0001628280-22-013359 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	May 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		35,791,917
Entity Central Index Key	0001642545
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($)

Mar. 31, 2022

Dec. 31, 2021

^[1]

CURRENT ASSETS:

Cash and cash equivalents

$ 66,252,000

$ 89,209,000

Short-term investments

134,875,000

111,772,000

Accounts receivable, net

47,842,000

37,435,000

Inventory

53,369,000

42,978,000

Prepaid expenses and other current assets

7,572,000

4,508,000

Total current assets

309,910,000

285,902,000

Operating lease right-of-use assets

26,729,000

27,496,000

Property and equipment, net

27,886,000

24,361,000

Equity method investment

5,940,000

5,987,000

Other assets

2,055,000

1,936,000

TOTAL ASSETS

372,520,000

345,682,000

CURRENT LIABILITIES:

Accounts payable

8,467,000

3,520,000

Term notes, current portion

8,250,000

5,500,000

Accrued liabilities

33,019,000

40,870,000

Lease liability, current portion

1,294,000

1,738,000

Total current liabilities

51,030,000

51,628,000

Lease liability, noncurrent portion

32,361,000

28,321,000

Term notes, noncurrent portion

9,033,000

11,630,000

12,273,000

TOTAL LIABILITIES

104,697,000

103,852,000

STOCKHOLDERS’ EQUITY:

Preferred stock

Common stock

36,000

35,000

Additional paid-in capital

507,092,000

494,806,000

Accumulated other comprehensive loss

(1,017,000)

(202,000)

Accumulated deficit

(238,288,000)

(252,809,000)

TOTAL STOCKHOLDERS’ EQUITY

267,823,000

241,830,000

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$ 372,520,000

$ 345,682,000

[1]	The condensed consolidated balance sheet as of December 31, 2021 is derived from the audited consolidated financial statements as of that date.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Product revenue	$ 93,631	$ 31,900
Cost of revenue:
Cost of product revenue	12,890	7,892
Gross profit	80,741	24,008
Operating expenses:
Research and development	17,019	10,277
Sales and marketing	35,961	23,992
General and administrative	12,389	7,226
Total operating expenses	65,369	41,495
Income (loss) from operations	15,372	(17,487)
Share in net loss of equity method investment	(47)	(5,523)
Interest expense	(297)	(312)
Other expense, net	(310)	(235)
Net income (loss) before taxes	14,718	(23,557)
Income tax expense	197	44
Net income (loss)	14,521	(23,601)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	(815)	7
Total comprehensive income (loss)	$ 13,706	$ (23,594)
Net income (loss) per share
Basic (USD per share)	$ 410	$ (680)
Diluted (USD per share)	$ 390	$ (680)
Shares used in computing net income (loss) per share
Basic (in shares)	35,587,337,000	34,797,400,000
Diluted (in shares)	37,623,477,000	34,797,400,000
Type of Revenue [Extensible List]	Product [Member]	Product [Member]
Type of Cost, Good Or Service [Extensible List]	Product [Member]	Product [Member]

Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Income

Accumulated Deficit

Beginning balance, shares (in shares) at Dec. 31, 2020

34,684,337,000

Beginning balance at Dec. 31, 2020

$ 225,654

$ 35

$ 469,283

$ 9

$ (243,673)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Options exercised (in shares)

159,325,000

Exercise of stock options

773

Unrealized gain (loss) on available-for- sale securities

Issuance of common stock under employee stock purchase plan, share (in shares)

20,594,000

Issuance of common stock under employee stock purchase plan

1,141

Issuance of common stock in connection with vesting of restricted stock, shares (in shares)

107,237,000

Restricted stock units withheld in net settlement for tax, shares (in shares)

(42,529,000)

Restricted stock units withheld in net settlement for tax

(5,114)

Stock-based compensation

5,394

Net income (loss)

(23,601)

Ending balance, shares (in shares) at Mar. 31, 2021

34,928,964,000

Ending balance at Mar. 31, 2021

204,254

$ 35

471,477

(267,274)

Beginning balance, shares (in shares) at Dec. 31, 2021

35,444,472,000

Beginning balance at Dec. 31, 2021

$ 241,830

^[1]

$ 35

494,806

(202)

(252,809)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Options exercised (in shares)

54,913,000

Exercise of stock options

$ 391

$ 1

390

Unrealized gain (loss) on available-for- sale securities

(815)

Issuance of common stock under employee stock purchase plan, share (in shares)

14,172,000

Issuance of common stock under employee stock purchase plan

2,135

Issuance of common stock in connection with vesting of restricted stock, shares (in shares)

210,835,000

Restricted stock units withheld in net settlement for tax, shares (in shares)

(31,000)

Restricted stock units withheld in net settlement for tax

(6)

Stock-based compensation

9,767

Net income (loss)

14,521

Ending balance, shares (in shares) at Mar. 31, 2022

35,724,361,000

Ending balance at Mar. 31, 2022

$ 267,823

$ 36

$ 507,092

$ (1,017)

$ (238,288)

