NovoCure Limited (NVCR) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		107,611,077
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 453,763	$ 240,821
Short-term investments	416,384	669,795
Restricted cash	3,600	1,743
Trade receivables, net	65,091	61,221
Receivables and prepaid expenses	21,479	22,677
Inventories	42,391	38,152
Total current assets	1,002,708	1,034,409
LONG-TERM ASSETS:
Property and equipment, net	58,917	51,479
Field equipment, net	11,911	11,384
Right-of-use assets	32,994	34,835
Other long-term assets	14,899	14,022
Total long-term assets	118,721	111,720
TOTAL ASSETS	1,121,429	1,146,129
CURRENT LIABILITIES:
Trade payables	84,316	94,391
Other payables, lease liabilities and accrued expenses	75,914	84,724
Total current liabilities	160,230	179,115
LONG-TERM LIABILITIES:
Long-term debt, net	569,652	568,822
Long-term leases	25,608	27,420
Employee benefit liabilities	6,566	8,258
Other long-term liabilities	18	18
Total long-term liabilities	601,844	604,518
TOTAL LIABILITIES	762,074	783,633
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 107,603,774 shares and 107,075,754 shares at March 31, 2024 (unaudited) and December 31, 2023, respectively	0	0
Additional paid-in capital	1,387,765	1,353,468
Accumulated other comprehensive income (loss)	(4,147)	(5,469)
Retained earnings (accumulated deficit)	(1,024,263)	(985,503)
TOTAL SHAREHOLDERS' EQUITY	359,355	362,496
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,121,429	$ 1,146,129

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	107,603,774	107,075,754
Common stock, shares outstanding (in shares)	107,603,774	107,075,754

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Statement [Abstract]
Net revenues	$ 138,503	$ 122,182	$ 509,338
Cost of revenues	33,689	29,614	128,280
Gross profit	104,814	92,568	381,058
Operating costs and expenses:
Research, development and clinical studies	51,598	59,704	223,062
Sales and marketing	55,206	51,169	226,809
General and administrative	39,530	41,944	164,057
Total operating costs and expenses	146,334	152,817	613,928
Operating income (loss)	(41,520)	(60,249)	(232,870)
Financial income (expenses), net	9,878	9,169	41,130
Income (loss) before income tax	(31,642)	(51,080)	(191,740)
Income tax	7,118	1,981	15,303
Net income (loss)	$ (38,760)	$ (53,061)	$ (207,043)
Basic net income (loss) per ordinary share (in usd per share)	$ (0.36)	$ (0.50)	$ (1.95)
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.36)	$ (0.50)	$ (1.95)
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	107,266,198	105,667,072	106,391,178
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	107,266,198	105,667,072	106,391,178

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (38,760)	$ (53,061)	$ (207,043)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments	(327)	300	1,473
Unrealized gain (loss) from debt securities	0	357	445
Pension benefit plan	1,649	(915)	(4,954)
Total comprehensive income (loss)	$ (37,438)	$ (53,319)	$ (210,079)

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, 2022		105,049,411
Beginning 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)
Beginning balance (in shares) at Dec. 31, 2022		105,049,411
Beginning balance at Dec. 31, 2022	441,170		1,222,063	(2,433)	(778,460)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(207,043)
Ending balance (in shares) at Dec. 31, 2023		107,075,754
Ending balance at Dec. 31, 2023	362,496		1,353,468	(5,469)	(985,503)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	34,084		34,084
Exercise of options and vested RSUs (in shares)		528,020
Exercise of options and vested RSUs	213		213
Other comprehensive income (loss), net of tax benefit of $0	1,322			1,322
Net income (loss)	(38,760)				(38,760)
Ending balance (in shares) at Mar. 31, 2024		107,603,774
Ending balance at Mar. 31, 2024	$ 359,355		$ 1,387,765	$ (4,147)	$ (1,024,263)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (38,760)	$ (53,061)	$ (207,043)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,815	2,722	10,969
Accrued Interest	1,622	(1,120)	(95)
Asset write-downs and impairment of field equipment	194	126	493
Share-based compensation	34,084	39,084	115,608
Foreign currency remeasurement loss (gain)	613	(127)	161
Decrease (increase) in accounts receivables and prepaid expenses	3,275	(14,511)	(29,414)
Amortization of discount (premium)	(5,381)	(4,056)	(23,084)
Decrease (increase) in inventories	(4,650)	(2,718)	(8,919)
Decrease (increase) in other long-term assets	1,174	1,534	4,072
Increase (decrease) in accounts payables and accrued expenses	(18,245)	(10,464)	14,869
Increase (decrease) in other long-term liabilities	(1,765)	(3,158)	(9,781)
Net cash provided by (used in) operating activities	(31,574)	(16,727)	(73,336)
Cash flows from investing activities:
Purchase of property, equipment and field equipment	(11,784)	(6,088)	(27,093)
Proceeds from maturity of short-term investments	258,000	326,287	1,214,982
Purchase of short-term investments	0	(237,912)	(1,003,741)
Net cash provided by (used in) investing activities	246,216	82,287	184,148
Cash flows from financing activities:
Proceeds from issuance of shares, net	0	0	4,416
Repayment of long-term debt	0	(7)	(10)
Exercise of options	213	5,211	11,381
Net cash provided by (used in) financing activities	213	5,204	15,787
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(56)	41	131
Increase (decrease) in cash, cash equivalents and restricted cash	214,799	70,805	126,730
Cash, cash equivalents and restricted cash at the beginning of the period	242,564	115,834	115,834
Cash, cash equivalents and restricted cash at the end of the period	457,363	186,639	242,564
Cash paid during the period for:
Income taxes paid (refunded), net	2,914	1,712	13,665
Interest paid	2	1	6
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	453,763	185,963	240,821
Restricted cash	3,600	676	1,743
Total cash, cash equivalents and restricted cash	457,363	186,639	242,564
Non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities	282	3,451	18,063
Purchase of property incurred but unpaid at period end	$ 1,062	$ 0	$ 1,714

