NovoCure Limited (NVCR) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-37565
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		104,586,094
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001645113
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 190,739	$ 208,802
Short-term investments	741,562	728,898
Restricted cash	889	807
Trade receivables, net	100,965	93,567
Receivables and prepaid expenses	17,343	17,025
Inventories	29,084	24,427
Total current assets	1,080,582	1,073,526
LONG-TERM ASSETS:
Property and equipment, net	25,072	22,693
Field equipment, net	12,792	12,923
Right-of-use assets	19,937	18,267
Other long-term assets	11,827	12,086
Total long-term assets	69,628	65,969
TOTAL ASSETS	1,150,210	1,139,495
CURRENT LIABILITIES:
Trade payables	69,186	72,600
Other payables, lease liabilities and accrued expenses	58,613	70,002
Total current liabilities	127,799	142,602
LONG-TERM LIABILITIES:
Long-term debt, net	563,026	562,216
Deferred revenue	5,511	6,477
Long-term leases	14,813	12,997
Employee benefit liabilities	3,024	4,543
Other long-term liabilities	156	166
Total long-term liabilities	586,530	586,399
TOTAL LIABILITIES	714,329	729,001
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 104,559,088 shares and 103,971,263 shares at March 31, 2022 (unaudited) and December 31, 2021, respectively	0	0
Additional paid-in capital	1,127,782	1,099,589
Accumulated other comprehensive income (loss)	(1,328)	(3,169)
Retained earnings (accumulated deficit)	(690,573)	(685,926)
TOTAL SHAREHOLDERS' EQUITY	435,881	410,494
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,150,210	$ 1,139,495

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	104,559,088	103,971,263
Common stock, shares outstanding (in shares)	104,559,088	103,971,263

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Statement [Abstract]
Net revenues	$ 137,547	$ 134,695	$ 535,031
Cost of revenues	27,727	26,385	114,877
Gross profit	109,820	108,310	420,154
Operating costs and expenses:
Research, development and clinical studies	42,234	45,916	201,303
Sales and marketing	37,884	31,357	137,057
General and administrative	30,508	31,125	126,127
Total operating costs and expenses	110,626	108,398	464,487
Operating income (loss)	(806)	(88)	(44,333)
Financial expenses (income), net	1,709	2,646	7,742
Income (loss) before income tax	(2,515)	(2,734)	(52,075)
Income tax	2,132	1,394	6,276
Net income (loss)	$ (4,647)	$ (4,128)	$ (58,351)
Basic net income (loss) per ordinary share (in usd per share)	$ (0.04)	$ (0.04)	$ (0.56)
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	104,186,120	102,633,545	103,433,274
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.04)	$ (0.04)	$ (0.56)
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	104,186,120	102,633,545	103,433,274

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (4,647)	$ (4,128)	$ (58,351)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments	330	(268)	302
Pension benefit plan	1,511	2,152	361
Total comprehensive income (loss)	$ (2,806)	$ (2,244)	$ (57,688)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative effect adjustment resulting from ASU 2020-06 early adoption	Ordinary shares	Additional paid-in capital	Additional paid-in capitalCumulative effect adjustment resulting from ASU 2020-06 early adoption	Accumulated other comprehensive loss	Retained earnings (accumulated deficit)	Retained earnings (accumulated deficit)Cumulative effect adjustment resulting from ASU 2020-06 early adoption
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 of $0	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)
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)	(58,351)
Ending balance (in shares) at Dec. 31, 2021			103,971,263
Ending balance at Dec. 31, 2021	410,494			1,099,589		(3,169)	(685,926)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	25,045			25,045
Exercise of options and vested RSUs (in shares)			587,825
Exercise of options and vested RSUs	3,148			3,148
Other comprehensive income (loss), net of tax benefit of $0	1,841					1,841
Net income (loss)	(4,647)						(4,647)
Ending balance (in shares) at Mar. 31, 2022			104,559,088
Ending balance at Mar. 31, 2022	$ 435,881			$ 1,127,782		$ (1,328)	$ (690,573)

