0001531048-24-000035 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	58,001,145	57,762,414
Common stock, outstanding (in shares)	58,001,145	57,762,414

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in carrying amount of goodwill were as follows (in thousands):


	March 31, 2024
Balance as of December 31, 2023	$	214,335

Foreign currency translation adjustments	(4,693)
Balance as of March 31, 2024	$	209,642

Intangible Assets

The intangible assets consist of the following (in thousands):


	March 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Developed technology	$	147,306	$	(3,683)	$	143,623
Capitalized software(a)	2,151		—		2,151
Total intangible assets, net	$	149,457	$	(3,683)	$	145,774


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Developed technology	$	150,649	$	(1,256)	$	149,393
Capitalized software(a)	1,491		—		1,491
Total intangible assets, net	$	152,140	$	(1,256)	$	150,884

_____________

(a) The useful life of the capitalized software will be determined once the asset is put into service. No amortization expense has been recorded related to the capitalized software during the three months ended March 31, 2024 and 2023.

The gross carrying amount and the accumulated amortization of the developed technology asset is subject to foreign currency translation effects. During the three months ended March 31, 2024, $2.5 million of amortization expense was recorded in operating expenses within the condensed consolidated statements of operations and comprehensive income (loss) related to the developed technology asset. There were no intangible assets and no amortization recorded for the three months ended March 31, 2023.

The estimated future annual amortization of the intangible assets in service is the following (in thousands):


Year ending December 31:	Amount
Remainder of 2024	$	7,365
2025	9,820
2026	9,820
2027	9,820
2028	9,820
Thereafter	96,978
Total	$	143,623

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Oct. 31, 2023
Lessee Lease Description [Line Items]
Lease not yet commenced, term of contract		10 years
Lease, liability to be paid		$ 7.2
Maximum
Lessee Lease Description [Line Items]
Option to extend, operating lease, term	5 years

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss)

The following is a summary of the changes in accumulated balances of other comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands):


	Unrealized Loss on Investments		Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2023	$	(9)	$	8,894	$	8,885
Other comprehensive loss	(4)		(7,359)		(7,363)
Balance, March 31, 2024	$	(13)	$	1,535	$	1,522


	Unrealized Gain (Loss) on Investments		Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2022	$	1,820	$	(971)	$	849
Other comprehensive (loss) income	(865)		9		(856)
Balance, March 31, 2023	$	955	$	(962)	$	(7)

- Definition

The entire disclosure for equity.

+ References

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+ Details

Credit Facility - Narrative (Details) - Amended Credit Agreement - Bank of America Credit Facility - Line of Credit			3 Months Ended	12 Months Ended
	Nov. 01, 2023 USD ($)	Dec. 16, 2022 USD ($)	Mar. 31, 2024 USD ($) LetterOfCredit	Dec. 31, 2023	Feb. 28, 2023 USD ($)
Revolving Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000,000	$ 40,000,000
Line of credit facility, accordion feature, higher borrowing capacity option		120,000,000
Debt instrument, fee amount	$ 88,000	$ 10,000
Unused line fee at annual rate		0.25%
Line of credit facility, amount available to borrow			$ 59,800,000
Principal amount outstanding			0
Cash pledged under credit agreement			$ 0
Debt instrument, term			5 years	5 years
Revolving Line of Credit \| Federal Funds Rate
Debt Instrument [Line Items]
Term loan variable interest rate		0.50%
Revolving Line of Credit \| Federal Funds Rate \| Minimum
Debt Instrument [Line Items]
Term loan variable interest rate		0.50%
Revolving Line of Credit \| Federal Funds Rate \| Maximum
Debt Instrument [Line Items]
Term loan variable interest rate		1.00%
Revolving Line of Credit \| BSBY
Debt Instrument [Line Items]
Term loan variable interest rate		1.00%
Basis spread on variable rate, floor	0.00%	0.00%
Revolving Line of Credit \| BSBY \| Minimum
Debt Instrument [Line Items]
Term loan variable interest rate	1.60%	1.50%
Revolving Line of Credit \| BSBY \| Maximum
Debt Instrument [Line Items]
Term loan variable interest rate	2.10%	2.00%
Revolving Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Term loan variable interest rate	0.60%
Revolving Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Term loan variable interest rate	1.10%
Letter of Credit Subline Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 18,800,000	$ 5,000,000			$ 10,000,000
Percentage of fee on average daily stated amount of outstanding letter of credit			2.25%
Percentage of fronting fee on stated amount of each letter of credit outstanding			0.125%
Number of letter of credit \| LetterOfCredit			4
Letters of credit outstanding amount			$ 2,400,000
Line of credit facility, remaining borrowing capacity			$ 16,400,000

Goodwill and Intangible Assets - Schedule of Identifiable Intangible Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 149,457,000		$ 152,140,000
Accumulated Amortization	(3,683,000)		(1,256,000)
Intangible Assets, Net	145,774,000		150,884,000
Capitalized software, Gross Carrying Amount	2,151,000		1,491,000
Capitalized software, Accumulated Amortization	0		0
Capitalized software, Net	2,151,000		1,491,000
Capitalized software, amortization	0	$ 0
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	147,306,000		150,649,000
Accumulated Amortization	(3,683,000)		(1,256,000)
Intangible Assets, Net	$ 143,623,000		$ 149,393,000

Commitments and Contingencies - Schedule of Operating Lease Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining term	17 years 4 months 24 days	18 years 10 months 24 days
Weighted average discount rate	6.10%	6.10%
Cash paid for amounts included in the measurement of operating lease liabilities	$ 882	$ 846

Stockholders' Equity - Schedule of Accumulated Balances of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ 464,910	$ 417,002
Other comprehensive (loss) income	(7,363)	(856)
Balance at end of period	447,230	426,736
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	8,885	849
Balance at end of period	1,522	(7)
Unrealized Loss on Investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(9)	1,820
Other comprehensive (loss) income	(4)	(865)
Balance at end of period	(13)	955
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	8,894	(971)
Other comprehensive (loss) income	(7,359)	9
Balance at end of period	$ 1,535	$ (962)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash Equivalents and Investments

The following is a summary of the Company’s cash equivalents and investments in debt securities as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	40,081	$	—	$	—	$	40,081
U.S. Treasury securities	5,973		—		—		5,973
Total included in cash and cash equivalents	46,054		—		—		46,054
Investments:
U.S. Treasury securities	33,599		—		(3)		33,596

Corporate debt securities and commercial paper	1,000		—		(1)		999
Total included in short-term investments	34,599		—		(4)		34,595
Total financial assets	$	80,653	$	—	$	(4)	$	80,649


	December 31, 2023
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	2,753	$	—	$	—	$	2,753

Total included in cash and cash equivalents	2,753		—		—		2,753
Investments:
U.S. Treasury securities	41,672		13		—		41,685
U.S. Government agencies	26,248		—		(10)		26,238
Corporate debt securities and commercial paper	8,935		—		(3)		8,932
Total included in short-term investments	76,855		13		(13)		76,855
Total financial assets	$	79,608	$	13	$	(13)	$	79,608

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Commitments and Contingencies - Schedule of Total Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,175	$ 1,180
Short-term lease cost	35	22
Variable lease cost	305	166
Total lease costs	$ 1,515	$ 1,368

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following is a summary of the changes in accumulated balances of other comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands):


	Unrealized Loss on Investments		Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2023	$	(9)	$	8,894	$	8,885
Other comprehensive loss	(4)		(7,359)		(7,363)
Balance, March 31, 2024	$	(13)	$	1,535	$	1,522


	Unrealized Gain (Loss) on Investments		Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2022	$	1,820	$	(971)	$	849
Other comprehensive (loss) income	(865)		9		(856)
Balance, March 31, 2023	$	955	$	(962)	$	(7)

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Total Lease Cost

The following table presents the weighted average remaining lease term and discount rate:


	March 31,
	2024		2023
Weighted average remaining term	17.4 years		18.9 years
Weighted average discount rate	6.1	%	6.1	%

Cash paid for amounts included in the measurement of operating leases were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	882	$	846

Total lease costs are as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	1,175	$	1,180
Short-term lease cost	35		22
Variable lease cost	305		166
Total lease costs	$	1,515	$	1,368

Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities

Future minimum lease payments under operating leases liabilities as of March 31, 2024 are as follows (in thousands):


Year ending December 31:	Amount
Remainder of 2024	$	2,680
2025	3,049
2026	2,927
2027	2,993
2028	2,886
Thereafter	36,012
Total lease payments	50,547
Less imputed interest	(19,055)
Total lease liabilities	31,492
Less: lease liabilities - current portion	(1,719)
Lease liabilities - noncurrent portion	$	29,773

Summary of Significant Accounting Policies - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$ 245	$ 104
Cash paid for interest	57	32
Noncash investing and financing:
Lease liabilities arising from obtaining new right-of-use assets	0	1,030
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	66,707	56,562	$ 38,597
Restricted cash	500	0
Total cash, cash equivalents and restricted cash as shown in the statement of cash flows	$ 67,207	$ 56,562	$ 39,208	$ 60,222

Credit Facility

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Credit Facility

CREDIT FACILITY

Bank of America Credit Facility

On December 16, 2022, the Company amended its senior secured revolving credit facility with Bank of America (the “Previously Amended Credit Agreement”) under which the Company may borrow loans up to a maximum principal amount of $40.0 million and increase the optional accordion to $120.0 million.

