NovoCure Limited (NVCR) 10-Q 27 Oct 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37565
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 (in shares)		104,950,082
Amendment Flag	false
Document Fiscal Year Focus	2022
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, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 243,805	$ 208,802
Short-term investments	726,515	728,898
Restricted cash	231	807
Trade receivables, net	87,552	93,567
Receivables and prepaid expenses	17,478	17,025
Inventories	26,792	24,427
Total current assets	1,102,373	1,073,526
LONG-TERM ASSETS:
Property and equipment, net	29,745	22,693
Field equipment, net	11,985	12,923
Right-of-use assets	19,405	18,267
Other long-term assets	10,707	12,086
Total long-term assets	71,842	65,969
TOTAL ASSETS	1,174,215	1,139,495
CURRENT LIABILITIES:
Trade payables	77,026	72,600
Other payables, lease liabilities and accrued expenses	64,050	70,002
Total current liabilities	141,076	142,602
LONG-TERM LIABILITIES:
Long-term debt, net	564,677	562,216
Deferred revenue	3,924	6,477
Long-term leases	14,827	12,997
Employee benefit liabilities	4,088	4,543
Other long-term liabilities	222	166
Total long-term liabilities	587,738	586,399
TOTAL LIABILITIES	728,814	729,001
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 104,942,941 shares and 103,971,263 shares at September 30, 2022 (unaudited) and December 31, 2021, respectively	0	0
Additional paid-in capital	1,188,864	1,099,589
Accumulated other comprehensive income (loss)	(2,306)	(3,169)
Retained earnings (accumulated deficit)	(741,157)	(685,926)
TOTAL SHAREHOLDERS' EQUITY	445,401	410,494
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,174,215	$ 1,139,495

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	104,942,941	103,971,263
Common stock, shares outstanding (in shares)	104,942,941	103,971,263

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Statement [Abstract]
Net revenues	$ 130,998	$ 133,606	$ 409,411	$ 401,818	$ 535,031
Cost of revenues	29,749	30,206	85,979	85,190	114,877
Gross profit	101,249	103,400	323,432	316,628	420,154
Operating costs and expenses:
Research, development and clinical studies	51,956	48,141	151,265	144,372	201,303
Sales and marketing	41,395	32,580	124,029	98,075	137,057
General and administrative	32,509	31,231	94,683	95,116	126,127
Total operating costs and expenses	125,860	111,952	369,977	337,563	464,487
Operating income (loss)	(24,611)	(8,552)	(46,545)	(20,935)	(44,333)
Financial expenses (income), net	(1,194)	1,981	2,743	5,567	7,742
Income (loss) before income tax	(23,417)	(10,533)	(49,288)	(26,502)	(52,075)
Income tax	3,159	2,591	5,943	5,391	6,276
Net income (loss)	$ (26,576)	$ (13,124)	$ (55,231)	$ (31,893)	$ (58,351)
Basic net income (loss) per ordinary share (in usd per share)	$ (0.25)	$ (0.13)	$ (0.53)	$ (0.31)	$ (0.56)
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	104,884,583	103,731,147	104,552,803	103,281,380	103,433,274
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.25)	$ (0.13)	$ (0.53)	$ (0.31)	$ (0.56)
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	104,884,583	103,731,147	104,552,803	103,281,380	103,433,274

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (26,576)	$ (13,124)	$ (55,231)	$ (31,893)	$ (58,351)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments	541	(202)	1,550	(57)	302
Unrealized gain (loss) from debt securities	(127)	0	(896)	0	0
Pension benefit plan	(625)	421	209	2,989	361
Total comprehensive income (loss)	$ (26,787)	$ (12,905)	$ (54,368)	$ (28,961)	$ (57,688)