CONSOLIDATED STATEMENTS OF CH_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (4,647)	$ (4,128)	$ (58,351)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	2,610	2,370	10,251
Accrued Interest	(221)	0	(94)
Asset write-downs and impairment of field equipment	135	176	649
Share-based compensation	25,045	18,863	94,900
Foreign currency remeasurement loss (gain)	249	2,157	3,231
Decrease (increase) in accounts receivables	(7,461)	4,624	5,270
Amortization of discount (premium)	684	603	3,101
Decrease (increase) in inventories	(4,804)	(1,296)	2,483
Decrease (increase) in other long-term assets	1,863	1,432	4,519
Increase (decrease) in accounts payables and accrued expenses	(14,809)	(2,626)	27,777
Increase (decrease) in other long-term liabilities	(2,331)	(4,394)	(10,980)
Net cash provided by (used in) operating activities	(3,687)	17,780	82,756
Cash flows from investing activities:
Purchase of property, equipment and field equipment	(5,093)	(3,981)	(24,170)
Proceeds from maturity of short-term investments	279,000	608,000	958,000
Purchase of short-term investments	(291,317)	(549,848)	(1,078,664)
Net cash provided by (used in) investing activities	(17,410)	54,171	(144,834)
Cash flows from financing activities:
Proceeds from issuance of shares, net	0	0	4,546
Repayment of long-term debt	(7)	(6)	(26)
Exercise of options	3,148	7,961	21,182
Net cash provided by (used in) financing activities	3,141	7,955	25,702
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(25)	(102)	(188)
Increase (decrease) in cash, cash equivalents and restricted cash	(17,981)	79,804	(36,564)
Cash, cash equivalents and restricted cash at the beginning of the period	209,609	246,173	246,173
Cash, cash equivalents and restricted cash at the end of the period	191,628	325,977	209,609
Cash paid during the period for:
Income taxes paid (refunded), net	1,173	(2,405)	3,110
Interest paid	1	1	101
Non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities	$ 3,580	$ 284	$ 5,387

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
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") devices, 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."), Germany, Japan and certain other countries. The Company currently markets Optune Lua in the U.S. and European Union. 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"). See Note 12 to the Consolidated Financial Statements in the 2021 10-K. During the year ended December 31, 2019, the Company implemented changes to its corporate entity operating structure, including transferring certain intellectual property to its Swiss subsidiary, primarily to align corporate entities with the Company’s evolving operations and business model. As of January 1, 2022, the effective place of daily management and control of the Company moved to Switzerland and the Company has become a Swiss tax resident. 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, 2021 (the "2021 10-K") filed with the Securities and Exchange Commission on February 24, 2022. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2021 10-K are applied consistently in these unaudited interim consolidated financial statements, except as noted below: Short-term investments The Company accounts for investments in debt securities in accordance with ASC 320, "Investments—Debt and Equity Securities." Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each balance sheet date. The Company classifies part of its debt securities as available-for-sale and the rest of the balance as held-to-maturity since the Company has the intent and ability to hold the securities to maturity. Available-for-sale debt securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses on sale of investments are included in financial income, net and are derived using the specific identification method for determining the cost of securities sold. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization together with interest on securities is included in financial income, net. Each reporting period, the Company evaluates whether declines in fair value below amortized cost are due to expected credit losses, as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs. Allowance for credit losses on available-for-sale debt securities are recognized in the Company’s consolidated statements of income, and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in stockholders’ equity.

CASH, CASH EQUIVALENTS AND SHOR

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, the Company’s cash and cash equivalents were composed of: March 31, December 31, Unaudited Audited Cash $ 8,376 $ 3,139 Money market funds 92,071 64,668 Corporate debt securities 2,580 — Certificate of deposits, notes and term deposits 87,712 140,995 Total cash and cash equivalents $ 190,739 $ 208,802 Short-term investments include items with maturity dates between three months and one year when purchased. As of March 31, 2022 and December 31, 2021, the Company’s short-term investments were: March 31, December 31, Unaudited Audited U.S. Treasury bills $ 24,857 $ 199,981 Other government and governmental agency notes 34,786 — Corporate debt securities 196,274 104,823 Certificate of deposits, notes and term deposits 485,645 424,094 Total short-term investments $ 741,562 $ 728,898 The Company invests in marketable U.S. Treasury Bills (“T-bills”), other government and governmental agency notes, term deposits, notes, certificate of deposits, money market funds and corporate debt securities that are classified as "held-to-maturity" or "available for sale" securities. These investments are presented as cash and cash equivalents or short-term investments, according their maturity periods. The estimated fair value of the Company’s short-term investments as of March 31, 2022 and December 31, 2021 was $741,562 and $728,906, respectively. As of March 31, 2022 and December 31, 2021, amounts of $24,857 and $199,988, respectively were categorized as Level 1 and the remaining balance as level 2 in accordance with ASC 820, “Fair Value Measurements and Disclosures”.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, the Company’s inventories were composed of: March 31, December 31, Unaudited Audited Raw materials $ 1,831 $ 1,485 Work in progress 14,010 8,274 Finished products 13,243 14,668 Total $ 29,084 $ 24,427

