0000950170-23-004675 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Fiscal Year Focus	2022
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 3,280
Entity Common Stock, Shares Outstanding		54,313,676
Entity Central Index Key	0001531048
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE The Registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2022. Portions of such definitive proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K.
Auditor Firm ID	243
Auditor Name	BDO USA, LLP
Auditor Location	Costa Mesa, California

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 60,222	$ 92,752
Short-term investments in debt securities	266,179	83,348
Accounts receivable, net	58,611	42,351
Inventories, net	32,581	21,053
Prepaid expenses and other current assets	5,312	5,694
Total current assets	422,905	245,198
Property and equipment, net	21,655	16,471
Operating lease right-of-use assets	50,703	44,909
Deposits and other assets	8,889	981
Long-term investments in debt securities	0	3,983
Total assets	504,152	311,542
Current liabilities
Accounts payable	7,659	6,541
Payroll-related accruals	38,955	24,433
Accrued expenses and other current liabilities	8,249	10,737
Operating lease liability, current portion	1,311	802
Total current liabilities	56,174	42,513
Operating lease liabilities, noncurrent portion	30,976	28,404
Other long-term liability	0	1,416
Total liabilities	87,150	72,333
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2022 and 2021	0	0
Common stock, $0.001 par value, 300,000,000 shares authorized as of December 31, 2022 and 2021; 54,021,656 and 50,313,452 shares issued and outstanding as of December 31, 2022 and 2021, respectively	54	50
Additional paid in capital	462,949	257,144
Accumulated other comprehensive income (loss)	849	(402)
Accumulated deficit	(46,850)	(17,583)
Total stockholders' equity	417,002	239,209
Total liabilities and stockholders' equity	$ 504,152	$ 311,542

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, Par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, Par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	54,021,656	50,313,452
Common stock, shares outstanding	54,021,656	50,313,452

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 383,471	$ 276,984	$ 139,670
Cost of goods sold	44,506	24,757	13,106
Gross profit	338,965	252,227	126,564
Operating expenses
Research and development	74,221	51,018	18,399
Selling, general and administrative	292,843	190,365	89,746
Total operating expenses	367,064	241,383	108,145
(Loss) income from operations	(28,099)	10,844	18,419
Other income (expense)
Interest income	1,852	154	484
Interest expense	(294)	(295)	(1,135)
Change in fair value of warrant liabilities	0	0	(3,317)
Other income (expense)	356	(18)	(662)
Total other income (expense)	1,914	(159)	(4,630)
(Loss) income before income taxes	(26,185)	10,685	13,789
Provision for income taxes	3,082	845	0
Net (loss) income	(29,267)	9,840	13,789
Other comprehensive income (loss)
Foreign currency translation adjustments	(592)	(379)	0
Unrealized gain (loss) on available-for-sale debt securities	1,843	(27)	4
Total other comprehensive income (loss)	1,251	(406)	4
Comprehensive (loss) income	$ (28,016)	$ 9,434	$ 13,793
Net (loss) income per share
Basic	$ (0.55)	$ 0.20	$ 0.43
Diluted	$ (0.55)	$ 0.18	$ 0.27
Weighted average common shares used to compute net (loss) income per share
Basic	52,837,674	49,815,914	32,033,827
Diluted	52,837,674	55,594,159	51,554,996

Consolidated Statements of Mezzanine Equity and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Redeemable Convertible Preferred Stock
Beginning Balance at Dec. 31, 2019						$ 54,170
Beginning Balance, Shares at Dec. 31, 2019						31,968,570
Beginning Balance at Dec. 31, 2019	$ (39,144)	$ 7	$ 2,061		$ (41,212)
Beginning Balance, Shares at Dec. 31, 2019		6,720,767
Conversion of preferred stock to common stock upon initial public offering (IPO)	54,170	$ 32	54,138			$ (54,170)
Conversion of preferred stock to common stock upon initial public offering (IPO) Shares		31,968,570				(31,968,570)
Issuance of common stock in connection with IPO, net of issuance costs	162,979	$ 9	162,970
Issuance of common stock in connection with an IPO, net of issuance costs		9,432,949
Conversion and reclassification of preferred stock warrants to common stock warrants upon IPO	4,486		4,486
Exercise of common stock warrants	5	$ 1	4
Exercise of common stock warrants, Shares		277,309
Options exercised for common stock	466		466
Options exercised for common stock, Shares		851,189
Issuance of common stock upon vesting of restricted stock units, net of shares with held for taxes	(25)		(25)
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes, Shares		830
Share based compensation	3,524		3,524
Other comprehensive income (loss)	4			$ 4
Net income (loss)	13,789				13,789
Ending Balance at Dec. 31, 2020	200,254	$ 49	227,624	4	(27,423)
Ending Balance, Shares at Dec. 31, 2020		49,251,614
Options exercised for common stock	869	$ 1	868
Options exercised for common stock, Shares		806,008
Issuance of common stock upon vesting of restricted stock units, net of shares with held for taxes	(2,354)		(2,354)
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes, Shares		170,781
Issuance of common stock under employee stock purchase plan, Shares		85,049
Issuance of common stock under employee stock purchase plan	5,558		5,558
Share based compensation	25,448		25,448
Other comprehensive income (loss)	(406)			(406)
Net income (loss)	9,840				9,840
Ending Balance at Dec. 31, 2021	239,209	$ 50	257,144	(402)	(17,583)
Ending Balance, Shares at Dec. 31, 2021		50,313,452
Issuance of common stock in connection with IPO, net of issuance costs	174,395	$ 3	174,392
Issuance of common stock in connection with an IPO, net of issuance costs		2,300,000
Options exercised for common stock	810	$ 1	809
Options exercised for common stock, Shares		1,098,841
Issuance of common stock upon vesting of restricted stock units, net of shares with held for taxes	(6,489)		(6,489)
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes, Shares		175,848
Issuance of common stock under employee stock purchase plan, Shares		133,515
Issuance of common stock under employee stock purchase plan	8,422		8,422
Share based compensation	28,671		28,671
Other comprehensive income (loss)	1,251			1,251
Net income (loss)	(29,267)				(29,267)
Ending Balance at Dec. 31, 2022	$ 417,002	$ 54	$ 462,949	$ 849	$ (46,850)
Ending Balance, Shares at Dec. 31, 2022		54,021,656

Consolidated Statements of Mezzanine Equity and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Stock issuance cost	$ 11.9	$ 16.3

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net (loss) income	$ (29,267)	$ 9,840	$ 13,789
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	4,673	3,034	1,385
Amortization of deferred financing costs	143	143	181
Amortization of right-of-use assets	2,446	1,274	0
Share based compensation expense	28,671	25,448	3,524
Allowance for credit losses, net	736	(22)	0
Loss on disposal of fixed assets	94	69	237
Loss on extinguishment of debt	0	0	648
Loss on change in fair value of warrant liabilities	0	0	3,317
Changes in:
Accounts receivable	(17,030)	(14,361)	(16,706)
Inventories	(11,688)	(10,488)	(6,644)
Prepaid expenses, deposits and other assets	580	(3,430)	(2,458)
Accounts payable	1,140	3,514	498
Payroll-related accruals, accrued expenses and other liabilities	10,691	25,992	4,141
Operating lease liabilities	(923)	(772)	0
Lease prepayments for lessor's owned leasehold improvements	(4,238)	(14,755)	0
Net cash (used in) provided by operating activities	(13,972)	25,486	1,912
Cash flows from investing activities
Purchase of property and equipment	(9,951)	(13,645)	(5,460)
Purchases of marketable securities	(489,605)	(134,377)	(49,977)
Maturities of marketable securities	312,600	97,000	0
Purchases of other investments	(8,260)	0	0
Net cash used in investing activities	(195,216)	(51,022)	(55,437)
Cash flows from financing activities
Proceeds from issuance of common stock in public offering, net of issuance costs	174,395	0	164,361
Proceeds from issuance of common stock under employee stock purchase plan	8,422	5,558	0
Proceeds from exercise of stock option and warrants	810	869	471
Payment of taxes related to vested restricted stock units	(6,489)	(2,354)	(25)
Proceeds from notes payable	0	0	10,000
Repayments of notes payable	0	0	(30,250)
Debt financing costs	0	0	(442)
Net cash provided by financing activities	177,138	4,073	144,115
Effect of foreign exchange rate on cash and cash equivalents	(480)	(402)	0
Net (decrease) increase in cash	(32,530)	(21,865)	90,590
Cash and cash equivalents beginning of period	92,752	114,617	24,027
Cash and cash equivalents end of period	60,222	92,752	114,617
Supplemental disclosures of cash flow information:
Cash paid for income taxes	3,417	472	154
Cash paid for interest	151	151	999
Noncash investing and financing:
Lease liabilities arising from obtaining new right-of-use assets	3,947	28,648	0
Common stock issued on conversion of convertible preferred stock	0	0	54,170
Common stock warrants issued on conversion of preferred stock warrants and the reclassification of the warrant liability	0	0	4,486
Deferred initial public offering cost recorded to additional paid in capital	$ 0	$ 0	$ 1,382

Organization

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. 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 minimally invasive, novel, catheter-based mechanical thrombectomy systems for the unique characteristics of specific disease states.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

COVID-19

From 2020 through 2022, the global healthcare system faced unprecedented challenges as a result of the COVID-19 situation and its impact. Although the lingering effects of COVID-19, many of which are unpredictable and impossible to quantify or measure, may have an adverse impact on the healthcare system generally and certain aspects of the Company specifically, the Company does not expect it to have a material effect on our business going forward.

Basis of Presentation

The accompanying 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.

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 consolidated financial statements may include, but are not limited to, 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, fair value of common stock warrants, 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.

JOBS Act Accounting Election

The JOBS Act allows an emerging growth company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. Effective December 31, 2021, the Company was no longer an “emerging growth company” within the meaning of the JOBS Act and can no longer take advantage of this extended transition period. Prior to December 31, 2021, the Company had elected to use this extended transition period and, as a result, the Company's financial statements may not have been comparable to companies that comply with public company effective dates.

Cash and Cash Equivalents

The Company considers cash on hand, cash in demand deposit accounts including money market funds, and instruments with a maturity date of 90 days or less at date of purchase to be cash and cash equivalents. The Company maintains its cash and cash equivalent balances with banks. At times, the cash and cash equivalent balances may exceed federally insured limits. The Company does not believe that this results in any significant credit risk as the Company’s policy is to place its cash and cash equivalents in highly-rated financial institutions.

Investments in Debt and Equity Securities

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. The Company determines the appropriate classification of its investments in available-for-sale debt securities at the time of purchase. Available-for-sale securities with maturities less than 12 months at the balance sheet date are considered short-term investments. Available-for-sale debt securities with maturities greater than 12 months from the balance sheet date are classified as long-term investments on the consolidated balance sheets.

Unrealized gains and losses are excluded from earnings and reported as a component of comprehensive income (loss). The Company periodically evaluates whether declines in fair values of its marketable securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not that it will be required to sell any marketable securities before recovery of its amortized cost basis. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on marketable securities are included in other income (expenses), net on the consolidated statements of operations and comprehensive income (loss). The cost of investments sold is based on the specific-identification method. Interest on marketable securities is included in interest income.

As of December 31, 2022, the Company has investments in certain privately held companies, with no readily determinable fair value. The Company 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. As of December 31, 2022, total other investments of $8.3 million were included in deposits and other assets in the consolidated balance sheets with no impairment or observable changes in fair value identified.

Accounts Receivable, net

Trade accounts receivable are recorded at the invoiced amount, net of any allowance for credit losses. The Company evaluates the expected credit losses of accounts receivable, considering historical credit losses, current customer-specific information and other relevant factors when determining the allowance. An increase to the allowance for credit losses results in a corresponding increase in selling, general and administrative ("SG&A") expenses. The Company charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The allowance for credit losses was $776,000 and $40,000 as of December 31, 2022 and 2021, respectively.

Despite the Company’s efforts to minimize credit risk exposure, customers could be adversely affected if future economic and industry trends, including those related to COVID-19, change in such a manner as to negatively impact their cash flows. The full effects of COVID-19 on the Company’s customers are highly

uncertain and cannot be predicted. As a result, the Company’s future collection experience can differ significantly from historical collection trends. If the Company’s clients experience a negative impact on their cash flows, it could have a material adverse effect on the Company’s results of operations and financial condition.

Inventories, net

The Company values inventory at the lower of the actual cost to purchase or manufacture the inventory or net realizable value for such inventory. Cost, which includes material, labor and overhead costs, is determined on the first-in, first out method, or FIFO. The Company regularly reviews inventory quantities in process and on hand, and when appropriate, records a provision for obsolete and excess inventory. The Company writes down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value and inventory in excess of expected requirements based on future demand and as compared to remaining shelf life. The estimate of excess quantities is subjective and primarily dependent on the Company’s estimates of future demand for a particular product. If the estimate of future demand is inaccurate based on actual sales, the Company may increase the write down for excess inventory for that component and record a charge to inventory impairment in cost of goods sold on the accompanying consolidated statements of operations and comprehensive income (loss).

