0001588978-24-000030 | 10-Q | XBRL Viewer

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Net loss per share was determined as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net loss	$	(20,974)	$	(24,622)	$	(72,557)	$	(78,393)
Weighted-average common stock outstanding	52,011		48,310		51,550		46,131
Net loss per share, basic and diluted	$	(0.40)	$	(0.51)	$	(1.41)	$	(1.70)

The following potentially dilutive securities outstanding have been excluded from the computations of weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares, in thousands):


	September 30,
	2024	2023


Stock options	4,342	5,414
Restricted and performance stock units	2,013	1,518
Employee stock purchase plan	52	177
Total	6,407	7,109

Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consists of the following (in thousands):


	September 30,		December 31,
	2024		2023

Raw materials	$	14,188	$	11,832
Work-in-process	9,482		6,047
Finished goods	27,180		21,877
Total inventory	$	50,850	$	39,756

Condensed Consolidated Statements of Stockholders’ Equity - Parenthetical	3 Months Ended
	Sep. 30, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance of common stock, net of issuance costs	$ 10,795

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 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
Reza Zadno [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 8, 2024, Reza Zadno, the Company’s Chief Executive Officer, adopted a pre-arranged written stock sale plan in accordance with Rule 10b5-1 (the “Zadno Rule 10b5-1 Plan”) under the Exchange Act, for the sale of shares of the Company’s common in the Company’s securities and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act stock. The Zadno Rule 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s policies regarding transactions. The Zadno Rule 10b5-1 Plan provides for the potential sale of up to 105,683 shares of the Company’s common stock during various specified trading periods through December 4, 2024.
Name	Reza Zadno
Title	Company’s Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 8, 2024
Expiration Date	December 4, 2024
Arrangement Duration	118 days
Aggregate Available	105,683	105,683
Alaleh Nouri [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 3, 2024, Alaleh Nouri, the Company’s Chief Legal Officer, adopted a pre-arranged written stock sale plan in accordance with Rule 10b5-1 (the “Nouri Rule 10b5-1 Plan”) under the Exchange Act, for the sale of shares of the Company’s common stock. The Nouri Rule 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s policies regarding transactions in the Company’s securities and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Nouri Rule 10b5-1 Plan provides for the potential sale of up to 56,185 shares of the Company’s common stock during various specified trading periods through December 31, 2025.
Name	Alaleh Nouri
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 3, 2024
Expiration Date	December 31, 2025
Arrangement Duration	484 days
Aggregate Available	56,185	56,185

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 14,188	$ 11,832
Work-in-process	9,482	6,047
Finished goods	27,180	21,877
Total inventory	$ 50,850	$ 39,756

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Guarantees and Indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any material claims or been required to defend any action related to its indemnification obligations. As of September 30, 2024 and December 31, 2023, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Facility Lease

In December 2021, the Company entered into a lease for two existing buildings, comprising approximately 158,221 square feet of space, located in San Jose, California. The lease commenced in July 2022, and will continue for 122 months following thereafter, with two five year options to extend the term of the lease.

Rent expense recognized under the lease, including additional rent charges for utilities, parking, maintenance, and real estate taxes, was $2.0 million and $2.6 million for the three months ended September 30, 2024 and 2023, and was $5.4 million and $6.6 million for the nine months ended September 30, 2024 and 2023.

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of September 30, 2024	Minimum Lease Payments		Debt Repayments		Total
2024	$	1,043	$	—	$	1,043
2025	4,297		4,333		8,630
2026	4,426		26,000		30,426
2027	4,808		21,667		26,475
2028	4,952		—		4,952
Thereafter	22,297		—		22,297
Total minimum payments	41,823		52,000		93,823
Less: amount representing interest/unamortized debt discount	(12,623)		(562)		(13,185)
Present value of future payments	29,200		51,438		80,638
Less: current portion	(1,839)		—		(1,839)
Non-current portion	$	27,361	$	51,438	$	78,799

As of September 30, 2024 and December 31, 2023, the Company’s security deposit is in the form of, and recorded as, restricted cash.

Commitments and Contingencies

Guarantees and Indemnifications

Facility Lease

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of September 30, 2024	Minimum Lease Payments		Debt Repayments		Total
2024	$	1,043	$	—	$	1,043
2025	4,297		4,333		8,630
2026	4,426		26,000		30,426
2027	4,808		21,667		26,475
2028	4,952		—		4,952
Thereafter	22,297		—		22,297
Total minimum payments	41,823		52,000		93,823
Less: amount representing interest/unamortized debt discount	(12,623)		(562)		(13,185)
Present value of future payments	29,200		51,438		80,638
Less: current portion	(1,839)		—		(1,839)
Non-current portion	$	27,361	$	51,438	$	78,799

As of September 30, 2024 and December 31, 2023, the Company’s security deposit is in the form of, and recorded as, restricted cash.

Stock-Based Compensation - Fair Value Assumptions - Stock Options (Details) - Stock options - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangements
Expected life (years)	6 years	0 years	6 years	6 years
Expected volatility	57.00%	0.00%	57.00%	57.00%
Risk-free interest rate	4.10%	0.00%	4.10%	4.00%
Expected dividend rate	0.00%	0.00%	0.00%	0.00%
Weighted-average fair value (in dollars per share)	$ 38.24	$ 0	$ 28.52	$ 21.02

- 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

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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Cost of sales	$	1,893	$	660	$	4,891	$	1,730
Research and development	2,146		1,375		5,446		3,506
Sales, general and administrative	5,521		3,922		15,250		10,509
Stock-based compensation capitalized in inventory	(1,048)		(631)		(2,832)		(1,592)
Total stock-based compensation	$	8,512	$	5,326	$	22,755	$	14,153

Stock Options

The Company had 6.8 million shares available for grant as of September 30, 2024 under the 2021 Equity Incentive Award Plan or the 2021 Plan.

