — $ 658 2023 5,610 12,500 18,110 2024 4,184 37,500 41,684 2025 4,297 — 4,297 2026 4,426 — 4,426 Thereafter 24,146 — 24,146 Total minimum payments 43,321 50,000 93,321 Less: amount representing interest/unamortized debt discount (17,433) 692 (16,741) Present value of future payments $ 25,888 $ 50,692 76,580 Less: current portion (2,473) — (2,473) Non-current portion $ 23,415 $ 50,692 $ 74,107

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In October 2022, the Company entered into a loan and security agreement (the "CIBC Loan Agreement") with Canadian Imperial Bank of Commerce ("CIBC"). The CIBC Loan Agreement provides for a senior secured term loan facility in the aggregate principal amount of $52.0 million (the "Term Loan Facility") which was borrowed in full. The Term Loan Facility was used to repay and terminate the Company's previous loan facility (see Note 6), transaction fees, and related expenses. The Term Loan Facility is scheduled to mature on the fifth anniversary of the Closing Date (the "Maturity Date"). The CIBC Loan Agreement provides for interest-only payments on the Term Loan Facility for the first thirty-six months following the Closing Date (the "Initial Interest-Only Period"). The Initial Interest-Only Period will be extended to an additional twelve months if the Company achieves either (i) $200.0 million or greater in revenue in any twelve-month period or (ii) $0 or greater in EBITDA in any six-month period. Thereafter, amortization payments on the Term Loan Facility will be payable monthly until the Maturity Date in monthly installments equal to 20% of the then outstanding principal amount of the Term Loan Facility divided by 12 plus any accrued and unpaid interest. The Company has the option to prepay the Term Loan Facility without any prepayment charge or fee. The loan borrowed under the Term Loan Facility bears interest at an annual rate equal to the secured overnight financing rate ("SOFR") (calculated based on an adjustment of .10%, .15% and .25%, respectively, for one-month, three-month or six-month term SOFR as of a specified date, subject to a floor of 1.5%) plus an applicable margin of 2.25%. The obligations under the CIBC Loan Agreement are secured by substantially all of the Company's assets, including its intellectual property and by a pledge all of the Company's equity interests in its U.S. subsidiaries and 65% of the Company's equity interests in its non-U.S. subsidiaries that are directly owned by the Company. The Company is obligated to maintain in deposit accounts held at CIBC the lesser of (i) $150.0 million or (ii) all of its non-operating cash. The Company is currently assessing the accounting impact of the CIBC Loan Agreement on its consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been presented in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. The Company operates as one reportable segment.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements. Management uses significant judgment when making estimates related to its common stock valuation in periods before the Company’s IPO and related stock-based compensation expense, right-of-use lease asset, lease liability, and loan facility derivative liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.
Initial Public Offering	Initial Public Offering (IPO) In September 2021, the Company completed its IPO by issuing 6,556,000 shares of common stock, and the exercise of the underwriters option for 983,400 shares, at an offering price of $25.00 per share, for total net proceeds of approximately $172.4 million, after deducting underwriting discounts and commissions of $13.2 million and offering expenses of $2.9 million. Offering costs are capitalized, and consist of fees and expenses incurred in connection with the sale of common stock in its IPO, including legal, accounting, printing and other IPO-related costs. Upon completion of its IPO, these deferred offering costs were reclassified to stockholders’ equity and recorded against the proceeds from the offering. In addition, all 29,912,264 shares of its then-outstanding redeemable convertible preferred stock automatically converted into 29,912,264 shares of common stock and it reclassified $329.5 million of redeemable convertible preferred stock to additional paid-in capital on its condensed consolidated balance sheet. Also, upon the completion of the Company’s IPO, the Company’s 62,454 redeemable convertible preferred stock warrants were exercised and the remaining unexercised warrants expired.
Jobs Act Accounting Election	JOBS Act Accounting Election The Company is an emerging growth company, as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to avail itself of this exemption and, therefore, for new or revised accounting standards applicable to public companies, the Company will be subject to an extended transition period until those standards would otherwise apply to private companies.
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-4”). The amendments in ASU 2020-4 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. These amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2016-13 will be effective for the Company beginning January 1, 2023. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. Significant Accounting Policies Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization for property and equipment are determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. As of June 30, 2022, the Company no longer reclassifies inventory used at customer sites for evaluation purposes to property and equipment due to change in customary business practices. Income Taxes On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 ( the Inflation Act) into law. The Inflation Act contains certain tax measures, including a corporate alternative minimum tax of 15% on some large corporations and an excise tax of 1% on corporate stock buy-backs. The Company expects the various provisions of the Inflation Act to not have a material impact on the Company’s condensed consolidated financial statements and related notes. During the three months ended September 30, 2022, there have been no material changes to the Company’s significant accounting policies as described in its 2021 Annual Report or the first quarter 2022 Quarterly Report that could have had a material impact on the Company’s condensed consolidated financial statements and related notes.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 12,077 $ — $ — $ 12,077 Cash equivalents 237,140 — — $ 237,140 Total cash and cash equivalents $ 249,217 $ — $ — $ 249,217 Loan facility derivative liability $ — $ — $ 1,609 $ 1,609 December 31, 2021 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 13,621 $ — $ — $ 13,621 Cash equivalents 290,699 — — 290,699 Total cash and cash equivalents $ 304,320 $ — $ — $ 304,320 Loan facility derivative liability $ — $ — $ 1,496 $ 1,496
Schedule of Derivative Liabilities at Fair Value	The following table sets forth a summary of the changes in the estimated fair value of the Company’s loan facility derivative liability, classified as Level 3 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning of the period $ 1,570 $ 1,787 $ 1,496 $ 1,782 Change in fair value 39 (177) 113 (172) End of the period $ 1,609 $ 1,610 $ 1,609 $ 1,610

