0001323885-24-000016 | 10-K | XBRL Viewer

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Commitments and Contingencies (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	May 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Royalty rates (in percent)				5.00%
Royalty expense				$ 1,333,000	$ 3,264,000	$ 3,124,000
Acquisition of intellectual property				30,000,000	0	0
Cost				76,470,000	46,470,000
Selling, general and administrative expenses				253,138,000	231,272,000	$ 204,649,000
Patents
Loss Contingencies [Line Items]
Royalty expense	$ 432,000
Acquisition of intellectual property		$ 33,400,000
Cost	$ 30,000,000			$ 30,000,000	$ 0
Intangible assets, useful life (in years)	5 years			5 years
Selling, general and administrative expenses				$ 3,088,000
AtriCure Versus Competitor
Loss Contingencies [Line Items]
Gain (loss) related to litigation settlement				$ 7,500,000
AtriCure Versus Competitor \| Pending Litigation
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party			$ 7,500,000

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Short-term Investments

Investments as of December 31, 2023 consisted of the following:


	Cost Basis		Unrealized Losses		Fair Value
Corporate bonds	$	38,514	$	(481)	$	38,033
Government and agency obligations	12,998		(287)		12,711

Asset-backed securities	2,263		(32)		2,231
Total	$	53,775	$	(800)	$	52,975

Investments as of December 31, 2022 consisted of the following:


	Cost Basis		Unrealized Losses		Fair Value
Corporate bonds	$	69,832	$	(2,234)	$	67,598
Government and agency obligations	33,971		(1,334)		32,637
Commercial paper	11,935		—		11,935
Asset-backed securities	2,483		(130)		2,353
Total	$	118,221	$	(3,698)	$	114,523

Summary of Cost and Fair Vale of Investments in Debt Securities

The cost and fair value of investments in debt securities, by contractual maturity, as of December 31, 2023 were as follows:


	Available-for-sale
	Amortized Cost		Fair Value
Due in 1 year or less	$	51,512	$	50,744


Instruments not due at a single maturity date	2,263		2,231
Total	$	53,775	$	52,975

- Definition

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

+ References

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-Topic 320
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+ Details

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

INTANGIBLE ASSETS AND GOODWILL

The following table provides a summary of the Company’s intangible assets at December 31:


	2023				2022
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Technology	$	46,470	$	10,084	$	46,470	$	7,131
Patents	30,000		2,400		$	—	$	—
Total	$	76,470	$	12,484	$	46,470	$	7,131

In May 2023, the Company acquired patents that are amortizable over an estimated useful life of five years, in a pattern reflecting the estimated economic benefit of the patents to the Company. See Note 10 – Commitments and Contingencies for further information on the patent acquisition. During 2021, the Company recorded an impairment charge of $82,300 to reduce the carrying value of the aMAZE IPR&D asset to $0 as of December 31, 2021 resulting from the aMAZE clinical trial not achieving statistical superiority.

Amortization expense of intangible assets was $5,353, $3,653 and $2,907 for the years ended December 31, 2023, 2022 and 2021. The following table summarizes the allocation of amortization expense of intangible assets:


	2023		2022		2021
Cost of revenues	$	2,400	$	—	$	—
Selling, general and administrative expenses	2,953		3,653		2,907
Total	$	5,353	$	3,653	$	2,907

Future amortization expense is projected as follows:


2024	$	7,453
2025	8,353
2026	9,553
2027	10,453
2028	6,553
2029 and thereafter	21,621
Total	$	63,986

The following table provides a summary of the Company’s goodwill, which is not amortized, but rather tested annually for impairment:


Net carrying amount as of December 31, 2021	$	234,781
Additions (Impairment)	—
Net carrying amount as of December 31, 2022	234,781
Additions (Impairment)	—
Net carrying amount as of December 31, 2023	$	234,781

Leases (Summary Of Weighted Average Remaining Lease Term And Discount Rate) (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
Weighted average remaining lease term (years)	4 years 9 months 18 days	4 years 4 months 24 days	3 years 7 months 6 days
Weighted average discount rate	5.75%	4.60%	4.69%
Finance Leases
Weighted average remaining lease term (years)	6 years 8 months 12 days	7 years 7 months 6 days	8 years 7 months 6 days
Weighted average discount rate	6.93%	6.92%	6.91%

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Feb. 13, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
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
Entity Address, Address Line One	7555 Innovation Way
Entity Address, City or Town	Mason
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45040
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,276.4
Entity Common Stock, Shares Outstanding		47,587,966
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K incorporate information by reference from the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K.
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001323885

Fair Value (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Total assets	$ 52,975
Fair Value, Measurements, Recurring
Assets:
Total assets	130,839	$ 168,937
Fair Value, Measurements, Recurring \| Money market funds
Assets:
Total assets	77,864	54,414
Fair Value, Measurements, Recurring \| Commercial paper
Assets:
Total assets		11,935
Fair Value, Measurements, Recurring \| Government and agency obligations
Assets:
Total assets	12,711	32,637
Fair Value, Measurements, Recurring \| Corporate bonds
Assets:
Total assets	38,033	67,598
Fair Value, Measurements, Recurring \| Asset-backed securities
Assets:
Total assets	2,231	2,353
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total assets	12,711	32,637
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Assets:
Total assets	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial paper
Assets:
Total assets		0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Government and agency obligations
Assets:
Total assets	12,711	32,637
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate bonds
Assets:
Total assets	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Assets:
Total assets	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Total assets	118,128	136,300
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds
Assets:
Total assets	77,864	54,414
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Total assets		11,935
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Government and agency obligations
Assets:
Total assets	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Assets:
Total assets	38,033	67,598
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Assets:
Total assets	2,231	2,353
Fair Value, Measurements, Recurring \| Significant Other Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Fair Value, Measurements, Recurring \| Significant Other Unobservable Inputs (Level 3) \| Money market funds
Assets:
Total assets	0	0
Fair Value, Measurements, Recurring \| Significant Other Unobservable Inputs (Level 3) \| Commercial paper
Assets:
Total assets		0
Fair Value, Measurements, Recurring \| Significant Other Unobservable Inputs (Level 3) \| Government and agency obligations
Assets:
Total assets	0	0
Fair Value, Measurements, Recurring \| Significant Other Unobservable Inputs (Level 3) \| Corporate bonds
Assets:
Total assets	0	0
Fair Value, Measurements, Recurring \| Significant Other Unobservable Inputs (Level 3) \| Asset-backed securities
Assets:
Total assets	$ 0	$ 0

Leases (Narrative) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	9 years
Letter of Credit \| Mason Lease
Lessee, Lease, Description [Line Items]
Letter of credit outstanding	$ 1,250

Revenue (Revenue by Product Type) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Revenue	$ 399,245	$ 330,379	$ 274,329
United States
Revenue from External Customer [Line Items]
Revenue	333,544	277,201	229,131
Total International
Revenue from External Customer [Line Items]
Revenue	65,701	53,178	45,198
Total ablation \| United States
Revenue from External Customer [Line Items]
Revenue	199,063	164,646	134,563
Total ablation \| Total International
Revenue from External Customer [Line Items]
Revenue	40,166	33,353	29,664
Open ablation \| United States
Revenue from External Customer [Line Items]
Revenue	105,287	86,119	72,396
Open ablation \| Total International
Revenue from External Customer [Line Items]
Revenue	31,483	26,809	23,194
Minimally invasive ablation \| United States
Revenue from External Customer [Line Items]
Revenue	44,577	38,553	39,380
Minimally invasive ablation \| Total International
Revenue from External Customer [Line Items]
Revenue	6,670	5,986	6,409
Pain management \| United States
Revenue from External Customer [Line Items]
Revenue	49,199	39,974	22,787
Pain management \| Total International
Revenue from External Customer [Line Items]
Revenue	2,013	558	61
Appendage management \| United States
Revenue from External Customer [Line Items]
Revenue	134,481	112,555	94,568
Appendage management \| Total International
Revenue from External Customer [Line Items]
Revenue	$ 25,535	$ 19,825	$ 15,534

- 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.

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Description of Business and Summary of Significant Accounting Policies (Weighted Average Common Shares Outstanding) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net (loss) income available to common stockholders	$ (30,438)	$ (46,466)	$ 50,199
Basic weighted average common shares outstanding (in shares)	46,309	45,740	45,066
Effect of dilutive securities	$ 0	$ 0	$ 973
Diluted weighted average common shares outstanding (in shares)	46,309	45,740	46,039
Basic net (loss) income per common share (in usd per share)	$ (0.66)	$ (1.02)	$ 1.11
Diluted net (loss) income per common share (in usd per share)	$ (0.66)	$ (1.02)	$ 1.09

- Definition

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- Definition

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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

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+ Details

Income Taxes (Summary Of Company's Provision For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax expense
Federal	$ 0	$ 0	$ 0
State	389	142	42
Foreign	217	118	125
Total current tax expense	606	260	167
Deferred tax expense
Federal	(2,972)	(8,351)	(30,925)
State	(928)	(459)	(4,803)
Foreign	(3,671)	(1,636)	(826)
Change in valuation allowance	7,556	10,454	36,575
Total deferred tax expense	(15)	8	21
Total tax expense	$ 591	$ 268	$ 188

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at December 31:


	2023		2022
Buildings and improvements	$	29,193	$	28,947
Generators	23,407		21,354
Machinery and office equipment	24,076		20,184
Computer equipment and software	9,845		10,251
Construction in progress	7,332		3,909
Land	1,006		1,006
Total	94,859		85,651
Less accumulated depreciation	(52,424)		(46,818)
Property and equipment, net	$	42,435	$	38,833

Property and equipment depreciation expense was $9,460, $8,057 and $7,534 for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023 and 2022, the net carrying value of generators was $4,912 and $4,447.

Equity Compensation Plans (Narrative) (Details)	12 Months Ended
Equity Compensation Plans (Narrative) (Details)	Dec. 31, 2023 USD ($) plan shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020	Jan. 01, 2022 target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of incentive plans \| plan	2
Number of weighted performance targets \| target					2
Total shareholder return period	20 days
Total intrinsic value of options exercised	$ 2,982,000	$ 5,565,000	$ 27,318,000
Tax benefit recognized	0	0	0
Proceeds from stock option exercises	2,316,000	1,816,000	8,175,000
Expense	35,728,000	28,771,000	28,078,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	4,955,000	5,185,000	8,165,000
Unrecognized compensation costs related to non-vested performance options	$ 11,610,000
Weighted average period of recognizing cost	1 year 8 months 12 days
Expense	$ 11,417,000	$ 8,731,000	8,095,000
Performance Shares \| CAGR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighing of revenue (in percent)	0.75	0.60
Performance Shares \| TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighing of revenue (in percent)	0.25	0.40
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (in percent)	0.00%			0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (in percent)	300.00%			200.00%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of recognizing cost	6 months
Expiry of options from the date of grant	10 years
Granted, number of shares outstanding (in shares) \| shares	0	0
Stock options compensation costs	$ 287,000
Expense	$ 765,000	$ 1,012,000	981,000
Stock Options, RSA's, and RSU's \| First, Second, And Third Anniversaries
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting percentage	33.30%
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	$ 13,824,000	23,242,000	40,510,000
Unrecognized compensation costs related to non-vested performance options	$ 28,202,000
Weighted average period of recognizing cost	1 year 10 months 24 days
Expense	$ 21,797,000	17,621,000	17,746,000
Performance Shares, Above Target Attainment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vested in period (in shares) \| shares	43,000
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares) \| shares	2,287,000
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares) \| shares	2,238,000
2014 Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting right of shares of common stock \| shares	1
2014 Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
2008 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's common stock may be purchased at a discount (in percent)	15.00%
Offering period	6 months
Participants purchase limit value	$ 25,000
Participants purchase limit (in shares) \| shares	3,000
Shares available for future issuance under the ESPP (in shares) \| shares	782,000
2008 Employee Stock Purchase Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense	$ 1,749,000	$ 1,407,000	$ 1,256,000

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Leases

LEASES

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

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


	As of	As of	As of
	December 31, 2023	December 31, 2022	December 31, 2021
Operating Leases
Weighted average remaining lease term (years)	4.8	4.4	3.6
Weighted average discount rate	5.75 %	4.60 %	4.69 %

Finance Leases
Weighted average remaining lease term (years)	6.7	7.6	8.6
Weighted average discount rate	6.93 %	6.92 %	6.91 %

A letter of credit for $1,250 was issued to the lessor of the Company's corporate headquarters building at inception of the lease and is renewed annually and remains outstanding as of December 31, 2023.

