Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38829 | |
Entity Registrant Name | Shockwave Medical, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0494101 | |
Entity Address, Address Line One | 5403 Betsy Ross Drive | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95054 | |
City Area Code | 510 | |
Local Phone Number | 279-4262 | |
Title of 12(b) Security | Shockwave Medical, Inc., common stock, par value $0.001 per share | |
Trading Symbol | SWAV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 36,626,211 | |
Entity Central Index Key | 0001642545 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 280,932 | $ 156,586 | [1] |
Short-term investments | 135,929 | 147,907 | [1] |
Accounts receivable, net | 84,309 | 71,366 | [1] |
Inventory | 83,256 | 75,112 | [1] |
Prepaid expenses and other current assets | 6,399 | 8,292 | [1] |
Total current assets | 590,825 | 459,263 | [1] |
Operating lease right-of-use assets | 31,623 | 32,365 | [1] |
Property and equipment, net | 54,057 | 48,152 | [1] |
Equity method investment | 2,689 | 3,512 | [1] |
Deferred tax assets | 97,941 | 97,568 | |
Other assets | 6,112 | 5,229 | [1] |
TOTAL ASSETS | 783,247 | 646,089 | [1] |
CURRENT LIABILITIES: | |||
Accounts payable | 11,050 | 6,721 | [1] |
Debt, current portion | 80,000 | 0 | [1] |
Accrued liabilities | 49,640 | 55,375 | [1] |
Lease liability, current portion | 1,308 | 1,278 | [1] |
Total current liabilities | 141,998 | 63,374 | [1] |
Lease liability, noncurrent portion | 34,058 | 34,928 | [1] |
Debt, noncurrent portion | 24,231 | 24,198 | [1] |
Related party contract liability, noncurrent portion | 12,273 | 12,273 | [1] |
TOTAL LIABILITIES | 212,560 | 134,773 | [1] |
STOCKHOLDERS’ EQUITY: | |||
Preferred stock | 0 | 0 | [1] |
Common stock | 37 | 36 | [1] |
Additional paid-in capital | 568,705 | 548,960 | [1] |
Accumulated other comprehensive loss | (367) | (867) | [1] |
Retained earnings (accumulated deficit) | 2,312 | (36,813) | [1] |
TOTAL STOCKHOLDERS’ EQUITY | 570,687 | 511,316 | [1] |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 783,247 | $ 646,089 | [1] |
[1]The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue: | ||
Product revenue | $ 161,066,000 | $ 93,631,000 |
Cost of revenue: | ||
Cost of product revenue | 21,066,000 | 12,890,000 |
Gross profit | 140,000,000 | 80,741,000 |
Operating expenses: | ||
Research and development | 26,971,000 | 17,019,000 |
Sales and marketing | 54,011,000 | 35,961,000 |
General and administrative | 19,204,000 | 12,389,000 |
Total operating expenses | 100,186,000 | 65,369,000 |
Income from operations | 39,814,000 | 15,372,000 |
Loss from equity method investment | (823,000) | (47,000) |
Interest expense | (636,000) | (297,000) |
Other income (expense), net | 2,382,000 | (310,000) |
Net income before taxes | 40,737,000 | 14,718,000 |
Income tax expense | 1,612,000 | 197,000 |
Net income | 39,125,000 | 14,521,000 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on available-for-sale securities | 505,000 | (815,000) |
Adjustment for net gain realized and included in other income | (5,000) | 0 |
Total comprehensive income | $ 39,625,000 | $ 13,706,000 |
Net income per share | ||
Basic (USD per share) | $ 1.07 | $ 0.41 |
Diluted (USD per share) | $ 1.03 | $ 0.39 |
Denominator: | ||
Basic (in shares) | 36,427,263 | 35,587,337 |
Diluted (in shares) | 37,979,448 | 37,623,477 |
Type of Revenue [Extensible List] | Product [Member] | Product [Member] |
Type of Cost, Good Or Service [Extensible List] | Product [Member] | Product [Member] |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | |
Beginning balance, shares (in shares) at Dec. 31, 2021 | 35,444,472,000 | |||||
Beginning balance at Dec. 31, 2021 | $ 241,830,000 | $ 35,000 | $ 494,806,000 | $ (202,000) | $ (252,809,000) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 54,913,000 | |||||
Exercise of stock options | 391,000 | $ 1,000 | 390,000 | |||
Unrealized gain on available-for-sale securities, net of tax | (815,000) | (815,000) | ||||
Adjustment for net gain realized and included in other income | 0 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 14,172,000 | |||||
Issuance of common stock under employee stock purchase plan | 2,135,000 | 2,135,000 | ||||
Issuance of common stock in connection with vesting of restricted stock (in shares) | 210,835,000 | |||||
Taxes withheld on net settled vesting of restricted stock units (in shares) | (31,000) | |||||
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | (6,000) | (6,000) | ||||
Stock-based compensation | 9,767,000 | 9,767,000 | ||||
Net income (loss) | 14,521,000 | 14,521,000 | ||||
Ending balance, shares (in shares) at Mar. 31, 2022 | 35,724,361,000 | |||||
Ending balance at Mar. 31, 2022 | 267,823,000 | $ 36,000 | 507,092,000 | (1,017,000) | (238,288,000) | |
Beginning balance, shares (in shares) at Dec. 31, 2022 | 36,235,546,000 | |||||
Beginning balance at Dec. 31, 2022 | $ 511,316,000 | [1] | $ 36,000 | 548,960,000 | (867,000) | (36,813,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 77,230,000 | 77,230,000 | ||||
Exercise of stock options | $ 320,000 | $ 1,000 | 319,000 | |||
Unrealized gain on available-for-sale securities, net of tax | 505,000 | 505,000 | ||||
Adjustment for net gain realized and included in other income | (5,000) | (5,000) | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 19,124,000 | |||||
Issuance of common stock under employee stock purchase plan | 3,092,000 | 3,092,000 | ||||
Issuance of common stock in connection with vesting of restricted stock (in shares) | 257,624,000 | |||||
Taxes withheld on net settled vesting of restricted stock units (in shares) | (19,000) | |||||
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | (3,000) | (3,000) | ||||
Stock-based compensation | 16,337,000 | 16,337,000 | ||||
Net income (loss) | 39,125,000 | 39,125,000 | ||||
Ending balance, shares (in shares) at Mar. 31, 2023 | 36,589,505,000 | |||||
Ending balance at Mar. 31, 2023 | $ 570,687,000 | $ 37,000 | $ 568,705,000 | $ (367,000) | $ 2,312,000 | |
[1]The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 39,125,000 | $ 14,521,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,708,000 | 953,000 |
Loss from equity method investment | 823,000 | 47,000 |
Stock-based compensation | 15,967,000 | 9,510,000 |
Non-cash lease expense | 748,000 | 767,000 |
Amortization of premium and discount on available-for-sale securities | (718,000) | 210,000 |
Loss on write down of fixed assets | 11,000 | 0 |
Deferred income taxes | (547,000) | 0 |
Amortization of debt issuance costs | 33,000 | 153,000 |
Foreign currency remeasurement | (689,000) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (13,004,000) | (10,407,000) |
Inventory | (7,757,000) | (10,090,000) |
Prepaid expenses and other current assets | 1,896,000 | 600,000 |
Other assets | (861,000) | (119,000) |
Accounts payable | 4,734,000 | 4,911,000 |
Accrued and other current liabilities | (6,661,000) | (9,051,000) |
Lease liabilities | (846,000) | (68,000) |
Net cash provided by operating activities | 33,962,000 | 1,937,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of available-for-sale securities | (21,130,000) | (42,128,000) |
Proceeds from maturities of available-for-sale securities | 34,500,000 | 18,000,000 |
Purchase of property and equipment | (7,188,000) | (3,286,000) |
Net cash provided by (used in) investing activities | 6,182,000 | (27,414,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments of taxes withheld on net settled vesting of restricted stock units | (3,000) | (6,000) |
Proceeds from stock option exercises | 320,000 | 391,000 |
Proceeds from issuance of common stock under employee stock purchase plan | 3,092,000 | 2,135,000 |
Proceeds from debt financing, net of issuance costs | 80,000,000 | 0 |
Net cash provided by financing activities | 83,409,000 | 2,520,000 |
Effect of exchange rate changes on cash and cash equivalents | 792,000 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 124,345,000 | (22,957,000) |
