Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 19, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 | 108,217,490 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001645113 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 164,796 | $ 240,821 |
Short-term investments | 786,390 | 669,795 |
Restricted cash | 3,647 | 1,743 |
Trade receivables, net | 64,703 | 61,221 |
Receivables and prepaid expenses | 32,858 | 22,677 |
Inventories | 40,442 | 38,152 |
Total current assets | 1,092,836 | 1,034,409 |
LONG-TERM ASSETS: | ||
Property and equipment, net | 66,477 | 51,479 |
Field equipment, net | 11,719 | 11,384 |
Right-of-use assets | 29,076 | 34,835 |
Other long-term assets | 12,062 | 14,022 |
Total long-term assets | 119,334 | 111,720 |
TOTAL ASSETS | 1,212,170 | 1,146,129 |
CURRENT LIABILITIES: | ||
Trade payables | 90,171 | 94,391 |
Other payables, lease liabilities and accrued expenses | 79,007 | 84,724 |
Total current liabilities | 169,178 | 179,115 |
LONG-TERM LIABILITIES: | ||
Convertible note | 556,508 | 568,822 |
Senior secured credit facility, net | 96,962 | 0 |
Long-term leases | 21,731 | 27,420 |
Employee benefit liabilities | 6,023 | 8,258 |
Other long-term liabilities | 18 | 18 |
Total long-term liabilities | 681,242 | 604,518 |
TOTAL LIABILITIES | 850,420 | 783,633 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS' EQUITY: | ||
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 108,013,830 shares and 107,075,754 shares at June 30, 2024 (unaudited) and December 31, 2023, respectively | 0 | 0 |
Additional paid-in capital | 1,422,903 | 1,353,468 |
Accumulated other comprehensive income (loss) | (3,515) | (5,469) |
Retained earnings (accumulated deficit) | (1,057,638) | (985,503) |
TOTAL SHAREHOLDERS' EQUITY | 361,750 | 362,496 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,212,170 | $ 1,146,129 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, shares issued (in shares) | 108,013,830 | 107,075,754 |
Common stock, shares outstanding (in shares) | 108,013,830 | 107,075,754 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Income Statement [Abstract] | |||||
Net revenues | $ 150,356 | $ 126,051 | $ 288,859 | $ 248,233 | $ 509,338 |
Cost of revenues | 34,654 | 34,018 | 68,343 | 63,632 | 128,280 |
Gross profit | 115,702 | 92,033 | 220,516 | 184,601 | 381,058 |
Operating costs and expenses: | |||||
Research, development and clinical studies | 54,955 | 55,427 | 106,553 | 115,131 | 223,062 |
Sales and marketing | 56,616 | 58,488 | 111,822 | 109,657 | 226,809 |
General and administrative | 37,711 | 40,778 | 77,241 | 82,722 | 164,057 |
Total operating costs and expenses | 149,282 | 154,693 | 295,616 | 307,510 | 613,928 |
Operating income (loss) | (33,580) | (62,660) | (75,100) | (122,909) | (232,870) |
Financial income (expenses), net | 10,851 | 8,756 | 20,729 | 17,925 | 41,130 |
Income (loss) before income tax | (22,729) | (53,904) | (54,371) | (104,984) | (191,740) |
Income tax | 10,646 | 3,514 | 17,764 | 5,495 | 15,303 |
Net income (loss) | $ (33,375) | $ (57,418) | $ (72,135) | $ (110,479) | $ (207,043) |
Basic net income (loss) per ordinary share (in usd per share) | $ (0.31) | $ (0.54) | $ (0.67) | $ (1.04) | $ (1.95) |
Diluted net income (loss) per ordinary share (in usd per share) | $ (0.31) | $ (0.54) | $ (0.67) | $ (1.04) | $ (1.95) |
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares) | 107,700,284 | 106,289,073 | 107,483,241 | 105,979,791 | 106,391,178 |
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares) | 107,700,284 | 106,289,073 | 107,483,241 | 105,979,791 | 106,391,178 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | |||||
Net income (loss) | $ (33,375) | $ (57,418) | $ (72,135) | $ (110,479) | $ (207,043) |
Other comprehensive income (loss), net of tax: | |||||
Change in foreign currency translation adjustments | 102 | 529 | (225) | 829 | 1,473 |
Unrealized gain (loss) from debt securities | 68 | 0 | 425 | 445 | |
Pension benefit plan | 530 | 113 | 2,179 | (802) | (4,954) |
Total comprehensive income (loss) | $ (32,743) | $ (56,708) | $ (70,181) | $ (110,027) | $ (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) | (110,479) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 106,605,331 | ||||
Ending balance at Jun. 30, 2023 | 415,683 | 1,306,603 | (1,981) | (888,939) | |
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) | |
Beginning balance (in shares) at Mar. 31, 2023 | 106,187,162 | ||||
Beginning balance at Mar. 31, 2023 | 432,146 | 1,266,358 | (2,691) | (831,521) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share-based compensation to employees | 32,740 | 32,740 | |||
Proceeds from issuance of shares (in shares) | 81,730 | ||||
Proceeds from issuance of shares | 2,883 | 2,883 | |||
Exercise of options and vested RSUs (in shares) | 336,439 | ||||
Exercise of options and vested RSUs | 4,622 | 4,622 | |||
Other comprehensive income (loss), net of tax benefit of $0 | 710 | 710 | |||
Net income (loss) | (57,418) | (57,418) | |||
Ending balance (in shares) at Jun. 30, 2023 | 106,605,331 | ||||
Ending balance at Jun. 30, 2023 | 415,683 | 1,306,603 | (1,981) | (888,939) | |
Beginning balance (in shares) at Dec. 31, 2023 | 107,075,754 | ||||
Beginning 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) | |
Beginning balance (in shares) at Dec. 31, 2023 | 107,075,754 | ||||
Beginning balance at Dec. 31, 2023 | 362,496 | 1,353,468 | (5,469) | (985,503) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (72,135) | ||||
Ending balance (in shares) at Jun. 30, 2024 | 108,013,830 | ||||
Ending balance at Jun. 30, 2024 | 361,750 | 1,422,903 | (3,515) | (1,057,638) | |
Beginning balance (in shares) at Mar. 31, 2024 | 107,603,774 | ||||
Beginning balance at Mar. 31, 2024 | 359,355 | 1,387,765 | (4,147) | (1,024,263) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share-based compensation to employees | 31,830 | 31,830 | |||
Proceeds from issuance of shares (in shares) | 178,668 | ||||
Proceeds from issuance of shares | 2,187 | 2,187 | |||
Exercise of options and vested RSUs (in shares) | 231,388 | ||||
Exercise of options and vested RSUs | 1,121 | 1,121 | |||
Other comprehensive income (loss), net of tax benefit of $0 | 632 | 632 | |||
Net income (loss) | (33,375) | (33,375) | |||
Ending balance (in shares) at Jun. 30, 2024 | 108,013,830 | ||||
