NovoCure Limited (NVCR) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-37565
Entity Registrant Name	NovoCure Limited
Entity Incorporation, State or Country Code	Y9
Entity Tax Identification Number	98-1057807
Entity Address, Address Line One	No. 4 The Forum
Entity Address, Address Line Two	Grenville Street
Entity Address, City or Town	St. Helier
Entity Address, Country	JE
Entity Address, Postal Zip Code	JE2 4UF
City Area Code	44 (0) 15
Local Phone Number	3475 6700
Title of 12(b) Security	Ordinary Shares, no par value
Trading Symbol	NVCR
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		103,819,257
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001645113
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 689,837	$ 234,674
Short-term investments	243,948	607,902
Restricted cash	855	11,499
Trade receivables, net	94,129	96,699
Receivables and prepaid expenses	17,595	21,245
Inventories	22,642	27,422
Total current assets	1,069,006	999,441
LONG-TERM ASSETS:
Property and equipment, net	11,699	11,395
Field equipment, net	12,553	11,230
Right-of-use assets	16,460	19,009
Other long-term assets	10,735	10,908
Total long-term assets	51,447	52,542
TOTAL ASSETS	1,120,453	1,051,983
CURRENT LIABILITIES:
Trade payables	60,005	53,647
Other payables, lease liabilities and accrued expenses	64,544	59,965
Total current liabilities	124,549	113,612
LONG-TERM LIABILITIES:
Long-term debt, net	561,388	429,905
Deferred revenue	7,464	12,139
Long-term leases	11,478	14,293
Employee benefits	2,031	5,171
Other long-term liabilities	379	337
Total long-term liabilities	582,740	461,845
TOTAL LIABILITIES	707,289	575,457
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 103,817,566 shares and 102,334,276 shares at September 30, 2021 (unaudited) and December 31, 2020, respectively	0	0
Additional paid-in capital	1,073,532	1,111,435
Accumulated other comprehensive income (loss)	(900)	(3,832)
Retained earnings (accumulated deficit)	(659,468)	(631,077)
TOTAL SHAREHOLDERS' EQUITY	413,164	476,526
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,120,453	$ 1,051,983

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	103,817,566	102,334,276
Common stock, shares outstanding (in shares)	103,817,566	102,334,276

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Statement [Abstract]
Net revenues	$ 133,606	$ 132,660	$ 401,818	$ 350,413	$ 494,366
Cost of revenues	30,206	28,395	85,190	78,365	106,501
Gross profit	103,400	104,265	316,628	272,048	387,865
Operating costs and expenses:
Research, development and clinical trials	48,141	32,818	144,372	88,008	132,010
Sales and marketing	32,580	29,364	98,075	86,658	118,017
General and administrative	31,231	27,061	95,116	79,073	107,437
Total operating costs and expenses	111,952	89,243	337,563	253,739	357,464
Operating income (loss)	(8,552)	15,022	(20,935)	18,309	30,401
Financial expenses (income), net	1,981	3,983	5,567	9,032	12,299
Income (loss) before income tax	(10,533)	11,039	(26,502)	9,277	18,102
Income tax	2,591	1,755	5,391	(5,614)	(1,706)
Net income (loss)	$ (13,124)	$ 9,284	$ (31,893)	$ 14,891	$ 19,808
Basic net income (loss) per ordinary share (in usd per share)	$ (0.13)	$ 0.09	$ (0.31)	$ 0.15	$ 0.20
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	103,731,147	101,234,306	103,281,380	100,601,427	100,930,866
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.13)	$ 0.09	$ (0.31)	$ 0.14	$ 0.18
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	103,731,147	108,643,814	103,281,380	108,113,416	108,877,648

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (13,124)	$ 9,284	$ (31,893)	$ 14,891	$ 19,808
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments	(202)	143	(57)	26	(85)
Pension benefit plan	421	153	2,989	(495)	(980)
Total comprehensive income (loss)	$ (12,905)	$ 9,580	$ (28,961)	$ 14,422	$ 18,743

