0001323885-21-000050 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Entity Address, City or Town	Mason
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-51470
Entity Registrant Name	AtriCure, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1940305
City Area Code	513
Local Phone Number	755-4100
Title of 12(b) Security	Common Stock, $.001 par value
Trading Symbol	ATRC
Security Exchange Name	NASDAQ
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,931,819
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0001323885
Entity Address, Address Line One	7555 Innovation Way
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45040
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 39,886	$ 41,944
Short-term investments	79,860	202,274
Accounts receivable, less allowance for credit losses of $1,161 and $1,096	33,498	23,146
Inventories	38,587	35,026
Prepaid and other current assets	3,876	4,347
Total current assets	195,707	306,737
Property and equipment, net	29,901	28,290
Operating lease right-of-use assets	2,465	1,914
Long-term investments	105,097	14,178
Intangible assets, net	43,963	128,199
Goodwill	234,781	234,781
Other noncurrent assets	1,055	440
Total Assets	612,969	714,539
Current liabilities:
Accounts payable	17,527	12,736
Accrued liabilities	31,846	27,984
Other current liabilities and current maturities of debt and leases	4,581	8,417
Total current liabilities	53,954	49,137
Long-term debt	56,354	53,435
Finance lease liabilities	10,317	10,969
Operating lease liabilities	1,593	1,180
Contingent consideration and other noncurrent liabilities	2,282	187,424
Total Liabilities	124,500	302,145
Commitments and contingencies (Note 7)
Stockholders’ Equity:
Common stock, $0.001 par value, 90,000 shares authorized and 45,933 and 45,346 issued and outstanding	46	45
Additional paid-in capital	755,048	742,389
Accumulated other comprehensive (loss) income	(213)	312
Accumulated deficit	(266,412)	(330,352)
Total Stockholders’ Equity	488,469	412,394
Total Liabilities and Stockholders’ Equity	$ 612,969	$ 714,539

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 1,161	$ 1,096
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	45,933,000	45,346,000
Common stock, shares outstanding (in shares)	45,933,000	45,346,000

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 70,460	$ 54,757	$ 201,111	$ 148,806
Cost of revenue	18,234	14,423	50,267	41,934
Gross profit	52,226	40,334	150,844	106,872
Operating (benefit) expenses:
Research and development expenses	11,284	10,576	34,698	32,199
Selling, general and administrative expenses	49,873	33,557	150,939	106,257
Change in value of contingent consideration	(189,900)	192	(184,800)	(4,854)
Intangible asset impairment	82,300	0	82,300	0
Total operating (benefit) expenses	(46,443)	44,325	83,137	133,602
Income (loss) from operations	98,669	(3,991)	67,707	(26,730)
Other income (expense):
Interest expense	(1,449)	(1,232)	(3,835)	(3,691)
Interest income	117	246	354	914
Other	(191)	24	(151)	(70)
Income (loss) before income tax expense	97,146	(4,953)	64,075	(29,577)
Income tax expense (benefit)	38	(4)	135	16
Net income (loss)	$ 97,108	$ (4,949)	$ 63,940	$ (29,593)
Net income (loss) per share
Basic net income (loss) per share (in usd per share)	$ 2.15	$ (0.11)	$ 1.42	$ (0.71)
Diluted net income (loss) per share (in usd per share)	$ 2.11	$ (0.11)	$ 1.39	$ (0.71)
Weighted average shares outstanding
Basic (in shares)	45,258	44,012	44,977	41,442
Diluted (in shares)	46,100	44,012	45,996	41,442
Comprehensive income (loss):
Unrealized (loss) gain on investments	$ (14)	$ (85)	$ (177)	$ 26
Foreign currency translation adjustment	(112)	238	(348)	189
Other comprehensive (loss) income	(126)	153	(525)	215
Net income (loss)	97,108	(4,949)	63,940	(29,593)
Comprehensive income (loss), net of tax	$ 96,982	$ (4,796)	$ 63,415	$ (29,378)

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning Balance, Shares at Dec. 31, 2019		39,655
Beginning Balance at Dec. 31, 2019	$ 247,343	$ 40	$ 529,658	$ (282,197)	$ (158)
Issuance of common stock through public offering, Shares		4,574
Issuance of common stock through public offering	188,958	$ 5	188,953
Impact of equity compensation plans, Shares		792
Impact of equity compensation plans	10,609		10,609
Other comprehensive income (loss)	215				215
Net income (loss)	(29,593)			(29,593)
Ending Balance, Shares at Sep. 30, 2020		45,021
Ending Balance at Sep. 30, 2020	417,532	$ 45	729,220	(311,790)	57
Beginning Balance, Shares at Jun. 30, 2020		44,939
Beginning Balance at Jun. 30, 2020	416,862	$ 45	723,754	(306,841)	(96)
Impact of equity compensation plans, Shares		82
Impact of equity compensation plans	5,466		5,466
Other comprehensive income (loss)	153				153
Net income (loss)	(4,949)			(4,949)
Ending Balance, Shares at Sep. 30, 2020		45,021
Ending Balance at Sep. 30, 2020	417,532	$ 45	729,220	(311,790)	57
Beginning Balance, Shares at Dec. 31, 2020		45,346
Beginning Balance at Dec. 31, 2020	412,394	$ 45	742,389	(330,352)	312
Impact of equity compensation plans, Shares		587
Impact of equity compensation plans	12,660	$ 1	12,659		0
Other comprehensive income (loss)	(525)				(525)
Net income (loss)	63,940			63,940
Ending Balance, Shares at Sep. 30, 2021		45,933
Ending Balance at Sep. 30, 2021	488,469	$ 46	755,048	(266,412)	(213)
Beginning Balance, Shares at Jun. 30, 2021		45,881
Beginning Balance at Jun. 30, 2021	385,083	$ 46	748,644	(363,520)	(87)
Impact of equity compensation plans, Shares		52
Impact of equity compensation plans	6,404		6,404
Other comprehensive income (loss)	(126)				(126)
Net income (loss)	97,108			97,108
Ending Balance, Shares at Sep. 30, 2021		45,933
Ending Balance at Sep. 30, 2021	$ 488,469	$ 46	$ 755,048	$ (266,412)	$ (213)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

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

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 63,940	$ (29,593)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation expense	20,539	16,126
Depreciation	5,672	5,937
Amortization of intangible assets	1,936	1,444
Amortization of deferred financing costs	628	423
Loss on disposal of property and equipment	68	93
Amortization of investments	1,847	628
Change in fair value of contingent consideration	(184,800)	(4,854)
Intangible asset impairment	82,300	0
Other non-cash adjustments to income	896	871
Changes in operating assets and liabilities:
Accounts receivable	(10,583)	2,675
Inventories	(3,809)	(4,746)
Other current assets	436	481
Accounts payable	4,527	(515)
Accrued liabilities	3,987	(13,688)
Other noncurrent assets and liabilities	(1,665)	895
Net cash used in operating activities	(14,081)	(23,823)
Cash flows from investing activities:
Purchases of available-for-sale securities	160,577	200,795
Sales and maturities of available-for-sale securities	190,047	49,984
Purchases of property and equipment	(7,043)	(4,207)
Proceeds from capital grant	0	800
Net cash provided by (used in) investing activities	22,427	(154,218)
Cash flows from financing activities:
Proceeds from sale of stock, net of offering costs of $0 and $218	0	188,958
Payments on debt and leases	(2,269)	(468)
Payments of debt fees	0	(34)
Proceeds from stock option exercises and employee stock purchase plan	10,020	7,412
Shares repurchased for payment of taxes on stock awards	(17,900)	(12,929)
Net cash (used in) provided by financing activities	(10,149)	182,939
Effect of exchange rate changes on cash and cash equivalents	(255)	0
Net (decrease) increase in cash and cash equivalents	(2,058)	4,898
Cash and cash equivalents—beginning of period	41,944	28,483
Cash and cash equivalents—end of period	39,886	33,381
Supplemental cash flow information:
Cash paid for interest	3,225	3,286
Cash paid for income taxes, net of refunds	153	206
Non-cash investing and financing activities:
Accrued purchases of property and equipment	$ 606	$ 88

Condensed Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Statement of Cash Flows [Abstract]
Stock offering costs	$ 0	$ 218

Description of Business and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Summary of Significant Accounting Policies

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of the Business—The “Company” or “AtriCure” consists of AtriCure, Inc. and its wholly-owned subsidiaries. The Company is a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management and sells its products to medical centers globally through its direct sales force and distributors.

Basis of Presentation—The accompanying interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (SEC). The accompanying interim financial statements are unaudited, but in the opinion of the Company’s management, contain all normal, recurring adjustments considered necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States of America (GAAP) applicable to interim periods. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted or condensed. The Company believes the disclosures herein are adequate to make the information presented not misleading. Results of operations are not necessarily indicative of the results expected for the full year or for any future period.

The accompanying interim financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. All intercompany accounts and transactions have been eliminated in consolidation.

Reclassification—In the quarter ended September 30, 2021, the Company changed the presentation of its condensed consolidated statement of operations and comprehensive income (loss) to separately disclose the change in contingent consideration, previously reported in selling, general and administrative expenses. Amounts for comparative prior fiscal periods have been reclassified to conform to the current period presentation. This reclassification had no impact on previously reported net income or financial position.

Cash and Cash Equivalents—The Company considers highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. Cash equivalents include demand deposits, money market funds and repurchase agreements on deposit with financial institutions.

Investments—The Company invests primarily in government and agency obligations, corporate bonds, commercial paper and asset-backed securities and classifies all investments as available-for-sale. Investments maturing in less than one year are classified as short-term investments. Investments are recorded at fair value, with unrealized gains and losses recorded as accumulated other comprehensive income (loss). Gains and losses are recognized using the specific identification method when securities are sold and are included in interest income.

Revenue Recognition—The Company recognizes revenue when control of promised goods is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. This generally occurs upon shipment of goods to customers. See Note 8 for further discussion on revenue.

Sales Returns and Allowances—The Company maintains a provision for potential returns of defective or damaged products and invoice adjustments. The Company adjusts the provision using the expected value method based on historical experience. Increases to the provision reduce revenue, and the provision is included in accrued liabilities.

Allowance for Credit Losses on Accounts Receivable—The Company evaluates the expected credit losses on accounts receivable, considering historical credit losses, current customer-specific information and other relevant factors when determining the allowance. An increase to the allowance for credit losses results in a corresponding increase in selling, general and administrative expenses. The Company charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The Company’s history of write-offs has not been significant.