Advances under the Previously Amended Credit Agreement will bear interest at a base rate per annum (“the Base Rate”) plus an applicable margin (the “Margin”). The Base Rate equals the greater of (i) the Prime Rate, (ii) the Federal funds rate plus 0.50%, or (iii) the Bloomberg Short-Term Bank Yield Index (“the BSBY”) rate based upon an interest period of one month plus 1.00%, in any case has a floor of 0%. The Margin ranges, depending on average daily availability, from 0.50% to 1.00% in the case of Prime Rate and the Federal funds rate loans, and 1.50% to 2.00% in the case of BSBY Rate loans. As a condition to entering into the Previously Amended Credit Agreement, the Company was obligated to pay a nonrefundable fee of $10,000. The Company is also required to pay an unused line fee at an annual rate of 0.25% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Previously Amended Credit Agreement.

The Previously Amended Credit Agreement also includes a Letter of Credit subline facility (the “LC Facility”) of up to $5.0 million. In February 2023, the Company amended the LC Facility to increase the limit to up to $10.0 million. The Company is required to pay the following fees under the LC Facility: (a) a fee equal to the applicable margin in effect for BSBY loans (currently 2.25%) times the average daily stated amount of outstanding letters of credit; and (b) a fronting fee equal to 0.125% per annum on the stated amount of each letter of credit outstanding.

On November 1, 2023, the Company further amended its credit facility (the “Amended Credit Agreement”) to, among other things, increase the amount available for borrowing to up to a maximum principal amount of $75.0 million. Additionally, advances under the amended credit agreement will bear interest at the Base Rate or the BSBY rate, plus the Margin. The Margin ranges from 0.60% to 1.10% in the case of the Base Rate loans and 1.60% to 2.10% in the case of the BSBY rate loans depending on average daily availability, in each case with a floor of 0%. As a condition of entering into the amended credit agreement, the Company was obligated to pay a nonrefundable fee of $88,000. Lastly, the Company amended the LC Facility to increase the limit up to $18.8 million. This amendment was accounted for as a debt modification in accordance ASC 470, Debt.

The Amended Credit Agreement contains certain customary covenants subject to certain exceptions, including, among others, the following: a fixed charge coverage ratio covenant, and limitations of indebtedness, liens, investments, asset sales, mergers, consolidations, liquidations, dispositions, restricted payments, transactions with affiliates and prepayments of certain debt. The Amended Credit Agreement also contains certain events of default subject to certain customary grace periods, including, among others, payment defaults, breaches of any representation, warranty or covenants, judgment defaults, cross defaults to certain other contracts, bankruptcy and insolvency defaults, material judgment defaults and a change of control default.

As of March 31, 2024, the amount available to borrow under the Amended Credit Agreement is approximately $59.8 million, and the Company had four letters of credit in the aggregated amount of $2.4 million outstanding under the LC Facility and as a result, the Company had $16.4 million of unused letter of credit. The aggregate stated amount outstanding of letter of credits reduces the total borrowing base available under the Amended Credit Agreement.

As of March 31, 2024, there was no principal amount outstanding, and no cash was pledged under the Amended Credit Agreement, and the Company was in compliance with its covenant requirement. Obligations under the Amended Credit Agreement are secured by substantially all of the Company’s assets, excluding intellectual property. The Amended Credit Agreement matures on December 16, 2027.

Deferred Financing Costs

As of March 31, 2024 and December 31, 2023, costs incurred directly related to debt are presented in other assets and are being amortized over the five-year life of the Credit Agreement on the straight-line basis as follows (in thousands):


	March 31, 2024		December 31, 2023
Deferred financing costs	$	1,454	$	1,454
Accumulated amortization	(404)		(382)
Unamortized deferred financing costs	$	1,050	$	1,072

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Equity Incentive Plans - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended			3 Months Ended		47 Months Ended
	Jan. 01, 2021	Jan. 31, 2024	May 31, 2020	Mar. 31, 2020	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Jan. 01, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)								577,624
Shares issued under Employee Stock Purchase Plan (in shares)		82,816
Compensation cost					$ 12,870	$ 10,339
Nonvested award, cost not yet recognized, amount					$ 99,900		$ 99,900
Nonvested award, cost not yet recognized, period					2 years 9 months 18 days
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued under Employee Stock Purchase Plan (in shares)					82,816	86,051
Restricted Stock Units \| Vesting, Option Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period					3 years
Stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period					4 years
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost					$ 1,000	$ 1,000
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of annual increase in shares reserved for issuance on capital stock outstanding at year end				3.00%
Number of shares available for issuance (in shares)					7,361,592		7,361,592
Shares of common stock reserved for future issuance (in shares)								1,732,872
2020 Incentive Award Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award cliff vesting period					1 year
Total fair value of RSUs vested					$ 8,000	$ 5,200
Award vesting period					4 years
2020 Incentive Award Plan \| Restricted Stock Units \| Vesting, Option One \| Share Based Compensation Award Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage					25.00%
2020 Incentive Award Plan \| Restricted Stock Units \| Vesting, Option One \| Share-Based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage					25.00%
2020 Incentive Award Plan \| Restricted Stock Units \| Vesting, Option One \| Share-Based Payment Arrangement, Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage					25.00%
2020 Incentive Award Plan \| Restricted Stock Units \| Vesting, Option One \| Share-Based Payment Arrangement, Tranche Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage					25.00%
2020 Incentive Award Plan \| Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period					3 years
2020 Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)					2,598,437		2,598,437
First offering start date			Aug. 01, 2020
Percentage of purchase price on fair market value of common stock			85.00%
Annual increase in number of shares available for issuance percentage	1.00%
2020 Employee Share Purchase Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued under Employee Stock Purchase Plan (in shares)							505,925
Maximum \| 2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of award				10 years
Maximum \| 2020 Incentive Award Plan \| Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout percentage					200.00%		200.00%
Minimum \| 2020 Incentive Award Plan \| Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout percentage					0.00%		0.00%

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 143,194,000	$ 116,167,000
Cost of goods sold	18,893,000	13,741,000
Gross profit	124,301,000	102,426,000
Operating expenses
Research and development	26,880,000	22,064,000
Selling, general and administrative	103,055,000	85,700,000
Change in fair value of contingent consideration	6,303,000	0
Amortization of intangible asset	2,461,000	0
Acquisition-related expenses	2,779,000	0
Total operating expenses	141,478,000	107,764,000
Loss from operations	(17,177,000)	(5,338,000)
Other income (expense)
Interest income	1,191,000	4,145,000
Interest expense	(78,000)	(40,000)
Other (expense) income	(23,000)	39,000
Total other income	1,090,000	4,144,000
Loss before income taxes	(16,087,000)	(1,194,000)
Provision for income taxes	8,115,000	1,024,000
Net loss	(24,202,000)	(2,218,000)
Other comprehensive income (loss)
Foreign currency translation adjustments	(7,359,000)	9,000
Unrealized loss on available-for-sale debt securities	(4,000)	(865,000)
Total other comprehensive loss	(7,363,000)	(856,000)
Comprehensive loss	$ (31,565,000)	$ (3,074,000)
Net loss per share
Basic (in dollars per share)	$ (0.42)	$ (0.04)
Diluted (in dollars per share)	$ (0.42)	$ (0.04)
Weighted average common shares used to compute net loss per share
Basic (in shares)	57,938,115	54,756,024
Diluted (in shares)	57,938,115	54,756,024

Business Combination - Schedule of Total Purchase Price Consideration (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 15, 2023	Dec. 31, 2023	Mar. 31, 2024
Business Acquisition [Line Items]
Fair value of contingent consideration		$ 65,900	$ 72,200
LimFlow
Business Acquisition [Line Items]
Cash	$ 242,001
Fair value of previously held investment	10,235	$ 10,200
Fair value of contingent consideration	65,931
Total purchase price	$ 318,167

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses
Property Plant And Equipment [Line Items]
Depreciation expense	$ 1.1	$ 1.1
Cost of goods sold
Property Plant And Equipment [Line Items]
Depreciation expense	$ 0.3	$ 0.3

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Operating Leases

The Company has operating leases for facilities and certain equipment. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term. For lease agreements, other than long-term real estate leases, the Company combines lease and non-lease components. The variable lease payments primarily relate to common area maintenance, property taxes, and insurance. The operating leases for facilities expire at various dates through July 2041 and some contain renewal options, the longest of which is for five years. The ROU asset and lease liability includes renewal options if the Company is reasonably certain to exercise such renewal options.

The interest rate implicit in lease agreements is typically not readily determinable, and as such the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The incremental borrowing rate is defined as the interest rate the Company would incur to borrow on a collateralized basis, considering factors such as length of lease term.

The following table presents the weighted average remaining lease term and discount rate:


	March 31,
	2024		2023
Weighted average remaining term	17.4 years		18.9 years
Weighted average discount rate	6.1	%	6.1	%

Cash paid for amounts included in the measurement of operating leases were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	882	$	846

Total lease costs are as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	1,175	$	1,180
Short-term lease cost	35		22
Variable lease cost	305		166
Total lease costs	$	1,515	$	1,368

Future minimum lease payments under operating leases liabilities as of March 31, 2024 are as follows (in thousands):


Year ending December 31:	Amount
Remainder of 2024	$	2,680
2025	3,049
2026	2,927
2027	2,993
2028	2,886
Thereafter	36,012
Total lease payments	50,547
Less imputed interest	(19,055)
Total lease liabilities	31,492
Less: lease liabilities - current portion	(1,719)
Lease liabilities - noncurrent portion	$	29,773

The Company signed a ten-year lease for real estate in October 2023, with total undiscounted contractual payments of the lease of approximately $7.2 million, which is expected to commence in the fourth quarter of 2024.