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
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 markets Optune and Optune Lua in multiple countries around the globe with the majority of revenues coming from the use of Optune in the U.S., Germany and Japan. 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 unaudited 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 unaudited 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 unaudited consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These unaudited 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, 2023 (the "2023 10-K") filed with the Securities and Exchange Commission on February 22, 2024. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2023 10-K are applied consistently in these unaudited interim consolidated financial statements. Concentration Risks. The Company's cash, cash equivalents, short-term investments and trade receivables are potentially subject to a concentration of risk. Cash, cash equivalents and short-term investments are invested at top tier financial institutions globally and the total value invested at any one institution is limited pursuant to the Company's investment policy. These investments may be in excess of insured limitations or not insured in certain jurisdictions. Generally, these investments may be redeemed upon demand according to the terms of the securities. The Company's trade receivables are due from numerous governments and federal and state agencies that are paid from their respective budgets, and from hundreds of health insurance companies. The Company does not believe that there are significant default risks associated with these governments, agencies and health insurance companies based upon the Company's historical experience. The Company has no off-balance sheet concentrations of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. Recently announced accounting pronouncements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

CASH, CASH EQUIVALENTS AND SHOR

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of: March 31, 2024 Unaudited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments (2) Cash $ 17,626 $ — $ — $ 17,626 $ 17,626 $ 17,626 $ — Money market funds Level 1 303,191 — — 303,191 303,191 303,191 — Certificate of deposits and term deposits Level 2 116,052 — — 116,052 116,052 23,204 92,848 HTM securities (1) U.S. Treasury bills Level 1 $ 139,373 $ 72 $ — 139,445 139,373 $ 109,742 $ 29,631 Corporate debt securities Level 2 $ 293,905 $ 297 $ (5) 294,197 293,905 $ — $ 293,905 $ 433,278 $ 369 $ (5) $ 433,642 $ 433,278 $ 109,742 $ 323,536 Total $ 870,147 $ 369 $ (5) $ 870,511 $ 870,147 $ 453,763 $ 416,384 December 31, 2023 Audited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments (2) Cash $ 9,955 $ — $ — $ 9,955 $ 9,955 $ 9,955 $ — Money market funds Level 1 227,166 — — 227,166 227,166 227,166 — Certificate of deposits and term deposits Level 2 153,169 — — 153,169 153,169 3,700 149,469 HTM securities (1) U.S. Treasury bills Level 1 $ 78,844 $ 55 $ (110) 78,789 78,844 $ — $ 78,844 Government and governmental agencies Level 2 $ 24,940 $ 13 $ — 24,953 24,940 $ — $ 24,940 Corporate debt securities Level 2 $ 416,542 $ 486 $ (149) 416,879 416,542 $ — $ 416,542 $ 520,326 $ 554 $ (259) $ 520,621 $ 520,326 $ — $ 520,326 Total $ 910,616 $ 554 $ (259) $ 910,911 $ 910,616 $ 240,821 $ 669,795 (1) Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss. (2) Pursuant to a bank guaranty agreement, $16,189 of short-term investments are pledged. See Note 4. In accordance with ASC 820, "Fair Value Measurements and Disclosures," 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, is 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, 2024 and December 31, 2023, 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.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023, the Company’s inventories were composed of: March 31, December 31, Unaudited Audited Raw materials $ 10,174 $ 10,265 Work in progress 11,934 9,796 Finished products 20,283 18,091 Total $ 42,391 $ 38,152

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Mar. 31, 2024
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 2027. Pledged deposits and bank guarantees. As of March 31, 2024 and December 31, 2023, the Company pledged bank deposits of $2,798 and $2,848, 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 $3,157 and $3,216, respectively. In addition, €15,000 ($16,189) of the Company's short term investments are pledged to a bank as guarantee for the Company's due execution of cash concentration agreements. Legal Proceedings. In June 2023, a putative class action lawsuit was filed against the Company, its Executive Chairman and its Chief Executive Officer. The complaint, later amended to add our Chief Financial Officer as a defendant, which purports to be brought on behalf of a class of persons and/or entities who purchased or otherwise acquired ordinary shares of the Company from January 5, 2023 through June 5, 2023, alleges material misstatements and/or omissions in the Company’s public statements with respect to the results from its phase 3 LUNAR clinical trial. The Company believes that the action is without merit and plans to defend the lawsuit vigorously. As of March 31, 2024, the Company has not accrued any amounts in respect of this claim, as it believes liability is not probable and the amount of any potential liability cannot be reasonably estimated.

CONVERTIBLE NOTE

CONVERTIBLE NOTE	3 Months Ended
	Mar. 31, 2024
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, 2024, the conditions allowing holders of the Notes to convert were not met. The Notes are therefore not convertible as of March 31, 2024 and are classified as long-term liability. The net carrying amount of the liability of the Notes as of March 31, 2024 and December 31, 2023 are as follows: March 31, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized issuance costs (5,348) (6,178) Net carrying amount of liability component (1) $ 569,652 $ 568,822 (1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820. The estimated fair value of the net carrying amount of liability component of the Notes as of March 31, 2024 and December 31, 2023 were $525,865 and $515,962, respectively. The net carrying amount of the liability is represented by the principal amount of the Notes, less total issuance costs plus any amortization of issuance costs. The total issuance costs upon issuance of the Notes were $16,561 and are amortized to interest expense using the effective interest rate method over the contractual term of the Notes. Interest expense is recognized at an annual effective interest rate of 0.59% over the contractual term of the Notes. Finance expense related to the Notes was as follows: Three months ended March 31, Year ended December 31, 2024 2023 Unaudited Audited Amortization of debt issuance costs 830 815 3,313 Total finance expense recognized $ 830 $ 815 $ 3,313