The components of lease expense are as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease cost	$	1,284	$	1,133	$	1,052

Finance lease cost:
Amortization of right-of-use assets	1,020		1,016		1,019
Interest on lease liabilities	673		735		792
Total finance lease cost	$	1,693	$	1,751	$	1,811

Short term lease expense was not significant for the twelve months ended December 31, 2023, 2022 and 2021.

Supplemental cash flow information related to leases was as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,235	$	845	$	998
Operating cash flows for finance leases	673		735		620
Financing cash flows for finance leases	992		899		792

Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	1,509		—		3,752
Finance Leases	—		62		—

Supplemental balance sheet information related to leases was as follows:


	As of December 31, 2023		As of December 31, 2022
Operating Leases
Operating lease right-of-use assets	$	4,324	$	3,787

Other current liabilities and current maturities of debt and leases	1,447		1,147
Operating lease liabilities	3,307		3,095
Total operating lease liabilities	$	4,754	$	4,242

Finance Leases
Property and equipment, at cost	$	14,620	$	14,645
Accumulated depreciation	(8,105)		(7,109)
Property and equipment, net	$	6,515	$	7,536

Other current liabilities and current maturities of debt and leases	$	1,086	$	992
Finance lease liabilities	8,061		9,147
Total finance lease liabilities	$	9,147	$	10,139

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Leases		Finance Leases
2024	$	1,449	$	1,689
2025	1,188		1,638
2026	848		1,671
2027	842		1,703
2028	458		1,725
2029 and thereafter	767		3,099
Total payments	$	5,552	$	11,525
Less imputed interest	(798)		(2,378)
Total lease liabilities	$	4,754	$	9,147

Lessee, Finance Leases

LEASES

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


	As of	As of	As of
	December 31, 2023	December 31, 2022	December 31, 2021
Operating Leases
Weighted average remaining lease term (years)	4.8	4.4	3.6
Weighted average discount rate	5.75 %	4.60 %	4.69 %

Finance Leases
Weighted average remaining lease term (years)	6.7	7.6	8.6
Weighted average discount rate	6.93 %	6.92 %	6.91 %

The components of lease expense are as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease cost	$	1,284	$	1,133	$	1,052

Finance lease cost:
Amortization of right-of-use assets	1,020		1,016		1,019
Interest on lease liabilities	673		735		792
Total finance lease cost	$	1,693	$	1,751	$	1,811

Short term lease expense was not significant for the twelve months ended December 31, 2023, 2022 and 2021.

Supplemental cash flow information related to leases was as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,235	$	845	$	998
Operating cash flows for finance leases	673		735		620
Financing cash flows for finance leases	992		899		792

Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	1,509		—		3,752
Finance Leases	—		62		—

Supplemental balance sheet information related to leases was as follows:


	As of December 31, 2023		As of December 31, 2022
Operating Leases
Operating lease right-of-use assets	$	4,324	$	3,787

Other current liabilities and current maturities of debt and leases	1,447		1,147
Operating lease liabilities	3,307		3,095
Total operating lease liabilities	$	4,754	$	4,242

Finance Leases
Property and equipment, at cost	$	14,620	$	14,645
Accumulated depreciation	(8,105)		(7,109)
Property and equipment, net	$	6,515	$	7,536

Other current liabilities and current maturities of debt and leases	$	1,086	$	992
Finance lease liabilities	8,061		9,147
Total finance lease liabilities	$	9,147	$	10,139

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Leases		Finance Leases
2024	$	1,449	$	1,689
2025	1,188		1,638
2026	848		1,671
2027	842		1,703
2028	458		1,725
2029 and thereafter	767		3,099
Total payments	$	5,552	$	11,525
Less imputed interest	(798)		(2,378)
Total lease liabilities	$	4,754	$	9,147

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

Investments as of December 31, 2023 consisted of the following:


	Cost Basis		Unrealized Losses		Fair Value
Corporate bonds	$	38,514	$	(481)	$	38,033
Government and agency obligations	12,998		(287)		12,711

Asset-backed securities	2,263		(32)		2,231
Total	$	53,775	$	(800)	$	52,975

Investments as of December 31, 2022 consisted of the following:


	Cost Basis		Unrealized Losses		Fair Value
Corporate bonds	$	69,832	$	(2,234)	$	67,598
Government and agency obligations	33,971		(1,334)		32,637
Commercial paper	11,935		—		11,935
Asset-backed securities	2,483		(130)		2,353
Total	$	118,221	$	(3,698)	$	114,523

The gross realized gains or losses from sales of available-for-sale investments were not material in the years ended December 31, 2023, 2022 and 2021.

The cost and fair value of investments in debt securities, by contractual maturity, as of December 31, 2023 were as follows:


	Available-for-sale
	Amortized Cost		Fair Value
Due in 1 year or less	$	51,512	$	50,744


Instruments not due at a single maturity date	2,263		2,231
Total	$	53,775	$	52,975

Instruments not due at a single maturity date consist of asset-backed securities. Actual maturities may differ from the contractual maturities due to call or prepayment rights.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net (loss) income	$ (30,438)	$ (46,466)	$ 50,199

- Definition

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

+ References

+ Details

Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation	$ 9,460	$ 8,057	$ 7,534
Generators
Property, Plant and Equipment [Line Items]
Net carrying value	$ 4,912	$ 4,447

Description of Business and Summary of Significant Accounting Policies (Narrative) (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) customer shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	May 31, 2023
Finite-Lived Intangible Assets [Line Items]
Revenue	$ 399,245	$ 330,379	$ 274,329
Terms of sale for end-users (in days)	30 days
Terms of sale for distributors (in days)	60 days
Payment term for products ordered	1 year
Number of customers \| customer	10
Options, restricted stock and performance based shares excluded from calculation of net loss per share \| shares	1,668	1,292	404
Advertising costs	$ 1,695	$ 1,233	$ 907
United States
Finite-Lived Intangible Assets [Line Items]
Revenue	333,544	277,201	229,131
Long-lived assets	3,432
Europe
Finite-Lived Intangible Assets [Line Items]
Revenue	$ 38,469	30,428	27,931
Long-lived assets		1,616
Generators
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of PPE (in years)	3 years
Maximum \| Building
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of PPE (in years)	20 years
Maximum \| Production Equipment, Furniture And Fixtures, Computer, Software, And Office Equipment
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of PPE (in years)	7 years
Minimum \| Building
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of PPE (in years)	15 years
Minimum \| Production Equipment, Furniture And Fixtures, Computer, Software, And Office Equipment
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of PPE (in years)	3 years
Shipping and Handling
Finite-Lived Intangible Assets [Line Items]
Revenue	$ 1,860	$ 1,496	$ 1,354
Medical Devices \| Net Revenue \| Customer Concentration Risk
Finite-Lived Intangible Assets [Line Items]
Percentage representation of significant customer	8.80%	9.70%	10.50%
Medical Devices \| Accounts Receivable \| Customer Concentration Risk
Finite-Lived Intangible Assets [Line Items]
Percentage representation of significant customer	11.30%	11.70%
Technology-Based Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life (in years)	15 years
Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life (in years)	5 years			5 years

Leases (Schedule Of Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 1,449
2025	1,188
2026	848
2027	842
2028	458
2029 and thereafter	767
Total payments	5,552
Less imputed interest	(798)
Total lease liabilities	4,754	$ 4,242
Finance Leases
2024	1,689
2025	1,638
2026	1,671
2027	1,703
2028	1,725
2029 and thereafter	3,099
Total payments	11,525
Less imputed interest	(2,378)
Total lease liabilities	$ 9,147	$ 10,139

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 399,245	$ 330,379	$ 274,329
Cost of revenue	98,875	84,439	68,469
Gross profit	300,370	245,940	205,860
Operating expenses (benefit):
Research and development expenses	73,915	57,337	48,506
Selling, general and administrative expenses	253,138	231,272	204,649
Change in fair value of contingent consideration (Note 2)	0	0	(184,800)
Intangible asset impairment (Note 4)	0	0	82,300
Total operating expenses	327,053	288,609	150,655
(Loss) income from operations	(26,683)	(42,669)	55,205
Other income (expense):
Interest expense	(6,925)	(4,986)	(4,918)
Interest income	3,792	1,994	466
Other	(31)	(537)	(366)
(Loss) income before income tax expense	(29,847)	(46,198)	50,387
Income tax expense	591	268	188
Net (loss) income	$ (30,438)	$ (46,466)	$ 50,199
Net (loss) income per share:
Basic net (loss) income per share (in usd per share)	$ (0.66)	$ (1.02)	$ 1.11
Diluted net (loss) income per share (in usd per share)	$ (0.66)	$ (1.02)	$ 1.09
Weighted average shares outstanding:
Weighted average shares outstanding, basic (in shares)	46,309	45,740	45,066
Weighted average shares outstanding, diluted (in shares)	46,309	45,740	46,039
Comprehensive (loss) income:
Unrealized gain (loss) on investments	$ 2,898	$ (2,811)	$ (941)
Foreign currency translation adjustment	205	(337)	(319)
Other comprehensive income (loss)	3,103	(3,148)	(1,260)
Net (loss) income	(30,438)	(46,466)	50,199
Comprehensive (loss) income, net of tax	$ (27,335)	$ (49,614)	$ 48,939

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following at December 31:


	2023		2022
Accrued compensation and employee-related expenses	$	39,425	$	26,924
Other accrued liabilities	2,503		3,301
Sales returns and allowances	2,754		2,797
Total	$	44,682	$	33,022

Description of Business and Summary of Significant Accounting Policies (Allowance for Credit Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	$ 230	$ 1,096	$ 1,096
Provision for expected credit losses	270	190	65
Recovery	0	(1,056)	(65)
Ending balance - December 31	$ 500	$ 230	$ 1,096

Equity Compensation Plans (Weighted Average Estimated Grant Date Fair Value Per Share Of Stock Options, Restricted Stock Granted, And Performance Awards) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense	$ 35,728	$ 28,771	$ 28,078
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average estimated grant date fair value (in usd per share)	$ 0	$ 0	$ 27.31
Expense	$ 765	$ 1,012	$ 981
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average estimated grant date fair value (usd per share)	$ 39.21	$ 63.14	$ 67.51
Expense	$ 21,797	$ 17,621	$ 17,746
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average estimated grant date fair value (usd per share)	$ 46.16	$ 91.05	$ 89.36
Expense	$ 11,417	$ 8,731	$ 8,095

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangible Assets and Goodwill (Company's Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	May 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost	$ 76,470		$ 46,470
Accumulated Amortization	12,484		7,131
Technology
Finite-Lived Intangible Assets [Line Items]
Cost	46,470		46,470
Accumulated Amortization	10,084		7,131
Patents
Finite-Lived Intangible Assets [Line Items]
Cost	30,000	$ 30,000	0
Accumulated Amortization	$ 2,400		$ 0

Employee Benefit Plans (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Postemployment Benefits [Abstract]
Employee contribution percent	50.00%	50.00%	50.00%
Maximum percentage of employee contribution to the plan	8.00%	8.00%	6.00%
Company's matching contribution	$ 4,949,000	$ 4,447,000	$ 2,651,000
Discretionary contributions made	0	0	0
Total contributions to retirement plan	$ 503,000	$ 446,000	$ 349,000

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

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 surgical treatments and therapies for atrial fibrillation (Afib), left atrial appendage (LAA) management and post-operative pain management, and sells its products to medical centers globally through its direct sales force and distributors.

Principles of Consolidation—The Consolidated Financial Statements include the accounts of AtriCure, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

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 and money market funds 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—Revenue is generated primarily from the sale of medical devices. Sales of devices are categorized based on the type of product as follows: open ablation, minimally invasive ablation, pain management and appendage management. The Company recognizes revenue when control of promised devices is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those devices. Revenue is recognized at a point in time upon shipment or delivery of products. Shipping and handling activities performed after control transfers to customers are considered activities to fulfill the promise to transfer the products. Revenue includes shipping and handling revenue of $1,860, $1,496 and $1,354 in the years ended December 31, 2023, 2022 and 2021.