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


	Nine Months Ended
	September 30, 2024

	Number of Shares	Weighted-Average Exercise Price
Outstanding, beginning of period	5,215	$	9.42
Granted	173	50.13
Exercised	(909)	8.22
Forfeited	(137)	20.67
Outstanding, end of period	4,342	10.93
Vested and expected to vest	4,342	10.93
Exercisable	3,724	7.66

As of September 30, 2024 and December 31, 2023, the aggregate pre-tax intrinsic value of options outstanding and exercisable was $271.4 million and $144.0 million, respectively, and the aggregate pre-tax intrinsic value of options outstanding were $300.4 million and $169.5 million, respectively. The aggregate pre-tax intrinsic value of options exercised was $47.2 million and $8.9 million during the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, there was a total of $9.9 million of unrecognized stock-based compensation expense related to stock options.

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 September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023

Expected life (years)	6.0			0.0			6.0			6.0
Expected volatility	57		%	—		%	57		%	57		%
Risk-free interest rate	4.1		%	—		%	4.1		%	4.0		%
Expected dividend rate	—		%	—		%	—		%	—		%
Weighted-average fair value	$	38.24		$	—		$	28.52		$	21.02

Restricted Stock Units

A summary of the Company’s restricted stock unit, or RSU, activity and related information are as follows (RSUs in thousands):


	Nine Months Ended
	September 30, 2024

	Number of Shares	Weighted-Average Fair Value
Outstanding, beginning of period	1,565	$	36.27
Awarded	991	50.95
Forfeited	(234)	39.12

Vested	(390)	36.06
Outstanding, end of period	1,932	43.50

As of September 30, 2024, there was a total of $70.3 million of unrecognized stock-based compensation expense related to RSUs.

Performance Stock Units

The 2021 Plan provides for issuance of performance stock units or PSUs. PSUs granted are contingent upon the achievement of predetermined market, performance, and service conditions. PSUs are awarded to executives of the Company and generally time vest over two and three years. Vesting is also generally contingent upon achievement of applicable performance metrics. PSU expense is recognized over the requisite service period.

During the nine months ended September 30, 2024, the Company awarded approximately 61,000 PSU shares with both a performance and service condition. A certain performance condition will be defined at a later date. Per ASC 718 – Compensation, Stock Compensation, these grants have not met the definition of having a grant date, and therefore, no expense has been recognized for these PSUs. Expense will be recognized when the performance condition becomes defined.

During the nine months ended September 30, 2024, the Company awarded approximately 20,000 PSU shares with both a market and service condition.

No PSU shares were forfeited or released during the three and nine months ended September 30, 2024. As of September 30, 2024, unrecognized compensation expense related to PSUs was not material.

Employee Stock Purchase Plan

As of September 30, 2024, there was approximately $1.2 million of unrecognized cost related to the Employee Stock Purchase Plan or ESPP. This cost is expected to be recognized over a weighted average period of 0.6 years. As of September 30, 2024, a total of 1.5 million shares were available for issuance under the ESPP.

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


	Nine Months Ended September 30,
	2024			2023

Expected life (years)	0.8			0.8
Expected volatility	53		%	55		%
Risk-free interest rate	5.3		%	5.0		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	22.10		$	11.28

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of September 30, 2024	Minimum Lease Payments		Debt Repayments		Total
2024	$	1,043	$	—	$	1,043
2025	4,297		4,333		8,630
2026	4,426		26,000		30,426
2027	4,808		21,667		26,475
2028	4,952		—		4,952
Thereafter	22,297		—		22,297
Total minimum payments	41,823		52,000		93,823
Less: amount representing interest/unamortized debt discount	(12,623)		(562)		(13,185)
Present value of future payments	29,200		51,438		80,638
Less: current portion	(1,839)		—		(1,839)
Non-current portion	$	27,361	$	51,438	$	78,799

Schedule of Maturities of Long-term Debt

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of September 30, 2024	Minimum Lease Payments		Debt Repayments		Total
2024	$	1,043	$	—	$	1,043
2025	4,297		4,333		8,630
2026	4,426		26,000		30,426
2027	4,808		21,667		26,475
2028	4,952		—		4,952
Thereafter	22,297		—		22,297
Total minimum payments	41,823		52,000		93,823
Less: amount representing interest/unamortized debt discount	(12,623)		(562)		(13,185)
Present value of future payments	29,200		51,438		80,638
Less: current portion	(1,839)		—		(1,839)
Non-current portion	$	27,361	$	51,438	$	78,799

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Loss Per Share, Basic

Net loss per share was determined as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net loss	$	(20,974)	$	(24,622)	$	(72,557)	$	(78,393)
Weighted-average common stock outstanding	52,011		48,310		51,550		46,131
Net loss per share, basic and diluted	$	(0.40)	$	(0.51)	$	(1.41)	$	(1.70)

Schedule of Loss Per Share, Diluted

Net loss per share was determined as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net loss	$	(20,974)	$	(24,622)	$	(72,557)	$	(78,393)
Weighted-average common stock outstanding	52,011		48,310		51,550		46,131
Net loss per share, basic and diluted	$	(0.40)	$	(0.51)	$	(1.41)	$	(1.70)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	September 30,
	2024	2023


Stock options	4,342	5,414
Restricted and performance stock units	2,013	1,518
Employee stock purchase plan	52	177
Total	6,407	7,109

