PROCEPT BioRobotics (PRCT) 10-Q 2 Aug 24 2024 Q2 Quarterly report Financial data

Cover page

Cover page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40797
Entity Registrant Name	PROCEPT BioRobotics Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0199180
Entity Address, Address Line One	150 Baytech Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,932,262
Entity Central Index Key	0001588978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 214,093	$ 257,222
Accounts receivable, net	58,917	48,376
Inventory	43,865	39,756
Prepaid expenses and other current assets	5,017	5,213
Total current assets	321,892	350,567
Restricted cash, non-current	3,038	3,038
Property and equipment, net	27,675	28,748
Operating lease right-of-use assets, net	19,584	20,241
Intangible assets, net	1,068	1,204
Other assets	1,093	919
Total assets	374,350	404,717
Current liabilities:
Accounts payable	9,950	13,499
Accrued compensation	14,882	16,885
Deferred revenue	6,552	5,656
Operating lease, current	1,769	1,683
Loan facility derivative liability	1,942	1,886
Other current liabilities	7,750	6,318
Total current liabilities	42,845	45,927
Long-term debt	51,404	51,339
Operating lease, non-current	27,843	26,182
Other liabilities	479	517
Total liabilities	122,571	123,965
Commitments and contingencies (see Note 11)
Stockholders’ equity:
Preferred stock, $0.00001 par value; Authorized shares: 10,000 at March 31, 2024 and December 31, 2023, Issued and outstanding shares: none at March 31, 2024 and December 31, 2023	0	0
Common stock, $0.00001 par value; Authorized shares: 300,000 at March 31, 2024 and December 31, 2023 Issued and outstanding shares: 51,898 and 50,771 at March 31, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	757,935	735,240
Accumulated other comprehensive gain (loss)	(1)	84
Accumulated deficit	(506,155)	(454,572)
Total stockholders’ equity	251,779	280,752
Total liabilities and stockholders’ equity	$ 374,350	$ 404,717