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 subsequent to shipment in order to render products operational. The Company expects to be entitled to the total consideration for the products ordered as product pricing is fixed, and there are no adjustments for a significant financing component as payment terms fall within one year. 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 commission expense for product sales and royalties paid for sales of certain products. As revenue from product sales are satisfied at a point in time, commission expense and royalties are incurred at that point in time rather than over time. Commissions are included in selling, general and administrative expenses, while royalties are included in cost of revenue.

Significant judgments and estimates involved in the Company’s recognition of revenue include the estimation of a provision for returns. In the normal course of business, the Company is not obligated to accept product returns unless a product is defective as manufactured. The Company does not provide customers with the right to a refund.

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 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. Recoveries are recognized when received as a reduction to the allowance for credit losses by decreasing bad debt expense. The following

table provides a reconciliation of the changes in the allowance for estimated accounts receivable credit losses for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Beginning balance - January 1	$	230	$	1,096	$	1,096

Provision for expected credit losses	270		190		65
Recovery	—		(1,056)		(65)
Ending balance - December 31	$	500	$	230	$	1,096

Concentration of Credit Risk and Significant Customers — During 2023, 2022 and 2021, 8.8%, 9.7% and 10.5% of the Company’s total revenue was derived from its top ten customers. During 2023, 2022 and 2021 no individual customer accounted for more than 10% of the Company’s revenue. As of December 31, 2023 and 2022, 11.3% and 11.7% of the Company’s total accounts receivable were derived from its top ten customers. No individual customer accounted for more than 10% of the Company’s accounts receivable as of December 31, 2023 and 2022.

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 sales 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 is stated at cost less accumulated depreciation. Depreciation is determined using the straight-line method over the estimated useful life. The estimated useful life of leasehold improvements is the shorter of the estimated life or the lease term. The estimated useful lives of buildings is 15 to 20 years, while furniture, fixtures, computers and office equipment are depreciated from three to seven years. The Company’s radiofrequency and cryothermic generators are generally placed with customers that purchase 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 related to generators is recorded in cost of revenue over three years. Maintenance and repair costs are expensed as incurred. The Company assesses the useful lives of property and equipment at least annually and retires assets no longer in use.

Intangible Assets—Technology intangible assets with determinable useful lives are amortized on a straight-line basis over the estimated fifteen year period benefited. Patent intangible assets with determinable useful lives are amortized over the estimated useful life of five years in a pattern reflecting the estimated economic benefit of the asset to the Company. Amortization of technology intangible assets is recorded in research and development expense, while amortization of patent intangible assets is recorded in cost of revenue. The Company reviews intangible assets for impairment at least annually or more often if impairment indicators are present using its best estimates based on reasonable and supportable assumptions and projections.

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.

Long-lived Assets—The Company reviews property and equipment and intangible assets, excluding goodwill, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related asset's carrying value.

Leases—The Company leases office, manufacturing and warehouse facilities and automobiles 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 payments under the lease. Lease assets and liabilities are measured and recorded at the commencement date based on the present value of payments over the lease term.

Lease assets and liabilities include lease incentives and 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 generally uses its incremental borrowing rate. The Company also applies the short-term lease recognition exemption, recognizing lease payments in profit or loss, for lease terms of 12 months or less at commencement and with no option to extend the lease whose exercise is reasonably certain. The Company accounts for the lease and non-lease components as a single lease component. Additionally, the portfolio approach is applied for 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 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 9 – Leases 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, Australian Dollars and Canadian Dollars.

Income 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 a 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 by considering all available evidence. 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, taxable income in prior carryforward years 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's valuation allowance offsets 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 (loss) income to retained earnings due to its full valuation allowance.

Earnings Per Share—Basic earnings per share is computed by dividing net (loss) 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).


	Year Ended December 31,
	2023		2022		2021
Net (loss) income available to common stockholders	$	(30,438)	$	(46,466)	$	50,199
Basic weighted average common shares outstanding	46,309		45,740		45,066
Effect of dilutive securities	—		—		973
Diluted weighted average common shares outstanding	46,309		45,740		46,039

Basic net (loss) income per common share	$	(0.66)	$	(1.02)	$	1.11
Diluted net (loss) income per common share	$	(0.66)	$	(1.02)	$	1.09

For the years ended December 31, 2023 and 2022, the number of shares calculated for basic net loss per share is also used for the diluted net loss per share calculation, and net loss per share excludes the effect of 1,668 and 1,292 shares because the effect would be anti-dilutive. The computation of diluted earnings per share in the year ended December 31, 2021 excludes 404 shares because the effect would be anti-dilutive.

Research and Development Costs—Research and development 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 studies, and related regulatory activities, as well as amortization of technology assets. Research and development costs are expensed as incurred. Clinical trial costs and other development costs incurred by third parties are expensed as contracted work is performed or over the expected service period.

Advertising Costs—The Company expenses advertising costs as incurred. Advertising expense was $1,695, $1,233 and $907 during the years ended December 31, 2023, 2022 and 2021.

Share-Based Compensation—The Company recognizes share-based compensation expense for all share-based payment awards, including stock options, restricted stock awards, restricted stock units, performance share awards (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 is recognized as expense over the service period. Prior to January 1, 2023, the Company estimated forfeitures at the time of grant and revised them, as necessary, in subsequent periods as actual forfeitures differ from those estimates. Effective January 1, 2023, the Company's policy was amended to account for forfeitures as they occur rather than estimating at the time of grant, and the effect on income from continuing operations and retained earnings is not significant.

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 target will be achieved and may adjust expense over the performance period based on changes to estimates of performance target achievement. If such targets are not met or service is not rendered for the requisite service period, no compensation cost is recognized, and any recognized compensation cost in prior periods 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 market index stock performance, as defined by the award agreement, at the beginning of the service period and grant date; the expected volatility of the Company and market index stock performance over the performance period and the correlation coefficient of the daily returns for the Company and market index over the performance period.

The Company also has an employee stock purchase plan (ESPP) covering substantially all U.S. employees of the Company. 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 accounting principles generally accepted in the United States of America (GAAP) requires estimates and assumptions that affect the reported amounts of assets and liabilities, including intangible assets, contingent assets and liabilities 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.

Segments—The Company evaluates reporting segments in accordance with FASB ASC 280, “Segment Reporting”. 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. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied only by information about revenue by product type and geographic area, for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has determined that it has a single operating segment. The Company’s long-lived assets are located in the United States, except for $3,432 as of December 31, 2023 and $1,616 as of December 31, 2022 located primarily in Europe.

Fair Value Disclosures—The Company classifies cash investments in U.S. government and agency obligations, accounts receivable, other current assets, and accounts payable as Level 1. 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. Significant unobservable inputs with respect to the fair value measurements of the Level 3 contingent consideration liabilities are developed using Company data. See Note 2 – Fair Value for further information on fair value measurements.

Recent Accounting Pronouncements—In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. This guidance provides new segment disclosure requirements for entities with a single reportable segment and modifies certain reportable segment disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is in the process of assessing the impact of the adoption of this guidance; however, adoption is not expected to have a material impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. This guidance requires disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specified quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is in the process of assessing the impact of the adoption of this guidance; however, adoption is not expected to have a material impact on the Company’s consolidated financial statements.

Property and Equipment (Summary Of Property And Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total	$ 94,859	$ 85,651
Less accumulated depreciation	(52,424)	(46,818)
Property and equipment, net	42,435	38,833
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total	29,193	28,947
Generators
Property, Plant and Equipment [Line Items]
Total	23,407	21,354
Machinery and office equipment
Property, Plant and Equipment [Line Items]
Total	24,076	20,184
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total	9,845	10,251
Construction in progress
Property, Plant and Equipment [Line Items]
Total	7,332	3,909
Land
Property, Plant and Equipment [Line Items]
Total	$ 1,006	$ 1,006

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The Company develops, manufactures and sells devices designed primarily for surgical ablation of cardiac tissue, exclusion of the left atrial appendage, and temporarily blocking pain by ablating peripheral nerves. These devices are marketed to a broad base of medical centers globally. 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.

United States revenue by product type is as follows:


	2023		2022		2021
Open ablation	$	105,287	$	86,119	$	72,396
Minimally invasive ablation	44,577		38,553		39,380
Pain management	49,199		39,974		22,787
Total ablation	$	199,063	$	164,646	$	134,563
Appendage management	134,481		112,555		94,568
Total United States	$	333,544	$	277,201	$	229,131

International revenue by product type is as follows:


	2023		2022		2021
Open ablation	$	31,483	$	26,809	$	23,194
Minimally invasive ablation	6,670		5,986		6,409
Pain management	2,013		558		61
Total ablation	$	40,166	$	33,353	$	29,664
Appendage management	25,535		19,825		15,534
Total International	$	65,701	$	53,178	$	45,198

Revenue attributed to customer geographic locations is as follows:


	2023		2022		2021
United States	$	333,544	$	277,201	$	229,131

Europe	38,469		30,428		27,931
Asia-Pacific	24,526		20,734		16,077
Other International	2,706		2,016		1,190
Total International	65,701		53,178		45,198
Total Revenue	$	399,245	$	330,379	$	274,329

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 500	$ 230
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)	47,526,000	46,563,000
Common stock, shares outstanding (in shares)	47,526,000	46,563,000

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Revenue by Product Type

United States revenue by product type is as follows:


	2023		2022		2021
Open ablation	$	105,287	$	86,119	$	72,396
Minimally invasive ablation	44,577		38,553		39,380
Pain management	49,199		39,974		22,787
Total ablation	$	199,063	$	164,646	$	134,563
Appendage management	134,481		112,555		94,568
Total United States	$	333,544	$	277,201	$	229,131

International revenue by product type is as follows:


	2023		2022		2021
Open ablation	$	31,483	$	26,809	$	23,194
Minimally invasive ablation	6,670		5,986		6,409
Pain management	2,013		558		61
Total ablation	$	40,166	$	33,353	$	29,664
Appendage management	25,535		19,825		15,534
Total International	$	65,701	$	53,178	$	45,198

Summary of Revenue by Geographic Area

Revenue attributed to customer geographic locations is as follows:


	2023		2022		2021
United States	$	333,544	$	277,201	$	229,131

Europe	38,469		30,428		27,931
Asia-Pacific	24,526		20,734		16,077
Other International	2,706		2,016		1,190
Total International	65,701		53,178		45,198
Total Revenue	$	399,245	$	330,379	$	274,329

Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

ACCRUED LIABILITIES

Accrued liabilities consisted of the following at December 31:


	2023		2022
Accrued compensation and employee-related expenses	$	39,425	$	26,924
Other accrued liabilities	2,503		3,301
Sales returns and allowances	2,754		2,797
Total	$	44,682	$	33,022

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES License Agreements. The Company had been party to a license agreement that required payments of 5% of specified product sales. In May 2023, the Company entered into an agreement that terminated the license agreement and the Company's obligations to make royalty payments. See Legal section below for additional information. Royalty expense was $1,333, $3,264 and $3,124 for the years ended December 31, 2023, 2022 and 2021. Purchase Agreements. The Company enters into standard purchase agreements with suppliers in the ordinary course of business, generally with terms that allow cancellation. 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 can be reasonably estimated. The Company recognizes income from a favorable resolution of legal proceedings when the associated cash or assets are received. 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 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. During the third quarter of 2022, the relator filed a Fourth Amended Complaint, which dropped allegations of off-label promotion and alleges that the Company paid illegal kickbacks to healthcare providers in exchange for using or referring the Company’s products, in violation of the federal Anti-Kickback Statute and various comparable state and local laws. While the Company is contesting the case, 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. On August 23, 2022, the Cleveland Clinic Foundation (Clinic) and IDx Medical, Ltd. (IDx) filed a Demand for Arbitration against the Company with the American Arbitration Association (AAA), alleging that the Company breached certain provisions of the License Agreement dated December 9, 2003, among the Company, Clinic and IDx (License Agreement). Clinic and IDx allege the Company did not include the revenues from sales of certain products in its calculation of royalty payments due under the License Agreement, and that the Company did not provide related notices required under the License Agreement. The Company filed its Answering Statement and Counterclaims to the allegations in September 2022, denying each claim and counterclaiming for breach of contract, correction of inventorship, declaratory judgment, patent prosecution and legal fees. In May 2023, the Company entered into an Assignment and Agreement Regarding IDx and CCF Intellectual Property (Assignment Agreement) with Clinic and IDx. Pursuant to the Assignment Agreement, during the second quarter of 2023, the Company made a one-time payment of $33,400 to Clinic and IDx for the acquisition of patents and other intellectual property. The Assignment Agreement also required dismissal of the arbitration and release of payment for royalty obligations due to Clinic and IDx under the License Agreement after March 31, 2023. The amount paid, together with transaction costs, was allocated between the acquired intangible asset, the release of payment for royalty obligations and the settlement of the dispute. The intangible asset was assigned a value of $30,000 and is being amortized over an estimated useful life of 5 years. The release of the royalty obligations was valued at $432. The remaining $3,088 was allocated to the settlement and is included in selling, general and administrative expenses for the twelve months ended December 31, 2023. During the first quarter of 2023, the Company entered into a legal settlement of $7,500 in connection with the settlement of claims filed against a competitor. The Company recorded a $7,500 gain for the twelve months ended December 31, 2023 for the proceeds received as a reduction to selling, general and administrative expenses.