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Preparation The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and pursuant to the rules and regulations of the United States Securities and Exchange Commission or SEC. These condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Unaudited Interim Financial Statements The accompanying balance sheet as of September 30, 2024, the statements of operations and comprehensive loss and cash flows for the three and nine months ended September 30, 2024 and 2023, and the statements of stockholders’ equity as of September 30, 2024 and 2023, are unaudited. The financial data and other information disclosed in these notes to the financial statements related to September 30, 2024, and the three and nine months ended September 30, 2024 and 2023, are also unaudited. The accompanying balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K (“Annual Report”) filed with the Securities and Exchange Commission. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to a fair statement of the Company’s financial position as of September 30, 2024, and the results of its operations and cash flows for the three and nine months ended September 30, 2024 and 2023. The results for the three and nine months ended September 30, 2024, are not necessarily indicative of results to be expected for the year ending December 31, 2024, or for any other interim period or for any future year and should be read in conjunction with the annual consolidated financial statements included in the Company’s Annual Report. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements. Management uses significant judgment when making estimates related to its valuation of inventory and accounts receivable, stock-based compensation expense, right-of-use lease asset, lease liability, valuations of loan facility derivative liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Accounting Policies Update Given the release of the next generation robotic system, HYDROS Robotic System, for a limited period and on a case by case basis, the Company may enter into arrangements with existing customers to sell a HYDROS Robotic System with an exchange of a previously purchased AquaBeam Robotic System for additional consideration. The Company accounts for these transactions under ASC 606 - Revenue from Contracts with Customers. For the three and nine months ended September 30, 2024, such transactions were not material. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, that requires disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker and included within each reported measure of segment profit or loss. The standard also requires disclosure of the composition of other segment items included in the measure of segment profit or loss that are not separately disclosed. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company plans to adopt the ASU and related updates on January 1, 2025. The Company is evaluating the impact this ASU will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for all public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted and should be applied either prospectively or retrospectively. The Company plans to adopt the ASU and related updates on January 1, 2025. The Company is evaluating the impact of this ASU will have on its financial statement disclosures.

Net Loss Per Share - Net loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Net loss	$ (20,974)	$ (25,626)	$ (25,957)	$ (24,622)	$ (25,285)	$ (28,484)	$ (72,557)	$ (78,393)
Weighted-average common stock outstanding, basic (in shares)	52,011			48,310			51,550	46,131
Weighted-average common stock outstanding, diluted (in shares)	52,011			48,310			51,550	46,131
Net loss per share, basic (in dollars per share)	$ (0.40)			$ (0.51)			$ (1.41)	$ (1.70)
Net loss per share, diluted (in dollars per share)	$ (0.40)			$ (0.51)			$ (1.41)	$ (1.70)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ 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

Inventory - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Inventory Disclosure [Abstract]
Inventory reclassified from raw materials and work-in process	$ 4.9

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted and performance stock units shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Outstanding, beginning of period (in shares) \| shares	1,565
Award (in shares) \| shares	991
Forfeited (in shares) \| shares	(234)
Vested (in shares) \| shares	(390)
Outstanding, end of period (in shares) \| shares	1,932
Weighted-Average Fair Value
Outstanding, beginning of period (in dollars per share) \| $ / shares	$ 36.27
Awarded (in dollars per share) \| $ / shares	50.95
Forfeited (in dollars per shares) \| $ / shares	39.12
Vested (in dollars per shares) \| $ / shares	36.06
Outstanding, endof period (in dollars per share) \| $ / shares	$ 43.50

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Geographic Areas

The following table presents revenue disaggregated by type and geography (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

U.S.
System sales and rentals	$	19,643	$	13,467	$	50,978	$	37,065
Handpieces and other consumables	29,620		17,047		81,217		42,418
Service	2,952		1,811		7,888		4,545
Total U.S. revenue	52,215		32,325		140,083		84,028
Outside of U.S.
System sales and rentals	3,155		828		7,974		3,896
Handpieces and other consumables	2,616		1,651		7,230		3,826
Service	384		298		975		860
Total outside of U.S. revenue	6,155		2,777		16,179		8,582
Total revenue	$	58,370	$	35,102	$	156,262	$	92,610

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States	89	%	92	%	90	%	91	%
Outside the United States	11	%	8	%	10	%	9	%

Schedule of Revenue from External Customers by Products and Services

The following table presents revenue disaggregated by type and geography (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

U.S.
System sales and rentals	$	19,643	$	13,467	$	50,978	$	37,065
Handpieces and other consumables	29,620		17,047		81,217		42,418
Service	2,952		1,811		7,888		4,545
Total U.S. revenue	52,215		32,325		140,083		84,028
Outside of U.S.
System sales and rentals	3,155		828		7,974		3,896
Handpieces and other consumables	2,616		1,651		7,230		3,826
Service	384		298		975		860
Total outside of U.S. revenue	6,155		2,777		16,179		8,582
Total revenue	$	58,370	$	35,102	$	156,262	$	92,610

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net, consist of the following (in thousands):


	September 30,		December 31,
	2024		2023

Laboratory, manufacturing and computer equipment, and furniture and fixtures	$	19,934	$	15,610
Rental equipment	785		897
Leasehold improvements	12,454		12,362
Construction in progress	210		3,548
Total property and equipment	33,383		32,417
Less: accumulated depreciation and amortization	(6,778)		(3,669)
Total property and equipment, net	$	26,605	$	28,748

Organization (Details) customer in Millions	9 Months Ended
Organization (Details) customer in Millions	Sep. 30, 2024 customer
Accounting Policies [Abstract]
Number of men impacted by BPH	40

Commitments and Contingencies - Narrative (Details) $ in Millions		3 Months Ended		9 Months Ended
	Dec. 31, 2021 building ft² renewalOption	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Guarantor Obligations
Number of renewal options \| renewalOption	2
Renewal term (in years)	5 years
Rent expense \| $		$ 2.0	$ 2.6	$ 5.4	$ 6.6
Building
Guarantor Obligations
Number of buildings \| building	2
Number of square feet \| ft²	158,221
Operating lease term (in years)		122 months		122 months

