NovoCure Limited (NVCR) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		106,209,251
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 185,963	$ 115,326
Short-term investments	772,072	854,099
Restricted cash	676	508
Trade receivables, net	74,830	86,261
Receivables and prepaid expenses	23,730	25,959
Inventories	31,723	29,376
Total current assets	1,088,994	1,111,529
LONG-TERM ASSETS:
Property and equipment, net	36,454	32,678
Field equipment, net	12,216	12,684
Right-of-use assets	25,529	23,596
Other long-term assets	11,147	11,161
Total long-term assets	85,346	80,119
TOTAL ASSETS	1,174,340	1,191,648
CURRENT LIABILITIES:
Trade payables	81,469	85,197
Other payables, lease liabilities and accrued expenses	67,306	73,580
Total current liabilities	148,775	158,777
LONG-TERM LIABILITIES:
Long-term debt, net	566,324	565,509
Deferred revenues	1,843	2,878
Long-term leases	19,973	18,762
Employee benefit liabilities	5,143	4,404
Other long-term liabilities	136	148
Total long-term liabilities	593,419	591,701
TOTAL LIABILITIES	742,194	750,478
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 106,187,162 shares and 105,049,411 shares at March 31, 2023 (unaudited) and December 31, 2022, respectively	0	0
Additional paid-in capital	1,266,358	1,222,063
Accumulated other comprehensive income (loss)	(2,691)	(2,433)
Retained earnings (accumulated deficit)	(831,521)	(778,460)
TOTAL SHAREHOLDERS' EQUITY	432,146	441,170
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,174,340	$ 1,191,648

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	106,187,162	105,049,411
Common stock, shares outstanding (in shares)	106,187,162	105,049,411

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Statement [Abstract]
Net revenues	$ 122,182	$ 137,547	$ 537,840
Cost of revenues	29,614	27,727	114,867
Gross profit	92,568	109,820	422,973
Operating costs and expenses:
Research, development and clinical studies	59,704	42,234	206,085
Sales and marketing	51,169	37,884	173,658
General and administrative	41,944	30,508	132,753
Total operating costs and expenses	152,817	110,626	512,496
Operating income (loss)	(60,249)	(806)	(89,523)
Financial income (expenses), net	9,169	(1,709)	7,677
Income (loss) before income tax	(51,080)	(2,515)	(81,846)
Income tax	1,981	2,132	10,688
Net income (loss)	$ (53,061)	$ (4,647)	$ (92,534)
Basic net income (loss) per ordinary share (in usd per share)	$ (0.50)	$ (0.04)	$ (0.88)
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	105,667,072	104,186,120	104,660,476
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.50)	$ (0.04)	$ (0.88)
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	105,667,072	104,186,120	104,660,476

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (53,061)	$ (4,647)	$ (92,534)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments	300	330	1,425
Unrealized gain (loss) from debt securities	357	0	(445)
Pension benefit plan	(915)	1,511	(244)
Total comprehensive income (loss)	$ (53,319)	$ (2,806)	$ (91,798)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Ordinary shares	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings (accumulated deficit)
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 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)
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)	(92,534)
Ending balance (in shares) at Dec. 31, 2022		105,049,411
Ending balance at Dec. 31, 2022	441,170		1,222,063	(2,433)	(778,460)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	39,084		39,084
Exercise of options and vested RSUs (in shares)		1,137,751
Exercise of options and vested RSUs	5,211		5,211
Other comprehensive income (loss), net of tax benefit of $0	(258)			(258)
Net income (loss)	(53,061)				(53,061)
Ending balance (in shares) at Mar. 31, 2023		106,187,162
Ending balance at Mar. 31, 2023	$ 432,146		$ 1,266,358	$ (2,691)	$ (831,521)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (53,061)	$ (4,647)	$ (92,534)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,722	2,610	10,624
Accrued Interest	(1,120)	(221)	(2,216)
Asset write-downs and impairment of field equipment	126	135	955
Share-based compensation	39,084	25,045	106,955
Foreign currency remeasurement loss (gain)	(127)	249	(3,256)
Decrease (increase) in accounts receivables	14,511	(7,461)	2,547
Amortization of discount (premium)	(4,056)	684	(1,536)
Decrease (increase) in inventories	(2,718)	(4,804)	(4,342)
Decrease (increase) in other long-term assets	1,534	1,863	7,107
Increase (decrease) in accounts payables and accrued expenses	(10,464)	(14,809)	14,257
Increase (decrease) in other long-term liabilities	(3,158)	(2,331)	(7,773)
Net cash provided by (used in) operating activities	(16,727)	(3,687)	30,788
Cash flows from investing activities:
Purchase of property, equipment and field equipment	(6,088)	(5,093)	(21,358)
Proceeds from maturity of short-term investments	326,287	279,000	1,179,289
Purchase of short-term investments	(237,912)	(291,317)	(1,297,888)
Net cash provided by (used in) investing activities	82,287	(17,410)	(139,957)
Cash flows from financing activities:
Proceeds from issuance of shares, net	0	0	5,224
Repayment of long-term debt	(7)	(7)	(28)
Exercise of options	5,211	3,148	10,295
Net cash provided by (used in) financing activities	5,204	3,141	15,491
Effect of exchange rate changes on cash, cash equivalents and restricted cash	41	(25)	(97)
Increase (decrease) in cash, cash equivalents and restricted cash	70,805	(17,981)	(93,775)
Cash, cash equivalents and restricted cash at the beginning of the period	115,834	209,609	209,609
Cash, cash equivalents and restricted cash at the end of the period	186,639	191,628	115,834
Cash paid during the period for:
Income taxes paid (refunded), net	1,712	1,173	5,480
Interest paid	1	1	41
Non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities	$ 3,451	$ 3,580	$ 12,117