Cash, cash equivalents and restricted cash at beginning of period | 158,302,000 | 90,874,000 |
Cash, cash equivalents and restricted cash equivalents at end of period | 282,647,000 | 67,917,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid | 424,000 | 144,000 |
Income tax paid | 322,000 | 78,000 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Property and equipment purchases included in accounts payable and accrued liabilities | $ 6,162,000 | $ 3,159,000 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Shockwave Medical, Inc. (the “Company”) was incorporated on June 17, 2009. The Company is primarily engaged in the development of Intravascular Lithotripsy (“IVL”) technology for the treatment of calcified plaque in patients with peripheral vascular, coronary vascular and heart valve disease. Built on a balloon catheter platform, the IVL technology uses lithotripsy to disrupt both superficial and deep vascular calcium, while minimizing soft tissue injury, and an integrated angioplasty balloon to dilate blockages at low pressures, restoring blood flow. In 2016, the Company began commercial and manufacturing operations, and began selling catheters based on the IVL technology. The Company’s headquarters are in Santa Clara, California. The Company is located and operates primarily in the United States and h as eleven wholly-owned foreign subsidiaries as of March 31, 2023 . The unaudited condensed financial statements include the accounts of Shockwave Medical, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. As of March 31, 2023, the Company had cash, cash equivalents and short-term investments of $416.9 million, which are available to fund future working capital requirements, investments, acquisitions, or repayments of credit facilities. The Company believes that its cash, cash equivalents, and short-term investments as of March 31, 2023, will be sufficient for the Company to continue as a going concern for at least 12 months from the date the unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (“SEC”). The Company’s future capital requirements will depend on many factors, including its growth rate, the timing and extent of its spending to support research and development activities, and the timing and cost of establishing additional sales and marketing capabilities and the scope. Risk and Uncertainties The Company is subject to continuing risks and uncertainties in connection with the current macroeconomic environment, including inflation, rising interest rates, and instability in the global banking system, geopolitical factors, including the ongoing conflict between Russia and Ukraine and the responses thereto, supply chain disruptions and the remaining effects of the COVID-19 pandemic . The Company is closely monitoring the impact of these factors on all aspects of its business, including the impacts on its customers, patients, employees, suppliers, vendors, business partners and distribution channels. In particular, while the Company has not experienced material disruptions in its supply chain to date, the Company has been and continues to be impacted by disruptions in the operations of certain of its third-party suppliers, resulting in increased lead-times, higher component costs and lower allocations for the purchase of some components. In certain cases, the Company has incurred higher logistical expenses. The Company is continuing to work closely with its manufacturing partners and suppliers to source key components and maintain appropriate inventory levels to meet customer demand. The Company’s future results of operations and liquidity could be adversely impacted by a variety of factors, including those discussed in the section titled “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 , filed with the SEC on February 27, 2023 (the “2022 Annual Report”), together with any updates in the section titled “Risk Factors” in this Quarterly Report on Form 10-Q. As of the date of issuance of these condensed consolidated financial statements, the extent to which the current macroeconomic environment and the COVID-19 pandemic may materially impact the Company’s financial condition, liquidity, or results of operations remains uncertain. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the 2022 Annual Report. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows: March 31, March 31, (in thousands) Cash and cash equivalents $ 280,932 $ 66,252 Restricted cash 1,715 1,665 Total cash, cash equivalents, and restricted cash $ 282,647 $ 67,917 Restricted cash as of March 31, 2023 and December 31, 2022 relates to letters of credit established for real property leases relating to the Company’s office buildings, and is recorded as other assets on the condensed consolidated balance sheets. See Note 12 for a discussion of the Company’s subsequent payments related to the acquisition of Neovasc, Inc. and the repayment of the credit drawn on March 16, 2023 under the Credit Agreement. Equity Method Investments Entities which the Company has significant influence over activities of the entity, but does not control, are accounted for under the equity method of accounting in accordance with Topic 323, Investments - Equity Method and Joint Ventures . The Company’s carrying value in the equity method investment is reported as equity method investment on the Company’s consolidated balance sheets. The Company records its proportionate share of the underlying income or loss which is recognized in earnings or loss from the equity method investment. The Company eliminates a portion of intra-entity profit to the extent the goods sold by the Company have not yet been sold through by the equity method investee to an end customer at the end of the reporting period. The profit earned by the Company from the equity method investee for items not yet sold through is eliminated through equity method earnings or loss which is recognized in income (loss) from equity method investment. The Company assesses its equity method investment for impairment when events or circumstances suggest that the carrying amount of the investment may be impaired. The Company considers all available evidence in assessing whether a decline in fair value is other than temporary. If the decline in fair value is determined to be other than temporary, the difference between the carrying amount of the investment and estimated fair value is recognized as an impairment charge. Revenue To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, Revenue from Contracts with Customers, 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. Product Revenue The Company records product revenue primarily from the sale of its IVL catheters. The Company sells its products to hospitals, primarily through direct sales representatives, as well as through distributors in selected international markets. Additionally, a portion of the Company’s revenue is generated through a consignment model under which inventory is maintained at hospitals. Product revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. For products sold through direct sales representatives, control is transferred upon delivery to customers. For products sold to distributors internationally and products sold to customers that utilize stocking orders, control is transferred upon shipment or delivery to the customer’s named location, based on the contractual shipping terms. For consignment inventory, control is transferred at the time the IVL catheters are consumed in a procedure. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity, and not a separate performance obligation. The Company may provide for the use of an IVL generator and connector cable under an agreement to customers at no charge to facilitate use of the IVL catheters. These agreements generally do not contain contractually enforceable minimum commitments and are generally cancellable by either party with 30 days notice. License Revenue For arrangements that contain a license of the Company’s functional intellectual property with a customer, the Company considers whether the license grant is distinct from other performance obligations in the arrangement. A license grant of functional intellectual property is generally considered to be capable of being distinct if a customer can benefit from the license on its own or together with other readily available resources. License revenue for licenses of functional intellectual property is recognized at a point in time when the Company satisfies its performance obligation of transferring the license to the customer. Consideration received in advance of the satisfaction of a performance obligation is recognized as a contract liability. No license revenues were recognized for the three months ended March 31, 2023 and 2022. Stock-Based Compensation |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy: March 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: U.S. Treasury securities $ 95,282 $ — $ — $ 95,282 Money market funds 10,070 — — 10,070 Commercial paper — 8,139 — 8,139 Corporate bonds — 20,688 — 20,688 U.S. agency securities — 11,820 — 11,820 Total assets $ 105,352 $ 40,647 $ — $ 145,999 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: U.S. Treasury securities $ 111,631 $ — $ — $ 111,631 Money market funds 12,076 — — 12,076 Commercial paper — 8,039 — 8,039 Corporate bonds — 18,808 — 18,808 U.S. agency securities — 9,429 — 9,429 Total assets $ 123,707 $ 36,276 $ — $ 159,983 |
Cash Equivalents and Short-Term
Cash Equivalents and Short-Term Investments | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash Equivalents and Short-Term Investments | Cash Equivalents and Short-Term Investments The following is a summary of the Company’s cash equivalents and short-term investments: March 31, 2023 Amortized Unrealized Unrealized Fair Value (in thousands) U.S. Treasury securities $ 95,784 $ 18 $ (520) $ 95,282 Money market funds 10,070 — — 10,070 Commercial paper 8,140 1 (2) 8,139 Corporate bonds 20,685 22 (19) 20,688 U.S. agency securities 11,804 16 — 11,820 Total $ 146,483 $ 57 $ (541) $ 145,999 Reported as: Cash equivalents $ 10,070 Short-term investments 135,929 Total $ 145,999 December 31, 2022 Amortized Unrealized Unrealized Fair Value (in thousands) U.S. Treasury securities $ 112,719 $ 3 $ (1,091) $ 111,631 Money market funds 12,076 — — 12,076 Commercial paper 8,039 — — 8,039 Corporate bonds 18,876 8 (76) 18,808 U.S. agency securities 9,432 4 (7) 9,429 Total $ 161,142 $ 15 $ (1,174) $ 159,983 Reported as: Cash equivalents $ 12,076 Short-term investments 147,907 Total $ 159,983 There were $76.4 million and $123.8 million of investments in unrealized loss positions of $0.5 million and $1.2 million as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023 and 2022, the Company did not record any other-than-temporary impairment charges on its available-for-sale securities. Based on the Company’s procedures under the expected credit loss model, including an assessment of unrealized losses on the portfolio, the Company concluded that the unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses for these securities has not been recorded as of March 31, 2023 and December 31, 2022. Also, based on the scheduled maturities of the investments, the Company was more likely than not to hold these investments for a period of time sufficient for a recovery of the Company’s cost basis. For the three months ended March 31, 2023 and 2022, the Company recognized $5,000 and nil in realized gains on cash equivalents and short-term investments. The remaining contractual maturities of the Company’s cash equivalents and short-term investments were as follows: March 31, Fair Value (in thousands) Money market funds $ 10,070 One year or less 112,680 Greater than one year and less than two years 23,249 Total $ 145,999 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Inventory Inventory consists of the following: March 31, December 31, (in thousands) Raw material $ 21,504 $ 18,456 Work in progress 10,722 7,666 Finished goods 50,737 48,735 Consigned inventory 293 255 Total inventory $ 83,256 $ 75,112 Accrued Liabilities Accrued liabilities consist of the following: March 31, December 31, (in thousands) Employee compensation $ 22,070 $ 32,885 Asset purchases 6,882 4,600 Research and development costs 4,118 4,007 Professional services 3,862 4,044 Excise, sales, income and other taxes 5,123 4,036 Other 7,585 5,803 Total accrued liabilities $ 49,640 $ 55,375 |
Term Notes
Term Notes | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Term Notes | Debt On October 19, 2022, the Company entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, Wells Fargo Bank, National Association, as swingline lender and an issuing lender, Wells Fargo Securities, LLC and Silicon Valley Bank, as joint lead arrangers and joint bookrunners, Silicon Valley Bank, as syndication agent, and the several lenders party thereto. The Credit Agreement provides for a revolving credit facility in an aggregate principal amount of $175 million with the right to request increases to the revolving commitments (subject to certain conditions) of up to the greater of (x) $100 million or (y) the Company’s consolidated EBITDA for the four fiscal quarter period most recently ended prior to the date of such increase. Concurrent with entering into the Credit Agreement, the Company drew down $25.0 million. On March 16, 2023, the Company drew down an additional $80.0 million under the Credit Agreement. See Note 12 for a discussion of the Company’s subsequent payment of the additional $80.0 million drawn under the Credit Agreement. The revolving credit facility accrues for interest, at the election of the Company, at (A) the Base Rate (as defined below) plus a margin ranging from 0% to 1% depending on the Company's Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) (which rate is currently 0%) or (B) the applicable secured overnight financing rate (“SOFR”) plus a margin from 1% to 2%, depending on the Company's Consolidated Total Net Leverage Ratio (which rate is currently 1%). Base Rate means, at any time, the highest of (a) the Wells Fargo Bank, National Association's announced prime rate, (b) the federal funds rate plus 0.5% and (c) Term SOFR for a one-month tenor in effect on such day plus 1%. The Credit Agreement matures on October 19, 2027. The interest rate was 5.6% as of March 31, 2023. The Company recorded interest expense of $0.6 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively. Debt and debt issuance costs are as follows: March 31, December 31, (in thousands) Principal amount of debt $ 105,000 $ 25,000 Debt issuance costs (769) (802) Debt 104,231 24,198 Less: debt, current portion (80,000) — Debt, noncurrent portion $ 24,231 $ 24,198 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Total stock-based compensation was as follows: Three Months Ended 2023 2022 (in thousands) Cost of product revenue $ 954 $ 653 Research and development 3,795 2,238 Sales and marketing 6,466 3,932 General and administrative 4,752 2,687 Total stock-based compensation $ 15,967 $ 9,510 Stock-based compensation of $0.4 million and $0.3 million was capitalized into inventory for the three months ended March 31, 2023 and 2022, respectively. Stock-based compensation capitalized into inventory is recognized as cost of product revenue when the related product is sold. 2009 Equity Incentive Plan and 2019 Equity Incentive Plan On June 17, 2009, the Company adopted the 2009 Equity Incentive Plan (the “2009 Plan”) under which the Company's Board of Directors (the “Board”) had the authority to issue stock options to employees, directors and consultants. In February 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”), which became effective in connection with the Company's initial public offering (the “IPO”). As a result, effective as of March 6, 2019, the Company may not grant any additional awards under the 2009 Plan. The 2009 Plan will continue to govern outstanding equity awards granted thereunder. The Company initially reserved 2,000,430 shares of common stock for the issuance of a variety of awards under the 2019 Plan, including stock options, stock appreciation rights, awards of restricted stock and awards of restricted stock units (“RSUs”). In addition, the number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on the first day of January for a period of up to ten years, which commenced on January 1, 2020, 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 Board. As of March 31, 2023, there were 3,765,125 shares available for issuance under the 2019 Plan. Stock Options Option activity under the 2009 Plan and 2019 Plan is set forth below: Number Weighted- Weighted- Aggregate (in years) (in thousands) Balance, December 31, 2022 1,122,009 $ 5.87 4.60 $ 224,115 Awards authorized — Options exercised (77,230) 4.12 Options cancelled (6,133) 2.41 Balance, March 31, 2023 1,038,646 $ 6.02 4.41 $ 218,961 Vested and exercisable, 1,038,503 $ 6.01 4.41 $ 218,935 Vested and expected to vest, 1,038,646 $ 6.02 4.41 $ 218,961 Restricted Stock Units RSUs are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. 