0001628945-22-000052 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	May 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-40590
Entity Registrant Name	Cue Health Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1562193
Entity Address, Address Line One	4980 Carroll Canyon Rd.
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	412-8151
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	HLTH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		147,453,254
Entity Central Index Key	0001628945
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 426,465	$ 409,873
Restricted cash	13,838	13,837
Accounts receivable, net	75,830	104,589
Inventories	132,567	88,388
Prepaid expenses	42,902	45,889
Other current assets	9,807	7,446
Total current assets	701,409	670,022
Property and equipment, net	182,750	177,456
Prepaid rent	480	1,567
Operating lease right-of-use assets	84,212	79,474
Intangible assets, net	9,240	7,673
Other non-current assets	5,679	3,868
Total assets	983,770	940,060
Current liabilities:
Accounts payable	48,842	37,208
Accrued liabilities and other current liabilities	39,809	29,498
Income taxes payable	8,246	8,297
Deferred revenue, current	84,629	82,165
Operating lease liabilities, current	7,594	7,147
Finance lease liabilities, current	2,620	2,621
Total current liabilities	191,740	166,936
Deferred revenue, net of current portion	10,283	10,283
Operating leases liabilities, net of current portion	47,626	46,464
Finance lease liabilities, net of current portion	2,627	3,271
Other non-current liabilities	6,356	6,356
Total liabilities	258,632	233,310
Commitments and contingencies
Stockholders’ Equity (Deficit)
Common stock, $0.00001 par value; 500,000,000 and 500,000,000 shares authorized, 146,958,296 and 146,402,991 issued and outstanding at March 31, 2022 and December 31, 2021, respectively	1	1
Additional paid-in-capital	746,352	730,767
Accumulated deficit	(21,215)	(24,018)
Total stockholders’ equity (deficit)	725,138	706,750
Total liabilities and stockholders’ equity (deficit)	$ 983,770	$ 940,060

CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	146,958,296	146,402,991
Common stock, shares outstanding (in shares)	146,958,296	146,402,991

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Revenue	$ 179,410	$ 64,499
Operating costs and expenses:
Sales and marketing	34,168	430
Research and development	28,787	7,409
General and administrative	26,910	11,870
Total operating costs and expenses	176,562	49,744
Income from operations	2,848	14,755
Other income (expense):
Interest expense	(51)	(535)
Other income, net	6	37
Net income before income taxes	2,803	14,257
Income tax expense	0	1,226
Net income	$ 2,803	$ 13,031
Net income per share attributable to common stockholders – basic (in dollars per share)	$ 0.02	$ 0.09
Weighted-average number of shares used in computation of net income per share attributable to common stockholders – basic (in shares)	146,526,370	18,378,777
Net income per share attributable to common stockholders – diluted (in dollars per share)	$ 0.02	$ 0.08
Weighted-average number of shares used in computation of net income per share attributable to common stockholders – diluted (in shares)	153,036,804	25,904,338
Product
Revenue
Revenue	$ 177,454	$ 64,499
Operating costs and expenses:
Cost of product revenue	86,697	30,035
Grant and other
Revenue
Revenue	$ 1,956	$ 0

CONDENSED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Series A Redeemable Convertible Preferred Stock	Series B Redeemable Convertible Preferred Stock	Series C Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		8,350,743	46,176,715	28,998,607
Beginning balance at Dec. 31, 2020		$ 7,519	$ 66,186	$ 102,618
Ending balance (in shares) at Mar. 31, 2021		8,350,743	46,176,715	28,998,607
Ending balance at Mar. 31, 2021		$ 7,519	$ 66,186	$ 102,618
Beginning balance (in shares) at Dec. 31, 2020					27,995,780
Beginning balance at Dec. 31, 2020	$ (101,400)				$ 0	$ 9,036	$ (110,436)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)					622,749
Exercise of common stock options	32					32
Vesting of early exercised stock options (in shares)					0
Vesting of early exercised stock options	46					46
Stock-based compensation, including employee stock purchase plan activity	3,021					3,021
Net income	13,031						13,031
Ending balance (in shares) at Mar. 31, 2021					28,618,529
Ending balance at Mar. 31, 2021	(85,270)				$ 0	12,135	(97,405)
Beginning balance (in shares) at Dec. 31, 2021					146,402,991
Beginning balance at Dec. 31, 2021	$ 706,750				$ 1	730,767	(24,018)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)	294,856				294,231
Exercise of common stock options	$ 270					270
Tax withholding on exercise of stock options and restricted stock units	(720)					(720)
Vesting of restricted stock units (in shares)					261,074
Stock-based compensation, including employee stock purchase plan activity	16,035					16,035
Net income	2,803						2,803
Ending balance (in shares) at Mar. 31, 2022					146,958,296
Ending balance at Mar. 31, 2022	$ 725,138				$ 1	$ 746,352	$ (21,215)