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
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"). 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, 2022 (the "2022 10-K") filed with the Securities and Exchange Commission on February 23, 2023. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2022 10-K are applied consistently in these unaudited interim consolidated financial statements.

CASH, CASH EQUIVALENTS AND SHOR

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, the Company’s cash and cash equivalents and short-term investments were composed of: March 31, 2023 Unaudited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 11,602 $ — $ — $ 11,602 $ 11,602 $ 11,602 $ — Money market funds Level 1 132,636 — — 132,636 132,636 132,636 — Certificate of deposits and term deposits Level 2 295,804 — — 295,804 295,804 2,000 293,804 HTM securities (1) U.S. Treasury bills Level 1 $ 166,659 $ 8 $ (272) 166,395 166,659 $ — $ 166,659 Government and governmental agencies Level 2 $ 26,512 $ 95 $ (9) 26,598 26,512 $ — $ 26,512 Corporate debt securities Level 2 $ 324,822 $ 1,570 $ (1,186) 325,206 324,822 $ 39,725 $ 285,097 $ 517,993 $ 1,673 $ (1,467) $ 518,199 $ 517,993 $ 39,725 $ 478,268 Total $ 958,035 $ 1,673 $ (1,467) $ 958,241 $ 958,035 $ 185,963 $ 772,072 December 31, 2022 Audited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 9,697 $ — $ — $ 9,697 $ 9,697 $ 9,697 $ — Money market funds Level 1 105,629 — — 105,629 105,629 105,629 — Certificate of deposits and term deposits Level 2 316,946 — — 316,946 316,946 — 316,946 HTM securities (1) U.S. Treasury bills Level 1 $ 188,030 $ 8 $ (540) 187,498 188,030 $ — $ 188,030 Government and governmental agencies Level 2 $ 44,357 $ 12 $ (12) 44,357 44,357 $ — $ 44,357 Corporate debt securities Level 2 $ 304,766 $ 1,066 $ (587) 305,245 304,766 $ — $ 304,766 $ 537,153 $ 1,086 $ (1,139) $ 537,100 $ 537,153 $ — $ 537,153 Total $ 969,425 $ 1,086 $ (1,139) $ 969,372 $ 969,425 $ 115,326 $ 854,099 (1) Changes in fair value of held-to-maturity ("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. In November 2022, the Company transferred all of its available-for-sale portfolio to HTM as part of the Company's investment strategy. Such transfers are made at fair value at the date of transfer. The net unrealized loss on these securities at the date of transfer was $911. These securities continue to be reported in accumulated comprehensive income (loss) and are amortized over the remaining lives of the securities as an adjustment to the yield. As of March 31, 2023 and December 31, 2022, the unamortized unrealized loss balances were $88 and $445, respectively, and are reported in accumulated other comprehensive income (loss). In accordance with ASC No. 820, the Company measures its money market funds at fair value. The fair value of the money market funds and HTM securities, which is presented for disclosure purposes, are classified within Level 1 or Level 2. This is because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. As of March 31, 2023 and December 31, 2022, all investments 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: March 31, 2023 December 31, 2022 Unaudited Audited Less than 12 months Less than 12 months Fair value Unrealized loss Fair value Unrealized loss U.S. Treasury bills 116,323 (272) 162,813 (540) Government and governmental agencies 1,597 (9) 38,477 (12) Corporate debt securities 224,483 (1,186) 162,085 (587) Total 342,403 (1,467) 363,375 (1,139) As of March 31, 2023, no continuous unrealized losses for 12 months or greater was identified.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022, the Company’s inventories were composed of: March 31, December 31, Unaudited Audited Raw materials $ 4,590 $ 4,314 Work in progress 9,797 9,321 Finished products 17,336 15,741 Total $ 31,723 $ 29,376