Ending balance at Jun. 30, 2024 | $ 361,750 | $ 1,422,903 | $ (3,515) | $ (1,057,638) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Other comprehensive income (loss), tax benefit | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Cash flows from operating activities: | |||||
Net income (loss) | $ (33,375) | $ (57,418) | $ (72,135) | $ (110,479) | $ (207,043) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||
Depreciation and amortization | 2,858 | 2,721 | 5,673 | 5,443 | 10,969 |
Accrued Interest | (349) | 1,170 | 1,273 | 50 | (95) |
Asset write-downs and impairment of field equipment | 140 | 136 | 334 | 262 | 493 |
Share-based compensation | 31,830 | 32,740 | 65,914 | 71,824 | 115,608 |
Foreign currency remeasurement loss (gain) | 653 | 914 | 1,266 | 787 | 161 |
Decrease (increase) in accounts receivables and prepaid expenses | (11,119) | 6,941 | (14,394) | 21,452 | 29,414 |
Amortization of discount (premium) | (6,854) | (5,075) | (12,235) | (9,131) | (23,084) |
Decrease (increase) in inventories | 1,888 | (1,452) | (2,762) | (4,170) | (8,919) |
Decrease (increase) in other long-term assets | 4,889 | (1,920) | 6,063 | (386) | 4,072 |
Increase (decrease) in accounts payables and accrued expenses | 9,548 | 207 | (8,697) | (10,257) | 14,869 |
Increase (decrease) in other long-term liabilities | (1,829) | (1,701) | (3,594) | (4,859) | (9,781) |
Net cash provided by (used in) operating activities | (1,720) | (22,737) | (33,294) | (39,464) | (73,336) |
Cash flows from investing activities: | |||||
Purchase of property, equipment and field equipment | (11,446) | (6,931) | (23,230) | (13,019) | (27,093) |
Proceeds from maturity of short-term investments | 160,000 | 314,597 | 418,000 | 640,884 | 1,214,982 |
Purchase of short-term investments | (522,994) | (321,563) | (522,994) | (559,475) | (1,003,741) |
Net cash provided by (used in) investing activities | (374,440) | (13,897) | (128,224) | 68,390 | 184,148 |
Cash flows from financing activities: | |||||
Proceeds from issuance of shares, net | 2,187 | 2,883 | 2,187 | 2,883 | 4,416 |
Proceeds from senior secured credit facility, net | 96,922 | 0 | 96,922 | 0 | 0 |
Repayment and redemption of long-term debt | (12,913) | (3) | (12,913) | (10) | (10) |
Exercise of options | 1,121 | 4,622 | 1,334 | 9,833 | 11,381 |
Net cash provided by (used in) financing activities | 87,317 | 7,502 | 87,530 | 12,706 | 15,787 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (77) | (13) | (133) | 28 | 131 |
Increase (decrease) in cash, cash equivalents and restricted cash | (288,920) | (29,145) | (74,121) | 41,660 | 126,730 |
Cash, cash equivalents and restricted cash at the beginning of the period | 457,363 | 186,639 | 242,564 | 115,834 | 115,834 |
Cash, cash equivalents and restricted cash at the end of the period | 168,443 | 157,494 | 168,443 | 157,494 | 242,564 |
Cash paid during the period for: | |||||
Income taxes paid (refunded), net | 7,501 | 5,831 | 10,415 | 7,543 | 13,665 |
Interest paid | 1,968 | 0 | 1,970 | 1 | 6 |
Reconciliation of cash, cash equivalents and restricted cash: | |||||
Cash and cash equivalents | 164,796 | 156,978 | 164,796 | 156,978 | 240,821 |
Restricted cash | 3,647 | 516 | 3,647 | 516 | 1,743 |
Total cash, cash equivalents and restricted cash | 168,443 | 157,494 | 168,443 | 157,494 | 242,564 |
Non-cash activities: | |||||
Right-of-use assets obtained (disposed) in exchange for lease liabilities | (1,649) | 2,333 | (1,367) | 5,784 | 18,063 |
Purchase of property incurred but unpaid at period end | $ 401 | $ 0 | $ 401 | $ 0 | $ 1,714 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 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 Gio and Optune Lua (collectively, our "Products"), for the treatment of solid tumor cancers. The Company markets Optune Gio and Optune Lua in multiple countries around the globe with the majority of revenues coming from the use of Optune Gio in the U.S., Germany, France 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of: June 30, 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 $ 17,238 $ — $ — $ 17,238 $ 17,238 $ 17,238 $ — Money market funds Level 1 145,558 — — 145,558 145,558 145,558 — Certificate of deposits and term deposits Level 2 210,197 — — 210,197 210,197 2,000 208,197 HTM securities (1) U.S. Treasury bills Level 1 $ 127,396 $ 19 $ (15) 127,400 127,396 $ — $ 127,396 Corporate debt securities Level 2 $ 450,797 $ 131 $ (285) 450,643 450,797 $ — $ 450,797 $ 578,193 $ 150 $ (300) $ 578,043 $ 578,193 $ — $ 578,193 Total $ 951,186 $ 150 $ (300) $ 951,036 $ 951,186 $ 164,796 $ 786,390 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,$16,074 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2024 and December 31, 2023, the Company’s inventories were composed of: June 30, December 31, Unaudited Audited Raw materials $ 9,585 $ 10,265 Work in progress 11,854 9,796 Finished products 19,003 18,091 Total $ 40,442 $ 38,152 |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 6 Months Ended |
Jun. 30, 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 June 30, 2024 and December 31, 2023, the Company pledged bank deposits of $2,797 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 $3,155 and $3,216, respectively. In addition, €15,000 ($16,074) 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 June 30, 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. |
LONG-TERM DEBT, NET
LONG-TERM DEBT, NET | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-term debt, net | LONG-TERM DEBT, NET a. Convertible notes 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 June 30, 2024, the conditions allowing holders of the Notes to convert were not met. The Notes are therefore not convertible as of June 30, 2024 and are classified as long-term liability. In June 2024 the Company redeemed $14,055 of Notes in consideration of $12,913. The gain from redemption was reported as finance income in accordance with ASC 470 "Debt with Conversion and Other Options". The net carrying amount of the liability of the Notes as of June 30, 2024 and December 31, 2023 are as follows: June 30, December 31, Unaudited Audited Liability component, net: Principal amount $ 560,945 $ 575,000 Unamortized issuance costs (4,437) (6,178) Net carrying amount of liability component (1) $ 556,508 $ 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 June 30, 2024 and December 31, 2023 were $507,158 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 June 30, Six months ended June 30, Year ended December 31, 2024 2023 2024 2023 