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following at December 31:


	2023		2022
Raw materials	$	36,751	$	19,880
Work in process	3,582		2,959
Finished goods	27,564		23,092
Inventories	$	67,897	$	45,931

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 456,754	$ 483,756	$ 412,394
Ending balance	466,168	456,754	483,756
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4,096)	(948)	312
Ending balance	(993)	(4,096)	(948)
Unrealized (losses) gains on investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,698)	(887)	54
Other comprehensive income (loss) before reclassifications	2,898	(2,739)	(941)
Amounts reclassified from accumulated other comprehensive income (loss) to interest income	0	(72)	0
Ending balance	(800)	(3,698)	(887)
Foreign currency translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(398)	(61)	258
Other comprehensive income (loss) before reclassifications	154	(774)	(768)
Amounts reclassified from accumulated other comprehensive income (loss) to interest income	51	437	449
Ending balance	$ (193)	$ (398)	$ (61)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

Cash and Cash Equivalents

Investments

Revenue Recognition

Sales Returns and Allowances

Allowance for Credit Losses on Accounts Receivable

table provides a reconciliation of the changes in the allowance for estimated accounts receivable credit losses for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Beginning balance - January 1	$	230	$	1,096	$	1,096

Provision for expected credit losses	270		190		65
Recovery	—		(1,056)		(65)
Ending balance - December 31	$	500	$	230	$	1,096

Concentration of Credit Risk and Significant Customers

Inventories

Property and Equipment

Other Income (Expense)

Income Taxes

Earnings Per Share

Research and Development Costs

Advertising Costs

Advertising Costs—The Company expenses advertising costs as incurred. Advertising expense was $1,695, $1,233 and $907 during the years ended December 31, 2023, 2022 and 2021.

Share-Based Compensation

Use of Estimates

Segments

Fair Value Disclosures

Recent Accounting Pronouncements

Accumulated Other Comprehensive Income (Loss)

In addition to net (loss) income, comprehensive (loss) income includes foreign currency translation adjustments and unrealized losses on investments.

Intangible Assets and Goodwill (Summary Of Company's Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 234,781	$ 234,781
Additions (Impairment)	0	0
Ending balance	$ 234,781	$ 234,781

- Definition

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

+ References + Details

Fair Value (Narrative) (Details) - USD ($)	12 Months Ended
Fair Value (Narrative) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in levels or methodology	$ 0	$ 0
Change in fair value of contingent consideration	0	0	$ (184,800,000)
Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining fair value	$ 0	$ 0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of contingent consideration			$ 184,800,000

Equity Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Expense Related to Employee Share-Based Compensation

The following table summarizes total share-based compensation expense related to employees, directors and consultants for 2023, 2022 and 2021. The expense was allocated as follows:


	2023		2022		2021
Cost of revenue	$	1,817	$	1,868	$	2,243
Research and development expenses	5,802		4,544		4,206
Selling, general and administrative expenses	28,109		22,359		21,629
Total	$	35,728	$	28,771	$	28,078

Activity Under Stock Based Compensation Plans

PSA activity at target attainment under the plans during 2023 was as follows:


Performance Share Awards	Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023	213	$	90.70
Awarded	236	46.16
Vested	(96)	89.36
Forfeited	—	—
Outstanding at December 31, 2023	353	$	61.09

The fair value of performance share awards with a market condition is estimated on the grant date using a Monte Carlo simulation and includes the following assumptions:


	2023		2022	2021
Stock price	$	38.81	$39.94 - $69.59	$	66.31
Expected term (years)	2.8		2.6 to 2.8	2.8
Company volatility	44.80%		43.50 - 46.90%	42.10%
Market index average volatility	91.00%		90.30 - 92.00%	91.00%
Market index average correlation	32.20%		33.50 - 35.40%	31.50%
Risk-free interest rate	4.60%		1.40 - 2.70%	0.20%
Dividend yield	0.00%		0.00%	0.00%

Activity under the plans during 2023 was as follows:


Restricted Stock Awards	RSA Shares Outstanding	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023	598	$	60.00
Awarded	751	39.21
Released	(338)	54.08
Forfeited	(29)	50.25
Outstanding at December 31, 2023	982	$	46.43

Stock Options. Stock options granted generally vest at a rate of 33.3% on the first, second and third anniversaries of the grant date and expire ten years from the date of grant. Activity under the plans during 2023 was as follows:


Time-Based Stock Options	Number of Shares Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2023	481	$	29.34
Granted	—	—
Exercised	(137)	16.93
Forfeited	(12)	64.93
Outstanding at December 31, 2023	332	$	33.20	4.0	$	3,584
Vested and expected to vest	332	$	33.15	4.0	$	3,584
Exercisable at December 31, 2023	308	$	30.22	3.7	$	3,584

Assumptions Used for Determining Fair Value of Options

Based on the assumptions above, the weighted average estimated grant date fair value per share and expense was as follows:


	2023		2022		2021
Weighted average estimated grant date fair value	$	46.16	$	91.05	$	89.36
Expense	11,417		8,731		8,095

The weighted average estimated grant date fair value per share and expense was as follows:


	2023		2022		2021
Weighted average estimated grant date fair value	$	39.21	$	63.14	$	67.51
Expense	21,797		17,621		17,746

Options granted in 2021 included the following assumptions:


			2021
Range of risk-free interest rate			0.43 - 1.22%
Range of expected life of stock options (years)			5.3 to 5.7
Range of expected volatility of stock			40.00 - 43.00%
Weighted-average volatility			41.84%
Dividend yield			0.00%

Based on the assumptions noted above, the weighted average estimated grant date fair value per share and expense was as follows:


	2023		2022		2021
Weighted average estimated grant date fair value	$	—	$	—	$	27.31
Expense	765		1,012		981

Intangible Assets and Goodwill (Future Amortization Expense Related To Intangible Assets With Definite Lives) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 7,453
2025	8,353
2026	9,553
2027	10,453
2028	6,553
2029 and thereafter	21,621
Total	$ 63,986

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

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following

table provides a reconciliation of the changes in the allowance for estimated accounts receivable credit losses for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Beginning balance - January 1	$	230	$	1,096	$	1,096

Provision for expected credit losses	270		190		65
Recovery	—		(1,056)		(65)
Ending balance - December 31	$	500	$	230	$	1,096

Schedule of Weighted Average Number of Shares


	Year Ended December 31,
	2023		2022		2021
Net (loss) income available to common stockholders	$	(30,438)	$	(46,466)	$	50,199
Basic weighted average common shares outstanding	46,309		45,740		45,066
Effect of dilutive securities	—		—		973
Diluted weighted average common shares outstanding	46,309		45,740		46,039

Basic net (loss) income per common share	$	(0.66)	$	(1.02)	$	1.11
Diluted net (loss) income per common share	$	(0.66)	$	(1.02)	$	1.09

Intangible Assets and Goodwill (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment	$ 0	$ 0	$ 82,300,000
Intangible assets, net	63,986,000	39,339,000
Amortization of intangible assets	$ 5,353,000	3,653,000	2,907,000
Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life (in years)	5 years			5 years
In Process Research and Development \| aMAZE
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment			$ 82,300,000
Intangible assets, net		$ 0

Equity Compensation Plans (Assumptions Used For Determining Fair Value Of Options) (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average volatility (in percent)	41.84%
Dividend yield (in percent)	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of risk-free interest rate (in percent)	0.43%
Expected term (years)	5 years 3 months 18 days
Range of expected volatility of stock (in percent)	40.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of risk-free interest rate (in percent)	1.22%
Expected term (years)	5 years 8 months 12 days
Range of expected volatility of stock (in percent)	43.00%

- Definition

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

+ References

+ Details

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Company's Intangible Assets

The following table provides a summary of the Company’s intangible assets at December 31:


	2023				2022
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Technology	$	46,470	$	10,084	$	46,470	$	7,131
Patents	30,000		2,400		$	—	$	—
Total	$	76,470	$	12,484	$	46,470	$	7,131

Finite-Lived Intangible Assets Amortization Expense


	2023		2022		2021
Cost of revenues	$	2,400	$	—	$	—
Selling, general and administrative expenses	2,953		3,653		2,907
Total	$	5,353	$	3,653	$	2,907

Future Amortization Expense Related To Intangible Assets With Definite Lives

Future amortization expense is projected as follows:


2024	$	7,453
2025	8,353
2026	9,553
2027	10,453
2028	6,553
2029 and thereafter	21,621
Total	$	63,986

Summary of Company's Goodwill

The following table provides a summary of the Company’s goodwill, which is not amortized, but rather tested annually for impairment:


Net carrying amount as of December 31, 2021	$	234,781
Additions (Impairment)	—
Net carrying amount as of December 31, 2022	234,781
Additions (Impairment)	—
Net carrying amount as of December 31, 2023	$	234,781

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Leases (Summary Of Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Operating lease right-of-use assets	$ 4,324	$ 3,787
Other current liabilities and current maturities of debt and leases	1,447	1,147
Operating lease liabilities	3,307	3,095
Total operating lease liabilities	$ 4,754	$ 4,242
Operating lease, liability, current, statement of financial position [Extensible Enumeration]	Current maturities of debt and leases	Current maturities of debt and leases
Finance Leases
Property and equipment, at cost	$ 14,620	$ 14,645
Accumulated depreciation	(8,105)	(7,109)
Property and equipment, net	$ 6,515	$ 7,536
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Other current liabilities and current maturities of debt and leases	$ 1,086	$ 992
Finance lease liabilities	8,061	9,147
Total finance lease liabilities	$ 9,147	$ 10,139
Finance lease, liability, current, statement of financial position [Extensible Enumeration]	Current maturities of debt and leases	Current maturities of debt and leases

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Future Maturities on Debt

Future maturities of debt, after consideration of the new Credit Agreement on January 5, 2024, are projected as follows:


2024	$	—
2025	—
2026	—
2027	61,865
2028	—
Total long-term debt, of which $0 is current and $61,865 is noncurrent	$	61,865

Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

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 December 31, 2023:


	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	$	—	$	77,864	$	—	$	77,864

Government and agency obligations	12,711		—		—		12,711
Corporate bonds	—		38,033		—		38,033
Asset-backed securities	—		2,231		—		2,231
Total assets	$	12,711	$	118,128	$	—	$	130,839

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, 2022:


	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	$	—	$	54,414	$	—	$	54,414
Commercial paper	—		11,935		—		11,935
Government and agency obligations	32,637		—		—		32,637
Corporate bonds	—		67,598		—		67,598
Asset-backed securities	—		2,353		—		2,353
Total assets	$	32,637	$	136,300	$	—	$	168,937

Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs 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 for each of the years ended December 31:


	2023		2022		2021
Beginning Balance – January 1	$	—	$	—	$	184,800
Amounts acquired	—		—		—
Changes in fair value of contingent consideration	—		—		(184,800)
Ending Balance – December 31	$	—	$	—	$	—

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

In addition to net (loss) income, comprehensive (loss) income includes foreign currency translation adjustments and unrealized losses on investments. Accumulated other comprehensive income (loss) consisted of the following, net of tax:


	2023		2022		2021
Total accumulated other comprehensive (loss) income at beginning of period	$	(4,096)	$	(948)	$	312
Unrealized (losses) gains on investments
Balance at beginning of period	$	(3,698)	$	(887)	$	54
Other comprehensive income (loss) before reclassifications	2,898		(2,739)		(941)
Amounts reclassified from accumulated other comprehensive income (loss) to interest income	—		(72)		—
Balance at end of period	$	(800)	$	(3,698)	$	(887)
Foreign currency translation adjustment
Balance at beginning of period	$	(398)	$	(61)	$	258
Other comprehensive income (loss) before reclassifications	154		(774)		(768)
Amounts reclassified from accumulated other comprehensive (loss) income to other (expense) income	51		437		449
Balance at end of period	$	(193)	$	(398)	$	(61)
Total accumulated other comprehensive loss at end of period	$	(993)	$	(4,096)	$	(948)

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Justin J. Noznesky [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 12, 2023, Justin J. Noznesky, our Chief Marketing and Strategy Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Mr. Noznesky's plan covers the sale of up to 9,273 shares of our common stock between March 12, 2024 and June 28, 2024. Transactions under the plan were based upon pre-established dates and stock price thresholds.
Name	Justin J. Noznesky
Title	Chief Marketing and Strategy Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 12, 2023
Arrangement Duration	108 days
Aggregate Available	9,273	9,273

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Beginning balance, shares at Dec. 31, 2020		45,346
Beginning balance at Dec. 31, 2020	$ 412,394	$ 45	$ 742,389	$ (330,352)	$ 312
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity incentive plans (in shares)		589
Issuance of common stock under equity incentive plans	(9,836)	$ 1	(9,837)
Issuance of common stock under employee stock purchase plan (in shares)		81
Issuance of common stock under employee stock purchase plan	4,181		4,181
Share-based employee compensation expense	28,078		28,078
Other comprehensive income (loss)	(1,260)				(1,260)
Net (loss) income	50,199			50,199
Ending balance, shares at Dec. 31, 2021		46,016
Ending balance at Dec. 31, 2021	483,756	$ 46	764,811	(280,153)	(948)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity incentive plans (in shares)		426
Issuance of common stock under equity incentive plans	(10,384)	$ 1	(10,385)
Issuance of common stock under employee stock purchase plan (in shares)		121
Issuance of common stock under employee stock purchase plan	4,225		4,225
Share-based employee compensation expense	28,771		28,771
Other comprehensive income (loss)	(3,148)				(3,148)
Net (loss) income	(46,466)			(46,466)
Ending balance, shares at Dec. 31, 2022		46,563
Ending balance at Dec. 31, 2022	456,754	$ 47	787,422	(326,619)	(4,096)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity incentive plans (in shares)		811
Issuance of common stock under equity incentive plans	(4,240)	$ 1	(4,241)
Issuance of common stock under employee stock purchase plan (in shares)		152
Issuance of common stock under employee stock purchase plan	5,261		5,261
Share-based employee compensation expense	35,728		35,728
Other comprehensive income (loss)	3,103				3,103
Net (loss) income	(30,438)			(30,438)
Ending balance, shares at Dec. 31, 2023		47,526
Ending balance at Dec. 31, 2023	$ 466,168	$ 48	$ 824,170	$ (357,057)	$ (993)

Income Taxes (Summary Of Detail Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 129,744	$ 138,263
Research and development credit carryforwards	15,171	13,205
Research and experimental expenditures	20,193	10,104
Equity compensation	10,599	8,287
Finance and operating lease liabilities	3,083	3,395
Deferred interest	0	2,411
Inventories	2,822	1,896
Accruals and reserves	1,131	1,332
Property and equipment		(2,568)
Property and equipment	219
Total deferred tax assets	182,962	176,325
Deferred tax liabilities:
Intangible assets	(8,568)	(9,278)
Right-of-use assets	(2,160)	(2,626)
Other	(444)	506
Total deferred tax liabilities	(11,172)	(11,398)
Valuation allowance	(171,766)	(164,918)
Net deferred tax assets	$ 24	$ 9

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 84,310	$ 58,099
Short-term investments	52,975	63,014
Accounts receivable, less allowance for credit losses of $500 and $230	52,501	42,693
Inventories	67,897	45,931
Prepaid and other current assets	8,563	5,477
Total current assets	266,246	215,214
Assets, Noncurrent
Long-term investments	0	51,509
Property and equipment, net	42,435	38,833
Operating lease right-of-use assets	4,324	3,787
Intangible assets, net	63,986	39,339
Goodwill	234,781	234,781
Other noncurrent assets	2,160	1,985
Total Assets	613,932	585,448
Current liabilities:
Accounts payable	27,354	19,898
Accrued liabilities	44,682	33,022
Current maturities of debt and leases	2,533	5,472
Total current liabilities	74,569	58,392
Long-term debt	60,593	56,834
Finance lease liabilities	8,061	9,147
Operating lease liabilities	3,307	3,095
Other noncurrent liabilities	1,234	1,226
Total Liabilities	147,764	128,694
Commitments and contingencies (Note 10)
Stockholders’ Equity:
Common stock, $0.001 par value, 90,000 shares authorized; 47,526 and 46,563 issued and outstanding	48	47
Additional paid-in capital	824,170	787,422
Accumulated other comprehensive loss	(993)	(4,096)
Accumulated deficit	(357,057)	(326,619)
Total Stockholders’ Equity	466,168	456,754
Total Liabilities and Stockholders’ Equity	$ 613,932	$ 585,448

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company files federal, state and foreign income tax returns in jurisdictions with varying statutes of limitations. The Company uses the asset and liability method in accordance with FASB ASC 740, “Income Taxes”, under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Deferred taxes are measured using provisions of currently enacted tax laws. A valuation allowance against deferred tax assets is recorded when it is more likely than not that such assets will not be fully realized. The Company's valuation allowance offsets substantially all its net deferred tax assets as it is more likely than not that the benefit of the deferred tax assets will not be recognized in future periods.

The Company’s provision for income taxes for each of the years ended December 31 is as follows:


	2023		2022		2021
Current tax expense
Federal	$	—	$	—	$	—
State	389		142		42
Foreign	217		118		125
Total current tax expense	606		260		167
Deferred tax expense
Federal	$	(2,972)	$	(8,351)	$	(30,925)
State	(928)		(459)		(4,803)
Foreign	(3,671)		(1,636)		(826)
Change in valuation allowance	7,556		10,454		36,575
Total deferred tax expense	(15)		8		21
Total tax expense	$	591	$	268	$	188

The detail of deferred tax assets and liabilities at December 31 is as follows:


	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	129,744	$	138,263
Research and development credit carryforwards	15,171		13,205
Research and experimental expenditures	20,193		10,104
Equity compensation	10,599		8,287
Finance and operating lease liabilities	3,083		3,395
Deferred interest	—		2,411
Inventories	2,822		1,896
Accruals and reserves	1,131		1,332
Property and equipment	219		(2,568)

Total deferred tax assets	182,962		176,325

Deferred tax liabilities:
Intangible assets	(8,568)		(9,278)
Right-of-use assets	(2,160)		(2,626)
Other	(444)		506

Total deferred tax liabilities	(11,172)		(11,398)
Valuation allowance	(171,766)		(164,918)
Net deferred tax assets	$	24	$	9

Provisions enacted in the Tax Cut and Jobs Act of 2017 related to the capitalization of research and experimental expenditures for tax purposes became effective on January 1, 2022. These provisions require the Company to capitalize and amortize research and experimental expenditures for tax purposes over five or fifteen years, depending on where research is conducted. The Company has federal net operating loss carryforwards of $276,866 which expire between 2024 and 2037 and $175,758 which have no expiration. The Company has state and local net operating loss carryforwards of $301,639 which expire between 2024 to 2043. A portion of the Company’s federal and state net operating loss carryforwards are subject to certain limitations under Internal Revenue Code Sections 382 and 383. The Company has federal research and development credit carryforwards of $15,171 which expire between 2024 and 2043. Additionally, the Company has foreign net operating loss carryforwards of approximately $75,355 which have no expiration.

The Company’s 2023, 2022 and 2021 effective income tax rates differ from the federal statutory rate as follows:


	2023				2022				2021
Federal tax at statutory rate	21.0	%	$	(6,268)	21.0	%	$	(9,701)	21.0	%	$	10,580
Permanent differences	(10.4)		3,092		(1.9)		876		(80.3)		(40,439)
Valuation allowance	(25.3)		7,556		(22.6)		10,454		72.6		36,575
State income taxes	1.8		(539)		0.7		(317)		(9.4)		(4,760)
Federal R&D credit	6.6		(1,966)		4.2		(1,936)		(3.7)		(1,878)
Foreign income taxes	3.4		(1,012)		(0.5)		215		0.7		344
Federal deferred adjustments	0.9		(272)		(1.5)		677		(0.5)		(234)
Effective tax rate	(2.0)	%	$	591	(0.6)	%	$	268	0.4	%	$	188

The Company’s pre-tax book (loss) income for domestic and international operations was $(17,822) and $(12,025) for 2023, $(38,008) and $(8,190) for 2022, and $55,666 and $(5,279) for 2021.

The Company had undistributed earnings of foreign subsidiaries of approximately $444 at December 31, 2023. The Company does not consider these earnings as permanently reinvested and has determined that no current and deferred taxes are required on such amounts.

Federal, state and local tax returns of the Company are routinely subject to examination by various taxing authorities. Federal income tax returns for periods beginning in 2020 are open for examination. Generally, state and foreign income tax returns for periods beginning in 2019 are open for examination. However, taxing authorities have the ability to audit net operating loss and tax credit carryforwards from years prior to these periods. The Company has not recognized certain tax benefits because of the uncertainty of realizing the entire value of the tax position taken on income tax returns upon review by the taxing authorities.

A reconciliation of the change in federal and state unrecognized tax benefits for 2023, 2022 and 2021 is presented below:


	2023		2022		2021
Balance at the beginning of the year	$	1,762	$	1,798	$	1,798
Increases (decreases) for prior year tax positions	(90)		(36)		—
Increases (decreases) for current year tax positions	—		—		—
Increases (decreases) related to settlements	—		—		—
Decreases related to statute lapse	—		—		—
Balance at the end of the year	$	1,672	$	1,762	$	1,798

The balance of unrecognized tax benefits at December 31, 2023, 2022 and 2021 includes $1,672, $1,762 and $1,798 of tax benefits that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes and valuation allowance. The Company does not expect that its unrecognized tax benefits for research credits will significantly change within twelve months of December 31, 2023.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Indebtedness

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Indebtedness

INDEBTEDNESS

SVB Loan Agreement. As of December 31, 2023, the Company has a Loan and Security Agreement, as amended and modified effective February 8, 2021 and as further amended November 1, 2021 with Silicon Valley Bank (SVB) (SVB Loan Agreement). The SVB Loan Agreement includes 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 SVB Loan Agreement has a five-year term, expiring November 2026.

Principal payments under the SVB Loan Agreement are to be made ratably commencing 24 months after inception through the loan's maturity date. In November 2023, the Company exercised its option to extend the commencement of term loan principal payments for 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 Company is accruing the 3.00% fee over the term of the SVB Loan Agreement, with $780 included in the outstanding loan balance as of December 31, 2023. Additionally, the unamortized financing costs related to the term loan of $187 are netted against the

outstanding loan balance in the Consolidated Balance Sheets and are amortized ratably over the term of the SVB Loan Agreement.

The revolving line of credit is subject to an annual facility fee of 0.20% of the revolving line of credit, and any borrowings thereunder bear interest at the Prime Rate. Borrowing availability under the revolving credit facility is based on the lesser of $30,000 or a borrowing base calculation as defined by the SVB Loan Agreement. Financing costs related to the revolving line of credit are included in other assets in the Consolidated Balance Sheets and amortized ratably over the twelve-month period of the annual fee. As of December 31, 2023, the Company had no borrowings under the revolving credit facility and had borrowing availability of approximately $28,750.

The SVB 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.