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Mar. 31, 2023
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 2026. Pledged deposits and bank guarantees. As of March 31, 2023 and December 31, 2022, the Company pledged bank deposits of $2,341 and $2,296, 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 $2,700 and $2,459, respectively . Senior secured revolving credit facility. On November 6, 2020, the Company entered into a three-year $150,000 senior secured revolving credit facility ("2020 Credit Facility") with a syndicate of relationship banks. On February 17, 2023, the Company gave irrevocable notice to the administrative agent under the 2020 Credit Facility that the Company terminated all commitments, effective February 22, 2023. This effectively terminated the 2020 Credit Facility, as the Company's ability to borrow and the Company's obligations to comply with all covenants ended on such date. The liens and guaranties in favor of the lenders are released. There was no early termination fee payable and the Company had no outstanding balance borrowed under the 2020 Credit Facility. The commitments under the 2020 Credit Facility were guaranteed by certain of the Company's subsidiaries and secured by a first lien on the Company's and certain of its subsidiaries’ assets. Outstanding loans bore interest per annum at a sliding scale based on the our secured leverage ratio from 2.75% to 3.25% above the applicable interbank borrowing reference rate for the currency in which the loan is denominated. Additionally, the 2020 Credit Facility contained a fee for the unused revolving credit commitments at a sliding scale based on our secured leverage ratio from 0.35% to 0.45%. The 2020 Credit Facility contained financial covenants requiring maintenance of a minimum fixed charge coverage ratio and specifying a maximum senior secured net leverage ratio, as well as customary events of default which include a change of control, which are no longer applicable.

CONVERTIBLE NOTE

CONVERTIBLE NOTE	3 Months Ended
	Mar. 31, 2023
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, 2023, the conditions allowing holders of the Notes to convert were not met. The Notes are therefore not convertible as of March 31, 2023 and are classified as long-term liability. The net carrying amount of the liability of the Notes as of March 31, 2023 and December 31, 2022 are as follows: March 31, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized issuance costs (8,676) (9,491) Net carrying amount of liability component (1) $ 566,324 $ 565,509 (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, 2023 and December 31, 2022 were $468,271 and $455,091, respectively. Finance expense related to the Notes was as follows: Three months ended March 31, Year ended December 31, 2023 2022 Unaudited Audited Amortization of debt issuance costs 815 810 3,293 Total finance expense recognized $ 815 $ 810 $ 3,293

SHARE OPTION PLANS AND ESPP

SHARE OPTION PLANS AND ESPP	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Share option plans and ESPP	SHARE OPTION PLANS AND ESPPIn 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, 2023 and changes during the period then ended is presented below: Three months ended March 31, 2023 Unaudited Number Weighted Outstanding at beginning of year 8,786,364 $ 37.27 Granted 627,764 76.97 Exercised (429,752) 12.07 Forfeited and canceled (63,147) 96.06 Outstanding as of March 31, 2023 8,921,229 $ 40.86 Exercisable options 7,204,441 $ 30.28 For the three months ended March 31, 2023, options to purchase 429,752 ordinary shares were exercised, resulting in the issuance of 429,752 ordinary shares. A summary of the status of the Company’s RSUs and PSUs as of March 31, 2023 and changes during the period then ended is presented below. Three months ended March 31, 2023 Unaudited Number Weighted Unvested at beginning of year 5,377,459 $ 66.87 Granted 1,133,373 76.97 Vested (707,999) 85.08 Forfeited and cancelled (78,002) 99.08 Unvested as of March 31, 2023 (1) 5,724,831 66.21 (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, 2023, in accordance with ASC 718 as follows: March 31, 2023 Number of Fair value at grant date per PSU Total fair value at grant date 2,703,852 $ 48.16 $ 130,218 189,029 76.97 14,550 124,701 80.59 10,050 7,605 87.66 667 10,532 94.94 1,000 161,912 $ 114.26 18,500 3,197,631 $ 174,985 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, 2023, 4,868,733 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, 2023 2022 Unaudited Audited Stock Option Plans Expected term (years) 5.75-6.00 5.33-5.83 5.33-5.83 Expected volatility 63%-64% 60%-62% 60%-62% Risk-free interest rate 4.08%-4.10% 1.58%-1.61% 1.58%-4.23% Dividend yield 0.00 % 0.00 % 0.00 % ESPP Expected term (years) 0.50 0.50 0.50 Expected volatility 56 % 51 % 51%-77% Risk-free interest rate 4.76 % 0.19 % 0.19%-2.52% 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, 2023 and 2022 and the year ended December 31, 2022 was: Three months ended March 31, Year ended December 31, 2023 2022 Unaudited Audited Cost of revenues $ 2,006 $ 952 $ 4,690 Research, development and clinical studies 11,779 6,801 30,790 Sales and marketing 11,644 6,655 28,826 General and administrative 13,655 10,637 42,649 Total share-based compensation expense $ 39,084 $ 25,045 $ 106,955