Property and Equipment, net

Property and equipment are stated at cost. Additions and improvements that extend the lives of the assets are capitalized while expenditures for repairs and maintenance are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets, ranging from three to seven years. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the lease term, including renewal periods that are reasonably assured. Upon sale or disposition of property and equipment, any gain or loss is included as operating expense in the accompanying consolidated statements of operations and comprehensive income (loss).

Right-of-use Assets and Lease Liabilities

The Company determines if an arrangement contains a lease at inception and determines the classification of the lease, as either operating or finance, at commencement.

After the adoption of the new lease standard on January 1, 2021, right-of-use assets and lease liabilities are recorded based on the present value of future lease payments which factors in certain qualifying initial direct costs incurred as well as any lease incentives received. If an implicit rate is not readily determinable, the Company utilizes inputs from third-party lenders to determine the appropriate discount rate. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Lease terms may factor in options to extend or terminate the lease.

The Company adheres to the short-term lease recognition exemption for all classes of assets (i.e. facilities and equipment). As a result, leases with an initial term of twelve months or less are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. In addition, for

certain equipment leases, the Company accounts for lease and non-lease components, such as services, as a single lease component as permitted.

Impairment of Long-lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount to the future net undiscounted cash flows which the assets are expected to generate. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset. The Company has not identified any such impairment losses to date.

Fair Value of Financial Instruments

The Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their liquidity or short maturities.

The Company measures and records certain financial assets and liabilities at fair value on a recurring basis. U.S. GAAP provides a fair value hierarchy that distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels.

•

Level 1—Adjusted quoted prices in active markets for identical assets or liabilities.

•

Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities.

See Note 3. Fair Value Measurements for further information.

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 utilizing the Company’s direct sales force. 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 representative 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, administrative fees and sales rebates.

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 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 consolidated financial statements.

As of December 31, 2022 and 2021, the Company recorded $1,218,000 and $448,000, respectively, of unbilled receivables, which are included in accounts receivable, net, in the accompanying consolidated balance sheets.

The Company disaggregates revenue by product. Revenue from ClotTriever and other systems and FlowTriever system as a percentage of total revenue is as follows:


	Years Ended December 31,
	2022			2021			2020
ClotTriever and other systems		32	%		32	%		37	%
FlowTriever system		68	%		68	%		63	%

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


	Years Ended December 31,
	2022		2021		2020
United States	$	374,040	$	274,402	$	139,670
International		9,431		2,582		-
Total revenue	$	383,471	$	276,984	$	139,670

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. The warranty liability as of December 31, 2022 and 2021 were not significant. The warranty costs recognized during December 31, 2022, 2021 and 2020 were $631,000, $194,000 and nil, respectively.

Costs associated with product sales include commissions and are recorded in 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.

Cost of Goods Sold

Cost of goods sold consists primarily of the cost of raw materials, components, direct labor and manufacturing overhead. Overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management, including

stock-based compensation. Cost of goods sold also includes depreciation expense for production equipment, inventory impairment charges, and certain direct costs such as shipping and handling costs and royalty expense.

Advertising Costs

Advertising costs are charged to operations as incurred. Advertising costs were $957,000, $344,000 and $333,000 for the years ended December 31, 2022, 2021 and 2020, respectively. Advertising costs are included in SG&A expenses in the accompanying consolidated statements of operations and comprehensive income (loss).

Research and Development

Research and development costs are expensed as incurred and include the costs to design, develop, test, deploy and enhance new and existing products. Research and development costs also include expenses associated with the purchase of intellectual property relating to a particular research and development project that has no alternative future uses, clinical studies, registries and sponsored researches. These costs include direct salary and employee benefit related costs for research and development personnel, costs for materials used and costs for outside services.

Patent-related Expenditures

Expenditures related to patent research and applications, which are primarily legal fees, are expensed as incurred and are included in SG&A expenses in the accompanying consolidated statements of operations and comprehensive income (loss).

Stock-based Compensation

The Company’s share-based awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest. Stock-based compensation is recognized over the service period. The Company estimates and adjusts forfeiture rates based on a periodic review of recent forfeiture activity. Adjustments in the estimated forfeiture rates could cause changes in the amount of expense that is recognized in future periods.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Management assesses the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. As of December 31, 2022 and 2021, the net deferred tax assets have been fully offset by a valuation allowance.

The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of provision for income taxes.

Foreign Currency Translation

When the functional currencies of the Company’s foreign subsidiaries are currencies other than the U.S. dollar, the assets and liabilities of the foreign subsidiaries are translated into U.S. dollars at the exchange

rate in effect on the balance sheet date. Income and expense items of the subsidiaries are translated into U.S. dollars at the average exchange rates prevailing during the period. Gains or losses from these translation adjustments are reported as a separate component of stockholders’ equity in accumulated other comprehensive income (loss) until there is a sale, or complete or substantially complete liquidation of the Company’s investment in the foreign subsidiaries, at which time the gains or losses will be realized and included in consolidated net income (loss). Transaction gains and losses are included in other income (expense) and have not been significant for the periods presented.

The Company’s intercompany accounts are denominated in the functional currencies of the foreign subsidiaries. Gains and losses resulting from the remeasurement of intercompany transactions that the Company considers to be of a long-term investment nature are recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity, while gains and losses resulting from the remeasurement of intercompany transactions from those foreign subsidiaries for which the Company anticipates settlement in the foreseeable future are recorded in the consolidated statements of operations and comprehensive income (loss).

Comprehensive Income (Loss)

The Company’s comprehensive income (loss) is comprised of net income (loss) and changes in unrealized gain and losses on available-for-sale debt securities and gains or losses from foreign currency translation adjustments.

Net Income (Loss) per Share of Common Stock

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 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 redeemable convertible preferred stock and warrants, common stock options, RSUs and ESPP are potentially dilutive securities. For the years 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.

Segment Reporting

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in one segment, which is the development and commercialization of minimally invasive, novel, catheter-based mechanical thrombectomy systems for the unique characteristics of specific disease states. Geographically, the Company sells primarily to hospitals in the United States. Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance.

Recently Adopted Accounting Pronouncements

In February 2017, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASC 842”), as amended, which requires lessees to recognize “right of use” assets and liabilities for all leases with terms of more than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASC 842 requires additional quantitative and qualitative financial statement note disclosures about the leases, significant judgments made in accounting for those leases and amounts recognized in the financial statements about those leases.

The Company adopted the requirement of ASC 842 effective January 1, 2021 and elected the modified retrospective method for all lease arrangements with a cumulative-effect adjustment as of January 1, 2021. Results for reporting periods beginning on or after January 1, 2021 are presented under ASC 842, while prior period amounts were not adjusted and are reported in accordance with the Company’s historic accounting under ASC 840, Leases. For leases that commenced before the effective date of ASC 842, the Company elected the transition package of three practical expedients permitted within ASC 842, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification, and initial direct costs. The Company also elected the hindsight practical expedient, which permits the use of hindsight when determining lease term and impairment of right-of-use assets. Further, the Company elected a short-term lease exception policy, permitting the Company to not apply the recognition requirements of this standard to short-term leases (i.e., leases with terms of 12 months or less) and an accounting policy to account for lease and non-lease components as a single component for certain classes of assets.

As a result of adopting ASC 842 as of January 1, 2021, the Company recorded an operating lease right-of-use asset of approximately $1.2 million and related operating lease liability of approximately $1.3 million based on the present value of the future lease payments on the date of adoption. There was no cumulative-effect adjustment recorded to retained earnings upon adoption. Adopting ASC 842 did not have a material impact on the Company’s consolidated statements of operations and comprehensive income (loss) and consolidated statements of cash flows. See Note 7. Commitments and Contingencies, for further discussion of the Company’s adoption of ASC 842 and related disclosures.

In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by clarifying and amending existing guidance related to the recognition of franchise tax, the evaluation of a step-up in the tax basis of goodwill and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, including interim periods within those fiscal years, and early adoption is permitted. The Company adopted this guidance effective January 1, 2021 and the adoption of this standard did not have a material impact on its consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This standard provides guidance regarding methodologies and disclosures related to expected credit losses. The guidance became effective for the Company on December 31, 2021 when the Company no longer qualified for emerging growth company status. The Company adopted this guidance effective January 1, 2021. The adoption or this guidance did not have a material impact on the Company's consolidated financial statements.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

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 December 31, 2022 and 2021 (in thousands):


	December 31, 2022
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	20,329	$	—	$	—	$	20,329
Total included in cash and cash equivalents		20,329		—		—		20,329
Investments:
U.S. Treasury securities		172,088		—		—		172,088
U.S. Government agencies		—		47,131		—		47,131
Corporate debt securities and commercial paper		—		46,960		—		46,960
Total included in short-term investments		172,088		94,091		—		266,179
Total assets	$	192,417	$	94,091	$	—	$	286,508

	December 31, 2021
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	48,595	$	—	$	—	$	48,595
Total included in cash and cash equivalents		48,595		—		—		48,595
Investments:
U.S. Treasury securities		44,322		—		—		44,322
Corporate debt securities and commercial paper		—		39,026		—		39,026
Total included in short-term investments		44,322		39,026		—		83,348
U.S. Treasury securities included in long-term investments		3,983		—		—		3,983
Total assets	$	96,900	$	39,026	$	—	$	135,926

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

- 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

Cash Equivalents and Short-Term Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Short-Term Investments

4. Cash Equivalents and Investments

The following is a summary of the Company’s cash equivalents and investments in debt securities as of December 31, 2022 and 2021 (in thousands):


	December 31, 2022
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	20,329	$	—	$	—		$	20,329
Total included in cash and cash equivalents		20,329		—		—			20,329
Investments:
U.S. Treasury securities		171,006		1,120		(38	)		172,088
U.S. Government agencies		46,777		354		—			47,131
Corporate debt securities and commercial paper		46,576		397		(13	)		46,960
Total included in short-term investments		264,359		1,871		(51	)		266,179
Total assets	$	284,688	$	1,871	$	(51	)	$	286,508

	December 31, 2021
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	48,595	$	—	$	—		$	48,595
Total included in cash and cash equivalents		48,595		—		—			48,595
Investments:
U.S. Treasury securities		44,349		—		(27	)		44,322
Corporate debt securities and commercial paper		39,012		14		—			39,026
Total included in short-term investments		83,361		14		(27	)		83,348
U.S. Treasury securities included in long-term investments		3,993		—		(10	)		3,983
Total assets	$	135,949	$	14	$	(37	)	$	135,926

The Company regularly reviews the 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 December 31, 2022, the risk of expected credit losses was not significant.

Inventories, Net

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories, Net

5. Inventories, net

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


	December 31, 2022		December 31, 2021
Raw materials	$	13,943	$	5,763
Work-in-process		3,396		1,490
Finished goods		15,242		13,800
Total inventories, net	$	32,581	$	21,053

Property and Equipment, net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

6. Property and Equipment, net

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


	December 31, 2022			December 31, 2021
Manufacturing equipment	$	13,585		$	7,408
Computer hardware		5,123			2,864
Leasehold improvements		5,040			4,712
Furniture and fixtures		4,119			3,044
Assets in progress		2,516			3,124
Computer software		100			100
Total property and equipment, gross		30,483			21,252
Accumulated depreciation		(8,828	)		(4,781	)
Total property and equipment, net	$	21,655		$	16,471

Depreciation expense of $3,780,000, $2,367,000 and $1,039,000 was included in SG&A expenses and $893,000, $667,000 and $346,000 was included in cost of goods sold for the years ended December 31, 2022, 2021 and 2020, respectively.

Capitalized Implementation Costs of a Hosting Arrangement

The Company has software systems that are cloud-based hosting arrangements with service contracts. The Company accounts for costs incurred in connection with the implementation of these various software systems under ASU 2018-15, Intangibles—Goodwill and Other-Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The Company expenses all costs (internal and external) that are incurred in the planning and post-implementation operation stages.

As of December 31, 2022, the Company has capitalized approximately $1,047,000 in implementation costs related to the application development stage. The capitalized costs are amortized on a straight-line basis over the non-cancelable contract terms. As of December 31, 2022 and 2021, approximately $137,000 and $391,000, respectively, of the capitalized costs were included in prepaid expenses and other current assets and $53,000 and $55,000, respectively, were included in deposits and other assets. The Company starts amortizing capitalized implementation costs when the systems are placed in production and ready for their intended use. For the years ended December 31, 2022, 2021 and 2020, amortization expense, which was included in SG&A expenses, was $518,000, $222,000 and $100,000, respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. 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, entered into or reassessed after the adoption of ASC 842 on January 1, 2021, the Company combines lease and non-lease components (see Note 2. Summary of Significant Accounting Policies).

In March 2019, the Company executed a five-year lease for a facility in Irvine, California, where substantially all operations of the Company had been located from September 2019 to September 2021. This lease was originally set to expire in September 2024. Concurrent with the execution of the Oak Canyon lease in October 2020 (see below), the Company entered into a termination agreement (as amended) that would have released the Company from the obligations under the lease effective July 2022 and contained options to extend the lease term for up to three periods of an additional 30 days

each, which the Company had exercised as of September 30, 2022. In October 2022, the Company amended the lease agreement to cancel the termination agreement and revert the lease termination date back to September 2024. The amended lease also contains two optional extension periods of 6 month each. The Company has determined that it is reasonably certain to exercise one of the 6 months extension, which is included in the calculation of the ROU asset and lease liability. The amendment of this lease resulted in an increase in the ROU asset and lease liability of $1.7 million during 2022.