Unaudited Unaudited Audited Gain from redemption of Notes (1,142) — (1,142) — — Amortization of debt issuance costs 911 826 1,741 1,641 3,313 Total finance expenses (income) recognized $ (231) $ 826 $ 599 $ 1,641 $ 3,313 b. Senior secured credit facility, net 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 Notes 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. As of June 30, 2024 the Company had borrowed the Tranche A Loan in the principal amount of $100,000. June 30, December 31, Unaudited Audited Liability component, net: Principal amount $ 100,000 $ — Unamortized issuance costs (3,038) — Net carrying amount of liability component (1) $ 96,962 $ — (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 June 30, 2024 and December 31, 2023 were $114,187 and $0, 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 $3,078 and are amortized to interest expense using the effective interest rate method over the contractual term of the Notes. For purposes of calculating the net carrying amount, the annual effective interest rate is assumed to be 13.3% over the remaining contractual term of the Notes. Finance expense related to the Facility was as follows: Three months ended June 30, Six months ended June 30, Year ended December 31, 2024 2023 2024 2023 Unaudited Unaudited Audited Interest 1,962 — 1,962 — — Amortization of debt issuance costs 40 — 40 — — Total finance expense recognized $ 2,002 $ — $ 2,002 $ — $ — |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, Year ended December 31, 2024 0 2023 2024 2023 2023 United States $ 95,711 $ 86,958 $ 186,254 $ 172,186 $ 349,743 International markets: Germany 15,097 15,744 30,844 30,864 60,210 France (1) 14,267 — 24,755 — 11,736 Japan 7,664 7,861 15,481 16,530 31,668 Other international markets 11,771 8,737 20,742 16,587 32,757 International markets - Total 48,799 32,342 91,822 63,981 136,371 Greater China (2) 5,846 6,751 10,783 12,066 23,224 Total net revenues $ 150,356 $ 126,051 $ 288,859 $ 248,233 $ 509,338 (1) For periods ending prior to December 31, 2023, net revenue for France is included in "Other international markets". (2) 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 June 30, Six months ended June 30, Year ended December 31, 2024 0 2023 2024 2023 2023 Net revenues recognized in the reporting period from performance obligations satisfied in: Reporting period $ 138,857 $ 119,823 $ 269,343 $ 236,932 $ 492,089 Previous periods 11,499 6,228 19,516 11,301 17,249 Total net revenues $ 150,356 $ 126,051 $ 288,859 $ 248,233 $ 509,338 b. Contract balances The following table provides information about trade receivables, unbilled receivables and contract liabilities from contracts with customers: June 30, December 31, Unaudited Audited Trade receivables $ 59,869 $ 56,970 Unbilled receivables $ 4,834 $ 4,251 Deferred revenues (short-term contract liabilities) (15,605) (16,224) During the six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 As of June 30, 2024, no ordinary shares were available for grant under the 2015 Plan (see below). In April 2024, the Company adopted the 2024 Omnibus Incentive Plan (the "2024 Plan"), which replaced the 2015 Plan, effective June 5, 2024 (the "Effective Date") following approval from the Company's shareholders. Under the 2024 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. The total number of shares of the Company’s ordinary shares that may be granted under the 2024 Plan consists of (i) up to 9,000,000 ordinary shares (reduced by 433,018 shares subject to awards granted under the 2015 Plan after April 2, 2024), all of which were available under the 2015 Plan and which ceased to be available for future awards under the 2015 Plan as of the Effective Date and (ii) the number of undelivered shares subject to outstanding awards under the 2015 Plan that become available for future awards under the 2024 Plan as provided for in the 2024 Plan. Options granted under the 2024 Plan generally will have a two-year or four-year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan and 2024 Plan that are canceled or forfeited before expiration become available for future grants under the 2024 Plan. RSUs granted under the 2024 Plan generally will vest over a three three As of June 30, 2024, no awards have been granted under the 2024 Plan and 9,270,636 ordinary shares were available for grant under the 2024 Plan. A summary of the status of the Company’s option plans as of June 30, 2024 and changes during the period then ended is presented below: Six months ended June 30, 2024 Unaudited Number Weighted Outstanding at beginning of year 8,539,507 $ 40.07 Granted 3,593,899 15.46 Exercised (172,463) 7.74 Forfeited and canceled (431,933) 49.89 Outstanding as of June 30, 2024 11,529,010 $ 32.51 Exercisable options 6,897,941 $ 35.39 A summary of the status of the Company’s RSUs and PSUs as of June 30, 2024 and changes during the period then ended is presented below. Six months ended June 30, 2024 Unaudited Number Weighted Unvested at beginning of year 5,813,066 $ 60.52 Granted 9,225,787 15.21 Vested (586,945) 88.14 Forfeited and cancelled (816,451) 47.71 Unvested as of June 30, 2024 (1) 13,635,457 29.44 (1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones that are not probable as of June 30, 2024, in accordance with ASC 718 "Compensation — Stock Compensation" as follows: June 30, 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 48.16 130,218 199,315 76.97 15,341 234,512 80.59 18,899 15,210 87.66 1,333 3,741,841 $ 175,393 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 June 30, 2024, 5,557,123 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: Six months ended June 30, Year ended December 31, 2024 2023 Unaudited Audited Stock Option Plans Expected term (years) 5.50-5.73 5.50-6.00 5.50-6.00 Expected volatility 71%-73% 63%-67% 63%-70% Risk-free interest rate 3.88%-4.43% 3.48%-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 and six months ended June 30, 2024 and 2023, and the year ended December 31, 2023 was: Three months ended June 30, Six months ended June 30, Year ended December 31, 2024 2023 2024 2023 Unaudited Unaudited Audited Cost of revenues $ 1,698 $ 2,023 $ 3,446 $ 4,029 $ 6,587 Research, development and clinical studies 9,517 8,537 18,127 20,316 31,827 Sales and marketing 9,896 10,213 20,944 21,857 35,968 General and administrative 10,719 11,967 23,397 25,622 41,226 Total share-based compensation expense $ 31,830 $ 32,740 $ 65,914 $ 71,824 $ 115,608 |