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. RSUs generally vest over a four-year period with straight-line quarterly vesting with a one year cliff or straight-line annual vesting, provided the employee remains continuously employed with the Company. The fair value of RSUs is equal to the closing price of the Company’s common stock on the grant date. In February 2022 and 2023, the Company granted performance-based restricted stock units (“PRSUs”) to certain key executives. The vesting of these PRSUs is dependent on the achievement of certain performance targets related to the Company’s compound annual growth rate of revenue over a two three RSU and PRSU activity under the 2019 Plan is set forth below. Grant activity for all PRSUs is disclosed at target (100%): Restricted Stock Units Performance-Based Restricted Stock Units Number Weighted- Number Weighted- Balance, December 31, 2022 1,125,991 $ 127.39 38,797 $ 165.74 RSUs granted 293,007 191.06 29,473 191.36 RSUs forfeited (19,803) 145.72 (175) 278.52 RSUs vested (257,624) 97.37 — — Balance, March 31, 2023 1,141,571 150.18 68,095 176.54 Employee Stock Purchase Plan In February 2019, the Company adopted the 2019 Employee Stock Purchase Plan (“ESPP”), which became effective in connection with the IPO on March 6, 2019. The Company initially reserved 300,650 shares of common stock for purchase under the ESPP. Each offering under the ESPP to Company employees to purchase stock under the ESPP begins on each September 1 and March 1 and ends on the following February 28 or 29 and August 31, respectively. 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 of the Board, in its sole discretion. The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model. The Company recorded $1.3 million and $0.4 million of stock-based compensation expense related to the ESPP for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, a total of 1,540,527 shares were available for issuance under the ESPP. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income Per Share The components of basic and diluted net income per share were as follows (in thousands, except share and per share amounts): Three Months Ended 2023 2022 Numerator: Net income $ 39,125 $ 14,521 Denominator: Basic: Weighted average number of common shares outstanding - basic 36,427,263 35,587,337 Diluted: Weighted average number of common shares outstanding - basic 36,427,263 35,587,337 Dilutive effect of outstanding common stock options 1,039,985 1,437,748 Dilutive effect of restricted stock units 510,340 597,817 Dilutive effect of common stock pursuant to employee stock purchase plan 1,860 575 Weighted average number of common shares outstanding - diluted 37,979,448 37,623,477 Net income per share: Basic $ 1.07 $ 0.41 Diluted $ 1.03 $ 0.39 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Disaggregation of Revenue [Abstract] | |
Revenue | Revenue The following table represents the Company’s product revenue based on product line: Three Months Ended 2023 2022 (in thousands) Coronary $ 113,875 $ 70,337 Peripheral 46,130 22,852 Other 1,061 442 Product revenue $ 161,066 $ 93,631 Coronary product revenue encompasses sales of the Company’s C 2 catheter and C 2+ catheter. Peripheral product revenue encompasses sales of the Company’s M 5 catheter, M 5+ catheter, S 4 IVL catheter, and L 6 IVL catheter. Other product revenue encompasses sales of the Company’s generators and related accessories. The following table represents the Company’s product revenue based on the location to which the product is shipped: Three Months Ended 2023 2022 (in thousands) United States $ 131,623 $ 78,519 Europe 16,234 12,067 All other countries 13,209 3,045 Product revenue $ 161,066 $ 93,631 |
Equity Method Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments Genesis Shockwave Private Limited On March 19, 2021, the Company entered into the Joint Venture Deed (or “JV Agreement”) with Genesis MedTech International Private Limited (“Genesis”) to establish a long-term strategic partnership to develop, manufacture and commercialize certain of the Company’s interventional products in the People’s Republic of China, excluding the Special Administrative Regions of Hong Kong and Macau (the “PRC”). Under the JV Agreement, Genesis Shockwave Private Ltd. (the “JV”) was formed under the laws of Singapore to serve as a joint venture of Genesis and the Company for the purpose of establishing and managing the strategic partnership. On the same date, Genesis and the Company entered into a Share Subscription Agreement pursuant to which, among other things, the JV issued (i) 54,900 ordinary shares which represents 55% of the total equity of the JV, to Genesis in exchange for a cash contribution of $15.0 million, of which 50% was due upon signing and the remaining 50% was due within one year of signing, and (ii) 45,000 ordinary shares, which represents 45% of the total equity of the JV, to the Company as consideration for the Shockwave License Agreement (the “License Agreement”). Under the License Agreement, the Company has agreed to contribute to the JV an exclusive license under certain of the Company’s intellectual property rights to develop, manufacture, distribute and commercialize certain products in the PRC and is entitled to receive royalties on the sales of the licensed products in the PRC. Further, the Company entered into a Distribution Agreement, pursuant to which the Company has agreed to sell certain Company-manufactured products to the JV or a PRC subsidiary of the JV for commercialization and distribution in the PRC. In May 2022, the JV obtained regulatory approval from the China National Medical Products Administration to sell the Company-manufactured Shockwave IVL System with the Shockwave C 2 catheter, M 5 catheter and S 4 catheter in the PRC. The Company has accounted for its investment in the JV under the equity method of accounting. As of March 31, 2023, the carrying value of the Company’s investment in the JV was $2.7 million and the Company owned a 45% interest in the entity. During the three months ended March 31, 2023, the Company continued to recognize product revenue on sales to the JV and eliminate a portion of intra-entity profit to the extent the goods have not yet either been consumed by the JV for use in clinical trials, or sold by the JV to an end customer at the end of the reporting period. The profit earned by the Company from the JV for items not yet sold through to an end customer is eliminated through equity method earnings or loss which is recognized in income (loss) from equity method investment. The Company’s product revenue for products sold to the JV during the three months ended March 31, 2023 and related accounts receivable from the JV as of March 31, 2023 were immaterial. Intra-entity profit, which was recorded as a reduction to equity