In October 2020, the Company entered into a ten-year lease for a facility located in Irvine, California (the “Oak Canyon lease”) with two option extension periods of five years each, which the Company has determined that it is reasonably certain to exercise. The Oak Canyon lease requires the Company to make variable lease payments, which are not included in the lease liability due to the amounts not being fixed, for property taxes, insurance, maintenance, repair costs, and certain improvements deemed to be assets of the lessor. The Oak Canyon lease includes scheduled payment escalation clauses over the lease term. The Oak Canyon lease also requires the Company to maintain a letter of credit for the benefit of the landlord in the amount of $1.5 million, which is secured by the Company’s Credit Agreement. The Company determined the lease commencement date to be September 30, 2021. On the commencement date, the Company recorded approximately $42.2 million and $28.6 million of ROU asset and lease liability, respectively. The ROU asset included approximately $13.5 million, net of $3.7 million tenant allowance, related to prepaid lease payments for the lessor’s owned leasehold improvements. Subsequent to the commencement date, the Company made additional prepaid lease payments for lessor's owned leasehold improvements, which are also included in the ROU asset as of December 31, 2022, amounting to approximately $2.8 million and $4.2 million for the years ended December 31, 2022 and 2021, respectively.

In July 2022, the Company entered into a five-year commercial lease agreement for office space located in Basel, Switzerland (the "Basel lease"). The lease commenced on July 1, 2022, with an option to extend for a period of five years, which the Company has determined that it is reasonably certain to exercise and is, therefore, included in the calculation of the ROU asset and lease liability. The lease payment is also indexed to the Switzerland national consumer price index, which may be adjusted once per calendar year. The Basel lease also requires the Company to maintain a bank guarantee for the benefit of the landlord in the amount of approximately $0.2 million, which is secured by two letters of credit issued under the Company’s Credit Agreement. The addition of this lease resulted in an increase in the ROU asset and lease liability of $2.2 million during 2022.

As of December 31, 2022, the aggregate operating lease right-of-use assets and lease liabilities were $50.7 million and $32.3 million, respectively, with the weighted average remaining lease term of 17.1 years. As of December 31, 2021, the aggregate operating lease right-of-use assets and lease liabilities were $44.9 million and $29.2 million, respectively, with the weighted average remaining lease term of 19.2 years.

As of December 31, 2022 and 2021, the weighted average incremental borrowing rate used to measure all operating lease liabilities was approximately 6.1% and 6.0%, respectively. During the years ended December 31, 2022 and 2021, cash paid for amounts included in the measurement of operating lease liabilities was $2.7 million and $14.6 million, respectively.

Total lease cost for the years ended December 31, 2022 and 2021 are as follows (in thousands):


	Years Ended December 31,
	2022		2021
Operating lease cost	$	4,276	$	1,568
Short-term lease cost		240		200
Variable lease cost		622		473
Total lease costs	$	5,138	$	2,241

The rent expense for year ended December 31, 2020 was $790,000.

Future minimum lease payments under operating leases liabilities as of December 31, 2022 are as follows (in thousands):


Year ending December 31:	Amount
2023	$	3,237
2024		3,333
2025		2,812
2026		2,683
2027		2,741
Thereafter		38,504
Total lease payments		53,310
Less imputed interest		(21,023	)
Total lease liabilities		32,287
Less: lease liabilities - current portion		(1,311	)
Lease liabilities - noncurrent portion	$	30,976

In February 2023, the Company entered into a lease agreement to lease additional space in its facility located in Irvine, California. The estimated minimum lease payments for the lease are approximately $1.1 million in aggregate, which are not included in the table above for the future minimum lease payments as of December 31, 2022.

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 may become involved in legal proceedings arising out of the ordinary course of its business. Management is currently not aware of any matters that will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company.

Licensed Technology

In December 2021, the Company entered into an exclusive, perpetual, royalty free, technology license agreement (the “Licensed Technology”) for use in a particular research and development project that requires total payments of approximately $4.2 million payable in three installments due in 2022 and 2023. The Company accounted for the purchase as a research and development expense as it was determined to have no future alternative uses. As of December 31, 2021, the Company recorded $4.2 million on its consolidated balance sheet, of which $2.8 million was included in accrued expenses and other current liabilities, and the remaining was included in other long-term liability. As of December 31, 2022, the

outstanding balance was approximately $1.3 million, which was included in accrued expenses and other current liabilities on the consolidated balance sheets.

Sublicense Agreement

In August 2019, the Company entered into a sublicense agreement with Inceptus, pursuant to which Inceptus granted to the Company a non-transferable, worldwide, exclusive sublicense to its licensed intellectual property rights related to the tubular braiding for the non-surgical removal of clots and treatment of embolism and thrombosis in human vasculature other than carotid arteries, coronary vasculature and cerebral vasculature. Certain stockholders of the Company were stockholders of Inceptus. As of the completion of the Company's IPO in 2020, Inceptus is no longer considered a related party.

Under the sublicense agreement, the Company is required to pay an ongoing quarterly administration fee, which amounted to $116,000, $116,000, and $95,000 for the years ended December 31, 2022, 2021 and 2020, respectively. Additionally, the Company is obligated to pay an ongoing royalty ranging from 1% to 1.5% of the net sales of products utilizing the licensed intellectual property, subject to a minimum royalty quarterly fee of $1,500. The Company recorded royalty expense to cost of goods sold of $215,350, $769,000, and $488,000 for the years ended December 31, 2022, 2021, and 2020, respectively.

Concentrations

12 Months Ended

Dec. 31, 2022

Risks and Uncertainties [Abstract]

Concentrations

8. Concentrations

The Company’s revenue is derived primarily from the sale of catheter-based therapeutic devices in the United States. For the years ended December 31, 2022, 2021 and 2020, there were no customers which accounted for more than 10% of the Company’s revenue. There were no customers which accounted for more than 10% of the Company’s accounts receivable as of December 31, 2022 and 2021.

No vendor accounted for more than 10% of the Company’s purchases for the years ended December 31, 2022, 2021 and 2020. There were no vendors which accounted for more than 10% of the Company’s accounts payable as of December 31, 2022 and 2021.

Related Party

12 Months Ended

Dec. 31, 2022

Related Party

9. 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 $320,000, $369,000, and $427,000 for the years ended December 31, 2022, 2021, and 2020, respectively, which was included in SG&A expenses on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2022 and 2021, there was no balance payable to MRI.

Credit Facility

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Credit Facility

10. 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 “Amended Credit Agreement”) under which the Company may borrow loans up to a maximum principal amount of $40.0 million and increases the optional accordion to $120.0 million. The Amended Credit Agreement matures on December 16, 2027. The amount available to borrow under the Amended Credit Agreement as of December 31, 2022 is approximately $38.0 million, comprised of: a) 90% of eligible accounts receivable, plus b) eligible inventory plus c) pledged cash (up to $10.0 million).

Advances under the 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 ("BSBY") rate based upon an interest period of one month plus 1.00%

. The Margin ranges from 0.50% to 1.00% in the case of Base Rate loans and 1.50% and 2.00% in the case of BSBY Rate loans depending on average daily availability, in each case with a floor of 0%. As a condition to entering into the 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 Amended Credit Agreement.

The Amended Credit Agreement also includes 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 aggregate stated amount outstanding of letter of credits reduces the total borrowing base available under the Amended Credit Agreement. The Company is required to pay the following fees under the LC Facility are as follows: (a) a fee equal to the applicable margin in effect for BSBY loans (currently 2.25%) times the average daily stated amount of outstanding letter of credits; (b) a fronting fee equal to 0.125% per annum on the stated amount of each letter of credit outstanding. As of December 31, 2022, the Company had three letters of credit in the aggregated amount of $2.0 million outstanding under the LC Facility.

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 December 31, 2022, 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 requirements. Obligations under the Amended Credit Agreement are secured by substantially all of the Company’s assets, excluding intellectual property.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

11. Stockholder's Equity

Redeemable Convertible Preferred Stock

In connection with the IPO in May 2020, the 31,968,570 shares of redeemable convertible preferred stock then outstanding were converted into 31,968,570 shares of common stock.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of tax, for the years ended December 31, 2022, 2021 and 2020 (in thousands):


	Unrealized Gain (Loss) on Investments			Foreign Currency Translation			Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2019	$	—		$	—		$	—
Other comprehensive income		4			—			4
Balance, December 31, 2020		4			—			4
Other comprehensive loss		(27	)		(379	)		(406	)
Balance, December 31, 2021		(23	)		(379	)		(402	)
Other comprehensive income		1,843			(592	)		1,251
Balance, December 31, 2022	$	1,820		$	(971	)	$	849

Common Stock

In March 2022, the Company completed an underwritten public offering (“Follow-On Offering”) of 2,300,000 shares of its common stock, including 300,000 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares, at a public offering price of $81.00 per share. The Company received net proceeds of approximately $174.4 million, after deducting underwriters’ discounts and commissions of $11.2 million and offering costs of $0.7 million.

Warrants

There were no warrants outstanding as of December 31, 2022 and 2021. The Company had previously issued common stock warrants and redeemable convertible preferred stock warrants (“Preferred Warrants”) allowing the holders to obtain shares of redeemable convertible preferred stock that contain a liquidation preference. Because this liquidation preference may have been payable in cash upon a change in control of the Company or upon exercise of redemption rights and because such a transaction was considered to be outside of the control of the Company, the Preferred Warrants were classified as liabilities in the Company’s consolidated balance sheets and were presented at their estimated fair values at each reporting date. On the completion of the IPO, all the outstanding Preferred Warrants were converted into warrants to purchase an aggregate of 256,588 shares of common stock, which resulted in the reclassification of the convertible preferred stock warrant liabilities to additional paid-in capital. Warrant expense of $3.3 million relating to the change in fair value was recognized during the year ended December 31, 2020.

In June 2020, 27,810 common stock warrants were exercised for cash. In addition, 77,030 warrants were net exercised and the Company issued 74,723 shares of common stock. In November 2020, the remaining 179,558 warrants were net exercised and the Company issued 174,776 shares of common stock.

The fair value of the Preferred Warrants was determined using the Black Scholes option pricing model with the following assumptions:


	May 21, 2020 (1)
	Series A			Series B
Expected volatility		51.10	%		50.00	%
Preferred stock fair value (per share)	$	19.00		$	19.00
Dividend yield		0.00	%		0.00	%
Risk free interest rates		0.17	%		0.53	%
Expected remaining term in years		1.55		5.94-6.86

(1) Date the Company's registration statement on Form S-1 was declared effective.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Incentive Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

12. 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 IPO. 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. The Company has initially reserved 3,468,048 shares of common stock for the issuance of a variety of awards under the 2020 Plan, including stock options, stock appreciation rights, awards of restricted stock and awards of restricted stock units. 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 December 31, 2022, there were 5,635,200 shares available for issuance under the 2020 Plan, including 1,509,404 additional shares reserved effective January 1, 2022.

2011 Equity Incentive Plan

Stock Options

A summary of stock option activities under the 2011 Plan is as follows (intrinsic value in thousands):


	Number of Awards			Weighted Average Exercise Price		Weighted Average Fair Value		Weighted Average Remaining Contractual Life (in years)		Intrinsic Value
Outstanding, December 31, 2019		4,082,302		$	0.90	$	0.74		8.76	$	22,667
Granted		305,494		$	7.47	$	3.73
Exercised		(851,190	)	$	0.55	$	0.50			$	49,413
Cancelled		(99,821	)	$	8.39	$	3.62
Outstanding, December 31, 2020		3,436,785		$	1.36	$	0.98		8.05	$	295,331
Exercised		(806,008	)	$	1.08	$	0.83			$	73,299
Cancelled		(56,423	)	$	2.17	$	1.36
Outstanding, December 31, 2021		2,574,354		$	1.43	$	1.02		7.07	$	231,286
Exercised		(1,098,841	)	$	0.74	$	0.59			$	80,830
Cancelled		(19,185	)	$	2.64	$	1.57
Outstanding, December 31, 2022		1,456,328		$	1.93	$	1.34		6.20	$	89,749
Vested and exercisable at December 31, 2022		1,220,470		$	1.62	$	1.15		6.11	$	75,602
Vested and expected to vest at December 31, 2022		1,450,206		$	1.92	$	1.33		6.20	$	89,388

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 value of the Company’s common stock.

The fair value of options granted under the 2011 Plan was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


		Year Ended December 31, 2020
Expected volatility		40.60%
Weighted-average volatility		40.60%
Common stock fair value (per share)		$7.88 - $9.05
Expected dividends		0.00%
Risk free interest rates		1.46% - 1.68%
Expected term		5.90 - 6.07

Expected volatility. The expected volatility is derived from an average of the historical volatilities of the common stock of the Company and several other entities with characteristics similar to those of the Company, such as the size and operational and economic similarities to the Company's principal business operations.