Indemnification

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and may provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not been subject to any claims or required to defend any action related to its indemnification obligations.

The Company’s amended and restated certificate of incorporation contains provisions limiting the liability of directors, and its amended and restated bylaws provide that the Company will indemnify each of its directors to the fullest extent permitted under Delaware law. The Company’s amended and restated certificate of incorporation and amended and restated bylaws also provide its board of directors with discretion to indemnify its officers and employees when determined appropriate by the board. In addition, the Company has entered and expects to continue to enter into agreements to indemnify its directors and executive officers.

Legal Proceedings

From time to time, the Company is involved in various claims and proceedings arising in the ordinary course of its business. Management does not believe that any existing claims and proceedings, including potential losses relating to such contingencies, will have a material adverse effect on its consolidated financial position, results of operations or cash flows.

In December 2023, the Company received a civil investigative demand (“CID”) from the U.S. Department of Justice, Civil Division, in connection with an investigation under the federal Anti-Kickback Statute and Civil False Claims Act (the “Investigation”). The CID requests information and documents primarily relating to meals and consulting service payments provided to health care professionals. The Company is cooperating with the Investigation. The Company is unable to express a view at this time regarding the likely duration, or ultimate outcome, of the Investigation or estimate the possibility of, or amount or range of, any possible financial impact. Depending on the outcome of the Investigation, there may be a material impact on the Company’s business, results of operations, or financial condition.

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Three Months Ended March 31,
	2024	2023
Stock options	1,231,561	1,427,294
Equity awards	1,871,658	1,497,342

Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect	3,103,219	2,924,636

Organization	3 Months Ended
Organization	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Description of Business Inari Medical, Inc. (the “Company”) was incorporated in Delaware in July 2011 and is headquartered in Irvine, California. The Company purpose builds and markets a variety of medical products, including minimally invasive, novel, catheter-based mechanical thrombectomy systems for the unique characteristics of specific disease states. On November 15, 2023, the Company acquired LimFlow S.A. (“LimFlow”), a medical device company focused in limb salvage for patients with chronic limb-threatening ischemia (CLTI). LimFlow focuses on transforming the treatment of CLTI, an advanced stage of peripheral artery disease that is associated with increased mortality, risk of amputation and impaired quality of life.

Fair Value Measurements - Estimated Fair Value of the Contingent Consideration Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 65,931
Change in estimated fair value	6,303
Ending balance	$ 72,234

Retirement Plan	3 Months Ended
Retirement Plan	Mar. 31, 2024
Retirement Benefits [Abstract]
Retirement Plan	RETIREMENT PLAN In December 2017, the Company adopted the Inari Medical, Inc. 401(k) Plan which allows eligible employees after one month of service to contribute pre-tax and Roth contributions to the plan, as allowed by law. The plan assets are held by Vanguard and the plan administrator is Ascensus Trust Company. Beginning in January 2021, the Company contributed a $1.00 match for every $1.00 contributed by a participating employee up to the greater of $3,000 or 4% of eligible compensation under the plan, with such Company's contributions becoming fully vested immediately. On January 1, 2024, the plan was amended to provide that the Company contributes a $1.00 match for every $1.00 contributed by a participating employee for up to 5% of eligible compensation. The plan also includes a limit of $15,000 per individual of employer match, with such Company’s contributions becoming fully vested immediately. Matching contribution expense was $4.0 million and $2.7 million for the three months ended March 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Manufacturing equipment	$	17,178	$	16,653
Computer hardware	5,763		5,641
Leasehold improvements	4,846		4,682
Furniture and fixtures	4,543		4,491
Assets in progress	3,431		3,135

Total property and equipment, gross	35,761		34,602
Accumulated depreciation	(15,000)		(13,673)
Total property and equipment, net	$	20,761	$	20,929

Equity Incentive Plans - Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 12,870	$ 10,339
Cost of goods sold
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	508	525
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,778	1,590
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 10,584	$ 8,224

Equity Incentive Plans

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

EQUITY INCENTIVE PLANS

In 2011, the Company adopted the 2011 Equity Incentive Plan (the “2011 Plan”) to permit the grant of share-based awards, such as stock grants and incentives and non-qualified stock options to employees and directors. The Board has the authority to determine to whom awards will be granted, the number of shares, the term and the exercise price.

In March 2020, the Company adopted the 2020 Incentive Award Plan (the “2020 Plan”), which became effective in connection with the Company’s initial public offering in May 2020. As a result, the Company may not grant any additional awards under the 2011 Plan. The 2011 Plan will continue to govern outstanding equity awards granted thereunder. In addition, the number of shares of common stock reserved for issuance under the 2020 Plan will automatically increase on the first day of January for a period of up to ten years, commencing on January 1, 2021, in an amount equal to 3% of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. As of March 31, 2024, there were 7,361,592 shares available for issuance under the 2020 Plan, including 1,732,872 additional shares reserved effective January 1, 2024.

2011 Equity Incentive Plan

Stock Options

A summary of stock option activity under the 2011 Plan for the three months ended March 31, 2024 is as follows (intrinsic values in thousands):


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Intrinsic Value
Outstanding, December 31, 2023	937,696	$	2.24	5.20	$	58,778
Exercised	(81,686)	$	1.59		$	4,420
Cancelled	(29)	$	9.05
Outstanding, March 31, 2024	855,981	$	2.30	5.00	$	39,102
Vested and exercisable at March 31, 2024	855,981	$	2.30	5.00	$	39,102
Vested and expected to vest at March 31, 2024	855,981	$	2.30	5.00	$	39,102

The aggregate intrinsic values of options outstanding, vested and exercisable, and vested and expected to vest were calculated as the difference between the exercise price of the options and the estimated fair market value of the Company’s common stock.

2020 Incentive Award Plan

Restricted Stock Units

Restricted stock units (“RSUs”) are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest over a four-year period with straight-line vesting and a 25% one-year cliff or over a three-year period in equal amounts on a quarterly basis, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date.

RSU activity under the 2020 Plan is set forth below:


	Number of Awards	Weighted Average Fair Value
Outstanding, December 31, 2023	1,307,998	$	67.91
Granted	619,143	48.19
Vested	(123,878)	72.49
Cancelled	(22,093)	64.11
Outstanding, March 31, 2024	1,781,170	$	60.78

The total fair value of RSUs vested under the 2020 Plan was $8.0 million and $5.2 million for the three months ended March 31, 2024 and 2023, respectively.

Performance Stock Units

During the three months ended March 31, 2024, the Company granted performance stock units (“PSUs”) to certain employees that will vest three years from the award date, based on achieving certain revenue based performance targets. The number of shares that may be earned can range from 0% to 200% of the target amount. The fair value of PSUs are determined by the closing stock price of the Company’s common stock on the awards’ grant date. The stock-based compensation expense associated with PSUs is recognized on a straight-line basis based on the estimated number of awards that are expected to vest. At each reporting period, the Company monitors the probability of achieving the performance targets and adjusts the stock-based compensation expense associated with PSUs accordingly.

PSU activity under the 2020 Plan is set forth below:


	Number of Awards	Weighted Average Fair Value
Outstanding, December 31, 2023	—	$	—
Granted	90,488	55.48


Outstanding, March 31, 2024	90,488	$	55.48

Stock Options

The Company grants non-qualified stock options to certain employees with vesting over a four-year period on a quarterly basis. The fair value of the stock options was calculated using the Black-Scholes option pricing model. The fair value for options granted was calculated using the following weighted average assumptions:

Three Months Ended March 31,

2024

2023

Expected term (in years)

4.48 years to 4.5 years

4.56 years

Expected volatility

48.7% to 48.9%

50.4%

Dividend yield

0.0%

Risk free interest rate

4.2% to 4.3%

4.1%

Weighted-average fair value of options granted

$24.89 per share

$25.98 per share

A summary of stock option activities under the 2020 Plan for the three months ended March 31, 2024 is as follows (intrinsic values in thousands):


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Intrinsic Value
Outstanding, December 31, 2023	166,203	$	56.00	6.10	$	1,483
Granted	210,188	$	54.83
Exercised	(270)	$	56.00		$	—
Cancelled	(541)	$	56.00
Outstanding, March 31, 2024	375,580	$	55.35	6.40	$	209
Vested and exercisable at March 31, 2024	39,985	$	56.00	5.90	$	—
Vested and expected to vest at March 31, 2024	341,226	$	55.37	6.40	$	184

Employee Stock Purchase Plan

In May 2020, the Company adopted the 2020 Employee Stock Purchase Plan (“ESPP”), which became effective on the date the ESPP was adopted by the Company’s board of directors. Each offering to the employees to purchase stock under the ESPP will begin on each August 1 and February 1 and will end on the following January 31 and July 31, respectively. The first offering period began on August 1, 2020. On each purchase date, which falls on the last date of each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of (1) the fair market value per share of the common stock on the offering date or (2) the fair market value of the common stock on the purchase date. The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Compensation Committee, in its sole discretion. The number of shares available for issuance under the ESPP increases automatically on January 1 of each calendar year of the Company beginning in 2021 and ending in 2030, in an amount equal to the lesser of (i) 1% of the aggregate number of outstanding shares of the Company’s common stock on the final day of the immediately preceding calendar year and (ii) such smaller number of shares determined by the Company’s board of directors.