method investment as of and for the three months ended March 31, 2023, was also immaterial. For the three months ended March 31, 2023 and 2022, the Company’s loss from the equity method was $0.8 million and $47,000, respectively. Upon execution of the License Agreement, on March 19, 2021, the Company received a 45% equity stake in the JV. The Company determined that the JV met the definition of a customer under Topic 606, and that the promised goods and services of the contribution of the license of intellectual property and associated manufacturing technology transfer to the JV were considered to be a single performance obligation. The transaction price of $12.3 million was estimated by reference to the cash value of the shares that were issued at the formation of the JV. As of March 31, 2023, the associated manufacturing technology transfer to the JV has not yet been completed. The Company maintains a related party contract liability, noncurrent, of $12.3 million for the outstanding performance obligation. The Company will satisfy the outstanding performance obligation upon the completion of training provided by the Company to the JV, and successful regulatory approval for the JV manufactured product from the China National Medical Products Administration. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes On a quarterly basis, the Company provides for income taxes based upon an estimated annual effective income tax rate, adjusted for discrete items. The Company recognized income tax expense of $1.6 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively, representing an effective tax rate of 3.96% and 1.34%, respectively. The year-over-year increase in tax expense for the three-month period ended March 31, 2023 was primarily due to the valuation allowance on the U.S. federal and other-than-California state deferred tax assets as of March 31, 2022, which was released in the fourth quarter of fiscal year 2022. For the three months ended March 31, 2023, the effective tax rate differed from the U.S. federal statutory rate primarily due to stock-based compensation for tax purposes and research credits. For the three months ended March 31, 2022, the effective tax rate differed from the U.S. federal statutory rate primarily due to the valuation allowance on the U.S. deferred tax assets. The Company’s effective tax rate may be subject to fluctuation due to several factors, including the Company’s ability to accurately predict the pre-tax earnings in the various jurisdictions, valuation allowances against deferred tax assets, the recognition or de-recognition of tax benefits related to uncertain tax positions and the effects of tax law changes. During the fourth quarter of 2022, the Company determined that the positive evidence overcame any negative evidence, primarily due to the Company ’ s transition from a cumulative loss in recent years to cumulative income in 2022 and concluded that it was more likely than not that the U.S. federal and other-than-California state deferred tax assets were realizable. As a result, the Company released the valuation allowance against all of the U.S. federal deferred tax assets and other-than-California state deferred tax assets during the fourth quarter of fiscal year 2022. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of Neovasc, Inc. On April 11, 2023, the Company completed the previously announced acquisition of Neovasc Inc. (“Neovasc”), a corporation existing under the Canada Business Corporations Act, in accordance with the Arrangement Agreement (the “Arrangement Agreement”). Pursuant to the Arrangement Agreement, the Company acquired all of the issued and outstanding common shares of Neovasc and Neovasc became a wholly owned subsidiary of the Company by means of a plan of arrangement under the Canada Business Corporations Act. Each common share of Neovasc that was issued and outstanding immediately prior to April 11, 2023 was transferred to the Company in exchange for $27.25 per share in cash and one contingent value right entitling the holder to receive up to $12.00 per share in cash, with such receipt and amount contingent on whether the U.S. Food and Drug Administration grants marketing approval for the device known as the Neovasc Reducer for the treatment of angina within specified timeframes set forth in the Arrangement Agreement Since the completion of the acquisition, the Company has paid a total of $107.2 million to Neovasc shareholders. Pay-off of Credit Agreement Draw On April 26, 2023, the Company repaid the $80.0 million drawn under the Credit Agreement in March 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. |
Equity Method Investments | Equity Method Investments Entities which the Company has significant influence over activities of the entity, but does not control, are accounted for under the equity method of accounting in accordance with Topic 323, Investments - Equity Method and Joint Ventures . The Company’s carrying value in the equity method investment is reported as equity method investment on the Company’s consolidated balance sheets. The Company records its proportionate share of the underlying income or loss which is recognized in earnings or loss from the equity method investment. The Company eliminates a portion of intra-entity profit to the extent the goods sold by the Company have not yet been sold through by the equity method investee to an end customer at the end of the reporting period. The profit earned by the Company from the equity method investee for items not yet sold through is eliminated through equity method earnings or loss which is recognized in income (loss) from equity method investment. The Company assesses its equity method investment for impairment when events or circumstances suggest that the carrying amount of the investment may be impaired. The Company considers all available evidence in assessing whether a decline in fair value is other than temporary. If the decline in fair value is determined to be other than temporary, the difference between the carrying amount of the investment and estimated fair value is recognized as an impairment charge. |
Revenue | Revenue To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, Revenue from Contracts with Customers, 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. Product Revenue The Company records product revenue primarily from the sale of its IVL catheters. The Company sells its products to hospitals, primarily through direct sales representatives, as well as through distributors in selected international markets. Additionally, a portion of the Company’s revenue is generated through a consignment model under which inventory is maintained at hospitals. Product revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. For products sold through direct sales representatives, control is transferred upon delivery to customers. For products sold to distributors internationally and products sold to customers that utilize stocking orders, control is transferred upon shipment or delivery to the customer’s named location, based on the contractual shipping terms. For consignment inventory, control is transferred at the time the IVL catheters are consumed in a procedure. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity, and not a separate performance obligation. The Company may provide for the use of an IVL generator and connector cable under an agreement to customers at no charge to facilitate use of the IVL catheters. These agreements generally do not contain contractually enforceable minimum commitments and are generally cancellable by either party with 30 days notice. License Revenue For arrangements that contain a license of the Company’s functional intellectual property with a customer, the Company considers whether the license grant is distinct from other performance obligations in the arrangement. A license grant of functional intellectual property is generally considered to be capable of being distinct if a customer can benefit from the license on its own or together with other readily available resources. License revenue for licenses of functional intellectual property is recognized at a point in time when the Company satisfies its performance obligation of transferring the license to the customer. Consideration received in advance of the satisfaction of a performance obligation is recognized as a contract liability. No license revenues were recognized for the three months ended March 31, 2023 and 2022. |