Inventories—Inventories are stated at the lower of cost or net realizable value based on the first-in, first-out cost method (FIFO) and consist of raw materials, work in process and finished goods. The Company’s industry is characterized by rapid product development and frequent new product introductions. Uncertain timing of regulatory approvals, variability in product launch strategies and variation in product use all impact inventory reserves for excess, obsolete and expired products. An increase to inventory reserves results in a corresponding increase in cost of revenue. Inventories are written off against the reserve when they are physically disposed.

Inventories consist of the following:


	September 30, 2021		December 31, 2020
Raw materials	$	13,053	$	11,966
Work in process	3,357		2,424
Finished goods	22,177		20,636
Inventories	$	38,587	$	35,026

Property and Equipment—Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of assets. The estimated useful life by major asset category is the following:


			Estimated Useful Life
Generators and related equipment			1 - 3 years
Building and building under finance lease			15 - 20 years
Computers, software and office equipment			3 - 5 years
Machinery and equipment			3 - 7 years
Furniture and fixtures			3 - 7 years
Leasehold improvements			5 - 15 years
Equipment under finance leases			3 - 5 years

The Company assesses the useful lives of property and equipment at least annually and retires assets no longer in use. Maintenance and repair costs are expensed as incurred. The Company reviews property and equipment for impairment at least annually using its best estimates based on reasonable and supportable assumptions and expected future cash flows. Property and equipment impairments have not been significant.

The Company’s radiofrequency (RF) and cryo generators are generally placed with customers that use the Company’s disposable products. The estimated useful lives of generators are based on anticipated usage by customers and may change in future periods with changes in usage or introduction of new technology. Depreciation of generators and related equipment, which is included in cost of revenue, was $532 and $613 for the three months ended September 30, 2021 and 2020 and $1,735 and $1,898 for the nine months ended September 30, 2021 and 2020. As of September 30, 2021 and December 31, 2020, the net carrying value of generators and related equipment included in net property and equipment was $3,609 and $3,410.

Leases— The Company leases office, manufacturing and warehouse facilities and computer equipment under leases that qualify as either financing or operating leases, as determined at the inception of the lease arrangement. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Lease assets and liabilities are measured and recorded at the commencement date based on the present value of lease payments over the lease term.

Lease assets and liabilities exclude lease incentives and include options to extend or terminate when it is reasonably certain the Company will exercise that option. The Company uses the implicit rate when readily determinable; however, as most leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at measurement. The Company also applies the short-term lease recognition exemption, recognizing lease payments in profit or loss, for leases that have a lease term of 12 months or less at commencement and do not include an option to extend the lease whose exercise is reasonably certain. For real estate and equipment leases, the Company accounts for the lease and non-lease components as a single lease component. Additionally, the portfolio approach is applied for the operating leases based on the terms of the underlying leases.

Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities, while finance leases are included in property and equipment and finance lease liabilities. The short-term portions of both lease liabilities are included in other current liabilities and current maturities of debt and leases. Operating lease expense is recognized on a straight-line basis over the lease term. See Note 6 for further discussion.

Intangible Assets—Intangible assets with determinable useful lives are amortized on a straight-line basis over the estimated periods benefited. Intangible assets include In Process Research and Development (IPR&D), representing the value of technology acquired in business combinations that has not yet reached technological feasibility. The primary basis for determining technological feasibility is obtaining specific regulatory approvals. IPR&D is accounted for as an indefinite-lived intangible asset until completion or abandonment of the IPR&D project. Upon completion of the development project, IPR&D will be amortized over its estimated useful life. Due to the nature of IPR&D projects, the Company may experience future delays or failures to obtain regulatory approvals or market clearances, or may discontinue or abandon the project, all which may impact the estimated fair value of the IPR&D project. As a result, the Company may have a full or partial impairment charge related to the IPR&D, calculated as the excess carrying value of the IPR&D asset over the estimated fair value.

The Company reviews intangible assets at least annually for impairment using its best estimates based on reasonable and supportable assumptions and projections. The Company performs impairment testing annually on October 1 or more often if impairment indicators are present.

Through April 2021, the IPR&D asset included an estimate of the fair value of the pre-market approval (PMA) that could result from the CONVERGE IDE and aMAZE™ IDE clinical trials. The Company received PMA approval for CONVERGE on April 28, 2021 and began amortizing the $44,021 technology asset over an estimated fifteen year life. During the third quarter 2021, the Company identified indicators of impairment for the IPR&D asset that represents an estimate of the fair value of the PMA that could result from the aMAZE clinical trial. As a result of the analysis performed, the Company recorded an impairment loss of $82,300. See Note 3 for further discussion.

Goodwill—Goodwill represents the excess of purchase price over the fair value of the net assets acquired in business combinations. The Company’s goodwill is accounted for in a single reporting unit representing the Company as a whole. The Company performs impairment testing annually on October 1 or more often if impairment indicators are present.

Contingent Consideration and Other Noncurrent Liabilities—This balance consists of contingent consideration from business combinations, as well as deferred payroll taxes as a result of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), asset retirement obligations and other contractual obligations. The contingent consideration balance is included in noncurrent liabilities as any settlement is expected to be made primarily in shares of the Company’s common stock pursuant to the SentreHEART, Inc. (SentreHEART) merger agreement. See Note 2 for further discussion.

Other Income (Expense)—Other income (expense) consists primarily of foreign currency transaction gains and losses generated by settlements of intercompany balances denominated in Euros and customer invoices transacted in British Pounds.

Taxes—Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities from a change in tax rates is recognized in the period that includes the enactment date.

The Company’s estimate of the valuation allowance for deferred income tax assets requires significant estimates and judgments about future operating results. Deferred income tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more-likely-than-not that the deferred income tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. The Company evaluates deferred income tax assets on an annual basis to determine if valuation allowances are required. Deferred income tax assets are realized by having sufficient future taxable income to allow the related tax benefits to reduce taxes otherwise payable. The sources of taxable income that may be available to realize the benefit of deferred income tax assets are future taxable income, future reversals of existing taxable temporary differences, carryforwards and tax planning strategies that are both prudent and feasible. In evaluating the need for a valuation allowance, the existence of cumulative losses in recent years is significant objectively verifiable negative evidence that must be overcome by objectively verifiable positive evidence to avoid the need for a valuation allowance. The Company has established a full valuation allowance against substantially all net deferred income tax assets as it is more-likely-than-not that the benefit of the deferred income tax assets will not be recognized in future periods. The Company has not reclassified income tax effects of the Tax Cuts and Jobs Act within accumulated other comprehensive income (loss) to retained earnings due to its full valuation allowance.

Earnings Per Share—Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects net income available to common stockholders divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including shares issuable upon the vesting of restricted stock awards and restricted stock units, exercise of stock options as well as shares issuable under the Company's employee stock purchase plan (ESPP).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income (loss) available to common stockholders	$	97,108	$	(4,949)	$	63,940	$	(29,593)

Basic weighted average common shares outstanding	45,258		44,012		44,977		41,442
Effect of dilutive securities	842		—		1,019		—
Diluted weighted average common shares outstanding	46,100		44,012		45,996		41,442

Basic net income (loss) per common share	$	2.15	$	(0.11)	$	1.42	$	(0.71)
Diluted net income (loss) per common share	$	2.11	$	(0.11)	$	1.39	$	(0.71)

For the three and nine months ended September 30, 2020, net loss per share excludes the effect of 2,687 shares because the effect would be anti-dilutive. The computation of diluted earnings per share in the three and nine month periods ended September 30, 2021 excludes 491 and 582 shares because the effect would be anti-dilutive.

Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)—In addition to net income (loss), the comprehensive income (loss) includes foreign currency translation adjustments and unrealized gains (losses) on investments.

Accumulated other comprehensive income (loss) consisted of the following, net of tax:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total accumulated other comprehensive income (loss) at beginning of period	$	(87)	$	(96)	$	312	$	(158)
Unrealized Gains (Losses) on Investments
Balance at beginning of period	$	(109)	$	211	$	54	$	100
Other comprehensive (loss) income before reclassifications	(14)		(85)		(177)		7
Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense)	—		—		—		19
Balance at end of period	$	(123)	$	126	$	(123)	$	126
Foreign Currency Translation Adjustment
Balance at beginning of period	$	22	$	(307)	$	258	$	(258)
Other comprehensive (loss) income before reclassifications	(293)		290		(555)		177
Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense)	181		(52)		207		12
Balance at end of period	$	(90)	$	(69)	$	(90)	$	(69)
Total accumulated other comprehensive income (loss) at end of period	$	(213)	$	57	$	(213)	$	57

Research and Development Costs—Research and development costs are expensed as incurred. These costs include compensation and other internal and external costs associated with the development and research of new and existing products or concepts, preclinical studies, clinical trials and related regulatory activities, as well as amortization of technology assets.

Advertising Costs—The Company expenses advertising costs as incurred. Advertising costs were not significant during the three and nine months ended September 30, 2021 and 2020.

Share-Based Compensation—The Company records share-based compensation for all share-based payment awards, including stock options, restricted stock awards, restricted stock units, performance shares (PSAs) and stock purchases related to an employee stock purchase plan, based on estimated fair values. The value of the portion of an award that is ultimately expected to vest, net of estimated forfeitures, is recognized as expense over the service period. The Company estimates forfeitures at the time of grant and revises them, as necessary, in subsequent periods as actual forfeitures differ from those estimates. The Company recognized share-based compensation expense of $6,794 and $5,549 for the three months ended September 30, 2021 and 2020 and $20,539 and $16,126 for the nine months ended September 30, 2021 and 2020.

The Company estimates the fair value of time-based options on the date of grant using the Black-Scholes option-pricing model (Black-Scholes model). The Company’s determination of the fair value is affected by the Company’s stock price as well as several subjective assumptions, such as the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. The Company estimates the fair value of restricted stock awards and restricted stock units based upon the grant date closing market price of the Company’s common stock.

The Company estimates the fair value of PSAs with a performance condition based on the closing stock price on the date of grant assuming the performance goal will be achieved and may adjust expense over the performance period based on changes to estimates of performance target achievement. If such goals are not met or service is not rendered for the requisite service period, no compensation cost is recognized, and any recognized compensation cost will be reversed. For PSAs with a market condition, a Monte Carlo simulation is performed to estimate the fair value on the date of grant, and compensation cost is recognized over the requisite service period as the employee renders service, even if the market condition is not satisfied. The Company’s determination of the fair value is affected by the Company and the peer group’s stock price, as defined by the award agreement, at the beginning of the service period and grant date, the expected volatility of the Company and peer group’s stock price over the performance period and the correlation coefficient of the daily returns for the Company and peer group over the performance period.

The Company also has an employee stock purchase plan (ESPP) which is available to all eligible employees as defined by the plan document. Under the ESPP, shares of the Company’s common stock may be purchased at a discount. The Company estimates the number of shares to be purchased under the ESPP at the beginning of each purchase period based upon the fair value of the stock at the beginning of the purchase period using the Black-Scholes model and records estimated compensation expense during the purchase period. Expense is adjusted at the time of stock purchase.