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION a. Net revenues The Company’s net revenues by geographic region, based on the patient’s location are summarized as follows: Three months ended March 31, Year ended December 31, 2024 2023 2023 United States $ 90,543 $ 85,228 $ 349,743 International markets: Germany 15,747 15,120 60,210 Japan 7,817 8,669 31,668 Other international markets 19,459 7,850 44,493 International markets - Total 43,023 31,639 136,371 Greater China (1) 4,937 5,315 23,224 Total net revenues $ 138,503 $ 122,182 $ 509,338 (1) For additional information, see Notes 12 and 13 to the Consolidated Financial Statements in the 2023 10-K. The Company's net revenues by performance period are as follows: Three months ended March 31, Year ended December 31, 2024 2023 2023 Net revenues recognized in the reporting period from performance obligations satisfied in: Reporting period $ 129,256 $ 117,338 $ 492,089 Previous periods 9,247 4,844 17,249 Total net revenues $ 138,503 $ 122,182 $ 509,338 b. Contract balances The following table provides information about trade receivables, unbilled receivables and contract liabilities from contracts with customers: March 31, December 31, Unaudited Audited Trade receivables $ 60,401 $ 56,970 Unbilled receivables $ 4,690 $ 4,251 Deferred revenues (short-term contract liabilities) (15,870) (16,224) During the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023 the Company recognized $16,224, $18,028 and $18,028, respectively, which were included in the deferred revenues (short-term contract liability) balance at January 1, 2024 and 2023.

SHARE OPTION PLANS AND ESPP

SHARE OPTION PLANS AND ESPP	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and changes during the period then ended is presented below: Three months ended March 31, 2024 Unaudited Number Weighted Outstanding at beginning of year 8,539,507 $ 40.07 Granted 3,456,485 15.35 Exercised (26,547) 8.70 Forfeited and canceled (180,377) 58.72 Outstanding as of March 31, 2024 11,789,068 $ 32.61 Exercisable options 6,990,097 $ 34.67 A summary of the status of the Company’s RSUs and PSUs as of March 31, 2024 and changes during the period then ended is presented below. Three months ended March 31, 2024 Unaudited Number Weighted Unvested at beginning of year 5,813,066 $ 60.52 Granted 8,930,183 15.17 Vested (501,473) 90.19 Forfeited and cancelled (337,925) 74.50 Unvested as of March 31, 2024 (1) 13,903,851 29.98 (1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones that are not probable as of March 31, 2024, in accordance with ASC 718 "Compensation — Stock Compensation" as follows: March 31, 2024 Number of Fair value at grant date per PSU Total fair value at grant date 588,952 $ 16.30 $ 9,600 2,703,852 $ 48.16 $ 130,218 220,533 76.97 16,974 249,402 80.59 20,099 15,210 87.66 1,333 3,777,949 $ 178,226 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, 2024, 5,735,791 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. The Company assessed fair value using the following underlying assumptions: Three months ended March 31, Year ended December 31, 2024 2023 Unaudited Audited Stock Option Plans Expected term (years) 5.73-5.73 5.75-6.00 5.50-6.00 Expected volatility 71%-72% 63%-64% 63%-70% Risk-free interest rate 3.88%-4.28% 4.08%-4.10% 3.48%-4.79% Dividend yield 0.00 % 0.00 % 0.00 % ESPP Expected term (years) 0.50 0.50 0.50 Expected volatility 90 % 56 % 56%-122% Risk-free interest rate 5.13 % 4.76 % 4.76%-5.38% 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, 2024 and 2023, and the year ended December 31, 2023 was: Three months ended March 31, Year ended December 31, 2024 2023 Unaudited Audited Cost of revenues $ 1,747 $ 2,006 $ 6,587 Research, development and clinical studies 8,610 11,779 31,827 Sales and marketing 11,048 11,644 35,968 General and administrative 12,679 13,655 41,226 Total share-based compensation expense $ 34,084 $ 39,084 $ 115,608

Basic and diluted net income (l

Basic and diluted net income (loss) per ordinary share	3 Months Ended
	Mar. 31, 2024
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 "Earnings Per Share", as determined under the treasury stock or if-converted method, as applicable. 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, 2024 2023 Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (38,760) $ (53,061) $ (207,043) Weighted average number of ordinary shares used in computing diluted net income (loss) per share 107,266,198 105,667,072 106,391,178 Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share: Options 8,246,017 6,337,929 6,950,781 RSUs and PSUs 4,375,948 1,178,521 1,423,377 ESPP 99,055 27,207 161,627 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 12,721,020 7,543,657 8,535,785 Basic and diluted net income (loss) per ordinary share $ (0.36) $ (0.50) $ (1.95)