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - Parentheticals - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	51,900,000	50,771,000
Common stock, shares, outstanding (in shares)	51,900,000	50,771,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 53,353	$ 33,104	$ 97,892	$ 57,508
Cost of sales	21,871	14,675	41,376	26,588
Gross profit	31,482	18,429	56,516	30,920
Operating expenses:
Research and development	17,501	11,613	30,585	22,350
Selling, general and administrative	40,809	32,441	80,408	62,574
Total operating expenses	58,310	44,054	110,993	84,924
Loss from operations	(26,828)	(25,625)	(54,477)	(54,004)
Interest expense	1,030	965	2,075	1,851
Interest and other income, net	2,232	1,305	4,969	2,084
Net loss	$ (25,626)	$ (25,285)	$ (51,583)	$ (53,771)
Net loss per share, basic (in dollars per share)	$ (0.50)	$ (0.56)	$ (1.01)	$ (1.19)
Net loss per share, diluted (in dollars per share)	$ (0.50)	$ (0.56)	$ (1.01)	$ (1.19)
Weighted-average common shares used to compute net loss per share attributable to
Common shareholders, Basic (in shares)	51,622,000	45,160,000	51,316,000	45,023,000
Common shareholders, Diluted (in shares)	51,622,000	45,160,000	51,316,000	45,023,000
Other comprehensive gain (loss):
Unrealized gain (loss) on cash equivalents	$ (114)	$ (21)	$ (85)	$ 0
Comprehensive loss	$ (25,740)	$ (25,306)	$ (51,668)	$ (53,771)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Balance at the beginning of the period (in shares) at Dec. 31, 2022		44,828
Balance at the beginning of the period at Dec. 31, 2022	$ 197,072	$ 0	$ 545,753	$ (6)	$ (348,675)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		181
Issuance of common stock under stock plans	380		380
Stock-based compensation expense	4,137		4,137
Unrealized gain (loss) on cash equivalents	21			21
Net loss	(28,484)				(28,484)
Balance at the end of the period (in shares) at Mar. 31, 2023		45,009
Balance at the end of the period at Mar. 31, 2023	173,126	$ 0	550,270	15	(377,159)
Balance at the beginning of the period (in shares) at Dec. 31, 2022		44,828
Balance at the beginning of the period at Dec. 31, 2022	197,072	$ 0	545,753	(6)	(348,675)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on cash equivalents	0
Net loss	(53,771)
Balance at the end of the period (in shares) at Jun. 30, 2023		45,271
Balance at the end of the period at Jun. 30, 2023	155,902	$ 0	558,352	(6)	(402,444)
Balance at the beginning of the period (in shares) at Mar. 31, 2023		45,009
Balance at the beginning of the period at Mar. 31, 2023	173,126	$ 0	550,270	15	(377,159)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		262
Issuance of common stock under stock plans	2,430		2,430
Stock-based compensation expense	5,652		5,652
Unrealized gain (loss) on cash equivalents	(21)			(21)
Net loss	(25,285)				(25,285)
Balance at the end of the period (in shares) at Jun. 30, 2023		45,271
Balance at the end of the period at Jun. 30, 2023	$ 155,902	$ 0	558,352	(6)	(402,444)
Balance at the beginning of the period (in shares) at Dec. 31, 2023	50,771	50,771
Balance at the beginning of the period at Dec. 31, 2023	$ 280,752	$ 0	735,240	84	(454,572)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		622
Issuance of common stock under stock plans	2,586		2,586
Stock-based compensation expense	6,637		6,637
Unrealized gain (loss) on cash equivalents	29			29
Net loss	(25,957)				(25,957)
Balance at the end of the period (in shares) at Mar. 31, 2024		51,393
Balance at the end of the period at Mar. 31, 2024	$ 264,047	$ 0	744,463	113	(480,529)
Balance at the beginning of the period (in shares) at Dec. 31, 2023	50,771	50,771
Balance at the beginning of the period at Dec. 31, 2023	$ 280,752	$ 0	735,240	84	(454,572)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on cash equivalents	(85)
Net loss	$ (51,583)
Balance at the end of the period (in shares) at Jun. 30, 2024	51,900	51,900
Balance at the end of the period at Jun. 30, 2024	$ 251,779	$ 0	757,935	(1)	(506,155)
Balance at the beginning of the period (in shares) at Mar. 31, 2024		51,393
Balance at the beginning of the period at Mar. 31, 2024	264,047	$ 0	744,463	113	(480,529)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans	5,296	$ 507	5,296
Stock-based compensation expense	8,176		8,176
Unrealized gain (loss) on cash equivalents	(114)			(114)
Net loss	$ (25,626)				(25,626)
Balance at the end of the period (in shares) at Jun. 30, 2024	51,900	51,900
Balance at the end of the period at Jun. 30, 2024	$ 251,779	$ 0	$ 757,935	$ (1)	$ (506,155)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (51,583)	$ (53,771)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	2,453	1,435
Stock-based compensation expense	14,242	8,827
Change in fair value of derivative liability	56	53
Non-cash lease adjustment	(191)	315
Inventory write-down	905	414
Changes in operating assets and liabilities:
Accounts receivable, net	(10,541)	(17,901)
Inventory	(4,280)	(13,422)
Prepaid expenses and other current assets	110	2,435
Other assets	(174)	(81)
Accounts payable	(1,967)	2,234
Accrued compensation	(2,003)	(3,497)
Accrued interest expense	66	61
Deferred revenue	858	2,219
Reimbursements for leasehold improvements from operating leases	2,596	4,989
Other liabilities	1,431	1,423
Net cash used in operating activities	(48,022)	(64,267)
Cash flows from investing activities:
Purchases of property and equipment	(2,989)	(10,711)
Net cash used in investing activities	(2,989)	(10,711)
Cash flows from financing activities:
Proceeds from issuance of common stock from the exercise of stock options	5,759	1,093
Proceeds from issuance of common stock under employee stock purchase plan	2,123	1,717
Net cash provided by financing activities	7,882	2,810
Net decrease in cash, cash equivalents and restricted cash	(43,129)	(72,168)
Beginning of the period	260,260	225,674
End of the period	217,131	153,506
Reconciliation of cash, cash equivalents and restricted cash to balance sheets:
Cash and cash equivalents	214,093	149,691
Restricted cash	3,038	3,815
Cash, cash equivalents and restricted cash in balance sheets	217,131	153,506
Supplemental cash flow information
Interest paid	2,035	2,064
Non-cash investing and financing activities
Transfer of evaluation or rental units from inventory to property and equipment, net	13	(123)
Property and equipment included in accounts payable and accrued expenses	$ 81	$ 1,956

Organization

Organization	6 Months Ended
	Jun. 30, 2024
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 received U.S. Food and Drug Administration clearance in December 2017 to market its AquaBeam Robotic System pursuant to a de novo classification. On August 30 2023,the Company received 510(k) clearance from FDA to remove the contraindication from its labeling that restricted Aquablation therapy from treating BPH in patients that also have an active diagnosis of prostate cancer.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Preparation The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and pursuant to the rules and regulations of the United States Securities and Exchange Commission or 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. Unaudited Interim Financial Statements The accompanying balance sheet as of June 30, 2024, the statements of operations and comprehensive loss and cash flows for the three and six months ended June 30, 2024 and 2023, and the statements of stockholders’ equity as of June 30, 2024 and 2023, are unaudited. The financial data and other information disclosed in these notes to the financial statements related to June 30, 2024, and the three and six months ended June 30, 2024 and 2023, are also unaudited. The accompanying balance sheet as of December 31, 2023 has 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 June 30, 2024, and the results of its operations and cash flows for the three and six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024, are not necessarily indicative of results to be expected for the year ending December 31, 2024, 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 valuation of inventory and accounts receivable, stock-based compensation expense, right-of-use lease asset, lease liability, valuations of 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. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, that requires disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker and included within each reported measure of segment profit or loss. The standard also requires disclosure of the composition of other segment items included in the measure of segment profit or loss that are not separately disclosed. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the adoption of this ASU to have an impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for all public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted and should be applied either prospectively or retrospectively. The Company plans to adopt the ASU and related updates on January 1, 2025. The Company is evaluating the impact of this ASU will have on its financial statement disclosures.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurements The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 8,909 $ — $ — $ 8,909 $ 6,609 $ — $ — $ 6,609 Cash equivalents 205,184 — — 205,184 250,613 — — 250,613 Total cash and cash equivalents $ 214,093 $ — $ — $ 214,093 $ 257,222 $ — $ — $ 257,222 Loan facility derivative liability $ — $ — $ 1,942 $ 1,942 $ — $ — $ 1,886 $ 1,886 Cash equivalents consist primarily of money market deposit funds and U.S. treasury bills. There were no transfers in and out of Level 3 during the six months ended June 30, 2024 and year ended December 31, 2023. 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning of the period $ 1,914 $ 1,805 $ 1,886 $ 1,779 Change in fair value 28 27 56 53 End of the period $ 1,942 $ 1,832 $ 1,942 $ 1,832