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 capital Cumulative 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, 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
Accounting standards update [extensible enumeration]	Accounting Standards Update 2020-06 [Member]
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)
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 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)
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
Proceeds from issuance of shares (in shares)			17,291
Proceeds from issuance of shares	2,371			2,371
Exercise of options and warrants and vested RSUs (in shares)			436,487
Exercise of options and vested RSUs	8,695			8,695
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]
Share-based compensation to employees	25,758			25,758
Exercise of options and warrants 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)
Beginning balance (in shares) at Dec. 31, 2021			103,971,263
Beginning 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	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)
Beginning balance (in shares) at Dec. 31, 2021			103,971,263
Beginning balance at Dec. 31, 2021	410,494			1,099,589		(3,169)	(685,926)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(55,231)
Ending balance (in shares) at Sep. 30, 2022			104,942,941
Ending balance at Sep. 30, 2022	445,401			1,188,864		(2,306)	(741,157)
Beginning balance (in shares) at Mar. 31, 2022			104,559,088
Beginning balance at Mar. 31, 2022	435,881			1,127,782		(1,328)	(690,573)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	25,823			25,823
Exercise of options and vested RSUs (in shares)			121,888
Exercise of options and vested RSUs	1,984			1,984
Proceeds from issuance of shares (in shares)			46,709
Proceeds from issuance of shares	2,759			2,759
Other comprehensive income (loss), net of tax benefit	(767)					(767)
Net income (loss)	(24,008)						(24,008)
Ending balance (in shares) at Jun. 30, 2022			104,727,685
Ending balance at Jun. 30, 2022	441,672			1,158,348		(2,095)	(714,581)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	26,305			26,305
Exercise of options and vested RSUs (in shares)			215,256
Exercise of options and vested RSUs	4,211			4,211
Other comprehensive income (loss), net of tax benefit	(211)					(211)
Net income (loss)	(26,576)						(26,576)
Ending balance (in shares) at Sep. 30, 2022			104,942,941
Ending balance at Sep. 30, 2022	$ 445,401			$ 1,188,864		$ (2,306)	$ (741,157)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (26,576)	$ (13,124)	$ (55,231)	$ (31,893)	$ (58,351)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	2,659	2,734	7,924	7,584	10,251
Accrued Interest	1	0	(822)	0	(94)
Asset write-downs and impairment of field equipment	163	113	514	467	649
Share-based compensation	26,305	25,758	77,173	72,502	94,900
Foreign currency remeasurement loss (gain)	(141)	495	1,051	3,024	3,231
Decrease (increase) in accounts receivables	11,522	(3,726)	6,318	3,923	5,270
Amortization of discount (premium)	232	785	1,743	2,313	3,101
Decrease (increase) in inventories	2,952	3,818	(2,061)	4,185	2,483
Decrease (increase) in other long-term assets	1,665	1,367	5,885	4,383	4,519
Increase (decrease) in accounts payables and accrued expenses	5,265	8,126	(1,895)	10,622	27,777
Increase (decrease) in other long-term liabilities	(1,627)	(1,946)	(6,104)	(8,758)	(10,980)
Net cash provided by (used in) operating activities	22,420	24,400	34,495	68,352	82,756
Cash flows from investing activities:
Purchase of property, equipment and field equipment	(5,703)	(3,297)	(14,927)	(9,896)	(24,170)
Proceeds from maturity of short-term investments	358,729	350,000	1,074,763	958,000	958,000
Purchase of short-term investments	(503,270)	(44,000)	(1,071,733)	(593,848)	(1,078,664)
Net cash provided by (used in) investing activities	(150,244)	302,703	(11,897)	354,256	(144,834)
Cash flows from financing activities:
Proceeds from issuance of shares, net	0	0	2,759	2,371	4,546
Repayment of long-term debt	(7)	(6)	(21)	(19)	(26)
Exercise of options	4,211	3,042	9,343	19,698	21,182
Net cash provided by (used in) financing activities	4,204	3,036	12,081	22,050	25,702
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(107)	(34)	(252)	(139)	(188)
Increase (decrease) in cash, cash equivalents and restricted cash	(123,727)	330,105	34,427	444,519	(36,564)
Cash, cash equivalents and restricted cash at the beginning of the period	367,763	360,587	209,609	246,173	246,173
Cash, cash equivalents and restricted cash at the end of the period	244,036	690,692	244,036	690,692	209,609
Cash paid during the period for:
Income taxes paid (refunded), net	907	991	3,933	1,075	3,110
Interest paid	1	1	3	3	101
Non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities	$ 2,828	$ 1,023	$ 6,687	$ 1,972	$ 5,387