Basic and diluted net income (l

Basic and diluted net income (loss) per ordinary share	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (53,061) $ (4,647) $ (92,534) Weighted average number of ordinary shares used in computing basic net income (loss) per share 105,667,072 104,186,120 104,660,476 Weighted average number of ordinary shares used in computing diluted net income (loss) per share 105,667,072 104,186,120 104,660,476 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 7,543,657 7,874,118 7,272,606 Basic net income (loss) per ordinary share $ (0.50) $ (0.04) $ (0.88) Diluted net income (loss) per ordinary share $ (0.50) $ (0.04) $ (0.88)

SUPPLEMENTAL INFORMATION

SUPPLEMENTAL INFORMATION	3 Months Ended
	Mar. 31, 2023
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 $ 32,859 $ 30,012 Israel 7,335 7,180 Switzerland 5,049 5,084 Japan 1,077 1,063 Germany 1,086 762 Others 1,264 1,261 Total long lived assets $ 48,670 $ 45,362 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, 2023 2022 Unaudited Audited United States $ 85,228 $ 97,416 $ 406,894 Germany 15,120 19,238 46,120 Japan 8,669 8,750 32,781 Greater China (1) 5,315 4,368 21,332 Others 7,850 7,775 30,713 Total net revenues $ 122,182 $ 137,547 $ 537,840 (1) For additional information, see Note 12 to the Consolidated Financial Statements in the 2022 10-K.