Inventory

Inventory	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consists of the following (in thousands): June 30, December 31, 2024 2023 Raw materials $ 18,333 $ 16,737 Work-in-process 2,904 1,142 Finished goods 22,628 21,877 Total inventory $ 43,865 $ 39,756

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net, consist of the following (in thousands): June 30, December 31, 2024 2023 Laboratory, manufacturing and computer equipment, and furniture and fixtures $ 20,427 $ 15,610 Rental equipment 785 897 Leasehold improvements 12,398 12,362 Construction in progress — 3,548 Total property and equipment 33,610 32,417 Less: accumulated depreciation and amortization (5,935) (3,669) Total property and equipment, net $ 27,675 $ 28,748

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt In October 2022, the Company entered into a loan and security agreement (“the Loan Agreement”) with Canadian Imperial Bank of Commerce, or CIBC. The 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 is scheduled to mature on the fifth anniversary of the closing date (the “Maturity Date”). The Agreement provides for interest-only payments on the Term Loan Facility for the first thirty-six months following the Maturity 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 (as defined in the Loan Agreement) 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 or 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%.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Total stock-based compensation recognized, before taxes, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of sales $ 1,686 $ 609 $ 2,998 $ 1,070 Research and development 2,088 1,245 3,300 2,132 Sales, general and administrative 5,149 3,798 9,728 6,587 Stock-based compensation capitalized in inventory (937) (548) (1,784) (962) Total stock-based compensation $ 7,986 $ 5,104 $ 14,242 $ 8,827 Stock Options The Company had 6.8 million shares available for grant as of June 30, 2024 under the 2021 Equity Incentive Award Plan or 2021 Plan. A summary of the Company’s stock option activity and related information are as follows (options in thousands): Six Months Ended June 30, 2024 Number of Shares Weighted-Average Exercise Price Outstanding, beginning of period 5,215 $ 9.42 Granted 169 49.73 Exercised (718) 8.02 Forfeited (135) 20.68 Outstanding, end of period 4,531 10.81 Vested and expected to vest 4,531 10.81 Exercisable 3,759 7.40 As of June 30, 2024 and December 31, 2023, the aggregate pre-tax intrinsic value of options outstanding and exercisable was $203.7 million and $144.0 million, respectively, and the aggregate pre-tax intrinsic value of options outstanding were $228.0 million and $169.5 million, respectively. The aggregate pre-tax intrinsic value of options exercised was $34.7 million and $6.4 million during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was a total of $11.3 million of unrecognized stock-based compensation expense related to stock options. 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Expected life (years) 5.6 5.5 6.0 5.9 Expected volatility 57 % 58 % 57 % 57 % Risk-free interest rate 4.4 % 3.9 % 4.1 % 4.0 % Expected dividend rate — % — % — % — % Weighted-average fair value $ 35.57 $ 19.48 $ 28.28 $ 21.02 Restricted Stock Units A summary of the Company’s restricted stock unit, or RSU, activity and related information are as follows (RSUs in thousands): Six Months Ended June 30, 2024 Number of Shares Weighted-Average Fair Value Outstanding, beginning of period 1,565 $ 36.27 Awarded 933 49.93 Forfeited (162) 38.30 Vested (334) 35.81 Outstanding, end of period 2,002 42.55 As of June 30, 2024, there was a total of $75.9 million of unrecognized stock-based compensation expense related to RSUs. Performance Stock Units The 2021 Plan provides for issuance of performance stock units or PSUs. PSUs granted are contingent upon the achievement of predetermined market, performance, and service conditions. PSUs are awarded to executives of the Company and generally time vest over two During the six months ended June 30, 2024, the Company awarded approximately 61,000 PSU shares with both a performance and service condition. A certain performance condition will be defined at a later date. Per ASC 718 – Compensation, Stock Compensation, these grants have not met the definition of having a grant date, and therefore, no expense has been recognized for these PSUs. Expense will be recognized when the performance condition becomes defined. During the six months ended June 30, 2024, the Company awarded approximately 20,000 PSU shares with both a market and service condition. No PSU shares were forfeited or released during the three and six months ended June 30, 2024. As of June 30, 2024, unrecognized compensation expense related to PSUs was not material. Employee Stock Purchase Plan As of June 30, 2024, there was approximately $1.8 million of unrecognized cost related to the Employee Stock Purchase Plan or ESPP. This cost is expected to be recognized over a weighted average period of 0.8 years. As of June 30, 2024, a total of 1.5 million shares were available for issuance under the ESPP. The fair value of the options granted to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table: Six Months Ended June 30, 2024 2023 Expected life (years) 0.8 0.8 Expected volatility 53 % 55 % Risk-free interest rate 5.3 % 5.0 % Expected dividend rate — % — % Weighted-average fair value $ 22.09 $ 11.28