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Mar. 31, 2022
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 2044. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2025. Pledged deposits and bank guarantees. As of March 31, 2022 and December 31, 2021, the Company pledged bank deposits of $2,344 and $2,350, 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 $2,692 and $2,698, respectively . Senior secured revolving credit facility. On November 6, 2020, the Company entered into a 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 2021 10-K. As of March 31, 2022, the Company had no outstanding balance borrowed under the facility.

CONVERTIBLE NOTE

CONVERTIBLE NOTE	3 Months Ended
	Mar. 31, 2022
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 mature on November 1, 2025, unless earlier repurchased, redeemed or converted as set forth in the Notes. As of March 31, 2022, the conditions allowing holders of the Notes to convert were not met. The Notes are therefore not convertible as of March 31, 2022 and are classified as long-term liability. For additional information, see Note 10(a) to the Consolidated Financial Statements in the 2021 10-K. The net carrying amount of the liability of the Notes as of March 31, 2022 and December 31, 2021 are as follows: March 31, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized issuance costs (11,974) (12,784) Net carrying amount of liability component (1) $ 563,026 $ 562,216 (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 March 31, 2022 and December 31, 2021 were $454,285 and $467,469, respectively. Finance expense related to the Notes was as follows: Three months ended March 31, Year ended December 31, 2022 2021 Unaudited Audited Amortization of debt issuance costs 810 709 3,339 Total finance expense recognized $ 810 $ 709 $ 3,339

SHARE OPTION PLANS AND ESPP

SHARE OPTION PLANS AND ESPP	3 Months Ended
	Mar. 31, 2022
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 two-year or 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 March 31, 2022 and changes during the period then ended is presented below: Three months ended March 31, 2022 Unaudited Number Weighted Outstanding at beginning of year 8,549,322 $ 33.09 Granted 575,246 80.59 Exercised (175,650) 18.14 Forfeited and canceled (13,467) 77.31 Outstanding as of March 31, 2022 8,935,451 $ 36.38 Exercisable options 5,787,733 $ 24.15 For the three months ended March 31, 2022, options to purchase 175,650 ordinary shares were exercised, resulting in the issuance of 175,650 ordinary shares. A summary of the status of the Company’s RSUs and PSUs as of March 31, 2022 and changes during the period then ended is presented below. Three months ended March 31, 2022 Unaudited Number Weighted Unvested at beginning of year 4,459,107 $ 65.56 Granted 964,555 80.59 Vested (412,175) 84.05 Forfeited and cancelled (15,928) 99.97 Unvested as of March 31, 2022 (1) 4,995,559 66.83 (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 March 31, 2022, in accordance with ASC 718 as follows: March 31, 2022 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 7,500 124,701 80.59 10,050 17,712 84.68 1,500 10,532 94.94 1,000 189,626 $ 114.26 21,667 3,154,536 $ 171,935 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 March 31, 2022, 4,954,997 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: Three months ended March 31, Year ended December 31, 2022 2021 Unaudited Audited Stock Option Plans Expected term (years) 5.33-5.83 5.86-6.00 5.50-6 Expected volatility 60%-62% 60%-60% 60%-63% Risk-free interest rate 1.58%-1.61% 0.85%-0.88% 0.78%-1.27% Dividend yield 0.00 % 0.00 % 0.00 % ESPP Expected term (years) 0.50 0.50 0.50 Expected volatility 51 % 54 % 54%-81% Risk-free interest rate 0.19 % 0.09 % 0.05%-0.09% 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 months ended March 31, 2022 and 2021 and the year ended December 31, 2021 was: Three months ended March 31, Year ended December 31, 2022 2021 Unaudited Audited Cost of revenues $ 952 $ 733 $ 3,471 Research, development and clinical studies 6,801 5,124 27,597 Sales and marketing 6,655 4,471 22,673 General and administrative 10,637 8,535 41,159 Total share-based compensation expense $ 25,045 $ 18,863 $ 94,900