CASH, CASH EQUIVALENTS AND SH_2

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Schedule of Cash and Cash Equivalents	the Company’s cash and cash equivalents and short-term investments were composed of: March 31, 2023 Unaudited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 11,602 $ — $ — $ 11,602 $ 11,602 $ 11,602 $ — Money market funds Level 1 132,636 — — 132,636 132,636 132,636 — Certificate of deposits and term deposits Level 2 295,804 — — 295,804 295,804 2,000 293,804 HTM securities (1) U.S. Treasury bills Level 1 $ 166,659 $ 8 $ (272) 166,395 166,659 $ — $ 166,659 Government and governmental agencies Level 2 $ 26,512 $ 95 $ (9) 26,598 26,512 $ — $ 26,512 Corporate debt securities Level 2 $ 324,822 $ 1,570 $ (1,186) 325,206 324,822 $ 39,725 $ 285,097 $ 517,993 $ 1,673 $ (1,467) $ 518,199 $ 517,993 $ 39,725 $ 478,268 Total $ 958,035 $ 1,673 $ (1,467) $ 958,241 $ 958,035 $ 185,963 $ 772,072 December 31, 2022 Audited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 9,697 $ — $ — $ 9,697 $ 9,697 $ 9,697 $ — Money market funds Level 1 105,629 — — 105,629 105,629 105,629 — Certificate of deposits and term deposits Level 2 316,946 — — 316,946 316,946 — 316,946 HTM securities (1) U.S. Treasury bills Level 1 $ 188,030 $ 8 $ (540) 187,498 188,030 $ — $ 188,030 Government and governmental agencies Level 2 $ 44,357 $ 12 $ (12) 44,357 44,357 $ — $ 44,357 Corporate debt securities Level 2 $ 304,766 $ 1,066 $ (587) 305,245 304,766 $ — $ 304,766 $ 537,153 $ 1,086 $ (1,139) $ 537,100 $ 537,153 $ — $ 537,153 Total $ 969,425 $ 1,086 $ (1,139) $ 969,372 $ 969,425 $ 115,326 $ 854,099
Schedule of Available-for-Sale Securities Reconciliation	the Company’s cash and cash equivalents and short-term investments were composed of: March 31, 2023 Unaudited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 11,602 $ — $ — $ 11,602 $ 11,602 $ 11,602 $ — Money market funds Level 1 132,636 — — 132,636 132,636 132,636 — Certificate of deposits and term deposits Level 2 295,804 — — 295,804 295,804 2,000 293,804 HTM securities (1) U.S. Treasury bills Level 1 $ 166,659 $ 8 $ (272) 166,395 166,659 $ — $ 166,659 Government and governmental agencies Level 2 $ 26,512 $ 95 $ (9) 26,598 26,512 $ — $ 26,512 Corporate debt securities Level 2 $ 324,822 $ 1,570 $ (1,186) 325,206 324,822 $ 39,725 $ 285,097 $ 517,993 $ 1,673 $ (1,467) $ 518,199 $ 517,993 $ 39,725 $ 478,268 Total $ 958,035 $ 1,673 $ (1,467) $ 958,241 $ 958,035 $ 185,963 $ 772,072 December 31, 2022 Audited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 9,697 $ — $ — $ 9,697 $ 9,697 $ 9,697 $ — Money market funds Level 1 105,629 — — 105,629 105,629 105,629 — Certificate of deposits and term deposits Level 2 316,946 — — 316,946 316,946 — 316,946 HTM securities (1) U.S. Treasury bills Level 1 $ 188,030 $ 8 $ (540) 187,498 188,030 $ — $ 188,030 Government and governmental agencies Level 2 $ 44,357 $ 12 $ (12) 44,357 44,357 $ — $ 44,357 Corporate debt securities Level 2 $ 304,766 $ 1,066 $ (587) 305,245 304,766 $ — $ 304,766 $ 537,153 $ 1,086 $ (1,139) $ 537,100 $ 537,153 $ — $ 537,153 Total $ 969,425 $ 1,086 $ (1,139) $ 969,372 $ 969,425 $ 115,326 $ 854,099
Schedule of Amortized Cost and Recorded Basis of T-bills in Short-Term Investments	the Company’s cash and cash equivalents and short-term investments were composed of: March 31, 2023 Unaudited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 11,602 $ — $ — $ 11,602 $ 11,602 $ 11,602 $ — Money market funds Level 1 132,636 — — 132,636 132,636 132,636 — Certificate of deposits and term deposits Level 2 295,804 — — 295,804 295,804 2,000 293,804 HTM securities (1) U.S. Treasury bills Level 1 $ 166,659 $ 8 $ (272) 166,395 166,659 $ — $ 166,659 Government and governmental agencies Level 2 $ 26,512 $ 95 $ (9) 26,598 26,512 $ — $ 26,512 Corporate debt securities Level 2 $ 324,822 $ 1,570 $ (1,186) 325,206 324,822 $ 39,725 $ 285,097 $ 517,993 $ 1,673 $ (1,467) $ 518,199 $ 517,993 $ 39,725 $ 478,268 Total $ 958,035 $ 1,673 $ (1,467) $ 958,241 $ 958,035 $ 185,963 $ 772,072 December 31, 2022 Audited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments Cash $ 9,697 $ — $ — $ 9,697 $ 9,697 $ 9,697 $ — Money market funds Level 1 105,629 — — 105,629 105,629 105,629 — Certificate of deposits and term deposits Level 2 316,946 — — 316,946 316,946 — 316,946 HTM securities (1) U.S. Treasury bills Level 1 $ 188,030 $ 8 $ (540) 187,498 188,030 $ — $ 188,030 Government and governmental agencies Level 2 $ 44,357 $ 12 $ (12) 44,357 44,357 $ — $ 44,357 Corporate debt securities Level 2 $ 304,766 $ 1,066 $ (587) 305,245 304,766 $ — $ 304,766 $ 537,153 $ 1,086 $ (1,139) $ 537,100 $ 537,153 $ — $ 537,153 Total $ 969,425 $ 1,086 $ (1,139) $ 969,372 $ 969,425 $ 115,326 $ 854,099
Schedule of Debt Securities, Available-for-Sale	Debt securities with continuous unrealized losses for less than 12 months and their related fair values were as follows: March 31, 2023 December 31, 2022 Unaudited Audited Less than 12 months Less than 12 months Fair value Unrealized loss Fair value Unrealized loss U.S. Treasury bills 116,323 (272) 162,813 (540) Government and governmental agencies 1,597 (9) 38,477 (12) Corporate debt securities 224,483 (1,186) 162,085 (587) Total 342,403 (1,467) 363,375 (1,139)

