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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information are as follows (shares in thousands):

			Six Months Ended
			June 30, 2022
			Number of Shares						Weighted Average Exercise Price
Outstanding, beginning of period			6,365						$	5.34
Granted			254						35.58
Exercised			(802)						3.57
Forfeited			(151)						7.09
Outstanding, end of period			5,666						6.90
Vested and expected to vest			5,666						6.90
Exercisable			2,933						4.63

Schedule of Fair Value Assumptions

The fair value of the options granted to employees or directors was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Expected life (years)			5.8						6.0						5.9						6.0
Expected volatility			56		%				52		%				55		%				49		%
Risk-free interest rate			2.9		%				1.1		%				2.5		%				1.1		%
Expected dividend rate			—		%				—		%				—		%				—		%
Weighted-average fair value			$	20.07					$	3.59					$	19.15					$	3.14

The fair value of the awards granted under the ESPP for the six months ended June 30, 2022 to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:

			Six Months Ended June 30,
			2022
Expected life (years)			0.8
Expected volatility			57		%
Risk-free interest rate			1.8		%
Expected dividend rate			—		%
Weighted-average fair value			$	12.25

Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option

A summary of the Company’s restricted stock unit (“RSU”) activity and related information are as follows (restricted stock units in thousands):

			Six Months Ended
			June 30, 2022
			Number of Shares						Weighted Average Grant Date Fair Value
Outstanding, beginning of period			35						$	34.78
Awarded			538						34.14
Forfeited			(14)						31.76
Outstanding, end of period			559						34.22

Share-based Payment Arrangement, Expensed and Capitalized, Amount

Total stock-based compensation recognized, before taxes, are as follows (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Cost of sales			$	252					$	51					$	375					$	74
Research and development			553						155						853						307
Sales, general and administrative			1,871						519						3,000						994
Total stock-based compensation			$	2,676					$	725					$	4,228					$	1,375

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Tabular disclosure of share-based payment arrangement.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award.

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Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

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