CONDENSED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 2,803	$ 13,031
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash used in operations
Depreciation and amortization	10,606	4,884
Stock-based compensation expense	16,035	3,021
Non-cash lease expense	1,996	625
Deferred income taxes	0	318
Non-cash interest expense	65	65
Changes in operating assets and liabilities:
Accounts receivable	28,759	(9,410)
Inventory	(44,179)	(14,759)
Prepaid expenses and other current assets	1,618	(1,710)
Prepaid rent	0	983
Other non-current assets	(1,876)	(1,143)
Operating lease right-of-use assets	(4,073)	(2,024)
Accounts payable, accrued liabilities and other current liabilities	18,305	(13,082)
Income taxes payable	(51)	0
Deferred revenue	2,464	(15,989)
Operating lease liabilities	(1,002)	28
Interest on finance leases	51	49
Net cash, cash equivalents and restricted cash provided by (used in) operating activities	31,521	(35,113)
Cash flows from investing activities
Purchase of property and equipment	(12,782)	(30,491)
Expenditures for software development	(1,273)	(1,350)
Net cash, cash equivalents and restricted cash used in investing activities	(14,055)	(31,841)
Cash flows from financing activities
Proceeds from exercise of common stock options	270	32
Proceeds from debt	0	82,250
Tax withholding on exercise of stock options	(720)	0
Proceeds from employee stock purchase plan activity	273	0
Debt issuance and prepayment costs	0	(781)
Repayment of debt	0	(24,478)
Payments for finance leases	(696)	(382)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(873)	56,641
Net change in cash, cash equivalents and restricted cash	16,593	(10,313)
Cash, cash equivalents and restricted cash, beginning balance	423,710	129,255
Cash, cash equivalents and restricted cash, ending balance	440,303	118,942
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	426,465	38,942
Restricted cash, current	13,838	0
Restricted cash, non-current	0	80,000
Total cash, cash equivalents and restricted cash	440,303	118,942
Supplemental disclosure for cash flow information
Cash paid for interest	0	267
Supplemental disclosure for non-cash investing and financing matters
Early exercised stock options liability	0	46
Right-of-use assets obtained in exchange for lease obligations	2,611	18,621
Prepaid rent reclassified to right-of-use assets	50	0
Purchase of property and equipment included in accounts payable	9,235	8,623
Initial public offering costs included in accounts payable	0	547
Software development costs included in accounts payable	$ 897	$ 0

BUSINESS AND BASIS OF ACCOUNTING	3 Months Ended
BUSINESS AND BASIS OF ACCOUNTING	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND BASIS OF ACCOUNTING	BUSINESS AND BASIS OF ACCOUNTING Organization and Description of Business Cue Health Inc. (the “Company”) was originally formed in the State of California on January 26, 2010, prior to being incorporated in the State of Delaware on December 14, 2017. The Company is a healthcare technology company committed to revolutionizing the healthcare experience by providing individuals with a convenient and connected diagnostic platform that bridges the physical and virtual care continuum. The Company’s proprietary platform, the Cue Health Monitoring System, comprised of the Cue Reader and Cue Test Kit, enables lab-quality diagnostics-led care at home, at work or at the point of care. This platform is designed to empower stakeholders across the healthcare ecosystem, including individuals, enterprises, healthcare providers and payors, and public health agencies with paradigm-shifting access to diagnostic and health data to inform care decisions. The Company’s headquarters are located in San Diego, California. Basis of Presentation The accompanying unaudited interim condensed financial statements should be read in conjunction with the audited annual financial statements and notes thereto for the year ended December 31, 2021. The unaudited interim condensed balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results for the fiscal year ending December 31, 2022 or any future interim period. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting and, in the opinion of management, include all adjustments necessary for the fair statement of the Company’s financial position for the periods presented. All such adjustments are of a normal, recurring nature. Certain disclosures have been condensed or omitted from the interim condensed financial statements. The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses as well as the related disclosure of contingent assets and liabilities. Initial Public Offering On September 28, 2021, the Company completed its initial public offering (“IPO”) of 14,375,000 shares of the Company common stock at an offering price of $16.00 per share, including 1,875,000 shares purchased pursuant to the exercise in full of the underwriters’ option to purchase additional shares. The Company received aggregate net proceeds of approximately $206.0 million after deducting underwriting commissions and legal, accounting, and consulting fees related to the IPO. Upon completion of the IPO, Convertible Notes outstanding, see Note 10, Debt, in the principal amount of $235.5 million and accrued interest of $2.8 million were automatically converted into 18,611,914 shares of common stock. All outstanding shares of the Company’s redeemable convertible preferred stock, see Note 11, Capital Stock, were converted into 83,605,947 shares of common stock. Immediately prior to the IPO, all of the Company’s outstanding warrants to purchase redeemable convertible preferred stock were converted into the redeemable convertible preferred stock and the related warrant liabilities were reclassified to additional paid-in capital. Use of Estimates The preparation of the accompanying unaudited interim condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to revenue recognition, net accounts receivable, equity-based compensation expense, product warranty reserve, the recoverability of its long-lived assets and net deferred tax assets (and related valuation allowance). The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. In addition, the guidance for segment reporting indicates certain quantitative materiality thresholds. The Company views its operations and manages its business in one operating segment which is consistent with how the Chief Executive Officer, who is the chief operating decision-maker, reviews the business, makes investment and resource allocation decisions, and assesses operating performance. All revenue to date is from customers located in the United States and all long-lived assets are located in the United States. COVID-19 Impact COVID-19 was declared a global pandemic by the World Health Organization in March 2020 and adversely impacted global commercial activity but served as a catalyst to accelerating the Company’s product pipeline. The Company’s first commercially available diagnostic test for the Cue Health Monitoring System is the Cue COVID-19 test for ribonucleic acid of SARS-CoV-2, the virus that causes COVID-19. The Company began selling and recording product revenues for its Cue COVID-19 test in August 2020 after obtaining an Emergency Use Authorization (“EUA”) from the Federal Drug Administration (“FDA”) in June 2020. Currently, 100% of the Company’s product revenues are derived from the Cue COVID-19 test. Given the unpredictable nature of the COVID-19 pandemic, the development and potential size of the COVID-19 diagnostic testing market is highly uncertain. The FDA issued various emergency use authorizations for COVID-19 vaccines. The widely administered use of an efficacious vaccine or new therapeutic treatment for COVID-19 may reduce the demand for the Cue COVID-19 test and, as a result, the COVID-19 diagnostic testing market may not develop or grow substantially. Given the rapid development of events surrounding the pandemic, there is uncertainty to the Company’s future results and performance.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company's significant accounting policies from its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, with the exception of the following: Fair Value Measurements At March 31, 2022, and December 31, 2021, we had $190.0 million and $0, respectively, of treasury securities that are classified within cash and cash equivalents on the balance sheet. The U.S. treasury securities are Level 1 securities that are traded by dealers or brokers in active over-the-counter markets. Recent Accounting Pronouncements In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments. The standard provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2017-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The FASB has issued several amendments to the standard. In November 2019, the FASB amended the standard with the issuance of ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The amendment revised the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of ASU 2016-13 on its financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The ASU simplifies the accounting for convertible instruments by removing certain models in Subtopic 470-20 and revises the guidance in Subtopic 815-40 to simplify the accounting for contracts in an entity’s own equity. ASU 2020-06 is effective for reporting periods beginning after December 15, 2023 with early adoption permitted for reporting periods beginning after December 15, 2020. The amendment is to be adopted through either a modified retrospective or fully retrospective method of transition. The Company adopted this standard effective January 1, 2022, using the modified retrospective approach. The standard did not have a material impact on the financial statements for the three months ended March 31, 2022. In May 2021, the FASB issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU 2021-04 aims to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange based on the economic substance of the modification or exchange. Early adoption is permitted and the guidance must be applied prospectively to all modifications or exchanges that occur on or after the date of adoption. The guidance is effective for annual periods beginning after December 15, 2021. The Company adopted ASU 2021-04 on January 1, 2022 under the prospective method of adoption and there was no impact to our results of operations as we did not modify or exchange any freestanding equity-classified written call options. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832). This ASU requires business entities to disclose information about government assistance they receive if the transactions were accounted for by analogy to either a grant or a contribution accounting model. The disclosure requirements include the nature of the transaction and the related accounting policy used, the line items on the balance sheets and statements of operations that are affected and the amounts applicable to each financial statement line item and the significant terms and conditions of the transactions. The ASU is effective for annual periods beginning after December 15, 2021. The disclosure requirements can be applied either retrospectively or prospectively to all transactions in the scope of the amendments that are reflected in the financial statements at the date of initial application and new transactions that are entered into after the date of initial application. The Company adopted the ASU prospectively on January 1, 2022. The additional annual disclosures required are not expected to have a material impact on the financial statements.