The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended March 31,
	2024	2023
Expected term (in years)	0.50	0.50
Expected volatility	60.8%	49.9%
Dividend yield	0.0%	0.0%
Risk free interest rate	5.2%	4.8%

As of March 31, 2024, a total of (i) 505,925 shares of common stock, including 82,816 shares purchased in January 2024, have been purchased under the ESPP, and (ii) 2,598,437 shares of common stock are reserved under the ESPP for future purchases, including 577,624 additional shares, which were automatically added to the reserve on January 1, 2024 pursuant to the terms of the ESPP.

Stock-based Compensation Expense

Total compensation cost for all share-based payment arrangements recognized, including $1.0 million for both the three months ended March 31, 2024 and 2023, respectively, of stock-based compensation expense related to the ESPP, was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Cost of goods sold	$	508	$	525
Research and development	1,778		1,590
Selling, general and administrative	10,584		8,224
Total stock-based compensation expense	$	12,870	$	10,339

Total compensation costs as of March 31, 2024 related to all non-vested awards to be recognized in future periods was $99.9 million and is expected to be recognized over the remaining weighted average period of 2.8 years.

Business Combination

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Business Combination

BUSINESS COMBINATION

Acquisition of LimFlow S.A.

On November 15, 2023, the Company completed its acquisition of LimFlow, a medical device company focused on limb salvage for patients with CLTI. As a result of the acquisition, LimFlow’s stockholders received as consideration (i) cash, and (ii) contingent consideration related to certain commercial and reimbursement milestones. The results of operations of LimFlow have been included in the condensed consolidated financial statements from the date of the acquisition.

Purchase Price

The total purchase price as of the date of the acquisition consisted of the following (in thousands):


	As of November 15, 2023
Cash	$	242,001
Fair value of previously held investment	10,235
Fair value of contingent consideration	65,931
Total purchase price	$	318,167

Contingent Consideration

The LimFlow stockholders can achieve up to $165.0 million of additional contingent consideration if certain commercial and reimbursement milestones are achieved, as outlined under the Contingent Payments section of the share purchase agreement with LimFlow. Such payments include (i) up to $140.0 million based on net revenue generated from the sale of the LimFlow System for the year 2024 through 2026 and (ii) up to $25.0 million based on the achievement of certain reimbursement milestones related to the LimFlow System.

The acquisition-date fair value of the contingent consideration was measured using a Monte Carlo simulation which represents Level 3 measurements because they are supported by little or no market activity and reflect the Company’s assumptions in measuring fair value. Estimates and assumptions used in the fair value assessment included forecasted revenues for LimFlow, revenue risk premium, revenue volatility, operational leverage ratio, counterparty credit spread, and weighted average cost of capital. The Company has determined that the range of the potential payments on such contingencies is $65.9 million to $165.0 million. The fair value of the contingent consideration was $65.9 million as of the acquisition date.

Previously Held Investment

Prior to the acquisition, the Company held an investment in LimFlow, which represented approximately 3.7% of LimFlow's outstanding equity, and was recorded at cost minus impairment. Authoritative guidance on accounting for business combinations requires that an acquirer remeasure its previously held equity investment in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss in earnings. In connection with acquiring the remaining 96.3% equity interest of LimFlow, the Company remeasured its previously held equity investment to its fair value, as of the date of acquisition, based on the fair value of total consideration transferred. Estimates and assumptions used in the remeasurement represent a Level 3 measurement because they are supported by little or no market activity and reflect the Company’s assumptions in measuring the fair value. As a result of the remeasurement, the Company valued its previously held equity investment in LimFlow at $10.2 million and recognized a gain of $3.5 million, included in other income (expense) in the consolidated statements of operations and comprehensive income (loss) during the year ended December 31, 2023.

Transaction Costs

The transaction costs associated with the acquisition of LimFlow consisted primarily of legal and financial advisory fees of approximately $8.7 million in addition to $1.7 million of severance and integration related costs, which were expensed as incurred as SG&A expense during the year ended December 31, 2023.

Net Assets Acquired and Liabilities Assumed

The preliminary fair values of assets acquired and liabilities assumed were (in thousands):


	As of November 15, 2023
Cash and cash equivalents	$	1,582
Accounts receivable	919
Inventories	2,635
Property and equipment	266
Goodwill	207,800
Intangible asset	146,000
Other current and noncurrent assets	2,155
Accounts payable	(2,509)
Deferred tax liability	(36,500)
Other current and noncurrent liabilities	(4,181)
Total net assets acquired	$	318,167

The Company is in the process of finalizing the allocation of the purchase price. As a result, the fair value estimates assigned to intangible asset, goodwill and the related tax impacts of the acquisition, among other items, are subject to change as additional information is received to complete the analysis, including final adjustments to net working capital. The Company expects to finalize the valuation as soon as practicable, but no later than one year after the acquisition date.

The preliminary fair value assigned to the intangible asset acquired was as following (in thousands, except for estimated useful life which is in years):


	Fair value		Useful life
Developed technology	$	146,000	15 years

The preliminary fair value assigned to identifiable intangible asset, the developed technology, acquired as part of the LimFlow acquisition, was estimated using the multi-period excess earnings method. Under this method, an intangible asset’s fair value is equal to the present value of future economic benefits to be derived from ownership of the asset. The estimated fair value was developed by discounting future net cash flows to their present value at market-based rates of return. Such assumptions included forecasted revenues, cost of sales and operating expenses, technology obsolescence, and weighted average cost of capital. The useful life of the developed technology for amortization purposes was determined by considering the period of expected cash flows used to measure the fair values of the intangible asset adjusted as appropriate for entity-specific factors including competitive, economic and other factors that may limit the useful life. The developed technology asset will be amortized on a straight-line basis over its estimated useful life.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information summarizes the combined results of operations of the Company and LimFlow as if the companies had been combined as of the beginning of the fiscal year 2023 (in thousands):


	Three Months Ended March 31,
	2023
Revenue	$	116,646
Net Loss	$	(13,730)

The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition been completed at the beginning of the fiscal year 2023. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition. The unaudited pro forma financial information includes adjustments to reflect the elimination of intercompany transactions, incremental amortization of the identifiable intangible asset and elimination of the remeasurement the Company’s previously held investment in LimFlow.

Concentrations	3 Months Ended
Concentrations	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Concentrations	CONCENTRATIONS The Company’s revenue is derived primarily from the sale of catheter-based therapeutic devices in the United States. For the three months ended March 31, 2024 and 2023, there were no customers which accounted for more than 10% of the Company’s revenue. As of March 31, 2024 and December 31, 2023, there were no customers that accounted for more than 10% of the Company’s accounts receivable. No vendor accounted for more than 10% of the Company’s purchases for the three months ended March 31, 2024 and 2023. There were no vendors that accounted for more than 10% of the Company’s accounts payable as of March 31, 2024 and December 31, 2023.

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potential dilutive common shares. Diluted net income (loss) per share is computed using the treasury stock method by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net income (loss) per share calculation, shares from common stock options and equity awards are potentially dilutive securities. For the periods the Company is in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential dilutive common shares would have been anti-dilutive.

The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Three Months Ended March 31,
	2024	2023
Stock options	1,231,561	1,427,294
Equity awards	1,871,658	1,497,342

Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect	3,103,219	2,924,636

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible asset	$ 2,461,000	$ 0
Intangible assets	$ 145,774,000	$ 0	$ 150,884,000

Equity Incentive Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
2011 Equity Incentive Plan
Number of Options
Balance at beginning of period (in shares)	937,696
Exercised (in shares)	(81,686)
Cancelled (in shares)	(29)
Balance at end of period (in shares)	855,981	937,696
Number of Awards, Vested and exercisable (in shares)	855,981
Number of Awards, Vested and expected to vest (in shares)	855,981
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 2.24
Exercised (in dollars per share)	1.59
Cancelled (in dollars per share)	9.05
Balance at end of period (in dollars per share)	2.30	$ 2.24
Weighted Average Exercise Price, Vested and exercisable (in dollars per share)	2.30
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share)	$ 2.30
Weighted Average Remaining Contractual Life (in years)
Outstanding	5 years	5 years 2 months 12 days
Vested and exercisable	5 years
Vested and expected to vest	5 years
Intrinsic Value
Balance at beginning of period	$ 58,778
Exercised	4,420
Balance at end of period	39,102	$ 58,778
Intrinsic Value, Vested and exercisable	39,102
Intrinsic Value, Vested and expected to vest	$ 39,102
2020 Incentive Award Plan
Number of Options
Balance at beginning of period (in shares)	166,203
Granted (in shares)	210,188
Exercised (in shares)	(270)
Cancelled (in shares)	(541)
Balance at end of period (in shares)	375,580	166,203
Number of Awards, Vested and exercisable (in shares)	39,985
Number of Awards, Vested and expected to vest (in shares)	341,226
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 56.00
Granted (in dollars per share)	54.83
Exercised (in dollars per share)	56.00
Cancelled (in dollars per share)	56.00
Balance at end of period (in dollars per share)	55.35	$ 56.00
Weighted Average Exercise Price, Vested and exercisable (in dollars per share)	56.00
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share)	$ 55.37
Weighted Average Remaining Contractual Life (in years)
Outstanding	6 years 4 months 24 days	6 years 1 month 6 days
Vested and exercisable	5 years 10 months 24 days
Vested and expected to vest	6 years 4 months 24 days
Intrinsic Value
Balance at beginning of period	$ 1,483
Exercised	0
Balance at end of period	209	$ 1,483
Intrinsic Value, Vested and exercisable	0
Intrinsic Value, Vested and expected to vest	$ 184

Inventories, net

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories, net

INVENTORIES, NET

Inventories, net of reserves, consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Raw materials	$	13,750	$	14,310
Work-in-process	6,377		5,330
Finished goods	24,523		23,260
Total inventories, net	$	44,650	$	42,900