[1]	The condensed consolidated balance sheet as of December 31, 2021 is derived from the audited consolidated financial statements as of that date.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 14,521	$ (23,601)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	953	721
Share in net loss of equity method investment	47	5,523
Stock-based compensation	9,510	5,139
Amortization of right-of-use assets	767	405
Accretion of discount on available-for-sale securities	210	379
Amortization of debt issuance costs	153	167
Changes in operating assets and liabilities:
Accounts receivable	(10,407)	(7,924)
Inventory	(10,090)	(3,308)
Prepaid expenses and other current assets	600	(135)
Other assets	(119)	48
Accounts payable	4,911	1,782
Accrued and other current liabilities	(9,051)	3,799
Lease liabilities	(68)	(298)
Net cash provided by (used in) operating activities	1,937	(17,303)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of available-for-sale securities	(42,128)	(15,263)
Proceeds from maturities of available-for-sale securities	18,000	46,400
Purchase of property and equipment	(3,286)	(4,051)
Net cash (used in) provided by investing activities	(27,414)	27,086
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of taxes withheld on net settled vesting of restricted stock units	(6)	(5,114)
Proceeds from stock option exercises	391	773
Proceeds from issuance of common stock under employee stock purchase plan	2,135	1,141
Net cash provided by (used in) financing activities	2,520	(3,200)
Net (decrease) increase in cash, cash equivalents and restricted cash	(22,957)	6,583
Cash, cash equivalents and restricted cash at beginning of period	90,874	51,873
Cash, cash equivalents and restricted cash equivalents at end of period	67,917	58,456
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	144	144
Income tax paid	78	15
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Right-of-use asset obtained in exchange for lease liability	0	48
Property and equipment purchases included in accounts payable and accrued liabilities	3,159	3,104
Equity method investment obtained in exchange for related party contract liability	0	12,273
Transfer of fixed assets to inventory	$ 44	$ 116

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2022
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 has subsidiaries in Germany, the United Kingdom, Japan, France, Ireland and Costa Rica. As of March 31, 2022, the Company had cash, cash equivalents and short-term investments of $201.1 million, which are available to fund future operations. The Company believes that its cash and cash equivalents as of March 31, 2022, 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, the timing and cost of establishing additional sales and marketing capabilities and the scope, duration and continuing impact of the COVID-19 pandemic. Risk and Uncertainties The Company is subject to continuing risks and uncertainties as a result of the COVID-19 pandemic, and is closely monitoring the impact of the pandemic on all aspects of its business, including the impacts on its customers, patients, employees, suppliers, vendors, business partners and distribution channels. Specifically, the Company has recently seen some disruptions in the operations of certain of its third-party suppliers, resulting in increased lead-times, higher component costs and lower allocations for the Company's purchase of some components. In certain cases, this has resulted in the Company being required to procure materials from alternate suppliers or incur higher logistical expenses. The Company is continuing to work closely with its manufacturing partners and suppliers to enable the Company to source key components and maintain appropriate inventory levels to meet customer demand. The Company, however, has not experienced material disruptions in its supply chain to date. The Company's future results of operations and liquidity could be adversely impacted by a variety of factors related to the COVID-19 pandemic, including those discussed in the section entitled “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations remains uncertain.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

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, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2021 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022.

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.

Restricted cash as of March 31, 2022 and December 31, 2021 relates to a letter of credit established for the Company’s office leases and is recorded as other assets on the condensed consolidated balance sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows:


	March 31, 2022		December 31, 2021
	(in thousands)
Cash and cash equivalents	$	66,252	$	89,209
Restricted cash	1,665		1,665
Total cash, cash equivalents, and restricted cash	$	67,917	$	90,874

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 sheet. The Company records its proportionate share of the underlying income or loss which is recognized in share in net loss of equity method investment. For the three months ended March 31, 2022, the Company’s share in the losses incurred by the equity method investment was $47,000. The Company eliminates any intra-entity profits to the extent of the Company’s beneficial interest.

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 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 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, 2022.

Stock-Based Compensation

The 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.

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

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, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
U.S. Treasury securities	$	109,486	$	—	$	—	$	109,486
Money market funds	23,711		—		—		23,711
Commercial paper	—		16,483		—		16,483
Corporate bonds	—		8,906		—		8,906
Total assets	$	133,197	$	25,389	$	—	$	158,586


	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
U.S. Treasury securities	$	80,155	$	—	$	—	$	80,155
Money market funds	47,541		—		—		47,541
Commercial paper	—		20,472		—		20,472
Corporate bonds	—		11,145		—		11,145
Total assets	$	127,696	$	31,617	$	—	$	159,313

- 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

3 Months Ended

Mar. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Short-Term Investments

The following is a summary of the Company’s cash equivalents and short-term investments:


	March 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
U.S. Treasury securities	$	110,452	$	—	$	(966)	$	109,486
Money market funds	23,711		—		—		23,711
Commercial paper	16,483		—		—		16,483
Corporate bonds	8,957		—		(51)		8,906
Total	$	159,603	$	—	$	(1,017)	$	158,586
Reported as:
Cash equivalents							$	23,711
Short-term investments							134,875
Total							$	158,586


	December 31, 2021
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
U.S. Treasury securities	$	80,353	$	—	$	(198)	$	80,155
Money market funds	47,541		—		—		47,541
Commercial paper	20,472		—		—		20,472
Corporate bonds	11,149		—		(4)		11,145
Total	$	159,515	$	—	$	(202)	$	159,313
Reported as:
Cash equivalents							$	47,541
Short-term investments							111,772
Total							$	159,313

The Company recognized no material realized gains or losses on its cash equivalents and short-term investments in the periods presented.