Basic and diluted net income (l
Basic and diluted net income (loss) per ordinary share | 6 Months Ended |
Jun. 30, 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, 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 June 30, Six months ended June 30, Year ended December 31, 2024 2023 2024 2023 Unaudited Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (33,375) $ (57,418) $ (72,135) $ (110,479) $ (207,043) Weighted average number of ordinary shares used in computing diluted net income (loss) per share 107,700,284 106,289,073 107,483,241 105,979,791 106,391,178 Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share: Options 9,931,469 81,733 9,112,573 81,730 6,950,781 RSUs and PSUs 3,918,515 1,660,471 3,284,521 965,915 1,423,377 ESPP 178,668 6,741,132 178,668 6,685,594 161,627 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 14,028,652 8,483,336 12,575,762 7,733,239 8,535,785 Basic and diluted net income (loss) per ordinary share $ (0.31) $ (0.54) $ (0.67) $ (1.04) $ (1.95) |
SUPPLEMENTAL INFORMATION
SUPPLEMENTAL INFORMATION | 6 Months Ended |
Jun. 30, 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: June 30, December 31, Unaudited Audited United States $ 50,124 $ 41,634 Israel 8,449 8,317 Switzerland 13,620 7,733 Others 6,003 5,179 Total long lived assets $ 78,196 $ 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.) for the three and six months ended June 30, 2024 and the year ended December 31, 2023, as follows: Three months ended June 30, Six months ended June 30, Year ended December 31, 2024 2023 2024 2023 Unaudited Unaudited Audited Cost of revenues $ — $ — $ 52 $ — $ 262 Research, development and clinical studies — — 275 — 2,070 Sales and marketing (27) — 1,512 — 2,404 General and administrative — — 164 — 1,495 Total restructuring cost $ (27) $ — $ 2,003 $ — $ 6,231 Restructuring costs paid during the period $ 327 $ — $ 5,455 $ — $ 2,753 These restructuring costs were offset by accrual reversals for the three and six months ended June 30, 2024 and the year ended December 31, 2023 in the amount of $0, $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 and six months ended June 30, 2024 and the year ended December 31, 2023 in the amount of $330, $1,991 and $9,313, respectively, which relate to the terminated employees' exits from the Company’s equity incentive plan. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Pay vs Performance Disclosure | |||||||
Net income (loss) | $ (33,375) | $ (38,760) | $ (57,418) | $ (53,061) | $ (72,135) | $ (110,479) | $ (207,043) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 shares | |
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 |
Executive Officer And Director Trading Agreement [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | The following table describes contracts, instructions or written plans for the purchase or sale of our securities that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) promulgated under the Securities Exchange Act of 1934, as amended (each a "Rule 10b5-1 Plan") adopted by our executive officers and directors during the three month period ending June 30, 2024: Name Title Date of Adoption Duration of Rule 10b5-1 Plan Aggregate Number of Securities to be Purchased Pursuant to the Rule 10b5-1 Plan Aggregate Number of Securities to be Sold Pursuant to the Rule 10b5-1 Plan Uri Weinberg Chief Innovation Officer June 5, 2024 September 4, 2024 - December 31, 2026 — 278,612 Wilhelmus Groenhuysen (1) Chief Operating Officer June 5, 2024 September 4, 2024 - May 31, 2025 — 1,249,563 Gabriel Kinyip Leung Director June 5, 2024 September 4, 2024 - August 31, 2025 — 88,413 (1) Includes shares held by the Groenhuysen Family Trust, in which Mr. Groenhuysen maintains a pecuniary interest. Mr. Groenhuysen does not disclaim beneficial ownership of such shares. |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Executive Officer And Director Trading Agreement [Member] | Uri Weinberg [Member] | |
Trading Arrangements, by Individual | |
Name | Uri Weinberg |
Title | Chief Innovation Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 5, 2024 |
Arrangement Duration | 848 days |
Aggregate Available | 278,612 |
Executive Officer And Director Trading Agreement [Member] | Wilhelmus Groenhuysen [Member] | |
Trading Arrangements, by Individual | |
Name | Wilhelmus Groenhuysen (1) |
Title | Chief Operating Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 5, 2024 |
Arrangement Duration | 269 days |
Aggregate Available | 1,249,563 |
Executive Officer And Director Trading Agreement [Member] | Gabriel Kinyip Leung [Member] | |
Trading Arrangements, by Individual | |
Name | Gabriel Kinyip Leung |
Title | Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 5, 2024 |
Arrangement Duration | 361 days |
Aggregate Available | 88,413 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 2024 | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
Schedule of cash and cash equivalents | As of June 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of: June 30, 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 $ 17,238 $ — $ — $ 17,238 $ 17,238 $ 17,238 $ — Money market funds Level 1 145,558 — — 145,558 145,558 145,558 — Certificate of deposits and term deposits Level 2 210,197 — — 210,197 210,197 2,000 208,197 HTM securities (1) U.S. Treasury bills Level 1 $ 127,396 $ 19 $ (15) 127,400 127,396 $ — $ 127,396 Corporate debt securities Level 2 $ 450,797 $ 131 $ (285) 450,643 450,797 $ — $ 450,797 $ 578,193 $ 150 $ (300) $ 578,043 $ 578,193 $ — $ 578,193 Total $ 951,186 $ 150 $ (300) $ 951,036 $ 951,186 $ 164,796 $ 786,390 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,$16,074 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 June 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of: June 30, 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 $ 17,238 $ — $ — $ 17,238 $ 17,238 $ 17,238 $ — Money market funds Level 1 145,558 — — 145,558 145,558 145,558 — Certificate of deposits and term deposits Level 2 210,197 — — 210,197 210,197 2,000 208,197 HTM securities (1) U.S. Treasury bills Level 1 $ 127,396 $ 19 $ (15) 127,400 127,396 $ — $ 127,396 Corporate debt securities Level 2 $ 450,797 $ 131 $ (285) 450,643 450,797 $ — $ 450,797 $ 578,193 $ 150 $ (300) $ 578,043 $ 578,193 $ — $ 578,193 Total $ 951,186 $ 150 $ (300) $ 951,036 $ 951,186 $ 164,796 $ 786,390 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,$16,074 of short-term investments are pledged. See Note 4. |
