Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense recognized

Stock-based compensation expense recognized in the consolidated statements of operations is summarized below:

	Year Ended December 31,
(in thousands)	2022		2021		2020
Cost of goods sold	$	4,422	$	2,370	$	2,820
Sales and marketing	6,185		2,472		1,821
General and administrative	14,876		9,092		7,333
Research and development	3,779		2,000		2,101
Total stock-based compensation expense	$	29,262	$	15,934	$	14,075

Schedule of option activity

A summary of option activity for 2022 is presented below:

	Total Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance at January 1, 2022	972,939	$	18.73	4.7	10,145,135
Options granted	317,789	$	53.55
Options exercised	(397,822)	$	20.07
Options cancelled and forfeited	(18,157)	$	38.20
Outstanding at December 31, 2022	874,749	$	30.37	5.8	19,058,224
Vested and expected to vest at December 31, 2022	874,749	$	30.37	5.8	19,058,224
Exercisable at December 31, 2022	517,424	$	17.83	3.6	17,141,202

Schedule of valuation model

The table below summarizes the key weighted-average assumptions used in valuing stock options granted:

	Year Ended December 31,
	2022		2021		2020
Expected volatility	62.1	%	—	%	71.1	%
Risk-free interest rate	2.0	%	—	%	0.3	%
Expected life (in years)	6.0		—		3.5
Expected dividend yield	—		—		—

Summary of restricted stock awards activity

A summary of restricted stock awards and restricted stock units activity for 2022 is presented below:

	Shares	Weighted- Average Grant Date Fair Value Per Share
Nonvested balance at January 1, 2022	1,330,374	$	19.04
Granted	649,672	$	51.51
Vested	(624,069)	$	19.11
Forfeited	(105,985)	$	30.81
Nonvested balance at December 31, 2022	1,249,992	$	34.65

A summary of TSR Award activity for 2022 is presented below:

	Shares	Weighted- Average Grant Date Fair Value Per Share
Nonvested balance at January 1, 2022	590,073	$	30.49
Granted	304,212	$	95.31
Vested	(220,339)	$	39.92
Forfeited	(15,071)	$	31.30
Nonvested balance at December 31, 2022	658,875	$	48.58

Schedule of RSU valuation model

The fair value of these awards are based on a Monte Carlo simulation valuation model with the following assumptions:

	Year Ended December 31,
	2022		2021		2020
Expected volatility	56.6	%	54.0	%	53.3	%
Risk-free interest rate	1.7	%	0.3	%	0.7	%
Expected life (in years)	2.8		2.8		2.8
Expected dividend yield	—		—		—