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consists of the following (in thousands): September 30, December 31, 2022 2021 Raw materials $ 11,757 $ 6,740 Work-in-process 1,890 905 Finished goods 8,711 5,502 Total inventory $ 22,358 $ 13,147

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity and Related Information	A summary of the Company’s stock option activity and related information are as follows (shares in thousands): Nine Months Ended September 30, 2022 Number of Shares Weighted Average Exercise Price Outstanding, beginning of period 6,365 $ 5.34 Granted 254 35.58 Exercised (978) 3.72 Forfeited (224) 7.75 Outstanding, end of period 5,417 6.95 Vested and expected to vest 5,417 6.95 Exercisable 3,142 5.27
Schedule of Fair Value Assumptions	The fair value of the options granted to employees or directors was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Expected life (years) 0.0 5.9 5.9 6.0 Expected volatility — % 53 % 55 % 50 % Risk-free interest rate — % 0.9 % 2.5 % 1.0 % Expected dividend rate — % — % — % — % Weighted-average fair value $ — $ 7.00 $ 19.15 $ 3.88 The fair value of the awards granted under the ESPP for the nine months ended September 30, 2022 to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table: Nine Months Ended September 30, 2022 Expected life (years) 0.8 Expected volatility 57 % Risk-free interest rate 1.8 % Expected dividend rate — % Weighted-average fair value $ 12.25
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option	A summary of the Company’s restricted stock unit (“RSU”) activity and related information are as follows (restricted stock units in thousands): Nine Months Ended September 30, 2022 Number of Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period 35 $ 34.78 Awarded 630 34.42 Forfeited (29) 33.76 Outstanding, end of period 636 34.47
Share-based Payment Arrangement, Expensed and Capitalized, Amount	Total stock-based compensation recognized, before taxes, are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of sales $ 337 $ 62 $ 712 $ 135 Research and development 678 174 1,531 482 Sales, general and administrative 2,210 689 5,209 1,683 Total stock-based compensation $ 3,225 $ 925 $ 7,452 $ 2,300