Schedule of available-for-sale securities reconciliation | As of June 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of: June 30, 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 $ 17,238 $ — $ — $ 17,238 $ 17,238 $ 17,238 $ — Money market funds Level 1 145,558 — — 145,558 145,558 145,558 — Certificate of deposits and term deposits Level 2 210,197 — — 210,197 210,197 2,000 208,197 HTM securities (1) U.S. Treasury bills Level 1 $ 127,396 $ 19 $ (15) 127,400 127,396 $ — $ 127,396 Corporate debt securities Level 2 $ 450,797 $ 131 $ (285) 450,643 450,797 $ — $ 450,797 $ 578,193 $ 150 $ (300) $ 578,043 $ 578,193 $ — $ 578,193 Total $ 951,186 $ 150 $ (300) $ 951,036 $ 951,186 $ 164,796 $ 786,390 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,$16,074 of short-term investments are pledged. See Note 4. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of June 30, 2024 and December 31, 2023, the Company’s inventories were composed of: June 30, December 31, Unaudited Audited Raw materials $ 9,585 $ 10,265 Work in progress 11,854 9,796 Finished products 19,003 18,091 Total $ 40,442 $ 38,152 |
LONG-TERM DEBT NET (Tables)
LONG-TERM DEBT NET (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Summary of the convertible notes | The net carrying amount of the liability of the Notes as of June 30, 2024 and December 31, 2023 are as follows: June 30, December 31, Unaudited Audited Liability component, net: Principal amount $ 560,945 $ 575,000 Unamortized issuance costs (4,437) (6,178) Net carrying amount of liability component (1) $ 556,508 $ 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 June 30, 2024 and December 31, 2023 were $507,158 and $515,962, respectively. Finance expense related to the Notes was as follows: Three months ended June 30, Six months ended June 30, Year ended December 31, 2024 2023 2024 2023 Unaudited Unaudited Audited Gain from redemption of Notes (1,142) — (1,142) — — Amortization of debt issuance costs 911 826 1,741 1,641 3,313 Total finance expenses (income) recognized $ (231) $ 826 $ 599 $ 1,641 $ 3,313 |
Schedule of senior secured credit facility | June 30, December 31, Unaudited Audited Liability component, net: Principal amount $ 100,000 $ — Unamortized issuance costs (3,038) — Net carrying amount of liability component (1) $ 96,962 $ — (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 June 30, 2024 and December 31, 2023 were $114,187 and $0, respectively. Finance expense related to the Facility was as follows: Three months ended June 30, Six months ended June 30, Year ended December 31, 2024 2023 2024 2023 Unaudited Unaudited Audited Interest 1,962 — 1,962 — — Amortization of debt issuance costs 40 — 40 — — Total finance expense recognized $ 2,002 $ — $ 2,002 $ — $ — |
Revenue from Contract with Cust
Revenue from Contract with Customer (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, Year ended December 31, 2024 0 2023 2024 2023 2023 United States $ 95,711 $ 86,958 $ 186,254 $ 172,186 $ 349,743 International markets: Germany 15,097 15,744 30,844 30,864 60,210 France (1) 14,267 — 24,755 — 11,736 Japan 7,664 7,861 15,481 16,530 31,668 Other international markets 11,771 8,737 20,742 16,587 32,757 International markets - Total 48,799 32,342 91,822 63,981 136,371 Greater China (2) 5,846 6,751 10,783 12,066 23,224 Total net revenues $ 150,356 $ 126,051 $ 288,859 $ 248,233 $ 509,338 (1) For periods ending prior to December 31, 2023, net revenue for France is included in "Other international markets". (2) 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 June 30, Six months ended June 30, Year ended December 31, 2024 0 2023 2024 2023 2023 Net revenues recognized in the reporting period from performance obligations satisfied in: Reporting period $ 138,857 $ 119,823 $ 269,343 $ 236,932 $ 492,089 Previous periods 11,499 6,228 19,516 11,301 17,249 Total net revenues $ 150,356 $ 126,051 $ 288,859 $ 248,233 $ 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: June 30, December 31, Unaudited Audited Trade receivables $ 59,869 $ 56,970 Unbilled receivables $ 4,834 $ 4,251 Deferred revenues (short-term contract liabilities) (15,605) (16,224) |
SHARE OPTION PLANS AND ESPP (Ta
SHARE OPTION PLANS AND ESPP (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 and changes during the period then ended is presented below: Six months ended June 30, 2024 Unaudited Number Weighted Outstanding at beginning of year 8,539,507 $ 40.07 Granted 3,593,899 15.46 Exercised (172,463) 7.74 Forfeited and canceled (431,933) 49.89 Outstanding as of June 30, 2024 11,529,010 $ 32.51 Exercisable options 6,897,941 $ 35.39 |
Schedule of RSUs and PSUs | A summary of the status of the Company’s RSUs and PSUs as of June 30, 2024 and changes during the period then ended is presented below. Six months ended June 30, 2024 Unaudited Number Weighted Unvested at beginning of year 5,813,066 $ 60.52 Granted 9,225,787 15.21 Vested (586,945) 88.14 Forfeited and cancelled (816,451) 47.71 Unvested as of June 30, 2024 (1) 13,635,457 29.44 (1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones that are not probable as of June 30, 2024, in accordance with ASC 718 "Compensation — Stock Compensation" as follows: June 30, 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 48.16 130,218 199,315 76.97 15,341 234,512 80.59 18,899 15,210 87.66 1,333 3,741,841 $ 175,393 |
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: Six months ended June 30, Year ended December 31, 2024 2023 Unaudited Audited Stock Option Plans Expected term (years) 5.50-5.73 5.50-6.00 5.50-6.00 Expected volatility 71%-73% 63%-67% 63%-70% Risk-free interest rate 3.88%-4.43% 3.48%-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 and six months ended June 30, 2024 and 2023, and the year ended December 31, 2023 was: Three months ended June 30, Six months ended June 30, Year ended December 31, 2024 2023 2024 2023 Unaudited Unaudited Audited Cost of revenues $ 1,698 $ 2,023 $ 3,446 $ 4,029 $ 6,587 Research, development and clinical studies 9,517 8,537 18,127 20,316 31,827 Sales and marketing 9,896 10,213 20,944 21,857 35,968 General and administrative 10,719 11,967 23,397 25,622 41,226 Total share-based compensation expense $ 31,830 $ 32,740 $ 65,914 $ 71,824 $ 115,608 |
Basic and diluted net income _2