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Net Loss Per Share	Net Loss Per Share Net loss per share was determined as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net loss $ (25,626) $ (25,285) $ (51,583) $ (53,771) Weighted-average common stock outstanding 51,622 45,160 51,316 45,023 Net loss per share, basic and diluted $ (0.50) $ (0.56) $ (1.01) $ (1.19) 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): June 30, 2024 2023 Stock options 4,531 5,505 Restricted and performance stock units 2,083 1,461 Employee stock purchase plan 54 177 Total 6,668 7,143

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 U.S. System sales and rentals $ 17,819 $ 14,828 $ 32,055 $ 23,598 Handpieces and other consumables 27,260 13,601 50,878 25,371 Service 2,589 1,499 4,936 2,734 Total U.S. revenue 47,668 29,928 87,869 51,703 Outside of U.S. System sales and rentals 3,078 1,599 4,818 3,068 Handpieces and other consumables 2,271 1,269 4,614 2,175 Service 336 308 591 562 Total outside of U.S. revenue 5,685 3,176 10,023 5,805 Total revenue $ 53,353 $ 33,104 $ 97,892 $ 57,508

Segment, Geographical, and Cust

Segment, Geographical, and Customer Concentration	6 Months Ended
	Jun. 30, 2024
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 assets are primarily based in the United States. No customers accounted for more than 10% of revenue during the three and six months ended June 30, 2024 and 2023. No customer accounted for more than 10% of accounts receivable at June 30, 2024 and December 31, 2023. The following table presents revenue by significant geographical locations for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States 89 % 90 % 90 % 90 % Outside the United States 11 % 10 % 10 % 10 %
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 assets are primarily based in the United States. No customers accounted for more than 10% of revenue during the three and six months ended June 30, 2024 and 2023. No customer accounted for more than 10% of accounts receivable at June 30, 2024 and December 31, 2023. The following table presents revenue by significant geographical locations for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States 89 % 90 % 90 % 90 % Outside the United States 11 % 10 % 10 % 10 %

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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 material claims or been required to defend any action related to its indemnification obligations. As of June 30, 2024 and December 31, 2023, 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 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. Rent expense recognized under the lease, including additional rent charges for utilities, parking, maintenance, and real estate taxes, was $1.8 million and $1.9 million for the three months ended June 30, 2024 and 2023, and was $3.4 million and 4.0 million for the six months ended June 30, 2024 and 2023. Future minimum annual operating lease and debt repayments are as follows (in thousands): As of June 30, 2024 Minimum Lease Payments Debt Repayments Total 2024 $ 2,086 $ — $ 2,086 2025 4,297 4,333 8,630 2026 4,426 26,000 30,426 2027 4,808 21,667 26,475 2028 4,952 — 4,952 Thereafter 22,297 — 22,297 Total minimum payments 42,866 52,000 94,866 Less: amount representing interest/unamortized debt discount (13,254) (596) (13,850) Present value of future payments 29,612 51,404 81,016 Less: current portion (1,769) — (1,769) Non-current portion $ 27,843 $ 51,404 $ 79,247 ,
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 material claims or been required to defend any action related to its indemnification obligations. As of June 30, 2024 and December 31, 2023, 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 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. Rent expense recognized under the lease, including additional rent charges for utilities, parking, maintenance, and real estate taxes, was $1.8 million and $1.9 million for the three months ended June 30, 2024 and 2023, and was $3.4 million and 4.0 million for the six months ended June 30, 2024 and 2023. Future minimum annual operating lease and debt repayments are as follows (in thousands): As of June 30, 2024 Minimum Lease Payments Debt Repayments Total 2024 $ 2,086 $ — $ 2,086 2025 4,297 4,333 8,630 2026 4,426 26,000 30,426 2027 4,808 21,667 26,475 2028 4,952 — 4,952 Thereafter 22,297 — 22,297 Total minimum payments 42,866 52,000 94,866 Less: amount representing interest/unamortized debt discount (13,254) (596) (13,850) Present value of future payments 29,612 51,404 81,016 Less: current portion (1,769) — (1,769) Non-current portion $ 27,843 $ 51,404 $ 79,247 ,

