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Stock-Benefit Plans and Equity Transactions (Tables)
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Total Stock Based Compensation

The Company has stock-based compensation plans under which it grants stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs") to officers, directors and third parties. Total stock-based compensation for the periods presented are as follows (in thousands):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Cost of sales

 

$

6,006

 

 

$

256

 

Research and development

 

 

1,317

 

 

 

972

 

Sales, general and administrative

 

 

9,139

 

 

 

8,956

 

Total

 

$

16,462

 

 

$

10,184

 

 

Schedule of Assumptions used to Estimate Fair Value of Stock Options Granted and Stock Purchase Rights under ESPP

The Company estimates the fair value of shares issued to employees under the ESPP using the Black-Scholes option-pricing model. The assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

4.54

%

 

 

0.07

%

Expected dividend yield

 

 

 

 

 

 

Expected term (years)

 

 

0.60

 

 

 

0.50

 

Volatility

 

 

62.77

%

 

 

50.29

%

Summary of All Outstanding Warrants for Common Stock

A summary of all outstanding warrants for common stock as of March 31, 2023, are as follows (in thousands, except for strike price data):

 

 

 

Number of
Warrants

 

 

Strike Price

 

Expiration

2018 PIPE Warrants

 

 

630

 

 

$

3.50

 

May 2023

SafeOp Surgical Merger Warrants

 

 

778

 

 

$

3.50

 

May 2023

2018 Squadron Medical Warrants

 

 

845

 

 

$

3.15

 

May 2027

2019 Squadron Medical Warrants

 

 

4,839

 

 

$

2.17

 

May 2027

2020 Squadron Medical Warrants

 

 

1,076

 

 

$

4.88

 

May 2027

Executive Warrants

 

 

1,327

 

 

$

5.00

 

December 2024

Other(1)

 

 

159

 

 

$

7.20

 

Various through February 2026

Total

 

 

9,654

 

 

 

 

 

(1)
Weighted-average strike price.