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	As of March 31, 2023 and December 31, 2022, the Company’s inventories were composed of: March 31, December 31, Unaudited Audited Raw materials $ 4,590 $ 4,314 Work in progress 9,797 9,321 Finished products 17,336 15,741 Total $ 31,723 $ 29,376

CONVERTIBLE NOTE (Tables)

CONVERTIBLE NOTE (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of the Convertible Notes	The net carrying amount of the liability of the Notes as of March 31, 2023 and December 31, 2022 are as follows: March 31, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized issuance costs (8,676) (9,491) Net carrying amount of liability component (1) $ 566,324 $ 565,509 (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, 2023 and December 31, 2022 were $468,271 and $455,091, respectively. Finance expense related to the Notes was as follows: Three months ended March 31, Year ended December 31, 2023 2022 Unaudited Audited Amortization of debt issuance costs 815 810 3,293 Total finance expense recognized $ 815 $ 810 $ 3,293

SHARE OPTION PLANS AND ESPP (Ta

SHARE OPTION PLANS AND ESPP (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and changes during the period then ended is presented below: Three months ended March 31, 2023 Unaudited Number Weighted Outstanding at beginning of year 8,786,364 $ 37.27 Granted 627,764 76.97 Exercised (429,752) 12.07 Forfeited and canceled (63,147) 96.06 Outstanding as of March 31, 2023 8,921,229 $ 40.86 Exercisable options 7,204,441 $ 30.28
Schedule of RSUs and PSUs	A summary of the status of the Company’s RSUs and PSUs as of March 31, 2023 and changes during the period then ended is presented below. Three months ended March 31, 2023 Unaudited Number Weighted Unvested at beginning of year 5,377,459 $ 66.87 Granted 1,133,373 76.97 Vested (707,999) 85.08 Forfeited and cancelled (78,002) 99.08 Unvested as of March 31, 2023 (1) 5,724,831 66.21 (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, 2023, in accordance with ASC 718 as follows: March 31, 2023 Number of Fair value at grant date per PSU Total fair value at grant date 2,703,852 $ 48.16 $ 130,218 189,029 76.97 14,550 124,701 80.59 10,050 7,605 87.66 667 10,532 94.94 1,000 161,912 $ 114.26 18,500 3,197,631 $ 174,985
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, 2023 2022 Unaudited Audited Stock Option Plans Expected term (years) 5.75-6.00 5.33-5.83 5.33-5.83 Expected volatility 63%-64% 60%-62% 60%-62% Risk-free interest rate 4.08%-4.10% 1.58%-1.61% 1.58%-4.23% Dividend yield 0.00 % 0.00 % 0.00 % ESPP Expected term (years) 0.50 0.50 0.50 Expected volatility 56 % 51 % 51%-77% Risk-free interest rate 4.76 % 0.19 % 0.19%-2.52% 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, 2023 and 2022 and the year ended December 31, 2022 was: Three months ended March 31, Year ended December 31, 2023 2022 Unaudited Audited Cost of revenues $ 2,006 $ 952 $ 4,690 Research, development and clinical studies 11,779 6,801 30,790 Sales and marketing 11,644 6,655 28,826 General and administrative 13,655 10,637 42,649 Total share-based compensation expense $ 39,084 $ 25,045 $ 106,955

Basic and diluted net income _2

Basic and diluted net income (loss) per ordinary share (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (53,061) $ (4,647) $ (92,534) Weighted average number of ordinary shares used in computing basic net income (loss) per share 105,667,072 104,186,120 104,660,476 Weighted average number of ordinary shares used in computing diluted net income (loss) per share 105,667,072 104,186,120 104,660,476 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 7,543,657 7,874,118 7,272,606 Basic net income (loss) per ordinary share $ (0.50) $ (0.04) $ (0.88) Diluted net income (loss) per ordinary share $ (0.50) $ (0.04) $ (0.88)

SUPPLEMENTAL INFORMATION (Table

SUPPLEMENTAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
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 $ 32,859 $ 30,012 Israel 7,335 7,180 Switzerland 5,049 5,084 Japan 1,077 1,063 Germany 1,086 762 Others 1,264 1,261 Total long lived assets $ 48,670 $ 45,362
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, 2023 2022 Unaudited Audited United States $ 85,228 $ 97,416 $ 406,894 Germany 15,120 19,238 46,120 Japan 8,669 8,750 32,781 Greater China (1) 5,315 4,368 21,332 Others 7,850 7,775 30,713 Total net revenues $ 122,182 $ 137,547 $ 537,840 (1) For additional information, see Note 12 to the Consolidated Financial Statements in the 2022 10-K.