SUPPLEMENTAL INFORMATION

SUPPLEMENTAL INFORMATION	3 Months Ended
	Mar. 31, 2024
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 $ 45,358 $ 41,634 Israel 8,290 8,317 Switzerland 10,940 7,733 Others 6,240 5,179 Total long lived assets $ 70,828 $ 62,863 Restructuring In November 2023, the Company announced a series of actions to strengthen and optimize its business operations to support near-term growth drivers and long-term value creation. The plan included a reduction in headcount of approximately 200 employees or 13% of the Company's then current workforce. The Company incurred restructuring costs (including severance pay, garden leave payments, etc.) in the amount of $2,031 and $6,231 for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively, as follows: Three months ended March 31, Year ended December 31, 2024 Unaudited Audited Cost of revenues $ 52 $ 262 Research, development and clinical studies 275 2,070 Sales and marketing 1,539 2,404 General and administrative 164 1,495 Total restructuring cost $ 2,031 $ 6,231 Restructuring costs paid during the period $ 5,128 $ 2,753 These restructuring costs were offset by accrual reversals for the three months ended March 31, 2024 and the year ended December 31, 2023 in the amount of $369 and $3,041, respectively, which relate to the terminated employees' exits from the Company’s cash incentive plans. These restructuring costs were further offset by forfeited equity-based compensation expense reversals for the three months ended March 31, 2024 and the year ended December 31, 2023 in the amount of $1,661 and $9,313, respectively, which relate to the terminated employees' exits from the Company’s equity incentive plan.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT On May 1, 2024 Novocure Luxembourg S.a.r.l. ("Borrower"), a wholly-owned subsidiary of the Company, entered into a new five-year senior secured credit facility of up to $400.0 million (the "Facility") with BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP (collectively, the "Lenders"), BioPharma Credit PLC, as collateral agent for the Lenders, and the guarantors party to such agreement (the "Loan Agreement"). The Facility may be drawn in up to four drawings. The Loan Agreement provides for an initial term loan in the principal amount of $100.0 million (the "Tranche A Loan"), which was funded to the Borrower on May 1, 2024 (the "Tranche A Funding Date"). Under the Loan Agreement, the Borrower is required to draw $100.0 million on the Facility on or before June 30, 2025 (the "Tranche B Loan"), subject to customary conditions precedent as set forth in the Loan Agreement. Not later than December 31, 2025, the Borrower has the option to draw an additional $100.0 million of the Facility (the "Tranche C Loan") if (i) (A) the Company has received positive results from its PANOVA-3 phase 3 clinical trial or (B) the Company's trailing net revenues for the most recently completed four quarters as reported by the Company in its financial statements filed with the U.S. Securities and Exchange Commission ("Trailing Four Quarters of Net Revenue") are greater than $575.0 million and (ii) the Company's Convertible Notes due 2025 are extinguished in full and are no longer outstanding. Not later than March 31, 2026, the Borrower has the option to draw an additional $100.0 million of the Facility (the "Tranche D Loan") if (i) the Company receives an approval or clearance from the U.S. Food and Drug Administration for the Company's Tumor Treating Fields device for a pancreatic cancer indication or (ii) Trailing Four Quarters of Net Revenue is greater than $625.0 million. The obligations under the Loan Agreement are guaranteed by certain of the Company's subsidiaries and secured by a first lien on the Borrower's and certain of the Company's other subsidiaries’ assets. Outstanding term loans under the Loan Agreement will bear interest at an annual rate equal to 6.25% plus the three-month SOFR (subject to a 3.25% floor), payable quarterly in arrears and calculated on the basis of actual days elapsed in a 360-day year. The Borrower must pay 2.5% of additional consideration on each principal draw, with payment for the Tranche A Loan and the Tranche B Loan paid on the Tranche A Funding Date, and payments for the Tranche C Loan and the Tranche D Loan on their respective funding dates. Principal under the Facility will be repaid in eight equal quarterly repayments commencing with the third quarter of 2027 and continuing each quarter thereafter, with the final payment of outstanding principal due on the fifth anniversary of the Tranche A Funding Date. Voluntary prepayment of all, but not less than all, of the term loans outstanding is permitted at any time, subject to make-whole and prepayment premiums as set forth in the Loan Agreement. Prepayment of all term loans outstanding, subject to make-whole and prepayment premiums, is due and payable upon a change-in-control as defined in the Loan Agreement. Make-whole and prepayment premiums are due and payable for the Tranche B Loans for any voluntary prepayment of the term loans outstanding, upon a change-in-control (as defined in the Loan Agreement), and upon any acceleration of the maturity date, in each case regardless of whether the Tranche B Loan is drawn. The Loan Agreement contains a financial covenant only if the Tranche C Loan and/or Tranche D Loan are funded, in which case the Company is required to maintain at least Trailing Four Quarters of Net Revenue of at least $500.0 million, calculated on a trailing twelve-month basis as of the end of each fiscal quarter, beginning with the first quarter of 2027 based on year-end 2026 audited financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (38,760)	$ (53,061)	$ (207,043)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Preparation	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 unaudited 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 unaudited 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 unaudited consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These unaudited 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, 2023 (the "2023 10-K") filed with the Securities and Exchange Commission on February 22, 2024. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2023 10-K are applied consistently in these unaudited interim consolidated financial statements.
Concentration Risks	Concentration Risks. The Company's cash, cash equivalents, short-term investments and trade receivables are potentially subject to a concentration of risk. Cash, cash equivalents and short-term investments are invested at top tier financial institutions globally and the total value invested at any one institution is limited pursuant to the Company's investment policy. These investments may be in excess of insured limitations or not insured in certain jurisdictions. Generally, these investments may be redeemed upon demand according to the terms of the securities. The Company's trade receivables are due from numerous governments and federal and state agencies that are paid from their respective budgets, and from hundreds of health insurance companies. The Company does not believe that there are significant default risks associated with these governments, agencies and health insurance companies based upon the Company's historical experience. The Company has no off-balance sheet concentrations of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements.
Recently announced accounting pronouncements	Recently announced accounting pronouncements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.