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Preparation The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and pursuant to the rules and regulations of the United States Securities and Exchange Commission or SEC. These condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements. Management uses significant judgment when making estimates related to its valuation of inventory and accounts receivable, stock-based compensation expense, right-of-use lease asset, lease liability, valuations of loan facility derivative liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.
Accounting Policies Update	Accounting Policies Update Given the release of the next generation robotic system, HYDROS Robotic System, for a limited period and on a case by case basis, the Company may enter into arrangements with existing customers to sell a HYDROS Robotic System with an exchange of a previously purchased AquaBeam Robotic System for additional consideration. The Company accounts for these transactions under ASC 606 - Revenue from Contracts with Customers. For the three and nine months ended September 30, 2024, such transactions were not material.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, that requires disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker and included within each reported measure of segment profit or loss. The standard also requires disclosure of the composition of other segment items included in the measure of segment profit or loss that are not separately disclosed. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company plans to adopt the ASU and related updates on January 1, 2025. The Company is evaluating the impact this ASU will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for all public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted and should be applied either prospectively or retrospectively. The Company plans to adopt the ASU and related updates on January 1, 2025. The Company is evaluating the impact of this ASU will have on its financial statement disclosures.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483426/235-10-50-4

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

Condensed Consolidated Balance Sheets - Parenthetical - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred Stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	52,146,000	50,771,000
Common stock, shares outstanding (in shares)	52,146,000	50,771,000

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 58,370	$ 35,102	$ 156,262	$ 92,610
Cost of sales	21,459	16,228	62,835	42,816
Gross profit	36,911	18,874	93,427	49,794
Operating expenses:
Research and development	16,647	11,600	47,232	33,950
Selling, general and administrative	42,691	32,883	123,099	95,457
Total operating expenses	59,338	44,483	170,331	129,407
Loss from operations	(22,427)	(25,609)	(76,904)	(79,613)
Interest expense	(1,140)	(1,019)	(3,215)	(2,870)
Interest and other income, net	2,593	2,006	7,562	4,090
Net loss	$ (20,974)	$ (24,622)	$ (72,557)	$ (78,393)
Net loss per share, basic (in dollars per share)	$ (0.40)	$ (0.51)	$ (1.41)	$ (1.70)
Net loss per share, diluted (in dollars per share)	$ (0.40)	$ (0.51)	$ (1.41)	$ (1.70)
Weighted-average common shares used to compute net loss per share attributable to
Common shareholders, basic (in shares)	52,011	48,310	51,550	46,131
Common shareholders, diluted (in shares)	52,011	48,310	51,550	46,131
Other comprehensive gain (loss):
Unrealized loss on cash equivalents	$ (17)	$ 0	$ (102)	$ 0
Comprehensive loss	$ (20,991)	$ (24,622)	$ (72,659)	$ (78,393)

Segment, Geographical, and Customer Concentration (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue Benchmark \| Geographic Concentration Risk \| U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States	89.00%	92.00%	90.00%	91.00%
Revenue Benchmark \| Geographic Concentration Risk \| Outside of U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States	11.00%	8.00%	10.00%	9.00%
Customer 1 \| Accounts Receivable \| Customer Concentration Risk
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States			10.00%		10.00%

Fair Value Measurements - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash and cash equivalents	$ 196,762	$ 257,222	$ 287,087
Derivative liability, statement of financial position	Loan facility derivative liability	Loan facility derivative liability
Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	$ 12,948	$ 6,609
Cash equivalents	183,814	250,613
Total cash and cash equivalents	196,762	257,222
Loan facility derivative liability	2,000	1,886
Level 1 \| Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	12,948	6,609
Cash equivalents	183,814	250,613
Total cash and cash equivalents	196,762	257,222
Loan facility derivative liability	0	0
Level 2 \| Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	0	0
Cash equivalents	0	0
Total cash and cash equivalents	0	0
Loan facility derivative liability	0	0
Level 3 \| Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	0	0
Cash equivalents	0	0
Total cash and cash equivalents	0	0
Loan facility derivative liability	$ 2,000	$ 1,886

Long-Term Debt (Details) - Canadian Imperial Bank of Commerce - Senior Loans - USD ($)	1 Months Ended	12 Months Ended	24 Months Ended
	Oct. 31, 2022	Sep. 30, 2023	Sep. 30, 2024
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 52,000,000
Debt instrument, covenant compliance interest-only period term	36 months
Debt instrument, covenant compliance interest-only period renewal term	12 months
Debt instrument, covenant compliance, revenue threshold amount			$ 200,000,000
Debt instrument, covenant compliance, EBITDA threshold amount		$ 0
Debt instrument, convertible, threshold percentage of stock price trigger	20.00%
Deposits	$ 90,000,000
Non-US
Line of Credit Facility [Line Items]
Pledged subsidiary equity interests in non -US subsidiaries, percent	65.00%
Secured Overnight Financing Rate One Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.10%
Secured Overnight Financing Rate Three Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.15%
Secured Overnight Financing Rate Six Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.25%
Secured Overnight Financing Rate Floor Rate
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	1.50%
Secured Overnight Financing Rate Margin Rate
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	2.25%

Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Employer contribution amount	$ 0.5	$ 0.4	$ 1.8	$ 1.2

Cover page - shares	9 Months Ended
Cover page - shares	Sep. 30, 2024	Oct. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40797
Entity Registrant Name	PROCEPT BioRobotics Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0199180
Entity Address, Address Line One	150 Baytech Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	650
Local Phone Number	232-7200
Title of 12(b) Security	Common stock, $0.00001 par value per share
Trading Symbol	PRCT
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		52,183,184
Entity Central Index Key	0001588978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q3

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (20,974)	$ (25,626)	$ (25,957)	$ (24,622)	$ (25,285)	$ (28,484)	$ (72,557)	$ (78,393)

- Definition

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

+ References

+ Details

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

The following table presents revenue disaggregated by type and geography (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