Basic and diluted net income (loss) per ordinary share (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, Year ended December 31, 2024 2023 2024 2023 Unaudited Unaudited Audited Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ (33,375) $ (57,418) $ (72,135) $ (110,479) $ (207,043) Weighted average number of ordinary shares used in computing diluted net income (loss) per share 107,700,284 106,289,073 107,483,241 105,979,791 106,391,178 Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share: Options 9,931,469 81,733 9,112,573 81,730 6,950,781 RSUs and PSUs 3,918,515 1,660,471 3,284,521 965,915 1,423,377 ESPP 178,668 6,741,132 178,668 6,685,594 161,627 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 14,028,652 8,483,336 12,575,762 7,733,239 8,535,785 Basic and diluted net income (loss) per ordinary share $ (0.31) $ (0.54) $ (0.67) $ (1.04) $ (1.95) |
SUPPLEMENTAL INFORMATION (Table
SUPPLEMENTAL INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Geographic Areas, Long-Lived Assets [Abstract] | |
Schedule of long-lived assets by location | The following table presents long-lived assets by location: June 30, December 31, Unaudited Audited United States $ 50,124 $ 41,634 Israel 8,449 8,317 Switzerland 13,620 7,733 Others 6,003 5,179 Total long lived assets $ 78,196 $ 62,863 |
Schedule of Restructuring and Related Costs | Three months ended June 30, Six months ended June 30, Year ended December 31, 2024 2023 2024 2023 Unaudited Unaudited Audited Cost of revenues $ — $ — $ 52 $ — $ 262 Research, development and clinical studies — — 275 — 2,070 Sales and marketing (27) — 1,512 — 2,404 General and administrative — — 164 — 1,495 Total restructuring cost $ (27) $ — $ 2,003 $ — $ 6,231 Restructuring costs paid during the period $ 327 $ — $ 5,455 $ — $ 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 | Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) |
Debt Securities, Available-for-Sale [Line Items] | ||||
Cash and cash equivalents | $ 164,796 | $ 240,821 | $ 156,978 | |
HTM Securities | ||||
Debt securities, held-to-maturity, adjusted cost basis and recorded basis | 578,193 | 520,326 | ||
Unrealized gains | 150 | 554 | ||
Unrealized losses | (300) | (259) | ||
Fair market value | 578,043 | 520,621 | ||
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis | 951,186 | 910,616 | ||
Debt securities, available-for-sale and held-to-maturity, unrealized gains | 150 | 554 | ||
Debt securities, available-for-sale and held-to-maturity, unrealized losses | (300) | (259) | ||
Debt securities, available-for-sale and held-to-maturity, fair value | 951,036 | 910,911 | ||
Debt securities, available-for-sale and held-to-maturity | 951,186 | 910,616 | ||
Asset pledged as collateral | ||||
HTM Securities | ||||
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis | 16,074 | € 15,000 | ||
Level 1 | U.S. Treasury bills | ||||
HTM Securities | ||||
Debt securities, held-to-maturity, adjusted cost basis and recorded basis | 127,396 | 78,844 | ||
Unrealized gains | 19 | 55 | ||
Unrealized losses | (15) | (110) | ||
Fair market value | 127,400 | 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 | 450,797 | 416,542 | ||
Unrealized gains | 131 | 486 | ||
Unrealized losses | (285) | (149) | ||
Fair market value | 450,643 | 416,879 | ||
Cash and cash equivalents | ||||
HTM Securities | ||||
Debt securities, held-to-maturity, adjusted cost basis and recorded basis | 0 | 0 | ||
Debt securities, available-for-sale and held-to-maturity | 164,796 | 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 | 0 | |||
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 | 578,193 | 520,326 | ||
Debt securities, available-for-sale and held-to-maturity | 786,390 | 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 | 127,396 | 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 | 450,797 | 416,542 | ||
Cash | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Cash and cash equivalents, fair value | 17,238 | 9,955 | ||
Cash | Cash and cash equivalents | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Cash and cash equivalents | 17,238 | 9,955 | ||
Money market funds | Level 1 | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Cash and cash equivalents, fair value | 145,558 | 227,166 | ||
Money market funds | Cash and cash equivalents | Level 1 | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Cash and cash equivalents | 145,558 | 227,166 | ||
Certificate of deposits and term deposits | Level 2 | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Cash and cash equivalents, fair value | 210,197 | 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 | 2,000 | 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 | $ 208,197 | $ 149,469 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 9,585 | $ 10,265 |
Work in progress | 11,854 | 9,796 |
Finished products | 19,003 | 18,091 |
Total | $ 40,442 | $ 38,152 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Details) € in Thousands, $ in Thousands | Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Dec. 31, 2023 USD ($) |
Line of Credit Facility [Line Items] | |||
Pledged bank deposits | $ 2,797 | $ 2,848 | |
Operating lease and other contractual commitments | 3,155 | 3,216 | |
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis | 951,186 | $ 910,616 | |
Asset pledged as collateral | |||
Line of Credit Facility [Line Items] | |||
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis | $ 16,074 | € 15,000 |
LONG-TERM DEBT, NET - Convertib
LONG-TERM DEBT, NET - Convertible notes Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Nov. 05, 2020 | |
Debt Instrument [Line Items] | |||||||
Repayments of long-term debt | $ 12,913 | $ 3 | $ 12,913 | $ 10 | $ 10 | ||
Convertible debt | 0% Convertible Senior Notes Due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 575,000 | ||||||
Stated interest rate | 0% | ||||||
Redeemed convertible note | $ 14,055 | 14,055 | 14,055 | ||||
Repayments of long-term debt | 12,913 | ||||||
Debt issuance costs, gross | $ 16,561 | $ 16,561 | $ 16,561 | ||||
Debt instrument, interest rate, effective percentage | 0.59% | 0.59% | 0.59% |
LONG-TERM DEBT, NET - Liability
LONG-TERM DEBT, NET - Liability and Equity Components of the Convertible Notes (Details) - Convertible debt - 0% Convertible Senior Notes Due 2025 - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Principal amount | $ 560,945 | $ 575,000 |
Unamortized issuance costs | (4,437) | (6,178) |