The remaining contractual maturities for available-for-sale securities were as follows:


	March 31, 2022
	Fair Value

One year or less	$	115,230
Greater than one year and less than two years	43,356
Total	$	158,586

Balance Sheet Components

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Inventory

Inventory consists of the following:


	March 31, 2022		December 31, 2021
	(in thousands)
Raw material	$	13,627	$	7,685
Work in progress	12,049		13,315
Finished goods	26,327		20,326
Consigned inventory	1,366		1,652
Total inventory	$	53,369	$	42,978

Accrued Liabilities

Accrued liabilities consist of the following:


	March 31, 2022		December 31, 2021
	(in thousands)
Accrued employee compensation	$	19,545	$	25,749
Accrued research and development costs	3,913		4,605
Accrued asset purchases	2,980		4,101
Accrued professional services	3,086		2,636
Other	3,495		3,779
Total accrued liabilities	$	33,019	$	40,870

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

The Company’s operating leases consist of leased facilities for the Company’s headquarter offices, laboratory, and manufacturing space. Also included in operating leases are leases for vehicles, for use by certain employees of the Company, which were not material for the periods presented.

The weighted average remaining lease term and discount rate used to measure the Company’s operating lease liabilities were 9.7 years and 5.0%, respectively. The Company estimated the discount rate using the incremental borrowing rate as the rate implicit in the lease was not readily determinable.

Short-term leases are leases having a term of 12 months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases. As of March 31, 2022, the Company has no material finance leases. Operating lease cost was $1.2 million and $0.6 million, for the three months ended March 31, 2022 and 2021, respectively.

The following are minimum future rental payments owed under these agreements which have commenced as of March 31, 2022:


Year ending December 31,	(in thousands)
2022 (remainder)	$	2,602
2023	4,194
2024	4,289
2025	4,415
2026	4,545
Thereafter	24,664
Total minimum lease payments	$	44,709
Less: imputed interest and adjustments	(11,054)
Total lease liability	$	33,655

The total minimum future rental payments owed for the 5403 Betsy Ross facility under the terms of the Lease Amendment which has not yet commenced as of March 31, 2022 is $10.8 million.

Term Notes

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Term Notes

Loan and Security Agreement

In February 2020, the Company entered into a First Amendment to its Loan and Security Agreement with Silicon Valley Bank (the “Amended Credit Agreement”) to, among other things, refinance its existing term loan, which is accounted for as a modification of the Loan and Security Agreement. The Amended Credit Agreement provides the Company with a supplemental term loan in the amount of $16.5 million. The principal amount outstanding under the supplemental term loan accrues interest at a floating per annum rate equal to the greater of (a) the Prime Rate minus 1.25% and (b) 3.5%. The interest rate was 3.5% as of March 31, 2022.

The supplemental term loan matures on December 1, 2023. The Amended Credit Agreement provides an interest-only payment period through June 30, 2022.

The additional final payment for the Amended Credit Agreement is $1.6 million, which will be accrued over the term of the supplemental term loan using an effective interest rate that reflects the revised cash flows of the modified term loan.

The supplemental term loan is secured by all of the Company’s assets, excluding intellectual property and certain other assets. The loan contains customary affirmative and restrictive covenants, including with respect to the Company’s ability to enter into fundamental transactions, incur additional indebtedness, grant liens, pay any dividend or make any distributions to its holders, make investments, merge or consolidate with any other person or engage in transactions with the Company’s affiliates, but does not include any financial covenants.

Current and noncurrent debt and net discount or premium balances are as follows:


	March 31, 2022		December 31, 2021
	(in thousands)
Principal amount of term note	$	16,500	$	16,500
Net premium associated with accretion of final payment, and other debt issuance costs	783		630
Term note, current and noncurrent	17,283		17,130
Less term note, current portion	(8,250)		(5,500)
Term note, noncurrent portion	$	9,033	$	11,630

- 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 http://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 http://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 http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Total stock-based compensation was as follows:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
Cost of product revenue	$	653	$	138
Research and development	2,238		1,167
Sales and marketing	3,932		2,057
General and administrative	2,687		1,777
Total stock-based compensation	$	9,510	$	5,139

Stock-based compensation of $0.3 million was capitalized into inventory for the three months ended March 31, 2022 and March 31, 2021. 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 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, 2022, there were 4,809,252 shares available for issuance under the 2019 Plan.

Stock Options

Option activity under the 2009 Plan and 2019 Plan is set forth below:


	Shares Available for Grant	Number of Shares	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Term	Aggregate Intrinsic Value
					(in years)	(in thousands)
Balance, December 31, 2021	3,745,216	1,524,985	$	6.01	5.76	$	262,793
Awards authorized	1,063,334	—
Options exercised	—	(54,913)	7.10
Options cancelled	702	(702)	13.19
Balance, March 31, 2022	4,809,252	1,469,370	$	5.96	5.40	$	295,930
Vested and exercisable, March 31, 2022		1,325,201	$	5.37	5.25	$	267,682
Vested and expected to vest, March 31, 2022		1,469,370	$	5.96	5.40	$	295,930

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. RSUs generally vest over a four-year period with 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, 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 or three year performance period, provided the executives remain employed with the Company at the time of vesting. The number of PRSUs that vest will vary from 0% to 200% of the target which will be determined based on the level of performance attained for each performance period. The fair value of these PRSUs is equal to the closing price of the Company’s common stock on the grant date. Compensation cost for PRSUs is recognized over the requisite service period based on the expected achievement of performance targets.