U.S.
System sales and rentals	$	19,643	$	13,467	$	50,978	$	37,065
Handpieces and other consumables	29,620		17,047		81,217		42,418
Service	2,952		1,811		7,888		4,545
Total U.S. revenue	52,215		32,325		140,083		84,028
Outside of U.S.
System sales and rentals	3,155		828		7,974		3,896
Handpieces and other consumables	2,616		1,651		7,230		3,826
Service	384		298		975		860
Total outside of U.S. revenue	6,155		2,777		16,179		8,582
Total revenue	$	58,370	$	35,102	$	156,262	$	92,610

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash and cash equivalents:
Cash	$	12,948	$	—	$	—	$	12,948	$	6,609	$	—	$	—	$	6,609
Cash equivalents	183,814		—		—		183,814		250,613		—		—		250,613
Total cash and cash equivalents	$	196,762	$	—	$	—	$	196,762	$	257,222	$	—	$	—	$	257,222

Loan facility derivative liability	$	—	$	—	$	2,000	$	2,000	$	—	$	—	$	1,886	$	1,886

Schedule of Derivative Liabilities at Fair Value

The following table sets forth a summary of the changes in the estimated fair value of the Company’s loan facility derivative liability, classified as Level 3 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Beginning of the period	$	1,942	$	1,832	$	1,886	$	1,779
Change in fair value	58		27		114		80
End of the period	$	2,000	$	1,859	$	2,000	$	1,859

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (72,557)	$ (78,393)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	3,781	2,489
Stock-based compensation expense	22,755	14,153
Change in fair value of derivative liability	114	80
Non-cash lease adjustment	(287)	123
Inventory write-down	1,281	995
Provision for credit losses	456	0
Changes in operating assets and liabilities:
Accounts receivable	(21,128)	(19,349)
Inventory	(11,438)	(12,937)
Prepaid expenses and other current assets	(1,210)	2,194
Other assets	(334)	(365)
Accounts payable	3,227	(87)
Accrued compensation	1,949	(182)
Accrued interest expense	100	93
Deferred revenue	2,295	2,668
Reimbursements for leasehold improvements from operating leases	2,596	4,989
Other liabilities	1,578	319
Net cash used in operating activities	(66,822)	(83,210)
Cash flows from investing activities:
Purchases of property and equipment	(3,235)	(16,491)
Net cash used in investing activities	(3,235)	(16,491)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net of issuance costs	0	161,705
Proceeds from issuance of common stock from the exercise of stock options	7,474	1,507
Proceeds from issuance of common stock under employee stock purchase plan	2,123	1,717
Net cash provided by financing activities	9,597	164,929
Net increase (decrease) in cash, cash equivalents and restricted cash	(60,460)	65,228
Beginning of the period	260,260	225,674
End of the period	199,800	290,902
Reconciliation of cash, cash equivalents and restricted cash to balance sheets:
Cash and cash equivalents	196,762	287,087
Restricted cash	3,038	3,815
Cash, cash equivalents and restricted cash in balance sheets	199,800	290,902
Supplemental cash flow information
Interest paid	3,046	3,052
Non-cash investing and financing activities
Transfer of evaluation or rental units from inventory to property and equipment, net	13	(123)
Property and equipment included in accounts payable and accrued expenses	$ 25	$ 7,837

Commitments and Contingencies - Future Minimum Lease Payments and Long-Term Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Minimum Lease Payments
2024	$ 1,043
2025	4,297
2026	4,426
2027	4,808
2028	4,952
Thereafter	22,297
Total minimum payments	41,823
Less: amount representing interest/unamortized debt discount	(12,623)
Present value of future payments	29,200
Less: current portion	(1,839)	$ (1,683)
Non-current portion	27,361	26,182
Debt Repayments
2024	0
2025	4,333
2026	26,000
2027	21,667
2028	0
Thereafter	0
Total minimum payments	52,000
Less: amount representing interest/unamortized debt discount	(562)
Present value of future payments	51,438
Less: current portion	0
Long-term debt	51,438	$ 51,339
Total
2024	1,043
2025	8,630
2026	30,426
2027	26,475
2028	4,952
Thereafter	22,297
Total minimum payments	93,823
Less: amount representing interest/unamortized debt discount	(13,185)
Present value of future payments	80,638
Less: current portion	(1,839)
Non-current portion	$ 78,799

Net Loss Per Share - Potentially Dilutive Securities (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	6,407	7,109
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	4,342	5,414
Restricted and performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,013	1,518
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	52	177

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Construction in progress
Total property and equipment	$ 33,383	$ 32,417
Less: accumulated depreciation and amortization	(6,778)	(3,669)
Total property and equipment, net	26,605	28,748
Laboratory, manufacturing and computer equipment, and furniture and fixtures
Construction in progress
Total property and equipment	19,934	15,610
Rental equipment
Construction in progress
Total property and equipment	785	897
Leasehold improvements
Construction in progress
Total property and equipment	12,454	12,362
Construction in progress
Construction in progress
Total property and equipment	$ 210	$ 3,548

Fair Value Measurements - Fair Value, Inputs, Level 3 - Fair Value, Measurements, Recurring (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fair value, net derivative asset (liability), recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Change in fair value of derivative liability	Change in fair value of derivative liability	Change in fair value of derivative liability	Change in fair value of derivative liability
Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Beginning of the period	$ 1,942	$ 1,832	$ 1,886	$ 1,779
Change in fair value	58	27	114	80
End of the period	$ 2,000	$ 1,859	$ 2,000	$ 1,859