New Credit Agreement. On January 5, 2024, the Company entered into an asset-based credit agreement (Credit Agreement) among the Borrowers, JPMorgan Chase Bank, N.A., as administrative agent, and JPMorgan Chase Bank, N.A., as bookrunner and lead arranger (JPMCB), and Silicon Valley Bank, a Division of First-Citizen Bank & Trust Company, as Joint Lead Arrangers and Joint Bookrunners, and the lenders party thereto (Lenders). The Credit Agreement provides for an asset based revolving credit facility (ABL Facility) in an amount of up to $125,000. The Company may request an increase in the revolving commitment by up to $40,000 (not to exceed a total of $165,000). Borrowing availability under the ABL Facility is based on the lesser of $125,000 or a borrowing base calculation as defined by the Credit Agreement. A portion of the ABL Facility, limited to $5,000, is available for the issuance of letters of credit by JPMCB or other financial institutions. JPMCB in its sole discretion, may create swingline loans by advancing floating rate revolving loans requested. Any such swingline loans will reduce availability under the ABL Facility on a dollar-for-dollar basis. The Credit Agreement has a three-year term, expiring January 5, 2027.

The ABL facility is subject to a facility fee of 0.37% per annum of the daily available revolving commitment and paid on a quarterly basis. Outstanding amounts under the Credit Agreement bear interest at a rate per annum equal to, at the Company's election: (i) an alternate base rate (ABR) plus an applicable margin or (ii) an adjusted term secured overnight financing rate (SOFR) plus an applicable margin. All swingline loans bear interest at a rate per annum equal to the ABR plus the applicable margin under the Credit Agreement. Alternate base rate is equal to the greatest of Prime, the NYFRB Rate plus 0.50% and Adjusted Term SOFR Rate plus 1.00%. The applicable margin on borrowings will adjust ranging 1.50% to 1.75% per annum for ABR borrowings and from 2.50% to 2.75% per annum for SOFR term borrowings determined by the average historical excess availability. Participation and fronting fees are accrued and paid on a quarterly basis. At time of closing, the Company borrowed $61,865 and had $61,885 of available borrowing capacity under the ABL facility. The proceeds of the ABL Facility were used to terminate the Company’s indebtedness under the SVB Loan Agreement. The SVB Loan Agreement terminated on January 5, 2024 and was treated as a debt extinguishment. Certain prepayment and early termination fees under the SVB Loan Agreement were waived at termination. The resulting loss on debt extinguishment in 2024 is not significant. As a result of the new Credit Agreement, borrowings outstanding under the existing SVB Loan Agreement have been classified as long-term in the Consolidated Balance Sheet as of December 31, 2023.

Outstanding borrowings are due upon maturity of the Credit Agreement in January 5, 2027. Through January 2025, the Company's required minimum utilization of the ABL facility is 40% of the aggregate revolving commitment or $50,000. Subject to customary exceptions and restrictions, the Company may voluntarily prepay outstanding amounts under the ABL Facility at any time thereafter without premium or penalty. Any voluntary prepayments made will not reduce commitments under the ABL Facility. The Credit Agreement contains mandatory prepayment provisions which require prepayment of amounts outstanding under the ABL Facility upon specified events or shortfall.

The ABL Facility is secured by the assets of the Company, whether consisting of personal, tangible or intangible property, including specified all of the outstanding equity interests of the Company’s direct subsidiaries, subject to limitations specified in the Credit Agreement. The Credit Agreement contains customary representations and warranties, events of default and financial, affirmative and negative covenants for facilities of this type, including but not limited to financial covenants relating to a fixed charge coverage ratio, a minimum liquidity requirement and a minimum excess availability requirement, and restrictions on indebtedness, liens, investments and acquisitions, asset dispositions, specified agreements, restricted payments and prepayment of certain indebtedness.

Future maturities of debt, after consideration of the new Credit Agreement on January 5, 2024, are projected as follows:


2024	$	—
2025	—
2026	—
2027	61,865
2028	—
Total long-term debt, of which $0 is current and $61,865 is noncurrent	$	61,865

- Definition

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

+ References

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

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

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

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

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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

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

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

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

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Cincinnati, Ohio

Income Taxes (Summary Of Difference Between Effective Income Tax Rates And Federal Statutory Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal tax at statutory rate, percent	21.00%	21.00%	21.00%
Federal tax at statutory rate	$ (6,268)	$ (9,701)	$ 10,580
Permanent differences, percent	(10.40%)	(1.90%)	(80.30%)
Permanent differences	$ 3,092	$ 876	$ (40,439)
Valuation allowance, percent	(25.30%)	(22.60%)	72.60%
Valuation allowance	$ 7,556	$ 10,454	$ 36,575
State income taxes, percent	1.80%	0.70%	(9.40%)
State income taxes	$ (539)	$ (317)	$ (4,760)
Federal R&D credit, percent	6.60%	4.20%	(3.70%)
Federal R&D credit	$ (1,966)	$ (1,936)	$ (1,878)
Foreign income taxes, percent	3.40%	(0.50%)	0.70%
Foreign income taxes	$ (1,012)	$ 215	$ 344
Federal deferred adjustment, percent	0.90%	(1.50%)	(0.50%)
Federal deferred adjustments	$ (272)	$ 677	$ (234)
Effective tax rate, percent	(2.00%)	(0.60%)	0.40%
Total tax expense	$ 591	$ 268	$ 188

Intangible Assets (Disaggregation of Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 5,353	$ 3,653	$ 2,907
Cost of revenues
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	2,400	0	0
Selling, general and administrative expenses
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 2,953	$ 3,653	$ 2,907

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation and employee-related expenses	$ 39,425	$ 26,924
Other accrued liabilities	2,503	3,301
Sales returns and allowances	2,754	2,797
Total	$ 44,682	$ 33,022

Equity Compensation Plans (Assumptions Used For Determining Fair Value Of Stock) (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price (in usd per share)	$ 38.81		$ 66.31
Expected term (years)	2 years 9 months 18 days		2 years 9 months 18 days
Company volatility (in percent)	44.80%		42.10%
Market index average volatility (in percent)	91.00%		91.00%
Market index average correlation (in percent)	0.3220		0.3150
Range of risk-free interest rate (in percent)	4.60%		0.20%
Dividend yield (in percent)	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price (in usd per share)		$ 39.94
Expected term (years)		2 years 7 months 6 days
Company volatility (in percent)		43.50%
Market index average volatility (in percent)		90.30%
Market index average correlation (in percent)		0.3350
Range of risk-free interest rate (in percent)		1.40%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price (in usd per share)		$ 69.59
Expected term (years)		2 years 9 months 18 days
Company volatility (in percent)		46.90%
Market index average volatility (in percent)		92.00%
Market index average correlation (in percent)		0.3540
Range of risk-free interest rate (in percent)		2.70%

Investments (Narrative) (Details) - USD ($)	12 Months Ended
Investments (Narrative) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Gain (loss) on investments	$ 0	$ 0	$ 0

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following at December 31:


	2023		2022
Raw materials	$	36,751	$	19,880
Work in process	3,582		2,959
Finished goods	27,564		23,092
Inventories	$	67,897	$	45,931

Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUE

FASB ASC 820, “Fair Value Measurements and Disclosures”, 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 that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or

liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The valuation under this approach does not entail a significant degree of judgment.

•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. The valuation technique for the Company’s Level 2 assets is based on quoted market prices for similar assets from observable pricing sources at the reporting date.

•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. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

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, 2023:


	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	$	—	$	77,864	$	—	$	77,864

Government and agency obligations	12,711		—		—		12,711
Corporate bonds	—		38,033		—		38,033
Asset-backed securities	—		2,231		—		2,231
Total assets	$	12,711	$	118,128	$	—	$	130,839

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, 2022:


	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	$	—	$	54,414	$	—	$	54,414
Commercial paper	—		11,935		—		11,935
Government and agency obligations	32,637		—		—		32,637
Corporate bonds	—		67,598		—		67,598
Asset-backed securities	—		2,353		—		2,353
Total assets	$	32,637	$	136,300	$	—	$	168,937

There were no changes in the levels or methodology of measurement of financial assets and liabilities during the years ended December 31, 2023 and 2022.

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. The achievement periods for the PMA approval and reimbursement milestones expire on December 31, 2023 and December 31, 2026, respectively. The contingent consideration liabilities are measured by

applying the probability weighted scenario method using unobservable inputs, thus representing a Level 3 measurement within the fair value hierarchy. During 2021, the Company was informed that data from the aMAZE clinical trial did not achieve statistical superiority, and the Company assessed the projected probability of payment to be remote. The Company recorded a credit to operating expenses of $184,800 reflecting the change in fair value of the contingent consideration. The Company continues to assess the projected probability of payment during the contractual achievement periods to be remote, resulting in no fair value as of December 31, 2023 and 2022.


	2023		2022		2021
Beginning Balance – January 1	$	—	$	—	$	184,800
Amounts acquired	—		—		—
Changes in fair value of contingent consideration	—		—		(184,800)
Ending Balance – December 31	$	—	$	—	$	—

- 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

Equity Compensation Plans (Activity Under Stock Based Compensation Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance, number of shares outstanding (in shares)	213,000
Awarded, number of shares outstanding (in shares)	236,000
Vested, number of shares outstanding (in shares)	(96,000)
Forfeited, number of shares outstanding (in shares)	0
Ending balance, number of shares outstanding (in shares)	353,000	213,000
Beginning balance, weighted average grant date fair value (in usd per share)	$ 90.70
Awarded, weighted average grant date fair value (in usd per share)	46.16	$ 91.05	$ 89.36
Released, weighted average grant date fair value (in usd per share)	89.36
Forfeited, weighted average grant date fair value (in usd per share)	0
Ending balance, weighted average grant date fair value (in usd per share)	$ 61.09	$ 90.70
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance, number of shares outstanding (in shares)	598,000
Awarded, number of shares outstanding (in shares)	751,000
Vested, number of shares outstanding (in shares)	(338,000)
Forfeited, number of shares outstanding (in shares)	(29,000)
Ending balance, number of shares outstanding (in shares)	982,000	598,000
Beginning balance, weighted average grant date fair value (in usd per share)	$ 60.00
Awarded, weighted average grant date fair value (in usd per share)	39.21	$ 63.14	$ 67.51
Released, weighted average grant date fair value (in usd per share)	54.08
Forfeited, weighted average grant date fair value (in usd per share)	50.25
Ending balance, weighted average grant date fair value (in usd per share)	$ 46.43	$ 60.00
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, number of shares outstanding (in shares)	481,000
Granted, number of shares outstanding (in shares)	0	0
Exercised, number of shares outstanding (in shares)	(137,000)
Forfeited, number of shares outstanding (in shares)	(12,000)
Ending balance, number of shares outstanding (in shares)	332,000	481,000
Vested and expected to vest, number of shares outstanding (in shares)	332,000
Exercisable, ending balance, number of shares outstanding (in shares)	308,000
Beginning balance, weighted average exercise price (usd per share)	$ 29.34
Granted, weighted average exercise price (usd per share)	0
Exercised, weighted average exercise price (usd per share)	16.93
Forfeited, weighted average exercise price (usd per share)	64.93
Ending balance, weighted average exercise price (usd per share)	33.20	$ 29.34
Vested and expected to vest, weighted average exercise price (usd per share)	33.15
Exercisable, ending balance, weighted average exercise price (usd per share)	$ 30.22
Outstanding, weighted average remaining contractual term (in years)	4 years
Vested and expected to vest, weighted average remaining contractual term (in years)	4 years
Exercisable, weighted average remaining contractual term (in years)	3 years 8 months 12 days
Outstanding, aggregate intrinsic value	$ 3,584
Vested and expected to vest, aggregate intrinsic value	3,584
Exercisable, aggregate intrinsic value	$ 3,584

Equity Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Compensation Plans

EQUITY COMPENSATION PLANS

The Company has two share-based incentive plans: the 2023 Stock Incentive Plan (2023 Plan) and the 2018 Employee Stock Purchase Plan (ESPP). Stockholders approved the 2023 Plan at the 2023 Annual Meeting of Stockholders. Pursuant to its terms, the 2023 Plan supersedes and replaces the 2014 Stock Incentive Plan (Prior Plan).