Defined Contribution Plan

Defined Contribution Plan	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company has a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer a portion of their annual compensation on a pre-tax basis. Employer contributions were $0.7 million and $0.4 million for the three months ended June 30, 2024 and 2023, and $1.3 million and $0.9 million for the six months ended June 30, 2024 and 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (25,626)	$ (25,957)	$ (25,285)	$ (28,484)	$ (51,583)	$ (53,771)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Antal Desai [Member]
Trading Arrangements, by Individual
Name	Antal Desai
Title	Company’s Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 30, 2024
Arrangement Duration	100 days
Aggregate Available	322,222
Kevin Waters [Member]
Trading Arrangements, by Individual
Name	Kevin Waters
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 13, 2024
Arrangement Duration	364 days
Aggregate Available	109,127

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Preparation
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 valuation of inventory and accounts receivable, stock-based compensation expense, right-of-use lease asset, lease liability, valuations of 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
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, that requires disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker and included within each reported measure of segment profit or loss. The standard also requires disclosure of the composition of other segment items included in the measure of segment profit or loss that are not separately disclosed. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the adoption of this ASU to have an impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for all public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted and should be applied either prospectively or retrospectively. The Company plans to adopt the ASU and related updates on January 1, 2025. The Company is evaluating the impact of this ASU will have on its financial statement disclosures.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 8,909 $ — $ — $ 8,909 $ 6,609 $ — $ — $ 6,609 Cash equivalents 205,184 — — 205,184 250,613 — — 250,613 Total cash and cash equivalents $ 214,093 $ — $ — $ 214,093 $ 257,222 $ — $ — $ 257,222 Loan facility derivative liability $ — $ — $ 1,942 $ 1,942 $ — $ — $ 1,886 $ 1,886
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning of the period $ 1,914 $ 1,805 $ 1,886 $ 1,779 Change in fair value 28 27 56 53 End of the period $ 1,942 $ 1,832 $ 1,942 $ 1,832

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consists of the following (in thousands): June 30, December 31, 2024 2023 Raw materials $ 18,333 $ 16,737 Work-in-process 2,904 1,142 Finished goods 22,628 21,877 Total inventory $ 43,865 $ 39,756

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net, consist of the following (in thousands): June 30, December 31, 2024 2023 Laboratory, manufacturing and computer equipment, and furniture and fixtures $ 20,427 $ 15,610 Rental equipment 785 897 Leasehold improvements 12,398 12,362 Construction in progress — 3,548 Total property and equipment 33,610 32,417 Less: accumulated depreciation and amortization (5,935) (3,669) Total property and equipment, net $ 27,675 $ 28,748

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount	Total stock-based compensation recognized, before taxes, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of sales $ 1,686 $ 609 $ 2,998 $ 1,070 Research and development 2,088 1,245 3,300 2,132 Sales, general and administrative 5,149 3,798 9,728 6,587 Stock-based compensation capitalized in inventory (937) (548) (1,784) (962) Total stock-based compensation $ 7,986 $ 5,104 $ 14,242 $ 8,827
Schedule of Stock Option Activity and Related Information	A summary of the Company’s stock option activity and related information are as follows (options in thousands): Six Months Ended June 30, 2024 Number of Shares Weighted-Average Exercise Price Outstanding, beginning of period 5,215 $ 9.42 Granted 169 49.73 Exercised (718) 8.02 Forfeited (135) 20.68 Outstanding, end of period 4,531 10.81 Vested and expected to vest 4,531 10.81 Exercisable 3,759 7.40
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Expected life (years) 5.6 5.5 6.0 5.9 Expected volatility 57 % 58 % 57 % 57 % Risk-free interest rate 4.4 % 3.9 % 4.1 % 4.0 % Expected dividend rate — % — % — % — % Weighted-average fair value $ 35.57 $ 19.48 $ 28.28 $ 21.02 The fair value of the options granted to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table: Six Months Ended June 30, 2024 2023 Expected life (years) 0.8 0.8 Expected volatility 53 % 55 % Risk-free interest rate 5.3 % 5.0 % Expected dividend rate — % — % Weighted-average fair value $ 22.09 $ 11.28
Schedule of Restricted Stock Unit Activity	A summary of the Company’s restricted stock unit, or RSU, activity and related information are as follows (RSUs in thousands): Six Months Ended June 30, 2024 Number of Shares Weighted-Average Fair Value Outstanding, beginning of period 1,565 $ 36.27 Awarded 933 49.93 Forfeited (162) 38.30 Vested (334) 35.81 Outstanding, end of period 2,002 42.55