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Ordinary shares	Additional paid-in capital	Additional paid-in capitalCumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive loss	Retained earnings (accumulated deficit)	Retained earnings (accumulated deficit)Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Dec. 31, 2019			99,528,435
Beginning balance at Dec. 31, 2019	$ 217,790			$ 871,442		$ (2,767)	$ (650,885)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	16,557			16,557
Exercise of options and vested RSUs (in shares)			834,538
Exercise of options and vested RSUs	4,511			4,511
Other comprehensive income (loss), net of tax benefit	(862)					(862)
Net income (loss)	3,952						3,952
Ending balance (in shares) at Mar. 31, 2020			100,362,973
Ending balance at Mar. 31, 2020	241,948			892,510		(3,629)	(646,933)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), tax benefit	0
Beginning balance (in shares) at Dec. 31, 2019			99,528,435
Beginning balance at Dec. 31, 2019	217,790			871,442		(2,767)	(650,885)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	14,891
Ending balance (in shares) at Sep. 30, 2020			101,728,327
Ending balance at Sep. 30, 2020	307,037			946,267		(3,236)	(635,994)
Beginning balance (in shares) at Dec. 31, 2019			99,528,435
Beginning balance at Dec. 31, 2019	$ 217,790			871,442		(2,767)	(650,885)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting standards update [extensible enumeration]	Accounting Standards Update 2020-06 [Member]
Net income (loss)	$ 19,808
Ending balance (in shares) at Dec. 31, 2020			102,334,276
Ending balance at Dec. 31, 2020	476,526	$ (128,972)		1,111,435	$ (132,474)	(3,832)	(631,077)	$ 3,502
Beginning balance (in shares) at Mar. 31, 2020			100,362,973
Beginning balance at Mar. 31, 2020	241,948			892,510		(3,629)	(646,933)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	18,770			18,770
Proceeds from issuance of shares (in shares)			33,075
Proceeds from issuance of shares	1,667			1,667
Exercise of options and warrants and vested RSUs (in shares)			624,673
Exercise of options and vested RSUs	3,685			3,685
Other comprehensive income (loss), net of tax benefit	97					97
Net income (loss)	1,655						1,655
Ending balance (in shares) at Jun. 30, 2020			101,020,721
Ending balance at Jun. 30, 2020	267,822			916,632		(3,532)	(645,278)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), tax benefit	0
Share-based compensation to employees	20,121			20,121
Exercise of options and warrants and vested RSUs (in shares)			707,606
Exercise of options and vested RSUs	9,514			9,514
Other comprehensive income (loss), net of tax benefit	296					296
Net income (loss)	9,284						9,284
Ending balance (in shares) at Sep. 30, 2020			101,728,327
Ending balance at Sep. 30, 2020	307,037			946,267		(3,236)	(635,994)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), tax benefit	0
Beginning balance (in shares) at Dec. 31, 2020			102,334,276
Beginning balance at Dec. 31, 2020	476,526	(128,972)		1,111,435	(132,474)	(3,832)	(631,077)	3,502
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	18,863			18,863
Exercise of options and vested RSUs (in shares)			853,184
Exercise of options and vested RSUs	7,961			7,961
Other comprehensive income (loss), net of tax benefit	1,884					1,884
Net income (loss)	(4,128)						(4,128)
Ending balance (in shares) at Mar. 31, 2021			103,187,460
Ending balance at Mar. 31, 2021	372,134			1,005,785		(1,948)	(631,703)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), tax benefit	0
Beginning balance (in shares) at Dec. 31, 2020			102,334,276
Beginning balance at Dec. 31, 2020	476,526	$ (128,972)		1,111,435	$ (132,474)	(3,832)	(631,077)	$ 3,502
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(31,893)
Ending balance (in shares) at Sep. 30, 2021			103,817,566
Ending balance at Sep. 30, 2021	413,164			1,073,532		(900)	(659,468)
Beginning balance (in shares) at Mar. 31, 2021			103,187,460
Beginning balance at Mar. 31, 2021	372,134			1,005,785		(1,948)	(631,703)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	27,881			27,881
Exercise of options and vested RSUs (in shares)			436,487
Exercise of options and vested RSUs	8,695			8,695
Proceeds from issuance of shares (in shares)			17,291
Proceeds from issuance of shares	2,371			2,371
Other comprehensive income (loss), net of tax benefit	829					829
Net income (loss)	(14,641)						(14,641)
Ending balance (in shares) at Jun. 30, 2021			103,641,238
Ending balance at Jun. 30, 2021	397,269			1,044,732		(1,119)	(646,344)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), tax benefit	0
Share-based compensation to employees	25,758			25,758
Exercise of options and vested RSUs (in shares)			176,328
Exercise of options and vested RSUs	3,042			3,042
Other comprehensive income (loss), net of tax benefit	219					219
Net income (loss)	(13,124)						(13,124)
Ending balance (in shares) at Sep. 30, 2021			103,817,566
Ending balance at Sep. 30, 2021	413,164			$ 1,073,532		$ (900)	$ (659,468)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), tax benefit	$ 0

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Other comprehensive income (loss), tax benefit	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ (13,124)	$ 9,284	$ (31,893)	$ 14,891	$ 19,808
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	2,734	2,188	7,584	6,677	9,150
Asset write-downs and impairment of field equipment	113	124	467	263	429
Share-based compensation	25,758	20,121	72,502	55,448	75,721
Foreign currency remeasurement loss (gain)	495	(79)	3,024	(549)	(699)
Decrease (increase) in accounts receivables	(3,726)	(7,678)	3,923	(33,556)	(30,354)
Amortization of discount (premium)	785	424	2,313	(654)	3,260
Decrease (increase) in inventories	3,818	(55)	4,185	(2,446)	(2,935)
Decrease (increase) in other long-term assets	1,367	(5,173)	4,383	(2,794)	(1,366)
Increase (decrease) in accounts payables and accrued expenses	8,126	9,908	10,622	7,974	25,470
Increase (decrease) in other long-term liabilities	(1,946)	1,905	(8,758)	413	664
Net cash provided by (used in) operating activities	24,400	30,969	68,352	45,667	99,148
Cash flows from investing activities:
Purchase of property, equipment and field equipment	(3,297)	(2,782)	(9,896)	(9,209)	(14,968)
Proceeds from maturity of short-term investments	350,000	150,000	958,000	150,000	150,000
Purchase of short-term investments	(44,000)	0	(593,848)	0	(607,879)
Net cash provided by (used in) investing activities	302,703	147,218	354,256	140,791	(472,847)
Cash flows from financing activities:
Proceeds from issuance of shares, net	0	0	2,371	1,667	3,370
Proceeds from long term debt, net	0	0	0	0	558,439
Repayment of long-term loan	(6)	(150,007)	(19)	(150,022)	(150,028)
Exercise of options and warrants	3,042	9,514	19,698	17,710	28,428
Net cash provided by (used in) financing activities	3,036	(140,493)	22,050	(130,645)	440,209
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(34)	102	(139)	152	247
Increase (decrease) in cash, cash equivalents and restricted cash	330,105	37,796	444,519	55,965	66,757
Cash, cash equivalents and restricted cash at the beginning of the period	360,587	197,585	246,173	179,416	179,416
Cash, cash equivalents and restricted cash at the end of the period	690,692	235,381	690,692	235,381	246,173
Cash paid during the period for:
Income taxes paid (refunded), net	991	4,382	1,075	11,319	(3,261)
Interest paid	1	1,840	3	8,671	8,686
Non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities	$ 1,023	$ 675	$ 1,972	$ 2,849	$ 5,617