Stock Incentive Plan

Under the 2023 Plan, the Board of Directors 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, and may grant incentive stock options to Company employees. The Compensation Committee of the Board of Directors, as the administrator of the 2023 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 December 31, 2023, 2,287 shares of common stock had been reserved for issuance under the 2023 Plan and 2,238 shares were available for future grants. The Company issues registered shares of common stock for stock option exercises, restricted stock grants and performance award grants.

The following table summarizes total share-based compensation expense related to employees, directors and consultants for 2023, 2022 and 2021. The expense was allocated as follows:


	2023		2022		2021
Cost of revenue	$	1,817	$	1,868	$	2,243
Research and development expenses	5,802		4,544		4,206
Selling, general and administrative expenses	28,109		22,359		21,629
Total	$	35,728	$	28,771	$	28,078

Performance Share Awards. 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. 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. PSAs granted since 2021 have two weighted performance targets: (i) the Company’s compound annual growth rate (CAGR), a performance condition and (ii) relative total shareholder return (TSR), a market condition, both measured over the three-year performance period. TSR is measured against the Nasdaq Health Care Index constituents and the 20-trading-day average stock price prior to the start and end of the performance period. PSAs granted in 2021 have payout opportunities ranging from 0% to 200% of the target amount, based on equally weighted performance targets. PSAs granted beginning in 2022 have payout opportunities ranging from 0% to 300% of the target amount. PSAs granted in 2022 are weighted 60% on the CAGR performance target and 40% on the TSR performance target. PSAs granted in 2023 are weighted 75% on the CAGR performance target and 25% on the TSR performance target. These ranges are used to determine the number of shares that will be issuable when the award vests. 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. 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.

PSA activity at target attainment under the plans during 2023 was as follows:


Performance Share Awards	Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023	213	$	90.70
Awarded	236	46.16
Vested	(96)	89.36
Forfeited	—	—
Outstanding at December 31, 2023	353	$	61.09

During the year ended December 31, 2023, the 2021 PSAs with a TSR performance target vested at the target threshold, while 2021 PSAs with a CAGR performance target vested over the target threshold. An additional 43 shares were earned that are excluded from plan activity above. The total fair value of performance share awards vested during 2023, 2022 and 2021 was $4,955, $5,185 and $8,165.

In determining compensation expense, the fair value of performance share awards with a performance condition is based on the market value of the Company’s stock on the grant date of the awards. The fair value of performance share awards with a market condition is estimated on the grant date using a Monte Carlo simulation and includes the following assumptions:


	2023		2022	2021
Stock price	$	38.81	$39.94 - $69.59	$	66.31
Expected term (years)	2.8		2.6 to 2.8	2.8
Company volatility	44.80%		43.50 - 46.90%	42.10%
Market index average volatility	91.00%		90.30 - 92.00%	91.00%
Market index average correlation	32.20%		33.50 - 35.40%	31.50%
Risk-free interest rate	4.60%		1.40 - 2.70%	0.20%
Dividend yield	0.00%		0.00%	0.00%

The expected term is estimated as the remaining performance period at the grant date. Expected volatility is estimated based on the Company and daily trading prices of the market index, adjusted for dividends and stock splits over the remaining performance period. The risk-free interest rate is based upon the US Constant Maturity yield curve at the time of grant for the expected term of the performance share awards. Based on the assumptions above, the weighted average estimated grant date fair value per share and expense was as follows:


	2023		2022		2021
Weighted average estimated grant date fair value	$	46.16	$	91.05	$	89.36
Expense	11,417		8,731		8,095

As of December 31, 2023, $11,610 of unrecognized compensation costs related to non-vested performance share awards are expected to be recognized over a weighted-average period of 1.7 years.

Restricted Stock Awards and Units. 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. Activity under the plans during 2023 was as follows:


Restricted Stock Awards	RSA Shares Outstanding	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023	598	$	60.00
Awarded	751	39.21
Released	(338)	54.08
Forfeited	(29)	50.25
Outstanding at December 31, 2023	982	$	46.43

The total fair value of restricted stock vested during 2023, 2022 and 2021 was $13,824, $23,242 and $40,510.

In determining compensation expense, the fair value of restricted stock awards and restricted stock units is based on the market value of the Company’s stock on the grant date of the awards. The weighted average estimated grant date fair value per share and expense was as follows:


	2023		2022		2021
Weighted average estimated grant date fair value	$	39.21	$	63.14	$	67.51
Expense	21,797		17,621		17,746

As of December 31, 2023, $28,202 of unrecognized compensation costs related to non-vested performance share are expected to be recognized over a weighted-average period of 1.9 years.


Time-Based Stock Options	Number of Shares Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2023	481	$	29.34
Granted	—	—
Exercised	(137)	16.93
Forfeited	(12)	64.93
Outstanding at December 31, 2023	332	$	33.20	4.0	$	3,584
Vested and expected to vest	332	$	33.15	4.0	$	3,584
Exercisable at December 31, 2023	308	$	30.22	3.7	$	3,584

The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $2,982, $5,565 and $27,318. As a result of the Company’s full valuation allowance on its net deferred tax assets, no tax benefit was recognized related to the stock option exercises. The exercise price per share of each option is equal to the fair market value of the underlying share on the date of grant. For 2023, 2022 and 2021, $2,316, $1,816 and $8,175 in cash proceeds from the exercise of stock options were included in the Consolidated Statements of Cash Flows.

The fair value of options is estimated on the grant date using the Black-Scholes model. No options were granted during 2023 or 2022.

Options granted in 2021 included the following assumptions:


			2021
Range of risk-free interest rate			0.43 - 1.22%
Range of expected life of stock options (years)			5.3 to 5.7
Range of expected volatility of stock			40.00 - 43.00%
Weighted-average volatility			41.84%
Dividend yield			0.00%

The Company’s estimate of volatility is based solely on the Company’s stock price over the expected option life. The risk-free interest rate assumption is based upon the U.S. treasury yield curve at the time of grant for the expected option life. The Company estimates the expected terms of options using historical employee exercise behavior. Based on the assumptions noted above, the weighted average estimated grant date fair value per share and expense was as follows:


	2023		2022		2021
Weighted average estimated grant date fair value	$	—	$	—	$	27.31
Expense	765		1,012		981

As of December 31, 2023, $287 of unrecognized compensation costs related to non-vested stock options are expected to be recognized over a weighted-average period of 0.5 years.

Employee Stock Purchase Plan

Under the ESPP, shares of the Company’s common stock may be purchased at a discount (15%) to the lesser of the closing price of the Company’s common stock on the first or 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 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 December 31, 2023, 782 shares are available for future issuance under the ESPP. ESPP expense was $1,749, $1,407 and $1,256 for the years ended December 31, 2023, 2022 and 2021.

Fair Value (Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Acquisition-Related Contingent Consideration) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in fair value of contingent consideration (Note 2)	Change in fair value of contingent consideration (Note 2)	Change in fair value of contingent consideration (Note 2)
Significant Other Unobservable Inputs (Level 3)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance – January 1	$ 0	$ 0	$ 184,800
Amounts acquired	0	0	0
Changes in fair value of contingent consideration	0	0	(184,800)
Ending Balance – December 31	$ 0	$ 0	$ 0

Investments (Summary of Cost and Fair Value) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Amortized Cost
Due in 1 year or less	$ 51,512
Instruments not due at a single maturity date	2,263
Total	53,775
Fair Value
Due in 1 year or less	50,744
Instruments not due at a single maturity date	2,231
Total	$ 52,975

Income Taxes (Summary Of Reconciliation of Change In Federal And State Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 1,762	$ 1,798	$ 1,798
Increases (decreases) for prior year tax positions	(90)	(36)	0
Increases (decreases) for current year tax positions	0	0	0
Increases (decreases) related to settlements	0	0	0
Decreases related to statute lapse	0	0	0
Balance at the end of the year	$ 1,672	$ 1,762	$ 1,798

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (30,438)	$ (46,466)	$ 50,199
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Share-based compensation expense	35,728	28,771	28,078
Depreciation	9,460	8,057	7,534
Amortization of intangible assets	5,353	3,653	2,907
Amortization of deferred financing costs	486	507	759
Amortization of investments	632	1,478	2,482
Change in fair value of contingent consideration	0	0	(184,800)
Intangible asset impairment	0	0	82,300
Other non-cash adjustments	1,503	739	1,607
Changes in operating assets and liabilities:
Accounts receivable	(9,872)	(8,989)	(10,087)
Inventories	(21,830)	(7,305)	(4,274)
Other current assets	(3,084)	(515)	(700)
Accounts payable	6,177	2,677	4,710
Accrued liabilities	11,562	(2,966)	8,271
Other noncurrent assets and liabilities	(1,193)	(1,782)	(2,766)
Net cash provided by (used in) operating activities	4,484	(22,141)	(13,780)
Cash flows from investing activities:
Purchases of available-for-sale securities	0	(24,637)	(173,105)
Sales and maturities of available-for-sale securities	63,815	85,524	206,362
Purchases of property and equipment	(11,998)	(16,881)	(9,753)
Acquisition of intellectual property	(30,000)	0	0
Net cash provided by investing activities	21,817	44,006	23,504
Cash flows from financing activities:
Proceeds from debt borrowings	0	0	5,000
Payments on debt and finance leases	(992)	(899)	(5,816)
Payment of debt fees	(60)	0	(1,171)
Proceeds from stock option exercises	2,316	1,816	8,175
Shares repurchased for payment of taxes on stock awards	(6,557)	(12,201)	(18,011)
Proceeds from issuance of common stock under employee stock purchase plan	5,261	4,225	4,181
Net cash used in financing activities	(32)	(7,059)	(7,642)
Effect of exchange rate changes on cash and cash equivalents	(58)	(361)	(372)
Net increase in cash and cash equivalents	26,211	14,445	1,710
Cash and cash equivalents—beginning of period	58,099	43,654	41,944
Cash and cash equivalents—end of period	84,310	58,099	43,654
Supplemental cash flow information:
Cash paid for interest	6,376	4,270	4,223
Cash paid for income taxes, net of refunds	395	192	190
Non-cash investing and financing activities:
Accrued purchases of property and equipment	$ 1,427	$ 272	$ 1,552

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consisted of the following at December 31:


	2023		2022
Buildings and improvements	$	29,193	$	28,947
Generators	23,407		21,354
Machinery and office equipment	24,076		20,184
Computer equipment and software	9,845		10,251
Construction in progress	7,332		3,909
Land	1,006		1,006
Total	94,859		85,651
Less accumulated depreciation	(52,424)		(46,818)
Property and equipment, net	$	42,435	$	38,833

Leases (Summary Of Components Of Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 1,284	$ 1,133	$ 1,052
Finance lease cost:
Amortization of right-of-use assets	1,020	1,016	1,019
Interest on lease liabilities	673	735	792
Total finance lease cost	$ 1,693	$ 1,751	$ 1,811

Indebtedness (Future Maturities On Debt) (Details) - Subsequent Event $ in Thousands	Jan. 05, 2024 USD ($)
Line of Credit Facility [Line Items]
2024	$ 0
2025	0
2026	0
2027	61,865
2028	0
Long-term debt, current maturities, excluding fees	0
Long-term debt	61,865
Total long-term debt, of which $0 is current and $61,865 is noncurrent	$ 61,865

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
Postemployment Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The Company sponsors the AtriCure, Inc. 401(k) Plan (401(k) Plan), a defined contribution plan covering substantially all U.S. employees of the Company. Eligible employees may contribute pre-tax annual compensation up to specified maximums under the Internal Revenue Code. During the years ended December 31, 2023 and 2022, the Company matched contributions of 50% on the first 8% of employee contributions to the 401(k) Plan. During the year ended December 31, 2021, the Company matched contributions of 50% on the first 6% of employee contributions to the 401(k) Plan. The Company’s matching contributions in 2023, 2022 and 2021 were $4,949, $4,447 and $2,651. Additional amounts may be contributed to the 401(k) Plan at the discretion of the Company’s Board of Directors; however, no such discretionary contributions were made in 2023, 2022 or 2021. The Company also provides retirement benefits for employees of its foreign subsidiaries. Total contributions to foreign retirement plans were $503, $446 and $349 in 2023, 2022 and 2021.