REVENUE

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

Product Revenue

Disaggregation of the product revenue by type of customer for the three months ended March 31, 2022 and 2021, respectively:


	Three Months Ended March 31,
	2022		2021
Public sector entities	$	1,610	$	62,091
Private sector customers	175,844		2,408
Total product revenue	$	177,454	$	64,499

Product revenue for the three months ended March 31, 2022 includes an immaterial amount of service revenue generated from telemedicine and proctoring services provided to customers. Revenue generated from proctoring is recognized over the term of the contracts with customers.

The following table sets forth the Company’s product gross profit and product gross profit margin for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022			2021
Product revenue	$	177,454		$	64,499
Cost of product revenue	86,697			30,035
Product gross profit	$	90,757		$	34,464
Product gross profit margin	51		%	53		%

DoD Agreement

In October 2020, the Company entered into a $480.9 million agreement with the U.S. government for the purchase of its Cue COVID-19 Test to meet the unprecedented demand for rapid and accurate molecular diagnostic testing (the

“U.S. DoD Agreement”). The Company delivered all of the agreed upon products under the agreement prior to its expiration on December 31, 2021. The U.S. DoD Agreement provided for a $184.6 million upfront payment (the “U.S. DoD Advance”) to facilitate the scaling of the Company’s manufacturing capacity, which was received upon signing the contract. The U.S. DoD Agreement did not provide for the funds to be utilized in any specific manner beyond furthering the purposes of the agreement. The Company was not required to segregate, nor was the Company required to obtain the approval of the U.S. government to use the funds advanced to it under the agreement. The remaining $296.3 million of the agreement was due to the Company upon the delivery of Cue Readers, Cue COVID-19 Test Kits and Cue Control Swab Packs. The U.S. DoD Agreement also provided that, as soon as possible after the completion of the initial U.S. DoD Agreement, the Company and the U.S. government would negotiate in good faith to enter into a follow-on supply agreement based on federal acquisition regulations (a FAR-based contract). The U.S. DoD Agreement provides the U.S. DoD with the right to purchase no more than 45% of our quarterly production for the duration of the follow-on contract at a specified discount, subject to a price floor as part of this follow-on contract. The U.S. government is also entitled to certain administrative reporting but does not receive the right to any intellectual property or know-how. The agreement term ended upon completion of the Company’s performance obligations in December 2021.

Refer to the Company’s financial statements included in its 2021 10-K for further information on its revenue arrangements.

Contract Assets and Liabilities

Contract assets primarily relate to the Company’s conditional right to consideration for performance obligations satisfied through direct-to-consumer sales but not billed at the reporting date. Net contract assets were $0.6 million and $1.1 million as of March 31, 2022 and December 31, 2021, respectively, and were recorded in other current assets on the balance sheets.

Contract liabilities primarily relate to the U.S. DoD Advance and payments received from customers in advance of performance under the contracts. Contract liabilities are recorded in current and non-current deferred revenue on the balance sheets. The activity related to contract liabilities for the three months ended March 31, 2022 is as follows:


	Amount
Balance at December 31, 2021	$	92,448
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period	2,464
Revenue recognized related to contract liability balance at the beginning of the period	—
Balance at March 31, 2022	$	94,912

Grant and Other Revenue

Grant and other revenue relate to a cost reimbursement agreement with the Biomedical Advanced Research and Development Authority (“BARDA”). The Company generated $2.0 million and $0 of revenue related to the agreement with BARDA during the three months ended March 31, 2022 and 2021, respectively.