Common Stock fair value. The Company uses the market closing price of its Class A common stock, as reported on the NASDAQ Global Select Market, for the fair value. Prior to the IPO, the fair value of the Company’s common stock was determined by the board of directors with assistance from management. The board of directors determined the fair value of common stock by considering independent valuation

reports and a number of objective and subjective factors, including valuations of comparable companies, sales of convertible preferred stock, operating and financial performance, the lack of liquidity of the Company’s common stock and the general and industry-specific economic outlook.

Expected dividends. The Company has not declared or paid any dividends.

Risk-free interest rates. The Company applies the risk-free interest rate based on the U.S. Treasury yield for the expected term of the option.

Expected term. The Company calculated the expected term as the average of the contractual term of the option and the vesting period for its employee stock options as the Company believes this represents the best estimate of the expected terms of a new employee stock option.

The Company uses its historical rate of cancelled or expired unvested shares since inception of the plan as the expected forfeiture rate.

In 2021, the Company accelerated the vesting of 4,993 stock options for an employee and accounted for the vesting acceleration as a modification under ASC 718. The Company recognized additional stock-based compensation expense as a result of this modification of approximately $0.5 million, which was determined using the Black-Scholes option pricing model with a weighted average volatility of 51.90%, common stock value of $105.54, dividend yield of 0.00% and risk free interest rate of 0.10% and was included in SG&A expenses on the consolidated statements of operations and comprehensive income (loss).

Restricted Stock Units

Under the 2011 Plan, the Company granted restricted stock unit awards ("RSUs") to certain employees that vest only upon the satisfaction of both a time-based service condition and a performance-based condition. The performance-based condition is a liquidity event requirement that was satisfied on the effective date of the IPO of the Company’s common stock. The RSUs are subject to a four-year cliff vesting and will vest in March 2023. If the RSUs vest, the actual number of RSUs that will vest will be dependent on the per share value of the Company’s common stock, which is a market-based condition, determined based on the average closing price of the Company’s common stock for the three-month period immediately preceding the satisfaction of the service condition.

In 2021, the Company accelerated the vesting of 96,658 RSUs for an employee and accounted for the vesting acceleration as a modification under ASC 718. The Company recognized a one-time stock-based compensation expense as a result of this modification of approximately $8.3 million, which was determined based on the fair value of the Company’s shares of common stock at the time of the modification, and was included in SG&A expenses on the consolidated statements of operations and comprehensive income (loss).

RSU activities under the 2011 Plan is set forth below:


	Number of Awards			Weighted Average Fair Value
Outstanding, December 31, 2020		2,867,326		$	0.17
Vested		(96,658	)		0.17
Cancelled		(57,994	)		0.17
Outstanding, December 31, 2021 and 2022		2,712,674		$	0.17

The probabilities of the actual number of RSUs expected to vest are reflected in the grant date fair values, and the compensation expense for these awards will be recognized assuming the requisite service period is rendered, and only if the performance-based condition is considered probable to be satisfied.

Through May 21, 2020, no stock-based compensation expense had been recognized for these awards because the liquidity event performance condition described above for the RSUs was not considered probable of being satisfied. Upon the completion of the Company’s IPO, the Company recognized $159,000 of cumulative stock-based compensation expense related to such awards, which is included in SG&A expenses for the year ended December 31, 2020.

2020 Incentive Award Plan

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 activities under the 2020 Plan is set forth below:


	Number of Awards			Weighted Average Fair Value
Outstanding, December 31, 2019		-		$	-
Granted		227,963			58.68
Vested		(1,199	)		51.41
Cancelled		(4,200	)		51.41
Outstanding, December 31, 2020		222,564			58.86
Granted		515,880			98.98
Vested		(99,758	)		78.15
Cancelled		(27,481	)		86.41
Outstanding, December 31, 2021		611,205			88.34
Granted		696,111			73.22
Vested		(257,198	)		84.15
Cancelled		(50,903	)		82.92
Outstanding, December 31, 2022		999,215		$	79.16

In 2021, the Company accelerated the vesting of 8,947 RSUs for a director and accounted for the vesting acceleration as a modification under ASC 718. The Company recognized a one-time stock-based compensation expense as a result of this modification of approximately $0.4 million, which was determined based on the fair value of the Company’s shares of common stock at the time of the modification and was included in SG&A expenses on the consolidated statements of operations and comprehensive income (loss).

The total fair value of RSUs vested under both the 2011 Plan and 2020 Plan during the years ended December 31, 2022, 2021 and 2020, was $20.2 million, $17.7 million and $80,000, respectively.

Stock-based Compensation Expense

Total compensation cost for all share-based payment arrangements recognized, including $3.3 million, $2.4 million and $560,000 of stock-based compensation expense related to the ESPP for the years ended December 31, 2022, 2021 and 2020, respectively, was as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
Cost of goods sold	$	1,510	$	815	$	155
Research and development		4,255		2,214		592
Selling, general and administrative		22,906		22,419		2,777
	$	28,671	$	25,448	$	3,524

Total compensation costs as of December 31, 2022 related to all non-vested awards to be recognized in future periods was $66.0 million and is expected to be recognized over the remaining weighted average period of 2.8 years.

The income tax benefit from the exercises of stock options before valuation allowance was $7.6 million, $10.3 million and $4.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

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 Company’s Compensation Committee, in its sole discretion.

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


	Years Ended December 31,
	2022	2021	2020
Expected term (in years)	0.5	0.5	0.5
Expected volatility	56.09% - 72.78%	51.47% - 51.91%	49.23%
Dividend yield	0.00%	0.00%	0.00%
Risk free interest rate	0.48% - 2.96%	0.06% - 0.08%	0.11%

Total shares of common stock purchased under the ESPP for the years as of December 31, 2022, 2021, and 2020 were 133,515, 85,049 and nil, respectively. As of December 31, 2022 and 2021, there were 1,767,957 and 1,398,337 shares, respectively, reserved for future purchases.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company's income tax provision is summarized as follows (in thousands):


	Years Ended December 31,
	2022			2021			2020
Income (loss) before provision for income taxes:
United States	$	(15,787	)	$	18,301		$	14,541
Foreign		(10,398	)		(7,616	)		(752	)
(Loss) income before income taxes	$	(26,185	)	$	10,685		$	13,789
Current tax expense:
Federal	$	826		$	—		$	—
State		1,997			832			—
Foreign		259			13			—
Total current tax expense		3,082			845			—
Total provision for income taxes	$	3,082		$	845		$	—
Provision for income taxes as a percentage of income (loss) before taxes		(11.8	%)		7.9	%		0.0	%

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards.

The tax effects of significant items comprising the Company’s deferred taxes are as follows (in thousands):


	December 31,
	2022			2021
Deferred tax assets
Capitalized R&D Expenses	$	14,250		$	-
Credit carryforwards		10,298			7,750
Operating leases		7,587			7,432
Net operating losses and capital loss carryforwards		6,038			8,918
Equity compensation		2,307			1,511
Intangible asset basis		2,008			2,390
Accrued employee compensation		1,321			1,028
Inventory		1,207			778
Other		—			44
Total deferred tax assets	$	45,016		$	29,851
Deferred tax liabilities
Right-of-use assets	$	(10,390	)	$	(9,138	)
Fixed asset basis		(3,980	)		(2,810	)
Other liabilities		(325	)		(7	)
Total deferred tax liabilities	$	(14,695	)	$	(11,955	)
Valuation allowance	$	(30,321	)	$	(17,896	)
Net deferred tax assets	$	—		$	—

ASC 740 requires that the tax benefit of net operating losses, 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 carryforward periods. Based on its evaluation, including projected taxable losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly has provided for a valuation allowance. 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. The valuation allowance increased by approximately $12.4 million during the year ended December 31, 2022.

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows (in thousands):


	Years Ended December 31,
	2022			2021			2020
Statutory rate	$	(5,499	)	$	2,244		$	2,896
State taxes, net of federal benefit		(1,060	)		(317	)		—
Foreign rate differential		1,982			1,181			—
Meals and entertainment		37			14			213
Equity compensation		(9,351	)		(8,387	)		(3,576	)
162(m) Limitation		8,242			4,162			197
Return to provision		105			(1,127	)		258
Permanent adjustments		103			104			827
General business credits		(4,709	)		(3,761	)		(1,621	)
Change in valuation allowance		12,891			6,031			110
Intercompany Profit in Inventory		341			701			—
Stock warrants		—			—			696
Total	$	3,082		$	845		$	—

For tax years beginning after December 31, 2021, certain research and development expenses are required to be capitalized and amortized over a five year period under the Tax Cuts and Jobs Act, which was signed into law December 22, 2017. The Company has reviewed and incorporated this change which impacts the expected U.S. federal and state tax expense and cash taxes to be paid for the tax year ending December 31, 2022.

As a result of losses incurred in the past, the Company has net operating loss ("NOL") carry-forwards that are available to offset future taxable income and subject to expiration rules and to Internal Revenue Code of 1986, as amended (“IRC”) §382. In general, IRC §382 may impact the amount of NOLs that can be utilized each year after certain ownership changes occur. An ownership change occurs, generally, if the percentage of stock of the loss corporation owned by one or more 5% shareholders has increased by more than 50 percentage points relative to the lowest percentage of stock of the loss corporation owned by the same 5% shareholders at any time during the testing period, which is, generally, the three-year period preceding a testing date.

Net operating losses and tax credit carryforwards as of December 31, 2022 are as follows (in thousands):


	Amount		Expiration Years
Net operating losses, federal - Expiring	$	8,706	2032 - 2037
Net operating losses, federal - Indefinite		1,774	Indefinite
Net operating losses, state		20,487	2031-2041
Net operating losses, foreign		26,554	2028-2029
Net operating losses, foreign - Indefinite		720	Indefinite
Tax credits, federal		9,046	2040 - 2042
Tax credits, state		8,005	Indefinite

Pursuant to an IRC §382 limitation analysis performed by the Company, it was noted that an ownership change, as defined under IRC §382, occurred on March 29, 2018 and December 31, 2021. Usage of NOL’s generated prior to March 29, 2018 will be limited to $3.0 million for calendar years 2019 through 2022, $0.7 million for 2023, $0.6 million from 2024 through 2039, and $0.2 million for 2040 for both federal and state purposes. The IRC §382 ownership change that occurred on December 31, 2021 did not further limit t

he use of the Company's NOL's generated prior to December 31, 2021. Of the federal net operating loss and the state net operating loss carryforward amounts, $10.5 million and $19.7 million are subject to the IRC §382 limitation, respectively.

In the ordinary course of its business the Company incurs costs that, for tax purposes, are determined to be qualified research expenditures within the meaning of IRC §41 and are, therefore, eligible for the Increasing Research Activities credit under IRC §41. R&D credit carryovers generated prior to March 29, 2018 are limited under IRC §383 to $0.3 million a year for both federal and state purposes. The Company has adjusted the deferred tax assets related to Federal R&D credit carryover to account for any tax credits that will expire unused due to the IRC §383 limitations.

As of December 31, 2022 and 2021, the Company has total uncertain tax positions of $5.5 million and $2.7 million respectively. The Company estimates that these liabilities would be reduced by $5.5 million and $2.7 million, respectively, from offsetting tax benefits associated with the correlative effects of net operating losses and other timing adjustments. The net amounts of all years, if not required, would favorably affect the Company's effective tax rate. No interest or penalties have been recorded related to the uncertain tax positions. A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
Balance at the beginning of the year	$	2,679	$	882	$	1,091
Additions based on tax positions related to the current year		2,348		1,352		287
Additions based on tax provisions related to prior years		499		445		—
Deductions based on tax positions related to prior years		—		—		(496	)
Balance at the end of the year	$	5,526	$	2,679	$	882

It is not expected that there will be a significant change in uncertain tax position in the next 12 months. The Company is subject to U.S. federal and state income tax in multiple state jurisdictions, and 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 tax examinations in progress. The statute of limitations for tax years ended December 31, 2019, December 31, 2018, and December 31, 2017 are open for federal, state, and foreign tax purposes, respectively.

On August 9, 2022, President Biden signed the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act into law, which includes an advanced manufacturing investment tax credit, among other provisions. Additionally, on August 16, 2022, President Biden signed the Inflation Reduction Act (the IRA) into law, which includes implementation of a new alternative minimum tax, an excise tax on stock buybacks, and significant tax incentives for energy and climate initiatives, among other provisions. The Company has reviewed these changes and determined that they do not have a material impact on the Company’s December 31, 2022 U.S. income tax positions.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Retirement Plan

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Retirement Plan

14. 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 contributes 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. For the years ended December 31, 2022 and 2021, the Company recognized $7.5 million and $3.3 million, respectively, in matching contributions expense. During the year ended December 31, 2022, the Company recorded an out-of-period adjustment resulting in additional matching contribution expense of $0.8

million. The out-of-period adjustment was not considered material to the fiscal 2021 or fiscal 2022 annual consolidated financial statements.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

15. Net Income (Loss) Per Share

The components of net income (loss) per share are as follows:


	Years Ended December 31,
	2022			2021		2020
Numerator:
Net (loss) income (in thousands)	$	(29,267	)	$	9,840	$	13,789
Denominator:
Weighted average number of common shares outstanding - basic		52,837,674			49,815,914		32,033,827
Common stock equivalents from convertible preferred stock		—			-		12,490,452
Common stock equivalents from outstanding common stock options		—			2,842,938		3,856,222
Common stock equivalents from unvested RSUs		—			2,929,524		2,858,224
Common stock equivalents from ESPP		—			5,783		-
Common stock equivalents from outstanding warrants		—			-		191,194
Common stock equivalents from restricted stock		—			-		125,077
Weighted average number of common shares outstanding - diluted		52,837,674			55,594,159		51,554,996
Net (loss) income per share:
Basic	$	(0.55	)	$	0.20	$	0.43
Diluted	$	(0.55	)	$	0.18	$	0.27

The Company did not have any anti-dilutive common stock equivalents for the years ended December 31, 2021 and 2020. The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the period presented below due to their anti-dilutive effect:


	For the Year Ended December 31, 2022
Common stock options		1,456,328
RSUs		3,711,889
Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect		5,168,217

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

COVID-19 and the Act

COVID-19

Basis of Presentation

Management Estimates

JOBS Act Accounting Election

Cash and Cash Equivalents

Investments in Debt and Equity Securities

Accounts Receivable, Net

Accounts Receivable, net

Inventories, Net

Inventories, net

Property and Equipment, net

Right-of-use Assets and Lease Liabilities

The Company determines if an arrangement contains a lease at inception and determines the classification of the lease, as either operating or finance, at commencement.

certain equipment leases, the Company accounts for lease and non-lease components, such as services, as a single lease component as permitted.