CASH, CASH EQUIVALENTS AND SH_3

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Schedule of Cash and Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	$ 185,963	$ 115,326
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	517,993	537,153
Unrealized gains	1,673	1,086
Unrealized losses	(1,467)	(1,139)
Fair market value	518,199	537,100
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis	958,035	969,425
Debt securities, available-for-sale and held-to-maturity, unrealized gains	1,673	1,086
Debt securities, available-for-sale and held-to-maturity, unrealized losses	(1,467)	(1,139)
Debt securities, available-for-sale and held-to-maturity, fair value	958,241	969,372
Debt securities, available-for-sale and held-to-maturity	958,035	969,425
Level 1 | U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	166,659	188,030
Unrealized gains	8	8
Unrealized losses	(272)	(540)
Fair market value	166,395	187,498
Level 2 | Government and governmental agencies
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	26,512	44,357
Unrealized gains	95	12
Unrealized losses	(9)	(12)
Fair market value	26,598	44,357
Level 2 | Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	324,822	304,766
Unrealized gains	1,570	1,066
Unrealized losses	(1,186)	(587)
Fair market value	325,206	305,245
Cash and cash equivalents
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	39,725	0
Debt securities, available-for-sale and held-to-maturity	185,963	115,326
Cash and cash equivalents | Level 2 | Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	39,725	0
Short-term investments
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	478,268	537,153
Debt securities, available-for-sale and held-to-maturity	772,072	854,099
Short-term investments | Level 1 | U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	166,659	188,030
Short-term investments | Level 2 | Government and governmental agencies
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	26,512	44,357
Short-term investments | Level 2 | Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	285,097	304,766
Cash
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	11,602	9,697
Cash | Cash and cash equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	11,602	9,697
Money market funds | Level 1
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	132,636	105,629
Money market funds | Cash and cash equivalents | Level 1
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	132,636	105,629
Certificate of deposits and term deposits | Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	295,804	316,946
Certificate of deposits and term deposits | Cash and cash equivalents | Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	2,000	0
Certificate of deposits and term deposits | Short-term investments | Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	$ 293,804	$ 316,946

CASH, CASH EQUIVALENTS AND SH_4

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Net unrealized loss on securities	$ 911
Cumulative impact to its accumulated deficit		$ 432,146	$ 441,170	$ 435,881	$ 410,494
AOCI, accumulated gain (loss), debt securities, available-for-sale, parent
Cash and Cash Equivalents [Line Items]
Cumulative impact to its accumulated deficit		$ 88	$ 445

CASH, CASH EQUIVALENTS AND SH_5

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Schedule of Debt Securities with Continuous Unrealized Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair value	$ 342,403	$ 363,375
Unrealized loss	(1,467)	(1,139)
U.S. Treasury bills
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair value	116,323	162,813
Unrealized loss	(272)	(540)
Government and governmental agencies
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair value	1,597	38,477
Unrealized loss	(9)	(12)
Corporate debt securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair value	224,483	162,085
Unrealized loss	$ (1,186)	$ (587)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 4,590	$ 4,314
Work in progress	9,797	9,321
Finished products	17,336	15,741
Total	$ 31,723	$ 29,376

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($)	Mar. 31, 2023	Nov. 06, 2020	Dec. 31, 2022
Line of Credit Facility [Line Items]
Pledged bank deposits	$ 2,341,000		$ 2,296,000
Operating lease and other contractual commitments	2,700,000		$ 2,459,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Contractual term		3 years
Maximum borrowing capacity		$ 150,000,000
Early termination fee paid	0
Long-term debt	$ 0
Revolving Credit Facility | Minimum | Line of Credit
Line of Credit Facility [Line Items]
Fee for unused revolving credit commitments, percentage		0.35%
Revolving Credit Facility | Minimum | Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.75%
Revolving Credit Facility | Maximum | Line of Credit
Line of Credit Facility [Line Items]
Fee for unused revolving credit commitments, percentage		0.45%
Revolving Credit Facility | Maximum | Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		3.25%

CONVERTIBLE NOTE - Additional I

CONVERTIBLE NOTE - Additional Information (Details) - Convertible Debt - the “Notes” $ in Thousands	Nov. 05, 2020 USD ($)
Debt Instrument [Line Items]
Aggregate principal amount	$ 575,000
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	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal amount	$ 575,000	$ 575,000
Unamortized issuance costs	(8,676)	(9,491)
Net carrying amount of liability component	566,324	565,509
Estimated fair value	$ 468,271	$ 455,091