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Loss Per Share, Basic	Net loss per share was determined as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net loss $ (22,613) $ (14,103) $ (58,982) $ (41,505) Weighted-average common stock outstanding 44,640 11,580 44,276 7,361 Net loss per share, basic and diluted $ (0.51) $ (1.22) $ (1.33) $ (5.64)
Schedule of Loss Per Share, Diluted	Net loss per share was determined as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net loss $ (22,613) $ (14,103) $ (58,982) $ (41,505) Weighted-average common stock outstanding 44,640 11,580 44,276 7,361 Net loss per share, basic and diluted $ (0.51) $ (1.22) $ (1.33) $ (5.64)
Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share	The following potentially dilutive securities outstanding have been excluded from the computations of weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares, in thousands): As of September 30, 2022 2021 Common stock options 5,417 6,607 Restricted stock units 636 — Employee stock purchase plan 61 — Total 6,114 6,607

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S. System sales and rentals $ 9,811 $ 5,038 $ 26,081 $ 14,368 Handpieces and other consumables 8,015 2,184 18,182 5,458 Service 812 169 1,741 378 Total U.S. revenue 18,638 7,391 46,004 20,204 Outside of U.S. System sales and rentals 743 481 2,353 1,725 Handpieces and other consumables 791 666 2,369 2,159 Service 177 130 511 247 Total outside of U.S. revenue 1,711 1,277 5,233 4,131 Total revenue $ 20,349 $ 8,668 $ 51,237 $ 24,335 The Company’s revenue by geographical location is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 United States 92 % 85 % 90 % 83 % Outside the United States 8 % 15 % 10 % 17 %
Revenue from External Customers by Products and Services	The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S. System sales and rentals $ 9,811 $ 5,038 $ 26,081 $ 14,368 Handpieces and other consumables 8,015 2,184 18,182 5,458 Service 812 169 1,741 378 Total U.S. revenue 18,638 7,391 46,004 20,204 Outside of U.S. System sales and rentals 743 481 2,353 1,725 Handpieces and other consumables 791 666 2,369 2,159 Service 177 130 511 247 Total outside of U.S. revenue 1,711 1,277 5,233 4,131 Total revenue $ 20,349 $ 8,668 $ 51,237 $ 24,335

Segment, Geographical, and Cu_2

Segment, Geographical, and Customer Concentration (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Revenue from External Customers by Geographic Areas	The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S. System sales and rentals $ 9,811 $ 5,038 $ 26,081 $ 14,368 Handpieces and other consumables 8,015 2,184 18,182 5,458 Service 812 169 1,741 378 Total U.S. revenue 18,638 7,391 46,004 20,204 Outside of U.S. System sales and rentals 743 481 2,353 1,725 Handpieces and other consumables 791 666 2,369 2,159 Service 177 130 511 247 Total outside of U.S. revenue 1,711 1,277 5,233 4,131 Total revenue $ 20,349 $ 8,668 $ 51,237 $ 24,335 The Company’s revenue by geographical location is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 United States 92 % 85 % 90 % 83 % Outside the United States 8 % 15 % 10 % 17 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments	As of September 30, 2022 Minimum Lease Payments Debt Repayments Total 2022 $ 658 $ — $ 658 2023 5,610 12,500 18,110 2024 4,184 37,500 41,684 2025 4,297 — 4,297 2026 4,426 — 4,426 Thereafter 24,146 — 24,146 Total minimum payments 43,321 50,000 93,321 Less: amount representing interest/unamortized debt discount (17,433) 692 (16,741) Present value of future payments $ 25,888 $ 50,692 76,580 Less: current portion (2,473) — (2,473) Non-current portion $ 23,415 $ 50,692 $ 74,107
Schedule of Maturities of Long-term Debt	As of September 30, 2022 Minimum Lease Payments Debt Repayments Total 2022 $ 658 $ — $ 658 2023 5,610 12,500 18,110 2024 4,184 37,500 41,684 2025 4,297 — 4,297 2026 4,426 — 4,426 Thereafter 24,146 — 24,146 Total minimum payments 43,321 50,000 93,321 Less: amount representing interest/unamortized debt discount (17,433) 692 (16,741) Present value of future payments $ 25,888 $ 50,692 76,580 Less: current portion (2,473) — (2,473) Non-current portion $ 23,415 $ 50,692 $ 74,107