RSU and PRSU activity under the 2019 Plan is set forth below. Grant activity for all PRSUs are disclosed at target (100%):


	Restricted Stock Units			Performance-Based Restricted Stock Units
	Number of Shares	Weighted- Average Grant Date Fair Value Per Share		Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance, December 31, 2021	1,156,683	$	93.27	—	$	—
RSUs granted	214,988	157.46		35,105	155.03
RSUs forfeited	(22,864)	146.73		—	—
RSUs vested	(210,835)	80.63		—	—
Balance, March 31, 2022	1,137,972	$	106.67	35,105	$	155.03

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 $0.4 million and $0.3 million of stock-based compensation expense related to the ESPP for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, a total of 1,212,769 shares were available for issuance under the ESPP.

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

The components of basic and diluted net income (loss) per share are as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2022		2021
Numerator:
Net income (loss)	$	14,521	$	(23,601)
Denominator:
Basic:
Weighted average number of common shares outstanding - basic	35,587,337		34,797,400
Diluted:
Weighted average number of common shares outstanding - basic	35,587,337		34,797,400
Dilutive effect of outstanding common stock options	1,437,748		—
Dilutive effect of restricted stock units	597,817		—
Dilutive effect of common stock pursuant to employee stock purchase plan	575		—
Weighted average number of common shares outstanding - diluted	37,623,477		34,797,400
Net income (loss) per share:
Basic	$	0.41	$	(0.68)
Diluted	$	0.39	$	(0.68)

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


	Three Months Ended March 31,
	2022	2021
Common stock options issued and outstanding	—	1,927,262
Restricted stock units	58,699	1,173,972
Employee stock purchase plan	4,385	2,951
Total	63,084	3,104,185

Revenue

3 Months Ended

Mar. 31, 2022

Disaggregation of Revenue [Abstract]

Revenue

The following table represents the Company’s product revenue based on product line:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
Coronary	$	70,337	$	15,308
Peripheral	22,852		16,141
Other	442		451
Product revenue	$	93,631	$	31,900

Coronary product revenue encompasses sales of the Company’s C2 catheters. Peripheral product revenue encompasses sales of the Company’s M5, M5+and S4 IVL catheters. 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 March 31,
	2022		2021
	(in thousands)
United States	$	78,519	$	21,045
Europe	12,067		8,222
All other countries	3,045		2,633
Product revenue	$	93,631	$	31,900

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Equity Method Investments

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

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 (“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 total equity of the JV, to Genesis in exchange for a cash contribution of $15.0 million, of which 50% was paid upon signing and the remaining 50% was due within one year of signing, and (ii) 45,000 ordinary shares which represents 45% of total equity, to the Company as consideration for the Shockwave License Agreement (or “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.

The Company has accounted for its investment in the JV under the equity method of accounting. As of March 31, 2022, the carrying value of the Company’s investment in the JV was $5.9 million and the Company owned a 45% interest in the entity. The Company’s share of losses generated by the JV for the three months ended March 31, 2022 was approximately $47,000, which was recorded in share in net loss of the equity method investment. The JV has not generated any revenues to date.

The following table summarizes the unaudited balance sheet for the JV:


	March 31,
	2022
Balance sheet:	(in thousands)
Current assets	$	14,722
Current liabilities	(1,585)
Net assets	$	13,137

The following table summarizes the unaudited results of operations for the JV:


	Three Months Ended March 31,
	2022
	(in thousands)
Revenues	$	—
Loss from operations	105
Net loss	$	105

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 which were issued at the formation of the JV.

As of March 31, 2022, 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 from the China National Medical Products Administration.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
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 $197,000 and $44,000 for the three months ended March 31, 2022 and 2021, respectively. The income tax expense for the three months ended March 31, 2022, reflects the impact of a change in U.S. tax law effective January 1, 2022, which requires the capitalization and amortization of research and experimental expenditures incurred after December 31, 2021. The Company’s effective tax rate may be subject to fluctuation due to several factors, including our 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. While the Company has reported U.S. pre-tax income for the first quarter 2022, the Company has not yet been able to establish sufficient significant positive evidence to conclude that its U.S. deferred tax assets are more likely than not to be realized. Therefore, the Company continues to maintain a valuation allowance against most of its U.S. deferred tax assets. Once the Company establishes a sustained level of profitability and projects continued profitability, the Company may reverse a significant portion of its valuation allowance recorded against U.S. deferred tax assets, resulting in an income tax benefit.