Business Combination - Schedule of Fair Value Assigned to the Intangible Asset Acquired (Details) - LimFlow - Developed technology $ in Thousands	Nov. 15, 2023 USD ($)
Business Acquisition [Line Items]
Fair value	$ 146,000
Useful life	15 years

Goodwill and Intangible Assets - Schedule of Estimated Future Annual Amortization of the Intangible Asset (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net	$ 145,774	$ 150,884
Developed technology
Finite-Lived Intangible Assets [Line Items]
Remainder of 2024	7,365
2025	9,820
2026	9,820
2027	9,820
2028	9,820
Thereafter	96,978
Intangible Assets, Net	$ 143,623	$ 149,393

Equity Incentive Plans - Schedule of RSU and PSU Activity (Details) - 2020 Incentive Award Plan	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units
Number of Awards
Balance at beginning of period (in shares) \| shares	1,307,998
Granted (in shares) \| shares	619,143
Vested (in shares) \| shares	(123,878)
Cancelled (in shares) \| shares	(22,093)
Balance at end of period (in shares) \| shares	1,781,170
Weighted Average Fair Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 67.91
Granted (in dollars per share) \| $ / shares	48.19
Vested (in dollars per share) \| $ / shares	72.49
Cancelled (in dollars per share) \| $ / shares	64.11
Balance at end of period (in dollars per share) \| $ / shares	$ 60.78
Performance Stock Units
Number of Awards
Balance at beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	90,488
Balance at end of period (in shares) \| shares	90,488
Weighted Average Fair Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	55.48
Balance at end of period (in dollars per share) \| $ / shares	$ 55.48

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule Of Summary Of Significant Accounting Policies [Line Items]
Equity securities without readily determinable fair value, amount	$ 1,500,000		$ 1,500,000
Equity investments, impairment losses	0	$ 0
Accounts Receivable, Net
Schedule Of Summary Of Significant Accounting Policies [Line Items]
Unbilled receivables	$ 1,000,000		$ 1,200,000

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial Assets
Total included in short-term investments	$ 80,649	$ 79,608
Financial Liability
Contingent consideration	72,200	65,900
Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	46,054	2,753
Total included in short-term investments	34,595	76,855
Total financial assets	80,649	79,608
Financial Liability
Contingent consideration	72,234	65,931
Total financial liabilities	72,234	65,931
Fair Value, Recurring \| U.S. Treasury securities
Financial Assets
Total included in short-term investments	33,596	41,685
Fair Value, Recurring \| U.S. Government agencies
Financial Assets
Total included in short-term investments		26,238
Fair Value, Recurring \| Corporate debt securities and commercial paper
Financial Assets
Total included in short-term investments	999	8,932
Level 1 \| Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	46,054	2,753
Total included in short-term investments	33,596	41,685
Total financial assets	79,650	44,438
Financial Liability
Contingent consideration	0	0
Total financial liabilities	0	0
Level 1 \| Fair Value, Recurring \| U.S. Treasury securities
Financial Assets
Total included in short-term investments	33,596	41,685
Level 1 \| Fair Value, Recurring \| U.S. Government agencies
Financial Assets
Total included in short-term investments		0
Level 1 \| Fair Value, Recurring \| Corporate debt securities and commercial paper
Financial Assets
Total included in short-term investments	0	0
Level 2 \| Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	0	0
Total included in short-term investments	999	35,170
Total financial assets	999	35,170
Financial Liability
Contingent consideration	0	0
Total financial liabilities	0	0
Level 2 \| Fair Value, Recurring \| U.S. Treasury securities
Financial Assets
Total included in short-term investments	0	0
Level 2 \| Fair Value, Recurring \| U.S. Government agencies
Financial Assets
Total included in short-term investments		26,238
Level 2 \| Fair Value, Recurring \| Corporate debt securities and commercial paper
Financial Assets
Total included in short-term investments	999	8,932
Level 3 \| Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	0	0
Total included in short-term investments	0	0
Total financial assets	0	0
Financial Liability
Contingent consideration	72,234	65,931
Total financial liabilities	72,234	65,931
Level 3 \| Fair Value, Recurring \| U.S. Treasury securities
Financial Assets
Total included in short-term investments	0	0
Level 3 \| Fair Value, Recurring \| U.S. Government agencies
Financial Assets
Total included in short-term investments		0
Level 3 \| Fair Value, Recurring \| Corporate debt securities and commercial paper
Financial Assets
Total included in short-term investments	0	0
Money market mutual funds \| Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	40,081	2,753
Money market mutual funds \| Level 1 \| Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	40,081	2,753
Money market mutual funds \| Level 2 \| Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	0	0
Money market mutual funds \| Level 3 \| Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	0	$ 0
U.S. Treasury securities \| Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	5,973
U.S. Treasury securities \| Level 1 \| Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	5,973
U.S. Treasury securities \| Level 2 \| Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	0
U.S. Treasury securities \| Level 3 \| Fair Value, Recurring
Financial Assets
Total included in cash and cash equivalents	$ 0

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

Inventories, net of reserves, consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Raw materials	$	13,750	$	14,310
Work-in-process	6,377		5,330
Finished goods	24,523		23,260
Total inventories, net	$	44,650	$	42,900

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The interim condensed consolidated balance sheet as of March 31, 2024 and the condensed consolidated statements of operations and comprehensive income (loss), stockholders’ equity, and cash flows for the three months ended March 31, 2024 and 2023 are unaudited. The consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial position as of March 31, 2024 and its consolidated results of operations and cash flows for the three months ended March 31, 2024 and 2023. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three months ended March 31, 2024 and 2023 are also unaudited. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Management Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements may include, but are not limited to, contingent consideration liability, collectability of receivables, recoverability of long-lived assets, valuation of inventory, operating lease right-of-use (“ROU”) assets and liabilities, other investments, fair value of stock options, recoverability of net deferred tax assets and related valuation allowance, and certain accruals. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. Actual results could differ materially from those estimates. Management periodically evaluates such estimates and assumptions, and they are adjusted prospectively based upon such periodic evaluation.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

The Company sells its products primarily to hospitals in the United States through its direct sales force and also sells its products directly and through distributors in select international markets. The Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of shipping or delivering the product. For sales where the Company’s sales representatives hand-deliver products directly to the hospitals, control of the products transfers to the customers upon such hand-delivery. For sales where products are shipped, control of the products transfers either upon shipment or delivery of the products to the customer, depending on the shipping terms and conditions. Revenue from product sales is comprised of product revenue, net of product returns, discounts, administrative fees and sales rebates. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity, and not a separate performance obligation.

Performance Obligation—The Company has revenue arrangements that consist of a single performance obligation, the shipping or delivery of the Company’s products. The satisfaction of this performance obligation occurs with the transfer of control of the Company’s product to its customers, either upon shipment or delivery of the product.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of revenue recognized is based on the transaction price, which represents the invoiced amount, net of discounts, administrative fees and sales rebates, where applicable. The Company provides a standard 30-day unconditional right of return period. The Company establishes estimated provisions for returns at the time of sale based on historical experience. Historically, the actual product returns have been immaterial to the Company’s condensed consolidated financial statements.

As of March 31, 2024 and December 31, 2023, the Company recorded $1.0 million and $1.2 million, respectively, of unbilled receivables, which are included in accounts receivable, net, in the accompanying condensed consolidated balance sheets.

The Company disaggregates revenue between Venous Thromboembolism (“VTE”) and Emerging Therapies. VTE comprises revenue from the sale of the Company’s ClotTriever and FlowTriever systems. Emerging Therapies comprises revenues from the sale of the Company’s solutions addressing chronic venous disease, CLTI, small vessel thrombosis and arterial thromboembolism. Revenue from VTE and Emerging Therapies is as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
VTE	$	137,193	$	114,058
Emerging Therapies	6,001		2,109
Total Revenue	$	143,194	$	116,167

Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
United States	$	133,683	$	111,846
International	9,511		4,321
Total revenue	$	143,194	$	116,167

The Company offers payment terms to its customers of less than three months and these terms do not include a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price.

The Company offers its standard warranty to all customers. The Company does not sell any warranties on a standalone basis. The Company’s warranty provides that its products are free of material defects and conform to specifications, and includes an offer to repair, replace or refund the purchase price of defective products. This assurance does not constitute a service and is not considered a separate performance obligation. The Company estimates warranty liabilities at the time of revenue recognition and records it as a charge to cost of goods sold.

Costs associated with product sales include commissions and are recorded in selling, general and administrative (“SG&A”) expenses. The Company applies the practical expedient and recognizes commissions as an expense when incurred because the amortization period is less than one year.

Equity Investments

The Company has strategic investments in certain privately held companies, with no readily determinable fair value. The Company elected the measurement alternative under which it measures these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investments. The Company will monitor the information that becomes available from time to time and adjust the carrying values of these investments if there are identified events or changes in circumstances that have a significant adverse effect on the fair values or if there are observable changes in fair value. Impairment loss, which is generally the difference between the carrying value and the fair value of the investment, is recorded in other income (expense) in the consolidated statements of operations and comprehensive income (loss).

Recently Issued Not Yet Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting, Topic 280, which requires enhanced disclosures primarily around segment expenses for all public entities, including public entities with a single reportable segment. On an annual and interim basis, entities are required to disclose significant segment expenses that are regularly provided to the CODM. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements and related disclosures.