Organization (Details)

Organization (Details) - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Cash and cash equivalents	$ 320,484	$ 249,217	$ 304,320
Accumulated deficit		$ 320,503	$ 261,521
IPO | Common Stock
Initial Public Offering
Sale of stock, consideration received on transaction	$ 172,400

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2021 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Share price (in dollars per share) | $ / shares	$ 25	$ 25	$ 25
Payments for underwriting discount and commissions | $	$ 13,200
Payments of stock issuance costs | $	$ 2,900
Convertible preferred stock, shares, number of shares issued upon conversion (in shares) | shares	29,912,264	29,912,264	29,912,264
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | $		$ 329,534
Issuance upon exercise of warrants (in shares) | shares		62,000
Additional Paid-in Capital
Subsidiary, Sale of Stock [Line Items]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | $	$ 329,500	$ 329,534
Common Stock Warrants | Series E, Redeemable Convertible Preferred Stock Warrants
Subsidiary, Sale of Stock [Line Items]
Issuance upon exercise of warrants (in shares) | shares			62,454
Common Stock | IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares	6,556,000
Sale of stock, consideration received on transaction | $	$ 172,400
Common Stock | Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares	983,400

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents	$ 249,217	$ 304,320	$ 320,484
Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	12,077	13,621
Cash equivalents	237,140	290,699
Cash and cash equivalents	249,217	304,320
Loan facility derivative liability	1,609	1,496
Level 1 | Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	12,077	13,621
Cash equivalents	237,140	290,699
Cash and cash equivalents	249,217	304,320
Loan facility derivative liability	0	0
Level 2 | Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	0	0
Cash equivalents	0	0
Cash and cash equivalents	0	0
Loan facility derivative liability	0	0
Level 3 | Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	0	0
Cash equivalents	0	0
Cash and cash equivalents	0	0
Loan facility derivative liability	$ 1,609	$ 1,496

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Sep. 30, 2022
Level 3 | Fair Value, Measurements, Recurring | Valuation Technique, Discounted Cash Flow
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash flow discount	0.10

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value, Inputs, Level 3 - Fair Value, Measurements, Recurring (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning of the period	$ 1,570	$ 1,787	$ 1,496	$ 1,782
Change in fair value	39	(177)	113	(172)
End of the period	$ 1,609	$ 1,610	$ 1,609	$ 1,610

Inventory - Inventory (Details)

Inventory - Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 11,757	$ 6,740
Work-in-process	1,890	905
Finished goods	8,711	5,502
Total inventory	$ 22,358	$ 13,147

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Payments to acquire intangible assets	$ 2.5
Accumulated amortization		$ 1		$ 1		$ 0.8
Expected annual amortization expense						$ 0.3
Amortization expense		$ 0.1	$ 0.2	$ 0.1	$ 0.2