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	ORGANIZATION AND BASIS OF PRESENTATION Organization . NovoCure Limited (including its consolidated subsidiaries, the "Company") was incorporated in the Bailiwick of Jersey and is principally engaged in the development, manufacture and commercialization of Tumor Treating Fields ("TTFields") delivery systems, including Optune and Optune Lua (collectively, our "Products"), for the treatment of solid tumor cancers. The Company currently markets Optune in the United States ("U.S."), Austria, Germany, Israel, Japan, Sweden and Switzerland. The Company currently markets Optune Lua in the U.S. The Company also has a License and Collaboration Agreement (the "Zai Agreement") with Zai Lab (Shanghai) Co., Ltd. ("Zai") to market Optune in China, Hong Kong, Macau and Taiwan ("Greater China"). Financial statement preparation . The accompanying unaudited consolidated financial statements include the accounts of the Company and intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation for the periods presented. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the "2020 10-K") filed with the Securities and Exchange Commission on February 25, 2021. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2020 10-K are applied consistently in these unaudited interim consolidated financial statements, except as noted below: Recently Adopted Accounting Pronouncements. In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, ASU 2020-06 removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under Accounting Standards Codification ("ASC Topic 815"), Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share (EPS), which is consistent with the Company’s accounting treatment under the current standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a fully retrospective or modified retrospective basis. The Company early adopted ASU 2020-06, effective January 1, 2021 on a modified retrospective basis. The impact of the Company’s adoption of ASU 2020-06 on the balance sheet as of January 1, 2021 was an increase in long term debt, net of $128,972, a decrease in additional paid-in capital of $132,474, and a decrease in accumulated deficit of $3,502. Interest expense recognized in future periods will be reduced as a result of accounting for the convertible debt instrument as a single liability measured at its amortized cost. For additional information see Note 5 of these unaudited consolidated financial statements. In December 2019, the FASB issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance. ASU 2019-12 is effective for the Company as of January 1, 2021 and the adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-Term Investments	9 Months Ended
	Sep. 30, 2021
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Cash, Cash Equivalents and Short-Term Investments	CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Cash equivalents include items almost as liquid as cash with maturity periods of three months or less when purchased. As of September 30, 2021 and December 31, 2020, the Company’s cash and cash equivalents were composed of: September 30, December 31, Unaudited Audited Cash $ 27,768 $ 20,339 Money market funds 422,082 214,335 U.S. Treasury bills 239,987 — Total cash and cash equivalents $ 689,837 $ 234,674 As of September 30, 2021 and December 31, 2020, the Company’s short-term investments were: September 30, December 31, Unaudited Audited U.S. Treasury bills $ 199,948 607,902 Term deposits 44,000 — Short-term investments $ 243,948 607,902 The Company invests in marketable U.S. Treasury Bills (“T-bills”) that are classified as held-to-maturity securities. The amortized cost and recorded basis of the T-bills are presented as cash and cash equivalents and short-term investments according their maturity periods. Quoted market prices were applied to determine the fair value of cash equivalents and short-term investments, therefore they were categorized as Level 1 in accordance with ASC 820, “Fair Value Measurements and Disclosures.” The estimated fair value of the Company’s short-term investments as of September 30, 2021 and December 31, 2020 was $243,964 and $607,905, respectively.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories are stated at the lower of cost or net realizable value. The weighted average methodology is applied to determine cost. As of September 30, 2021 and December 31, 2020, the Company’s inventories were composed of: September 30, December 31, Unaudited Audited Raw materials $ 1,615 $ 5,175 Work in progress 5,921 4,896 Finished products 15,106 17,351 Total $ 22,642 $ 27,422

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	COMMITMENTS AND CONTINGENT LIABILITIES Operating Leases. The facilities of the Company are leased under various operating lease agreements for periods, including options for extensions, ending no later than 2030. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2024. Pledged deposits and bank guarantees. As of September 30, 2021 and December 31, 2020, the Company pledged bank deposits of $1,408 and $1,438, respectively, to cover bank guarantees in respect of its leases of operating facilities and obtained bank guarantees for the fulfillment of the Company’s lease and other contractual commitments of $1,747 and $1,687, respectively . Senior secured revolving credit facility. On November 6, 2020, the Company entered into a new three-year $150,000 senior secured revolving credit facility with a syndicate of relationship banks. For additional information, see Note 12(c) to the Consolidated Financial Statements in the 2020 10-K. As of September 30, 2021, the Company had no outstanding balance borrowed under the facility.