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 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"). 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 filed with the Securities and Exchange Commission on February 24, 2022 (the "2021 10-K"). 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 ("AFS") and the rest of the balance as held-to-maturity ("HTM") when 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	9 Months Ended
	Sep. 30, 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, and short-term investments include items with maturity dates between three months and one year when purchased. As of September 30, 2022 and December 31, 2021, the Company’s cash and cash equivalents and short-term investments were composed of: September 30, 2022 Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 35,113 $ — $ — $ 35,113 $ 35,113 $ 35,113 $ — Money market funds Level 1 117,400 — — 117,400 117,400 117,400 — Certificate of deposits and term deposits Level 2 337,447 — — 337,447 337,447 75,857 261,590 AFS securities (1) U.S. Treasury bills Level 1 487 — (4) 483 483 — 483 Government and governmental agencies Level 2 8,264 — (48) 8,216 8,216 503 7,713 Corporate debt securities Level 2 137,850 8 (852) 137,006 137,006 137,006 $ 146,601 $ 8 $ (904) $ 145,705 $ 145,705 $ 503 $ 145,202 HTM securities (2) U.S. Treasury bills Level 1 $ 147,936 $ — $ (279) $ 147,657 $ 147,936 $ — $ 147,936 Government and governmental agencies Level 2 $ 34,582 $ — $ (14) $ 34,568 $ 34,582 $ — $ 34,582 Corporate debt securities Level 2 152,137 — (464) 151,673 152,137 14,932 137,205 $ 334,655 $ — $ (757) $ 333,898 $ 334,655 $ 14,932 $ 319,723 Total $ 971,216 $ 8 $ (1,661) $ 969,563 $ 970,320 $ 243,805 $ 726,515 December 31, 2021 Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 3,139 $ — $ — $ 3,139 $ 3,139 $ 3,139 $ — Money market funds Level 1 64,668 — — 64,668 64,668 64,668 — Certificate of deposits, notes and term deposits Level 2 565,089 — — 565,089 565,089 140,995 424,094 HTM securities (2) U.S. Treasury bills Level 1 199,981 8 — 199,989 199,981 — 199,981 Corporate debt securities Level 2 104,823 — — 104,823 104,823 — 104,823 $ 304,804 $ 8 $ — $ 304,812 $ 304,804 $ — $ 304,804 Total $ 937,700 $ 8 $ — $ 937,708 $ 937,700 $ 208,802 $ 728,898 (1) Changes in fair value of AFS securities are recorded in other comprehensive income. If unrealized loss is identified as credit loss, this loss will be recorded as finance expenses. (2) Changes in fair value of HTM securities are presented for disclosure purposes as required by ASC 320 and are recorded as finance expenses only if the unrealized loss is identified as a credit loss. As of September 30, 2022 and December 31, 2021, all investments and equivalents mature in one year or less. Unrealized losses from debt securities are primarily attributable to changes in interest rates. The Company does not believe any remaining unrealized losses represent impairments based on the evaluation of available evidence. Debt securities with continuous unrealized losses for less than 12 months and their related fair values were as follows: September 30, 2022 Less than 12 months Fair value Unrealized loss U.S. Treasury bills $ 483 $ (4) Government and governmental agencies 6,703 (48) Corporate debt securities 132,242 (852) Total $ 139,428 $ (904) As of September 30, 2022, no continuous unrealized losses for 12 months or greater was identified.

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021, the Company’s inventories were composed of: September 30, December 31, Unaudited Audited Raw materials $ 3,138 $ 1,485 Work in progress 8,992 8,274 Finished products 14,662 14,668 Total $ 26,792 $ 24,427

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021, the Company pledged bank deposits of $2,296 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 $2,616 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 September 30, 2022, the Company had no outstanding balance borrowed under the facility.

CONVERTIBLE NOTE

CONVERTIBLE NOTE	9 Months Ended
	Sep. 30, 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 September 30, 2022, the conditions allowing holders of the Notes to convert were not met. The Notes are therefore not convertible as of September 30, 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 amounts of the liability of the Notes as of September 30, 2022 and December 31, 2021 are as follows: September 30, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized issuance costs (10,323) (12,784) Net carrying amount of liability component (1) $ 564,677 $ 562,216 (1) An effective market 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 values of the net carrying amount of liability component of the Notes as of September 30, 2022 and December 31, 2021 were $413,385 and $467,469, respectively. Finance expense related to the Notes was as follows: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2022 2021 2022 2021 Unaudited Unaudited Audited Amortization of debt issuance costs 831 826 2,461 2,511 3,339 Total finance expense recognized $ 831 $ 826 $ 2,461 $ 2,511 $ 3,339

SHARE OPTION PLANS AND ESPP

SHARE OPTION PLANS AND ESPP	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Recognized 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 September 30, 2022 and changes during the period then ended is presented below: Nine months ended September 30, 2022 Unaudited Number Weighted Outstanding at beginning of year 8,549,322 $ 33.09 Granted 751,854 79.46 Exercised (436,289) 21.22 Forfeited and canceled (108,517) 83.57 Outstanding as of September 30, 2022 8,756,370 $ 37.04 Exercisable options 7,104,809 $ 25.32 For the nine months ended September 30, 2022, options to purchase 436,289 ordinary shares were exercised, resulting in the issuance of 436,289 ordinary shares. A summary of the status of the Company’s RSUs and PSUs as of September 30, 2022 and changes during the period then ended is presented below. Nine months ended September 30, 2022 Unaudited Number Weighted Unvested at beginning of year 4,459,107 $ 65.56 Granted 1,195,654 80.21 Vested (488,680) 85.74 Forfeited and cancelled (98,579) 95.45 Unvested as of September 30, 2022 (1) 5,067,502 66.49 (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, 2022, in accordance with ASC 718 as follows: September 30, 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 7,605 $ 87.66 667 10,532 94.94 1,000 189,626 $ 114.26 21,667 3,162,141 $ 172,602 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, 2022, 4,908,288 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, 2022 2021 Unaudited Audited Stock Option Plans Expected term (years) 5.33-5.83 5.50-6.00 5.50-6.00 Expected volatility 60%-62% 60%-63% 60%-63% Risk-free interest rate 1.58%-3.04% 0.78%-1.02% 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%-77% 54%-81% 54%-81% Risk-free interest rate 0.19%-2.52% 0.05%-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 and nine months ended September 30, 2022 and 2021 and the year ended December 31, 2021 was: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2022 2021 2022 2021 Unaudited Unaudited Audited Cost of revenues $ 1,013 $ 808 $ 2,994 $ 2,368 $ 3,471 Research, development and clinical studies 7,430 7,761 21,855 21,390 27,597 Sales and marketing 7,686 5,806 21,143 16,706 22,673 General and administrative 10,176 11,383 31,181 32,038 41,159 Total share-based compensation expense $ 26,305 $ 25,758 $ 77,173 $ 72,502 $ 94,900