Loan Facility and Derivative _2

Loan Facility and Derivative Liability (Details)	1 Months Ended				6 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($)	Jan. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($) installment	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Gain (loss) on amendment of debt terms		$ 0
Loan Facility
Line of Credit Facility [Line Items]
Trailing twelve month revenue target						$ 200,000,000
Fee on first installment drawn						1,000,000
Fee if first two installments drawn						2,000,000
Fee if first three installments drawn						2,400,000
Fee if all four installments are drawn						3,000,000
Derivative liability, loan facility						$ 1,400,000
Line of Credit | Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Loan facility, maximum borrowing capacity				$ 75,000,000
Number of installments | installment				4
Covenant compliance, IPO capital raised in threshold amount	$ 50,000,000
Covenant compliance, IPO capital raised in threshold amount achieved, extended interest only period (in months)	12 months
Covenant compliance, IPO capital raised in threshold amount achieved, extended principal and interest only period (in months)	12 months
Covenant compliance, revenue forecast for commensurate period, percent	70%
Covenant compliance, revenue forecast amount, first two installments only	$ 15,000,000
Covenant compliance, revenue forecast amount, first three installments only	20,000,000
Covenant compliance, revenue forecast amount, all installments	$ 25,000,000
Final payment fee, percentage						6%
Commitment fee percentage						0.25%
Early repayment fee first twelve month, percent						3%
Early repayment fee second twelve month period, percent						2%
Early repayment fee, twenty four months thereafter, percent						1%
Trailing twelve month revenue target						$ 200,000,000
Fee on first installment drawn						1,000,000
Fee if first two installments drawn						2,000,000
Fee if first three installments drawn						2,400,000
Fee if all four installments are drawn						3,000,000
Line of Credit | Loan Facility, Tranche One | Line of Credit
Line of Credit Facility [Line Items]
Proceeds from long-term lines of credit				$ 25,000,000
Line of Credit | Loan Facility, Tranche Two | Line of Credit
Line of Credit Facility [Line Items]
Proceeds from long-term lines of credit			$ 25,000,000
Facility interest rate at period end (percent)		9.37%
Facility term (in years)		60 months
Interest only period		24 months
Principal and interest period (in months)		36 months
Line of Credit | Loan Facility, Tranche Two | Line of Credit | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Facility interest rate at period end (percent)		7.17%
Line of Credit | Loan Facility, Tranche Three | Line of Credit
Line of Credit Facility [Line Items]
Current borrowing amount							$ 10,000,000
Trailing six months revenue target		$ 6,400,000			$ 20,000,000
Interest only period		36 months
Principal and interest period (in months)		24 months
Line of Credit | Loan Facility, Tranche Four | Line of Credit
Line of Credit Facility [Line Items]
Current borrowing amount					15,000,000	$ 15,000,000
Trailing six months revenue target					$ 25,000,000
Extended interest only period (in months)						12 months
Extended principal and interest period (in months)						24 months

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Unrecognized stock-based compensation expense	$ 3,225	$ 925	$ 2,300	$ 7,452
Employee stock purchase plan
Class of Warrant or Right [Line Items]
Shares available for grant (in shares)	0.8		0.8
Unrecognized compensation cost	$ 300		$ 300
Average vesting period for unrecognized compensation cost			6 months
Common stock options
Class of Warrant or Right [Line Items]
Options outstanding and exercisable, aggregate intrinsic value	113,700		$ 113,700		$ 64,300
Options outstanding, aggregate intrinsic value	$ 187,000		187,000		$ 125,700
Options exercised in the period, intrinsic value			27,900	$ 5,100
Unrecognized stock-based compensation expense			$ 9,700
Common stock options | 2021 Equity Incentive Award Plan
Class of Warrant or Right [Line Items]
Shares available for grant (in shares)	4.4		4.4
Restricted stock units
Class of Warrant or Right [Line Items]
Unrecognized stock-based compensation expense			$ 19,100

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Common stock options	3 Months Ended	9 Months Ended
	Sep. 30, 2022 $ / shares shares	Sep. 30, 2022 $ / shares shares
Number of Shares
Balance at the beginning of the period (in shares) | shares		6,365,000
Granted (in shares) | shares	0	254,000
Exercised (in shares) | shares		(978,000)
Forfeited (in shares) | shares		(224,000)
Balance at the end of the period (in shares) | shares	5,417,000	5,417,000
Vested and expected to vest (in shares) | shares	5,417,000	5,417,000
Exercisable (in shares) | shares	3,142,000	3,142,000
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares		$ 5.34
Granted (in dollars per share) | $ / shares		35.58
Exercised (in dollars per share) | $ / shares		3.72
Forfeited (in dollars per share) | $ / shares		7.75
Balance at the end of the period (in dollars per share) | $ / shares	$ 6.95	6.95
Vested and expected to vest (in dollars per share) | $ / shares	6.95	6.95
Exercisable (in dollars per share) | $ / shares	$ 5.27	$ 5.27