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 196,762	$ 257,222
Accounts receivable, net	69,048	48,376
Inventory	50,850	39,756
Prepaid expenses and other current assets	6,321	5,213
Total current assets	322,981	350,567
Restricted cash, non-current	3,038	3,038
Property and equipment, net	26,605	28,748
Operating lease right-of-use assets, net	19,267	20,241
Intangible assets, net	1,000	1,204
Other assets	1,251	919
Total assets	374,142	404,717
Current liabilities:
Accounts payable	15,088	13,499
Accrued compensation	18,834	16,885
Deferred revenue	7,989	5,656
Operating lease, current	1,839	1,683
Loan facility derivative liability	2,000	1,886
Other current liabilities	7,896	6,318
Total current liabilities	53,646	45,927
Long-term debt	51,438	51,339
Operating lease, non-current	27,361	26,182
Other liabilities	479	517
Total liabilities	132,924	123,965
Commitments and contingencies (see Note 11)
Stockholders’ equity:
Preferred stock, $0.00001 par value; Authorized shares: 10,000 at September 30, 2024 and December 31, 2023, Issued and outstanding shares: none at September 30, 2024 and December 31, 2023	0	0
Common stock, $0.00001 par value; Authorized shares: 300,000 at September 30, 2024 and December 31, 2023, Issued and outstanding shares: 51,900 and 50,771 at September 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	768,365	735,240
Accumulated other comprehensive gain (loss)	(18)	84
Accumulated deficit	(527,129)	(454,572)
Total stockholders’ equity	241,218	280,752
Total liabilities and stockholders’ equity	$ 374,142	$ 404,717

Stock-Based Compensation - Fair Value Assumptions - Employee Stock Purchase Plan (Details) - Employee stock purchase plan - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangements
Expected life (years)	9 months 18 days	9 months 18 days
Expected volatility	53.00%	55.00%
Risk-free interest rate	5.30%	5.00%
Expected dividend rate	0.00%	0.00%
Weighted-average fair value (in dollars per share)	$ 22.10	$ 11.28

- 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

Stock-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 8,512	$ 5,326	$ 22,755	$ 14,153
Stock-based compensation capitalized in inventory	(1,048)	(631)	(2,832)	(1,592)
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,893	660	4,891	1,730
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,146	1,375	5,446	3,506
Sales, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,521	$ 3,922	$ 15,250	$ 10,509

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 58,370	$ 35,102	$ 156,262	$ 92,610
U.S.
Disaggregation of Revenue [Line Items]
Revenue	52,215	32,325	140,083	84,028
Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	6,155	2,777	16,179	8,582
System sales and rentals \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	19,643	13,467	50,978	37,065
System sales and rentals \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	3,155	828	7,974	3,896
Handpieces and other consumables \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	29,620	17,047	81,217	42,418
Handpieces and other consumables \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,616	1,651	7,230	3,826
Service \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,952	1,811	7,888	4,545
Service \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	$ 384	$ 298	$ 975	$ 860

- 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

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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+ Details

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt In October 2022, the Company entered into a loan and security agreement (“the Loan Agreement”) with Canadian Imperial Bank of Commerce, or CIBC. The Agreement provides for a senior secured term loan facility in the aggregate principal amount of $52.0 million (the "Term Loan Facility") which was borrowed in full. The Term Loan Facility is scheduled to mature on the fifth anniversary of the closing date (the “Maturity Date”). The Agreement provides for interest-only payments on the Term Loan Facility for the first thirty-six months following the Maturity Date (the “Initial Interest-Only Period”). The Initial Interest-Only Period will be extended to an additional twelve months if the Company achieves either (i) $200.0 million or greater in revenue in any twelve-month period or (ii) $0 or greater in EBITDA (as defined in the Loan Agreement) in any six-month period. Thereafter, amortization payments on the Term Loan Facility will be payable monthly until the Maturity Date in monthly installments equal to 20% of the then outstanding principal amount of the Term Loan Facility divided by 12 plus any accrued and unpaid interest. The Company has the option to prepay the Term Loan Facility without any prepayment charge or fee. The loan borrowed under the Term Loan Facility bears interest at an annual rate equal to the secured overnight financing rate or SOFR (calculated based on an adjustment of .10%, .15% and .25%, respectively, for one-month, three-month or six-month term SOFR as of a specified date, subject to a floor of 1.5%) plus an applicable margin of 2.25%. The obligations under the Loan Agreement are secured by substantially all of the Company's assets, including its intellectual property and by a pledge all of the Company's equity interests in its U.S. subsidiaries and 65% of the Company's equity interests in its non-U.S. subsidiaries that are directly owned by the Company. The Company is obligated to maintain in deposit accounts held at the lender the lesser of (i) $90.0 million or (ii) all of its non-operating cash and allow the Company to maintain cash or cash equivalents in excess of that amount with other financial institutions.

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 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 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Cost of sales	$	1,893	$	660	$	4,891	$	1,730
Research and development	2,146		1,375		5,446		3,506
Sales, general and administrative	5,521		3,922		15,250		10,509
Stock-based compensation capitalized in inventory	(1,048)		(631)		(2,832)		(1,592)
Total stock-based compensation	$	8,512	$	5,326	$	22,755	$	14,153

Schedule of Stock Option Activity and Related Information

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


	Nine Months Ended
	September 30, 2024

	Number of Shares	Weighted-Average Exercise Price
Outstanding, beginning of period	5,215	$	9.42
Granted	173	50.13
Exercised	(909)	8.22
Forfeited	(137)	20.67
Outstanding, end of period	4,342	10.93
Vested and expected to vest	4,342	10.93
Exercisable	3,724	7.66

Schedule of Fair Value Assumptions


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023

Expected life (years)	6.0			0.0			6.0			6.0
Expected volatility	57		%	—		%	57		%	57		%
Risk-free interest rate	4.1		%	—		%	4.1		%	4.0		%
Expected dividend rate	—		%	—		%	—		%	—		%
Weighted-average fair value	$	38.24		$	—		$	28.52		$	21.02

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


	Nine Months Ended September 30,
	2024			2023

Expected life (years)	0.8			0.8
Expected volatility	53		%	55		%
Risk-free interest rate	5.3		%	5.0		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	22.10		$	11.28