Convertible Note

Convertible Note	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Convertible Note	CONVERTIBLE NOTE On November 5, 2020, the Company issued $575,000 aggregate principal amount of 0% Convertible Senior Notes due 2025 (the “Notes”). The Notes are senior unsecured obligations of the Company. The Notes do not bear regular interest, and the principal amount of the Notes will not accrete. Special interest, if any, payable in accordance with the terms of the Notes will be payable in cash semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021. The Notes mature on November 1, 2025, unless earlier repurchased, redeemed or converted. For additional information, see Note 10(a) to the Consolidated Financial Statements in the 2020 10-K. In January 2021, the Company irrevocably elected to settle all conversions of Notes by a combination of cash and the Company's ordinary shares and that the cash portion per $1,000 principal amount of Notes for all conversion settlements shall be $1,000. Accordingly, from and after the date of the election, upon conversion of any Notes, holders of Notes will receive, with respect to each $1,000 principal amount of Notes converted, cash in an amount up to $1,000 and the balance of the conversion value, if any, in ordinary shares (the "Conversion Shares"). The net carrying amount of the liability and equity components of the Notes as of September 30, 2021 and December 31, 2020 are as follows: September 30, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized discount — (132,797) Unamortized issuance costs (13,612) (12,298) Net carrying amount of liability component (1) $ 561,388 $ 429,905 Equity component, net: Conversion feature $ — $ 136,402 Issuance costs — (3,928) Net carrying amount of equity component $ — $ 132,474 (1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820, "Fair Value Measurements and Disclosures." The estimated fair value of the Net carrying amount of liability component of the Notes as of September 30, 2021 and December 31, 2020 were $476,789 and $450,437, respectively. Finance expense related to the Notes was as follows: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2021 2020 2021 2020 Unaudited Unaudited Audited Amortization of debt discount $ — $ — $ — $ — $ 3,605 Amortization of debt issuance costs 826 — 2,511 — 333 Total finance expense recognized $ 826 $ — $ 2,511 $ — $ 3,938

Share Option Plans and ESPP

Share Option Plans and ESPP	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Share Option Plans and ESPP	SHARE OPTION PLANS AND ESPP In September 2015, the Company adopted the 2015 Omnibus Incentive Plan (the “2015 Plan”). Under the 2015 Plan, the Company can issue various types of equity compensation awards such as share options, restricted shares, performance shares, restricted share units (“RSUs”), performance-based share units (“PSUs”), long-term cash awards and other share-based awards. Options granted under the 2015 Plan generally have a four-year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan that are canceled or forfeited before expiration become available for future grants. RSUs granted under the 2015 Plan generally vest over a three year period. PSUs granted under the 2015 Plan generally vest between a three A summary of the status of the Company’s option plans as of September 30, 2021 and changes during the period then ended is presented below: Nine months ended September 30, 2021 Unaudited Number Weighted Outstanding at beginning of year 9,220,326 $ 26.21 Granted 425,339 154.03 Exercised (918,859) 21.54 Forfeited and canceled (101,320) 60.64 Outstanding as of September 30, 2021 8,625,486 $ 32.61 Exercisable options 5,153,158 $ 19.35 For the nine months ended September 30, 2021, options to purchase 918,859 ordinary shares were exercised, resulting in the issuance of 918,859 ordinary shares. A summary of the status of the Company’s RSUs and PSUs as of September 30, 2021 and changes during the period then ended is presented below. Nine months ended September 30, 2021 Unaudited Number Weighted Unvested at beginning of year 4,466,151 $ 54.06 Granted 592,104 140.46 Vested (547,140) 51.38 Forfeited and cancelled (52,283) 89.79 Unvested as of September 30, 2021 (1) 4,458,832 65.44 (1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones which are not probable, as of September 30, 2021, in accordance with ASC 718 as follows: September 30, 2021 Number of Fair value at grant date per PSU Total fair value at grant date 2,703,852 $ 48.16 $ 130,218 108,113 69.37 7,500 17,712 84.68 1,500 5,266 94.94 500 94,813 $ 114.26 10,833 2,929,756 $ 150,551 These PSUs will be expensed over the performance period when the vesting conditions become probable in accordance with ASC 718. In September 2015, the Company adopted an employee share purchase plan (“ESPP”) to encourage and enable eligible employees to acquire ownership of the Company’s ordinary shares purchased through accumulated payroll deductions on an after-tax basis. In the United States, the ESPP is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code and the provisions of the ESPP are construed in a manner consistent with the requirements of such section. As of September 30, 2021, 4,989,076 ordinary shares were available to be purchased by eligible employees under the ESPP. The fair value of share-based awards was estimated using the Black-Scholes model for all equity grants. For market condition awards, the Company also applied the Monte-Carlo simulation model. We assessed fair value using the following underlying assumptions: Nine months ended September 30, Year ended December 31, 2021 2020 Unaudited Audited Stock Option Plans Expected term (years) 5.50-6.00 5.50-6.25 5.50-6.25 Expected volatility 60%-63% 54%-56% 54%-56% Risk-free interest rate 0.78%-1.02% 0.30%-0.86% 0.30%-0.86% Dividend yield 0.00 % 0.00 % 0.00 % ESPP Expected term (years) 0.50 0.50 0.50 Expected volatility 54%-81% 47%-66% 47%-66% Risk-free interest rate 0.05%-0.09% 0.17%-1.57% 0.17%-1.57% Dividend yield 0.00 % 0.00 % 0.00 % The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three and nine months ended September 30, 2021 and 2020 and the year ended December 31, 2020 was: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2021 2020 2021 2020 Unaudited Unaudited Audited Cost of revenues $ 808 $ 767 $ 2,368 $ 1,916 $ 2,221 Research, development and clinical trials 7,761 5,101 21,390 12,275 18,125 Sales and marketing 5,806 4,677 16,706 13,061 17,672 General and administrative 11,383 9,576 32,038 28,196 37,703 Total share-based compensation expense $ 25,758 $ 20,121 $ 72,502 $ 55,448 $ 75,721