Indebtedness (Narrative) (Details)			12 Months Ended	13 Months Ended
Indebtedness (Narrative) (Details)	Jan. 05, 2024 USD ($)	Nov. 01, 2021 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2025
Line of Credit Facility [Line Items]
First required payment due		24 months
Amended loan payment deferral period		12 months
Silicon Valley Bank Agreement Effective 11/1/2021 \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, borrowings		$ 30,000,000
Commitment fee percentage			0.20%
Borrowing availability threshold			$ 30,000,000
Line of credit, amount outstanding			0
Line of credit, revolving line of credit			28,750,000
Term Loan \| Silicon Valley Bank Agreement Effective 11/1/2021
Line of Credit Facility [Line Items]
Loan amount		60,000,000
Expansion of borrowing capacity		$ 30,000,000
Debt instrument, term		5 years
Annual commitment fee, percentage		3.00%
Annual commitment fee			780,000
Financing costs			$ 187,000
Term Loan \| Silicon Valley Bank Agreement Effective 11/1/2021 \| Prime Rate
Line of Credit Facility [Line Items]
Basis rate		1.25%
Line of Credit \| ABL Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Commitment fee percentage	0.37%
Line of Credit \| ABL Facility \| Subsequent Event \| Forecast
Line of Credit Facility [Line Items]
Minimum utilization (in percent)				0.40
Line of Credit \| ABL Facility \| Adjusted Base Rate \| Subsequent Event \| Maximum
Line of Credit Facility [Line Items]
Basis rate	1.75%
Line of Credit \| ABL Facility \| Adjusted Base Rate \| Subsequent Event \| Minimum
Line of Credit Facility [Line Items]
Basis rate	1.50%
Line of Credit \| ABL Facility \| Secured Overnight Financing Rate (SOFR) \| Subsequent Event \| Maximum
Line of Credit Facility [Line Items]
Basis rate	2.75%
Line of Credit \| ABL Facility \| Secured Overnight Financing Rate (SOFR) \| Subsequent Event \| Minimum
Line of Credit Facility [Line Items]
Basis rate	2.50%
Line of Credit \| ABL Facility \| Revolving Credit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Line of credit, borrowings	$ 61,865,000
Debt instrument, term	3 years
Line of credit, maximum borrowing capacity	$ 125,000,000
Line of credit facility, accordion feature, increase limit	40,000,000
Line of credit facility, maximum borrowing capacity, including accordion feature	165,000,000
Line of credit facility, remaining borrowing capacity	61,885,000
Line of Credit \| ABL Facility \| Revolving Credit Facility \| Subsequent Event \| Forecast
Line of Credit Facility [Line Items]
Minimum utilization threshold, amount	$ 50,000,000
Line of Credit \| ABL Facility \| Revolving Credit Facility \| Adjusted Term Secured Overnight Financing Rate (SOFR) \| Subsequent Event
Line of Credit Facility [Line Items]
Basis rate	0.50%
Line of Credit \| ABL Facility \| Revolving Credit Facility \| NTFRB Rate \| Subsequent Event
Line of Credit Facility [Line Items]
Basis rate	1.00%
Line of Credit \| ABL Facility \| Letter of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 5,000,000

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

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


	2023		2022		2021
Total accumulated other comprehensive (loss) income at beginning of period	$	(4,096)	$	(948)	$	312
Unrealized (losses) gains on investments
Balance at beginning of period	$	(3,698)	$	(887)	$	54
Other comprehensive income (loss) before reclassifications	2,898		(2,739)		(941)
Amounts reclassified from accumulated other comprehensive income (loss) to interest income	—		(72)		—
Balance at end of period	$	(800)	$	(3,698)	$	(887)
Foreign currency translation adjustment
Balance at beginning of period	$	(398)	$	(61)	$	258
Other comprehensive income (loss) before reclassifications	154		(774)		(768)
Amounts reclassified from accumulated other comprehensive (loss) income to other (expense) income	51		437		449
Balance at end of period	$	(193)	$	(398)	$	(61)
Total accumulated other comprehensive loss at end of period	$	(993)	$	(4,096)	$	(948)

Leases (Summary Of Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 1,235	$ 845	$ 998
Operating cash flows for finance leases	673	735	620
Financing cash flows for finance leases	992	899	792
Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	1,509	0	3,752
Finance Leases	$ 0	$ 62	$ 0

Revenue (Revenue by Geographic Area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Revenue	$ 399,245	$ 330,379	$ 274,329
United States
Revenue from External Customer [Line Items]
Revenue	333,544	277,201	229,131
Europe
Revenue from External Customer [Line Items]
Revenue	38,469	30,428	27,931
Asia-Pacific
Revenue from External Customer [Line Items]
Revenue	24,526	20,734	16,077
Other International
Revenue from External Customer [Line Items]
Revenue	2,706	2,016	1,190
Total International
Revenue from External Customer [Line Items]
Revenue	$ 65,701	$ 53,178	$ 45,198

- Definition

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Company's Provision for Income Taxes

The Company’s provision for income taxes for each of the years ended December 31 is as follows:


	2023		2022		2021
Current tax expense
Federal	$	—	$	—	$	—
State	389		142		42
Foreign	217		118		125
Total current tax expense	606		260		167
Deferred tax expense
Federal	$	(2,972)	$	(8,351)	$	(30,925)
State	(928)		(459)		(4,803)
Foreign	(3,671)		(1,636)		(826)
Change in valuation allowance	7,556		10,454		36,575
Total deferred tax expense	(15)		8		21
Total tax expense	$	591	$	268	$	188

Summary of Detail of Deferred Tax Assets and Liabilities

The detail of deferred tax assets and liabilities at December 31 is as follows:


	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	129,744	$	138,263
Research and development credit carryforwards	15,171		13,205
Research and experimental expenditures	20,193		10,104
Equity compensation	10,599		8,287
Finance and operating lease liabilities	3,083		3,395
Deferred interest	—		2,411
Inventories	2,822		1,896
Accruals and reserves	1,131		1,332
Property and equipment	219		(2,568)

Total deferred tax assets	182,962		176,325

Deferred tax liabilities:
Intangible assets	(8,568)		(9,278)
Right-of-use assets	(2,160)		(2,626)
Other	(444)		506

Total deferred tax liabilities	(11,172)		(11,398)
Valuation allowance	(171,766)		(164,918)
Net deferred tax assets	$	24	$	9

Summary of Difference Between Effective Income Tax Rates and Federal Statutory Rate

The Company’s 2023, 2022 and 2021 effective income tax rates differ from the federal statutory rate as follows:


	2023				2022				2021
Federal tax at statutory rate	21.0	%	$	(6,268)	21.0	%	$	(9,701)	21.0	%	$	10,580
Permanent differences	(10.4)		3,092		(1.9)		876		(80.3)		(40,439)
Valuation allowance	(25.3)		7,556		(22.6)		10,454		72.6		36,575
State income taxes	1.8		(539)		0.7		(317)		(9.4)		(4,760)
Federal R&D credit	6.6		(1,966)		4.2		(1,936)		(3.7)		(1,878)
Foreign income taxes	3.4		(1,012)		(0.5)		215		0.7		344
Federal deferred adjustments	0.9		(272)		(1.5)		677		(0.5)		(234)
Effective tax rate	(2.0)	%	$	591	(0.6)	%	$	268	0.4	%	$	188

Summary of Reconciliation of Change in Federal and State Unrecognized Tax Benefits

A reconciliation of the change in federal and state unrecognized tax benefits for 2023, 2022 and 2021 is presented below:


	2023		2022		2021
Balance at the beginning of the year	$	1,762	$	1,798	$	1,798
Increases (decreases) for prior year tax positions	(90)		(36)		—
Increases (decreases) for current year tax positions	—		—		—
Increases (decreases) related to settlements	—		—		—
Decreases related to statute lapse	—		—		—
Balance at the end of the year	$	1,672	$	1,762	$	1,798

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Research and development credit carryforwards	$ 15,171	$ 13,205
Pre-tax income (loss) for domestic operations	(17,822)	(38,008)	$ 55,666
Pre-tax income (loss) for international operations	(12,025)	(8,190)	(5,279)
Undistributed earnings of foreign subsidiaries	444
Unrecognized tax benefits that would result in adjustments to other tax accounts	1,672	$ 1,762	$ 1,798
Federal
Income Tax Contingency [Line Items]
Operating loss carryforward	175,758
Federal \| Tax Year 2023 and 2037
Income Tax Contingency [Line Items]
Operating loss carryforward	276,866
Federal \| Tax Year 2023 and 2042
Income Tax Contingency [Line Items]
Research and development credit carryforwards	15,171
State \| Tax Year 2023 and 2042
Income Tax Contingency [Line Items]
Operating loss carryforward	301,639
Foreign
Income Tax Contingency [Line Items]
Operating loss carryforward	$ 75,355
Minimum \| Research and development expenses
Income Tax Contingency [Line Items]
Amortization and capitalization period (in years)	5 years
Maximum \| Research and development expenses
Income Tax Contingency [Line Items]
Amortization and capitalization period (in years)	15 years

Equity Compensation Plans (Share-Based Compensation Expense Related To Employee Share-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 35,728	$ 28,771	$ 28,078
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	1,817	1,868	2,243
Research and development expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	5,802	4,544	4,206
Selling, general and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 28,109	$ 22,359	$ 21,629

Inventories (Summary Of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 36,751	$ 19,880
Work in process	3,582	2,959
Finished goods	27,564	23,092
Inventories	$ 67,897	$ 45,931

Leases (Tables)

12 Months Ended

Dec. 31, 2023

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:


	As of	As of	As of
	December 31, 2023	December 31, 2022	December 31, 2021
Operating Leases
Weighted average remaining lease term (years)	4.8	4.4	3.6
Weighted average discount rate	5.75 %	4.60 %	4.69 %

Finance Leases
Weighted average remaining lease term (years)	6.7	7.6	8.6
Weighted average discount rate	6.93 %	6.92 %	6.91 %

Summary of Components of Lease Expense

The components of lease expense are as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease cost	$	1,284	$	1,133	$	1,052

Finance lease cost:
Amortization of right-of-use assets	1,020		1,016		1,019
Interest on lease liabilities	673		735		792
Total finance lease cost	$	1,693	$	1,751	$	1,811

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,235	$	845	$	998
Operating cash flows for finance leases	673		735		620
Financing cash flows for finance leases	992		899		792

Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	1,509		—		3,752
Finance Leases	—		62		—

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	As of December 31, 2023		As of December 31, 2022
Operating Leases
Operating lease right-of-use assets	$	4,324	$	3,787

Other current liabilities and current maturities of debt and leases	1,447		1,147
Operating lease liabilities	3,307		3,095
Total operating lease liabilities	$	4,754	$	4,242

Finance Leases
Property and equipment, at cost	$	14,620	$	14,645
Accumulated depreciation	(8,105)		(7,109)
Property and equipment, net	$	6,515	$	7,536

Other current liabilities and current maturities of debt and leases	$	1,086	$	992
Finance lease liabilities	8,061		9,147
Total finance lease liabilities	$	9,147	$	10,139

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Leases		Finance Leases
2024	$	1,449	$	1,689
2025	1,188		1,638
2026	848		1,671
2027	842		1,703
2028	458		1,725
2029 and thereafter	767		3,099
Total payments	$	5,552	$	11,525
Less imputed interest	(798)		(2,378)
Total lease liabilities	$	4,754	$	9,147

Investments (Summary Of Short-term Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Cost Basis	$ 53,775	$ 118,221
Unrealized Losses	(800)	(3,698)
Fair Value	52,975	114,523
Corporate bonds
Summary of Investment Holdings [Line Items]
Cost Basis	38,514	69,832
Unrealized Losses	(481)	(2,234)
Fair Value	38,033	67,598
Government and agency obligations
Summary of Investment Holdings [Line Items]
Cost Basis	12,998	33,971
Unrealized Losses	(287)	(1,334)
Fair Value	12,711	32,637
Commercial paper
Summary of Investment Holdings [Line Items]
Cost Basis		11,935
Unrealized Losses		0
Fair Value		11,935
Asset-backed securities
Summary of Investment Holdings [Line Items]
Cost Basis	2,263	2,483
Unrealized Losses	(32)	(130)
Fair Value	$ 2,231	$ 2,353

- Definition

Cost of the investment.

+ References

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+ Details

- Definition

Fair value of investment in security owned.

+ References

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