Use of Estimates—The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including intangible assets, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Estimates are based on historical experience, where applicable, and other assumptions believed to be reasonable by management. Actual results could differ from those estimates.

Fair Value

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUEThe Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 820, “Fair Value Measurements and Disclosures” (ASC 820), defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three

levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

•Level 1—Quoted prices in active markets for identical assets or liabilities.

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

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

The Company classifies cash and investments in government and agency obligations, accounts receivable, short-term other assets, accounts payable and accrued liabilities as Level 1 within the fair value hierarchy. The carrying amounts of these assets and liabilities approximate their fair value due to their relatively short-term nature. Cash equivalents and investments in corporate bonds, commercial paper and asset-backed securities are classified as Level 2 within the fair value hierarchy. The fair value of fixed term debt is estimated by calculating the net present value of future debt payments at current market interest rates and is classified as Level 2. The book value of the Company’s fixed term debt approximates its fair value because the interest rate varies with market rates.

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021:


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	—	$	36,262	$	—	$	36,262
Commercial paper	—		28,968		—		28,968
Government and agency obligations	27,936		—		—		27,936
Corporate bonds	—		98,505		—		98,505
Asset-backed securities	—		29,548		—		29,548
Total assets	$	27,936	$	193,283	$	—	$	221,219
Liabilities:
Contingent consideration	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—

There were no changes in the levels or methodology of measurement of financial assets and liabilities during the three and nine months ended September 30, 2021.

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020:


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	—	$	38,452	$	—	$	38,452
Commercial paper	—		76,914		—		76,914
Government and agency obligations	45,399		—		—		45,399
Corporate bonds	—		73,730		—		73,730
Asset-backed securities	—		20,409		—		20,409
Total assets	$	45,399	$	209,505	$	—	$	254,904
Liabilities:
Contingent consideration	$	—	$	—	$	184,800	184,800
Total liabilities	$	—	$	—	$	184,800	$	184,800

Contingent Consideration. The Company’s contingent consideration arrangements arising from the SentreHEART acquisition obligate the Company to pay certain defined amounts to former shareholders of SentreHEART if specified milestones are met related to the aMAZE IDE clinical trial, including PMA approval and reimbursement for the therapy involving SentreHEART’s devices. As of December 31, 2020, the terms of the contingent consideration arrangements under the nContact merger agreement expired.

The Company measures contingent consideration liabilities using unobservable inputs by applying the probability-weighted scenario method, an income approach. Various key assumptions, such as the probability and timing of achievement of the agreed milestones, are significant to the determination of fair value of contingent consideration arrangements and are not observable in the market, thus representing a Level 3 measurement within the fair value hierarchy. Contingent consideration liabilities are periodically measured, with changes in the estimated fair value reflected in operating expenses. Changes in the discount rate, projected time until payment and probability of payment may result in materially different fair value measurements. A decrease in the discount rate would result in a higher fair value measurement, while a decrease in the probability of payment would result in a lower fair value measurement. Movement in the forecasted timing of achievement to later in the milestone periods would cause a decrease in the fair value measurement.

In July 2021, the Company was informed that data from the aMAZE clinical trial did not achieve statistical superiority. Specifically, while the trial met the safety endpoint, the trial did not meet the primary efficacy endpoint. As the contingent consideration arrangements were success-based milestone payments, the fair value of the SentreHEART contingent consideration was remeasured as of September 30, 2021 resulting in a decrease in fair value due to changes in estimates related to both the forecasted timing and probability of achievement of the regulatory and reimbursement milestones. Specifically, the Company assessed the projected probability of payment during the contractual achievement periods to be remote as of September 30, 2021, resulting in no remaining fair value. Accordingly, the Company recorded a credit to operating expenses of $189,900 in the third quarter 2021, reflecting the change in fair value of the contingent consideration during the three months ended September 30, 2021.

The following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for acquisition-related contingent consideration:


	Nine Months Ended September 30, 2021		Twelve Months Ended December 31, 2020
Beginning Balance	$	184,800	$	185,157
Amounts acquired	—		—
Changes in fair value included in earnings	(184,800)		(357)
Ending Balance	$	—	$	184,800

- 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

Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

The following table provides a summary of the Company’s intangible assets:


		September 30, 2021				December 31, 2020
	Estimated Useful Life	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Technology	5 - 15 years	$	55,712	$	11,749	$	11,691	$	9,813
IPR&D		—		—		126,321		—
Total		$	55,712	$	11,749	$	138,012	$	9,813

Following PMA approval of the EPi-Sense® System in the second quarter 2021, the related IPR&D asset with a value of $44,021 was determined to have a finite useful life. The intangible asset is now included in technology assets and is amortized over an estimated fifteen year life.

As a result of data from the aMAZE clinical trial not achieving statistical superiority, the Company identified indicators of impairment for the IPR&D asset that represents an estimate of the fair value of the PMA that could result from the aMAZE clinical trial. During the third quarter 2021, an impairment test was performed using estimates based on reasonable and supportable assumptions and projections of expected future cash flows, and the Company recorded an impairment charge of $82,300, reducing the carrying value of the aMAZE IPR&D asset to $0 at September 30, 2021. This impairment charge is reflected as a component of operating expenses.

Amortization expense of intangible assets with definite lives, which excludes IPR&D assets, was $971 and $467 for the three months ended September 30, 2021 and 2020 and $1,936 and $1,444 for the nine months ended September 30, 2021 and 2020.

Future amortization expense is projected as follows:


2021 (excluding the nine months ended September 30, 2021)	$	972
2022	3,653
2023	2,953
2024	2,953
2025	2,953
2026 and thereafter	30,479
Total	$	43,963

Accrued Liabilities

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Accrued Liabilities

ACCRUED LIABILITIES

Accrued liabilities consisted of the following:


	September 30, 2021		December 31, 2020
Accrued compensation and employee-related expenses	$	26,670	$	17,730
Sales returns and allowances	2,611		1,889
Accrued taxes and value-added taxes payable	1,487		1,256
Accrued royalties	783		703
Other accrued liabilities	285		406
Accrued legal settlement	10		6,000
Total	$	31,846	$	27,984

Indebtedness

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Indebtedness

INDEBTEDNESS

Credit Facility. The Company has a Loan and Security Agreement (Loan Agreement) with Silicon Valley Bank (SVB), which includes a $60,000 term loan and a $20,000 revolving line of credit. The total combined term loan and revolving line of credit outstanding under the Loan Agreement cannot exceed $70,000 at any time prior to SVB’s consent. The term loan and revolving credit facility both mature or expire, as applicable, on August 1, 2024. On February 8, 2021, the Company and SVB entered into an amendment to the Loan Agreement which modified the covenant reporting requirements and allowed the Company to defer the term loan principal payments until September 2021. The amendment was treated as a debt modification.

Term loan principal payments commenced September 1, 2021. The term loan accrues interest at the greater of the Prime Rate or 5.00%, plus 0.75% and is subject to an additional 3.00% fee on the $60,000 term loan principal payable at maturity or upon acceleration or prepayment of the term loan. The Company is accruing the 3.00% fee over the term of the Loan Agreement, with $1,020 accrued in the current portion of the outstanding loan balance as of September 30, 2021. Additionally, the unamortized original financing costs related to the term loan of $313 are netted against the outstanding loan balance in the Condensed Consolidated Balance Sheets and are amortized ratably over the term of the Loan Agreement.

The revolving line of credit is subject to an annual facility fee of 0.15% of the revolving line of credit, and any borrowings thereunder bear interest at the greater of the Prime Rate or 5.00%. Borrowing availability under the revolving credit facility is based on the lesser of $20,000 or a borrowing base calculation as defined by the Loan Agreement. As of September 30, 2021, the Company had no borrowings under the revolving credit facility and had borrowing availability of approximately $10,000. Financing costs related to the revolving line of credit are included in other assets in the Condensed Consolidated Balance Sheets and amortized ratably over the twelve-month period of the annual fee.

The Loan Agreement also provides for certain prepayment and early termination fees, as well as establishes a minimum liquidity covenant and dividend restrictions, along with other customary terms and conditions. Specified assets have been pledged as collateral.

Effective November 1, 2021, the Company and SVB entered into the Sixth Amendment to the Loan and Security Agreement (Amended Loan and Security Agreement). The agreement provides for a $60,000 term loan, with an option to make available an additional $30,000 in term loan borrowings, and a $30,000 revolving line of credit. The Amended Loan and Security Agreement has a five year term, expiring November 2026. Principal payments are to be made ratably commencing 24 months after the inception of the loan through the loan's maturity date. At the option of the Company, the commencement of term loan principal payments may be extended an additional twelve months. The term loan accrues interest at the Prime Rate plus 1.25% and is subject to an additional 3.00% fee on the term loan principal amount at maturity. The revolving line of credit is subject to an annual facility fee of 0.20%, and any borrowings bear interest at the floating Prime Rate. The Amended Loan and Security Agreement also provides for certain prepayment and early termination fees, as well as establishes a liquidity covenant, along with other customary terms and conditions similar to those in the Company's current agreement with SVB. This refinancing has been treated as a debt modification, with the $1,667 principal repayment made in October 2021 classified as current, while the remaining borrowings of $56,666 have been classified as long-term in the Condensed Consolidated Balance Sheet as of September 30, 2021.

Future maturities of long-term debt, excluding the term loan final fee, and after consideration of the refinancing transaction in November 2021, are projected as follows:


2021 (excluding the nine months ended September 30, 2021)	$	—
2022	—
2023	3,333
2024	20,000
2025	20,000
2026	16,667
Total long-term debt	$	60,000

- 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
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-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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+ Details

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Lessee, Operating Leases

LEASES

The Company has operating and finance leases for offices, manufacturing and warehouse facilities and computer equipment. The Company’s leases have remaining lease terms of one year to ten years. Options to renew or extend leases beyond their initial term have been excluded from measurement of the ROU assets and lease liabilities for the majority of leases as exercise is not reasonably certain.

The weighted average remaining lease term and the discount rate for the reporting periods are as follows:


	September 30, 2021		December 31, 2020
Operating Leases
Weighted average remaining lease term (years)	3.3		3.2
Weighted average discount rate	5.60	%	5.68	%

Finance leases
Weighted average remaining lease term (years)	8.9		9.7
Weighted average discount rate	6.91	%	6.91	%

A letter of credit for $1,250 was issued to the lessor of the Company's corporate headquarters building in October 2015, which is renewed annually and remains outstanding as of September 30, 2021.