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, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 815	$ 810	$ 3,293
Total finance expense recognized	$ 815	$ 810	$ 3,293

SHARE OPTION PLANS AND ESPP - A

SHARE OPTION PLANS AND ESPP - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 shares
Share Capital [Line Items]
Options exercised (in shares)	429,752
ESPP
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	4,868,733
Shares issued under plan (in shares)	429,752
2015 Plan
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	19,010,778
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, 2023 $ / shares shares
Number of options
Number of options, beginning outstanding (in shares) | shares	8,786,364
Number of options, granted (in shares) | shares	627,764
Number of options, exercised (in shares) | shares	(429,752)
Number of options, forfeited and canceled (in shares) | shares	(63,147)
Number of options, ending outstanding (in shares) | shares	8,921,229
Number of options, exercisable options (in shares) | shares	7,204,441
Weighted average exercise price
Weighted average exercise price, beginning outstanding (in usd per share) | $ / shares	$ 37.27
Weighted average exercise price, granted (in usd per share) | $ / shares	76.97
Weighted average exercise price, exercised (in usd per share) | $ / shares	12.07
Weighted average exercise price, forfeited and canceled (in usd per share) | $ / shares	96.06
Weighted average exercise price, ending outstanding (in usd per share) | $ / shares	40.86
Weighted average exercise price, exercisable options (in usd per share) | $ / shares	$ 30.28

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, 2023 USD ($) $ / shares shares
RSUs/PSUs
Number of RSU/PSUs
Unvested at beginning of year (in shares)	5,377,459
Granted (in shares)	1,133,373
Vested (in shares)	(707,999)
Forfeited and cancelled (in shares)	(78,002)
Unvested at ending of year (in shares)	5,724,831
Weighted average grant date fair value
Unvested at beginning of year (in usd per share) | $ / shares	$ 66.87
Granted (in usd per share) | $ / shares	76.97
Vested (in usd per share) | $ / shares	85.08
Forfeited and cancelled (in usd per share) | $ / shares	99.08
Unvested at ending of year (in usd per share) | $ / shares	$ 66.21
PSUs
Weighted average grant date fair value
Number of PSUs (in shares)	3,197,631
Total fair value at grant date | $	$ 174,985
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)	189,029
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 76.97
Total fair value at grant date | $	$ 14,550
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)	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 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)	161,912
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 114.26
Total fair value at grant date | $	$ 18,500

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, 2023	Mar. 31, 2022	Dec. 31, 2022
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility, minimum	56%	51%	51%
Expected volatility, maximum			77%
Risk-free interest rate, minimum	4.76%	0.19%	0.19%
Risk-free interest rate, maximum			2.52%
Dividend yield	0%	0%	0%
Stock Option Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	63%	60%	60%
Expected volatility, maximum	64%	62%	62%
Risk-free interest rate, minimum	4.08%	1.58%	1.58%
Risk-free interest rate, maximum	4.10%	1.61%	4.23%
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 9 months	5 years 3 months 29 days	5 years 3 months 29 days
Stock Option Plans | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 years	5 years 9 months 29 days	5 years 9 months 29 days

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, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 39,084	$ 25,045	$ 106,955
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	2,006	952	4,690
Research, development and clinical studies
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	11,779	6,801	30,790
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	11,644	6,655	28,826
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 13,655	$ 10,637	$ 42,649

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, 2023	Mar. 31, 2022	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share	$ (53,061)	$ (4,647)	$ (92,534)
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	105,667,072	104,186,120	104,660,476
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)	105,667,072	104,186,120	104,660,476
Weighted anti-dilutive shares outstanding which were not included in the diluted calculation (in shares)	7,543,657	7,874,118	7,272,606
Basic net income (loss) per ordinary share (in usd per share)	$ (0.50)	$ (0.04)	$ (0.88)
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.50)	$ (0.04)	$ (0.88)

SUPPLEMENTAL INFORMATION - Sche

SUPPLEMENTAL INFORMATION - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 48,670	$ 45,362
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	32,859	30,012
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	7,335	7,180
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	5,049	5,084
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	1,077	1,063
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	1,086	762
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 1,264	$ 1,261

SUPPLEMENTAL INFORMATION - Sc_2

SUPPLEMENTAL INFORMATION - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 122,182	$ 137,547	$ 537,840
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	85,228	97,416	406,894
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	15,120	19,238	46,120
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	8,669	8,750	32,781
Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	5,315	4,368	21,332
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 7,850	$ 7,775	$ 30,713