Share-based Payment Arrangement | Stock-Based CompensationThe Company accounts for share-based payments at fair value. The fair value of stock options is measured using the Black-Scholes option-pricing model. For share-based awards that vest subject to the satisfaction of a service requirement, the fair value measurement date for stock-based compensation awards is the date of grant and the expense is recognized on a straight-line basis, over the vesting period. For share-based awards that vest upon the satisfaction of a performance target, the related compensation cost is recognized over the requisite service period based on the expected achievement of the performance target. The Company accounts for forfeitures as they occur. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Restrictions on Cash and Cash Equivalents | March 31, March 31, (in thousands) Cash and cash equivalents $ 280,932 $ 66,252 Restricted cash 1,715 1,665 Total cash, cash equivalents, and restricted cash $ 282,647 $ 67,917 |
Schedule of Cash and Cash Equivalents | March 31, March 31, (in thousands) Cash and cash equivalents $ 280,932 $ 66,252 Restricted cash 1,715 1,665 Total cash, cash equivalents, and restricted cash $ 282,647 $ 67,917 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy: March 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: U.S. Treasury securities $ 95,282 $ — $ — $ 95,282 Money market funds 10,070 — — 10,070 Commercial paper — 8,139 — 8,139 Corporate bonds — 20,688 — 20,688 U.S. agency securities — 11,820 — 11,820 Total assets $ 105,352 $ 40,647 $ — $ 145,999 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: U.S. Treasury securities $ 111,631 $ — $ — $ 111,631 Money market funds 12,076 — — 12,076 Commercial paper — 8,039 — 8,039 Corporate bonds — 18,808 — 18,808 U.S. agency securities — 9,429 — 9,429 Total assets $ 123,707 $ 36,276 $ — $ 159,983 |
Cash Equivalents and Short-Te_2
Cash Equivalents and Short-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Cash Equivalents and Short-Term Investments | The following is a summary of the Company’s cash equivalents and short-term investments: March 31, 2023 Amortized Unrealized Unrealized Fair Value (in thousands) U.S. Treasury securities $ 95,784 $ 18 $ (520) $ 95,282 Money market funds 10,070 — — 10,070 Commercial paper 8,140 1 (2) 8,139 Corporate bonds 20,685 22 (19) 20,688 U.S. agency securities 11,804 16 — 11,820 Total $ 146,483 $ 57 $ (541) $ 145,999 Reported as: Cash equivalents $ 10,070 Short-term investments 135,929 Total $ 145,999 December 31, 2022 Amortized Unrealized Unrealized Fair Value (in thousands) U.S. Treasury securities $ 112,719 $ 3 $ (1,091) $ 111,631 Money market funds 12,076 — — 12,076 Commercial paper 8,039 — — 8,039 Corporate bonds 18,876 8 (76) 18,808 U.S. agency securities 9,432 4 (7) 9,429 Total $ 161,142 $ 15 $ (1,174) $ 159,983 Reported as: Cash equivalents $ 12,076 Short-term investments 147,907 Total $ 159,983 |
Summary of Remaining Contractual Maturities for Available-for-sale Securities | The remaining contractual maturities of the Company’s cash equivalents and short-term investments were as follows: March 31, Fair Value (in thousands) Money market funds $ 10,070 One year or less 112,680 Greater than one year and less than two years 23,249 Total $ 145,999 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventory | Inventory consists of the following: March 31, December 31, (in thousands) Raw material $ 21,504 $ 18,456 Work in progress 10,722 7,666 Finished goods 50,737 48,735 Consigned inventory 293 255 Total inventory $ 83,256 $ 75,112 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: March 31, December 31, (in thousands) Employee compensation $ 22,070 $ 32,885 Asset purchases 6,882 4,600 Research and development costs 4,118 4,007 Professional services 3,862 4,044 Excise, sales, income and other taxes 5,123 4,036 Other 7,585 5,803 Total accrued liabilities $ 49,640 $ 55,375 |
Term Notes (Tables)
Term Notes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Current and Noncurrent Debt and Net Discount or Premium Balances | March 31, December 31, (in thousands) Principal amount of debt $ 105,000 $ 25,000 Debt issuance costs (769) (802) Debt 104,231 24,198 Less: debt, current portion (80,000) — Debt, noncurrent portion $ 24,231 $ 24,198 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Total Stock-Based Compensation | Total stock-based compensation was as follows: Three Months Ended 2023 2022 (in thousands) Cost of product revenue $ 954 $ 653 Research and development 3,795 2,238 Sales and marketing 6,466 3,932 General and administrative 4,752 2,687 Total stock-based compensation $ 15,967 $ 9,510 |
Schedule of Option Activity under 2009 Plan and 2019 Plan | Stock Options Option activity under the 2009 Plan and 2019 Plan is set forth below: Number Weighted- Weighted- Aggregate (in years) (in thousands) Balance, December 31, 2022 1,122,009 $ 5.87 4.60 $ 224,115 Awards authorized — Options exercised (77,230) 4.12 Options cancelled (6,133) 2.41 Balance, March 31, 2023 1,038,646 $ 6.02 4.41 $ 218,961 Vested and exercisable, 1,038,503 $ 6.01 4.41 $ 218,935 Vested and expected to vest, 1,038,646 $ 6.02 4.41 $ 218,961 |
Schedule of RSU Activity under 2019 Plan | RSU and PRSU activity under the 2019 Plan is set forth below. Grant activity for all PRSUs is disclosed at target (100%): Restricted Stock Units Performance-Based Restricted Stock Units Number Weighted- Number Weighted- Balance, December 31, 2022 1,125,991 $ 127.39 38,797 $ 165.74 RSUs granted 293,007 191.06 29,473 191.36 RSUs forfeited (19,803) 145.72 (175) 278.52 RSUs vested (257,624) 97.37 — — Balance, March 31, 2023 1,141,571 150.18 68,095 176.54 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Net Income (Loss) Per Share | The components of basic and diluted net income per share were as follows (in thousands, except share and per share amounts): Three Months Ended 2023 2022 Numerator: Net income $ 39,125 $ 14,521 Denominator: Basic: Weighted average number of common shares outstanding - basic 36,427,263 35,587,337 Diluted: Weighted average number of common shares outstanding - basic 36,427,263 35,587,337 Dilutive effect of outstanding common stock options 1,039,985 1,437,748 Dilutive effect of restricted stock units 510,340 597,817 Dilutive effect of common stock pursuant to employee stock purchase plan 1,860 575 Weighted average number of common shares outstanding - diluted 37,979,448 37,623,477 Net income per share: Basic $ 1.07 $ 0.41 Diluted $ 1.03 $ 0.39 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disaggregation of Revenue [Abstract] | |
Schedule of Product Revenue Based on Product Line and Location | The following table represents the Company’s product revenue based on product line: Three Months Ended 2023 2022 (in thousands) Coronary $ 113,875 $ 70,337 Peripheral 46,130 22,852 Other 1,061 442 Product revenue $ 161,066 $ 93,631 Three Months Ended 2023 2022 (in thousands) United States $ 131,623 $ 78,519 Europe 16,234 12,067 All other countries 13,209 3,045 Product revenue $ 161,066 $ 93,631 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) $ in Millions | Mar. 31, 2023 USD ($) subsidiary |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of foreign subsidiaries | subsidiary | 11 |
Cash, cash equivalents and short-term investments | $ | $ 416.9 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | [1] | Mar. 31, 2022 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 280,932 | $ 156,586 | $ 66,252 | |