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit, or RSU, activity and related information are as follows (RSUs in thousands):


	Nine Months Ended
	September 30, 2024

	Number of Shares	Weighted-Average Fair Value
Outstanding, beginning of period	1,565	$	36.27
Awarded	991	50.95
Forfeited	(234)	39.12

Vested	(390)	36.06
Outstanding, end of period	1,932	43.50

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangements
Options outstanding and exercisable, aggregate intrinsic value	$ 271.4	$ 271.4		$ 144.0
Options outstanding, aggregate intrinsic value	300.4	300.4		$ 169.5
Options exercised in the period, intrinsic value		47.2	$ 8.9
Unrecognized compensation cost	9.9	9.9
Restricted and performance stock units
Share-based Compensation Arrangements
Unrecognized compensation cost	$ 70.3	$ 70.3
Forfeited or released (in shares)		234,000
2021 Equity Incentive Award Plan
Share-based Compensation Arrangements
Shares available for grant (in shares)	6,800,000	6,800,000
2021 Equity Incentive Award Plan \| Maximum
Share-based Compensation Arrangements
Award vesting period (in years)		3 years
2021 Equity Incentive Award Plan \| Performance Stock Units
Share-based Compensation Arrangements
Forfeited or released (in shares)	0	0
2021 Equity Incentive Award Plan \| Performance Stock Units \| Minimum
Share-based Compensation Arrangements
Award vesting period (in years)		2 years
Employee stock purchase plan
Share-based Compensation Arrangements
Shares available for grant (in shares)	1,500,000	1,500,000
Unrecognized compensation cost	$ 1.2	$ 1.2
Average vesting period for unrecognized compensation cost (in years)		7 months 6 days

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Stock options - $ / shares	9 Months Ended
	Sep. 30, 2024
Number of Shares
Outstanding, beginning of period (in shares)	5,215,000
Granted (in shares)	173,000
Exercised (in shares)	(909,000)
Forfeited (in shares)	(137,000)
Outstanding, end of period (in shares)	4,342,000
Vested and expected to vest (in shares)	4,342,000
Exercisable (in shares)	3,724,000
Weighted-Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 9.42
Granted (in dollars per share)	50.13
Exercised (in dollars per share)	8.22
Forfeited (in dollars per share)	20.67
Outstanding, end of period (in dollars per share)	10.93
Vested and expected to vest (in dollars per share)	10.93
Exercisable (in dollars per share)	$ 7.66

Organization	9 Months Ended
Organization	Sep. 30, 2024
Accounting Policies [Abstract]
Organization	Organization Description of Business PROCEPT BioRobotics Corporation, or the Company, is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. It develops, manufactures and sells robotic systems, including the AquaBeam Robotic System and HYDROS Robotic System, which are advanced, image-guided, surgical robotic systems for use in minimally invasive urologic surgery, with an initial focus on treating benign prostatic hyperplasia, or BPH. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. The Company’s robotic systems employ a single-use disposable handpiece to deliver the Company’s proprietary Aquablation therapy, which combines real-time, multi-dimensional imaging, personalized treatment planning, automated robotics and heat-free waterjet ablation for targeted and rapid removal of prostate tissue. The Company received U.S. Food and Drug Administration, or FDA, clearance in December 2017 to market its first generation robot system, the AquaBeam Robotic System, pursuant to a de novo classification. On August 30, 2023, the Company received 510(k) clearance from the FDA to remove the contraindication from its labeling that restricted Aquablation therapy from treating BPH in patients that also have an active diagnosis of prostate cancer. On August 20, 2024, the Company received 510(k) clearance from the FDA for its next generation robot system, HYDROS Robotic System.

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, consist of the following (in thousands):


	September 30,		December 31,
	2024		2023

Laboratory, manufacturing and computer equipment, and furniture and fixtures	$	19,934	$	15,610
Rental equipment	785		897
Leasehold improvements	12,454		12,362
Construction in progress	210		3,548
Total property and equipment	33,383		32,417
Less: accumulated depreciation and amortization	(6,778)		(3,669)
Total property and equipment, net	$	26,605	$	28,748

Defined Contribution Plan	9 Months Ended
Defined Contribution Plan	Sep. 30, 2024
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company has a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer a portion of their annual compensation on a pre-tax basis. Employer contributions were $0.5 million and $0.4 million for the three months ended September 30, 2024 and 2023, and $1.8 million and $1.2 million for the nine months ended September 30, 2024 and 2023.

Segment, Geographical, and Customer Concentration (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenue from External Customers by Geographic Areas

The following table presents revenue disaggregated by type and geography (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

U.S.
System sales and rentals	$	19,643	$	13,467	$	50,978	$	37,065
Handpieces and other consumables	29,620		17,047		81,217		42,418
Service	2,952		1,811		7,888		4,545
Total U.S. revenue	52,215		32,325		140,083		84,028
Outside of U.S.
System sales and rentals	3,155		828		7,974		3,896
Handpieces and other consumables	2,616		1,651		7,230		3,826
Service	384		298		975		860
Total outside of U.S. revenue	6,155		2,777		16,179		8,582
Total revenue	$	58,370	$	35,102	$	156,262	$	92,610

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States	89	%	92	%	90	%	91	%
Outside the United States	11	%	8	%	10	%	9	%