BASIC AND DILUTED NET INCOME (L

BASIC AND DILUTED NET INCOME (LOSS) PER ORDINARY SHARE	9 Months Ended
	Sep. 30, 2022
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, 2022 2021 2022 2021 Unaudited Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (26,576) $ (13,124) $ (55,231) $ (31,893) $ (58,351) Weighted average number of ordinary shares used in computing basic net income (loss) per share 104,884,583 103,731,147 104,552,803 103,281,380 103,433,274 Weighted average number of ordinary shares used in computing diluted net income (loss) per share 104,884,583 103,731,147 104,552,803 103,281,380 103,433,274 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 7,289,441 8,084,045 7,668,684 8,827,739 8,524,922 Basic net income (loss) per ordinary share $ (0.25) $ (0.13) $ (0.53) $ (0.31) $ (0.56) Diluted net income (loss) per ordinary share $ (0.25) $ (0.13) $ (0.53) $ (0.31) $ (0.56)

SUPPLEMENTAL INFORMATION

SUPPLEMENTAL INFORMATION	9 Months Ended
	Sep. 30, 2022
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 $ 28,459 $ 23,263 Israel 6,579 5,297 Switzerland 4,201 4,085 Japan 878 799 Germany 669 1,020 Others 944 1,152 Total $ 41,730 $ 35,616 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, 2022 2021 2022 2021 Unaudited Unaudited Audited United States $ 102,651 $ 88,032 $ 308,270 $ 261,079 $ 353,110 EMEA: Germany 6,780 23,208 36,366 74,934 93,939 Other EMEA 7,538 7,081 23,423 23,035 30,577 Japan 7,865 8,778 24,887 25,806 34,640 Greater China (1) 6,164 6,507 16,465 16,964 22,765 Total net revenues $ 130,998 $ 133,606 $ 409,411 $ 401,818 $ 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)	9 Months Ended
	Sep. 30, 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 ("AFS") and the rest of the balance as held-to-maturity ("HTM") when 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)	9 Months Ended
	Sep. 30, 2022
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Summary of Cash and Cash Equivalents	As of September 30, 2022 and December 31, 2021, the Company’s cash and cash equivalents and short-term investments were composed of: September 30, 2022 Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 35,113 $ — $ — $ 35,113 $ 35,113 $ 35,113 $ — Money market funds Level 1 117,400 — — 117,400 117,400 117,400 — Certificate of deposits and term deposits Level 2 337,447 — — 337,447 337,447 75,857 261,590 AFS securities (1) U.S. Treasury bills Level 1 487 — (4) 483 483 — 483 Government and governmental agencies Level 2 8,264 — (48) 8,216 8,216 503 7,713 Corporate debt securities Level 2 137,850 8 (852) 137,006 137,006 137,006 $ 146,601 $ 8 $ (904) $ 145,705 $ 145,705 $ 503 $ 145,202 HTM securities (2) U.S. Treasury bills Level 1 $ 147,936 $ — $ (279) $ 147,657 $ 147,936 $ — $ 147,936 Government and governmental agencies Level 2 $ 34,582 $ — $ (14) $ 34,568 $ 34,582 $ — $ 34,582 Corporate debt securities Level 2 152,137 — (464) 151,673 152,137 14,932 137,205 $ 334,655 $ — $ (757) $ 333,898 $ 334,655 $ 14,932 $ 319,723 Total $ 971,216 $ 8 $ (1,661) $ 969,563 $ 970,320 $ 243,805 $ 726,515 December 31, 2021 Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 3,139 $ — $ — $ 3,139 $ 3,139 $ 3,139 $ — Money market funds Level 1 64,668 — — 64,668 64,668 64,668 — Certificate of deposits, notes and term deposits Level 2 565,089 — — 565,089 565,089 140,995 424,094 HTM securities (2) U.S. Treasury bills Level 1 199,981 8 — 199,989 199,981 — 199,981 Corporate debt securities Level 2 104,823 — — 104,823 104,823 — 104,823 $ 304,804 $ 8 $ — $ 304,812 $ 304,804 $ — $ 304,804 Total $ 937,700 $ 8 $ — $ 937,708 $ 937,700 $ 208,802 $ 728,898 (1) Changes in fair value of AFS securities are recorded in other comprehensive income. If unrealized loss is identified as credit loss, this loss will be recorded as finance expenses. (2) Changes in fair value of HTM securities are presented for disclosure purposes as required by ASC 320 and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.