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Loss Per Share, Basic	Net loss per share was determined as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net loss $ (25,626) $ (25,285) $ (51,583) $ (53,771) Weighted-average common stock outstanding 51,622 45,160 51,316 45,023 Net loss per share, basic and diluted $ (0.50) $ (0.56) $ (1.01) $ (1.19)
Schedule of Loss Per Share, Diluted	Net loss per share was determined as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net loss $ (25,626) $ (25,285) $ (51,583) $ (53,771) Weighted-average common stock outstanding 51,622 45,160 51,316 45,023 Net loss per share, basic and diluted $ (0.50) $ (0.56) $ (1.01) $ (1.19)
Schedule of Antidilutive Securities Excluded from Computation of Earnings 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): June 30, 2024 2023 Stock options 4,531 5,505 Restricted and performance stock units 2,083 1,461 Employee stock purchase plan 54 177 Total 6,668 7,143

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from External Customers by Geographic Areas	The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 U.S. System sales and rentals $ 17,819 $ 14,828 $ 32,055 $ 23,598 Handpieces and other consumables 27,260 13,601 50,878 25,371 Service 2,589 1,499 4,936 2,734 Total U.S. revenue 47,668 29,928 87,869 51,703 Outside of U.S. System sales and rentals 3,078 1,599 4,818 3,068 Handpieces and other consumables 2,271 1,269 4,614 2,175 Service 336 308 591 562 Total outside of U.S. revenue 5,685 3,176 10,023 5,805 Total revenue $ 53,353 $ 33,104 $ 97,892 $ 57,508 The following table presents revenue by significant geographical locations for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States 89 % 90 % 90 % 90 % Outside the United States 11 % 10 % 10 % 10 %
Schedule of Revenue from External Customers by Products and Services	The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 U.S. System sales and rentals $ 17,819 $ 14,828 $ 32,055 $ 23,598 Handpieces and other consumables 27,260 13,601 50,878 25,371 Service 2,589 1,499 4,936 2,734 Total U.S. revenue 47,668 29,928 87,869 51,703 Outside of U.S. System sales and rentals 3,078 1,599 4,818 3,068 Handpieces and other consumables 2,271 1,269 4,614 2,175 Service 336 308 591 562 Total outside of U.S. revenue 5,685 3,176 10,023 5,805 Total revenue $ 53,353 $ 33,104 $ 97,892 $ 57,508

Segment, Geographical, and Cu_2

Segment, Geographical, and Customer Concentration (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue from External Customers by Geographic Areas	The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 U.S. System sales and rentals $ 17,819 $ 14,828 $ 32,055 $ 23,598 Handpieces and other consumables 27,260 13,601 50,878 25,371 Service 2,589 1,499 4,936 2,734 Total U.S. revenue 47,668 29,928 87,869 51,703 Outside of U.S. System sales and rentals 3,078 1,599 4,818 3,068 Handpieces and other consumables 2,271 1,269 4,614 2,175 Service 336 308 591 562 Total outside of U.S. revenue 5,685 3,176 10,023 5,805 Total revenue $ 53,353 $ 33,104 $ 97,892 $ 57,508 The following table presents revenue by significant geographical locations for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States 89 % 90 % 90 % 90 % Outside the United States 11 % 10 % 10 % 10 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments	Future minimum annual operating lease and debt repayments are as follows (in thousands): As of June 30, 2024 Minimum Lease Payments Debt Repayments Total 2024 $ 2,086 $ — $ 2,086 2025 4,297 4,333 8,630 2026 4,426 26,000 30,426 2027 4,808 21,667 26,475 2028 4,952 — 4,952 Thereafter 22,297 — 22,297 Total minimum payments 42,866 52,000 94,866 Less: amount representing interest/unamortized debt discount (13,254) (596) (13,850) Present value of future payments 29,612 51,404 81,016 Less: current portion (1,769) — (1,769) Non-current portion $ 27,843 $ 51,404 $ 79,247
Schedule of Maturities of Long-term Debt	Future minimum annual operating lease and debt repayments are as follows (in thousands): As of June 30, 2024 Minimum Lease Payments Debt Repayments Total 2024 $ 2,086 $ — $ 2,086 2025 4,297 4,333 8,630 2026 4,426 26,000 30,426 2027 4,808 21,667 26,475 2028 4,952 — 4,952 Thereafter 22,297 — 22,297 Total minimum payments 42,866 52,000 94,866 Less: amount representing interest/unamortized debt discount (13,254) (596) (13,850) Present value of future payments 29,612 51,404 81,016 Less: current portion (1,769) — (1,769) Non-current portion $ 27,843 $ 51,404 $ 79,247

Organization (Details)

Organization (Details) customer in Millions	6 Months Ended
	Jun. 30, 2024 customer
Accounting Policies [Abstract]
Number of men impacted by BPH	40

Fair Value Measurement - Fair V

Fair Value Measurement - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash and cash equivalents	$ 214,093	$ 257,222	$ 149,691
Derivative liability, statement of financial position	Loan facility derivative liability	Loan facility derivative liability
Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	$ 8,909	$ 6,609
Cash equivalents	205,184	250,613
Total cash and cash equivalents	214,093	257,222
Loan facility derivative liability	1,942	1,886
Level 1 | Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	8,909	6,609
Cash equivalents	205,184	250,613
Total cash and cash equivalents	214,093	257,222
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
Total 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
Total cash and cash equivalents	0	0
Loan facility derivative liability	$ 1,942	$ 1,886