- 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
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-Paragraph 21
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Reference 2: 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 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
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 flows. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2021 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022.
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. Restricted cash as of March 31, 2022 and December 31, 2021 relates to a letter of credit established for the Company’s office leases and is recorded as other assets on the condensed consolidated balance sheets.
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 sheet. The Company records its proportionate share of the underlying income or loss which is recognized in share in net loss of equity method investment. For the three months ended March 31, 2022, the Company’s share in the losses incurred by the equity method investment was $47,000. The Company eliminates any intra-entity profits to the extent of the Company’s beneficial interest. 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 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 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, 2022.
Share-based Payment Arrangement	Stock-Based Compensation The 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130563-203045

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123372394&loc=d3e18823-107790

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	March 31, 2022		December 31, 2021
	(in thousands)
Cash and cash equivalents	$	66,252	$	89,209
Restricted cash	1,665		1,665
Total cash, cash equivalents, and restricted cash	$	67,917	$	90,874

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
U.S. Treasury securities	$	109,486	$	—	$	—	$	109,486
Money market funds	23,711		—		—		23,711
Commercial paper	—		16,483		—		16,483
Corporate bonds	—		8,906		—		8,906
Total assets	$	133,197	$	25,389	$	—	$	158,586


	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
U.S. Treasury securities	$	80,155	$	—	$	—	$	80,155
Money market funds	47,541		—		—		47,541
Commercial paper	—		20,472		—		20,472
Corporate bonds	—		11,145		—		11,145
Total assets	$	127,696	$	31,617	$	—	$	159,313

Cash Equivalents and Short-Term Investments (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
U.S. Treasury securities	$	110,452	$	—	$	(966)	$	109,486
Money market funds	23,711		—		—		23,711
Commercial paper	16,483		—		—		16,483
Corporate bonds	8,957		—		(51)		8,906
Total	$	159,603	$	—	$	(1,017)	$	158,586
Reported as:
Cash equivalents							$	23,711
Short-term investments							134,875
Total							$	158,586


	December 31, 2021
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
U.S. Treasury securities	$	80,353	$	—	$	(198)	$	80,155
Money market funds	47,541		—		—		47,541
Commercial paper	20,472		—		—		20,472
Corporate bonds	11,149		—		(4)		11,145
Total	$	159,515	$	—	$	(202)	$	159,313
Reported as:
Cash equivalents							$	47,541
Short-term investments							111,772
Total							$	159,313

Summary of Remaining Contractual Maturities for Available-for-sale Securities

The remaining contractual maturities for available-for-sale securities were as follows:


	March 31, 2022
	Fair Value

One year or less	$	115,230
Greater than one year and less than two years	43,356
Total	$	158,586

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory consists of the following:


	March 31, 2022		December 31, 2021
	(in thousands)
Raw material	$	13,627	$	7,685
Work in progress	12,049		13,315
Finished goods	26,327		20,326
Consigned inventory	1,366		1,652
Total inventory	$	53,369	$	42,978

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	March 31, 2022		December 31, 2021
	(in thousands)
Accrued employee compensation	$	19,545	$	25,749
Accrued research and development costs	3,913		4,605
Accrued asset purchases	2,980		4,101
Accrued professional services	3,086		2,636
Other	3,495		3,779
Total accrued liabilities	$	33,019	$	40,870

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Future Rental Payments

The following are minimum future rental payments owed under these agreements which have commenced as of March 31, 2022:


Year ending December 31,	(in thousands)
2022 (remainder)	$	2,602
2023	4,194
2024	4,289
2025	4,415
2026	4,545
Thereafter	24,664
Total minimum lease payments	$	44,709
Less: imputed interest and adjustments	(11,054)
Total lease liability	$	33,655

Term Notes (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Current and Noncurrent Debt and Net Discount or Premium Balances

Current and noncurrent debt and net discount or premium balances are as follows:


	March 31, 2022		December 31, 2021
	(in thousands)
Principal amount of term note	$	16,500	$	16,500
Net premium associated with accretion of final payment, and other debt issuance costs	783		630
Term note, current and noncurrent	17,283		17,130
Less term note, current portion	(8,250)		(5,500)
Term note, noncurrent portion	$	9,033	$	11,630

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Total Stock-Based Compensation

Total stock-based compensation was as follows:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
Cost of product revenue	$	653	$	138
Research and development	2,238		1,167
Sales and marketing	3,932		2,057
General and administrative	2,687		1,777
Total stock-based compensation	$	9,510	$	5,139

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:


	Shares Available for Grant	Number of Shares	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Term	Aggregate Intrinsic Value
					(in years)	(in thousands)
Balance, December 31, 2021	3,745,216	1,524,985	$	6.01	5.76	$	262,793
Awards authorized	1,063,334	—
Options exercised	—	(54,913)	7.10
Options cancelled	702	(702)	13.19
Balance, March 31, 2022	4,809,252	1,469,370	$	5.96	5.40	$	295,930
Vested and exercisable, March 31, 2022		1,325,201	$	5.37	5.25	$	267,682
Vested and expected to vest, March 31, 2022		1,469,370	$	5.96	5.40	$	295,930

Schedule of RSU Activity under 2019 Plan

RSU and PRSU activity under the 2019 Plan is set forth below. Grant activity for all PRSUs are disclosed at target (100%):


	Restricted Stock Units			Performance-Based Restricted Stock Units
	Number of Shares	Weighted- Average Grant Date Fair Value Per Share		Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance, December 31, 2021	1,156,683	$	93.27	—	$	—
RSUs granted	214,988	157.46		35,105	155.03
RSUs forfeited	(22,864)	146.73		—	—
RSUs vested	(210,835)	80.63		—	—
Balance, March 31, 2022	1,137,972	$	106.67	35,105	$	155.03

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Components of Basic and Diluted Net Income (Loss) Per Share