CASH, CASH EQUIVALENTS AND SH_2

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Schedule of cash and cash equivalents	As of March 31, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of: March 31, 2024 Unaudited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments (2) Cash $ 17,626 $ — $ — $ 17,626 $ 17,626 $ 17,626 $ — Money market funds Level 1 303,191 — — 303,191 303,191 303,191 — Certificate of deposits and term deposits Level 2 116,052 — — 116,052 116,052 23,204 92,848 HTM securities (1) U.S. Treasury bills Level 1 $ 139,373 $ 72 $ — 139,445 139,373 $ 109,742 $ 29,631 Corporate debt securities Level 2 $ 293,905 $ 297 $ (5) 294,197 293,905 $ — $ 293,905 $ 433,278 $ 369 $ (5) $ 433,642 $ 433,278 $ 109,742 $ 323,536 Total $ 870,147 $ 369 $ (5) $ 870,511 $ 870,147 $ 453,763 $ 416,384 December 31, 2023 Audited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments (2) Cash $ 9,955 $ — $ — $ 9,955 $ 9,955 $ 9,955 $ — Money market funds Level 1 227,166 — — 227,166 227,166 227,166 — Certificate of deposits and term deposits Level 2 153,169 — — 153,169 153,169 3,700 149,469 HTM securities (1) U.S. Treasury bills Level 1 $ 78,844 $ 55 $ (110) 78,789 78,844 $ — $ 78,844 Government and governmental agencies Level 2 $ 24,940 $ 13 $ — 24,953 24,940 $ — $ 24,940 Corporate debt securities Level 2 $ 416,542 $ 486 $ (149) 416,879 416,542 $ — $ 416,542 $ 520,326 $ 554 $ (259) $ 520,621 $ 520,326 $ — $ 520,326 Total $ 910,616 $ 554 $ (259) $ 910,911 $ 910,616 $ 240,821 $ 669,795 (1) Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss. (2) Pursuant to a bank guaranty agreement, $16,189 of short-term investments are pledged. See Note 4.
Schedule of amortized cost and recorded basis of T-bills in short-term Investments	As of March 31, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of: March 31, 2024 Unaudited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments (2) Cash $ 17,626 $ — $ — $ 17,626 $ 17,626 $ 17,626 $ — Money market funds Level 1 303,191 — — 303,191 303,191 303,191 — Certificate of deposits and term deposits Level 2 116,052 — — 116,052 116,052 23,204 92,848 HTM securities (1) U.S. Treasury bills Level 1 $ 139,373 $ 72 $ — 139,445 139,373 $ 109,742 $ 29,631 Corporate debt securities Level 2 $ 293,905 $ 297 $ (5) 294,197 293,905 $ — $ 293,905 $ 433,278 $ 369 $ (5) $ 433,642 $ 433,278 $ 109,742 $ 323,536 Total $ 870,147 $ 369 $ (5) $ 870,511 $ 870,147 $ 453,763 $ 416,384 December 31, 2023 Audited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments (2) Cash $ 9,955 $ — $ — $ 9,955 $ 9,955 $ 9,955 $ — Money market funds Level 1 227,166 — — 227,166 227,166 227,166 — Certificate of deposits and term deposits Level 2 153,169 — — 153,169 153,169 3,700 149,469 HTM securities (1) U.S. Treasury bills Level 1 $ 78,844 $ 55 $ (110) 78,789 78,844 $ — $ 78,844 Government and governmental agencies Level 2 $ 24,940 $ 13 $ — 24,953 24,940 $ — $ 24,940 Corporate debt securities Level 2 $ 416,542 $ 486 $ (149) 416,879 416,542 $ — $ 416,542 $ 520,326 $ 554 $ (259) $ 520,621 $ 520,326 $ — $ 520,326 Total $ 910,616 $ 554 $ (259) $ 910,911 $ 910,616 $ 240,821 $ 669,795 (1) Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss. (2) Pursuant to a bank guaranty agreement, $16,189 of short-term investments are pledged. See Note 4.
Schedule of available-for-sale securities reconciliation	As of March 31, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of: March 31, 2024 Unaudited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments (2) Cash $ 17,626 $ — $ — $ 17,626 $ 17,626 $ 17,626 $ — Money market funds Level 1 303,191 — — 303,191 303,191 303,191 — Certificate of deposits and term deposits Level 2 116,052 — — 116,052 116,052 23,204 92,848 HTM securities (1) U.S. Treasury bills Level 1 $ 139,373 $ 72 $ — 139,445 139,373 $ 109,742 $ 29,631 Corporate debt securities Level 2 $ 293,905 $ 297 $ (5) 294,197 293,905 $ — $ 293,905 $ 433,278 $ 369 $ (5) $ 433,642 $ 433,278 $ 109,742 $ 323,536 Total $ 870,147 $ 369 $ (5) $ 870,511 $ 870,147 $ 453,763 $ 416,384 December 31, 2023 Audited Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments (2) Cash $ 9,955 $ — $ — $ 9,955 $ 9,955 $ 9,955 $ — Money market funds Level 1 227,166 — — 227,166 227,166 227,166 — Certificate of deposits and term deposits Level 2 153,169 — — 153,169 153,169 3,700 149,469 HTM securities (1) U.S. Treasury bills Level 1 $ 78,844 $ 55 $ (110) 78,789 78,844 $ — $ 78,844 Government and governmental agencies Level 2 $ 24,940 $ 13 $ — 24,953 24,940 $ — $ 24,940 Corporate debt securities Level 2 $ 416,542 $ 486 $ (149) 416,879 416,542 $ — $ 416,542 $ 520,326 $ 554 $ (259) $ 520,621 $ 520,326 $ — $ 520,326 Total $ 910,616 $ 554 $ (259) $ 910,911 $ 910,616 $ 240,821 $ 669,795 (1) Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss. (2) Pursuant to a bank guaranty agreement, $16,189 of short-term investments are pledged. See Note 4.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	As of March 31, 2024 and December 31, 2023, the Company’s inventories were composed of: March 31, December 31, Unaudited Audited Raw materials $ 10,174 $ 10,265 Work in progress 11,934 9,796 Finished products 20,283 18,091 Total $ 42,391 $ 38,152

CONVERTIBLE NOTE (Tables)

CONVERTIBLE NOTE (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of the convertible notes	The net carrying amount of the liability of the Notes as of March 31, 2024 and December 31, 2023 are as follows: March 31, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized issuance costs (5,348) (6,178) Net carrying amount of liability component (1) $ 569,652 $ 568,822 (1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820. The estimated fair value of the net carrying amount of liability component of the Notes as of March 31, 2024 and December 31, 2023 were $525,865 and $515,962, respectively. Finance expense related to the Notes was as follows: Three months ended March 31, Year ended December 31, 2024 2023 Unaudited Audited Amortization of debt issuance costs 830 815 3,313 Total finance expense recognized $ 830 $ 815 $ 3,313