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	234	$	293	$	715	$	986

Finance lease cost:
Amortization of right-of-use assets	267		260		765		786
Interest on lease liabilities	196		209		599		638
Total finance lease cost	$	463	$	469	$	1,364	$	1,424

Short term lease expense was not significant for the three and nine months ended September 30, 2021 and 2020.

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	748	$	944
Operating cash flows from finance leases	597		638
Financing cash flows from finance leases	599		468

Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	1,221		1,691
Finance Leases	—		—
Early termination of operating lease	—		2,473

Supplemental balance sheet information related to leases was as follows:


	September 30, 2021		December 31, 2020
Operating Leases
Operating lease right-of-use assets	$	2,465	$	1,914

Other current liabilities and current maturities of debt and leases	1,020		927
Operating lease liabilities	1,593		1,180
Total operating lease liabilities	$	2,613	$	2,107

Finance Leases
Property and equipment, at cost	$	14,607	$	14,659
Accumulated depreciation	(5,862)		(5,247)
Property and equipment, net	$	8,745	$	9,412

Other current liabilities and current maturities of debt and leases	$	874	$	823
Finance lease liabilities	10,317		10,969
Total finance lease liabilities	$	11,191	$	11,792

Maturities of lease liabilities as of September 30, 2021 were as follows:


	Operating Leases		Finance Leases
2021 (excluding the nine months ended September 30, 2021)	$	252	$	406
2022	967		1,629
2023	682		1,652
2024	609		1,674
2025	348		1,625
2026 and thereafter	—		8,172
Total payments	$	2,858	$	15,158
Less imputed interest	(245)		(3,967)
Total	$	2,613	$	11,191

Lessee, Finance Leases

LEASES

The weighted average remaining lease term and the discount rate for the reporting periods are as follows:


	September 30, 2021		December 31, 2020
Operating Leases
Weighted average remaining lease term (years)	3.3		3.2
Weighted average discount rate	5.60	%	5.68	%

Finance leases
Weighted average remaining lease term (years)	8.9		9.7
Weighted average discount rate	6.91	%	6.91	%

A letter of credit for $1,250 was issued to the lessor of the Company's corporate headquarters building in October 2015, which is renewed annually and remains outstanding as of September 30, 2021.

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	234	$	293	$	715	$	986

Finance lease cost:
Amortization of right-of-use assets	267		260		765		786
Interest on lease liabilities	196		209		599		638
Total finance lease cost	$	463	$	469	$	1,364	$	1,424

Short term lease expense was not significant for the three and nine months ended September 30, 2021 and 2020.

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	748	$	944
Operating cash flows from finance leases	597		638
Financing cash flows from finance leases	599		468

Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	1,221		1,691
Finance Leases	—		—
Early termination of operating lease	—		2,473

Supplemental balance sheet information related to leases was as follows:


	September 30, 2021		December 31, 2020
Operating Leases
Operating lease right-of-use assets	$	2,465	$	1,914

Other current liabilities and current maturities of debt and leases	1,020		927
Operating lease liabilities	1,593		1,180
Total operating lease liabilities	$	2,613	$	2,107

Finance Leases
Property and equipment, at cost	$	14,607	$	14,659
Accumulated depreciation	(5,862)		(5,247)
Property and equipment, net	$	8,745	$	9,412

Other current liabilities and current maturities of debt and leases	$	874	$	823
Finance lease liabilities	10,317		10,969
Total finance lease liabilities	$	11,191	$	11,792

Maturities of lease liabilities as of September 30, 2021 were as follows:


	Operating Leases		Finance Leases
2021 (excluding the nine months ended September 30, 2021)	$	252	$	406
2022	967		1,629
2023	682		1,652
2024	609		1,674
2025	348		1,625
2026 and thereafter	—		8,172
Total payments	$	2,858	$	15,158
Less imputed interest	(245)		(3,967)
Total	$	2,613	$	11,191

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Royalty Agreements. The Company has royalty agreements in place with terms that include payment of royalties of 3% to 5% of specified product sales. One royalty agreement remains in effect through 2025, while the other agreement remains in effect until the later of 2023 or expiration of the underlying patents or patent applications. Parties to the royalty agreements have the right at any time to terminate the agreement immediately for cause. Royalty expense of $792 and $699 was recorded for the three months ended September 30, 2021 and 2020 and $2,356 and $1,880 for the nine months ended September 30, 2021 and 2020. Purchase Agreements. The Company enters into standard purchase agreements with vendors in the ordinary course of business, generally with terms that allow cancellation. The Company is committed to funding renovation of a recently purchased building for additional manufacturing capacity. The Company estimates the cost of the construction project to be approximately $5,500. Legal. The Company may, from time to time, become a party to legal proceedings. Such matters are subject to many uncertainties and to outcomes of which the financial impacts are not predictable with assurance and that may not be known for extended periods of time. A liability is established once management determines a loss is probable and an amount that can be reasonably estimated. The Company received a Civil Investigative Demand (CID) from the U.S. Department of Justice (USDOJ) in December 2017 stating that it is investigating the Company to determine whether the Company has violated the False Claims Act, relating to the promotion of certain medical devices related to the treatment of atrial fibrillation for off-label use and submitted or caused to be submitted false claims to certain federal and state health care programs for medically unnecessary healthcare services related to the treatment of atrial fibrillation. The CID covers the period from January 2010 to December 2017 and required the production of documents and answers to written interrogatories. The Company had no knowledge of the investigation prior to receipt of the CID. The Company maintains rigorous policies and procedures to promote compliance with the False Claims Act and other applicable regulatory requirements. The Company provided the USDOJ with documents and answers to the written interrogatories. In March 2021, USDOJ informed the Company that its investigation was based on a lawsuit brought on behalf of the United States and the various state and local governments under the qui tam provisions of federal and certain state and local False Claims Acts. Although the USDOJ and all of the state and local governments declined to intervene, the relator continues to pursue the case. The Company is vigorously contesting the case, however, it is not possible to predict when this matter may be resolved or what impact, if any, the outcome of this matter might have on our consolidated financial position, results of operations, or cash flows. The Company acquired nContact Surgical, Inc. pursuant to a merger agreement dated October 4, 2015. The merger agreement provided for contingent consideration or “earnout” to be paid upon attaining specified regulatory approvals and clinical and revenue milestones. The merger agreement’s earnout provisions required the Company to deliver periodic earnout reports to a designated representative of former nContact stockholders. In response to the reports delivered in and after February 2018, the Company received letters from representatives purporting to serve as “earnout objection statements” (as that term is defined in the merger agreement) and claim that for purposes of determining the commercial milestone payment, the Company should be including revenues of certain additional items and products that the Company has not included in its earnout statements. During February 2021, the Company entered into a settlement agreement with the former nContact stockholders requiring payment of $6,000. The Company recorded the $6,000 settlement as a component of current liabilities as of December 31, 2020 as the underlying cause occurred prior to December 31, 2020, and has made substantially all of the settlement payment as of September 30, 2021.

Revenue	9 Months Ended
Revenue	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	REVENUE Revenue is generated primarily from the sale of medical devices. The Company recognizes revenue in an amount that reflects the consideration the Company expects to be entitled to in exchange for those devices when control of promised devices is transferred to customers. At contract inception, the Company assesses the products promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a product that is distinct. The Company’s devices are distinct and represent performance obligations. These performance obligations are satisfied, and revenue is recognized at a point in time upon shipment or delivery of products. Sales of devices are categorized as follows: open ablation, minimally invasive ablation, appendage management and valve tools. Shipping and handling activities performed after control over products transfers to customers are considered activities to fulfill the promise to transfer the products rather than as separate promises to customers. Products are sold primarily through a direct sales force and through distributors in certain international markets. Terms of sale are generally consistent for both end-users and distributors except that payment terms are generally net 30 days for end-users and net 60 days for distributors, with some exceptions. The Company does not maintain any post-shipping obligations to customers. No installation, calibration or testing of products is performed by the Company subsequent to shipment in order to render products operational. Significant judgments and estimates involved in the Company’s recognition of revenue include the estimation of a provision for returns. The Company estimates the provision for sales returns and allowances using the expected value method based on historical experience and other factors that we believe could impact our expected returns, including defective or damaged products and invoice adjustments. In the normal course of business, the Company generally does not accept product returns unless a product is defective as manufactured. The Company does not provide customers with the right to a refund. The Company expects to be entitled to the total consideration for the products ordered by customers as product pricing is fixed according to the terms of customer contracts and payment terms are short. Payment terms fall within the one-year guidance for the practical expedient which allows the Company to forgo adjustment of the promised amount of consideration for the effects of a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price. Costs associated with product sales include commissions and royalties. Considering that product sales are performance obligations in contracts that are satisfied at a point in time, commission expense associated with product sales and royalties paid based on sales of certain products is incurred at that point in time rather than over time. Therefore, the Company applies the practical expedient and recognizes commissions and royalties as expense when incurred because the expense is incurred at a point in time and the amortization period is less than one year. Commissions are included in selling expense while royalties are included in cost of revenue. See Note 11 for disaggregated revenue by geographic area and by product category.

- 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
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-URI http://asc.fasb.org/topic&trid=49130388

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+ Details

Income Tax Provision	9 Months Ended
Income Tax Provision	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Tax Provision	INCOME TAX PROVISIONThe Company files federal, state, and foreign income tax returns in jurisdictions with varying statutes of limitations. The Company uses the asset and liability method to determine its provision for income taxes. The Company’s provision for income taxes in interim periods is computed by applying the discrete method and is based on financial results through the end of the interim period. The Company determined that using the discrete method is more appropriate than using the annual effective tax rate method. The Company is unable to estimate the annual effective tax rate with sufficient precision to use the effective tax rate method, which requires a full-year projection of income. The effective tax rate for the three months ended September 30, 2021 and 2020 was 0.04% and 0.08%. The effective tax rate for the nine months ended September 30, 2021 and 2020 was 0.21% and (0.05%) The Company’s worldwide effective tax rate differs from the US statutory rate of 21% primarily due to the Company’s valuation allowance in the United States and Netherlands.Federal, state and local returns of the Company are routinely subject to review by various taxing authorities. The Company has not accrued any interest and penalties related to unrecognized income tax benefits as a result of offsetting of net operating losses. However, if required, the Company will recognize interest and penalties within income tax expense and within the related tax liability.

- 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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+ Details

Equity Compensation Plans

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Equity Compensation Plans

EQUITY COMPENSATION PLANS

The Company has two share-based incentive plans: the 2014 Stock Incentive Plan (2014 Plan) and the 2018 Employee Stock Purchase Plan (ESPP).