Impairment of Long-lived Assets

Fair Value of Financial Instruments

The Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their liquidity or short maturities.

•

Level 1—Adjusted quoted prices in active markets for identical assets or liabilities.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities.

See Note 3. Fair Value Measurements for further information.

Revenue Recognition

The Company disaggregates revenue by product. Revenue from ClotTriever and other systems and FlowTriever system as a percentage of total revenue is as follows:


	Years Ended December 31,
	2022			2021			2020
ClotTriever and other systems		32	%		32	%		37	%
FlowTriever system		68	%		68	%		63	%

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


	Years Ended December 31,
	2022		2021		2020
United States	$	374,040	$	274,402	$	139,670
International		9,431		2,582		-
Total revenue	$	383,471	$	276,984	$	139,670

Cost of Goods Sold

Advertising Costs

Research and Development

Patent-related Expenditures

Stock-based Compensation

Income Taxes

Foreign Currency Transaction

Foreign Currency Translation

Comprehensive Income (Loss)

Net Income (Loss) per Share of Common Stock

Segment Reporting

Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Revenue for Products as Percentage of Total Revenue

Revenue from ClotTriever and other systems and FlowTriever system as a percentage of total revenue is as follows:


	Years Ended December 31,
	2022			2021			2020
ClotTriever and other systems		32	%		32	%		37	%
FlowTriever system		68	%		68	%		63	%

Disaggregation of Revenue

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


	Years Ended December 31,
	2022		2021		2020
United States	$	374,040	$	274,402	$	139,670
International		9,431		2,582		-
Total revenue	$	383,471	$	276,984	$	139,670

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value


	December 31, 2022
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	20,329	$	—	$	—	$	20,329
Total included in cash and cash equivalents		20,329		—		—		20,329
Investments:
U.S. Treasury securities		172,088		—		—		172,088
U.S. Government agencies		—		47,131		—		47,131
Corporate debt securities and commercial paper		—		46,960		—		46,960
Total included in short-term investments		172,088		94,091		—		266,179
Total assets	$	192,417	$	94,091	$	—	$	286,508

	December 31, 2021
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	48,595	$	—	$	—	$	48,595
Total included in cash and cash equivalents		48,595		—		—		48,595
Investments:
U.S. Treasury securities		44,322		—		—		44,322
Corporate debt securities and commercial paper		—		39,026		—		39,026
Total included in short-term investments		44,322		39,026		—		83,348
U.S. Treasury securities included in long-term investments		3,983		—		—		3,983
Total assets	$	96,900	$	39,026	$	—	$	135,926

Cash Equivalents and Short-Term Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Cash Equivalents and Short-Term Investments

The following is a summary of the Company’s cash equivalents and investments in debt securities as of December 31, 2022 and 2021 (in thousands):


	December 31, 2022
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	20,329	$	—	$	—		$	20,329
Total included in cash and cash equivalents		20,329		—		—			20,329
Investments:
U.S. Treasury securities		171,006		1,120		(38	)		172,088
U.S. Government agencies		46,777		354		—			47,131
Corporate debt securities and commercial paper		46,576		397		(13	)		46,960
Total included in short-term investments		264,359		1,871		(51	)		266,179
Total assets	$	284,688	$	1,871	$	(51	)	$	286,508

	December 31, 2021
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	48,595	$	—	$	—		$	48,595
Total included in cash and cash equivalents		48,595		—		—			48,595
Investments:
U.S. Treasury securities		44,349		—		(27	)		44,322
Corporate debt securities and commercial paper		39,012		14		—			39,026
Total included in short-term investments		83,361		14		(27	)		83,348
U.S. Treasury securities included in long-term investments		3,993		—		(10	)		3,983
Total assets	$	135,949	$	14	$	(37	)	$	135,926

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

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


	December 31, 2022		December 31, 2021
Raw materials	$	13,943	$	5,763
Work-in-process		3,396		1,490
Finished goods		15,242		13,800
Total inventories, net	$	32,581	$	21,053

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	December 31, 2022			December 31, 2021
Manufacturing equipment	$	13,585		$	7,408
Computer hardware		5,123			2,864
Leasehold improvements		5,040			4,712
Furniture and fixtures		4,119			3,044
Assets in progress		2,516			3,124
Computer software		100			100
Total property and equipment, gross		30,483			21,252
Accumulated depreciation		(8,828	)		(4,781	)
Total property and equipment, net	$	21,655		$	16,471

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of total lease cost

Total lease cost for the years ended December 31, 2022 and 2021 are as follows (in thousands):


	Years Ended December 31,
	2022		2021
Operating lease cost	$	4,276	$	1,568
Short-term lease cost		240		200
Variable lease cost		622		473
Total lease costs	$	5,138	$	2,241

Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities

Future minimum lease payments under operating leases liabilities as of December 31, 2022 are as follows (in thousands):


Year ending December 31:	Amount
2023	$	3,237
2024		3,333
2025		2,812
2026		2,683
2027		2,741
Thereafter		38,504
Total lease payments		53,310
Less imputed interest		(21,023	)
Total lease liabilities		32,287
Less: lease liabilities - current portion		(1,311	)
Lease liabilities - noncurrent portion	$	30,976

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Warrants Issued and Outstanding

The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of tax, for the years ended December 31, 2022, 2021 and 2020 (in thousands):


	Unrealized Gain (Loss) on Investments			Foreign Currency Translation			Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2019	$	—		$	—		$	—
Other comprehensive income		4			—			4
Balance, December 31, 2020		4			—			4
Other comprehensive loss		(27	)		(379	)		(406	)
Balance, December 31, 2021		(23	)		(379	)		(402	)
Other comprehensive income		1,843			(592	)		1,251
Balance, December 31, 2022	$	1,820		$	(971	)	$	849

Schedule of Fair Value of Preferred Warrants Determined Using Black Scholes Option Pricing Model

The fair value of the Preferred Warrants was determined using the Black Scholes option pricing model with the following assumptions:


	May 21, 2020 (1)
	Series A			Series B
Expected volatility		51.10	%		50.00	%
Preferred stock fair value (per share)	$	19.00		$	19.00
Dividend yield		0.00	%		0.00	%
Risk free interest rates		0.17	%		0.53	%
Expected remaining term in years		1.55		5.94-6.86

(1) Date the Company's registration statement on Form S-1 was declared effective.

Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Stock Option Activity

A summary of stock option activities under the 2011 Plan is as follows (intrinsic value in thousands):


	Number of Awards			Weighted Average Exercise Price		Weighted Average Fair Value		Weighted Average Remaining Contractual Life (in years)		Intrinsic Value
Outstanding, December 31, 2019		4,082,302		$	0.90	$	0.74		8.76	$	22,667
Granted		305,494		$	7.47	$	3.73
Exercised		(851,190	)	$	0.55	$	0.50			$	49,413
Cancelled		(99,821	)	$	8.39	$	3.62
Outstanding, December 31, 2020		3,436,785		$	1.36	$	0.98		8.05	$	295,331
Exercised		(806,008	)	$	1.08	$	0.83			$	73,299
Cancelled		(56,423	)	$	2.17	$	1.36
Outstanding, December 31, 2021		2,574,354		$	1.43	$	1.02		7.07	$	231,286
Exercised		(1,098,841	)	$	0.74	$	0.59			$	80,830
Cancelled		(19,185	)	$	2.64	$	1.57
Outstanding, December 31, 2022		1,456,328		$	1.93	$	1.34		6.20	$	89,749
Vested and exercisable at December 31, 2022		1,220,470		$	1.62	$	1.15		6.11	$	75,602
Vested and expected to vest at December 31, 2022		1,450,206		$	1.92	$	1.33		6.20	$	89,388

Schedule of Estimated Fair Value of Options and Restricted Stock Units Grant on Date of Grant

The fair value of options granted under the 2011 Plan was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


		Year Ended December 31, 2020
Expected volatility		40.60%
Weighted-average volatility		40.60%
Common stock fair value (per share)		$7.88 - $9.05
Expected dividends		0.00%
Risk free interest rates		1.46% - 1.68%
Expected term		5.90 - 6.07

Summary of RSU Activity

RSU activities under the 2011 Plan is set forth below:


	Number of Awards			Weighted Average Fair Value
Outstanding, December 31, 2020		2,867,326		$	0.17
Vested		(96,658	)		0.17
Cancelled		(57,994	)		0.17
Outstanding, December 31, 2021 and 2022		2,712,674		$	0.17

RSU activities under the 2020 Plan is set forth below:


	Number of Awards			Weighted Average Fair Value
Outstanding, December 31, 2019		-		$	-
Granted		227,963			58.68
Vested		(1,199	)		51.41
Cancelled		(4,200	)		51.41
Outstanding, December 31, 2020		222,564			58.86
Granted		515,880			98.98
Vested		(99,758	)		78.15
Cancelled		(27,481	)		86.41
Outstanding, December 31, 2021		611,205			88.34
Granted		696,111			73.22
Vested		(257,198	)		84.15
Cancelled		(50,903	)		82.92
Outstanding, December 31, 2022		999,215		$	79.16

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


	Years Ended December 31,
	2022		2021		2020
Cost of goods sold	$	1,510	$	815	$	155
Research and development		4,255		2,214		592
Selling, general and administrative		22,906		22,419		2,777
	$	28,671	$	25,448	$	3,524

2020 Employee Stock Purchase Plan

Schedule of Estimated Fair Value of Options and Restricted Stock Units Grant on Date of Grant

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


	Years Ended December 31,
	2022	2021	2020
Expected term (in years)	0.5	0.5	0.5
Expected volatility	56.09% - 72.78%	51.47% - 51.91%	49.23%
Dividend yield	0.00%	0.00%	0.00%
Risk free interest rate	0.48% - 2.96%	0.06% - 0.08%	0.11%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision (Benefit) for Income Taxes

The Company's income tax provision is summarized as follows (in thousands):


	Years Ended December 31,
	2022			2021			2020
Income (loss) before provision for income taxes:
United States	$	(15,787	)	$	18,301		$	14,541
Foreign		(10,398	)		(7,616	)		(752	)
(Loss) income before income taxes	$	(26,185	)	$	10,685		$	13,789
Current tax expense:
Federal	$	826		$	—		$	—
State		1,997			832			—
Foreign		259			13			—
Total current tax expense		3,082			845			—
Total provision for income taxes	$	3,082		$	845		$	—
Provision for income taxes as a percentage of income (loss) before taxes		(11.8	%)		7.9	%		0.0	%

Schedule of Tax Effects of Significant Items Comprising Company's Deferred Taxes

The tax effects of significant items comprising the Company’s deferred taxes are as follows (in thousands):


	December 31,
	2022			2021
Deferred tax assets
Capitalized R&D Expenses	$	14,250		$	-
Credit carryforwards		10,298			7,750
Operating leases		7,587			7,432
Net operating losses and capital loss carryforwards		6,038			8,918
Equity compensation		2,307			1,511
Intangible asset basis		2,008			2,390
Accrued employee compensation		1,321			1,028
Inventory		1,207			778
Other		—			44
Total deferred tax assets	$	45,016		$	29,851
Deferred tax liabilities
Right-of-use assets	$	(10,390	)	$	(9,138	)
Fixed asset basis		(3,980	)		(2,810	)
Other liabilities		(325	)		(7	)
Total deferred tax liabilities	$	(14,695	)	$	(11,955	)
Valuation allowance	$	(30,321	)	$	(17,896	)
Net deferred tax assets	$	—		$	—

Schedule of Reconciliation of Effective Tax Rate of Provision (Benefit) for Income Taxes from Federal Statutory Rate

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows (in thousands):