Restricted cash | 1,715 | 1,665 | ||
Total cash, cash equivalents, and restricted cash | $ 282,647 | $ 67,917 | ||
[1]The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accounting Policies [Abstract] | |
Notice period for cancellation of agreement | 30 days |
Revenue recognized | $ 0 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Unrealized Gains | $ 57 | $ 15 |
US Government Agencies Debt Securities | Level 1 | ||
Assets: | ||
Total assets | 0 | 0 |
US Government Agencies Debt Securities | Level 2 | ||
Assets: | ||
Total assets | 11,820 | 9,429 |
Recurring | ||
Assets: | ||
Total assets | 145,999 | 159,983 |
Recurring | Level 1 | ||
Assets: | ||
Total assets | 105,352 | 123,707 |
Recurring | Level 2 | ||
Assets: | ||
Total assets | 40,647 | 36,276 |
Recurring | Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Recurring | U.S. Treasury securities | ||
Assets: | ||
Total assets | 95,282 | 111,631 |
Recurring | U.S. Treasury securities | Level 1 | ||
Assets: | ||
Total assets | 95,282 | 111,631 |
Recurring | U.S. Treasury securities | Level 2 | ||
Assets: | ||
Total assets | 0 | 0 |
Recurring | U.S. Treasury securities | Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Recurring | Money market funds | ||
Assets: | ||
Total assets | 10,070 | 12,076 |
Recurring | Money market funds | Level 1 | ||
Assets: | ||
Total assets | 10,070 | 12,076 |
Recurring | Money market funds | Level 2 | ||
Assets: | ||
Total assets | 0 | 0 |
Recurring | Money market funds | Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Recurring | Commercial paper | ||
Assets: | ||
Total assets | 8,139 | 8,039 |
Recurring | Commercial paper | Level 1 | ||
Assets: | ||
Total assets | 0 | 0 |
Recurring | Commercial paper | Level 2 | ||
Assets: | ||
Total assets | 8,139 | 8,039 |
Recurring | Commercial paper | Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Recurring | Corporate bonds | ||
Assets: | ||
Total assets | 20,688 | 18,808 |
Recurring | Corporate bonds | Level 1 | ||
Assets: | ||
Total assets | 0 | 0 |
Recurring | Corporate bonds | Level 2 | ||
Assets: | ||
Total assets | 20,688 | 18,808 |
Recurring | Corporate bonds | Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Recurring | US Government Agencies Debt Securities | ||
Assets: | ||
Total assets | 11,820 | 9,429 |
Recurring | US Government Agencies Debt Securities | Level 3 | ||
Assets: | ||
Total assets | $ 0 | $ 0 |
Cash Equivalents and Short-Te_3
Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Cash And Cash Equivalents [Line Items] | |||
Money market funds | $ 10,070 | $ 12,076 | |
Cash equivalents and short-term investments, amortized cost basis | 146,483 | 161,142 | |
Unrealized Gains | 57 | 15 | |
Unrealized Losses | (541) | (1,174) | |
Short-term investments, fair value | 11,820 | 9,429 | |
Cash equivalents and short-term investments, fair value | 145,999 | 159,983 | |
Short-term investments | 135,929 | 147,907 | [1] |
U.S. Treasury securities | |||
Cash And Cash Equivalents [Line Items] | |||
Short-term investments, amortized cost basis | 95,784 | 112,719 | |
Unrealized Gains | 18 | 3 | |
Unrealized Losses | (520) | (1,091) | |
Short-term investments, fair value | 95,282 | 111,631 | |
Money market funds | |||
Cash And Cash Equivalents [Line Items] | |||
Money market funds | 10,070 | 12,076 | |
Corporate Bond Securities | |||
Cash And Cash Equivalents [Line Items] | |||
Short-term investments, amortized cost basis | 20,685 | 18,876 | |
Unrealized Gains | 22 | 8 | |
Unrealized Losses | (19) | (76) | |
Short-term investments, fair value | 20,688 | 18,808 | |
Commercial paper | |||
Cash And Cash Equivalents [Line Items] | |||
Short-term investments, amortized cost basis | 8,140 | 8,039 | |
Unrealized Gains | 1 | 0 | |
Unrealized Losses | (2) | 0 | |
Short-term investments, fair value | 8,139 | 8,039 | |
US Government Agencies Debt Securities | |||
Cash And Cash Equivalents [Line Items] | |||
Short-term investments, amortized cost basis | 11,804 | 9,432 | |
Unrealized Gains | 16 | 4 | |
Unrealized Losses | $ 0 | $ (7) | |
[1]The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date. |
Cash Equivalents and Short-Te_4
Cash Equivalents and Short-Term Investments - Summary of Remaining Contractual Maturities for Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Money market funds | $ 10,070 | $ 12,076 |
One year or less | 112,680 | |
Greater than one year and less than two years | 23,249 | |
Total | $ 145,999 |
Cash Equivalents and Short-Te_5
Cash Equivalents and Short-Term Investments - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position | $ 76,400,000 | $ 123,800,000 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 500,000 | $ 1,200,000 | |
Adjustment for net gain realized and included in other income | $ 5,000 | $ 0 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |||
Raw material | $ 21,504 | $ 18,456 | |
Work in progress | 10,722 | 7,666 | |
Finished goods | 50,737 | 48,735 | |
Consigned inventory | 293 | 255 | |
Total inventory | $ 83,256 | $ 75,112 | [1] |
[1]The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date. |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |||
Employee compensation | $ 22,070 | $ 32,885 | |
Research and development costs | 4,118 | 4,007 | |
Asset purchases | 6,882 | 4,600 | |
Professional services | 3,862 | 4,044 | |
Excise, sales, income and other taxes | 5,123 | 4,036 | |
Other | 7,585 | 5,803 | |
Total accrued liabilities | $ 49,640 | $ 55,375 | [1] |
[1]The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date. |
Term Notes - Additional Informa
Term Notes - Additional Information (Details) - USD ($) | 3 Months Ended | ||||
Apr. 26, 2023 | Mar. 16, 2023 | Oct. 19, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | |||||
Interest Expense | $ 636,000 | $ 297,000 | |||
Subsequent Event | Loan and Security Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt extinguished | $ 80,000,000 | ||||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Proceeds of supplemental term loan | $ 80,000,000 | ||||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 175,000,000 | ||||
Incremental revolving commitments, maximum | 100,000,000 | ||||
Proceeds of supplemental term loan | $ 25,000,000 | ||||
Line of Credit Facility, Interest Rate at Period End | 5.60% | ||||
Secured Overnight Financing Rate (SOFR) | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate basis | 1% | ||||
Fed Funds Effective Rate Overnight Index Swap Rate | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate basis | 0.50% | ||||
Minimum | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate basis | 0% | ||||
Minimum | Base Rate | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate basis | 0% | ||||
Minimum | Secured Overnight Financing Rate (SOFR) | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate basis | 1% | ||||
Maximum | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate basis | 1% | ||||
Maximum | Base Rate | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate basis | 1% | ||||
Maximum | Secured Overnight Financing Rate (SOFR) | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate basis | 2% |
Term Notes - Schedule of Curren
Term Notes - Schedule of Current and Noncurrent Debt and Net Discount or Premium Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument, Periodic Payment [Abstract] | ||
Principal amount of debt | $ 105,000 | $ 25,000 |
Debt issuance costs | (769) | (802) |
Debt | 104,231 | 24,198 |
Less: debt, current portion | (80,000) | 0 |
Debt, noncurrent portion | $ 24,231 | $ 24,198 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Total Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 15,967 | $ 9,510 |
Cost of product revenue | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 954 | 653 |
Research and development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 3,795 | 2,238 |
Sales and marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 6,466 | 3,932 |