In December 2023, FASB issued ASU 2023-09, Income Tax, Topic 740, which requires public companies to disclose specific categories in the rate reconciliation, disaggregate information related to income taxes paid, income or loss from operations before income tax expense or benefit, and income tax expense or benefit from operations. The ASU is effective for annual fiscal years beginning after December 15, 2024, with early adoption permitted. Amendments are applicable on a prospective basis with retrospective application permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The following table reflects the Company’s provision for income taxes for the periods indicated (in thousands):


	Three Months Ended March 31,
	2024		2023
Loss before income taxes	$	(16,087)	$	(1,194)
Provision for income taxes	8,115		1,024
Net loss	$	(24,202)	$	(2,218)
Provision for income taxes as a percentage of income (loss) before income taxes	(50.4%)		(85.8%)

The effective tax rate for all periods is driven by pre-tax income/(loss), business credits, equity compensation, state taxes, and the change in valuation allowance. The Company's income tax provision for interim reporting periods historically has been calculated by applying an estimate of the annual effective income tax rate for the full year to “ordinary” income (loss) for the interim reporting period. In addition, the tax effects of certain significant or unusual items are recognized discretely in the quarter in which they occur. For the three months ended March 31, 2024, the Company calculated the income tax provision using this methodology. For the three months ended March 31, 2023, a discrete effective income tax rate method was used as if the interim year to date period was an annual period.

Valuation Allowance

ASC 740, Income Taxes requires that the tax benefit of net operating losses, or NOLs, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not”. Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryback or carryforward periods. As of December 31, 2023, the Company was in a net deferred tax liability position due to the LimFlow acquisition. However, a valuation allowance was maintained against certain deferred tax assets. As of March 31, 2024, the Company believes that the net deferred tax assets are currently not considered more likely than not to be realized and, accordingly, maintains a valuation allowance against certain deferred tax assets. The Company will continue to assess its position on the realizability of its deferred tax assets, until such time as sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Any release of the valuation allowance will result in a material benefit recognized in the quarter of release.

Uncertain Tax Positions

The Company has recorded uncertain tax positions related to its federal and California research and development credit carryforwards. No interest or penalties have been recorded related to the uncertain tax positions due to credit carryforwards that are available to offset the uncertain tax positions. It is not expected that there will be a significant change in the uncertain tax position in the next 12 months. The Company is subject to U.S. federal and state income tax as well as to income tax in various foreign jurisdictions. In the normal course of business, the Company is subject to examination by tax authorities. As of the date of the financial statements, there are no income tax examinations in progress. The statute of limitations for tax years ended after December 31, 2020, December 31, 2019, and December 31, 2020 are open for federal, state, and foreign tax purposes, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Credit Facility - Schedule of Costs Incurred Directly Related to Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Deferred financing costs	$ 1,454	$ 1,454
Accumulated amortization	(404)	(382)
Unamortized deferred financing costs	$ 1,050	$ 1,072

Property and Equipment, net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Manufacturing equipment	$	17,178	$	16,653
Computer hardware	5,763		5,641
Leasehold improvements	4,846		4,682
Furniture and fixtures	4,543		4,491
Assets in progress	3,431		3,135

Total property and equipment, gross	35,761		34,602
Accumulated depreciation	(15,000)		(13,673)
Total property and equipment, net	$	20,761	$	20,929

Depreciation expense of $1.1 million was included in operating expenses and $0.3 million was included in cost of goods sold for both the three months ended March 31, 2024 and 2023, respectively.

Equity Incentive Plans - Schedule of Estimated Fair Value of Option Grant and ESPP on Date of Grant (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
2020 Incentive Award Plan \| Stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term		4 years 6 months 21 days
Expected volatility - minimum	48.70%
Expected volatility - maximum	48.90%
Expected volatility		50.40%
Dividend yield	0.00%	0.00%
Risk free interest rate- minimum	4.20%
Risk free interest rate - maximum	4.30%
Risk free interest rate		4.10%
Weighted-average fair value of options granted (in dollars per share)	$ 24.89	$ 25.98
2020 Incentive Award Plan \| Stock options \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	4 years 5 months 23 days
2020 Incentive Award Plan \| Stock options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	4 years 6 months
2020 Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 months	6 months
Expected volatility	60.80%	49.90%
Dividend yield	0.00%	0.00%
Risk free interest rate	5.20%	4.80%

Retirement Plan (Details) - USD ($)		1 Months Ended	3 Months Ended
Retirement Plan (Details) - USD ($)	Jan. 01, 2024	Jan. 31, 2021	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
401 (k) Plan			Qualified Plan [Member]
Minimum employee service period			1 month
Employer matching contribution, percent of match	100.00%	100.00%
Maximum participating employee annual contributions		$ 3,000
Participating employee eligible compensation	5.00%	4.00%
Individual limit on employer match			$ 15,000
Matching contribution expense recognized			$ 4,000,000	$ 2,700,000

Business Combination - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Nov. 15, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Nov. 14, 2023
Business Acquisition [Line Items]
Acquisition-related expenses		$ 2,779	$ 0
LimFlow
Business Acquisition [Line Items]
Maximum contingent consideration	$ 165,000
Range of outcomes on contingent consideration arrangements	$ 65,900
Acquiring equity interest percentage					3.70%
Percentage of voting interests acquired	96.30%
Fair value of previously held investment	$ 10,235			$ 10,200
Gain recognized, amount				3,500
Acquisition-related expenses				8,700
Severance and integration related costs				$ 1,700
LimFlow \| Net Revenue
Business Acquisition [Line Items]
Maximum contingent consideration	140,000
LimFlow \| Reimbursement Milestones
Business Acquisition [Line Items]
Maximum contingent consideration	$ 25,000

Credit Facility (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Costs Incurred Directly Related to Debt


	March 31, 2024		December 31, 2023
Deferred financing costs	$	1,454	$	1,454
Accumulated amortization	(404)		(382)
Unamortized deferred financing costs	$	1,050	$	1,072

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Management Estimates

Revenue Recognition


	Three Months Ended March 31,
	2024		2023
VTE	$	137,193	$	114,058
Emerging Therapies	6,001		2,109
Total Revenue	$	143,194	$	116,167

Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
United States	$	133,683	$	111,846
International	9,511		4,321
Total revenue	$	143,194	$	116,167

Equity Investments

Significant Accounting Policies

As of March 31, 2024, there were no changes to the Company’s significant accounting policies as described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Recently Issued Not Yet Adopted Accounting Pronouncements

Supplemental Cash Flow Information

Supplemental cash flow information includes the following (in thousands):


	Three Months Ended March 31,
	2024		2023
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$	245	$	104
Cash paid for interest	$	57	$	32

Noncash investing and financing:
Lease liabilities arising from obtaining new right-of-use assets	$	—	$	1,030

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	66,707	$	56,562
Restricted cash	500		—
Total cash, cash equivalents and restricted cash as shown in the statement of cash flows	$	67,207	$	56,562

Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Investments

CASH EQUIVALENTS AND INVESTMENTS

The following is a summary of the Company’s cash equivalents and investments in debt securities as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	40,081	$	—	$	—	$	40,081
U.S. Treasury securities	5,973		—		—		5,973
Total included in cash and cash equivalents	46,054		—		—		46,054
Investments:
U.S. Treasury securities	33,599		—		(3)		33,596

Corporate debt securities and commercial paper	1,000		—		(1)		999
Total included in short-term investments	34,599		—		(4)		34,595
Total financial assets	$	80,653	$	—	$	(4)	$	80,649


	December 31, 2023
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	2,753	$	—	$	—	$	2,753

Total included in cash and cash equivalents	2,753		—		—		2,753
Investments:
U.S. Treasury securities	41,672		13		—		41,685
U.S. Government agencies	26,248		—		(10)		26,238
Corporate debt securities and commercial paper	8,935		—		(3)		8,932
Total included in short-term investments	76,855		13		(13)		76,855
Total financial assets	$	79,608	$	13	$	(13)	$	79,608

The Company regularly reviews any changes to the rating of its debt securities and reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As of March 31, 2024, the risk of expected credit losses was not significant.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (24,202)	$ (2,218)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,864	1,348
Amortization of deferred financing costs	22	8
Amortization of right-of-use assets	752	1,625
Share-based compensation expense	12,870	10,339
Allowance for credit losses, net	0	91
Loss on disposal of fixed assets	8	26
Amortization of premium and discount on marketable securities	(553)	(3,810)
Change in fair value of contingent consideration liability	6,303	0
Changes in:
Accounts receivable	(8,672)	2,827
Inventories	(2,090)	(3,825)
Prepaid expenses, deposits and other assets	(625)	504
Accounts payable	1,493	(317)
Payroll-related accruals, accrued expenses and other liabilities	(953)	(7,787)
Operating lease liabilities	(505)	(366)
Lease prepayments for lessor's owned leasehold improvements	0	(458)
Net cash used in operating activities	(12,288)	(2,013)
Cash flows from investing activities
Purchases of property and equipment	(1,250)	(964)
Purchases of marketable securities	(21,501)	(122,054)
Maturities of marketable securities	62,573	119,300
Purchases of other investments	0	(325)
Capitalized software development costs	(660)	0
Net cash provided by (used in) investing activities	39,162	(4,043)
Cash flows from financing activities
Proceeds from issuance of common stock under employee stock purchase plan	3,983	4,172
Proceeds from exercise of stock options	145	226
Payment of taxes related to vested equity awards	(3,113)	(1,932)
Net cash provided by financing activities	1,015	2,466
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	110	(70)
Net increase (decrease) in cash, cash equivalents and restricted cash	27,999	(3,660)
Cash, cash equivalents and restricted cash beginning of period	39,208	60,222
Cash, cash equivalents and restricted cash end of period	$ 67,207	$ 56,562

