Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of stock-based compensation expense of consolidated statements |
Stock-based compensation expense is included in the following line items in the accompanying consolidated statements of operations for the years ended:
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December 31, 2022 |
| (in thousands) |
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2022 |
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2021 |
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2020 |
| Costs of goods sold |
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$ |
215 |
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$ |
157 |
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$ |
167 |
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| Sales and marketing |
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2,341 |
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2,905 |
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2,585 |
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| Research and development |
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2,640 |
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1,923 |
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1,376 |
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| General and administrative |
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10,395 |
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5,934 |
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4,341 |
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| Total stock-based compensation expense |
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$ |
15,591 |
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$ |
10,919 |
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$ |
8,470 |
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| Schedule of weighted-average assumptions for options granted |
The following weighted-average assumptions were used in the calculation of fair value for stock options granted for the following periods:
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
| Expected term (in years) |
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6.01 |
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5.88 |
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5.88 |
| Expected volatility |
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61.17 |
% |
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58.38 |
% |
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58.46 |
% |
| Risk free interest rate |
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2.31 |
% |
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1.02 |
% |
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0.49 |
% |
| Expected dividends |
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— |
% |
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— |
% |
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— |
% |
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The following are the weighted average assumptions used in the valuation of ESPP options for the years ended December 31:
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
| Expected term (in years) |
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0.5 |
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0.5 |
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0.5 |
| Expected volatility |
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66.5 |
% |
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48.0 |
% |
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81.4 |
% |
| Risk-free interest rate |
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1.1 |
% |
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0.10 |
% |
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1.0 |
% |
| Expected dividends |
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— |
% |
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— |
% |
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— |
% |
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| Schedule of stock option activity |
The following table summarizes the Company's stock option activity for the year ended December 31, 2022:
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Options |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Remaining
Contractual
Life (Years) |
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Aggregate
Intrinsic
Value (in thousands) |
| Outstanding at December 31, 2021 |
3,194,738 |
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$ |
15.65 |
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6.45 |
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$ |
2,236 |
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| Granted |
1,228,920 |
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$ |
9.20 |
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| Forfeited |
(267,839) |
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$ |
14.98 |
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| Exercised |
(260,963) |
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$ |
4.97 |
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| Outstanding at December 31, 2022 |
3,894,856 |
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$ |
14.38 |
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6.78 |
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$ |
2,783 |
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| Exercisable at December 31, 2022 |
2,034,249 |
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$ |
16.31 |
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4.94 |
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$ |
1,462 |
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| Schedule of stock unit activity |
The following table summarizes the activity for restricted stock units for the indicated periods:
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Outstanding Restricted and Performance Stock Units |
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Stock Units |
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Weighted
Average Fair Value at Date of Grant per Share |
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Weighted Average Remaining Vesting Life (Years) |
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Aggregate Intrinsic Value (in thousands) |
| Unvested December 31, 2021 |
967,068 |
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$ |
16.06 |
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1.45 |
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$ |
9,061 |
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| Granted |
1,413,755 |
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$ |
8.40 |
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| Released |
(265,420) |
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$ |
13.48 |
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| Forfeited |
(254,297) |
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$ |
12.24 |
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| Unvested December 31, 2022 |
1,861,106 |
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$ |
11.13 |
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1.60 |
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$ |
18,574 |
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The following table summarizes the activity for performance stock units for the indicated periods:
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Outstanding Restricted and Performance Stock Units |
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Stock Units |
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Weighted
Average Fair Value at Date of Grant per Share |
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Weighted Average Remaining Vesting Life (Years) |
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Aggregate Intrinsic Value (in thousands) |
| Unvested December 31, 2021 |
763,697 |
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$ |
21.47 |
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2.36 |
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$ |
7,156 |
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| Granted |
530,983 |
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8.23 |
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| Released |
(77,671) |
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18.08 |
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| Forfeited |
(104,978) |
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16.08 |
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| Unvested December 31, 2022 |
1,112,031 |
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$ |
15.90 |
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1.86 |
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$ |
11,098 |
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