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) Per Ordinary Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Basic and diluted net income (loss) per ordinary share	Basic and diluted net income (loss) per ordinary shareBasic net income (loss) per share is computed based on the weighted average number of ordinary shares outstanding during each period. Diluted net income per share is computed based on the weighted average number of ordinary shares outstanding during the period, plus potential dilutive shares (deriving from options, RSUs, PSUs, convertible notes and the ESPP) considered outstanding during the period, in accordance with ASC 260-10, as determined under the if-converted method. The following table sets forth the computation of the Company’s basic and diluted net income (loss) per ordinary share: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2021 2020 2021 2020 Unaudited Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (13,124) $ 9,284 $ (31,893) $ 14,891 $ 19,808 Weighted average number of ordinary shares used in computing basic net income (loss) per share 103,731,147 101,234,306 103,281,380 100,601,427 100,930,866 Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share: Options — 6,656,439 — 6,688,840 6,967,554 Restricted share units — 738,456 — 808,536 945,612 ESPP — 14,613 — 14,613 33,616 Weighted average number of ordinary shares used in computing diluted net income (loss) per share 103,731,147 108,643,814 103,281,380 108,113,416 108,877,648 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 8,084,045 952,823 8,827,739 717,492 1,307,762 Basic net income (loss) per ordinary share $ (0.13) $ 0.09 $ (0.31) $ 0.15 $ 0.20 Diluted net income (loss) per ordinary share $ (0.13) $ 0.09 $ (0.31) $ 0.14 $ 0.18

Supplemental Information

Supplemental Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Supplemental Information	SUPPLEMENTAL INFORMATION The Company operates in a single reportable segment. The following table presents long-lived assets by location: September 30, December 31, Unaudited Audited United States $ 12,172 $ 11,868 Israel 5,037 4,370 Switzerland 3,978 2,849 Japan 928 1,230 Germany 1,042 1,075 Others 1,095 1,233 Total $ 24,252 $ 22,625 The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2021 2020 2021 2020 Unaudited Unaudited Audited United States $ 88,032 $ 92,635 $ 261,079 $ 243,103 $ 340,782 EMEA: Germany 23,208 22,756 74,934 66,027 93,264 Other EMEA 7,081 5,468 23,035 12,069 18,654 Japan 8,778 7,523 25,806 21,153 29,076 Greater China (1) 6,507 4,278 16,964 8,061 12,590 Total net revenues $ 133,606 $ 132,660 $ 401,818 $ 350,413 $ 494,366 (1) For additional information, see Note 12 to the Consolidated Financial Statements in the 2020 10-K.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements. In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, ASU 2020-06 removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under Accounting Standards Codification ("ASC Topic 815"), Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share (EPS), which is consistent with the Company’s accounting treatment under the current standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a fully retrospective or modified retrospective basis. The Company early adopted ASU 2020-06, effective January 1, 2021 on a modified retrospective basis. The impact of the Company’s adoption of ASU 2020-06 on the balance sheet as of January 1, 2021 was an increase in long term debt, net of $128,972, a decrease in additional paid-in capital of $132,474, and a decrease in accumulated deficit of $3,502. Interest expense recognized in future periods will be reduced as a result of accounting for the convertible debt instrument as a single liability measured at its amortized cost. For additional information see Note 5 of these unaudited consolidated financial statements. In December 2019, the FASB issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance. ASU 2019-12 is effective for the Company as of January 1, 2021 and the adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Cash, Cash Equivalents and Sh_2

Cash, Cash Equivalents and Short-Term Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Summary of Cash and Cash Equivalents	As of September 30, 2021 and December 31, 2020, the Company’s cash and cash equivalents were composed of: September 30, December 31, Unaudited Audited Cash $ 27,768 $ 20,339 Money market funds 422,082 214,335 U.S. Treasury bills 239,987 — Total cash and cash equivalents $ 689,837 $ 234,674
Summary of Amortized Cost and Recorded Basis of T-bills in Short-Term Investments	As of September 30, 2021 and December 31, 2020, the Company’s short-term investments were: September 30, December 31, Unaudited Audited U.S. Treasury bills $ 199,948 607,902 Term deposits 44,000 — Short-term investments $ 243,948 607,902

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	As of September 30, 2021 and December 31, 2020, the Company’s inventories were composed of: September 30, December 31, Unaudited Audited Raw materials $ 1,615 $ 5,175 Work in progress 5,921 4,896 Finished products 15,106 17,351 Total $ 22,642 $ 27,422

Convertible Note (Tables)