Revenue from Contract with Cust

Revenue from Contract with Customer (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenues by Geographic Region	The Company’s net revenues by geographic region, based on the patient’s location are summarized as follows: Three months ended March 31, Year ended December 31, 2024 2023 2023 United States $ 90,543 $ 85,228 $ 349,743 International markets: Germany 15,747 15,120 60,210 Japan 7,817 8,669 31,668 Other international markets 19,459 7,850 44,493 International markets - Total 43,023 31,639 136,371 Greater China (1) 4,937 5,315 23,224 Total net revenues $ 138,503 $ 122,182 $ 509,338 (1) For additional information, see Notes 12 and 13 to the Consolidated Financial Statements in the 2023 10-K.
Revenue Recognized According Performance Period	The Company's net revenues by performance period are as follows: Three months ended March 31, Year ended December 31, 2024 2023 2023 Net revenues recognized in the reporting period from performance obligations satisfied in: Reporting period $ 129,256 $ 117,338 $ 492,089 Previous periods 9,247 4,844 17,249 Total net revenues $ 138,503 $ 122,182 $ 509,338
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table provides information about trade receivables, unbilled receivables and contract liabilities from contracts with customers: March 31, December 31, Unaudited Audited Trade receivables $ 60,401 $ 56,970 Unbilled receivables $ 4,690 $ 4,251 Deferred revenues (short-term contract liabilities) (15,870) (16,224)

SHARE OPTION PLANS AND ESPP (Ta

SHARE OPTION PLANS AND ESPP (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and changes during the period then ended is presented below: Three months ended March 31, 2024 Unaudited Number Weighted Outstanding at beginning of year 8,539,507 $ 40.07 Granted 3,456,485 15.35 Exercised (26,547) 8.70 Forfeited and canceled (180,377) 58.72 Outstanding as of March 31, 2024 11,789,068 $ 32.61 Exercisable options 6,990,097 $ 34.67
Schedule of RSUs and PSUs	A summary of the status of the Company’s RSUs and PSUs as of March 31, 2024 and changes during the period then ended is presented below. Three months ended March 31, 2024 Unaudited Number Weighted Unvested at beginning of year 5,813,066 $ 60.52 Granted 8,930,183 15.17 Vested (501,473) 90.19 Forfeited and cancelled (337,925) 74.50 Unvested as of March 31, 2024 (1) 13,903,851 29.98 (1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones that are not probable as of March 31, 2024, in accordance with ASC 718 "Compensation — Stock Compensation" as follows: March 31, 2024 Number of Fair value at grant date per PSU Total fair value at grant date 588,952 $ 16.30 $ 9,600 2,703,852 $ 48.16 $ 130,218 220,533 76.97 16,974 249,402 80.59 20,099 15,210 87.66 1,333 3,777,949 $ 178,226
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. The Company assessed fair value using the following underlying assumptions: Three months ended March 31, Year ended December 31, 2024 2023 Unaudited Audited Stock Option Plans Expected term (years) 5.73-5.73 5.75-6.00 5.50-6.00 Expected volatility 71%-72% 63%-64% 63%-70% Risk-free interest rate 3.88%-4.28% 4.08%-4.10% 3.48%-4.79% Dividend yield 0.00 % 0.00 % 0.00 % ESPP Expected term (years) 0.50 0.50 0.50 Expected volatility 90 % 56 % 56%-122% Risk-free interest rate 5.13 % 4.76 % 4.76%-5.38% 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, 2024 and 2023, and the year ended December 31, 2023 was: Three months ended March 31, Year ended December 31, 2024 2023 Unaudited Audited Cost of revenues $ 1,747 $ 2,006 $ 6,587 Research, development and clinical studies 8,610 11,779 31,827 Sales and marketing 11,048 11,644 35,968 General and administrative 12,679 13,655 41,226 Total share-based compensation expense $ 34,084 $ 39,084 $ 115,608

Basic and diluted net income _2

Basic and diluted net income (loss) per ordinary share (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (38,760) $ (53,061) $ (207,043) Weighted average number of ordinary shares used in computing diluted net income (loss) per share 107,266,198 105,667,072 106,391,178 Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share: Options 8,246,017 6,337,929 6,950,781 RSUs and PSUs 4,375,948 1,178,521 1,423,377 ESPP 99,055 27,207 161,627 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 12,721,020 7,543,657 8,535,785 Basic and diluted net income (loss) per ordinary share $ (0.36) $ (0.50) $ (1.95)

SUPPLEMENTAL INFORMATION (Table

SUPPLEMENTAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
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 $ 45,358 $ 41,634 Israel 8,290 8,317 Switzerland 10,940 7,733 Others 6,240 5,179 Total long lived assets $ 70,828 $ 62,863
Schedule of Revenues by Geographic Region	The Company’s net revenues by geographic region, based on the patient’s location are summarized as follows: Three months ended March 31, Year ended December 31, 2024 2023 2023 United States $ 90,543 $ 85,228 $ 349,743 International markets: Germany 15,747 15,120 60,210 Japan 7,817 8,669 31,668 Other international markets 19,459 7,850 44,493 International markets - Total 43,023 31,639 136,371 Greater China (1) 4,937 5,315 23,224 Total net revenues $ 138,503 $ 122,182 $ 509,338 (1) For additional information, see Notes 12 and 13 to the Consolidated Financial Statements in the 2023 10-K.
Schedule of Restructuring and Related Costs	Three months ended March 31, Year ended December 31, 2024 Unaudited Audited Cost of revenues $ 52 $ 262 Research, development and clinical studies 275 2,070 Sales and marketing 1,539 2,404 General and administrative 164 1,495 Total restructuring cost $ 2,031 $ 6,231 Restructuring costs paid during the period $ 5,128 $ 2,753