Schedule of Available-for-Sale Securities Reconciliation	As of September 30, 2022 and December 31, 2021, the Company’s cash and cash equivalents and short-term investments were composed of: September 30, 2022 Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 35,113 $ — $ — $ 35,113 $ 35,113 $ 35,113 $ — Money market funds Level 1 117,400 — — 117,400 117,400 117,400 — Certificate of deposits and term deposits Level 2 337,447 — — 337,447 337,447 75,857 261,590 AFS securities (1) U.S. Treasury bills Level 1 487 — (4) 483 483 — 483 Government and governmental agencies Level 2 8,264 — (48) 8,216 8,216 503 7,713 Corporate debt securities Level 2 137,850 8 (852) 137,006 137,006 137,006 $ 146,601 $ 8 $ (904) $ 145,705 $ 145,705 $ 503 $ 145,202 HTM securities (2) U.S. Treasury bills Level 1 $ 147,936 $ — $ (279) $ 147,657 $ 147,936 $ — $ 147,936 Government and governmental agencies Level 2 $ 34,582 $ — $ (14) $ 34,568 $ 34,582 $ — $ 34,582 Corporate debt securities Level 2 152,137 — (464) 151,673 152,137 14,932 137,205 $ 334,655 $ — $ (757) $ 333,898 $ 334,655 $ 14,932 $ 319,723 Total $ 971,216 $ 8 $ (1,661) $ 969,563 $ 970,320 $ 243,805 $ 726,515 December 31, 2021 Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 3,139 $ — $ — $ 3,139 $ 3,139 $ 3,139 $ — Money market funds Level 1 64,668 — — 64,668 64,668 64,668 — Certificate of deposits, notes and term deposits Level 2 565,089 — — 565,089 565,089 140,995 424,094 HTM securities (2) U.S. Treasury bills Level 1 199,981 8 — 199,989 199,981 — 199,981 Corporate debt securities Level 2 104,823 — — 104,823 104,823 — 104,823 $ 304,804 $ 8 $ — $ 304,812 $ 304,804 $ — $ 304,804 Total $ 937,700 $ 8 $ — $ 937,708 $ 937,700 $ 208,802 $ 728,898 (1) Changes in fair value of AFS securities are recorded in other comprehensive income. If unrealized loss is identified as credit loss, this loss will be recorded as finance expenses. (2) Changes in fair value of HTM securities are presented for disclosure purposes as required by ASC 320 and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.
Summary of Amortized Cost and Recorded Basis of T-bills in Short-Term Investments	As of September 30, 2022 and December 31, 2021, the Company’s cash and cash equivalents and short-term investments were composed of: September 30, 2022 Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 35,113 $ — $ — $ 35,113 $ 35,113 $ 35,113 $ — Money market funds Level 1 117,400 — — 117,400 117,400 117,400 — Certificate of deposits and term deposits Level 2 337,447 — — 337,447 337,447 75,857 261,590 AFS securities (1) U.S. Treasury bills Level 1 487 — (4) 483 483 — 483 Government and governmental agencies Level 2 8,264 — (48) 8,216 8,216 503 7,713 Corporate debt securities Level 2 137,850 8 (852) 137,006 137,006 137,006 $ 146,601 $ 8 $ (904) $ 145,705 $ 145,705 $ 503 $ 145,202 HTM securities (2) U.S. Treasury bills Level 1 $ 147,936 $ — $ (279) $ 147,657 $ 147,936 $ — $ 147,936 Government and governmental agencies Level 2 $ 34,582 $ — $ (14) $ 34,568 $ 34,582 $ — $ 34,582 Corporate debt securities Level 2 152,137 — (464) 151,673 152,137 14,932 137,205 $ 334,655 $ — $ (757) $ 333,898 $ 334,655 $ 14,932 $ 319,723 Total $ 971,216 $ 8 $ (1,661) $ 969,563 $ 970,320 $ 243,805 $ 726,515 December 31, 2021 Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 3,139 $ — $ — $ 3,139 $ 3,139 $ 3,139 $ — Money market funds Level 1 64,668 — — 64,668 64,668 64,668 — Certificate of deposits, notes and term deposits Level 2 565,089 — — 565,089 565,089 140,995 424,094 HTM securities (2) U.S. Treasury bills Level 1 199,981 8 — 199,989 199,981 — 199,981 Corporate debt securities Level 2 104,823 — — 104,823 104,823 — 104,823 $ 304,804 $ 8 $ — $ 304,812 $ 304,804 $ — $ 304,804 Total $ 937,700 $ 8 $ — $ 937,708 $ 937,700 $ 208,802 $ 728,898 (1) Changes in fair value of AFS securities are recorded in other comprehensive income. If unrealized loss is identified as credit loss, this loss will be recorded as finance expenses. (2) Changes in fair value of HTM securities are presented for disclosure purposes as required by ASC 320 and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.
Debt Securities, Available-for-Sale	Debt securities with continuous unrealized losses for less than 12 months and their related fair values were as follows: September 30, 2022 Less than 12 months Fair value Unrealized loss U.S. Treasury bills $ 483 $ (4) Government and governmental agencies 6,703 (48) Corporate debt securities 132,242 (852) Total $ 139,428 $ (904)