Business Combination (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Total Purchase Price Consideration

The total purchase price as of the date of the acquisition consisted of the following (in thousands):


	As of November 15, 2023
Cash	$	242,001
Fair value of previously held investment	10,235
Fair value of contingent consideration	65,931
Total purchase price	$	318,167

Schedule of Fair Values of Assets Acquired and Liabilities Assumed

The preliminary fair values of assets acquired and liabilities assumed were (in thousands):


	As of November 15, 2023
Cash and cash equivalents	$	1,582
Accounts receivable	919
Inventories	2,635
Property and equipment	266
Goodwill	207,800
Intangible asset	146,000
Other current and noncurrent assets	2,155
Accounts payable	(2,509)
Deferred tax liability	(36,500)
Other current and noncurrent liabilities	(4,181)
Total net assets acquired	$	318,167

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The preliminary fair value assigned to the intangible asset acquired was as following (in thousands, except for estimated useful life which is in years):


	Fair value		Useful life
Developed technology	$	146,000	15 years

Schedule of Pro Forma Information


	Three Months Ended March 31,
	2023
Revenue	$	116,646
Net Loss	$	(13,730)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	40,081	$	—	$	—	$	40,081
U.S. Treasury securities	5,973		—		—		5,973

Total included in cash and cash equivalents	46,054		—		—		46,054
Investments:
U.S. Treasury securities	33,596		—		—		33,596

Corporate debt securities and commercial paper	—		999		—		999
Total included in short-term investments	33,596		999		—		34,595
Total financial assets	$	79,650	$	999	$	—	$	80,649
Financial Liability
Contingent consideration	$	—	$	—	$	72,234	$	72,234
Total financial liabilities	$	—	$	—	$	72,234	$	72,234


	December 31, 2023
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	2,753	$	—	$	—	$	2,753

Total included in cash and cash equivalents	2,753		—		—		2,753
Investments:
U.S. Treasury securities	41,685		—		—		41,685
U.S. Government agencies	—		26,238		—		26,238
Corporate debt securities and commercial paper	—		8,932		—		8,932
Total included in short-term investments	41,685		35,170		—		76,855
Total financial assets	$	44,438	$	35,170	$	—	$	79,608
Financial Liability
Contingent consideration	$	—	$	—	$	65,931	$	65,931
Total financial liabilities	$	—	$	—	$	65,931	$	65,931

Schedule of changes in the Estimated Fair Value

The following table summarizes the changes in the estimated fair value of the Company’s contingent consideration liabilities (in thousands):


	Contingent Consideration Fair Value
Balance as of December 31, 2023	$	65,931

Change in estimated fair value	6,303
Balance as of March 31, 2024	$	72,234

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The following table reflects the Company’s provision for income taxes for the periods indicated (in thousands):


	Three Months Ended March 31,
	2024		2023
Loss before income taxes	$	(16,087)	$	(1,194)
Provision for income taxes	8,115		1,024
Net loss	$	(24,202)	$	(2,218)
Provision for income taxes as a percentage of income (loss) before income taxes	(50.4%)		(85.8%)

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 143,194	$ 116,167
United States
Disaggregation of Revenue [Line Items]
Revenue	133,683	111,846
International
Disaggregation of Revenue [Line Items]
Revenue	9,511	4,321
VTE
Disaggregation of Revenue [Line Items]
Revenue	137,193	114,058
Emerging Therapies
Disaggregation of Revenue [Line Items]
Revenue	$ 6,001	$ 2,109

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Condensed Consolidated Statements Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2022		54,021,656
Balance at beginning of period at Dec. 31, 2022	$ 417,002	$ 54	$ 462,949	$ 849	$ (46,850)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Options exercised for common stock (in shares)		209,966
Options exercised for common stock	226		226
Shares issued under Employee Stock Purchase Plan (in shares)		86,051
Shares issued under Employee Stock Purchase Plan	4,172		4,172
Issuance of common stock upon vesting of equity awards, net of shares withheld for taxes (in shares)		2,766,043
Issuance of common stock upon vesting of equity awards, net of shares withheld for taxes	(1,929)	$ 3	(1,932)
Share-based compensation expense	10,339		10,339
Other comprehensive income (loss)	(856)			(856)
Net loss	(2,218)				(2,218)
Balance at end of period (in shares) at Mar. 31, 2023		57,083,716
Balance at end of period at Mar. 31, 2023	$ 426,736	$ 57	475,754	(7)	(49,068)
Balance at beginning of period (in shares) at Dec. 31, 2023	57,762,414	57,762,414
Balance at beginning of period at Dec. 31, 2023	$ 464,910	$ 58	504,453	8,885	(48,486)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Options exercised for common stock (in shares)		81,952
Options exercised for common stock	145		145
Shares issued under Employee Stock Purchase Plan (in shares)		82,816
Shares issued under Employee Stock Purchase Plan	3,983		3,983
Issuance of common stock upon vesting of equity awards, net of shares withheld for taxes (in shares)		73,963
Issuance of common stock upon vesting of equity awards, net of shares withheld for taxes	(3,113)		(3,113)
Share-based compensation expense	12,870		12,870
Other comprehensive income (loss)	(7,363)			(7,363)
Net loss	$ (24,202)				(24,202)
Balance at end of period (in shares) at Mar. 31, 2024	58,001,145	58,001,145
Balance at end of period at Mar. 31, 2024	$ 447,230	$ 58	$ 518,338	$ 1,522	$ (72,688)

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amounts of Goodwill

The changes in carrying amount of goodwill were as follows (in thousands):


	March 31, 2024
Balance as of December 31, 2023	$	214,335

Foreign currency translation adjustments	(4,693)
Balance as of March 31, 2024	$	209,642

Schedule of Identifiable Intangible Assets

The intangible assets consist of the following (in thousands):


	March 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Developed technology	$	147,306	$	(3,683)	$	143,623
Capitalized software(a)	2,151		—		2,151
Total intangible assets, net	$	149,457	$	(3,683)	$	145,774


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Developed technology	$	150,649	$	(1,256)	$	149,393
Capitalized software(a)	1,491		—		1,491
Total intangible assets, net	$	152,140	$	(1,256)	$	150,884

_____________

Schedule of Estimated Future Annual Amortization of the Intangible Asset

The estimated future annual amortization of the intangible assets in service is the following (in thousands):


Year ending December 31:	Amount
Remainder of 2024	$	7,365
2025	9,820
2026	9,820
2027	9,820
2028	9,820
Thereafter	96,978
Total	$	143,623

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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+ Details

Related Party	3 Months Ended
Related Party	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party	RELATED PARTY The Company utilizes MRI The Hoffman Group (“MRI”), a recruiting services company owned by the brother of the former Chief Executive Officer and President and current member of the board of directors of the Company. The Company paid for recruiting services provided by MRI amounting to $10,000 and $30,000 for the three months ended March 31, 2024 and 2023, respectively, which was recorded in SG&A expenses within the condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2024 and December 31, 2023, there was no balance payable to MRI.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Related Party (Details) - USD ($) $ in Thousands	3 Months Ended
Related Party (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Development expenses incurred	$ 10	$ 30
Accounts payable	12,026		$ 10,577
Related Party
Related Party Transaction [Line Items]
Accounts payable	$ 0		$ 0

Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 2,680
2025	3,049
2026	2,927
2027	2,993
2028	2,886
Thereafter	36,012
Total lease payments	50,547
Less imputed interest	(19,055)
Total lease liabilities	31,492
Less: lease liabilities - current portion	(1,719)	$ (1,692)
Lease liabilities - noncurrent portion	$ 29,773	$ 30,355

Business Combination - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Nov. 15, 2023
Business Acquisition [Line Items]
Goodwill	$ 209,642	$ 214,335
LimFlow
Business Acquisition [Line Items]
Cash and cash equivalents			$ 1,582
Accounts receivable			919
Inventories			2,635
Property and equipment			266
Goodwill			207,800
Other current and noncurrent assets			2,155
Accounts payable			(2,509)
Deferred tax liability			(36,500)
Other current and noncurrent liabilities			(4,181)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total			318,167
LimFlow \| Developed technology
Business Acquisition [Line Items]
Intangible asset			$ 146,000

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Investments in debt securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. As of March 31, 2024, all of the Company's investments in debt securities had maturities of less than 12 months and were classified as short-term investments on the condensed consolidated balance sheets.


	March 31, 2024
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	40,081	$	—	$	—	$	40,081
U.S. Treasury securities	5,973		—		—		5,973

Total included in cash and cash equivalents	46,054		—		—		46,054
Investments:
U.S. Treasury securities	33,596		—		—		33,596

Corporate debt securities and commercial paper	—		999		—		999
Total included in short-term investments	33,596		999		—		34,595
Total financial assets	$	79,650	$	999	$	—	$	80,649
Financial Liability
Contingent consideration	$	—	$	—	$	72,234	$	72,234
Total financial liabilities	$	—	$	—	$	72,234	$	72,234


	December 31, 2023
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	2,753	$	—	$	—	$	2,753

Total included in cash and cash equivalents	2,753		—		—		2,753
Investments:
U.S. Treasury securities	41,685		—		—		41,685
U.S. Government agencies	—		26,238		—		26,238
Corporate debt securities and commercial paper	—		8,932		—		8,932
Total included in short-term investments	41,685		35,170		—		76,855
Total financial assets	$	44,438	$	35,170	$	—	$	79,608
Financial Liability
Contingent consideration	$	—	$	—	$	65,931	$	65,931
Total financial liabilities	$	—	$	—	$	65,931	$	65,931

There were no transfers between Levels 1, 2 or 3 for the periods presented.