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Balance at the beginning of the period (in shares) at Dec. 31, 2022		44,828
Balance at the beginning of the period at Dec. 31, 2022	$ 197,072	$ 0	$ 545,753	$ (6)	$ (348,675)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		181
Issuance of common stock under stock plans	380		380
Stock-based compensation expense	4,137		4,137
Unrealized gain (loss) on cash equivalents	21			21
Net loss	(28,484)				(28,484)
Balance at the end of the period (in shares) at Mar. 31, 2023		45,009
Balance at the end of the period at Mar. 31, 2023	173,126	$ 0	550,270	15	(377,159)
Balance at the beginning of the period (in shares) at Dec. 31, 2022		44,828
Balance at the beginning of the period at Dec. 31, 2022	197,072	$ 0	545,753	(6)	(348,675)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on cash equivalents	0
Net loss	(78,393)
Balance at the end of the period (in shares) at Sep. 30, 2023		50,473
Balance at the end of the period at Sep. 30, 2023	299,356	$ 0	726,428	(6)	(427,066)
Balance at the beginning of the period (in shares) at Mar. 31, 2023		45,009
Balance at the beginning of the period at Mar. 31, 2023	173,126	$ 0	550,270	15	(377,159)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		262
Issuance of common stock under stock plans	2,430		2,430
Stock-based compensation expense	5,652		5,652
Unrealized gain (loss) on cash equivalents	(21)			(21)
Net loss	(25,285)				(25,285)
Balance at the end of the period (in shares) at Jun. 30, 2023		45,271
Balance at the end of the period at Jun. 30, 2023	155,902	$ 0	558,352	(6)	(402,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		117
Issuance of common stock under stock plans	414		414
Issuance of common stock, net of issuance costs (in shares)		5,085
Issuance of common stock, net of issuance costs of 10,795	161,705		161,705
Stock-based compensation expense	5,957		5,957
Unrealized gain (loss) on cash equivalents	0			0
Net loss	(24,622)				(24,622)
Balance at the end of the period (in shares) at Sep. 30, 2023		50,473
Balance at the end of the period at Sep. 30, 2023	$ 299,356	$ 0	726,428	(6)	(427,066)
Balance at the beginning of the period (in shares) at Dec. 31, 2023	50,771	50,771
Balance at the beginning of the period at Dec. 31, 2023	$ 280,752	$ 0	735,240	84	(454,572)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		622
Issuance of common stock under stock plans	2,586		2,586
Stock-based compensation expense	6,637		6,637
Unrealized gain (loss) on cash equivalents	29			29
Net loss	(25,957)				(25,957)
Balance at the end of the period (in shares) at Mar. 31, 2024		51,393
Balance at the end of the period at Mar. 31, 2024	$ 264,047	$ 0	744,463	113	(480,529)
Balance at the beginning of the period (in shares) at Dec. 31, 2023	50,771	50,771
Balance at the beginning of the period at Dec. 31, 2023	$ 280,752	$ 0	735,240	84	(454,572)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on cash equivalents	(102)
Net loss	$ (72,557)
Balance at the end of the period (in shares) at Sep. 30, 2024	52,146	52,146
Balance at the end of the period at Sep. 30, 2024	$ 241,218	$ 0	768,365	(18)	(527,129)
Balance at the beginning of the period (in shares) at Mar. 31, 2024		51,393
Balance at the beginning of the period at Mar. 31, 2024	264,047	$ 0	744,463	113	(480,529)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		507
Issuance of common stock under stock plans	5,296		5,296
Stock-based compensation expense	8,176		8,176
Unrealized gain (loss) on cash equivalents	(114)			(114)
Net loss	(25,626)				(25,626)
Balance at the end of the period (in shares) at Jun. 30, 2024		51,900
Balance at the end of the period at Jun. 30, 2024	251,779	$ 0	757,935	(1)	(506,155)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		246
Issuance of common stock under stock plans	1,715		1,715
Stock-based compensation expense	8,715		8,715
Unrealized gain (loss) on cash equivalents	(17)			(17)
Net loss	$ (20,974)				(20,974)
Balance at the end of the period (in shares) at Sep. 30, 2024	52,146	52,146
Balance at the end of the period at Sep. 30, 2024	$ 241,218	$ 0	$ 768,365	$ (18)	$ (527,129)

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash and cash equivalents:
Cash	$	12,948	$	—	$	—	$	12,948	$	6,609	$	—	$	—	$	6,609
Cash equivalents	183,814		—		—		183,814		250,613		—		—		250,613
Total cash and cash equivalents	$	196,762	$	—	$	—	$	196,762	$	257,222	$	—	$	—	$	257,222

Loan facility derivative liability	$	—	$	—	$	2,000	$	2,000	$	—	$	—	$	1,886	$	1,886

Cash equivalents consist primarily of money market deposit funds and U.S. treasury bills.

There were no transfers in and out of Level 3 during the nine months ended September 30, 2024 and year ended December 31, 2023.

The following table sets forth a summary of the changes in the estimated fair value of the Company’s loan facility derivative liability, classified as Level 3 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Beginning of the period	$	1,942	$	1,832	$	1,886	$	1,779
Change in fair value	58		27		114		80
End of the period	$	2,000	$	1,859	$	2,000	$	1,859

- 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.

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+ Details

Segment, Geographical, and Customer Concentration

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment, Geographical, and Customer Concentration

The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s assets are primarily based in the United States.

No customers accounted for more than 10% of revenue during the three and nine months ended September 30, 2024 and 2023.

No customer accounted for more than 10% of accounts receivable at September 30, 2024 and December 31, 2023.

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States	89	%	92	%	90	%	91	%
Outside the United States	11	%	8	%	10	%	9	%

Segment, Geographical, and Customer Concentration

No customers accounted for more than 10% of revenue during the three and nine months ended September 30, 2024 and 2023.

No customer accounted for more than 10% of accounts receivable at September 30, 2024 and December 31, 2023.

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States	89	%	92	%	90	%	91	%
Outside the United States	11	%	8	%	10	%	9	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Inventory

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	September 30,		December 31,
	2024		2023

Raw materials	$	14,188	$	11,832
Work-in-process	9,482		6,047
Finished goods	27,180		21,877
Total inventory	$	50,850	$	39,756

The Company reclassified $4.9 million associated with sub-assemblies from raw materials to work-in process in the December 31, 2023 balances to conform with current year presentation.