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	As of September 30, 2022 and December 31, 2021, the Company’s inventories were composed of: September 30, December 31, Unaudited Audited Raw materials $ 3,138 $ 1,485 Work in progress 8,992 8,274 Finished products 14,662 14,668 Total $ 26,792 $ 24,427

CONVERTIBLE NOTE (Tables)

CONVERTIBLE NOTE (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Summary of the Convertible Notes	The net carrying amounts of the liability of the Notes as of September 30, 2022 and December 31, 2021 are as follows: September 30, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized issuance costs (10,323) (12,784) Net carrying amount of liability component (1) $ 564,677 $ 562,216 (1) An effective market 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 values of the net carrying amount of liability component of the Notes as of September 30, 2022 and December 31, 2021 were $413,385 and $467,469, respectively. Finance expense related to the Notes was as follows: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2022 2021 2022 2021 Unaudited Unaudited Audited Amortization of debt issuance costs 831 826 2,461 2,511 3,339 Total finance expense recognized $ 831 $ 826 $ 2,461 $ 2,511 $ 3,339

SHARE OPTION PLANS AND ESPP (Ta

SHARE OPTION PLANS AND ESPP (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Schedule of Stock Option Plans	A summary of the status of the Company’s option plans as of September 30, 2022 and changes during the period then ended is presented below: Nine months ended September 30, 2022 Unaudited Number Weighted Outstanding at beginning of year 8,549,322 $ 33.09 Granted 751,854 79.46 Exercised (436,289) 21.22 Forfeited and canceled (108,517) 83.57 Outstanding as of September 30, 2022 8,756,370 $ 37.04 Exercisable options 7,104,809 $ 25.32
Schedule of RSUs and PSUs	A summary of the status of the Company’s RSUs and PSUs as of September 30, 2022 and changes during the period then ended is presented below. Nine months ended September 30, 2022 Unaudited Number Weighted Unvested at beginning of year 4,459,107 $ 65.56 Granted 1,195,654 80.21 Vested (488,680) 85.74 Forfeited and cancelled (98,579) 95.45 Unvested as of September 30, 2022 (1) 5,067,502 66.49 (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, 2022, in accordance with ASC 718 as follows: September 30, 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 7,605 $ 87.66 667 10,532 94.94 1,000 189,626 $ 114.26 21,667 3,162,141 $ 172,602
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, 2022 2021 Unaudited Audited Stock Option Plans Expected term (years) 5.33-5.83 5.50-6.00 5.50-6.00 Expected volatility 60%-62% 60%-63% 60%-63% Risk-free interest rate 1.58%-3.04% 0.78%-1.02% 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%-77% 54%-81% 54%-81% Risk-free interest rate 0.19%-2.52% 0.05%-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 and nine months ended September 30, 2022 and 2021 and the year ended December 31, 2021 was: Three months ended September 30, Nine months ended September 30, Year ended December 31, 2022 2021 2022 2021 Unaudited Unaudited Audited Cost of revenues $ 1,013 $ 808 $ 2,994 $ 2,368 $ 3,471 Research, development and clinical studies 7,430 7,761 21,855 21,390 27,597 Sales and marketing 7,686 5,806 21,143 16,706 22,673 General and administrative 10,176 11,383 31,181 32,038 41,159 Total share-based compensation expense $ 26,305 $ 25,758 $ 77,173 $ 72,502 $ 94,900

BASIC AND DILUTED NET INCOME _2

BASIC AND DILUTED NET INCOME (LOSS) PER ORDINARY SHARE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, Year ended December 31, 2022 2021 2022 2021 Unaudited Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (26,576) $ (13,124) $ (55,231) $ (31,893) $ (58,351) Weighted average number of ordinary shares used in computing basic net income (loss) per share 104,884,583 103,731,147 104,552,803 103,281,380 103,433,274 Weighted average number of ordinary shares used in computing diluted net income (loss) per share 104,884,583 103,731,147 104,552,803 103,281,380 103,433,274 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 7,289,441 8,084,045 7,668,684 8,827,739 8,524,922 Basic net income (loss) per ordinary share $ (0.25) $ (0.13) $ (0.53) $ (0.31) $ (0.56) Diluted net income (loss) per ordinary share $ (0.25) $ (0.13) $ (0.53) $ (0.31) $ (0.56)