Stock Incentive Plan

Under the 2014 Plan, the Board of Directors may grant incentive stock options to Company employees and may grant restricted stock awards or restricted stock units (collectively RSAs), nonstatutory stock options, performance share awards (PSAs) or stock appreciation rights to Company employees, directors and consultants. The Compensation Committee of the Board of Directors, as the administrator of the 2014 Plan, has the authority to determine the terms of any awards, including the number of shares subject to each award, the exercisability of the awards and the form of consideration. As of September 30, 2021, 12,899 shares of common stock had been reserved for issuance under the 2014 Plan, and 1,471 shares were available for future grants.

Stock options, restricted stock awards and restricted stock units granted generally vest at a rate of 33.3% on the first, second and third anniversaries of the grant date. Stock options generally expire ten years from the date of grant.

The award agreements for the PSAs provide that each PSA that vests represents the right to receive one share of the Company’s common stock at the end of the performance period. With respect to the PSAs, the number of shares that vest and are issued to the recipient is based upon the Company’s performance with respect to specified targets at the end of the three year performance period. Payout opportunities range from 0% to 100% of the target amount for awards granted prior to 2021, while awards granted in 2021 have payout opportunities ranging from 0% to 200% of the target amount. These ranges are used to calculate the number of shares that will be issuable when the award vests. All or a portion of the PSAs may vest following a change of control or a termination of service by reason of death or disability. PSAs granted prior to 2021 have performance targets based on the Company’s revenue compound annual growth rate (CAGR) over the three year performance period. PSAs granted in 2021 have two equally weighted performance targets measured at the end of the three year performance period: (i) the Company’s revenue CAGR; and (ii) relative total shareholder return (TSR). TSR is measured against the Nasdaq Health Care Index constituents and the 20-trading-day average stock price prior to the end of the performance period over the 20- trading-day average stock price prior to the beginning of the performance period. The performance and market condition payouts will be determined independently and accumulated to determine the total payout for the three year performance period, subject to the maximum payout defined in the PSA agreements.

Employee Stock Purchase Plan

Under the ESPP, shares of the Company’s common stock may be purchased at a discount (15%) of the lesser of the closing price of the Company’s common stock on the first trading day or the last trading day of the offering period. The offering period (currently six months) and the offering price are subject to change. Participants may not purchase a value of more than $25 of the Company’s common stock in a calendar year and may not purchase a value of more than 3 shares during an offering period. As of September 30, 2021, there were 338 shares available for future issuance under the ESPP.

Expense Information Under FASB ASC 718

The following table summarizes the allocation of share-based compensation expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue	$	622	$	366	$	1,639	$	1,004
Research and development expenses	1,077		859		3,097		2,531
Selling, general and administrative expenses	5,095		4,324		15,803		12,591
Total	$	6,794	$	5,549	$	20,539	$	16,126

Segment and Geographic Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment and Geographic Information

SEGMENT AND GEOGRAPHIC INFORMATION

The Company develops, manufactures, and sells devices designed primarily for the surgical ablation of cardiac tissue, systems designed for the exclusion of the left atrial appendage, and devices designed to block pain by temporarily ablating peripheral nerves. These devices are developed and marketed to a broad base of medical centers globally. Management considers all such sales to be part of a single operating segment. Revenue attributed to customer geographic locations is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
United States	$	57,537	$	44,701	$	167,916	$	121,838

Europe	7,770		6,514		20,551		16,775
Asia	4,734		3,196		11,695		9,367
Other international	419		346		949		826
Total international	12,923		10,056		33,195		26,968
Total revenue	$	70,460	$	54,757	$	201,111	$	148,806

United States revenue by product type is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Open ablation	$	23,779	$	19,911	$	69,693	$	54,679
Minimally invasive ablation	9,990		6,979		28,077		18,295
Appendage management	23,401		17,430		69,144		47,870
Total ablation and appendage management	57,170		44,320		166,914		120,844
Valve tools	367		381		1,002		994
Total United States	$	57,537	$	44,701	$	167,916	$	121,838

International revenue by product type is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Open ablation	$	6,699	$	4,907	$	16,629	$	13,766
Minimally invasive ablation	1,849		1,692		4,698		4,346
Appendage management	4,373		3,445		11,825		8,778
Total ablation and appendage management	12,921		10,044		33,152		26,890
Valve tools	2		12		43		78
Total international	$	12,923	$	10,056	$	33,195	$	26,968

The Company’s long-lived assets are located primarily in the United States, except for $1,415 as of September 30, 2021 and $1,693 as of December 31, 2020 located primarily in Europe.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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

Description of Business and Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	Nature of the Business—The “Company” or “AtriCure” consists of AtriCure, Inc. and its wholly-owned subsidiaries. The Company is a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management and sells its products to medical centers globally through its direct sales force and distributors.
Basis of Presentation	Basis of Presentation—The accompanying interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (SEC). The accompanying interim financial statements are unaudited, but in the opinion of the Company’s management, contain all normal, recurring adjustments considered necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States of America (GAAP) applicable to interim periods. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted or condensed. The Company believes the disclosures herein are adequate to make the information presented not misleading. Results of operations are not necessarily indicative of the results expected for the full year or for any future period. The accompanying interim financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. All intercompany accounts and transactions have been eliminated in consolidation.
Reclassification	Reclassification—In the quarter ended September 30, 2021, the Company changed the presentation of its condensed consolidated statement of operations and comprehensive income (loss) to separately disclose the change in contingent consideration, previously reported in selling, general and administrative expenses. Amounts for comparative prior fiscal periods have been reclassified to conform to the current period presentation. This reclassification had no impact on previously reported net income or financial position.
Cash and Cash Equivalents	Cash and Cash Equivalents—The Company considers highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. Cash equivalents include demand deposits, money market funds and repurchase agreements on deposit with financial institutions.
Investments	Investments—The Company invests primarily in government and agency obligations, corporate bonds, commercial paper and asset-backed securities and classifies all investments as available-for-sale. Investments maturing in less than one year are classified as short-term investments. Investments are recorded at fair value, with unrealized gains and losses recorded as accumulated other comprehensive income (loss). Gains and losses are recognized using the specific identification method when securities are sold and are included in interest income.
Revenue Recognition	Revenue Recognition—The Company recognizes revenue when control of promised goods is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. This generally occurs upon shipment of goods to customers. See Note 8 for further discussion on revenue.
Sales Returns and Allowances	Sales Returns and Allowances—The Company maintains a provision for potential returns of defective or damaged products and invoice adjustments. The Company adjusts the provision using the expected value method based on historical experience. Increases to the provision reduce revenue, and the provision is included in accrued liabilities.
Allowance for Credit Losses on Accounts Receivable	Allowance for Credit Losses on Accounts Receivable—The Company evaluates the expected credit losses on accounts receivable, considering historical credit losses, current customer-specific information and other relevant factors when determining the allowance. An increase to the allowance for credit losses results in a corresponding increase in selling, general and administrative expenses. The Company charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The Company’s history of write-offs has not been significant.
Inventories	Inventories—Inventories are stated at the lower of cost or net realizable value based on the first-in, first-out cost method (FIFO) and consist of raw materials, work in process and finished goods. The Company’s industry is characterized by rapid product development and frequent new product introductions. Uncertain timing of regulatory approvals, variability in product launch strategies and variation in product use all impact inventory reserves for excess, obsolete and expired products. An increase to inventory reserves results in a corresponding increase in cost of revenue. Inventories are written off against the reserve when they are physically disposed.
Property and Equipment	Property and Equipment—Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of assets.The Company assesses the useful lives of property and equipment at least annually and retires assets no longer in use. Maintenance and repair costs are expensed as incurred. The Company reviews property and equipment for impairment at least annually using its best estimates based on reasonable and supportable assumptions and expected future cash flows. Property and equipment impairments have not been significant.
Leases	Leases— The Company leases office, manufacturing and warehouse facilities and computer equipment under leases that qualify as either financing or operating leases, as determined at the inception of the lease arrangement. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Lease assets and liabilities are measured and recorded at the commencement date based on the present value of lease payments over the lease term. Lease assets and liabilities exclude lease incentives and include options to extend or terminate when it is reasonably certain the Company will exercise that option. The Company uses the implicit rate when readily determinable; however, as most leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at measurement. The Company also applies the short-term lease recognition exemption, recognizing lease payments in profit or loss, for leases that have a lease term of 12 months or less at commencement and do not include an option to extend the lease whose exercise is reasonably certain. For real estate and equipment leases, the Company accounts for the lease and non-lease components as a single lease component. Additionally, the portfolio approach is applied for the operating leases based on the terms of the underlying leases. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities, while finance leases are included in property and equipment and finance lease liabilities. The short-term portions of both lease liabilities are included in other current liabilities and current maturities of debt and leases. Operating lease expense is recognized on a straight-line basis over the lease term. See Note 6 for further discussion.
Intangible Assets	Intangible Assets—Intangible assets with determinable useful lives are amortized on a straight-line basis over the estimated periods benefited. Intangible assets include In Process Research and Development (IPR&D), representing the value of technology acquired in business combinations that has not yet reached technological feasibility. The primary basis for determining technological feasibility is obtaining specific regulatory approvals. IPR&D is accounted for as an indefinite-lived intangible asset until completion or abandonment of the IPR&D project. Upon completion of the development project, IPR&D will be amortized over its estimated useful life. Due to the nature of IPR&D projects, the Company may experience future delays or failures to obtain regulatory approvals or market clearances, or may discontinue or abandon the project, all which may impact the estimated fair value of the IPR&D project. As a result, the Company may have a full or partial impairment charge related to the IPR&D, calculated as the excess carrying value of the IPR&D asset over the estimated fair value. The Company reviews intangible assets at least annually for impairment using its best estimates based on reasonable and supportable assumptions and projections. The Company performs impairment testing annually on October 1 or more often if impairment indicators are present. Through April 2021, the IPR&D asset included an estimate of the fair value of the pre-market approval (PMA) that could result from the CONVERGE IDE and aMAZE™ IDE clinical trials. The Company received PMA approval for CONVERGE on April 28, 2021 and began amortizing the $44,021 technology asset over an estimated fifteen year life. During the third quarter 2021, the Company identified indicators of impairment for the IPR&D asset that represents an estimate of the fair value of the PMA that could result from the aMAZE clinical trial. As a result of the analysis performed, the Company recorded an impairment loss of $82,300. See Note 3 for further discussion.
Goodwill	Goodwill—Goodwill represents the excess of purchase price over the fair value of the net assets acquired in business combinations. The Company’s goodwill is accounted for in a single reporting unit representing the Company as a whole. The Company performs impairment testing annually on October 1 or more often if impairment indicators are present.
Contingent Consideration and Other Noncurrent Liabilities	Contingent Consideration and Other Noncurrent Liabilities—This balance consists of contingent consideration from business combinations, as well as deferred payroll taxes as a result of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), asset retirement obligations and other contractual obligations. The contingent consideration balance is included in noncurrent liabilities as any settlement is expected to be made primarily in shares of the Company’s common stock pursuant to the SentreHEART, Inc. (SentreHEART) merger agreement. See Note 2 for further discussion.
Other Income (Expense)	Other Income (Expense)—Other income (expense) consists primarily of foreign currency transaction gains and losses generated by settlements of intercompany balances denominated in Euros and customer invoices transacted in British Pounds.
Taxes	Taxes—Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities from a change in tax rates is recognized in the period that includes the enactment date. The Company’s estimate of the valuation allowance for deferred income tax assets requires significant estimates and judgments about future operating results. Deferred income tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more-likely-than-not that the deferred income tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. The Company evaluates deferred income tax assets on an annual basis to determine if valuation allowances are required. Deferred income tax assets are realized by having sufficient future taxable income to allow the related tax benefits to reduce taxes otherwise payable. The sources of taxable income that may be available to realize the benefit of deferred income tax assets are future taxable income, future reversals of existing taxable temporary differences, carryforwards and tax planning strategies that are both prudent and feasible. In evaluating the need for a valuation allowance, the existence of cumulative losses in recent years is significant objectively verifiable negative evidence that must be overcome by objectively verifiable positive evidence to avoid the need for a valuation allowance. The Company has established a full valuation allowance against substantially all net deferred income tax assets as it is more-likely-than-not that the benefit of the deferred income tax assets will not be recognized in future periods. The Company has not reclassified income tax effects of the Tax Cuts and Jobs Act within accumulated other comprehensive income (loss) to retained earnings due to its full valuation allowance.
Earnings Per Share	Earnings Per Share—Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects net income available to common stockholders divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including shares issuable upon the vesting of restricted stock awards and restricted stock units, exercise of stock options as well as shares issuable under the Company's employee stock purchase plan (ESPP).
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)	Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)—In addition to net income (loss), the comprehensive income (loss) includes foreign currency translation adjustments and unrealized gains (losses) on investments.
Research and Development Costs	Research and Development Costs—Research and development costs are expensed as incurred. These costs include compensation and other internal and external costs associated with the development and research of new and existing products or concepts, preclinical studies, clinical trials and related regulatory activities, as well as amortization of technology assets.
Advertising Costs	Advertising Costs—The Company expenses advertising costs as incurred. Advertising costs were not significant during the three and nine months ended September 30, 2021 and 2020.
Share-Based Compensation	Share-Based Compensation—The Company records share-based compensation for all share-based payment awards, including stock options, restricted stock awards, restricted stock units, performance shares (PSAs) and stock purchases related to an employee stock purchase plan, based on estimated fair values. The value of the portion of an award that is ultimately expected to vest, net of estimated forfeitures, is recognized as expense over the service period. The Company estimates forfeitures at the time of grant and revises them, as necessary, in subsequent periods as actual forfeitures differ from those estimates. The Company recognized share-based compensation expense of $6,794 and $5,549 for the three months ended September 30, 2021 and 2020 and $20,539 and $16,126 for the nine months ended September 30, 2021 and 2020. The Company estimates the fair value of time-based options on the date of grant using the Black-Scholes option-pricing model (Black-Scholes model). The Company’s determination of the fair value is affected by the Company’s stock price as well as several subjective assumptions, such as the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. The Company estimates the fair value of restricted stock awards and restricted stock units based upon the grant date closing market price of the Company’s common stock. The Company estimates the fair value of PSAs with a performance condition based on the closing stock price on the date of grant assuming the performance goal will be achieved and may adjust expense over the performance period based on changes to estimates of performance target achievement. If such goals are not met or service is not rendered for the requisite service period, no compensation cost is recognized, and any recognized compensation cost will be reversed. For PSAs with a market condition, a Monte Carlo simulation is performed to estimate the fair value on the date of grant, and compensation cost is recognized over the requisite service period as the employee renders service, even if the market condition is not satisfied. The Company’s determination of the fair value is affected by the Company and the peer group’s stock price, as defined by the award agreement, at the beginning of the service period and grant date, the expected volatility of the Company and peer group’s stock price over the performance period and the correlation coefficient of the daily returns for the Company and peer group over the performance period. The Company also has an employee stock purchase plan (ESPP) which is available to all eligible employees as defined by the plan document. Under the ESPP, shares of the Company’s common stock may be purchased at a discount. The Company estimates the number of shares to be purchased under the ESPP at the beginning of each purchase period based upon the fair value of the stock at the beginning of the purchase period using the Black-Scholes model and records estimated compensation expense during the purchase period. Expense is adjusted at the time of stock purchase.
Use of Estimates	Use of Estimates—The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including intangible assets, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Estimates are based on historical experience, where applicable, and other assumptions believed to be reasonable by management. Actual results could differ from those estimates.
Fair Value	FAIR VALUEThe Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 820, “Fair Value Measurements and Disclosures” (ASC 820), defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: •Level 1—Quoted prices in active markets for identical assets or liabilities. •Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company classifies cash and investments in government and agency obligations, accounts receivable, short-term other assets, accounts payable and accrued liabilities as Level 1 within the fair value hierarchy. The carrying amounts of these assets and liabilities approximate their fair value due to their relatively short-term nature. Cash equivalents and investments in corporate bonds, commercial paper and asset-backed securities are classified as Level 2 within the fair value hierarchy. The fair value of fixed term debt is estimated by calculating the net present value of future debt payments at current market interest rates and is classified as Level 2. The book value of the Company’s fixed term debt approximates its fair value because the interest rate varies with market rates.