Accounts Receivable

The allowance for doubtful accounts represents the Company’s estimate of probable credit losses relating to accounts receivable and is determined based on historical experience and other specific account data. Amounts are written off against the allowances for doubtful accounts when the Company determines that a customer account is uncollectible. As of March 31, 2022 and December 31, 2021, the Company’s allowance for doubtful accounts was $0.5 million and $0.3 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

INVENTORIES

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES

As of March 31, 2022 and December 31, 2021, the Company’s inventories consisted of the following:


	March 31, 2022		December 31, 2021
Raw materials	$	57,223	$	46,273
Work-in-process	16,014		10,920
Finished goods	60,775		33,863

Reserve	(1,445)		(2,668)
Total inventories	$	132,567	$	88,388

The Company has revised the above information as of December 31, 2021 to correct an immaterial misclassification by increasing raw materials by $12.2 million and decreasing finished goods by the same amount. This revision only impacted the classification within inventories.

PREPAID EXPENSES

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES

As of March 31, 2022 and December 31, 2021, the Company’s prepaid expenses consisted of the following:


	March 31, 2022		December 31, 2021
Prepaid expense	$	28,635	$	30,153
Prepaid inventory	14,267		15,736
Total prepaid expenses	$	42,902	$	45,889

PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

As of March 31, 2022 and December 31, 2021, the Company’s property and equipment, net consisted of the following:


	March 31, 2022		December 31, 2021
Construction in progress	$	10,515	$	4,082
Machinery and equipment	202,493		195,001
Leasehold improvements	20,444		19,302
Furniture and fixtures	970		740
Property and equipment	234,422		219,125
Accumulated depreciation and amortization	(51,672)		(41,669)
Total property and equipment, net	$	182,750	$	177,456

Depreciation and amortization expense related to property and equipment was $10.0 million and $4.8 million for the three months ended March 31, 2022 and 2021, respectively. The carrying value of assets under finance leases within property and equipment as of March 31, 2022 and December 31, 2021 was $9.2 million and $9.8 million, respectively.

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

As of March 31, 2022 and December 31, 2021, the Company’s intangible assets consisted of the following:


	March 31, 2022		December 31, 2021
Capitalized software	$	9,741	$	5,638
Accumulated amortization	(2,671)		(2,067)
Capitalized software, net	7,070		3,571
In-process software development	2,170		4,102
Total intangible assets	$	9,240	$	7,673

Amortization expense related to intangible assets placed in service was $0.6 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively. Estimated amortization expense for each of the years ending December 31 is as follows:


2022 (excluding the three months ended March 31, 2022)	$	2,064
2023	2,705
2024	1,884
2025	417
Total amortization expense	$	7,070

LEASES

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

LEASES

The Company leases real estate and manufacturing and laboratory equipment which are used in the Company’s manufacturing, research and development, and administrative activities. The Company identifies a contract that contains a lease as one which conveys a right, either explicitly or implicitly, to control the use of an identified asset in exchange for consideration. These arrangements are classified as finance leases and operating leases. Finance leases consist of laboratory and manufacturing equipment with remaining terms ranging from 1 year to 3 years. The Company’s operating leases relate to the Company’s manufacturing facilities and office space and have remaining terms from 7 years to 9 years.

Refer to the Company’s financial statements included in its 2021 10-K for further information on its lease arrangements. There were no new material leases entered into during the three months ended March 31, 2022.

The right-of-use assets and lease liabilities recognized on the Company’s balance sheet as of March 31, 2022 and December 31, 2021 were as follows:


	Balance Sheet Location	March 31, 2022		December 31, 2021
Assets
Right-of-use assets operating leases	Operating lease right-of-use assets	$	84,212	$	79,474
Right-of-use assets finance leases	Property and equipment, net	9,182		9,821
Liabilities
Operating lease liabilities (current)	Operating lease liabilities, current	7,594		7,147
Finance lease liabilities (current)	Finance lease liabilities, current	2,620		2,621
Operating lease liabilities (non-current)	Operating lease liabilities, net of current portion	47,626		46,464
Finance lease liabilities (non-current)	Finance lease liabilities, net of current portion	2,627		3,271

The components of lease expense for the three months ended March 31, 2022 and 2021 were as follows:


	Three Months Ended March 31,
	2022		2021
Operating lease cost	$	2,762	$	1,117
Finance lease cost:
Amortization of right-of-use assets	639		335
Interest on lease liabilities	51		49
Total lease cost	$	3,452	$	1,501

LEASES

The right-of-use assets and lease liabilities recognized on the Company’s balance sheet as of March 31, 2022 and December 31, 2021 were as follows:


	Balance Sheet Location	March 31, 2022		December 31, 2021
Assets
Right-of-use assets operating leases	Operating lease right-of-use assets	$	84,212	$	79,474
Right-of-use assets finance leases	Property and equipment, net	9,182		9,821
Liabilities
Operating lease liabilities (current)	Operating lease liabilities, current	7,594		7,147
Finance lease liabilities (current)	Finance lease liabilities, current	2,620		2,621
Operating lease liabilities (non-current)	Operating lease liabilities, net of current portion	47,626		46,464
Finance lease liabilities (non-current)	Finance lease liabilities, net of current portion	2,627		3,271

The components of lease expense for the three months ended March 31, 2022 and 2021 were as follows:


	Three Months Ended March 31,
	2022		2021
Operating lease cost	$	2,762	$	1,117
Finance lease cost:
Amortization of right-of-use assets	639		335
Interest on lease liabilities	51		49
Total lease cost	$	3,452	$	1,501

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES

Accrued liabilities and other current liabilities consisted of the following:


	March 31, 2022		December 31, 2021
Accrued purchases (1)	$	6,882	$	285
Accrued payroll and benefits	12,165		13,693
Accrued expenses	8,535		6,371
Accrued sales tax	6,992		4,284
Product warranty reserve	5,235		4,865
Total accrued liabilities and other current liabilities	$	39,809	$	29,498

(1) Accrued purchases primarily reflects receipts of goods and services for which we had not yet been invoiced. As we are invoiced for these goods and services, this balance will reduce and accounts payable will increase.

