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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of allocated expense | The following table summarizes stock-based compensation expense incurred for ESPP expense incurred under the 2016 Employee Stock Purchase Plan, stock options, restricted stock awards, performance-based restricted stock units, and Inducement Grants and included in the consolidated statements of operations:
(in thousands) | Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Selling, general, and administrative | $ | 26,534 |  | $ | 19,036 |  | $ | 13,316
Research and development | 1,533 |  | 910 |  | 751
Cost of sales | 1,277 |  | 706 |  | 532
| $ | 29,344 |  | $ | 20,652 |  | $ | 14,599
Valuation assumptions | For 2023, and 2022, the fair value of each option grant was estimated using the Black-Scholes option-pricing model, using the following assumptions:
| Years Ended December 31,
| 2023 |  | 2022
Expected option life (years) | 6.25 |  | 5.50 - 6.25
Risk-free interest rate | 4.1% |  | 1.7% - 2.8%
Expected stock price volatility | 49.0% |  | 48.4% - 50.0%
Dividend yield | — |  | —
Summary of stock option and restricted stock activity | A summary of stock option activity under the 2022 Plan and Inducement Grants during the years ended December 31, 2024, 2023, and 2022 is presented below:
(in thousands, except per share and remaining term data) |  | Option Shares |  | Weighted Average Exercise Price |  | Fair Value |  | Weighted Average Remaining Term (years) |  | Aggregate Intrinsic Value
Outstanding December 31, 2021 |  | 988 |  |  | $ | 45.56 |  |  |  |  | 6.6 |  | $ | 6,786 |
Granted |  | 36 |  |  | 34.52 |  |  | $ | 16.82 |  |  |  |  |
Exercised |  | (23) |  |  | 30.03 |  |  |  |  |  |  | 153 |
Forfeited |  | (47) |  |  | 36.91 |  |  |  |  |  |  |
Expired |  | (47) |  |  | 55.07 |  |  |  |  |  |  |
Outstanding December 31, 2022 |  | 907 |  |  | $ | 45.47 |  |  |  |  | 5.6 |  | $ | 3,868 |
Granted |  | 3 |  |  | 41.84 |  |  | $ | 22.12 |  |  |  |  |
Exercised |  | (189) |  |  | 44.09 |  |  |  |  |  |  | 2,894 |
Forfeited |  | (21) |  |  | 33.45 |  |  |  |  |  |  |
Expired |  | (11) |  |  | 55.15 |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  | 689 |  |  | $ | 46.05 |  |  |  |  | 4.9 |  | $ | 8,370 |
Exercised |  | (102) |  |  | 43.80 |  |  |  |  |  |  | 2,001 |
Expired |  | (3) |  |  | 50.88 |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  | 584 |  |  | $ | 46.42 |  |  |  |  | 3.9 |  | $ | 7,190 |
Exercisable at December 31, 2024 |  | 551 |  |  | $ | 47.15 |  |  |  |  | 3.8 |  | $ | 6,500 |
Restricted stock activity | A summary of RSA activity under the Plan during the years ended December 31, 2024, 2023, and 2022 is presented below:
(in thousands, except per share and remaining term data) |  | Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Term (years)
Unvested at December 31, 2021 |  | 707 |  |  | $ | 36.52 |  |  | 2.8
Granted |  | 748 |  |  | 32.76 |  |  |
Vested |  | (245) |  |  | 36.99 |  |  |
Forfeited |  | (69) |  |  | 38.08 |  |  |
Unvested at December 31, 2022 |  | 1,141 |  |  | $ | 33.86 |  |  | 2.6
Granted |  | 674 |  |  | 43.30 |  |  |
Vested |  | (383) |  |  | 34.59 |  |  |
Forfeited |  | (81) |  |  | 38.10 |  |  |
Unvested at December 31, 2023 |  | 1,351 |  |  | $ | 38.11 |  |  | 2.4
Granted |  | 708 |  |  | 57.22 |  |  |
Vested |  | (485) |  |  | 37.99 |  |  |
Forfeited |  | (119) |  |  | 45.05 |  |  |
Unvested at December 31, 2024 |  | 1,455 |  |  | $ | 46.89 |  |  | 2.3
Performance shares activity | A summary of PSU activity under the Plan during the years ended December 31, 2024 and 2023 is presented below:
(in thousands, except per share and remaining term data) |  | Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Term (years)
Unvested at December 31, 2022 |  | — |  |  | $ | — |  |  | — |
Granted |  | 85 |  |  | 41.84 |  |  |
Vested |  | — |  |  | — |  |  |
Forfeited |  | (1) |  |  | 41.84 |  |  |
Unvested at December 31, 2023 |  | 84 |  |  | 41.84 |  |  | 2.0
Granted |  | 74 |  |  | 56.10 |  |  |
Vested |  | — |  |  | — |  |  |
Forfeited |  | (8) |  |  | 48.06 |  |  |
Unvested at December 31, 2024 |  | 150 |  |  | $ | 48.52 |  |  | 1.6

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