Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Cost of goods sold	$	9,126	$	4,422	$	2,370
Sales and marketing	9,500		6,185		2,472
General and administrative	24,807		14,876		9,092
Research and development	7,074		3,779		2,000
Total stock-based compensation expense	$	50,507	$	29,262	$	15,934

Schedule of Option Activity

A summary of option activity for 2023 is presented below:

	Total Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance at January 1, 2023	874,749	$	30.37	5.8	19,058,224
Options granted	332,368	$	76.41
Options exercised	(214,619)	$	19.02
Options cancelled and forfeited	(35,326)	$	51.30
Outstanding at December 31, 2023	957,172	$	48.13	6.7	18,283,464
Vested and expected to vest at December 31, 2023	957,172	$	48.13	6.7	18,283,464
Exercisable at December 31, 2023	466,039	$	26.99	4.4	16,462,767

Schedule of Valuation Model

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

	Year Ended December 31,
	2023		2022		2021
Expected volatility	56.1	%	62.1	%	—	%
Risk-free interest rate	4.0	%	2.0	%	—	%
Expected life (in years)	6.0		6.0		—
Expected dividend yield	—		—		—

Schedule of Restricted Stock Awards Activity

A summary of restricted stock awards and restricted stock units activity for 2023 is presented below:

	Shares	Weighted- Average Grant Date Fair Value Per Share
Nonvested balance at January 1, 2023	1,249,992	$	34.65
Granted	710,985	$	74.38
Vested	(612,912)	$	29.78
Forfeited	(137,806)	$	50.36
Nonvested balance at December 31, 2023	1,210,259	$	58.71

A summary of TSR Award activity for 2023 is presented below:

	Shares	Weighted- Average Grant Date Fair Value Per Share
Nonvested balance at January 1, 2023	658,875	$	48.58
Granted	365,478	$	127.75
Vested	(348,302)	$	23.43
Forfeited	(45,997)	$	57.77
Nonvested balance at December 31, 2023	630,054	$	78.91

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,
	2023		2022		2021
Expected volatility	52.8	%	56.6	%	54.0	%
Risk-free interest rate	4.6	%	1.7	%	30.0	%
Expected life (in years)	2.8		2.8		2.8
Expected dividend yield	—		—		—