Fair Value Measurement - Fair_2

Fair Value Measurement - Fair Value, Inputs, Level 3 - Fair Value, Measurements, Recurring (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fair value, net derivative asset (liability), recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Change in fair value of derivative liability	Change in fair value of derivative liability	Change in fair value of derivative liability	Change in fair value of derivative liability
Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Beginning of the period	$ 1,914	$ 1,805	$ 1,886	$ 1,779
Change in fair value	28	27	56	53
End of the period	$ 1,942	$ 1,832	$ 1,942	$ 1,832

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 18,333	$ 16,737
Work-in-process	2,904	1,142
Finished goods	22,628	21,877
Total inventory	$ 43,865	$ 39,756

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Construction in progress
Total property and equipment	$ 33,610	$ 32,417
Less: accumulated depreciation and amortization	(5,935)	(3,669)
Total property and equipment, net	27,675	28,748
Laboratory, manufacturing and computer equipment, and furniture and fixtures
Construction in progress
Total property and equipment	20,427	15,610
Rental equipment
Construction in progress
Total property and equipment	785	897
Leasehold improvements
Construction in progress
Total property and equipment	12,398	12,362
Construction in progress
Construction in progress
Total property and equipment	$ 0	$ 3,548

Long-Term Debt (Details)

Long-Term Debt (Details) - Canadian Imperial Bank of Commerce - Senior Loans - USD ($)	1 Months Ended	9 Months Ended	21 Months Ended
	Oct. 31, 2022	Jun. 30, 2023	Jun. 30, 2024
Line of Credit Facility [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
Debt instrument, covenant compliance, revenue threshold amount			$ 200,000,000
Debt instrument, covenant compliance, EBITDA threshold amount		$ 0
Debt instrument, convertible, threshold percentage of stock price trigger	20%
Deposits	$ 90,000,000
Non-US
Line of Credit Facility [Line Items]
Pledged subsidiary equity interests in Non -US subsidiaries, percent	65%
Secured Overnight Financing Rate One Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.10%
Secured Overnight Financing Rate Three Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.15%
Secured Overnight Financing Rate Six Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.25%
Secured Overnight Financing Rate Floor Rate
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	1.50%
Secured Overnight Financing Rate Margin Rate
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	2.25%

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 7,986	$ 5,104	$ 14,242	$ 8,827
Stock-based compensation capitalized in inventory	(937)	(548)	(1,784)	(962)
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,686	609	2,998	1,070
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,088	1,245	3,300	2,132
Sales, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,149	$ 3,798	$ 9,728	$ 6,587

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangements
Options outstanding and exercisable, aggregate intrinsic value	$ 203.7	$ 203.7		$ 144
Options outstanding, aggregate intrinsic value	228	228		$ 169.5
Options exercised in the period, intrinsic value		34.7	$ 6.4
Unrecognized compensation cost	$ 11.3	$ 11.3
2021 Equity Incentive Award Plan
Share-based Compensation Arrangements
Shares available for grant (in shares)	6,800,000	6,800,000
2021 Equity Incentive Award Plan | Maximum
Share-based Compensation Arrangements
Award vesting period (in years)		3 years
Employee stock purchase plan
Share-based Compensation Arrangements
Shares available for grant (in shares)	1,500,000	1,500,000
Unrecognized compensation cost	$ 1.8	$ 1.8
Average vesting period for unrecognized compensation cost (in years)		9 months 18 days
Restricted and performance stock units
Share-based Compensation Arrangements
Unrecognized compensation cost	$ 75.9	$ 75.9
Award (in shares)		933,000
Forfeited or released (in shares)		162,000
Performance Stock Units | 2021 Equity Incentive Award Plan
Share-based Compensation Arrangements
Forfeited or released (in shares)	0	0
Performance Stock Units | 2021 Equity Incentive Award Plan | Minimum
Share-based Compensation Arrangements
Award vesting period (in years)		2 years

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Stock options	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Balance at the beginning of the period (in shares) | shares	5,215,000
Granted (in shares) | shares	169,000
Exercised (in shares) | shares	(718,000)
Forfeited (in shares) | shares	(135,000)
Balance at the end of the period (in shares) | shares	4,531,000
Vested and expected to vest (in shares) | shares	4,531,000
Exercisable (in shares) | shares	3,759,000
Weighted-Average Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 9.42
Granted (in dollars per share) | $ / shares	49.73
Exercised (in dollars per share) | $ / shares	8.02
Forfeited (in dollars per share) | $ / shares	20.68
Balance at the end of the period (in dollars per share) | $ / shares	10.81
Vested and expected to vest (in dollars per share) | $ / shares	10.81
Exercisable (in dollars per share) | $ / shares	$ 7.40