Convertible Note (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Summary of the Convertible Notes	The net carrying amount of the liability and equity components of the Notes as of September 30, 2021 and December 31, 2020 are as follows: September 30, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized discount — (132,797) Unamortized issuance costs (13,612) (12,298) Net carrying amount of liability component (1) $ 561,388 $ 429,905 Equity component, net: Conversion feature $ — $ 136,402 Issuance costs — (3,928) Net carrying amount of equity component $ — $ 132,474 (1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820, "Fair Value Measurements and Disclosures." The estimated fair value of the Net carrying amount of liability component of the Notes as of September 30, 2021 and December 31, 2020 were $476,789 and $450,437, respectively. Finance expense related to the Notes was as follows: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2021 2020 2021 2020 Unaudited Unaudited Audited Amortization of debt discount $ — $ — $ — $ — $ 3,605 Amortization of debt issuance costs 826 — 2,511 — 333 Total finance expense recognized $ 826 $ — $ 2,511 $ — $ 3,938

Share Option Plans and ESPP (Ta

Share Option Plans and ESPP (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Schedule of Stock Option Plans	A summary of the status of the Company’s option plans as of September 30, 2021 and changes during the period then ended is presented below: Nine months ended September 30, 2021 Unaudited Number Weighted Outstanding at beginning of year 9,220,326 $ 26.21 Granted 425,339 154.03 Exercised (918,859) 21.54 Forfeited and canceled (101,320) 60.64 Outstanding as of September 30, 2021 8,625,486 $ 32.61 Exercisable options 5,153,158 $ 19.35
Schedule of RSUs and PSUs	A summary of the status of the Company’s RSUs and PSUs as of September 30, 2021 and changes during the period then ended is presented below. Nine months ended September 30, 2021 Unaudited Number Weighted Unvested at beginning of year 4,466,151 $ 54.06 Granted 592,104 140.46 Vested (547,140) 51.38 Forfeited and cancelled (52,283) 89.79 Unvested as of September 30, 2021 (1) 4,458,832 65.44 (1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones which are not probable, as of September 30, 2021, in accordance with ASC 718 as follows: September 30, 2021 Number of Fair value at grant date per PSU Total fair value at grant date 2,703,852 $ 48.16 $ 130,218 108,113 69.37 7,500 17,712 84.68 1,500 5,266 94.94 500 94,813 $ 114.26 10,833 2,929,756 $ 150,551
Schedule of Fair Value Assumptions Used for All Equity Based Awards Estimated Using Black-Scholes Option Pricing Model	The fair value of share-based awards was estimated using the Black-Scholes model for all equity grants. For market condition awards, the Company also applied the Monte-Carlo simulation model. We assessed fair value using the following underlying assumptions: Nine months ended September 30, Year ended December 31, 2021 2020 Unaudited Audited Stock Option Plans Expected term (years) 5.50-6.00 5.50-6.25 5.50-6.25 Expected volatility 60%-63% 54%-56% 54%-56% Risk-free interest rate 0.78%-1.02% 0.30%-0.86% 0.30%-0.86% Dividend yield 0.00 % 0.00 % 0.00 % ESPP Expected term (years) 0.50 0.50 0.50 Expected volatility 54%-81% 47%-66% 47%-66% Risk-free interest rate 0.05%-0.09% 0.17%-1.57% 0.17%-1.57% Dividend yield 0.00 % 0.00 % 0.00 %
Schedule of Non-cash Share-based Compensation Expense Related to Company's Equity-Based Awards	The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three and nine months ended September 30, 2021 and 2020 and the year ended December 31, 2020 was: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2021 2020 2021 2020 Unaudited Unaudited Audited Cost of revenues $ 808 $ 767 $ 2,368 $ 1,916 $ 2,221 Research, development and clinical trials 7,761 5,101 21,390 12,275 18,125 Sales and marketing 5,806 4,677 16,706 13,061 17,672 General and administrative 11,383 9,576 32,038 28,196 37,703 Total share-based compensation expense $ 25,758 $ 20,121 $ 72,502 $ 55,448 $ 75,721

Basic and Diluted Net Income _2

Basic and Diluted Net Income (Loss) Per Ordinary Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share	The following table sets forth the computation of the Company’s basic and diluted net income (loss) per ordinary share: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2021 2020 2021 2020 Unaudited Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (13,124) $ 9,284 $ (31,893) $ 14,891 $ 19,808 Weighted average number of ordinary shares used in computing basic net income (loss) per share 103,731,147 101,234,306 103,281,380 100,601,427 100,930,866 Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share: Options — 6,656,439 — 6,688,840 6,967,554 Restricted share units — 738,456 — 808,536 945,612 ESPP — 14,613 — 14,613 33,616 Weighted average number of ordinary shares used in computing diluted net income (loss) per share 103,731,147 108,643,814 103,281,380 108,113,416 108,877,648 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 8,084,045 952,823 8,827,739 717,492 1,307,762 Basic net income (loss) per ordinary share $ (0.13) $ 0.09 $ (0.31) $ 0.15 $ 0.20 Diluted net income (loss) per ordinary share $ (0.13) $ 0.09 $ (0.31) $ 0.14 $ 0.18