DEBT	3 Months Ended
DEBT	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Revolving Credit Agreement In February 2021, the Company entered into a loan and security agreement (“Revolving Credit Agreement”) with a group of lenders with East West Bank, acting as administrative agent and collateral agent for the lenders. In connection with entering into the Revolving Credit Agreement, the Company repaid outstanding amounts of $5.4 million and terminated the prior Loan and Security Agreement with Comerica Bank (“2015 Credit Agreement”) that was initially entered into in May 2015. The 2015 Credit Agreement, as amended, provided for a revolving line with a credit extension of up to $4.0 million and a Growth Capital A Line with a credit extension of up to $6.0 million. The Revolving Credit Agreement provided for a revolving credit facility with an aggregate maximum principal amount of $130.0 million and a letter of credit subfacility of $20.0 million. In connection with entering into the Revolving Credit Agreement, the Company repaid outstanding amounts of $5.4 million and terminated an existing loan agreement with Comerica Bank. In May 2021, the Company repaid $63.2 million of debt outstanding under the Revolving Credit Agreement with a portion of the proceeds from the issuance and sale of Convertible Notes. In June 2021, the Company terminated the Revolving Credit Agreement and was required to pay a fee equal to 1.00% of the amount of the outstanding revolving commitment. The Company also wrote-off issuance costs of $0.7 million for a total loss on extinguishment of debt of $2.0 million. These amounts were recorded in loss on extinguishment of debt in the statements of operations during the year ended December 31, 2021. Upon agreement with East West Bank and the other lenders to the Revolving Credit Agreement, the Company kept in place its outstanding letter of credit in the amount of $12.0 million, which is cash collateralized. In November 2021, East West Bank issued to us an additional letter of credit in the amount of $0.5 million. All other obligations under the Revolving Credit Agreement have otherwise been terminated. Convertible Notes In May 2021, the Company issued and sold convertible promissory notes (“Convertible Notes”) with a principal amount of $235.5 million. All of the Convertible Notes were converted upon the IPO, which was a qualified conversion event. The Convertible Notes’ principal amount of $235.5 million and accrued interest of $2.8 million was converted into 18,611,914 shares of common stock at a fair value of $297.8 million using a 20% discount to the initial public offing price of $16.00 per share. The Company no longer had outstanding Convertible Notes as of December 31, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

CAPITAL STOCK	3 Months Ended
CAPITAL STOCK	Mar. 31, 2022
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK Amended and Restated Certificate of Incorporation In September 2021, the Company’s board of directors approved and the Company filed its restated amended certificate of incorporation, which authorized the issuance of up to 550,000,000 shares consisting of 500,000,000 shares of common stock and 50,000,000 shares of preferred stock with a par value of $0.00001 per share, respectively. Common Stock Warrants As of March 31, 2022, the Company had an outstanding warrant to purchase 75,744 shares of common stock at a purchase price of $0.40 per share. The warrant was issued on August 22, 2017 and expires on August 22, 2027. All shares subject to the warrant were vested as of December 31, 2021.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock Incentive Plans

2014 Equity Incentive Plan

In August 2014, the Company adopted the 2014 Equity Incentive Plan (“2014 Plan”) under which employees, non-employee directors and consultants of the Company may be granted incentive stock options, nonqualified stock options, stock appreciation rights, performance shares, awards of restricted stock and awards of restricted stock units.

As of December 31, 2021, with the introduction of a new stock incentive plan, shares are no longer available for future grants under the 2014 Plan.

2021 Stock Incentive Plan

In September 2021, the Company adopted the 2021 Stock Incentive Plan (“2021 Plan”) under which employees, officers and directors, as well as consultants and advisors to the Company are eligible to be granted awards (incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards). The 2021 Plan initially authorized the issuance of a maximum of 22,399,691 shares of common stock. The number of shares of common stock available for issuance under the 2021 Plan were and will be increased on the first day of each fiscal year beginning with the 2022 fiscal year, in an amount equal to the least of (i) 5% of the number of shares of the Company's common stock outstanding on the first day of such fiscal year and (ii) the number of shares of the Company's common stock determined by the Company's board of directors. As of March 31, 2022, 8,755,861 shares of common stock were available for issuance under the 2021 Plan.

2021 Employee Stock Purchase Plan

In September 2021, the Company adopted the 2021 Employee Stock Purchase Plan (“2021 ESPP”) under which employees of the Company can purchase shares of the Company’s common stock commencing on such time and such dates as the board of directors of the Company determine. The 2021 ESPP initially allowed for the sale of 2,834,754 shares of common stock. The number of shares of the Company's common stock to be sold under the 2021 ESPP were and will be increased on the first day of each fiscal year beginning with the 2022 fiscal year, in an amount equal to the least of (i) 8,504,263 shares, (ii) 1% of the number of shares of the Company's common stock outstanding on the first day of such fiscal year and (ii) a number of shares of the Company's common stock determined by the Company's board of directors. As of March 31, 2022, 4,298,784 shares of common stock were available for sale under the 2021 ESPP. The price at which stock is purchased under the 2021 ESPP is equal to 85% of the fair market value of the Company’s common stock on the lesser of either (i) the first business day of the Plan Period or (ii) the Exercise Date.

Stock-Based Compensation

Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three months ended March 31, 2022 and 2021, was as follows:


	Three Months Ended March 31,
	2022		2021
Cost of product revenues	$	518	$	854
Sales and marketing	2,813		15
Research and development	5,145		396
General and administrative	7,559		1,756
Total stock-based compensation expense	$	16,035	$	3,021

In total, $0.5 million and $0.9 million of stock-based compensation expense was capitalized to inventory during the manufacturing process during the three months ended March 31, 2022 and 2021, respectively. An immaterial amount remained in inventory as of March 31, 2022.

