Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Income (Loss) before Income Tax Domestic and Foreign

We were subject to taxes in both the U.S. and Switzerland in each of the years ended December 31, 2021, 2020 and 2019. Income (loss) before income taxes was derived from the following jurisdictions:


	Years Ended December 31,
	2021		2020		2019
U.S.	$	62,626	$	10,284	$	(1,734)
Switzerland	(355)		(363)		(293)
Total income (loss) before income taxes	$	62,271	$	9,921	$	(2,027)

Schedule of Income Tax Expense (Benefit)

The income tax provision (benefit) was comprised of:


	Years Ended December 31,
	2021		2020		2019
Current
Federal	$	—	$	—	$	—
State	2,041		700		—
Foreign	2		2		—
Total current income tax provision (benefit)	2,043		702		—
Deferred
Federal	11,918		(39,542)		—
State	2,021		(7,440)		—
Foreign	—		—		—
Total deferred income tax provision (benefit)	13,939		(46,982)		—
Total income tax provision (benefit)	$	15,982	$	(46,280)	$	—

Summary of Effective Tax Rates Differ from Statutory Income Tax Rates

Effective tax rates differ from statutory income tax rates as follows:


	Years Ended December 31,
	2021		2020		2019
Statutory income tax rate	21.0	%	21.0	%	21.0	%
State income taxes	5.5		7.1		14.4
Effect of foreign operations	0.1		0.2		(1.0)
Changes in valuation allowance	(0.2)		(516.5)		(59.9)
Change in unused net operating loss and credit carryforwards	—		—		24.7
Change in uncertain tax positions	(0.1)		21.4		—
Research and development credit	(0.7)		(6.0)		—
Stock-based compensation	(2.0)		3.7		22.3
162(m) limitation	2.1		1.9		(18.2)
Nondeductible items	—		1.6		(1.8)
Impact of Tax Cuts and Jobs Act	—		—		(1.5)
Other	—		(0.9)		—
Effective income tax rate	25.7	%	(466.5)	%	—	%

Summary of Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) consist of the following:


	December 31, 2021		December 31, 2020
Gross deferred tax assets
Net operating loss carryforward – U.S.	$	24,738	$	36,071
Net operating loss carryforward – Switzerland	162		106
Research and development tax credit carryforward	5,836		5,418
Deferred revenue	14		219
Stock-based compensation	3,423		2,954
Inventory reserve	56		159
Compensation accruals	1,426		1,304
Product reserves	5,235		2,820
Operating lease liabilities	1,436		1,546
Amortization	64		607
Other	188		145
Total deferred tax assets	42,578		51,349
Deferred tax liabilities
Depreciation	(1,753)		(1,838)
Operating lease right-of-use asset	(1,048)		(1,303)
Installment sale	(5,580)		—
Total deferred tax liabilities	(8,381)		(3,141)
Net deferred tax asset before valuation allowance	34,197		48,208
Less: Valuation allowance	(1,154)		(1,226)
Net deferred tax asset	$	33,043	$	46,982

Schedule of Unrecognized Tax Benefits

A summary of changes to our liability for unrecognized tax benefits is as follows:


	December 31, 2021		December 31, 2020
Beginning liability for unrecognized tax benefits	$	2,127	$	—
Increase (decrease) due to tax positions related to prior years	(70)		2,067
Increase due to tax positions related to the current year	—		60
Ending liability for unrecognized tax benefits	$	2,057	$	2,127