The components of basic and diluted net income (loss) per share are as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2022		2021
Numerator:
Net income (loss)	$	14,521	$	(23,601)
Denominator:
Basic:
Weighted average number of common shares outstanding - basic	35,587,337		34,797,400
Diluted:
Weighted average number of common shares outstanding - basic	35,587,337		34,797,400
Dilutive effect of outstanding common stock options	1,437,748		—
Dilutive effect of restricted stock units	597,817		—
Dilutive effect of common stock pursuant to employee stock purchase plan	575		—
Weighted average number of common shares outstanding - diluted	37,623,477		34,797,400
Net income (loss) per share:
Basic	$	0.41	$	(0.68)
Diluted	$	0.39	$	(0.68)

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


	Three Months Ended March 31,
	2022	2021
Common stock options issued and outstanding	—	1,927,262
Restricted stock units	58,699	1,173,972
Employee stock purchase plan	4,385	2,951
Total	63,084	3,104,185

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
	(in thousands)
Coronary	$	70,337	$	15,308
Peripheral	22,852		16,141
Other	442		451
Product revenue	$	93,631	$	31,900

The following table represents the Company’s product revenue based on the location to which the product is shipped:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
United States	$	78,519	$	21,045
Europe	12,067		8,222
All other countries	3,045		2,633
Product revenue	$	93,631	$	31,900

Equity Method Investments (Tables)

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Summary of Unaudited Balance Sheet

The following table summarizes the unaudited balance sheet for the JV:


	March 31,
	2022
Balance sheet:	(in thousands)
Current assets	$	14,722
Current liabilities	(1,585)
Net assets	$	13,137

Summary of Unaudited Results of Operations

The following table summarizes the unaudited results of operations for the JV:


	Three Months Ended March 31,
	2022
	(in thousands)
Revenues	$	—
Loss from operations	105
Net loss	$	105

Organization and Basis of Presentation - Additional Information (Details) $ in Millions	Mar. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents and short-term investments	$ 201.1

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

Accounting Policies [Abstract]

Cash and cash equivalents

$ 66,252

$ 89,209

^[1]

Restricted cash

1,665

Total cash, cash equivalents, and restricted cash

$ 67,917

$ 90,874

[1]	The condensed consolidated balance sheet as of December 31, 2021 is derived from the audited consolidated financial statements as of that date.

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Share in net loss of equity method investment	$ 47,000	$ 5,523,000
Notice period for cancellation of agreement	30 days
Revenue	$ 93,631,000	$ 31,900,000
License
Summary Of Significant Accounting Policies [Line Items]
Revenue	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Financial Instruments and Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Total assets	$ 158,586	$ 159,313
Level 1
Assets:
Total assets	133,197	127,696
Level 2
Assets:
Total assets	25,389	31,617
Level 3
Assets:
Total assets	0	0
U.S. Treasury Securities
Assets:
Total assets	109,486	80,155
U.S. Treasury Securities \| Level 1
Assets:
Total assets	109,486	80,155
U.S. Treasury Securities \| Level 2
Assets:
Total assets	0	0
U.S. Treasury Securities \| Level 3
Assets:
Total assets	0	0
Money Market Funds
Assets:
Total assets	23,711	47,541
Money Market Funds \| Level 1
Assets:
Total assets	23,711	47,541
Money Market Funds \| Level 2
Assets:
Total assets	0	0
Money Market Funds \| Level 3
Assets:
Total assets	0	0
Commercial Paper
Assets:
Total assets	16,483	20,472
Commercial Paper \| Level 1
Assets:
Total assets	0	0
Commercial Paper \| Level 2
Assets:
Total assets	16,483	20,472
Commercial Paper \| Level 3
Assets:
Total assets	0	0
Corporate Bonds
Assets:
Total assets	8,906	11,145
Corporate Bonds \| Level 1
Assets:
Total assets	0	0
Corporate Bonds \| Level 2
Assets:
Total assets	8,906	11,145
Corporate Bonds \| Level 3
Assets:
Total assets	$ 0	$ 0

Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

Cash And Cash Equivalents [Line Items]

Cash equivalents

$ 23,711

$ 47,541

Cash equivalents and short-term investments, Amortized Cost Basis

159,603

159,515

Unrealized Gains

Unrealized Losses

(1,017)

(202)

Cash equivalents and short-term investments, Fair Value

158,586

159,313

Short-term investments

134,875

111,772

^[1]

U.S. Treasury Securities

Cash And Cash Equivalents [Line Items]

Short-term investments Amortized Cost Basis

110,452

80,353

Unrealized Gains

Unrealized Losses

(966)

(198)

Short-term investments, Fair Value

109,486

80,155

Money Market Funds

Cash And Cash Equivalents [Line Items]

Cash equivalents

23,711

47,541

Commercial Paper

Cash And Cash Equivalents [Line Items]

Short-term investments Amortized Cost Basis

16,483

20,472

Unrealized Gains

Unrealized Losses

Short-term investments, Fair Value

16,483

20,472

Corporate Bonds

Cash And Cash Equivalents [Line Items]

Short-term investments Amortized Cost Basis

8,957

11,149

Unrealized Gains

Unrealized Losses

(51)

(4)

Short-term investments, Fair Value

$ 8,906

$ 11,145

[1]	The condensed consolidated balance sheet as of December 31, 2021 is derived from the audited consolidated financial statements as of that date.