Stock Options

A summary of stock option activity and related information for the three months ended March 31, 2022 was as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 2022	9,163,160	$	5.13	6.40
Granted	—	—
Exercised	(294,856)	0.38
Forfeited	(74,964)	11.77
Expired	(14,833)	15.61
Outstanding at March 31, 2022	8,778,507	$	5.22	6.50
Exercisable at March 31, 2022	6,151,757	$	2.89	5.70
Vested and expected to vest at March 31, 2022	8,778,507	$	5.22	6.50

There were no stock options granted during the three months ended March 31, 2022.

As of March 31, 2022, there was approximately $12.3 million of unamortized compensation cost related to unvested stock option awards, which is expected to be recognized over a remaining weighted-average vesting period of 2.6 years, on a straight-line basis.

Restricted Stock Units

Under the 2014 and 2021 Plans, RSUs are generally subject to a 4-year vesting period, with 25% of the shares vesting one year from the vesting commencement date and quarterly thereafter over the remaining vesting term, but may be subject to other vesting conditions such as performance or market based conditions. Compensation expense is recognized ratably over the requisite service period.

A summary of RSU activity and related information for the three months ended March 31, 2022 was as follows:


	Underlying Shares	Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2022	11,264,235	$	14.62	$	164,683
Granted	5,003,537	8.10		40,529
Vested	(930,493)	15.93		(14,823)
Forfeited	(5,204)	13.98		(73)
Outstanding, March 31, 2022	15,332,075	$	12.41	$	190,316

As of March 31, 2022, there was approximately $171.5 million of total unrecognized compensation cost related to outstanding RSUs.

Market-Based Performance-Vesting RSUs

In September 2021, the Company issued 3,335,300 RSUs that vest based on the satisfaction of both a continued employment condition and the achievement of certain market-based performance goals. Market-based performance-vesting RSUs vest upon the achievement of certain stock price performance over a performance period. There are seven stock price targets which can be achieved over the performance period and are based on an average closing price of the Company’s common stock.

Market-based performance-vesting RSU activity for the three months ended March 31, 2022 was as follows:


	Underlying Shares		Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2022	$	3,335,300	$	12.82	$	42,759
Granted	—		—		—
Vested	—		—		—
Forfeited	—		—		—
Outstanding, March 31, 2022	$	3,335,300	$	12.82	42,759

Operational-Based Performance-Vesting RSUs

In September 2021, the Company issued 1,597,272 operational-based performance-vesting RSUs that vest based on the satisfaction of both a continued employment condition and the achievement of certain performance goals including meeting certain annual revenue targets and product development milestones.

The grant date fair value of operational-based performance-vesting RSUs was estimated based on the fair value of the Company’s common stock on the date of grant. Compensation costs are recorded when achievement of the performance goals is determined to be probable.

Operations-based performance-vesting RSU activity for the three months ended March 31, 2022 was as follows:


	Underlying Shares	Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2021	1,597,272	$	16.00	$	25,556
Granted	—	—		—
Vested	(532,424)	16.00		(8,519)
Forfeited	—	—		—
Outstanding, March 31, 2022	1,064,848	$	16.00	$	17,037

INCOME (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average common shares outstanding during the period. Diluted net income (loss) per share attributable to common stockholders is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method and the if-converted method. Dilutive potential common shares include stock options, non-vested shares, redeemable convertible preferred shares, convertible notes, restricted stock and similar equity instruments granted by the Company. Some restricted stock units vest upon certain performance and market conditions and as they vest, the shares will be included in outstanding common shares. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive.

Basic and diluted net income (loss) attributable to common holders per share is presented in conformity with the two- class method required for participating securities as the redeemable convertible preferred stock, common stock subject to restricted stock purchase agreements, early exercised options, and restricted shares are considered participating

securities. Under the two-class method, distributed and undistributed income allocated to participating securities are excluded from net income (loss) attributable to common stockholders for purposes of calculating basic and diluted income (loss) per share.

The following table reconciles net income and the weighted-average shares used in computing basic and diluted earnings per share:


	Three Months Ended March 31,
	2022		2021
Numerator:
Net income (loss)	$	2,803	$	13,031
Minus: Income allocated to participating securities	—		11,366
Net income (loss) attributable to common stockholders – basic	$	2,803	$	1,665

Plus: Income allocated to non-participating securities	—		525
Net income (loss) attributable to common stockholders - diluted	$	2,803	$	2,190

Denominator:
Basic weighted-average common shares outstanding	146,526,370		18,378,777
Dilutive potential common stock issuable:
Common stock warrants	72,395		73,804
Preferred stock warrants	—		74,149
Stock options	5,813,101		7,377,608
Restricted stock units	624,938		—
Diluted weighted-average shares outstanding	153,036,804		25,904,338

Net income (loss) attributable to common stockholders per share
Basic	$	0.02	$	0.09
Diluted	$	0.02	$	0.08

Outstanding anti-dilutive securities not included in the diluted net income (loss) per share attributable to common stockholders calculations were as follows (in common stock equivalent shares):


	Three Months Ended March 31,
	2022	2021

Stock options	2,701,855	2,926,821
Restricted stock units	9,634,182	—



Employee stock purchase plan – shares projected to be issued	110,935	—
Total	12,446,972	2,926,821

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rate was 0% and 8.6% for the three months ended March 31, 2022 and 2021, respectively. The effective tax rate for the three months ended March 31, 2022 and 2021 differed from the statutory tax rate primarily due to the Company maintaining a full valuation allowance against its net deferred tax assets. Refer to the Company’s financial statements included in its 2021 10-K for further information on income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Product Liability

The Company’s business exposes it to liability risks from its potential medical diagnostic products. Product liability claims could result in the payment of significant amounts of money and divert management’s attention from running the business. The Company may not be able to maintain insurance on acceptable terms, or the insurance may not provide adequate protection in the case of a product liability claim. To the extent that product liability insurance, if available, does not cover potential claims, the Company would be required to self-insure the risks associated with such claims. The Company believes it carries reasonably adequate insurance for product liability.