Supplemental Information (Table

Supplemental Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Long-Lived Assets by Location	The following table presents long-lived assets by location: September 30, December 31, Unaudited Audited United States $ 12,172 $ 11,868 Israel 5,037 4,370 Switzerland 3,978 2,849 Japan 928 1,230 Germany 1,042 1,075 Others 1,095 1,233 Total $ 24,252 $ 22,625
Schedule of Revenues by Geographic Region	The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2021 2020 2021 2020 Unaudited Unaudited Audited United States $ 88,032 $ 92,635 $ 261,079 $ 243,103 $ 340,782 EMEA: Germany 23,208 22,756 74,934 66,027 93,264 Other EMEA 7,081 5,468 23,035 12,069 18,654 Japan 8,778 7,523 25,806 21,153 29,076 Greater China (1) 6,507 4,278 16,964 8,061 12,590 Total net revenues $ 133,606 $ 132,660 $ 401,818 $ 350,413 $ 494,366 (1) For additional information, see Note 12 to the Consolidated Financial Statements in the 2020 10-K.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity	$ 413,164	$ 397,269	$ 372,134	$ 476,526	$ 307,037	$ 267,822	$ 241,948	$ 217,790
Additional paid-in capital
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity	1,073,532	1,044,732	1,005,785	1,111,435	946,267	916,632	892,510	871,442
Retained earnings (accumulated deficit)
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity	$ (659,468)	$ (646,344)	$ (631,703)	(631,077)	$ (635,994)	$ (645,278)	$ (646,933)	$ (650,885)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity				(128,972)
Cumulative Effect, Period of Adoption, Adjustment | Additional paid-in capital
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity				(132,474)
Cumulative Effect, Period of Adoption, Adjustment | Retained earnings (accumulated deficit)
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity				$ 3,502

Cash, Cash Equivalents and Sh_3

Cash, Cash Equivalents and Short-Term Investments - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Cash	$ 27,768	$ 20,339
Money market funds	422,082	214,335
U.S. Treasury bills	239,987	0
Total cash and cash equivalents	$ 689,837	$ 234,674

Cash, Cash Equivalents and Sh_4

Cash, Cash Equivalents and Short-Term Investments - Summary of Amortized Cost And Recorded Basis of T-bills in Short Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Short-term investments	$ 243,948	$ 607,902
U.S. Treasury bills
Restricted Cash and Cash Equivalents Items [Line Items]
Short-term investments	199,948	607,902
Term deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Short-term investments	$ 44,000	$ 0

Cash, Cash Equivalents and Sh_5

Cash, Cash Equivalents and Short-Term Investments - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Estimated fair value of short-term investments	$ 243,964	$ 607,905

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 1,615	$ 5,175
Work in progress	5,921	4,896
Finished products	15,106	17,351
Total	$ 22,642	$ 27,422

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Details) - USD ($)	Nov. 06, 2020	Sep. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Pledged bank deposits		$ 1,408,000	$ 1,438,000
Operating lease and other contractual commitments		$ 1,747,000	$ 1,687,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Contractual term	3 years
Maximum borrowing capacity	$ 150,000,000

Convertible Note - Additional I

Convertible Note - Additional Information (Details) - Convertible Debt - the “Notes” - USD ($)	1 Months Ended
	Jan. 31, 2021	Nov. 05, 2020
Debt Instrument [Line Items]
Aggregate principal amount		$ 575,000,000
Stated interest rate		0.00%
Cash portion per $1,000 principal amount of Notes converted	$ 1,000,000

Convertible Note - Liability an

Convertible Note - Liability and Equity Components of the Convertible Notes (Details) - Convertible Debt - the “Notes” - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount	$ 575,000	$ 575,000
Unamortized discount	0	(132,797)
Unamortized issuance costs	(13,612)	(12,298)
Net carrying amount of liability component	561,388	429,905
Conversion feature	0	136,402
Issuance costs	0	(3,928)
Net carrying amount of equity component	0	132,474
Estimated fair value	$ 476,789	$ 450,437

Convertible Note - Finance Expe

Convertible Note - Finance Expense Related to the Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Amortization of debt discount	$ 785	$ 424	$ 2,313	$ (654)	$ 3,260
the “Notes” | Convertible Debt
Debt Instrument [Line Items]
Amortization of debt discount	0	0	0	0	3,605
Amortization of debt issuance costs	826	0	2,511	0	333
Total finance expense recognized	$ 826	$ 0	$ 2,511	$ 0	$ 3,938

Share Option Plans and ESPP - A

Share Option Plans and ESPP - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021shares
Share Capital [Line Items]
Options exercised (in shares)	918,859
ESPP
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	4,989,076
Shares issued under plan (in shares)	918,859
2015 Plan
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	14,467,854
2015 Plan | Options
Share Capital [Line Items]
Stock awards granted, vesting period (years)	4 years
Stock awards granted, expiration period (years)	10 years
2015 Plan | Restricted share units
Share Capital [Line Items]
Stock awards granted, vesting period (years)	3 years
2015 Plan | PSUs | Minimum
Share Capital [Line Items]
Stock awards granted, vesting period (years)	3 years
2015 Plan | PSUs | Maximum
Share Capital [Line Items]
Stock awards granted, vesting period (years)	6 years

Share Option Plans and ESPP - S

Share Option Plans and ESPP - Schedule of Stock Option Plan (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Number of options
Number of options, beginning outstanding (in shares) | shares	9,220,326
Number of options, granted (in shares) | shares	425,339
Number of options, exercised (in shares) | shares	(918,859)
Number of options, forfeited and canceled (in shares) | shares	(101,320)
Number of options, ending outstanding (in shares) | shares	8,625,486
Number of options, exercisable options (in shares) | shares	5,153,158
Weighted average exercise price
Weighted average exercise price, beginning outstanding (in usd per share) | $ / shares	$ 26.21
Weighted average exercise price, granted (in usd per share) | $ / shares	154.03
Weighted average exercise price, exercised (in usd per share) | $ / shares	21.54
Weighted average exercise price, forfeited and canceled (in usd per share) | $ / shares	60.64
Weighted average exercise price, ending outstanding (in usd per share) | $ / shares	32.61
Weighted average exercise price, exercisable options (in usd per share) | $ / shares	$ 19.35