Basic and diluted net income (l

Basic and diluted net income (loss) per ordinary share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic and diluted net income (loss) per ordinary share	Basic and diluted net income (loss) per ordinary share Basic 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 March 31, Year ended December 31, 2022 2021 Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (4,647) $ (4,128) $ (58,351) Weighted average number of ordinary shares used in computing basic net income (loss) per share 104,186,120 102,633,545 103,433,274 Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share: Options — — — Restricted share units — — — ESPP — — — Weighted average number of ordinary shares used in computing diluted net income (loss) per share 104,186,120 102,633,545 103,433,274 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 7,874,118 9,734,269 8,524,922 Basic net income (loss) per ordinary share $ (0.04) $ (0.04) $ (0.56) Diluted net income (loss) per ordinary share $ (0.04) $ (0.04) $ (0.56)

SUPPLEMENTAL INFORMATION

SUPPLEMENTAL INFORMATION	3 Months Ended
	Mar. 31, 2022
Geographic Areas, Long-Lived Assets [Abstract]
SUPPLEMENTAL INFORMATION	SUPPLEMENTAL INFORMATION The Company operates in a single reportable segment. The following table presents long-lived assets by location: March 31, December 31, Unaudited Audited United States $ 24,336 $ 23,263 Israel 5,933 5,297 Switzerland 4,625 4,085 Japan 955 799 Germany 812 1,020 Others 1,203 1,152 Total $ 37,864 $ 35,616 The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows: Three months ended March 31, Year ended December 31, 2022 2021 Unaudited Audited United States $ 97,416 $ 85,908 $ 353,110 EMEA: Germany 19,238 26,364 93,939 Other EMEA 7,775 8,619 30,577 Japan 8,750 8,278 34,640 Greater China (1) 4,368 5,526 22,765 Total net revenues $ 137,547 $ 134,695 $ 535,031 (1) For additional information, see Note 12 to the Consolidated Financial Statements in the 2021 10-K.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Short-term investments	Short-term investments The Company accounts for investments in debt securities in accordance with ASC 320, "Investments—Debt and Equity Securities." Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each balance sheet date. The Company classifies part of its debt securities as available-for-sale and the rest of the balance as held-to-maturity since the Company has the intent and ability to hold the securities to maturity. Available-for-sale debt securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses on sale of investments are included in financial income, net and are derived using the specific identification method for determining the cost of securities sold. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization together with interest on securities is included in financial income, net. Each reporting period, the Company evaluates whether declines in fair value below amortized cost are due to expected credit losses, as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs. Allowance for credit losses on available-for-sale debt securities are recognized in the Company’s consolidated statements of income, and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in stockholders’ equity.

CASH, CASH EQUIVALENTS AND SH_2

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Summary of Cash and Cash Equivalents	As of March 31, 2022 and December 31, 2021, the Company’s cash and cash equivalents were composed of: March 31, December 31, Unaudited Audited Cash $ 8,376 $ 3,139 Money market funds 92,071 64,668 Corporate debt securities 2,580 — Certificate of deposits, notes and term deposits 87,712 140,995 Total cash and cash equivalents $ 190,739 $ 208,802
Summary of Amortized Cost and Recorded Basis of T-bills in Short-Term Investments	As of March 31, 2022 and December 31, 2021, the Company’s short-term investments were: March 31, December 31, Unaudited Audited U.S. Treasury bills $ 24,857 $ 199,981 Other government and governmental agency notes 34,786 — Corporate debt securities 196,274 104,823 Certificate of deposits, notes and term deposits 485,645 424,094 Total short-term investments $ 741,562 $ 728,898