	Years Ended December 31,
	2022			2021			2020
Statutory rate	$	(5,499	)	$	2,244		$	2,896
State taxes, net of federal benefit		(1,060	)		(317	)		—
Foreign rate differential		1,982			1,181			—
Meals and entertainment		37			14			213
Equity compensation		(9,351	)		(8,387	)		(3,576	)
162(m) Limitation		8,242			4,162			197
Return to provision		105			(1,127	)		258
Permanent adjustments		103			104			827
General business credits		(4,709	)		(3,761	)		(1,621	)
Change in valuation allowance		12,891			6,031			110
Intercompany Profit in Inventory		341			701			—
Stock warrants		—			—			696
Total	$	3,082		$	845		$	—

Schedule of Net Operating Losses And Tax Credit Carryforwards

Net operating losses and tax credit carryforwards as of December 31, 2022 are as follows (in thousands):


	Amount		Expiration Years
Net operating losses, federal - Expiring	$	8,706	2032 - 2037
Net operating losses, federal - Indefinite		1,774	Indefinite
Net operating losses, state		20,487	2031-2041
Net operating losses, foreign		26,554	2028-2029
Net operating losses, foreign - Indefinite		720	Indefinite
Tax credits, federal		9,046	2040 - 2042
Tax credits, state		8,005	Indefinite

Summary of Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
Balance at the beginning of the year	$	2,679	$	882	$	1,091
Additions based on tax positions related to the current year		2,348		1,352		287
Additions based on tax provisions related to prior years		499		445		—
Deductions based on tax positions related to prior years		—		—		(496	)
Balance at the end of the year	$	5,526	$	2,679	$	882

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Components of Net Income (loss) per Share

The components of net income (loss) per share are as follows:


	Years Ended December 31,
	2022			2021		2020
Numerator:
Net (loss) income (in thousands)	$	(29,267	)	$	9,840	$	13,789
Denominator:
Weighted average number of common shares outstanding - basic		52,837,674			49,815,914		32,033,827
Common stock equivalents from convertible preferred stock		—			-		12,490,452
Common stock equivalents from outstanding common stock options		—			2,842,938		3,856,222
Common stock equivalents from unvested RSUs		—			2,929,524		2,858,224
Common stock equivalents from ESPP		—			5,783		-
Common stock equivalents from outstanding warrants		—			-		191,194
Common stock equivalents from restricted stock		—			-		125,077
Weighted average number of common shares outstanding - diluted		52,837,674			55,594,159		51,554,996
Net (loss) income per share:
Basic	$	(0.55	)	$	0.20	$	0.43
Diluted	$	(0.55	)	$	0.18	$	0.27

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


	For the Year Ended December 31, 2022
Common stock options		1,456,328
RSUs		3,711,889
Total potentially dilutive common stock equivalents excluded from calculation due to anti-dilutive effect		5,168,217

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 31, 2020
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Net proceeds from IPO	$ 174,400	$ 174,395	$ 0	$ 164,361
Underwriters' discounts and commissions	11,200
Offering costs	$ 700
Preferred stock converted into common stock					31,968,570
Converted into warrants to purchase common stock		256,588			256,588
Common stock, shares authorized		300,000,000	300,000,000
Common stock, Par value		$ 0.001	$ 0.001
Preferred stock, shares authorized		10,000,000	10,000,000
Preferred stock, par value		$ 0.001	$ 0.001
IPO
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Stock issued	2,300,000
Public offering price	$ 81.00
Over-allotment Option
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Sale of stock, shares issued	300,000

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 01, 2021 USD ($)	Oct. 31, 2020 USD ($)
Summary of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts	$ 776,000	$ 40,000
Other Investments	8,300,000
Product Warranty Expense	$ 631,000	194,000	$ 0
Number of operating segments \| Segment	1
Operating lease right-of-use assets	$ 50,703,000	44,909,000		$ 1,200,000	$ 42,200,000
Operating lease liability	32,287,000			$ 1,300,000	$ 28,600,000
Accumulated deficit	$ (46,850,000)	(17,583,000)
Accounting Standards Update 201912 Member
Summary of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-02
Summary of Significant Accounting Policies [Line Items]
Accumulated deficit	$ 0
SG&A Expenses
Summary of Significant Accounting Policies [Line Items]
Advertising costs	957,000	344,000	$ 333,000
Accounts Receivable, Net
Summary of Significant Accounting Policies [Line Items]
Unbilled receivables	$ 1,218,000	$ 448,000
Leasehold Improvements
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	shorter of the useful life of the improvement or the lease term
Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	7 years
Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	3 years

Summary of Significant Accounting Policies - Schedule of Revenue for Products as Percentage of Total Revenue (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ClotTriever and other systems
Revenue from External Customer [Line Items]
Percentage of total revenue	32.00%	32.00%	37.00%
FlowTriever system
Revenue from External Customer [Line Items]
Percentage of total revenue	68.00%	68.00%	63.00%

Summary of Significant Accounting Policies - Schedule of revenue from our products by geographic area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 383,471	$ 276,984	$ 139,670
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenues	374,040	274,402	139,670
Non-US
Disaggregation of Revenue [Line Items]
Revenues	$ 9,431	$ 2,582	$ 0

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Level 1
Assets
Total included in cash and cash equivalents	$ 20,329	$ 48,595
Total included in short-term investments	172,088	44,322
Assets Fair Value Disclosure, Total	192,417	96,900
Level 1 \| US Treasury Securities
Assets
Total included in short-term investments	172,088	44,322
Level 1 \| US Treasury Securities \| Long-Term Investments
Assets
Total included in short-term investments		3,983
Level 1 \| U.S. Government Agencies
Assets
Total included in short-term investments	0
Level 1 \| Corporate Debt Securities and Commercial Paper
Assets
Total included in short-term investments	0	0
Level 1 \| Money Market Mutual Funds
Assets
Total included in cash and cash equivalents	20,329	48,595
Level 2
Assets
Total included in cash and cash equivalents	0	0
Total included in short-term investments	94,091	39,026
Assets Fair Value Disclosure, Total	94,091	39,026
Level 2 \| US Treasury Securities
Assets
Total included in short-term investments	0	0
Level 2 \| US Treasury Securities \| Long-Term Investments
Assets
Total included in short-term investments		0
Level 2 \| U.S. Government Agencies
Assets
Total included in short-term investments	47,131
Level 2 \| Corporate Debt Securities and Commercial Paper
Assets
Total included in short-term investments	46,960	39,026
Level 2 \| Money Market Mutual Funds
Assets
Total included in cash and cash equivalents	0	0
Level 3
Assets
Total included in cash and cash equivalents	0	0
Total included in short-term investments	0	0
Assets Fair Value Disclosure, Total	0	0
Level 3 \| US Treasury Securities
Assets
Total included in short-term investments	0	0
Level 3 \| US Treasury Securities \| Long-Term Investments
Assets
Total included in short-term investments		0
Level 3 \| U.S. Government Agencies
Assets
Total included in short-term investments	0
Level 3 \| Corporate Debt Securities and Commercial Paper
Assets
Total included in short-term investments	0	0
Level 3 \| Money Market Mutual Funds
Assets
Total included in cash and cash equivalents	0	0
Fair Value Measurements Recurring
Assets
Total included in cash and cash equivalents	20,329	48,595
Total included in short-term investments	266,179	83,348
Assets Fair Value Disclosure, Total	286,508	135,926
Fair Value Measurements Recurring \| US Treasury Securities
Assets
Total included in short-term investments	172,088	44,322
Fair Value Measurements Recurring \| US Treasury Securities \| Long-Term Investments
Assets
Total included in short-term investments		3,983
Fair Value Measurements Recurring \| U.S. Government Agencies
Assets
Total included in short-term investments	47,131
Fair Value Measurements Recurring \| Corporate Debt Securities and Commercial Paper
Assets
Total included in short-term investments	46,960	39,026
Fair Value Measurements Recurring \| Money Market Mutual Funds
Assets
Total included in cash and cash equivalents	$ 20,329	$ 48,595

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2022 USD ($)
Fair Value Disclosures [Abstract]
Fair value, assets, Level 1 to Level 2 transfers, amount	$ 0
Fair value, assets, Level 2 to Level 1 transfers, amount	0
Fair value, liabilities, Level 1 to Level 2 transfers, amount	0
Fair value liabilities level 2 to level 1 transfers amount	$ 0

Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Cash Equivalents and Short-Term Investments, Amortized Cost Basis	$ 284,688	$ 135,949
Cash Equivalents and Short-Term Investments, Unrealized Gain	1,871	14
Cash Equivalents and Short-Term Investments, Unrealized Loss	(51)	(37)
Cash Equivalents and Short-Term Investments, Fair Value	286,508	135,926
Short-term investments in debt securities	266,179	83,348
Cash And Cash Equivalents
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Cash Equivalents and Short-Term Investments, Amortized Cost Basis	20,329	48,595
Cash Equivalents and Short-Term Investments, Unrealized Gain	0	0
Cash Equivalents and Short-Term Investments, Unrealized Loss	0	0
Cash Equivalents and Short-Term Investments, Fair Value	20,329	48,595
Cash And Cash Equivalents \| Money Market Mutual Funds
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Cash Equivalents and Short-Term Investments, Amortized Cost Basis	20,329	48,595
Cash Equivalents and Short-Term Investments, Unrealized Gain	0	0
Cash Equivalents and Short-Term Investments, Unrealized Loss	0	0
Cash Equivalents and Short-Term Investments, Fair Value	20,329	48,595
Short Term investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Cash Equivalents and Short-Term Investments, Amortized Cost Basis	264,359	83,361
Cash Equivalents and Short-Term Investments, Unrealized Gain	1,871	14
Cash Equivalents and Short-Term Investments, Unrealized Loss	(51)	(27)
Cash Equivalents and Short-Term Investments, Fair Value	266,179	83,348
Short Term investments \| US Treasury Securities
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Cash Equivalents and Short-Term Investments, Amortized Cost Basis	171,006	44,349
Cash Equivalents and Short-Term Investments, Unrealized Gain	1,120	0
Cash Equivalents and Short-Term Investments, Unrealized Loss	(38)	(27)
Cash Equivalents and Short-Term Investments, Fair Value	172,088	44,322
Short Term investments \| Corporate Debt Securities and Commercial Paper
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Cash Equivalents and Short-Term Investments, Amortized Cost Basis	46,576	39,012
Cash Equivalents and Short-Term Investments, Unrealized Gain	397	14
Cash Equivalents and Short-Term Investments, Unrealized Loss	(13)	0
Cash Equivalents and Short-Term Investments, Fair Value	46,960	39,026
Short Term investments \| U.S. Government Agencies
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Cash Equivalents and Short-Term Investments, Amortized Cost Basis	46,777
Cash Equivalents and Short-Term Investments, Unrealized Gain	354
Cash Equivalents and Short-Term Investments, Unrealized Loss	0
Cash Equivalents and Short-Term Investments, Fair Value	$ 47,131
Long-Term Investments \| US Treasury Securities
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Cash Equivalents and Short-Term Investments, Amortized Cost Basis		3,993
Cash Equivalents and Short-Term Investments, Unrealized Gain		0
Cash Equivalents and Short-Term Investments, Unrealized Loss		(10)
Cash Equivalents and Short-Term Investments, Fair Value		$ 3,983

Inventories, Net - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 13,943	$ 5,763
Work in process	3,396	1,490
Finished goods	15,242	13,800
Inventory, net	$ 32,581	$ 21,053

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 30,483	$ 21,252
Accumulated depreciation	(8,828)	(4,781)
Property and equipment, net	21,655	16,471
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	13,585	7,408
Computer Hardware
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,123	2,864
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,040	4,712
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	4,119	3,044
Assets in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,516	3,124
Computer Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 100	$ 100

Property and Equipment, net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Depreciation expense	$ 4,673,000	$ 3,034,000	$ 1,385,000
Capitalized implementation cost, net	$ 1,047,000
Capitalized implementation cost, amortization method	The capitalized costs are amortized on a straight-line basis over the non-cancelable contract terms
Capitalized implementation cost, current	$ 137,000,000	391,000,000
Other Assets Member
Property Plant And Equipment [Line Items]
Capitalized implementation cost, current	53,000,000	55,000,000
SG&A Expenses
Property Plant And Equipment [Line Items]
Depreciation expense	3,780,000	2,367,000	1,039,000
Capitalized implementation cost, amortization	518,000	222,000	100,000
Cost of Goods Sold
Property Plant And Equipment [Line Items]
Depreciation expense	$ 893,000	$ 667,000	$ 346,000