Product Warranty Reserve

The Company provides its customers with the right to receive a replacement of defective or nonconforming Cue Readers for a period of up to twelve months from the date of shipment. Although no explicit warranty is provided for Cue Cartridges, the Company may choose to replace Cue Cartridges that result in cancelled tests and invalid test results. All warranties are classified as current liabilities within the accrued liabilities and other current liabilities on the balance sheet. Provisions for estimated expenses related to product warranty are made at the time products are sold. These estimates are determined based on historical information that includes test failure rates, replacement frequency, and the overall replacement cost. The Company evaluates the reserve on a quarterly basis and makes adjustments when appropriate. Changes to test failure rates and overall replacement rates could have a material impact on our estimated liability.

The following table provides a reconciliation of the change in estimated warranty liabilities:


	Amount
Balance, December 31, 2021	$	4,865
Provision for warranties	1,211
Settlements	(841)
Balance, March 31, 2022	$	5,235

Standby Letters of Credit

As of December 31, 2020, the Company was party to certain letters of credit, primarily related to a letter of credit with Comerica Bank as collateral required by one of the Company’s vendors. During the year ended December 31, 2021, the Company entered into a Revolving Credit Agreement with a capacity of $130.0 million and all but one of the letters of credits were no longer required by the counterparties. The one letter of credit, totaling $6.0 million, was re-issued under the Revolving Credit Agreement.

In May 2021, the Company repaid the debt outstanding under the Revolving Credit Agreement and terminated the agreement in June 2021. Upon agreement with East West Bank and the other lenders to the Revolving Credit Agreement, the Company kept in place its outstanding letter of credit in the amount of $6.0 million. The letter of credit was increased to $12.0 million in July 2021. In November 2021, East West Bank issued an additional letter of credit in the amount of $0.5 million. All other obligations under the Revolving Credit Agreement have otherwise been terminated. In November 2021, $0.8 million of cash was restricted in relation to a customs surety on international imports. The Company also has outstanding letters of credit with Comerica Bank related to its real estate leases totaling $0.5 million as of March 31, 2022. All letters of credit are cash collateralized.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited interim condensed financial statements should be read in conjunction with the audited annual financial statements and notes thereto for the year ended December 31, 2021. The unaudited interim condensed balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results for the fiscal year ending December 31, 2022 or any future interim period. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting and, in the opinion of management, include all adjustments necessary for the fair statement of the Company’s financial position for the periods presented. All such adjustments are of a normal, recurring nature. Certain disclosures have been condensed or omitted from the interim condensed financial statements. The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses as well as the related disclosure of contingent assets and liabilities.
Use of Estimates	The preparation of the accompanying unaudited interim condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to revenue recognition, net accounts receivable, equity-based compensation expense, product warranty reserve, the recoverability of its long-lived assets and net deferred tax assets (and related valuation allowance). The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.
Segment Reporting	Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. In addition, the guidance for segment reporting indicates certain quantitative materiality thresholds. The Company views its operations and manages its business in one operating segment which is consistent with how the Chief Executive Officer, who is the chief operating decision-maker, reviews the business, makes investment and resource allocation decisions, and assesses operating performance. All revenue to date is from customers located in the United States and all long-lived assets are located in the United States.
Recent Accounting Pronouncements	In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments. The standard provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2017-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The FASB has issued several amendments to the standard. In November 2019, the FASB amended the standard with the issuance of ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The amendment revised the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of ASU 2016-13 on its financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The ASU simplifies the accounting for convertible instruments by removing certain models in Subtopic 470-20 and revises the guidance in Subtopic 815-40 to simplify the accounting for contracts in an entity’s own equity. ASU 2020-06 is effective for reporting periods beginning after December 15, 2023 with early adoption permitted for reporting periods beginning after December 15, 2020. The amendment is to be adopted through either a modified retrospective or fully retrospective method of transition. The Company adopted this standard effective January 1, 2022, using the modified retrospective approach. The standard did not have a material impact on the financial statements for the three months ended March 31, 2022. In May 2021, the FASB issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU 2021-04 aims to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange based on the economic substance of the modification or exchange. Early adoption is permitted and the guidance must be applied prospectively to all modifications or exchanges that occur on or after the date of adoption. The guidance is effective for annual periods beginning after December 15, 2021. The Company adopted ASU 2021-04 on January 1, 2022 under the prospective method of adoption and there was no impact to our results of operations as we did not modify or exchange any freestanding equity-classified written call options. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832). This ASU requires business entities to disclose information about government assistance they receive if the transactions were accounted for by analogy to either a grant or a contribution accounting model. The disclosure requirements include the nature of the transaction and the related accounting policy used, the line items on the balance sheets and statements of operations that are affected and the amounts applicable to each financial statement line item and the significant terms and conditions of the transactions. The ASU is effective for annual periods beginning after December 15, 2021. The disclosure requirements can be applied either retrospectively or prospectively to all transactions in the scope of the amendments that are reflected in the financial statements at the date of initial application and new transactions that are entered into after the date of initial application. The Company adopted the ASU prospectively on January 1, 2022. The additional annual disclosures required are not expected to have a material impact on the financial statements.