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	As of March 31, 2022 and December 31, 2021, the Company’s inventories were composed of: March 31, December 31, Unaudited Audited Raw materials $ 1,831 $ 1,485 Work in progress 14,010 8,274 Finished products 13,243 14,668 Total $ 29,084 $ 24,427

CONVERTIBLE NOTE (Tables)

CONVERTIBLE NOTE (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of the Convertible Notes	The net carrying amount of the liability of the Notes as of March 31, 2022 and December 31, 2021 are as follows: March 31, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized issuance costs (11,974) (12,784) Net carrying amount of liability component (1) $ 563,026 $ 562,216 (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 March 31, 2022 and December 31, 2021 were $454,285 and $467,469, respectively. Finance expense related to the Notes was as follows: Three months ended March 31, Year ended December 31, 2022 2021 Unaudited Audited Amortization of debt issuance costs 810 709 3,339 Total finance expense recognized $ 810 $ 709 $ 3,339

SHARE OPTION PLANS AND ESPP (Ta

SHARE OPTION PLANS AND ESPP (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and changes during the period then ended is presented below: Three months ended March 31, 2022 Unaudited Number Weighted Outstanding at beginning of year 8,549,322 $ 33.09 Granted 575,246 80.59 Exercised (175,650) 18.14 Forfeited and canceled (13,467) 77.31 Outstanding as of March 31, 2022 8,935,451 $ 36.38 Exercisable options 5,787,733 $ 24.15
Schedule of RSUs and PSUs	A summary of the status of the Company’s RSUs and PSUs as of March 31, 2022 and changes during the period then ended is presented below. Three months ended March 31, 2022 Unaudited Number Weighted Unvested at beginning of year 4,459,107 $ 65.56 Granted 964,555 80.59 Vested (412,175) 84.05 Forfeited and cancelled (15,928) 99.97 Unvested as of March 31, 2022 (1) 4,995,559 66.83 (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 March 31, 2022, in accordance with ASC 718 as follows: March 31, 2022 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 7,500 124,701 80.59 10,050 17,712 84.68 1,500 10,532 94.94 1,000 189,626 $ 114.26 21,667 3,154,536 $ 171,935
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: Three months ended March 31, Year ended December 31, 2022 2021 Unaudited Audited Stock Option Plans Expected term (years) 5.33-5.83 5.86-6.00 5.50-6 Expected volatility 60%-62% 60%-60% 60%-63% Risk-free interest rate 1.58%-1.61% 0.85%-0.88% 0.78%-1.27% Dividend yield 0.00 % 0.00 % 0.00 % ESPP Expected term (years) 0.50 0.50 0.50 Expected volatility 51 % 54 % 54%-81% Risk-free interest rate 0.19 % 0.09 % 0.05%-0.09% 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 months ended March 31, 2022 and 2021 and the year ended December 31, 2021 was: Three months ended March 31, Year ended December 31, 2022 2021 Unaudited Audited Cost of revenues $ 952 $ 733 $ 3,471 Research, development and clinical studies 6,801 5,124 27,597 Sales and marketing 6,655 4,471 22,673 General and administrative 10,637 8,535 41,159 Total share-based compensation expense $ 25,045 $ 18,863 $ 94,900

Basic and diluted net income _2

Basic and diluted net income (loss) per ordinary share (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, Year ended December 31, 2022 2021 Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (4,647) $ (4,128) $ (58,351) Weighted average number of ordinary shares used in computing basic net income (loss) per share 104,186,120 102,633,545 103,433,274 Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share: Options — — — Restricted share units — — — ESPP — — — Weighted average number of ordinary shares used in computing diluted net income (loss) per share 104,186,120 102,633,545 103,433,274 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 7,874,118 9,734,269 8,524,922 Basic net income (loss) per ordinary share $ (0.04) $ (0.04) $ (0.56) Diluted net income (loss) per ordinary share $ (0.04) $ (0.04) $ (0.56)