Commitments and Contingencies - Additional Information (Details)		1 Months Ended		12 Months Ended
	Mar. 31, 2019	Oct. 31, 2022 ExtensionPeriod	Oct. 31, 2020 USD ($) ExtensionPeriod	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 31, 2022 USD ($)	Jan. 01, 2021 USD ($)
Lessee Lease Description [Line Items]
Operating lease, number of extension options \| ExtensionPeriod			2
Prepaid lease payments				$ 2,800,000	$ 4,200,000
Operating lease right-of-use assets			$ 42,200,000	50,703,000	$ 44,909,000			$ 1,200,000
Operating lease liability			28,600,000	$ 32,287,000				$ 1,300,000
Operating lease, remaining lease term				17 years 1 month 6 days	19 years 2 months 12 days
Weighted average incremental borrowing rate				6.10%	6.00%
Tenant Allowance			13,500,000
Tenant allowance related to prepaid lease payments			3,700,000
Cash paid for amounts included in the measurement of lease liabilities				$ 2,700,000	$ 14,600,000
Operating lease, rent expense						$ 790,000
Research and development				74,221,000	51,018,000	18,399,000
Research and Development Expense Accrued				1,300,000	2,800,000
Administration fee				116,000	116,000	95,000
Accrued Expenses And Other Current Liabilities				8,249,000	10,737,000
Other long-term liability				0	1,416,000
Aggregate future minimum lease payments due				53,310,000
Research and Development Expense
Lessee Lease Description [Line Items]
Research and Development Expense Accrued					4,200,000
Cost of Goods Sold \| Inceptus
Lessee Lease Description [Line Items]
Royalty expense				215,350	769,000	$ 488,000
Letter of Credit
Lessee Lease Description [Line Items]
Secured debt			$ 1,500,000
Licensed Technology
Lessee Lease Description [Line Items]
Research and development				$ 4,200,000
Maximum
Lessee Lease Description [Line Items]
Operating lease, term of contract	12 months
Maximum \| Inceptus
Lessee Lease Description [Line Items]
Related party transaction, rate				1.50%
Minimum
Lessee Lease Description [Line Items]
Related party transaction, rate				1.00%
Minimum \| Inceptus
Lessee Lease Description [Line Items]
Royalty quarterly fee				$ 1,500
Bank Guarantee Deposit
Lessee Lease Description [Line Items]
Secured debt							$ 200,000
Irvine, California
Lessee Lease Description [Line Items]
Operating lease, term of contract	5 years		10 years
Operating lease, expiration date	Sep. 30, 2024	Sep. 30, 2024
Operating lease, number of extension options \| ExtensionPeriod		2
Option to extend, operating lease, term		6 months	5 years
Increase in the ROU asset and lease liability				1,700,000
Aggregate future minimum lease payments due				1,100,000
Oak Canyon
Lessee Lease Description [Line Items]
Operating lease right-of-use assets				50,700,000	44,900,000
Operating lease liability				32,300,000	$ 29,200,000
Switzerland
Lessee Lease Description [Line Items]
Operating lease, term of contract							5 years
Option to extend, operating lease, term							5 years
Increase in the ROU asset and lease liability				$ 2,200,000

Commitments and Contingencies - Schedule of total lease cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 4,276	$ 1,568
Short-term lease cost	240	200
Total variable lease cost	622	473
Leasehold Improvements
Lessee, Lease, Description [Line Items]
Total lease cost	$ 5,138	$ 2,241

Commitments and Contingencies - Schedule of Future Minimum Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Oct. 31, 2020
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023	$ 3,237
2024	3,333
2025	2,812
2026	2,683
2027	2,741
Thereafter	38,504
Total lease payments	53,310
Less imputed interest	(21,023)
Total lease liabilities	32,287		$ 1,300	$ 28,600
Less: lease liabilities - current portion	(1,311)	$ (802)
Lease liabilities - noncurrent portion	$ 30,976	$ 28,404

Concentrations - Additional Information (Details)	12 Months Ended
Concentrations - Additional Information (Details)	Dec. 31, 2022 Vendor Customer	Dec. 31, 2021 Vendor Customer	Dec. 31, 2020 Vendor Customer
Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of customers \| Customer	0	0	0
Revenue \| Customer Concentration Risk \| Minimum
Concentration Risk [Line Items]
Concentration risk	10.00%	10.00%	10.00%
Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of customers \| Customer	0	0
Accounts Receivable \| Customer Concentration Risk \| Minimum
Concentration Risk [Line Items]
Concentration risk	10.00%	10.00%
Purchases \| Supplier Concentration Risk
Concentration Risk [Line Items]
Number of vendor \| Vendor	0	0	0
Purchases \| Supplier Concentration Risk \| Minimum
Concentration Risk [Line Items]
Concentration risk	10.00%	10.00%	10.00%
Accounts Payable \| Supplier Concentration Risk
Concentration Risk [Line Items]
Number of vendor \| Vendor	0	0
Accounts Payable \| Supplier Concentration Risk \| Minimum
Concentration Risk [Line Items]
Concentration risk	10.00%	10.00%

Related Party - Additional Information (Details) - MRI The Hoffman Group - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to related parties	$ 0	$ 0
Recruiting Services \| OperatingExpense
Related Party Transaction [Line Items]
Development expenses incurred	$ 320,000	$ 369,000	$ 427,000

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3),(4))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

Credit Facility - Additional Information (Details)		1 Months Ended	12 Months Ended
Credit Facility - Additional Information (Details)	Dec. 16, 2022 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($) LetterOfCredit
Debt Instrument [Line Items]
Number of Letter of Credit \| LetterOfCredit			3
Bank of America Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility covenant terms			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.
Bank of America Credit Facility \| Senior Secured Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 40,000,000.0
Line Of credit facility capacity optional increase	$ 120,000,000.0
Percentage of accounts receivable available to borrow	90.00%
Pledged cash available to borrow	$ 10,000,000.0
Principal amount outstanding			$ 0
Cash pledged under credit agreement			0
Line of Credit Facility, Remaining Borrowing Capacity			$ 38,000,000.0
Unused line fee at annual rate			0.25%
Line of credit facility, nonrefundable commitment fee amount			$ 10,000
Bank of America Credit Facility \| Senior Secured Revolving Credit Facility \| Credit Agreement \| Floor Rate Member
Debt Instrument [Line Items]
Term loan variable interest rate			0.00%
Bank of America Credit Facility \| Senior Secured Revolving Credit Facility \| Federal Funds Rate \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate			0.50%
Debt instrument, description of variable rate basis			the Federal funds rate plus 0.50%
Bank of America Credit Facility \| Senior Secured Revolving Credit Facility \| BSBY \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate			1.00%
Debt instrument, description of variable rate basis			the Bloomberg Short-Term Bank Yield Index ("BSBY") rate based upon an interest period of one month plus 1.00%
Bank of America Credit Facility \| Letter of Credit Subline Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 5,000,000.0
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%
Letters of credit outstanding amount			$ 2,000,000.0
Bank of America Credit Facility \| Base Rate Loans \| Senior Secured Revolving Credit Facility \| Maximum \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate			1.00%
Bank of America Credit Facility \| Base Rate Loans \| Senior Secured Revolving Credit Facility \| Minimum \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate			0.50%
Bank of America Credit Facility \| BSBY Rate loans \| Senior Secured Revolving Credit Facility \| Maximum \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate			2.00%
Bank of America Credit Facility \| BSBY Rate loans \| Senior Secured Revolving Credit Facility \| Minimum \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate			1.50%
Bank of America Credit Facility \| Subsequent Event \| Letter of Credit Subline Facility
Debt Instrument [Line Items]
Line Of credit facility capacity optional increase		$ 10,000,000.0

Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details)	May 31, 2020 shares
Temporary Equity [Line Items]
Shares Outstanding	31,968,570

Redeemable Convertible Preferred Stock - Additional Information (Details)	May 31, 2020 shares
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, shares outstanding	31,968,570
Preferred stock converted into common stock	31,968,570

Stockholders' Equity- Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2020	Jun. 30, 2020	May 31, 2020
Class Of Stock [Line Items]
Redeemable convertible preferred stock, shares outstanding							31,968,570
Preferred stock converted into common stock							31,968,570
Net proceeds from IPO	$ 174,400	$ 174,395	$ 0	$ 164,361
Underwriters' discounts and commissions	11,200
Offering costs	$ 700
Warrant expense		$ 0	$ 0	$ 3,317
Common stock, shares authorized		300,000,000	300,000,000
Common stock, Par value		$ 0.001	$ 0.001
Preferred stock, shares authorized		10,000,000	10,000,000
Preferred stock, shares outstanding		0	0
Preferred stock, Par value		$ 0.001	$ 0.001
Number of warrants outstanding		0	0
Converted into warrants to purchase common stock		256,588					256,588
Class of warrant exercised for cash					179,558	77,030
Number of common stock shares issued upon exercise of preferred stock warrants					174,776	74,723
Common Stock Warrants
Class Of Stock [Line Items]
Class of warrant exercised for cash						27,810
IPO [Member]
Class Of Stock [Line Items]
Stock issued	2,300,000
Public offering price	$ 81.00
Over-Allotment Option [Member]
Class Of Stock [Line Items]
Sale of stock, shares issued	300,000

Stockholders Equity - Schedule of Accumulated Balances of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 239,209	$ 200,254	$ (39,144)
Other Comprehensive Income (Loss)	1,251	(406)	4
Ending Balance	417,002	239,209	200,254
Unrealized Gain (Loss) on Investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(23)	4	0
Other Comprehensive Income (Loss)	1,843	(27)	4
Ending Balance	1,820	(23)	4
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(379)	0	0
Other Comprehensive Income (Loss)	(592)	(379)	0
Ending Balance	(971)	(379)	0
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(402)	4	0
Other Comprehensive Income (Loss)	1,251	(406)	4
Ending Balance	$ 849	$ (402)	$ 4

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Stockholders' Equity - Schedule of Fair Value of Preferred Warrants Determined Using Black Scholes Option Pricing Model (Details)

May 21, 2020

$ / shares

^[1]

Series A

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Preferred stock fair value (per share)

$ 19.00

Series B

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Preferred stock fair value (per share)

$ 19.00

Expected Volatility | Series A

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair value measurement input

51.10

Expected Volatility | Series B

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair value measurement input

50.00

Dividend Yield | Series A

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair value measurement input

0.00

Dividend Yield | Series B

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair value measurement input

0.00

Risk Free Interest Rates | Series A

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair value measurement input

0.17

Risk Free Interest Rates | Series B

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair value measurement input

0.53

Expected Remaining Term | Series A

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Expected remaining term in years

1 year 6 months 18 days

Expected Remaining Term | Series B | Minimum

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Expected remaining term in years

5 years 11 months 8 days

Expected Remaining Term | Series B | Maximum

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Expected remaining term in years

6 years 10 months 9 days

[1]	Date the Company's registration statement on Form S-1 was declared effective.

Equity Incentive Plans - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended	5 Months Ended	12 Months Ended
	Jul. 31, 2021	May 31, 2020	Mar. 31, 2020	May 21, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividends declared					$ 0
Dividends paid					0
Stock-based compensation expense					28,671,000	$ 25,448,000	$ 3,524,000
Compensation costs related to all non-vested awards to be recognized in future					$ 66,000,000.0
Non vested stock awards, expected remaining weighted average period					2 years 9 months 18 days
Deferred Income Tax Expense (Benefit)					$ 7,600,000	$ 10,300,000	4,900,000
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock purchased under ESPP					133,515	85,049
SG&A Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense					$ 22,906,000	$ 22,419,000	2,777,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period					4 years
Stock-based compensation expense				$ 0
Restricted stock units, vested	96,658					4,993
Restricted Stock Units \| SG&A Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividends						0.00%
Stock-based compensation expense						$ 500,000
Weighted-average volatility						51.90%
Share Price						$ 105.54
Risk free interest rate						0.10%
Restricted Stock Units \| General and Administrative Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 8,300,000
Restricted Stock Units \| IPO \| SG&A Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense							159,000
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense					$ 3,300,000	$ 2,400,000	$ 560,000
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance			3,468,048
Percentage of annual increase in shares reserved for issuance on capital stock outstanding at year end			3.00%
Number of shares available for issuance					5,635,200
Restricted stock units, vested					257,198	99,758	1,199
Total fair value of RSUs vested					$ 20,200,000	$ 17,700,000	$ 80,000,000
2020 Incentive Award Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period					4 years
Share-based compensation vesting rights, terms					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
2020 Incentive Award Plan \| Restricted Stock Units \| SG&A Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense						$ 400,000
Restricted stock units, vested						8,947
2020 Incentive Award Plan \| Employee Stock Purchase Plan \| 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 \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of award			10 years
2011 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance					1,509,404
Expected dividends							0.00%
Restricted stock units, vested						96,658
Total fair value of RSUs vested					$ 20,200,000	$ 17,700,000	$ 80,000,000
Weighted-average volatility							40.60%
2011 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Price							$ 9.05
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance					1,767,957	1,398,337
Expected dividends					0.00%	0.00%	0.00%
First offering start date		Aug. 01, 2020
Percentage of purchase price on fair market value of common stock		85.00%
Risk free interest rate							0.11%
2020 Employee Stock Purchase Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock purchased under ESPP					133,515	85,049