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Assumptions (Details) - Common stock options - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangements
Expected life (years)	0 years	5 years 10 months 24 days	5 years 10 months 24 days	6 years
Expected volatility	0%	53%	55%	50%
Risk-free interest rate	0%	0.90%	2.50%	1%
Expected dividend rate	0%	0%	0%	0%
Weighted-average fair value (in dollars per share)	$ 0	$ 7	$ 19.15	$ 3.88
Employee stock purchase plan
Share-based Compensation Arrangements
Expected life (years)			9 months 18 days
Expected volatility			57%
Risk-free interest rate			1.80%
Expected dividend rate			0%
Weighted-average fair value (in dollars per share)			$ 12.25

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Unit (Details) - Restricted stock units shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Restricted Stock Units
Outstanding, beginning of period (in shares) | shares	35
Award (in shares) | shares	630
Forfeited (in shares) | shares	(29)
Outstanding, end of period (in shares) | shares	636
Weighted-Average Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 34.78
Awarded (in dollars per share) | $ / shares	34.42
Forfeited (in dollars per shares) | $ / shares	33.76
Outstanding, endof period (in dollars per share) | $ / shares	$ 34.47

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangements
Total stock-based compensation	$ 3,225	$ 925	$ 2,300	$ 7,452
Cost of sales
Share-based Compensation Arrangements
Total stock-based compensation	337	62	135	712
Research and development
Share-based Compensation Arrangements
Total stock-based compensation	678	174	482	1,531
Sales, general and administrative
Share-based Compensation Arrangements
Total stock-based compensation	$ 2,210	$ 689	$ 1,683	$ 5,209

Net Loss Per Share - Narrative

Net Loss Per Share - Narrative (Details)	Sep. 30, 2021 shares
Earnings Per Share [Abstract]
Convertible preferred stock, shares, number of shares issued upon conversion (in shares)	29,912,264

Net Loss Per Share - Net loss p

Net Loss Per Share - Net loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (22,613)	$ (19,184)	$ (17,185)	$ (14,103)	$ (14,580)	$ (12,822)	$ (58,982)	$ (41,505)
Weighted-average common stock outstanding, basic (in shares)	44,640			11,580			44,276	7,361
Weighted-average common stock outstanding, diluted (in shares)	44,640			11,580			44,276	7,361
Net loss per share, basic (in dollars per share)	$ (0.51)			$ (1.22)			$ (1.33)	$ (5.64)
Net loss per share, diluted (in dollars per share)	$ (0.51)			$ (1.22)			$ (1.33)	$ (5.64)

Net Loss Per Share - Potentiall

Net Loss Per Share - Potentially Dilutive Securities (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	6,114	6,607
Common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	5,417	6,607
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	636	0
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	61	0

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 20,349	$ 8,668	$ 51,237	$ 24,335
U.S.
Disaggregation of Revenue [Line Items]
Revenue	18,638	7,391	46,004	20,204
Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,711	1,277	5,233	4,131
System sales and rentals | U.S.
Disaggregation of Revenue [Line Items]
Revenue	9,811	5,038	26,081	14,368
System sales and rentals | Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	743	481	2,353	1,725
Handpieces and other consumables | U.S.
Disaggregation of Revenue [Line Items]
Revenue	8,015	2,184	18,182	5,458
Handpieces and other consumables | Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	791	666	2,369	2,159
Service | U.S.
Disaggregation of Revenue [Line Items]
Revenue	812	169	1,741	378
Service | Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	$ 177	$ 130	$ 511	$ 247