SUPPLEMENTAL INFORMATION (Table

SUPPLEMENTAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
Geographic Areas, Long-Lived Assets [Abstract]
Schedule of Long-Lived Assets by Location	The following table presents long-lived assets by location: March 31, December 31, Unaudited Audited United States $ 24,336 $ 23,263 Israel 5,933 5,297 Switzerland 4,625 4,085 Japan 955 799 Germany 812 1,020 Others 1,203 1,152 Total $ 37,864 $ 35,616
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 March 31, Year ended December 31, 2022 2021 Unaudited Audited United States $ 97,416 $ 85,908 $ 353,110 EMEA: Germany 19,238 26,364 93,939 Other EMEA 7,775 8,619 30,577 Japan 8,750 8,278 34,640 Greater China (1) 4,368 5,526 22,765 Total net revenues $ 137,547 $ 134,695 $ 535,031 (1) For additional information, see Note 12 to the Consolidated Financial Statements in the 2021 10-K.

CASH, CASH EQUIVALENTS AND SH_3

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 190,739	$ 208,802
Cash
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	8,376	3,139
Money market funds
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	92,071	64,668
Corporate debt securities
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	2,580	0
Certificate of deposits, notes and term deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 87,712	$ 140,995

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	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Short-term investments	$ 741,562	$ 728,898
U.S. Treasury bills
Restricted Cash and Cash Equivalents Items [Line Items]
Short-term investments	24,857	199,981
Other government and governmental agency notes
Restricted Cash and Cash Equivalents Items [Line Items]
Short-term investments	34,786	0
Corporate debt securities
Restricted Cash and Cash Equivalents Items [Line Items]
Short-term investments	196,274	104,823
Certificate of deposits, notes and term deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Short-term investments	$ 485,645	$ 424,094

CASH, CASH EQUIVALENTS AND SH_5

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Estimated fair value of short-term investments	$ 741,562	$ 728,906
Fair Value, Inputs, Level 1
Restricted Cash and Cash Equivalents Items [Line Items]
Estimated fair value of short-term investments	$ 24,857	$ 199,988

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 1,831	$ 1,485
Work in progress	14,010	8,274
Finished products	13,243	14,668
Total	$ 29,084	$ 24,427

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($)	Nov. 06, 2020	Mar. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Pledged bank deposits		$ 2,344,000	$ 2,350,000
Operating lease and other contractual commitments		2,692,000	$ 2,698,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Contractual term	3 years
Maximum borrowing capacity	$ 150,000,000
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Amount outstanding		$ 0

CONVERTIBLE NOTE - Additional I

CONVERTIBLE NOTE - Additional Information (Details) - Convertible Debt - the “Notes” $ in Thousands	Nov. 05, 2020USD ($)
Debt Instrument [Line Items]
Aggregate principal amount	$ 575,000
Stated interest rate	0.00%

CONVERTIBLE NOTE - Liability an

CONVERTIBLE NOTE - Liability and Equity Components of the Convertible Notes (Details) - Convertible Debt - the “Notes” - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal amount	$ 575,000	$ 575,000
Unamortized issuance costs	(11,974)	(12,784)
Net carrying amount of liability component	563,026	562,216
Estimated fair value	$ 454,285	$ 467,469

CONVERTIBLE NOTE - Finance Expe

CONVERTIBLE NOTE - Finance Expense Related to the Convertible Notes (Details) - the “Notes” - Convertible Debt - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 810	$ 709	$ 3,339
Total finance expense recognized	$ 810	$ 709	$ 3,339

SHARE OPTION PLANS AND ESPP - A

SHARE OPTION PLANS AND ESPP - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022shares
Share Capital [Line Items]
Options exercised (in shares)	175,650
ESPP
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	4,954,997
Shares issued under plan (in shares)	175,650
2015 Plan
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	17,070,368
2015 Plan | Options
Share Capital [Line Items]
Stock awards granted, expiration period (years)	10 years
2015 Plan | Options | Minimum
Share Capital [Line Items]
Stock awards granted, vesting period (years)	2 years
2015 Plan | Options | Maximum
Share Capital [Line Items]
Stock awards granted, vesting period (years)	4 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)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of options
Number of options, beginning outstanding (in shares) | shares	8,549,322
Number of options, granted (in shares) | shares	575,246
Number of options, exercised (in shares) | shares	(175,650)
Number of options, forfeited and canceled (in shares) | shares	(13,467)
Number of options, ending outstanding (in shares) | shares	8,935,451
Number of options, exercisable options (in shares) | shares	5,787,733
Weighted average exercise price
Weighted average exercise price, beginning outstanding (in usd per share) | $ / shares	$ 33.09
Weighted average exercise price, granted (in usd per share) | $ / shares	80.59
Weighted average exercise price, exercised (in usd per share) | $ / shares	18.14
Weighted average exercise price, forfeited and canceled (in usd per share) | $ / shares	77.31
Weighted average exercise price, ending outstanding (in usd per share) | $ / shares	36.38
Weighted average exercise price, exercisable options (in usd per share) | $ / shares	$ 24.15