Net carrying amount of liability component | 556,508 | 568,822 |
Estimated fair value | $ 507,158 | $ 515,962 |
LONG-TERM DEBT, NET - Amortizat
LONG-TERM DEBT, NET - Amortization of Finance Expense Convertible Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||||
Financial income (expenses), net | $ 10,851 | $ 8,756 | $ 20,729 | $ 17,925 | $ 41,130 |
0% Convertible Senior Notes Due 2025 | Convertible debt | |||||
Debt Instrument [Line Items] | |||||
Gain from redemption of Notes | (1,142) | 0 | (1,142) | 0 | 0 |
Amortization of debt issuance costs | 911 | 826 | 1,741 | 1,641 | 3,313 |
Financial income (expenses), net | $ (231) | $ 826 | $ 599 | $ 1,641 | $ 3,313 |
LONG-TERM DEBT, NET - Senior Se
LONG-TERM DEBT, NET - Senior Secured Credit Facility Narrative (Details) - Revolving Credit Facility $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2025 USD ($) | May 01, 2024 USD ($) drawing yr repayment | Dec. 31, 2026 USD ($) | Mar. 31, 2026 USD ($) | Dec. 31, 2025 USD ($) | Jun. 30, 2024 USD ($) | |
2024 Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Contractual term | 5 years | |||||
Maximum borrowing capacity | $ 400,000 | |||||
Number of drawings | drawing | 4 | |||||
Stated interest rate | 6.25% | 13.30% | ||||
Debt instrument additional interest rate | 2.50% | |||||
Number of repayments | repayment | 8 | |||||
Final payment of outstanding principal due, year | yr | 5 | |||||
2024 Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 3.25% | |||||
2024 Credit Facility | Forecast | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Trailing net revenues | $ 500,000 | $ 625,000 | $ 575,000 | |||
2024 Credit Facility Tranche A | ||||||
Debt Instrument [Line Items] | ||||||
Drawing amount | $ 100,000 | |||||
Debt issuance costs, gross | $ 3,078 | |||||
2024 Credit Facility Tranche B | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Drawing amount | $ 100,000 | |||||
2024 Credit Facility Tranche C | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Accordion additional borrowing option | $ 100,000 | |||||
2024 Credit Facility Tranche D | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Accordion additional borrowing option | $ 100,000 |
LONG-TERM DEBT, NET - Liabili_2
LONG-TERM DEBT, NET - Liability and Equity Components of the Senior Secured Credit Facility (Details) - Revolving Credit Facility - 2024 Credit Facility Tranche A - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Principal amount | $ 100,000 | $ 0 |
Unamortized issuance costs | (3,038) | 0 |
Net carrying amount of liability component | 96,962 | 0 |
Fair Value, Inputs, Level 3 | ||
Debt Instrument [Line Items] | ||
Estimated fair value | $ 114,187 | $ 0 |
LONG-TERM DEBT, NET - Amortiz_2
LONG-TERM DEBT, NET - Amortization of Finance Expense Senior Secured Credit Facility (Details) - Revolving Credit Facility - 2024 Credit Facility Tranche A - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||||
Interest | $ 1,962 | $ 0 | $ 1,962 | $ 0 | $ 0 |
Amortization of debt issuance costs | 40 | 0 | 40 | 0 | 0 |
Total finance expenses (income) recognized | $ 2,002 | $ 0 | $ 2,002 | $ 0 | $ 0 |
Revenue from Contract with Cu_2
Revenue from Contract with Customer - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | $ 150,356 | $ 126,051 | $ 288,859 | $ 248,233 | $ 509,338 |
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 95,711 | 86,958 | 186,254 | 172,186 | 349,743 |
Germany | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 15,097 | 15,744 | 30,844 | 30,864 | 60,210 |
France | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 14,267 | 0 | 24,755 | 0 | 11,736 |
Japan | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 7,664 | 7,861 | 15,481 | 16,530 | 31,668 |
Other international markets | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 11,771 | 8,737 | 20,742 | 16,587 | 32,757 |
International markets - Total | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 48,799 | 32,342 | 91,822 | 63,981 | 136,371 |
Greater China | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | $ 5,846 | $ 6,751 | $ 10,783 | $ 12,066 | $ 23,224 |
REVENUE RECOGNITION - Revenue R
REVENUE RECOGNITION - Revenue Recognized According Performance Period (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Net revenues | $ 150,356 | $ 126,051 | $ 288,859 | $ 248,233 | $ 509,338 |
Reporting period | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Net revenues | 138,857 | 119,823 | 269,343 | 236,932 | 492,089 |
Previous periods | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Net revenues | $ 11,499 | $ 6,228 | $ 19,516 | $ 11,301 | $ 17,249 |
REVENUE RECOGNITION - Contract
REVENUE RECOGNITION - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Trade receivables | $ 59,869 | $ 56,970 |
Unbilled receivables | 4,834 | 4,251 |
Deferred revenues (short-term contract liabilities) | $ (15,605) | $ (16,224) |
REVENUE RECOGNITION - Narrative
REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 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) - shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2024 | Jun. 05, 2024 | |
Share Capital [Line Items] | ||||
Number of options, granted (in shares) | 3,593,899 | |||
ESPP | ||||
Share Capital [Line Items] | ||||
Ordinary shares available for grants (in shares) | 5,557,123 | 5,557,123 | 5,557,123 | |
RSUs and PSUs | ||||
Share Capital [Line Items] | ||||
Granted (in shares) | 9,225,787 | |||
2015 plan | ||||
Share Capital [Line Items] | ||||
Ordinary shares available for grants (in shares) | 0 | 0 | 0 | |
Number of options, granted (in shares) | 433,018 | |||
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 | |||
2024 plan | ||||
Share Capital [Line Items] | ||||
Ordinary shares available for grants (in shares) | 9,270,636 | 9,270,636 | 9,270,636 | 9,000,000 |
Number of options, granted (in shares) | 0 | |||
2024 plan | Options | Minimum | ||||
Share Capital [Line Items] | ||||
Stock awards granted, vesting period (years) | 2 years | |||
2024 plan | Options | Maximum | ||||
Share Capital [Line Items] | ||||
Stock awards granted, vesting period (years) | 4 years | |||
2024 plan | Restricted share units | ||||
Share Capital [Line Items] | ||||
Stock awards granted, vesting period (years) | 3 years | |||
2024 plan | PSUs | Minimum | ||||
Share Capital [Line Items] | ||||
Stock awards granted, vesting period (years) | 3 years | |||
2024 plan | PSUs | Maximum | ||||
Share Capital [Line Items] | ||||