Cash Equivalents and Short-Term Investments - Summary of Remaining Contractual Maturities for Available-for-sale Securities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Cash and Cash Equivalents [Abstract]
One year or less	$ 115,230
Greater than one year and less than two years	43,356
Total	$ 158,586

Balance Sheet Components - Schedule of Inventory (Details) - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

Inventory Disclosure [Abstract]

Raw material

$ 13,627

$ 7,685

Work in progress

12,049

13,315

Finished goods

26,327

20,326

Consigned inventory

1,366

1,652

Total inventory

$ 53,369

$ 42,978

^[1]

[1]	The condensed consolidated balance sheet as of December 31, 2021 is derived from the audited consolidated financial statements as of that date.

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued employee compensation

$ 19,545

$ 25,749

Accrued research and development costs

3,913

4,605

Accrued asset purchases

2,980

4,101

Accrued professional services

3,086

2,636

Other

3,495

3,779

Total accrued liabilities

$ 33,019

$ 40,870

^[1]

[1]	The condensed consolidated balance sheet as of December 31, 2021 is derived from the audited consolidated financial statements as of that date.

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Loss Contingencies [Line Items]
Operating lease, weighted average remaining lease term	9 years 8 months 12 days
Operating lease, weighted average discount rate	5.00%
Operating lease cost	$ 1,200	$ 600
Total lease liability	33,655
5403 Lease
Loss Contingencies [Line Items]
Lessee operating lease liability payments not yet commenced due	$ 10,800

Commitments and Contingencies - Schedule of Minimum Future Rental Payments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2022 (remainder)	$ 2,602
2023	4,194
2024	4,289
2025	4,415
2026	4,545
Thereafter	24,664
Total minimum lease payments	44,709
Less: imputed interest and adjustments	(11,054)
Total lease liability	$ 33,655

Term Notes - Additional Information (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt amount		$ 16,500	$ 16,500
Loan and Security Agreement \| Supplemental Term Loan
Debt Instrument [Line Items]
Debt amount	$ 16,500
Debt interest rate		3.50%
Debt, final payment amount	$ 1,600
Loan and Security Agreement \| Minimum \| Prime Rate \| Supplemental Term Loan
Debt Instrument [Line Items]
Debt interest rate basis	1.25%
Loan and Security Agreement \| Maximum \| Supplemental Term Loan
Debt Instrument [Line Items]
Debt interest rate	3.50%

Term Notes - Schedule of Current and Noncurrent Debt and Net Discount or Premium Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument, Periodic Payment [Abstract]
Principal amount of term note	$ 16,500	$ 16,500
Net premium associated with accretion of final payment, and other debt issuance costs	783	630
Term note, current and noncurrent	17,283	17,130
Less term note, current portion	(8,250)	(5,500)
Term note, noncurrent portion	$ 9,033	$ 11,630

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Stock-Based Compensation - Schedule of Total Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 9,510	$ 5,139
Cost of product revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	653	138
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	2,238	1,167
Sales and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	3,932	2,057
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,687	$ 1,777

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Mar. 06, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expenses capitalized amount		$ 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	3.00%
Shares available for issuance (in shares)		4,809,252,000		3,745,216,000
Stock-based compensation expense		$ 9,510	$ 5,139
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Employee stock purchase plan
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)		1,212,769
Purchase shares of common stock, price per share, percentage of fair market value		85.00%
Stock-based compensation expense		$ 400	$ 300
Performance-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		100.00%
Performance-Based Restricted Stock Units \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		2 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		0.00%
Performance-Based Restricted Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		200.00%

Stock-Based Compensation - Schedule of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Shares Available for Grant
Balance beginning of period (in shares)	3,745,216,000
Awards authorized (in shares)	1,063,334,000
Options cancelled (in shares)	702,000
Balance end of period (in shares)	4,809,252,000	3,745,216,000
Number of Shares
Balance beginning of period (in shares)	1,524,985,000
Options exercised (in shares)	(54,913,000)
Options cancelled (in shares)	(702,000)
Balance end of period (in shares)	1,469,370,000	1,524,985,000
Vested and exercisable shares (in shares)	1,325,201,000
Vested and expected to vest shares (in shares)	1,469,370,000
Weighted- Average Exercise Price Per Share
Beginning balance of period (USD per share)	$ 6,010.00
Options exercised (USD per share)	7,100
Options cancelled (USD per share)	13,190
Ending balance of period (USD per share)	5,960	$ 6,010.00
Vested and exercisable shares (USD per share)	5,370
Vested and expected to vest shares (USD per share)	$ 5,960
Weighted- Average Remaining Term
Balance (USD per share)	5 years 4 months 24 days	5 years 9 months 3 days
Vested and exercisable, March 31, 2022	5 years 3 months
Vested and expected to vest, March 31, 2022	5 years 4 months 24 days
Aggregate Intrinsic Value
Balance	$ 295,930	$ 262,793
Vested and exercisable, March 31, 2022	267,682
Vested and expected to vest, March 31, 2022	$ 295,930