SHARE OPTION PLANS AND ESPP -_2

SHARE OPTION PLANS AND ESPP - Schedule of RSUs and PSUs (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
RSUs/PSUs
Number of RSU/PSUs
Unvested at beginning of year (in shares)	4,459,107
Granted (in shares)	964,555
Vested (in shares)	(412,175)
Forfeited and cancelled (in shares)	(15,928)
Unvested at ending of year (in shares)	4,995,559
Weighted average grant date fair value
Unvested at beginning of year (in usd per share) | $ / shares	$ 65.56
Granted (in usd per share) | $ / shares	80.59
Vested (in usd per share) | $ / shares	84.05
Forfeited and cancelled (in usd per share) | $ / shares	99.97
Unvested at ending of year (in usd per share) | $ / shares	$ 66.83
PSUs
Weighted average grant date fair value
Number of PSUs (in shares)	3,154,536
Total fair value at grant date | $	$ 171,935
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)	124,701
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 80.59
Total fair value at grant date | $	$ 10,050
PSUs | Award Four
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 Five
Weighted average grant date fair value
Number of PSUs (in shares)	10,532
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 94.94
Total fair value at grant date | $	$ 1,000
PSUs | Award Six
Weighted average grant date fair value
Number of PSUs (in shares)	189,626
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 114.26
Total fair value at grant date | $	$ 21,667

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)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility, minimum	51.00%	54.00%	54.00%
Expected volatility, maximum			81.00%
Risk-free interest rate, minimum	0.19%	0.09%	0.05%
Risk-free interest rate, maximum			0.09%
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%	60.00%	60.00%
Expected volatility, maximum	62.00%	60.00%	63.00%
Risk-free interest rate, minimum	1.58%	0.85%	0.78%
Risk-free interest rate, maximum	1.61%	0.88%	1.27%
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 3 months 29 days	5 years 10 months 9 days	5 years 6 months
Stock Option Plans | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	5 years 9 months 29 days	6 years	6 years

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		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 25,045	$ 18,863	$ 94,900
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	952	733	3,471
Research, development and clinical studies
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	6,801	5,124	27,597
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	6,655	4,471	22,673
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 10,637	$ 8,535	$ 41,159

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		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
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	$ (4,647)	$ (4,128)	$ (58,351)
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	104,186,120	102,633,545	103,433,274
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)	104,186,120	102,633,545	103,433,274
Weighted anti-dilutive shares outstanding which were not included in the diluted calculation (in shares)	7,874,118	9,734,269	8,524,922
Basic net income (loss) per ordinary share (in usd per share)	$ (0.04)	$ (0.04)	$ (0.56)
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.04)	$ (0.04)	$ (0.56)
Options
Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share:
Share-based payment arrangements (in shares)	0	0	0
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	0	0
ESPP
Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share:
Share-based payment arrangements (in shares)	0	0	0

SUPPLEMENTAL INFORMATION - Sche

SUPPLEMENTAL INFORMATION - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 37,864	$ 35,616
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	24,336	23,263
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	5,933	5,297
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	4,625	4,085
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	955	799
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	812	1,020
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 1,203	$ 1,152

SUPPLEMENTAL INFORMATION - Sc_2

SUPPLEMENTAL INFORMATION - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 137,547	$ 134,695	$ 535,031
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	97,416	85,908	353,110
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	19,238	26,364	93,939
Other EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	7,775	8,619	30,577
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	8,750	8,278	34,640
Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 4,368	$ 5,526	$ 22,765

Uncategorized Items - nvcr-2022

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]