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Assumptions - Stock Options (Details) - Stock options - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangements
Expected life (years)	5 years 7 months 6 days	5 years 6 months	6 years	5 years 10 months 24 days
Expected volatility	57%	58%	57%	57%
Risk-free interest rate	4.40%	3.90%	4.10%	4%
Expected dividend rate	0%	0%	0%	0%
Weighted-average fair value (in dollars per share)	$ 35.57	$ 19.48	$ 28.28	$ 21.02

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted and performance stock units shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Outstanding, beginning of period (in shares) | shares	1,565
Award (in shares) | shares	933
Forfeited (in shares) | shares	(162)
Vested (in shares) | shares	(334)
Outstanding, end of period (in shares) | shares	2,002
Weighted-Average Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 36.27
Awarded (in dollars per share) | $ / shares	49.93
Forfeited (in dollars per shares) | $ / shares	38.30
Vested (in dollars per shares) | $ / shares	35.81
Outstanding, endof period (in dollars per share) | $ / shares	$ 42.55

Stock-Based Compensation - Fa_2

Stock-Based Compensation - Fair Value Assumptions - Employee Stock Purchase Plan (Details) - Employee stock purchase plan - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangements
Expected life (years)	9 months 18 days	9 months 18 days
Expected volatility	53%	55%
Risk-free interest rate	5.30%	5%
Expected dividend rate	0%	0%
Weighted-average fair value (in dollars per share)	$ 22.09	$ 11.28

Net Loss Per Share - Net loss p

Net Loss Per Share - Net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Net loss	$ (25,626)	$ (25,957)	$ (25,285)	$ (28,484)	$ (51,583)	$ (53,771)
Weighted-average common stock outstanding, basic (in shares)	51,622,000		45,160,000		51,316,000	45,023,000
Weighted-average common stock outstanding, diluted (in shares)	51,622,000		45,160,000		51,316,000	45,023,000
Net loss per share, diluted (in dollars per share)	$ (0.50)		$ (0.56)		$ (1.01)	$ (1.19)
Net loss per share, basic (in dollars per share)	$ (0.50)		$ (0.56)		$ (1.01)	$ (1.19)

Net Loss Per Share - Potentiall

Net Loss Per Share - Potentially Dilutive Securities (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	6,668	7,143
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)	4,531	5,505
Restricted and performance 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)	2,083	1,461
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)	54	177

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 53,353	$ 33,104	$ 97,892	$ 57,508
U.S.
Disaggregation of Revenue [Line Items]
Revenue	47,668	29,928	87,869	51,703
Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	5,685	3,176	10,023	5,805
System sales and rentals | U.S.
Disaggregation of Revenue [Line Items]
Revenue	17,819	14,828	32,055	23,598
System sales and rentals | Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	3,078	1,599	4,818	3,068
Handpieces and other consumables | U.S.
Disaggregation of Revenue [Line Items]
Revenue	27,260	13,601	50,878	25,371
Handpieces and other consumables | Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,271	1,269	4,614	2,175
Service | U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,589	1,499	4,936	2,734
Service | Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	$ 336	$ 308	$ 591	$ 562

Segment, Geographical, and Cu_3

Segment, Geographical, and Customer Concentration (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue Benchmark | Geographic Concentration Risk | U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States	89%	90%	90%	90%
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	11%	10%	10%	10%
Customer 1 | Accounts Receivable | Customer Concentration Risk
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States			10%		10%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions		3 Months Ended		6 Months Ended
	Dec. 31, 2021 building ft² renewalOption	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Guarantor Obligations
Number of renewal options | renewalOption	2
Renewal term (in years)	5 years
Rent expense | $		$ 1.8	$ 1.9	$ 3.4	$ 4
Building
Guarantor Obligations
Number of square feet | ft²	158,221
Number of buildings | building	2
Operating lease term (in years)		122 months		122 months

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Lease Payments and Long-Term Debt Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Minimum Lease Payments
2024	$ 2,086
2025	4,297
2026	4,426
2027	4,808
2028	4,952
Thereafter	22,297
Total minimum payments	42,866
Less: amount representing interest/unamortized debt discount	(13,254)
Present value of future payments	29,612
Less: current portion	(1,769)	$ (1,683)
Non-current portion	27,843	26,182
Debt Repayments
2024	0
2025	4,333
2026	26,000
2027	21,667
2028	0
Thereafter	0
Total minimum payments	52,000
Less: amount representing interest/unamortized debt discount	(596)
Present value of future payments	51,404
Less: current portion	0
Long-term debt	51,404	$ 51,339
Total
2024	2,086
2025	8,630
2026	30,426
2027	26,475
2028	4,952
Thereafter	22,297
Total minimum payments	94,866
Less: amount representing interest/unamortized debt discount	(13,850)
Present value of future payments	81,016
Less: current portion	(1,769)
Non-current portion	$ 79,247

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Employer contribution amount	$ 0.7	$ 0.4	$ 1.3	$ 0.9