General and administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 4,752 | $ 2,687 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2019 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 06, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expenses capitalized amount | $ 400 | $ 300 | ||
Common stock reserved for issuance (in shares) | 2,000,430 | |||
Maximum period of automatic annual increase in common stock reserved for issuance | 10 years | |||
Automatic annual increase in common stock reserved for issuance | 3% | |||
Shares available for issuance (in shares) | 3,765,125 | |||
Stock-based compensation expense | $ 15,967 | 9,510 | ||
Employee Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock reserved for issuance (in shares) | 300,650 | |||
Shares available for issuance (in shares) | 1,540,527 | |||
Purchase shares of common stock, price per share, percentage of fair market value | 85% | |||
Stock-based compensation expense | $ 1,300 | $ 400 | ||
Performance-Based Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting percentage | 100% | |||
Performance-Based Restricted Stock Units | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Vesting percentage | 0% | |||
Performance-Based Restricted Stock Units | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Vesting percentage | 200% |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Number of Shares | ||
Balance beginning of period (in shares) | 1,122,009,000 | |
Options exercised (in shares) | 77,230,000 | |
Options cancelled (in shares) | (6,133,000) | |
Balance end of period (in shares) | 1,038,646,000 | 1,122,009,000 |
Vested and exercisable shares (in shares) | 1,038,503,000 | |
Vested and expected to vest shares (in shares) | 1,038,646,000 | |
Weighted- Average Exercise Price Per Share | ||
Beginning balance of period (USD per share) | $ 5,870 | |
Options exercised (USD per share) | 4,120 | |
Options cancelled (USD per share) | 2,410 | |
Ending balance of period (USD per share) | 6,020 | $ 5,870 |
Vested and exercisable shares (USD per share) | 6,010 | |
Vested and expected to vest shares (USD per share) | $ 6,020 | |
Weighted- Average Remaining Term | ||
Balance (USD per share) | 4 years 4 months 28 days | 4 years 7 months 6 days |
Vested and exercisable, March 31, 2023 | 4 years 4 months 28 days | |
Vested and expected to vest, March 31, 2023 | 4 years 4 months 28 days | |
Aggregate Intrinsic Value | ||
Balance | $ 218,961 | $ 224,115 |
Vested and exercisable, March 31, 2023 | 218,935 | |
Vested and expected to vest, March 31, 2023 | $ 218,961 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of RSU Activity (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Restricted Stock Units | |
Number of Shares | |
Beginning balance of period (in shares) | shares | 1,125,991,000 |
RSUs granted (in shares) | shares | 293,007,000 |
RSUs forfeited (in shares) | shares | (19,803,000) |
RSUs vested (in shares) | shares | (257,624,000) |
Ending balance of period (in shares) | shares | 1,141,571,000 |
Weighted-Average Grant Date Fair Value Per Share | |
Beginning balance of period (USD per share) | $ / shares | $ 127,390 |
RSUs granted (USD per share) | $ / shares | 191,060 |
RSUs forfeited (USD per share) | $ / shares | 145,720 |
RSUs vested (USD per share) | $ / shares | 97,370 |
Ending balance of period (USD per share) | $ / shares | $ 150,180 |
Performance-Based Restricted Stock Units | |
Number of Shares | |
Beginning balance of period (in shares) | shares | 38,797,000 |
RSUs granted (in shares) | shares | 29,473,000 |
RSUs forfeited (in shares) | shares | (175,000) |
RSUs vested (in shares) | shares | 0 |
Ending balance of period (in shares) | shares | 68,095,000 |
Weighted-Average Grant Date Fair Value Per Share | |
Beginning balance of period (USD per share) | $ / shares | $ 165,740 |
RSUs granted (USD per share) | $ / shares | 191,360 |
RSUs forfeited (USD per share) | $ / shares | 278,520 |
RSUs vested (USD per share) | $ / shares | 0 |
Ending balance of period (USD per share) | $ / shares | $ 176,540 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Components of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net income (loss) | $ 39,125 | $ 14,521 |
Denominator: | ||
Basic (in shares) | 36,427,263 | 35,587,337 |
Diluted (in shares) | 37,979,448 | 37,623,477 |
Net income per share: | ||
Basic (USD per share) | $ 1.07 | $ 0.41 |
Diluted (USD per share) | $ 1.03 | $ 0.39 |
Stock Options | ||
Denominator: | ||
Dilutive effect of share-based payment arrangements (in shares) | 1,039,985 | 1,437,748 |
Restricted Stock Units | ||
Denominator: | ||
Dilutive effect of share-based payment arrangements (in shares) | 510,340 | 597,817 |
Employee Stock | ||
Denominator: | ||
Dilutive effect of share-based payment arrangements (in shares) | 1,860 | 575 |
Revenue - Schedule of Product R
Revenue - Schedule of Product Revenue Based on Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Product revenue | $ 161,066 | $ 93,631 |
Coronary | ||
Disaggregation Of Revenue [Line Items] | ||
Product revenue | 113,875 | 70,337 |
Peripheral | ||
Disaggregation Of Revenue [Line Items] | ||
Product revenue | 46,130 | 22,852 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Product revenue | $ 1,061 | $ 442 |
Revenue - Schedule of Product_2
Revenue - Schedule of Product Revenue Based on Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Product revenue | $ 161,066 | $ 93,631 |
United States | ||
Disaggregation Of Revenue [Line Items] | ||
Product revenue | 131,623 | 78,519 |
Europe | ||
Disaggregation Of Revenue [Line Items] | ||
Product revenue | 16,234 | 12,067 |
All other countries | ||
Disaggregation Of Revenue [Line Items] | ||
Product revenue | $ 13,209 | $ 3,045 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Details) - USD ($) | 3 Months Ended | ||||
Mar. 19, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | [1] | |
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment | $ 2,689,000 | $ 3,512,000 | |||
Loss from equity method investment | 823,000 | $ 47,000 | |||
Related party contract liability, noncurrent portion | 12,273,000 | $ 12,273,000 | |||
Joint Venture | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Percentage of equity stake received | 45% | ||||
Related party transaction. transaction price | $ 12,300,000 | ||||
Related party contract liability, noncurrent portion | $ 12,300,000 | ||||
JV Agreement with Genesis MedTech | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment | $ 2,700,000 | ||||
JV Agreement with Genesis MedTech | Share Subscription Agreement | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ordinary shares issued (in shares) | 54,900 | ||||
Equity percentage | 55% | ||||
Cash contribution from exchange of equity | $ 15,000,000 | ||||
Percentage of cash contribution received from exchange of equity upon signing of agreement | 50% | ||||
Percentage of cash contribution receivable from exchange of equity within one year | 50% | ||||
JV Agreement with Genesis MedTech | License Agreement | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ordinary shares issued (in shares) | 45,000 | ||||
Equity percentage | 45% | ||||
[1]The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 1,612 | $ 197 |
Federal statutory income tax rate | 3.96% | 1.34% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||
Apr. 26, 2023 | Apr. 11, 2023 | Mar. 16, 2023 | May 03, 2023 | |
Revolving Credit Facility | Line of Credit | ||||
Subsequent Event [Line Items] | ||||
Proceeds of supplemental term loan | $ 80 | |||
Subsequent Event | Loan and Security Agreement | ||||
Subsequent Event [Line Items] | ||||
Debt extinguished | $ 80 | |||
Subsequent Event | Neovasc Inc | ||||
Subsequent Event [Line Items] | ||||
Business Acquisition, Share Price | $ 27.25 | |||
Payments to Acquire Businesses, Gross | $ 107.2 | |||
Subsequent Event | Neovasc Inc | Business Combination, Contingent Consideration Arrangements, Maximum Value Per Share | ||||
Subsequent Event [Line Items] | ||||
business combination, contingent consideration, per share | $ 12 |