Stock-Based Compensation - Schedule of RSU Activity (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Restricted Stock Units
Number of Shares
Beginning balance of period (in shares) \| shares	1,156,683,000
RSUs granted (in shares) \| shares	214,988,000
RSUs forfeited (in shares) \| shares	(22,864,000)
RSUs vested (in shares) \| shares	(210,835,000)
Ending balance of period (in shares) \| shares	1,137,972,000
Weighted-Average Grant Date Fair Value Per Share
Beginning balance of period (USD per share) \| $ / shares	$ 93,270
RSUs granted (USD per share) \| $ / shares	157,460
RSUs forfeited (USD per share) \| $ / shares	146,730
RSUs vested (USD per share) \| $ / shares	80,630
Ending balance of period (USD per share) \| $ / shares	$ 106,670
Performance-Based Restricted Stock Units
Number of Shares
Beginning balance of period (in shares) \| shares	0
RSUs granted (in shares) \| shares	35,105,000
RSUs forfeited (in shares) \| shares	0
RSUs vested (in shares) \| shares	0
Ending balance of period (in shares) \| shares	35,105,000
Weighted-Average Grant Date Fair Value Per Share
Beginning balance of period (USD per share) \| $ / shares	$ 0
RSUs granted (USD per share) \| $ / shares	155,030.00
RSUs forfeited (USD per share) \| $ / shares	0
RSUs vested (USD per share) \| $ / shares	0
Ending balance of period (USD per share) \| $ / shares	$ 155,030.00

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, 2022	Mar. 31, 2021
Numerator:
Net income (loss)	$ 14,521	$ (23,601)
Shares used in computing net income (loss) per share
Basic (in shares)	35,587,337,000	34,797,400,000
Diluted (in shares)	37,623,477,000	34,797,400,000
Net income (loss) per share:
Basic (USD per share)	$ 410	$ (680)
Diluted (USD per share)	$ 390	$ (680)
Stock Options
Shares used in computing net income (loss) per share
Dilutive effect of share-based payment arrangements (in shares)	1,437,748,000	0
Restricted Stock Units
Shares used in computing net income (loss) per share
Dilutive effect of share-based payment arrangements (in shares)	597,817,000	0
Employee stock purchase plan
Shares used in computing net income (loss) per share
Dilutive effect of share-based payment arrangements (in shares)	575,000	0

Net Income (Loss) Per Share - Summary of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Income (Loss) Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	63,084,000	3,104,185,000
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	0	1,927,262,000
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	58,699,000	1,173,972,000
Employee stock purchase plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	4,385,000	2,951,000

Revenue - Schedule of Product Revenue Based on Product Line (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Product revenue	$ 93,631	$ 31,900
Coronary
Disaggregation Of Revenue [Line Items]
Product revenue	70,337	15,308
Peripheral
Disaggregation Of Revenue [Line Items]
Product revenue	22,852	16,141
Other
Disaggregation Of Revenue [Line Items]
Product revenue	$ 442	$ 451

- Definition

+ References

+ Details

Revenue - Schedule of Product Revenue Based on Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Product revenue	$ 93,631	$ 31,900
United States
Disaggregation Of Revenue [Line Items]
Product revenue	78,519	21,045
Europe
Disaggregation Of Revenue [Line Items]
Product revenue	12,067	8,222
All other countries
Disaggregation Of Revenue [Line Items]
Product revenue	$ 3,045	$ 2,633

- Definition

+ References

+ Details

Equity Method Investments - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 19, 2021

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

^[1]

Schedule Of Equity Method Investments [Line Items]

Equity method investment

$ 5,940

$ 5,987

Share in net loss of equity method investment

$ 5,523

$ 12,273

Joint Venture

Schedule Of Equity Method Investments [Line Items]

Percentage of equity stake received

45.00%

$ 12,300

JV Agreement with Genesis MedTech

Schedule Of Equity Method Investments [Line Items]

Equity method investment

5,900

Share in net loss of equity method investment

$ 47

JV Agreement with Genesis MedTech | Share Subscription Agreement

Schedule Of Equity Method Investments [Line Items]

Ordinary shares issued (in shares)

54,900

Equity percentage

55.00%

Cash contribution from exchange of equity

$ 15,000

Percentage of cash contribution received from exchange of equity upon signing of agreement

50.00%

Percentage of cash contribution receivable from exchange of equity within one year

50.00%

JV Agreement with Genesis MedTech | License Agreement

Schedule Of Equity Method Investments [Line Items]

Ordinary shares issued (in shares)

45,000

Equity percentage

45.00%

[1]	The condensed consolidated balance sheet as of December 31, 2021 is derived from the audited consolidated financial statements as of that date.

Equity Method Investments - Summary of Unaudited Balance Sheet (Details) - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

^[1]

Balance sheet:

Current assets

$ 309,910

$ 285,902

Current liabilities

(51,030)

$ (51,628)

JV Agreement with Genesis MedTech

Balance sheet:

Current assets

14,722

Current liabilities

(1,585)

Net assets

$ 13,137

[1]	The condensed consolidated balance sheet as of December 31, 2021 is derived from the audited consolidated financial statements as of that date.

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Equity Method Investments - Summary of Unaudited Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Loss from operations	$ 15,372	$ (17,487)
Net income (loss)	14,521	$ (23,601)
JV Agreement with Genesis MedTech
Schedule Of Equity Method Investments [Line Items]
Revenues	0
Loss from operations	105
Net income (loss)	$ 105

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+ Details

- 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).

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 197	$ 44

- Definition

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

+ References + Details