Description of Business and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary Of Inventories

Inventories consist of the following:


	September 30, 2021		December 31, 2020
Raw materials	$	13,053	$	11,966
Work in process	3,357		2,424
Finished goods	22,177		20,636
Inventories	$	38,587	$	35,026

Summary Of Property And Equipment

The estimated useful life by major asset category is the following:


			Estimated Useful Life
Generators and related equipment			1 - 3 years
Building and building under finance lease			15 - 20 years
Computers, software and office equipment			3 - 5 years
Machinery and equipment			3 - 7 years
Furniture and fixtures			3 - 7 years
Leasehold improvements			5 - 15 years
Equipment under finance leases			3 - 5 years

Summary Of Weighted Average Common Shares Outstanding


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income (loss) available to common stockholders	$	97,108	$	(4,949)	$	63,940	$	(29,593)

Basic weighted average common shares outstanding	45,258		44,012		44,977		41,442
Effect of dilutive securities	842		—		1,019		—
Diluted weighted average common shares outstanding	46,100		44,012		45,996		41,442

Basic net income (loss) per common share	$	2.15	$	(0.11)	$	1.42	$	(0.71)
Diluted net income (loss) per common share	$	2.11	$	(0.11)	$	1.39	$	(0.71)

Summary Of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) consisted of the following, net of tax:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total accumulated other comprehensive income (loss) at beginning of period	$	(87)	$	(96)	$	312	$	(158)
Unrealized Gains (Losses) on Investments
Balance at beginning of period	$	(109)	$	211	$	54	$	100
Other comprehensive (loss) income before reclassifications	(14)		(85)		(177)		7
Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense)	—		—		—		19
Balance at end of period	$	(123)	$	126	$	(123)	$	126
Foreign Currency Translation Adjustment
Balance at beginning of period	$	22	$	(307)	$	258	$	(258)
Other comprehensive (loss) income before reclassifications	(293)		290		(555)		177
Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense)	181		(52)		207		12
Balance at end of period	$	(90)	$	(69)	$	(90)	$	(69)
Total accumulated other comprehensive income (loss) at end of period	$	(213)	$	57	$	(213)	$	57

Fair Value (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021:


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	—	$	36,262	$	—	$	36,262
Commercial paper	—		28,968		—		28,968
Government and agency obligations	27,936		—		—		27,936
Corporate bonds	—		98,505		—		98,505
Asset-backed securities	—		29,548		—		29,548
Total assets	$	27,936	$	193,283	$	—	$	221,219
Liabilities:
Contingent consideration	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—

There were no changes in the levels or methodology of measurement of financial assets and liabilities during the three and nine months ended September 30, 2021.

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020:


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	—	$	38,452	$	—	$	38,452
Commercial paper	—		76,914		—		76,914
Government and agency obligations	45,399		—		—		45,399
Corporate bonds	—		73,730		—		73,730
Asset-backed securities	—		20,409		—		20,409
Total assets	$	45,399	$	209,505	$	—	$	254,904
Liabilities:
Contingent consideration	$	—	$	—	$	184,800	184,800
Total liabilities	$	—	$	—	$	184,800	$	184,800

Level 3 Fair Value Measurements For Acquisition-Related Contingent Consideration

The following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for acquisition-related contingent consideration:


	Nine Months Ended September 30, 2021		Twelve Months Ended December 31, 2020
Beginning Balance	$	184,800	$	185,157
Amounts acquired	—		—
Changes in fair value included in earnings	(184,800)		(357)
Ending Balance	$	—	$	184,800

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Company's Intangible Assets

The following table provides a summary of the Company’s intangible assets:


		September 30, 2021				December 31, 2020
	Estimated Useful Life	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Technology	5 - 15 years	$	55,712	$	11,749	$	11,691	$	9,813
IPR&D		—		—		126,321		—
Total		$	55,712	$	11,749	$	138,012	$	9,813

Future Amortization Expense Related To Intangible Assets

Future amortization expense is projected as follows:


2021 (excluding the nine months ended September 30, 2021)	$	972
2022	3,653
2023	2,953
2024	2,953
2025	2,953
2026 and thereafter	30,479
Total	$	43,963

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following:


	September 30, 2021		December 31, 2020
Accrued compensation and employee-related expenses	$	26,670	$	17,730
Sales returns and allowances	2,611		1,889
Accrued taxes and value-added taxes payable	1,487		1,256
Accrued royalties	783		703
Other accrued liabilities	285		406
Accrued legal settlement	10		6,000
Total	$	31,846	$	27,984

Indebtedness (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Future Maturities On Debt

Future maturities of long-term debt, excluding the term loan final fee, and after consideration of the refinancing transaction in November 2021, are projected as follows:


2021 (excluding the nine months ended September 30, 2021)	$	—
2022	—
2023	3,333
2024	20,000
2025	20,000
2026	16,667
Total long-term debt	$	60,000

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Summary Of Weighted Average Remaining Lease Term And Discount Rate

The weighted average remaining lease term and the discount rate for the reporting periods are as follows:


	September 30, 2021		December 31, 2020
Operating Leases
Weighted average remaining lease term (years)	3.3		3.2
Weighted average discount rate	5.60	%	5.68	%