Segment, Geographical, and Cu_3

Segment, Geographical, and Customer Concentration (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue Benchmark | Geographic Concentration Risk | U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States, percent	92%	85%	90%	83%
Revenue Benchmark | Geographic Concentration Risk | Outside of U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States, percent	8%	15%	10%	17%
Customer 1 | Accounts Receivable | Customer Concentration Risk
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States, percent			10%		11%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Dec. 31, 2021 USD ($) renewalOption building ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Other Commitments [Line Items]
Operating lease, liability		$ 25,888		$ 25,888
Operating lease right-of-use assets, net	$ 3,279	24,424		24,424
Rent expense		$ 1,900	$ 500	$ 3,300	$ 1,500
Building
Other Commitments [Line Items]
Number of buildings | building	2
Number of square feet | ft²	158,221
Operating lease term (in years)		122 months		122 months
Number of renewal options | renewalOption	2
Annual base rent, year one	$ 4,300
Annual base rent, year ten	5,500
Operating lease, liability	49,200	$ 22,700		$ 22,700
Receivable allowance for tenant improvements	$ 7,900
Weighted average discount rate	900%
Weighted average remaining operating lease term (in years)	10 years 4 months 24 days
Operating lease right-of-use assets, net		$ 22,700		$ 22,700

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Lease Payments and Long-Term Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Minimum Lease Payments
2022	$ 658
2023	5,610
2024	4,184
2025	4,297
2026	4,426
Thereafter	24,146
Total minimum payments	43,321
Less: amount representing interest/unamortized debt discount	(17,433)
Present value of future payments	25,888
Less: current portion	(2,473)	$ (2,105)
Non-current portion	23,415	1,991
Debt Repayments
2022	0
2023	12,500
2024	37,500
2025	0
2026	0
Thereafter	0
Total minimum payments	50,000
Less: amount representing interest/unamortized debt discount	692
Present value of future payments	50,692
Less: current portion	0
Non-current portion	50,692	$ 50,004
Total
2022	658
2023	18,110
2024	41,684
2025	4,297
2026	4,426
Thereafter	24,146
Total minimum payments	93,321
Less: amount representing interest/unamortized debt discount	(16,741)
Present value of future payments	76,580
Less: current portion	(2,473)
Non-current portion	$ 74,107

Subsequent Event (Details)

Subsequent Event (Details) - Canadian Imperial Bank of Commerce - Senior Loans - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2022	Jun. 30, 2023	Sep. 30, 2023
Subsequent Event | CIBC Loan Agreement
Subsequent Event [Line Items]
Aggregate principal amount	$ 52,000,000
Debt instrument, covenant compliance interest-only period term	36 months
Debt instrument, covenant compliance interest-only period renewal term	12 months
Deposits	$ 150,000,000
Forecast
Subsequent Event [Line Items]
Debt instrument, covenant compliance, revenue threshold amount			$ 200,000,000
Debt instrument, covenant compliance, EBITDA threshold amount		$ 0
Secured Overnight Financing Rate One Month Term | Subsequent Event | CIBC Loan Agreement
Subsequent Event [Line Items]
Facility interest, spread on base rate	0.10%
Secured Overnight Financing Rate Three Month Term | Subsequent Event | CIBC Loan Agreement
Subsequent Event [Line Items]
Facility interest, spread on base rate	0.15%
Secured Overnight Financing Rate Six Month Term | Subsequent Event | CIBC Loan Agreement
Subsequent Event [Line Items]
Facility interest, spread on base rate	0.25%
Secured Overnight Financing Rate Floor Rate | Subsequent Event | CIBC Loan Agreement
Subsequent Event [Line Items]
Facility interest, spread on base rate	1.50%
Secured Overnight Financing Rate Margin Rate | Subsequent Event | CIBC Loan Agreement
Subsequent Event [Line Items]
Facility interest, spread on base rate	2.25%