SUPPLEMENTAL INFORMATION (Table

SUPPLEMENTAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
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 $ 28,459 $ 23,263 Israel 6,579 5,297 Switzerland 4,201 4,085 Japan 878 799 Germany 669 1,020 Others 944 1,152 Total $ 41,730 $ 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 September 30, Nine months ended September 30, Year ended December 31, 2022 2021 2022 2021 Unaudited Unaudited Audited United States $ 102,651 $ 88,032 $ 308,270 $ 261,079 $ 353,110 EMEA: Germany 6,780 23,208 36,366 74,934 93,939 Other EMEA 7,538 7,081 23,423 23,035 30,577 Japan 7,865 8,778 24,887 25,806 34,640 Greater China (1) 6,164 6,507 16,465 16,964 22,765 Total net revenues $ 130,998 $ 133,606 $ 409,411 $ 401,818 $ 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 - Cash and Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	$ 243,805	$ 208,802
AFS Securities
Adjusted cost basis	146,601
Unrealized gains	8
Unrealized losses	(904)
Debt securities, fair market value and recorded basis	145,705
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis	334,655	304,804
Unrealized gains	0	8
Unrealized losses	(757)	0
Fair market value	333,898	304,812
Debt securities, available-for-sale and held-to-maturity, Adjusted cost basis	971,216	937,700
Debt securities, available-for-sale and held-to-maturity, Unrealized gains	8	8
Debt securities, available-for-sale and held-to-maturity, Unrealized losses	(1,661)	0
Debt securities, available-for-sale and held-to-maturity, fair value	969,563	937,708
Debt securities, available-for-sale and held-to-maturity	970,320	937,700
Cash and Cash Equivalents
AFS Securities
Debt securities, fair market value and recorded basis	503
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis	14,932
Debt securities, available-for-sale and held-to-maturity	243,805	208,802
Short-Term Investments
AFS Securities
Debt securities, fair market value and recorded basis	145,202
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis	319,723	304,804
Debt securities, available-for-sale and held-to-maturity	726,515	728,898
Level 1 | U.S. Treasury bills
AFS Securities
Adjusted cost basis	487
Unrealized gains	0
Unrealized losses	(4)
Debt securities, fair market value and recorded basis	483
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis	147,936
Unrealized gains	0
Unrealized losses	(279)
Fair market value	147,657
Level 1 | U.S. Treasury bills | Short-Term Investments
AFS Securities
Debt securities, fair market value and recorded basis	483
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis	147,936
Level 2 | U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis		199,981
Unrealized gains		8
Unrealized losses		0
Fair market value		199,989
Level 2 | U.S. Treasury bills | Short-Term Investments
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis		199,981
Level 2 | Government and governmental agencies
AFS Securities
Adjusted cost basis	8,264
Unrealized gains	0
Unrealized losses	(48)
Debt securities, fair market value and recorded basis	8,216
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis	34,582
Unrealized gains	0
Unrealized losses	(14)
Fair market value	34,568
Level 2 | Government and governmental agencies | Cash and Cash Equivalents
AFS Securities
Debt securities, fair market value and recorded basis	503
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis	0
Level 2 | Government and governmental agencies | Short-Term Investments
AFS Securities
Debt securities, fair market value and recorded basis	7,713
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis	34,582
Level 2 | Corporate debt securities
AFS Securities
Adjusted cost basis	137,850
Unrealized gains	8
Unrealized losses	(852)
Debt securities, fair market value and recorded basis	137,006
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis	152,137	104,823
Unrealized gains	0	0
Unrealized losses	(464)	0
Fair market value	151,673	104,823
Level 2 | Corporate debt securities | Cash and Cash Equivalents
AFS Securities
Debt securities, fair market value and recorded basis
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis	14,932
Level 2 | Corporate debt securities | Short-Term Investments
AFS Securities
Debt securities, fair market value and recorded basis	137,006
HTM Securities
Debt securities, held-to-maturity, Adjusted cost basis and Recorded basis	137,205	104,823
Cash
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	35,113	3,139
Cash | Cash and Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	35,113	3,139
Money market funds | Level 1
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	117,400	64,668
Money market funds | Level 1 | Cash and Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	117,400	64,668
Certificate of deposits and term deposits | Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	337,447	565,089
Certificate of deposits and term deposits | Level 2 | Cash and Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	75,857	140,995
Certificate of deposits and term deposits | Level 2 | Short-Term Investments
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	$ 261,590	$ 424,094

CASH, CASH EQUIVALENTS AND SH_4

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Debt Securities with Continuous Unrealized Losses (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair value	$ 139,428
Unrealized loss	(904)
U.S. Treasury bills
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair value	483
Unrealized loss	(4)
Government and governmental agencies
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair value	6,703
Unrealized loss	(48)
Corporate debt securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair value	132,242
Unrealized loss	$ (852)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 3,138	$ 1,485
Work in progress	8,992	8,274
Finished products	14,662	14,668
Total	$ 26,792	$ 24,427

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($)	Nov. 06, 2020	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Pledged bank deposits		$ 2,296,000	$ 2,350,000
Operating lease and other contractual commitments		2,616,000	$ 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”	Nov. 05, 2020 USD ($)
Debt Instrument [Line Items]
Aggregate principal amount	$ 575,000,000
Stated interest rate	0%