CASH, CASH EQUIVALENTS AND SH_3

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Schedule of Cash and Cash Equivalents and Short-Term Investments (Details) € in Thousands, $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	$ 453,763		$ 240,821	$ 185,963
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	433,278		520,326
Unrealized gains	369		554
Unrealized losses	(5)		(259)
Fair market value	433,642		520,621
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis	870,147		910,616
Debt securities, available-for-sale and held-to-maturity, unrealized gains	369		554
Debt securities, available-for-sale and held-to-maturity, unrealized losses	(5)		(259)
Debt securities, available-for-sale and held-to-maturity, fair value	870,511		910,911
Debt securities, available-for-sale and held-to-maturity	870,147		910,616
Asset pledged as collateral
HTM Securities
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis	16,189	€ 15,000
Level 1 | U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	139,373		78,844
Unrealized gains	72		55
Unrealized losses	0		(110)
Fair market value	139,445		78,789
Level 2 | Government and governmental agencies
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis			24,940
Unrealized gains			13
Unrealized losses			0
Fair market value			24,953
Level 2 | Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	293,905		416,542
Unrealized gains	297		486
Unrealized losses	(5)		(149)
Fair market value	294,197		416,879
Cash and cash equivalents
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	109,742		0
Debt securities, available-for-sale and held-to-maturity	453,763		240,821
Cash and cash equivalents | Level 1 | U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	109,742
Cash and cash equivalents | Level 2 | Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	0		0
Short-term investments (2)
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	323,536		520,326
Debt securities, available-for-sale and held-to-maturity	416,384		669,795
Short-term investments (2) | Level 1 | U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	29,631		78,844
Short-term investments (2) | Level 2 | Government and governmental agencies
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis			24,940
Short-term investments (2) | Level 2 | Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	293,905		416,542
Cash
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	17,626		9,955
Cash | Cash and cash equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	17,626		9,955
Money market funds | Level 1
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	303,191		227,166
Money market funds | Cash and cash equivalents | Level 1
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	303,191		227,166
Certificate of deposits and term deposits | Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	116,052		153,169
Certificate of deposits and term deposits | Cash and cash equivalents | Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	23,204		3,700
Certificate of deposits and term deposits | Short-term investments (2) | Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	$ 92,848		$ 149,469

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 10,174	$ 10,265
Work in progress	11,934	9,796
Finished products	20,283	18,091
Total	$ 42,391	$ 38,152

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) € in Thousands, $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Pledged bank deposits	$ 2,798		$ 2,848
Operating lease and other contractual commitments	3,157		3,216
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis	870,147		$ 910,616
Asset pledged as collateral
Line of Credit Facility [Line Items]
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis	$ 16,189	€ 15,000

CONVERTIBLE NOTE - Additional I

CONVERTIBLE NOTE - Additional Information (Details) - Convertible Debt - 0% Convertible Senior Notes Due 2025 - USD ($) $ in Thousands	Mar. 31, 2024	Nov. 05, 2020
Debt Instrument [Line Items]
Aggregate principal amount		$ 575,000
Stated interest rate		0%
Debt issuance costs, gross	$ 16,561
Debt instrument, interest rate, effective percentage	0.59%

CONVERTIBLE NOTE - Liability an

CONVERTIBLE NOTE - Liability and Equity Components of the Convertible Notes (Details) - Convertible Debt - 0% Convertible Senior Notes Due 2025 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount	$ 575,000	$ 575,000
Unamortized issuance costs	(5,348)	(6,178)
Net carrying amount of liability component	569,652	568,822
Estimated fair value	$ 525,865	$ 515,962

CONVERTIBLE NOTE - Amortization

CONVERTIBLE NOTE - Amortization of Finance Expense (Details) - 0% Convertible Senior Notes Due 2025 - Convertible Debt - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 830	$ 815	$ 3,313
Total finance expense recognized	$ 830	$ 815	$ 3,313

Revenue from Contract with Cu_2

Revenue from Contract with Customer - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 138,503	$ 122,182	$ 509,338
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	90,543	85,228	349,743
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	15,747	15,120	60,210
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	7,817	8,669	31,668
Other international markets
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	19,459	7,850	44,493
International markets - Total
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	43,023	31,639	136,371
Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 4,937	$ 5,315	$ 23,224

REVENUE RECOGNITION - Revenue R

REVENUE RECOGNITION - Revenue Recognized According Performance Period (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenues	$ 138,503	$ 122,182	$ 509,338
Reporting period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenues	129,256	117,338	492,089
Previous periods
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenues	$ 9,247	$ 4,844	$ 17,249

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 60,401	$ 56,970
Unbilled receivables	4,690	4,251
Deferred revenues (short-term contract liabilities)	$ (15,870)	$ (16,224)

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Liability, revenue recognized	$ 16,224	$ 18,028	$ 18,028

SHARE OPTION PLANS AND ESPP - A

SHARE OPTION PLANS AND ESPP - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 shares
ESPP
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	5,735,791
2015 Plan
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	11,027,556
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, 2024 $ / shares shares
Number of options
Number of options, beginning outstanding (in shares) | shares	8,539,507
Number of options, granted (in shares) | shares	3,456,485
Number of options, exercised (in shares) | shares	(26,547)
Number of options, forfeited and canceled (in shares) | shares	(180,377)
Number of options, ending outstanding (in shares) | shares	11,789,068
Number of options, exercisable options (in shares) | shares	6,990,097
Weighted average exercise price
Weighted average exercise price, beginning outstanding (in usd per share) | $ / shares	$ 40.07
Weighted average exercise price, granted (in usd per share) | $ / shares	15.35
Weighted average exercise price, exercised (in usd per share) | $ / shares	8.70
Weighted average exercise price, forfeited and canceled (in usd per share) | $ / shares	58.72
Weighted average exercise price, ending outstanding (in usd per share) | $ / shares	32.61
Weighted average exercise price, exercisable options (in usd per share) | $ / shares	$ 34.67

