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

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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