CONVERTIBLE NOTE - Liability an

CONVERTIBLE NOTE - Liability and Equity Components of the Convertible Notes (Details) - Convertible Debt - the “Notes” - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal amount	$ 575,000	$ 575,000
Unamortized issuance costs	(10,323)	(12,784)
Net carrying amount of liability component	564,677	562,216
Estimated fair value	$ 413,385	$ 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		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 831	$ 826	$ 2,461	$ 2,511	$ 3,339
Total finance expense recognized	$ 831	$ 826	$ 2,461	$ 2,511	$ 3,339

SHARE OPTION PLANS AND ESPP - A

SHARE OPTION PLANS AND ESPP - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 shares
Share Capital [Line Items]
Options exercised (in shares)	436,289
ESPP
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	4,908,288
Shares issued under plan (in shares)	436,289
2015 Plan
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	16,836,815
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)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of options
Number of options, beginning outstanding (in shares) | shares	8,549,322
Number of options, granted (in shares) | shares	751,854
Number of options, exercised (in shares) | shares	(436,289)
Number of options, forfeited and canceled (in shares) | shares	(108,517)
Number of options, ending outstanding (in shares) | shares	8,756,370
Number of options, exercisable options (in shares) | shares	7,104,809
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	79.46
Weighted average exercise price, exercised (in usd per share) | $ / shares	21.22
Weighted average exercise price, forfeited and canceled (in usd per share) | $ / shares	83.57
Weighted average exercise price, ending outstanding (in usd per share) | $ / shares	37.04
Weighted average exercise price, exercisable options (in usd per share) | $ / shares	$ 25.32

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, 2022 USD ($) $ / shares shares
RSUs/PSUs
Number of RSU/PSUs
Unvested at beginning of year (in shares)	4,459,107
Granted (in shares)	1,195,654
Vested (in shares)	(488,680)
Forfeited and cancelled (in shares)	(98,579)
Unvested at ending of year (in shares)	5,067,502
Weighted average grant date fair value
Unvested at beginning of year (in usd per share) | $ / shares	$ 65.56
Granted (in usd per share) | $ / shares	80.21
Vested (in usd per share) | $ / shares	85.74
Forfeited and cancelled (in usd per share) | $ / shares	95.45
Unvested at ending of year (in usd per share) | $ / shares	$ 66.49
PSUs
Weighted average grant date fair value
Number of PSUs (in shares)	3,162,141
Total fair value at grant date | $	$ 172,602
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)	7,605
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 87.66
Total fair value at grant date | $	$ 667
PSUs | Award Six
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 Seven
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)	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 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%	54%	54%
Expected volatility, maximum	77%	81%	81%
Risk-free interest rate, minimum	0.19%	0.05%	0.05%
Risk-free interest rate, maximum	2.52%	0.09%	0.09%
Dividend yield	0%	0%	0%
Stock Option Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	60%	60%	60%
Expected volatility, maximum	62%	63%	63%
Risk-free interest rate, minimum	1.58%	0.78%	0.78%
Risk-free interest rate, maximum	3.04%	1.02%	1.27%
Dividend yield	0%	0%	0%
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 6 months	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		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 26,305	$ 25,758	$ 77,173	$ 72,502	$ 94,900
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1,013	808	2,994	2,368	3,471
Research, development and clinical studies
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	7,430	7,761	21,855	21,390	27,597
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	7,686	5,806	21,143	16,706	22,673
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 10,176	$ 11,383	$ 31,181	$ 32,038	$ 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						9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share	$ (26,576)	$ (24,008)	$ (4,647)	$ (13,124)	$ (14,641)	$ (4,128)	$ (55,231)	$ (31,893)	$ (58,351)
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	104,884,583			103,731,147			104,552,803	103,281,380	103,433,274
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	104,884,583			103,731,147			104,552,803	103,281,380	103,433,274
Weighted anti-dilutive shares outstanding which were not included in the diluted calculation (in shares)	7,289,441			8,084,045			7,668,684	8,827,739	8,524,922
Basic net income (loss) per ordinary share (in usd per share)	$ (0.25)			$ (0.13)			$ (0.53)	$ (0.31)	$ (0.56)
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.25)			$ (0.13)			$ (0.53)	$ (0.31)	$ (0.56)

SUPPLEMENTAL INFORMATION - Sche

SUPPLEMENTAL INFORMATION - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 41,730	$ 35,616
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	28,459	23,263
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	6,579	5,297
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	4,201	4,085
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	878	799
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	669	1,020
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 944	$ 1,152

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 130,998	$ 133,606	$ 409,411	$ 401,818	$ 535,031
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	102,651	88,032	308,270	261,079	353,110
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	6,780	23,208	36,366	74,934	93,939
Other EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	7,538	7,081	23,423	23,035	30,577
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	7,865	8,778	24,887	25,806	34,640
Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 6,164	$ 6,507	$ 16,465	$ 16,964	$ 22,765