Finance leases
Weighted average remaining lease term (years)	8.9		9.7
Weighted average discount rate	6.91	%	6.91	%

Summary Of Components Of Lease Expense

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	234	$	293	$	715	$	986

Finance lease cost:
Amortization of right-of-use assets	267		260		765		786
Interest on lease liabilities	196		209		599		638
Total finance lease cost	$	463	$	469	$	1,364	$	1,424

Summary Of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	748	$	944
Operating cash flows from finance leases	597		638
Financing cash flows from finance leases	599		468

Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	1,221		1,691
Finance Leases	—		—
Early termination of operating lease	—		2,473

Summary Of Supplemental Balance Sheet Information Related To Leases

Supplemental balance sheet information related to leases was as follows:


	September 30, 2021		December 31, 2020
Operating Leases
Operating lease right-of-use assets	$	2,465	$	1,914

Other current liabilities and current maturities of debt and leases	1,020		927
Operating lease liabilities	1,593		1,180
Total operating lease liabilities	$	2,613	$	2,107

Finance Leases
Property and equipment, at cost	$	14,607	$	14,659
Accumulated depreciation	(5,862)		(5,247)
Property and equipment, net	$	8,745	$	9,412

Other current liabilities and current maturities of debt and leases	$	874	$	823
Finance lease liabilities	10,317		10,969
Total finance lease liabilities	$	11,191	$	11,792

Schedule Of Maturities Of Lease Liabilities

Maturities of lease liabilities as of September 30, 2021 were as follows:


	Operating Leases		Finance Leases
2021 (excluding the nine months ended September 30, 2021)	$	252	$	406
2022	967		1,629
2023	682		1,652
2024	609		1,674
2025	348		1,625
2026 and thereafter	—		8,172
Total payments	$	2,858	$	15,158
Less imputed interest	(245)		(3,967)
Total	$	2,613	$	11,191

Equity Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation Expense Related To Employee Share-Based Compensation

The following table summarizes the allocation of share-based compensation expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue	$	622	$	366	$	1,639	$	1,004
Research and development expenses	1,077		859		3,097		2,531
Selling, general and administrative expenses	5,095		4,324		15,803		12,591
Total	$	6,794	$	5,549	$	20,539	$	16,126

Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Revenue By Geographic Area

Revenue attributed to customer geographic locations is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
United States	$	57,537	$	44,701	$	167,916	$	121,838

Europe	7,770		6,514		20,551		16,775
Asia	4,734		3,196		11,695		9,367
Other international	419		346		949		826
Total international	12,923		10,056		33,195		26,968
Total revenue	$	70,460	$	54,757	$	201,111	$	148,806

Revenue By Product Type

United States revenue by product type is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Open ablation	$	23,779	$	19,911	$	69,693	$	54,679
Minimally invasive ablation	9,990		6,979		28,077		18,295
Appendage management	23,401		17,430		69,144		47,870
Total ablation and appendage management	57,170		44,320		166,914		120,844
Valve tools	367		381		1,002		994
Total United States	$	57,537	$	44,701	$	167,916	$	121,838

International revenue by product type is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Open ablation	$	6,699	$	4,907	$	16,629	$	13,766
Minimally invasive ablation	1,849		1,692		4,698		4,346
Appendage management	4,373		3,445		11,825		8,778
Total ablation and appendage management	12,921		10,044		33,152		26,890
Valve tools	2		12		43		78
Total international	$	12,923	$	10,056	$	33,195	$	26,968

Description of Business and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Apr. 28, 2021	Dec. 31, 2020
Description Of Business And Significant Accounting Policies [Line Items]
Depreciation				$ 5,672	$ 5,937
Property and equipment, net	$ 29,901		$ 29,901	29,901			$ 28,290
Intangible asset impairment	$ 82,300	$ 0		$ 82,300	$ 0
Shares not included in the computation of diluted earnings per share	491	2,687		582	2,687
Share-based compensation expense recognized	$ 6,794	$ 5,549		$ 20,539	$ 16,126
IPR&D
Description Of Business And Significant Accounting Policies [Line Items]
Estimated Useful Life			15 years
IPR&D \| EPi-Sense
Description Of Business And Significant Accounting Policies [Line Items]
Technology Asset Balance						$ 44,021
Estimated Useful Life				15 years
IPR&D \| aMAZE
Description Of Business And Significant Accounting Policies [Line Items]
Intangible asset impairment	82,300
Generators
Description Of Business And Significant Accounting Policies [Line Items]
Depreciation	532	$ 613		$ 1,735	$ 1,898
Generators and related equipment
Description Of Business And Significant Accounting Policies [Line Items]
Property and equipment, net	$ 3,609		$ 3,609	$ 3,609			$ 3,410
Short-term Debt
Description Of Business And Significant Accounting Policies [Line Items]
Maturity period of short term investment				1 year

Description of Business and Summary of Significant Accounting Policies (Summary Of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 13,053	$ 11,966
Work in process	3,357	2,424
Finished goods	22,177	20,636
Inventories	$ 38,587	$ 35,026

Description of Business and Summary of Significant Accounting Policies (Summary Of Property And Equipment) (Details)	9 Months Ended
	Sep. 30, 2021
Minimum \| Generators and related equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	1 year
Minimum \| Building and building under finance lease
Property, Plant and Equipment [Line Items]
Estimated Useful Life	15 years
Minimum \| Computers, software and office equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Minimum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Minimum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Minimum \| Equipment under finance leases
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Maximum \| Generators and related equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Maximum \| Building and building under finance lease
Property, Plant and Equipment [Line Items]
Estimated Useful Life	20 years
Maximum \| Computers, software and office equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Maximum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Maximum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life	15 years
Maximum \| Equipment under finance leases
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years

Description of Business and Summary of Significant Accounting Policies (Summary Of Weighted Average Common Shares Outstanding) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income (loss) available to common stockholders	$ 97,108	$ (4,949)	$ 63,940	$ (29,593)
Basic weighted average common shares outstanding (in shares)	45,258	44,012	44,977	41,442
Effect of dilutive securities	$ 842	$ 0	$ 1,019	$ 0
Diluted weighted average common shares outstanding (in shares)	46,100	44,012	45,996	41,442
Basic net income (loss) per common share (in usd per share)	$ 2.15	$ (0.11)	$ 1.42	$ (0.71)
Diluted net income (loss) per common share (in usd per share)	$ 2.11	$ (0.11)	$ 1.39	$ (0.71)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Description of Business and Summary of Significant Accounting Policies (Summary Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning of period	$ (87)	$ (96)	$ 312	$ (158)
Accumulated other comprehensive income (loss), end of period	(213)	57	(213)	57
Unrealized Gains (Losses) on Investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning of period	(109)	211	54	100
Other comprehensive (loss) income before reclassifications	(14)	(85)	(177)	7
Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense)	0	0	0	19
Accumulated other comprehensive income (loss), end of period	(123)	126	(123)	126
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning of period	22	(307)	258	(258)
Other comprehensive (loss) income before reclassifications	(293)	290	(555)	177
Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense)	181	(52)	207	12
Accumulated other comprehensive income (loss), end of period	$ (90)	$ (69)	$ (90)	$ (69)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Fair Value (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Fair Value (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in value of contingent consideration	$ (189,900)	$ 192	$ (184,800)	$ (4,854)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in value of contingent consideration	$ (189,900)

Fair Value (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Debt Securities, Available-for-sale	$ 221,219	$ 254,904
Liabilities:
Contingent consideration	0	184,800
Total liabilities	0	184,800
Money market funds
Assets:
Debt Securities, Available-for-sale	36,262	38,452
Commercial paper
Assets:
Debt Securities, Available-for-sale	28,968	76,914
Government and agency obligations
Assets:
Debt Securities, Available-for-sale	27,936	45,399
Corporate bonds
Assets:
Debt Securities, Available-for-sale	98,505	73,730
Asset-backed securities
Assets:
Debt Securities, Available-for-sale	29,548	20,409
Quoted Prices in ‎Active Markets for ‎Identical Assets ‎(Level 1)
Assets:
Debt Securities, Available-for-sale	27,936	45,399
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Quoted Prices in ‎Active Markets for ‎Identical Assets ‎(Level 1) \| Money market funds
Assets:
Debt Securities, Available-for-sale	0	0
Quoted Prices in ‎Active Markets for ‎Identical Assets ‎(Level 1) \| Commercial paper
Assets:
Debt Securities, Available-for-sale	0	0
Quoted Prices in ‎Active Markets for ‎Identical Assets ‎(Level 1) \| Government and agency obligations
Assets:
Debt Securities, Available-for-sale	27,936	45,399
Quoted Prices in ‎Active Markets for ‎Identical Assets ‎(Level 1) \| Corporate bonds
Assets:
Debt Securities, Available-for-sale	0	0
Quoted Prices in ‎Active Markets for ‎Identical Assets ‎(Level 1) \| Asset-backed securities
Assets:
Debt Securities, Available-for-sale	0	0
Significant Other ‎Observable Inputs ‎(Level 2)
Assets:
Debt Securities, Available-for-sale	193,283	209,505
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Significant Other ‎Observable Inputs ‎(Level 2) \| Money market funds
Assets:
Debt Securities, Available-for-sale	36,262	38,452
Significant Other ‎Observable Inputs ‎(Level 2) \| Commercial paper
Assets:
Debt Securities, Available-for-sale	28,968	76,914
Significant Other ‎Observable Inputs ‎(Level 2) \| Government and agency obligations
Assets:
Debt Securities, Available-for-sale	0	0
Significant Other ‎Observable Inputs ‎(Level 2) \| Corporate bonds
Assets:
Debt Securities, Available-for-sale	98,505	73,730
Significant Other ‎Observable Inputs ‎(Level 2) \| Asset-backed securities
Assets:
Debt Securities, Available-for-sale	29,548	20,409
Significant Other ‎Unobservable ‎Inputs (Level 3)
Assets:
Debt Securities, Available-for-sale	0	0
Liabilities:
Contingent consideration	0	184,800
Total liabilities	0	184,800
Significant Other ‎Unobservable ‎Inputs (Level 3) \| Money market funds
Assets:
Debt Securities, Available-for-sale	0	0
Significant Other ‎Unobservable ‎Inputs (Level 3) \| Commercial paper
Assets:
Debt Securities, Available-for-sale	0	0
Significant Other ‎Unobservable ‎Inputs (Level 3) \| Government and agency obligations
Assets:
Debt Securities, Available-for-sale	0	0
Significant Other ‎Unobservable ‎Inputs (Level 3) \| Corporate bonds
Assets:
Debt Securities, Available-for-sale	0	0
Significant Other ‎Unobservable ‎Inputs (Level 3) \| Asset-backed securities
Assets:
Debt Securities, Available-for-sale	$ 0	$ 0