Equity Incentive Plans - Summary of Stock Option Activity (Details) - 2011 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Awards
Number of Awards, Outstanding, Beginning balance	2,574,354	3,436,785	4,082,302
Number of Awards, Granted			305,494
Number of Awards, Exercised	(1,098,841)	(806,008)	(851,190)
Number of Awards, Cancelled	(19,185)	(56,423)	(99,821)
Number of Awards, Outstanding, Ending balance	1,456,328	2,574,354	3,436,785	4,082,302
Number of Awards, Vested and exercisable	1,220,470
Number of Awards, Vested and expected to vest	1,450,206
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 1.43	$ 1.36	$ 0.90
Weighted Average Exercise Price, Granted			7.47
Weighted Average Exercise Price, Exercised	0.74	1.08	0.55
Weighted Average Exercise Price, Cancelled	2.64	2.17	8.39
Weighted Average Exercise Price, Outstanding, Ending balance	1.93	1.43	1.36	$ 0.90
Weighted Average Exercise Price, Vested and exercisable	1.62
Weighted Average Exercise Price, Vested and expected to vest	1.92
Weighted Average Fair Value
Weighted Average Fair Value, Outstanding, Beginning balance	1.02	0.98	0.74
Weighted Average Fair Value, Granted			3.73
Weighted Average Fair Value, Exercised	0.59	0.83	0.50
Weighted Average Fair Value, Cancelled	1.57	1.36	3.62
Weighted Average Fair Value, Outstanding, Ending balance	1.34	$ 1.02	$ 0.98	$ 0.74
Weighted Average Fair Value, Vested and exercisable	1.15
Weighted Average Fair Value, Vested and expected to vest	$ 1.33
Weighted Average Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Life (in years), Outstanding	6 years 2 months 12 days	7 years 25 days	8 years 18 days	8 years 9 months 3 days
Weighted Average Remaining Contractual Life (in years), Vested and exercisable	6 years 1 month 9 days
Weighted Average Remaining Contractual Life (in years), Vested and expected to vest	6 years 2 months 12 days
Intrinsic Value
Intrinsic Value, Outstanding, Beginning balance	$ 231,286	$ 295,331	$ 22,667
Intrinsic Value, Exercised	80,830	73,299	49,413
Intrinsic Value, Outstanding, Ending balance	89,749	$ 231,286	$ 295,331	$ 22,667
Intrinsic Value, Vested and exercisable	75,602
Intrinsic Value, Vested and expected to vest	$ 89,388

Equity Incentive Plans - Schedule of Estimated Fair Value of Options and Restricted Stock Units Grant on Date of Grant (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2011 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility			40.60%
Weighted-average volatility			40.60%
Expected dividends			0.00%
Risk free interest rates, minimum			1.46%
Risk free interest rates, maximum			1.68%
2011 Equity Incentive Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock fair value (per share)			$ 7.88
Expected term			5 years 10 months 24 days
2011 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock fair value (per share)			$ 9.05
Expected term			6 years 25 days
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility			49.23%
Expected volatility, minimum	56.09%	51.47%
Expected volatility, maximum	72.78%	51.91%
Expected dividends	0.00%	0.00%	0.00%
Risk free interest rates, minimum	0.48%	0.06%
Risk free interest rates, maximum	2.96%	0.08%
Expected term	6 months	6 months	6 months
Risk free interest rate			0.11%

Equity Incentive Plans - Summary of RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2020 Incentive Award Plan
Number of Awards
Number of Awards, Outstanding, Beginning balance	611,205	222,564
Number of Awards, granted	696,111	515,880	227,963
Number of Awards, Vested	(257,198)	(99,758)	(1,199)
Number of Awards, Cancelled	(50,903)	(27,481)	(4,200)
Number of Awards, Outstanding, Ending balance	999,215	611,205	222,564
Weighted Average Fair Value
Weighted Average Fair Value, Outstanding, Beginning balance	$ 88.34	$ 58.86
Weighted Average Fair Value, Granted	73.22	98.98	$ 58.68
Weighted Average Fair Value, Vested	84.15	78.15	51.41
Weighted Average Fair Value, Cancelled	82.92	86.41	51.41
Weighted Average Fair Value, Outstanding, Ending balance	$ 79.16	$ 88.34	$ 58.86
2011 Equity Incentive Plan
Number of Awards
Number of Awards, Outstanding, Beginning balance	2,712,674	2,867,326
Number of Awards, Vested		(96,658)
Number of Awards, Cancelled		(57,994)
Number of Awards, Outstanding, Ending balance	2,712,674	2,712,674	2,867,326
Weighted Average Fair Value
Weighted Average Fair Value, Outstanding, Beginning balance	$ 0.17	$ 0.17
Weighted Average Fair Value, Vested		0.17
Weighted Average Fair Value, Cancelled		0.17
Weighted Average Fair Value, Outstanding, Ending balance	$ 0.17	$ 0.17	$ 0.17

Equity Incentive Plans - Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	$ 28,671	$ 25,448	$ 3,524
Cost of Goods Sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	1,510	815	155
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	4,255	2,214	592
Selling, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	$ 22,906	$ 22,419	$ 2,777

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
united states	$ (15,787)	$ 18,301	$ 14,541
Foreign	(10,398)	(7,616)	(752)
(Loss) income before income taxes	(26,185)	10,685	13,789
Federal	826	0	0
State	1,997	832	0
Foreign	259	13
Total current tax expense	3,082	845
Total Provision for income taxes	$ 3,082	$ 845	$ 0
Provision for income taxes as a percentage of income (loss) before taxes	(11.80%)	7.90%	0.00%

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Effective tax rate	(11.80%)	7.90%	0.00%
Total Provision for income taxes	$ 3,082	$ 845	$ 0
Increase in valuation allowance	$ 12,400
Operating loss carryforward description	As a result of losses incurred in the past, the Company has net operating loss ("NOL") carry-forwards that are available to offset future taxable income and subject to expiration rules and to Internal Revenue Code of 1986, as amended (“IRC”) §382. In general, IRC §382 may impact the amount of NOLs that can be utilized each year after certain ownership changes occur. An ownership change occurs, generally, if the percentage of stock of the loss corporation owned by one or more 5% shareholders has increased by more than 50 percentage points relative to the lowest percentage of stock of the loss corporation owned by the same 5% shareholders at any time during the testing period, which is, generally, the three-year period preceding a testing date.
Operating loss carryforwards, limitations on use description	Pursuant to an IRC §382 limitation analysis performed by the Company, it was noted that an ownership change, as defined under IRC §382, occurred on March 29, 2018 and December 31, 2021. Usage of NOL’s generated prior to March 29, 2018 will be limited to $3.0 million for calendar years 2019 through 2022, $0.7 million for 2023, $0.6 million from 2024 through 2039, and $0.2 million for 2040 for both federal and state purposes. The IRC §382 ownership change that occurred on December 31, 2021 did not further limit the use of the Company's NOL's generated prior to December 31, 2021. Of the federal net operating loss and the state net operating loss carryforward amounts, $10.5 million and $19.7 million are subject to the IRC §382 limitation, respectively.
Tax credit carryforward, limitations on use description	In the ordinary course of its business the Company incurs costs that, for tax purposes, are determined to be qualified research expenditures within the meaning of IRC §41 and are, therefore, eligible for the Increasing Research Activities credit under IRC §41. R&D credit carryovers generated prior to March 29, 2018 are limited under IRC §383 to $0.3 million a year for both federal and state purposes. The Company has adjusted the deferred tax assets related to Federal R&D credit carryover to account for any tax credits that will expire unused due to the IRC §383 limitations.
R&D credit carryovers, Limitation on use	$ 300
Total uncertain tax positions	5,526	2,679	$ 882	$ 1,091
Unrecognized tax benefits, decrease from offsetting and other timing adjustments	5,500	$ 2,700
Interest or penalties related to uncertain tax positions	$ 0
Significant change in unrecognized tax position, description	It is not expected that there will be a significant change in uncertain tax position in the next 12 months.
Income tax examination, description	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 tax examinations in progress. The statute of limitations for tax years ended December 31, 2019, December 31, 2018, and December 31, 2017 are open for federal, state, and foreign tax purposes, respectively.
Federal
Income Tax Disclosure [Line Items]
Limitation on usage of NOL	$ 10,500
State
Income Tax Disclosure [Line Items]
Limitation on usage of NOL	19,700
Calendar Years 2019 Through 2022
Income Tax Disclosure [Line Items]
R&D credit carryovers, Limitation on use	3,000
Calendar Years 2024 Through 2029
Income Tax Disclosure [Line Items]
Limitation on usage of NOL	600
Calendar Year 2023
Income Tax Disclosure [Line Items]
Limitation on usage of NOL	700
Calendar Year 2040
Income Tax Disclosure [Line Items]
Limitation on usage of NOL	$ 200

Income Taxes - Schedule of Tax Effects of Significant Items Comprising Company's Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Capitalized R&D Expenses	$ 14,250	$ 0
Credit carryforwards	10,298	7,750
Operating leases	7,587	7,432
Net operating losses and capital loss carryforwards	6,038	8,918
Equity compensation	2,307	1,511
Intangible asset basis	2,008	2,390
Accrued employee compensation	1,321	1,028
Inventory	1,207	778
Other	0	44
Total deferred tax assets	45,016	29,851
Deferred tax liabilities
Right-of-use assets	(10,390)	(9,138)
Fixed Asset basis	(3,980)	(2,810)
Other liabilities	(325)	(7)
Total deferred tax liabilities	(14,695)	(11,955)
Valuation allowance	(30,321)	(17,896)
Net deferred tax Assets	$ 0	$ 0

Income Taxes - Schedule of Reconciliation of Effective Tax Rate of Provision (Benefit) for Income Taxes from Federal Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory rate	$ (5,499)	$ 2,244	$ 2,896
State taxes, net of federal benefit	(1,060)	(317)	0
Foreign rate differential	1,982	1,181	0
Meals and entertainment	37	14	213
Equity compensation	(9,351)	(8,387)	(3,576)
162(m) Limitation	8,242	4,162	197
Return to provision	105	(1,127)	258
Permanent adjustments	103	104	827
General business credits	(4,709)	(3,761)	(1,621)
Change in valuation allowance	12,891	6,031	110
Intercompany Profit in Inventory	341	701	0
Stock warrants	0	0	696
Total	$ 3,082	$ 845	$ 0

Income Taxes - Schedule of Net Operating Losses and Tax Credit Carryforwards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Federal
Operating Loss Carryforwards [Line Items]
Net operating losses, Expiring, Amount	$ 8,706
Net operating losses, Amount	1,774
Tax credits, Amount	$ 9,046
Net operating losses, Expiration Years, Description	Indefinite
Federal \| Earliest Tax Year
Operating Loss Carryforwards [Line Items]
Net operating losses, Expiration Years	2032
Tax credits, Expiration Years	2040
Federal \| Latest Tax Year
Operating Loss Carryforwards [Line Items]
Net operating losses, Expiration Years	2037
Tax credits, Expiration Years	2042
State
Operating Loss Carryforwards [Line Items]
Net operating losses, Amount	$ 20,487
Tax credits, Amount	$ 8,005
Tax credits, Expiration Years, Description	Indefinite
State \| Earliest Tax Year
Operating Loss Carryforwards [Line Items]
Net operating losses, Expiration Years	2031
State \| Latest Tax Year
Operating Loss Carryforwards [Line Items]
Net operating losses, Expiration Years	2041
Foreign
Operating Loss Carryforwards [Line Items]
Net operating losses, Amount	$ 26,554
Foreign \| Earliest Tax Year
Operating Loss Carryforwards [Line Items]
Net operating losses, Expiration Years	2028
Foreign \| Latest Tax Year
Operating Loss Carryforwards [Line Items]
Net operating losses, Expiration Years	2029
Foreign \| Indefinite Expiration Years
Operating Loss Carryforwards [Line Items]
Net operating losses, Amount	$ 720
Net operating losses, Expiration Years, Description	Indefinite

Income Taxes - Summary of Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 2,679	$ 882	$ 1,091
Additions based on tax positions related to the current year	2,348	1,352	287
Additions based on tax provisions related to prior years	499	445	0
Deductions based on tax positions related to prior years	0	0	(496)
Balance at the end of the year	$ 5,526	$ 2,679	$ 882

Retirement Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
401 (k) Plan	us-gaap:QualifiedPlanMember
Employer contributions by plan participant	$ 1.00
Employee contributions by plan participant	$ 1,000.00
Participating employee eligible compensation	4.00%
Matching contribution expense recognized	$ 7,500,000	$ 3,300,000
Additional matching contribution expense	800,000
Maximum
Defined Benefit Plan Disclosure [Line Items]
Participating employee up to greater	$ 3,000

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Net Income (Loss) Per Share - Computation of Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income	$ (29,267)	$ 9,840	$ 13,789
Weighted average common shares used to compute net (loss) income per share
Basic	52,837,674	49,815,914	32,033,827
Common stock equivalents from convertible preferred stock	0	0	12,490,452
Common stock equivalents from outstanding warrants	0	0	191,194
Weighted average number of common shares outstanding - diluted	52,837,674	55,594,159	51,554,996
Earnings Per Share, Basic [Abstract]
Basic	$ (0.55)	$ 0.20	$ 0.43
Earnings Per Share, Diluted [Abstract]
Diluted	$ (0.55)	$ 0.18	$ 0.27
Common Stock Options
Weighted average common shares used to compute net (loss) income per share
Common stock equivalents	0	2,842,938	3,856,222
Unvested RSUs
Weighted average common shares used to compute net (loss) income per share
Common stock equivalents	0	2,929,524	2,858,224
ESPP
Weighted average common shares used to compute net (loss) income per share
Common stock equivalents	0	5,783	0
Restricted Stock
Weighted average common shares used to compute net (loss) income per share
Common stock equivalents	0	0	125,077

Net Income (Loss) Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	5,168,217	0	0

Net Income (Loss) Per Share - Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	5,168,217	0	0
Common Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,456,328
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	3,711,889