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, 2024 USD ($) $ / shares shares
RSUs and PSUs
Number of RSU/PSUs
Unvested at beginning of year (in shares)	5,813,066
Granted (in shares)	8,930,183
Vested (in shares)	(501,473)
Forfeited and cancelled (in shares)	(337,925)
Unvested at ending of year (in shares)	13,903,851
Weighted average grant date fair value
Unvested at beginning of year (in usd per share) | $ / shares	$ 60.52
Granted (in usd per share) | $ / shares	15.17
Vested (in usd per share) | $ / shares	90.19
Forfeited and cancelled (in usd per share) | $ / shares	74.50
Unvested at ending of year (in usd per share) | $ / shares	$ 29.98
PSUs
Weighted average grant date fair value
Number of PSUs (in shares)	3,777,949
Total fair value at grant date | $	$ 178,226
PSUs | Award One
Weighted average grant date fair value
Number of PSUs (in shares)	588,952
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 16.30
Total fair value at grant date | $	$ 9,600
PSUs | Award Two
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 Three
Weighted average grant date fair value
Number of PSUs (in shares)	220,533
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 76.97
Total fair value at grant date | $	$ 16,974
PSUs | Award Four
Weighted average grant date fair value
Number of PSUs (in shares)	249,402
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 80.59
Total fair value at grant date | $	$ 20,099
PSUs | Award Five
Weighted average grant date fair value
Number of PSUs (in shares)	15,210
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 87.66
Total fair value at grant date | $	$ 1,333

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, 2024	Mar. 31, 2023	Dec. 31, 2023
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility, minimum	90%	56%	56%
Expected volatility, maximum			122%
Risk-free interest rate, minimum	5.13%	4.76%	4.76%
Risk-free interest rate, maximum			5.38%
Dividend yield	0%	0%	0%
Stock Option Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	71%	63%	63%
Expected volatility, maximum	72%	64%	70%
Risk-free interest rate, minimum	3.88%	4.08%	3.48%
Risk-free interest rate, maximum	4.28%	4.10%	4.79%
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 8 months 23 days	5 years 9 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 8 months 23 days	6 years	6 years

SHARE OPTION PLANS AND ESPP -_4

SHARE OPTION PLANS AND ESPP - Schedule of Non-cash Share-Based Compensation Expenses Related to Company's Equity-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 34,084	$ 39,084	$ 115,608
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1,747	2,006	6,587
Research, development and clinical studies
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	8,610	11,779	31,827
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	11,048	11,644	35,968
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 12,679	$ 13,655	$ 41,226

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, 2024	Mar. 31, 2023	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share	$ (38,760)	$ (53,061)	$ (207,043)
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	107,266,198	105,667,072	106,391,178
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share:	12,721,020	7,543,657	8,535,785
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.36)	$ (0.50)	$ (1.95)
Basic net income (loss) per ordinary share (in usd per share)	$ (0.36)	$ (0.50)	$ (1.95)
Stock Option Plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share:	8,246,017	6,337,929	6,950,781
RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share:	4,375,948	1,178,521	1,423,377
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share:	99,055	27,207	161,627

SUPPLEMENTAL INFORMATION - Sche

SUPPLEMENTAL INFORMATION - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 70,828	$ 62,863
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	45,358	41,634
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	8,290	8,317
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	10,940	7,733
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 6,240	$ 5,179

SUPPLEMENTAL INFORMATION - Narr

SUPPLEMENTAL INFORMATION - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2023 employee	Mar. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Geographic Areas, Long-Lived Assets [Abstract]
Number of reporting units | segment		1
Restructuring , number of positions eliminated | employee	200
Restructuring, positions eliminated percent	13%
Total restructuring cost		$ 2,031	$ 6,231
Employee benefit and share-based payment arrangement, reversal of accrual		369	3,041
Forfeited share-based compensation expense		$ 1,661	$ 9,313

SUPPLEMENTAL INFORMATION - Sc_2

SUPPLEMENTAL INFORMATION - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring cost	$ 2,031	$ 6,231
Restructuring costs paid during the period	5,128	2,753
Cost of revenues
Restructuring Cost and Reserve [Line Items]
Total restructuring cost	52	262
Research, development and clinical studies
Restructuring Cost and Reserve [Line Items]
Total restructuring cost	275	2,070
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring cost	1,539	2,404
General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring cost	$ 164	$ 1,495

Subsequent Event - Narrative (D

Subsequent Event - Narrative (Details) - Revolving Credit Facility $ in Millions			1 Months Ended	12 Months Ended
	Jun. 30, 2025 USD ($)	May 01, 2024 USD ($) repayment drawing	Apr. 30, 2024 yr	Dec. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
2024 Credit Facility Tranche B | Forecast
Subsequent Event [Line Items]
Drawings	$ 100
Subsequent Event | 2024 Credit Facility
Subsequent Event [Line Items]
Contractual term		5 years
Maximum borrowing capacity		$ 400
Number of drawings | drawing		4
Stated interest rate		6.25%
Debt instrument additional interest rate		2.50%
Number of repayments | repayment		8
Final payment of outstanding principal due, year | yr			5
Subsequent Event | 2024 Credit Facility Tranche A
Subsequent Event [Line Items]
Drawings		$ 100
Subsequent Event | 2024 Credit Facility Tranche C
Subsequent Event [Line Items]
Accordion additional borrowing option						$ 100
Subsequent Event | 2024 Credit Facility Tranche D
Subsequent Event [Line Items]
Accordion additional borrowing option					$ 100
Subsequent Event | Minimum | 2024 Credit Facility
Subsequent Event [Line Items]
Trailing net revenues				$ 500	$ 625	$ 575
Subsequent Event | Minimum | 2024 Credit Facility | Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread on variable rate		3.25%