Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

2019 Equity Incentive Plan

In January 2021, the number of shares of common stock authorized for issuance under the 2019 Plan was automatically increased by 1,369,985 shares, which was ratified by the Company's Board of Directors in January 2021.

In February 2021, the Company’s Board of Directors approved the grant of options to purchase 19,305 shares of common stock under the 2019 Plan with an exercise price of $59.33 per share.

2019 Employee Stock Purchase Plan

In January 2021, the number of shares of common stock authorized for issuance under the 2019 ESPP was automatically increased by 342,496 shares, which was ratified by the Company's Board of Directors in January 2021.

Voluntary Recall

In January and February 2021, the Company announced the voluntary recall of certain lots of our ENROUTE Transcarotid Stent System, manufactured by one of its third-party suppliers, Cordis. The decision to recall these lots was based on complaints received about tips detaching from the stent delivery system as well as internal testing that the Company conducted. The Company believes the root cause of the detachment was a single operator at Cordis, who, over a specific timeframe, produced lots in which a small number of units were not reliably manufactured to specification.

As a result of the voluntary recall the Company reflected a current asset of $4,160,000 on its balance sheet as of December 31, 2020, relating to the replacement lots and other direct costs to be received from Cordis. This amount includes $2,227,000 of recalled ENROUTE stent delivery systems held in the Company's inventory as of December 31, 2020, $1,696,000 of ENROUTE stent delivery systems in the process of being returned from its customers and other direct costs of $237,000. In addition, the Company established an accrual of $1,696,000 relating to its obligation to provide replacement ENROUTE stent delivery systems to its customers as of December 31, 2020.

Employee Bonus to be Settled in Shares

On February 9, 2021, the Company's Compensation Committee of the Board of Directors approved that the bonus for certain employees would partially be paid in RSUs. Actual shares were awarded to employees on February 26, 2021 as a fixed dollar amount converted to 14,952 fully vested RSUs using the trailing 30-day average stock price.