Fair Value (Level 3 Fair Value Measurements For Acquisition-Related Contingent Consideration) (Details) - Contingent Consideration - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Beginning Balance	$ 184,800	$ 185,157
Amounts acquired	0	0
Changes in fair value included in earnings	(184,800)	(357)
Ending Balance	$ 0	$ 184,800

Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment	$ 82,300	$ 0		$ 82,300	$ 0
Intangible assets, net	43,963		$ 43,963	43,963		$ 128,199
Amortization of intangible assets	971	$ 467		$ 1,936	$ 1,444
IPR&D
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life			15 years
IPR&D \| EPi-Sense
Finite-Lived Intangible Assets [Line Items]
Increase in finite intangible asset	44,021
Estimated Useful Life				15 years
IPR&D \| aMAZE
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment	82,300
Intangible assets, net	$ 0		$ 0	$ 0
Minimum \| Technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life				5 years
Maximum \| Technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life				15 years

Intangible Assets (Company's Intangible Assets) (Details) - USD ($) $ in Thousands	5 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Cost	$ 55,712	$ 55,712	$ 138,012
Accumulated Amortization	11,749	11,749	9,813
Technology
Finite-Lived Intangible Assets [Line Items]
Cost	55,712	55,712	11,691
Accumulated Amortization	11,749	11,749	9,813
IPR&D
Finite-Lived Intangible Assets [Line Items]
Cost	0	0	126,321
Accumulated Amortization	$ 0	$ 0	$ 0
Estimated Useful Life	15 years
Minimum \| Technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life		5 years
Maximum \| Technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life		15 years

Intangible Assets (Future Amortization Expense Related To Intangible Assets With Definite Lives) (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (excluding the nine months ended September 30, 2021)	$ 972
2022	3,653
2023	2,953
2024	2,953
2025	2,953
2026 and thereafter	30,479
Total	$ 43,963

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued compensation and employee-related expenses	$ 26,670	$ 17,730
Sales returns and allowances	2,611	1,889
Accrued taxes and value-added taxes payable	1,487	1,256
Accrued royalties	783	703
Other accrued liabilities	285	406
Accrued legal settlement	10	6,000
Total	$ 31,846	$ 27,984

Indebtedness (Narrative) (Details) - USD ($)		9 Months Ended
Indebtedness (Narrative) (Details) - USD ($)	Nov. 01, 2021	Sep. 30, 2021
Line of Credit Facility [Line Items]
Long-term Debt		$ 60,000,000
Subsequent Event
Line of Credit Facility [Line Items]
Principal payment start	24 months
Amended loan payment deferral period	12 months
Silicon Valley Bank Agreement
Line of Credit Facility [Line Items]
Total combined debt, maximum amount outstanding		70,000,000
Long-term Debt		56,666,000
Silicon Valley Bank Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		$ 20,000,000
Maturity date		Aug. 01, 2024
Annual facility fee		0.15%
Borrowing availability threshold		$ 20,000,000
Line of credit, borrowings		0
Line of credit, revolving line of credit		$ 10,000,000
Silicon Valley Bank Agreement \| Revolving Credit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Annual facility fee	0.20%
Additional borrowings	$ 30,000,000
Silicon Valley Bank Agreement \| Revolving Credit Facility \| Prime Rate
Line of Credit Facility [Line Items]
Applicable interest rate		5.00%
Term Loan \| Silicon Valley Bank Agreement
Line of Credit Facility [Line Items]
Loan amount		$ 60,000,000
Annual commitment fee, percentage		3.00%
Accrued fee amount		$ 1,020,000
Financing costs		$ 313,000
Term Loan \| Silicon Valley Bank Agreement \| Subsequent Event
Line of Credit Facility [Line Items]
Loan amount	$ 60,000,000
Annual commitment fee, percentage	3.00%
Additional borrowings	$ 30,000,000
Length of term	5 years
Principal repayment	$ 1,667,000
Term Loan \| Silicon Valley Bank Agreement \| Prime Rate
Line of Credit Facility [Line Items]
Basis rate		0.75%
Interest rate		5.00%
Term Loan \| Silicon Valley Bank Agreement \| Prime Rate \| Subsequent Event
Line of Credit Facility [Line Items]
Basis rate	1.25%

Indebtedness (Future Maturities On Debt) (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Debt Disclosure [Abstract]
2021 (excluding the nine months ended September 30, 2021)	$ 0
2022	0
2023	3,333
2024	20,000
2025	20,000
2026	16,667
Total long-term debt	$ 60,000

- 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

Leases (Narrative) (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Letter of credit outstanding	$ 1,250
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	10 years

Leases (Summary Of Weighted Average Remaining Lease Term And Discount Rate) (Details)	Sep. 30, 2021	Dec. 31, 2020
Operating Leases
Weighted average remaining lease term (years)	3 years 3 months 18 days	3 years 2 months 12 days
Weighted average discount rate	560.00%	568.00%
Finance leases
Weighted average remaining lease term (years)	8 years 10 months 24 days	9 years 8 months 12 days
Weighted average discount rate	691.00%	691.00%

Leases (Summary Of Components Of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 234	$ 293	$ 715	$ 986
Finance lease cost:
Amortization of right-of-use assets	267	260	765	786
Interest on lease liabilities	196	209	599	638
Total finance lease cost	$ 463	$ 469	$ 1,364	$ 1,424

Leases (Summary Of Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 748	$ 944
Operating cash flows from finance leases	597	638
Financing cash flows from finance leases	599	468
Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	1,221	1,691
Finance Leases	0	0
Early termination of operating lease	$ 0	$ 2,473

Leases (Summary Of Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating Leases
Operating lease right-of-use assets	$ 2,465	$ 1,914
Other current liabilities and current maturities of debt and leases	1,020	927
Operating lease liabilities	1,593	1,180
Total operating lease liabilities	2,613	2,107
Finance Leases
Property and equipment, at cost	14,607	14,659
Accumulated depreciation	(5,862)	(5,247)
Property and equipment, net	8,745	9,412
Other current liabilities and current maturities of debt and leases	874	823
Finance lease liabilities	10,317	10,969
Total finance lease liabilities	$ 11,191	$ 11,792

Leases (Schedule Of Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating Leases
2021 (excluding the nine months ended September 30, 2021)	$ 252
2022	967
2023	682
2024	609
2025	348
2026 and thereafter	0
Total payments	2,858
Less imputed interest	(245)
Total	2,613	$ 2,107
Finance Leases
2021 (excluding the nine months ended September 30, 2021)	406
2022	1,629
2023	1,652
2024	1,674
2025	1,625
2026 and thereafter	8,172
Total payments	15,158
Less imputed interest	(3,967)
Total	$ 11,191	$ 11,792

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Commitments and Contingencies [Line Items]
Royalty expense		$ 792	$ 699	$ 2,356	$ 1,880
Purchase agreement				$ 5,500
Settlement agreement payment	$ 6,000
Liability related settlement current						$ 6,000
Minimum
Commitments and Contingencies [Line Items]
Royalty rates				3.00%
Maximum
Commitments and Contingencies [Line Items]
Royalty rates				5.00%

Revenue (Narrative) (Details)	9 Months Ended
Revenue (Narrative) (Details)	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Terms of sale for end-users	30 days
Terms of sale for distributors	60 days

Income Tax Provision (Narrative) (Details)	3 Months Ended		9 Months Ended
Income Tax Provision (Narrative) (Details)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	0.04%	0.08%	0.21%	(0.05%)

Equity Compensation Plans (Narrative) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) item shares	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based incentive plans \| item	2
Total shareholder return period	20 days
Offering period	6 months
Participants purchase limit shares	3,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiry of options from the date of grant	10 years
First, Second, And Third Anniversaries \| Stock Options, RSA's, and RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting percentage	33.30%
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	12,899,000
Shares available for future grants	1,471,000
2014 Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
2014 Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting right of shares of common stock	1
Vesting period	3 years
2014 Plan \| Minimum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock award threshold, target and maximum payout opportunity percentage	0.00%	0.00%
2014 Plan \| Maximum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock award threshold, target and maximum payout opportunity percentage	200.00%	100.00%
2008 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	338,000
Company's common stock may be purchased at a discount	15.00%
Participants purchase limit value \| $	$ 25

Equity Compensation Plans (Share-Based Compensation Expense Related To Employee Share-Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 6,794	$ 5,549	$ 20,539	$ 16,126
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	622	366	1,639	1,004
Research and development expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	1,077	859	3,097	2,531
Selling, general and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 5,095	$ 4,324	$ 15,803	$ 12,591

Segment and Geographic Information (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Europe
Long-lived assets	$ 1,415	$ 1,693

Segment and Geographic Information (Revenue By Geographic Area) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 70,460	$ 54,757	$ 201,111	$ 148,806
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	57,537	44,701	167,916	121,838
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	7,770	6,514	20,551	16,775
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	4,734	3,196	11,695	9,367
Other international
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	419	346	949	826
Total international
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 12,923	$ 10,056	$ 33,195	$ 26,968

- 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

Segment and Geographic Information (Revenue By Product Type) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue from External Customer [Line Items]
Revenue	$ 70,460	$ 54,757	$ 201,111	$ 148,806
United States
Revenue from External Customer [Line Items]
Revenue	57,537	44,701	167,916	121,838
United States \| Open ablation
Revenue from External Customer [Line Items]
Revenue	23,779	19,911	69,693	54,679
United States \| Minimally invasive ablation
Revenue from External Customer [Line Items]
Revenue	9,990	6,979	28,077	18,295
United States \| Appendage management
Revenue from External Customer [Line Items]
Revenue	23,401	17,430	69,144	47,870
United States \| Total ablation and appendage management
Revenue from External Customer [Line Items]
Revenue	57,170	44,320	166,914	120,844
United States \| Valve tools
Revenue from External Customer [Line Items]
Revenue	367	381	1,002	994
Total international
Revenue from External Customer [Line Items]
Revenue	12,923	10,056	33,195	26,968
Total international \| Open ablation
Revenue from External Customer [Line Items]
Revenue	6,699	4,907	16,629	13,766
Total international \| Minimally invasive ablation
Revenue from External Customer [Line Items]
Revenue	1,849	1,692	4,698	4,346
Total international \| Appendage management
Revenue from External Customer [Line Items]
Revenue	4,373	3,445	11,825	8,778
Total international \| Total ablation and appendage management
Revenue from External Customer [Line Items]
Revenue	12,921	10,044	33,152	26,890
Total international \| Valve tools
Revenue from External Customer [Line Items]
Revenue	$ 2	$ 12	$ 43	$ 78

- Definition

+ References

+ Details