Share Option Plans and ESPP -_2

Share Option Plans and ESPP - Schedule of RSUs and PSUs (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
RSUs/PSUs
Number of RSU/PSUs
Unvested at beginning of year (in shares)	4,466,151
Granted (in shares)	592,104
Vested (in shares)	(547,140)
Forfeited and cancelled (in shares)	(52,283)
Unvested at ending of year (in shares)	4,458,832
Weighted average grant date fair value
Unvested at beginning of year (in usd per share) | $ / shares	$ 54.06
Granted (in usd per share) | $ / shares	140.46
Vested (in usd per share) | $ / shares	51.38
Forfeited and cancelled (in usd per share) | $ / shares	89.79
Unvested at ending of year (in usd per share) | $ / shares	$ 65.44
PSUs
Weighted average grant date fair value
Number of PSUs (in shares)	2,929,756
Total fair value at grant date | $	$ 150,551
PSUs | Award One
Weighted average grant date fair value
Number of PSUs (in shares)	2,703,852
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 48.16
Total fair value at grant date | $	$ 130,218
PSUs | Award Two
Weighted average grant date fair value
Number of PSUs (in shares)	108,113
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 69.37
Total fair value at grant date | $	$ 7,500
PSUs | Award Three
Weighted average grant date fair value
Number of PSUs (in shares)	17,712
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 84.68
Total fair value at grant date | $	$ 1,500
PSUs | Award Four
Weighted average grant date fair value
Number of PSUs (in shares)	5,266
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 94.94
Total fair value at grant date | $	$ 500
PSUs | Award Five
Weighted average grant date fair value
Number of PSUs (in shares)	94,813
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 114.26
Total fair value at grant date | $	$ 10,833

Share Option Plans and ESPP -_3

Share Option Plans and ESPP - Schedule of Fair Value Assumptions Used Only for Equity Based Awards Estimated Using Black-Scholes Option Pricing Model (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility, minimum	54.00%	47.00%	47.00%
Expected volatility, maximum	81.00%	66.00%	66.00%
Risk-free interest rate, minimum	0.05%	0.17%	0.17%
Risk-free interest rate, maximum	0.09%	1.57%	1.57%
Dividend yield	0.00%	0.00%	0.00%
Stock Option Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	60.00%	54.00%	54.00%
Expected volatility, maximum	63.00%	56.00%	56.00%
Risk-free interest rate, minimum	0.78%	0.30%	0.30%
Risk-free interest rate, maximum	1.02%	0.86%	0.86%
Dividend yield	0.00%	0.00%	0.00%
Stock Option Plans | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	5 years 6 months	5 years 6 months	5 years 6 months
Stock Option Plans | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 years	6 years 3 months	6 years 3 months

Share Option Plans and ESPP -_4

Share Option Plans and ESPP - Schedule of Non-cash Share-Based Compensation Expenses Related to Company's Equity-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 25,758	$ 20,121	$ 72,502	$ 55,448	$ 75,721
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	808	767	2,368	1,916	2,221
Research, development and clinical trials
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	7,761	5,101	21,390	12,275	18,125
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	5,806	4,677	16,706	13,061	17,672
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 11,383	$ 9,576	$ 32,038	$ 28,196	$ 37,703

Basic and Diluted Net Income _3

Basic and Diluted Net Income (Loss) Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share	$ (13,124)	$ (14,641)	$ (4,128)	$ 9,284	$ 1,655	$ 3,952	$ (31,893)	$ 14,891	$ 19,808
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	103,731,147			101,234,306			103,281,380	100,601,427	100,930,866
Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share:
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	103,731,147			108,643,814			103,281,380	108,113,416	108,877,648
Weighted anti-dilutive shares outstanding which were not included in the diluted calculation (in shares)	8,084,045			952,823			8,827,739	717,492	1,307,762
Basic net income (loss) per ordinary share (in usd per share)	$ (0.13)			$ 0.09			$ (0.31)	$ 0.15	$ 0.20
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.13)			$ 0.09			$ (0.31)	$ 0.14	$ 0.18
Options
Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share:
Share-based payment arrangements (in shares)	0			6,656,439			0	6,688,840	6,967,554
Restricted share units
Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share:
Share-based payment arrangements (in shares)	0			738,456			0	808,536	945,612
ESPP
Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share:
Share-based payment arrangements (in shares)	0			14,613			0	14,613	33,616

Supplemental Information - Sche

Supplemental Information - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 24,252	$ 22,625
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	12,172	11,868
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	5,037	4,370
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	3,978	2,849
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	928	1,230
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	1,042	1,075
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 1,095	$ 1,233

Supplemental Information - Sc_2

Supplemental Information - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 133,606	$ 132,660	$ 401,818	$ 350,413	$ 494,366
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	88,032	92,635	261,079	243,103	340,782
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	23,208	22,756	74,934	66,027	93,264
Other EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	7,081	5,468	23,035	12,069	18,654
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	8,778	7,523	25,806	21,153	29,076
Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 6,507	$ 4,278	$ 16,964	$ 8,061	$ 12,590