Stock awards granted, vesting period (years) | 6 years | |||
2024 plan | RSUs and PSUs | ||||
Share Capital [Line Items] | ||||
Granted (in shares) | 0 |
SHARE OPTION PLANS AND ESPP - S
SHARE OPTION PLANS AND ESPP - Schedule of Stock Option Plan (Details) - $ / shares | 6 Months Ended |
Jun. 30, 2024 | |
Number of options | |
Number of options, beginning outstanding (in shares) | 8,539,507 |
Number of options, granted (in shares) | 3,593,899 |
Number of options, exercised (in shares) | (172,463) |
Number of options, forfeited and canceled (in shares) | (431,933) |
Number of options, ending outstanding (in shares) | 11,529,010 |
Number of options, exercisable options (in shares) | 6,897,941 |
Weighted average exercise price | |
Weighted average exercise price, beginning outstanding (in usd per share) | $ 40.07 |
Weighted average exercise price, granted (in usd per share) | 15.46 |
Weighted average exercise price, exercised (in usd per share) | 7.74 |
Weighted average exercise price, forfeited and canceled (in usd per share) | 49.89 |
Weighted average exercise price, ending outstanding (in usd per share) | 32.51 |
Weighted average exercise price, exercisable options (in usd per share) | $ 35.39 |
SHARE OPTION PLANS AND ESPP -_2
SHARE OPTION PLANS AND ESPP - Schedule of RSUs and PSUs (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | |
RSUs and PSUs | |
Number of RSU/PSUs | |
Unvested at beginning of year (in shares) | 5,813,066 |
Granted (in shares) | 9,225,787 |
Vested (in shares) | (586,945) |
Forfeited and cancelled (in shares) | (816,451) |
Unvested at ending of year (in shares) | 13,635,457 |
Weighted average grant date fair value | |
Unvested at beginning of year (in usd per share) | $ / shares | $ 60.52 |
Granted (in usd per share) | $ / shares | 15.21 |
Vested (in usd per share) | $ / shares | 88.14 |
Forfeited and cancelled (in usd per share) | $ / shares | 47.71 |
Unvested at ending of year (in usd per share) | $ / shares | $ 29.44 |
PSUs | |
Weighted average grant date fair value | |
Number of PSUs (in shares) | 3,741,841 |
Total fair value at grant date | $ | $ 175,393 |
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) | 199,315 |
Fair value at grant date per PSU (in usd per share) | $ / shares | $ 76.97 |
Total fair value at grant date | $ | $ 15,341 |
PSUs | Award Four | |
Weighted average grant date fair value | |
Number of PSUs (in shares) | 234,512 |
Fair value at grant date per PSU (in usd per share) | $ / shares | $ 80.59 |
Total fair value at grant date | $ | $ 18,899 |
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) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 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 | 73% | 67% | 70% |
Risk-free interest rate, minimum | 3.88% | 3.48% | 3.48% |
Risk-free interest rate, maximum | 4.43% | 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 6 months | 5 years 6 months | 5 years 6 months |
Stock Option Plans | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share-based compensation expense | $ 31,830 | $ 32,740 | $ 65,914 | $ 71,824 | $ 115,608 |
Cost of revenues | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share-based compensation expense | 1,698 | 2,023 | 3,446 | 4,029 | 6,587 |
Research, development and clinical studies | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share-based compensation expense | 9,517 | 8,537 | 18,127 | 20,316 | 31,827 |
Sales and marketing | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share-based compensation expense | 9,896 | 10,213 | 20,944 | 21,857 | 35,968 |
General and administrative | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share-based compensation expense | $ 10,719 | $ 11,967 | $ 23,397 | $ 25,622 | $ 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 | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 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 | $ (33,375) | $ (38,760) | $ (57,418) | $ (53,061) | $ (72,135) | $ (110,479) | $ (207,043) |
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares) | 107,700,284 | 106,289,073 | 107,483,241 | 105,979,791 | 106,391,178 | ||
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share: | 14,028,652 | 8,483,336 | 12,575,762 | 7,733,239 | 8,535,785 | ||
Diluted net income (loss) per ordinary share (in usd per share) | $ (0.31) | $ (0.54) | $ (0.67) | $ (1.04) | $ (1.95) | ||
Basic net income (loss) per ordinary share (in usd per share) | $ (0.31) | $ (0.54) | $ (0.67) | $ (1.04) | $ (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: | 9,931,469 | 81,733 | 9,112,573 | 81,730 | 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: | 3,918,515 | 1,660,471 | 3,284,521 | 965,915 | 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: | 178,668 | 6,741,132 | 178,668 | 6,685,594 | 161,627 |
SUPPLEMENTAL INFORMATION - Sche
SUPPLEMENTAL INFORMATION - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-term assets | $ 78,196 | $ 62,863 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-term assets | 50,124 | 41,634 |
Israel | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-term assets | 8,449 | 8,317 |
Switzerland | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-term assets | 13,620 | 7,733 |
Others | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-term assets | $ 6,003 | $ 5,179 |
SUPPLEMENTAL INFORMATION - Narr
SUPPLEMENTAL INFORMATION - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Nov. 30, 2023 employee | Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) 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% | |||
Employee benefit and share-based payment arrangement, reversal of accrual | $ 0 | $ 369 | $ 3,041 | |
Forfeited share-based compensation expense | $ 330 | $ 1,991 | $ 9,313 |
SUPPLEMENTAL INFORMATION - Sc_2
SUPPLEMENTAL INFORMATION - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring cost | $ (27) | $ 0 | $ 2,003 | $ 0 | $ 6,231 |
Restructuring costs paid during the period | 327 | 0 | 5,455 | 0 | 2,753 |
Cost of revenues | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring cost | 0 | 0 | 52 | 0 | 262 |
Research, development and clinical studies | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring cost | 0 | 0 | 275 | 0 | 2,070 |
Sales and marketing | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring cost | (27) | 0 | 1,512 | 0 | 2,404 |
General and administrative | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring cost | $ 0 | $ 0 | $ 164 | $ 0 | $ 1,495 |