Contingent payments are related to the acquisition of LimFlow and consist of commercial and reimbursement milestones, which were valued using a Monte Carlo simulation and probability weighted discounted cash flow analysis, respectively, and represent Level 3 measurements because they are based upon significant unobservable inputs such as forecasted revenues of LimFlow, revenue risk premium, revenue volatility, operational leverage ratio, credit risk, weighted average cost of capital, and probability assumptions in achieving certain milestones.

The following table summarizes the changes in the estimated fair value of the Company’s contingent consideration liabilities (in thousands):


	Contingent Consideration Fair Value
Balance as of December 31, 2023	$	65,931

Change in estimated fair value	6,303
Balance as of March 31, 2024	$	72,234

The fair value of the contingent consideration was $65.9 million as of December 31, 2023, recorded within other long-term liabilities, and $72.2 million as of March 31, 2024, of which $9.3 million was recorded within accrued expenses and other current liabilities and $62.9 million was recorded within other long-term liabilities. The change in estimated fair value of contingent consideration was recorded in operating expenses within the condensed consolidated statements of operations and comprehensive income (loss).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

Revenue from VTE and Emerging Therapies is as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
VTE	$	137,193	$	114,058
Emerging Therapies	6,001		2,109
Total Revenue	$	143,194	$	116,167

Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
United States	$	133,683	$	111,846
International	9,511		4,321
Total revenue	$	143,194	$	116,167

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information includes the following (in thousands):


	Three Months Ended March 31,
	2024		2023
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$	245	$	104
Cash paid for interest	$	57	$	32

Noncash investing and financing:
Lease liabilities arising from obtaining new right-of-use assets	$	—	$	1,030

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	66,707	$	56,562
Restricted cash	500		—
Total cash, cash equivalents and restricted cash as shown in the statement of cash flows	$	67,207	$	56,562

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-39293
Entity Registrant Name	Inari Medical, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2902923
Entity Address, Address Line One	6001 Oak Canyon
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	877
Local Phone Number	923-4747
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	NARI
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		58,138,159
Entity Central Index Key	0001531048
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	$ 80,653	$ 79,608
Unrealized Gain	0	13
Unrealized Loss	(4)	(13)
Short-term investments in debt securities	80,649	79,608
Cash and Cash Equivalents
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	46,054	2,753
Unrealized Gain	0	0
Unrealized Loss	0	0
Short-term investments in debt securities	46,054	2,753
Cash and Cash Equivalents \| Money market mutual funds
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	40,081	2,753
Unrealized Gain	0	0
Unrealized Loss	0	0
Short-term investments in debt securities	40,081	2,753
Cash and Cash Equivalents \| U.S. Treasury securities
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	5,973
Unrealized Gain	0
Unrealized Loss	0
Short-term investments in debt securities	5,973
Short-Term Investments
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	34,599	76,855
Unrealized Gain	0	13
Unrealized Loss	(4)	(13)
Short-term investments in debt securities	34,595	76,855
Short-Term Investments \| U.S. Treasury securities
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	33,599	41,672
Unrealized Gain	0	13
Unrealized Loss	(3)	0
Short-term investments in debt securities	33,596	41,685
Short-Term Investments \| U.S. Government agencies
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis		26,248
Unrealized Gain		0
Unrealized Loss		(10)
Short-term investments in debt securities		26,238
Short-Term Investments \| Corporate debt securities and commercial paper
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	1,000	8,935
Unrealized Gain	0	0
Unrealized Loss	(1)	(3)
Short-term investments in debt securities	$ 999	$ 8,932

Net Income (Loss) Per Share - Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect (in shares)	3,103,219	2,924,636
Stock options
Antidilutive Securities Excluded From Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect (in shares)	1,231,561	1,427,294
Equity awards
Antidilutive Securities Excluded From Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect (in shares)	1,871,658	1,497,342

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 13,750	$ 14,310
Work-in-process	6,377	5,330
Finished goods	24,523	23,260
Total inventories, net	$ 44,650	$ 42,900

Goodwill and Intangible Assets - Schedule of Carrying Amounts of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 214,335
Foreign currency translation adjustments	(4,693)
Goodwill, ending balance	$ 209,642

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of contingent consideration	$ 72.2	$ 65.9
Contingent consideration, liability, current	9.3
Contingent consideration, liability, noncurrent	$ 62.9

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (16,087)	$ (1,194)
Provision for income taxes	8,115	1,024
Net loss	$ (24,202)	$ (2,218)
Provision for income taxes as a percentage of income (loss) before income taxes	(50.40%)	(85.80%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Business Combination - Schedule of Pro Forma Information (Details) - LimFlow $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Revenue	$ 116,646
Net Loss	$ (13,730)

Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of stock option activity under the 2011 Plan for the three months ended March 31, 2024 is as follows (intrinsic values in thousands):


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Intrinsic Value
Outstanding, December 31, 2023	937,696	$	2.24	5.20	$	58,778
Exercised	(81,686)	$	1.59		$	4,420
Cancelled	(29)	$	9.05
Outstanding, March 31, 2024	855,981	$	2.30	5.00	$	39,102
Vested and exercisable at March 31, 2024	855,981	$	2.30	5.00	$	39,102
Vested and expected to vest at March 31, 2024	855,981	$	2.30	5.00	$	39,102

A summary of stock option activities under the 2020 Plan for the three months ended March 31, 2024 is as follows (intrinsic values in thousands):


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Intrinsic Value
Outstanding, December 31, 2023	166,203	$	56.00	6.10	$	1,483
Granted	210,188	$	54.83
Exercised	(270)	$	56.00		$	—
Cancelled	(541)	$	56.00
Outstanding, March 31, 2024	375,580	$	55.35	6.40	$	209
Vested and exercisable at March 31, 2024	39,985	$	56.00	5.90	$	—
Vested and expected to vest at March 31, 2024	341,226	$	55.37	6.40	$	184

Schedule of RSU Activity

RSU activity under the 2020 Plan is set forth below:


	Number of Awards	Weighted Average Fair Value
Outstanding, December 31, 2023	1,307,998	$	67.91
Granted	619,143	48.19
Vested	(123,878)	72.49
Cancelled	(22,093)	64.11
Outstanding, March 31, 2024	1,781,170	$	60.78

Schedule of PSU Activity

PSU activity under the 2020 Plan is set forth below:


	Number of Awards	Weighted Average Fair Value
Outstanding, December 31, 2023	—	$	—
Granted	90,488	55.48


Outstanding, March 31, 2024	90,488	$	55.48

Schedule of Estimated Fair Value of Option Grant and ESPP

The fair value for options granted was calculated using the following weighted average assumptions:

Three Months Ended March 31,

2024

2023

Expected term (in years)

4.48 years to 4.5 years

4.56 years

Expected volatility

48.7% to 48.9%

50.4%

Dividend yield

0.0%

Risk free interest rate

4.2% to 4.3%

4.1%

Weighted-average fair value of options granted

$24.89 per share

$25.98 per share

The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended March 31,
	2024	2023
Expected term (in years)	0.50	0.50
Expected volatility	60.8%	49.9%
Dividend yield	0.0%	0.0%
Risk free interest rate	5.2%	4.8%

Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized


	Three Months Ended March 31,
	2024		2023
Cost of goods sold	$	508	$	525
Research and development	1,778		1,590
Selling, general and administrative	10,584		8,224
Total stock-based compensation expense	$	12,870	$	10,339

Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 35,761	$ 34,602
Accumulated depreciation	(15,000)	(13,673)
Total property and equipment, net	20,761	20,929
Manufacturing equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	17,178	16,653
Computer hardware
Property Plant And Equipment [Line Items]
Total property and equipment, gross	5,763	5,641
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	4,846	4,682
Furniture and fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, gross	4,543	4,491
Assets in progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 3,431	$ 3,135

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 66,707,000	$ 38,597,000
Restricted cash	500,000	611,000
Short-term investments in debt securities	34,595,000	76,855,000
Accounts receivable, net	78,621,000	70,119,000
Inventories, net	44,650,000	42,900,000
Prepaid expenses and other current assets	8,240,000	6,481,000
Total current assets	233,313,000	235,563,000
Property and equipment, net	20,761,000	20,929,000
Operating lease right-of-use assets	47,610,000	48,407,000
Goodwill	209,642,000	214,335,000
Intangible assets	145,774,000	150,884,000
Deposits and other assets	4,676,000	4,117,000
Total assets	661,776,000	674,235,000
Current liabilities
Accounts payable	12,026,000	10,577,000
Payroll-related accruals	38,748,000	48,706,000
Accrued expenses and other current liabilities	33,544,000	15,364,000
Operating lease liabilities, current portion	1,719,000	1,692,000
Total current liabilities	86,037,000	76,339,000
Operating lease liabilities, noncurrent portion	29,773,000	30,355,000
Deferred tax liability	35,395,000	36,231,000
Other long-term liability	63,341,000	66,400,000
Total liabilities	214,546,000	209,325,000
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value, 300,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 58,001,145 and 57,762,414 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	58,000	58,000
Additional paid in capital	518,338,000	504,453,000
Accumulated other comprehensive income	1,522,000	8,885,000
Accumulated deficit	(72,688,000)	(48,486,000)
Total stockholders' equity	447,230,000	464,910,000
Total liabilities and stockholders' equity	$ 661,776,000	$ 674,235,000