REVENUE (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Disaggregation of the product revenue by type of customer for the three months ended March 31, 2022 and 2021, respectively:


	Three Months Ended March 31,
	2022		2021
Public sector entities	$	1,610	$	62,091
Private sector customers	175,844		2,408
Total product revenue	$	177,454	$	64,499

The following table sets forth the Company’s product gross profit and product gross profit margin for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022			2021
Product revenue	$	177,454		$	64,499
Cost of product revenue	86,697			30,035
Product gross profit	$	90,757		$	34,464
Product gross profit margin	51		%	53		%

Schedule of Contract Liabilities

The activity related to contract liabilities for the three months ended March 31, 2022 is as follows:


	Amount
Balance at December 31, 2021	$	92,448
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period	2,464
Revenue recognized related to contract liability balance at the beginning of the period	—
Balance at March 31, 2022	$	94,912

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

As of March 31, 2022 and December 31, 2021, the Company’s inventories consisted of the following:


	March 31, 2022		December 31, 2021
Raw materials	$	57,223	$	46,273
Work-in-process	16,014		10,920
Finished goods	60,775		33,863

Reserve	(1,445)		(2,668)
Total inventories	$	132,567	$	88,388

PREPAID EXPENSES (Tables)

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses

As of March 31, 2022 and December 31, 2021, the Company’s prepaid expenses consisted of the following:


	March 31, 2022		December 31, 2021
Prepaid expense	$	28,635	$	30,153
Prepaid inventory	14,267		15,736
Total prepaid expenses	$	42,902	$	45,889

PROPERTY AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

As of March 31, 2022 and December 31, 2021, the Company’s property and equipment, net consisted of the following:


	March 31, 2022		December 31, 2021
Construction in progress	$	10,515	$	4,082
Machinery and equipment	202,493		195,001
Leasehold improvements	20,444		19,302
Furniture and fixtures	970		740
Property and equipment	234,422		219,125
Accumulated depreciation and amortization	(51,672)		(41,669)
Total property and equipment, net	$	182,750	$	177,456

INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

As of March 31, 2022 and December 31, 2021, the Company’s intangible assets consisted of the following:


	March 31, 2022		December 31, 2021
Capitalized software	$	9,741	$	5,638
Accumulated amortization	(2,671)		(2,067)
Capitalized software, net	7,070		3,571
In-process software development	2,170		4,102
Total intangible assets	$	9,240	$	7,673

Schedule of Estimated Amortization Expense

Estimated amortization expense for each of the years ending December 31 is as follows:


2022 (excluding the three months ended March 31, 2022)	$	2,064
2023	2,705
2024	1,884
2025	417
Total amortization expense	$	7,070

LEASES (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Schedule of Lease Assets and Liabilities

The right-of-use assets and lease liabilities recognized on the Company’s balance sheet as of March 31, 2022 and December 31, 2021 were as follows:


	Balance Sheet Location	March 31, 2022		December 31, 2021
Assets
Right-of-use assets operating leases	Operating lease right-of-use assets	$	84,212	$	79,474
Right-of-use assets finance leases	Property and equipment, net	9,182		9,821
Liabilities
Operating lease liabilities (current)	Operating lease liabilities, current	7,594		7,147
Finance lease liabilities (current)	Finance lease liabilities, current	2,620		2,621
Operating lease liabilities (non-current)	Operating lease liabilities, net of current portion	47,626		46,464
Finance lease liabilities (non-current)	Finance lease liabilities, net of current portion	2,627		3,271

Schedule of Lease Cost

The components of lease expense for the three months ended March 31, 2022 and 2021 were as follows:


	Three Months Ended March 31,
	2022		2021
Operating lease cost	$	2,762	$	1,117
Finance lease cost:
Amortization of right-of-use assets	639		335
Interest on lease liabilities	51		49
Total lease cost	$	3,452	$	1,501

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities and Other Current Liabilities

Accrued liabilities and other current liabilities consisted of the following:


	March 31, 2022		December 31, 2021
Accrued purchases (1)	$	6,882	$	285
Accrued payroll and benefits	12,165		13,693
Accrued expenses	8,535		6,371
Accrued sales tax	6,992		4,284
Product warranty reserve	5,235		4,865
Total accrued liabilities and other current liabilities	$	39,809	$	29,498

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense Related to Awards Issued

Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three months ended March 31, 2022 and 2021, was as follows:


	Three Months Ended March 31,
	2022		2021
Cost of product revenues	$	518	$	854
Sales and marketing	2,813		15
Research and development	5,145		396
General and administrative	7,559		1,756
Total stock-based compensation expense	$	16,035	$	3,021

Schedule of Stock Option Activity and Related Information

A summary of stock option activity and related information for the three months ended March 31, 2022 was as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 2022	9,163,160	$	5.13	6.40
Granted	—	—
Exercised	(294,856)	0.38
Forfeited	(74,964)	11.77
Expired	(14,833)	15.61
Outstanding at March 31, 2022	8,778,507	$	5.22	6.50
Exercisable at March 31, 2022	6,151,757	$	2.89	5.70
Vested and expected to vest at March 31, 2022	8,778,507	$	5.22	6.50

Share-based Payment Arrangement, Restricted Stock Unit, Activity

A summary of RSU activity and related information for the three months ended March 31, 2022 was as follows:


	Underlying Shares	Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2022	11,264,235	$	14.62	$	164,683
Granted	5,003,537	8.10		40,529
Vested	(930,493)	15.93		(14,823)
Forfeited	(5,204)	13.98		(73)
Outstanding, March 31, 2022	15,332,075	$	12.41	$	190,316

Market-based performance-vesting RSU activity for the three months ended March 31, 2022 was as follows:


	Underlying Shares		Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2022	$	3,335,300	$	12.82	$	42,759
Granted	—		—		—
Vested	—		—		—
Forfeited	—		—		—
Outstanding, March 31, 2022	$	3,335,300	$	12.82	42,759

Operations-based performance-vesting RSU activity for the three months ended March 31, 2022 was as follows:


	Underlying Shares	Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2021	1,597,272	$	16.00	$	25,556
Granted	—	—		—
Vested	(532,424)	16.00		(8,519)
Forfeited	—	—		—
Outstanding, March 31, 2022	1,064,848	$	16.00	$	17,037

INCOME (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Net Income (Loss) Per Share, Basic and Diluted

The following table reconciles net income and the weighted-average shares used in computing basic and diluted earnings per share:


	Three Months Ended March 31,
	2022		2021
Numerator:
Net income (loss)	$	2,803	$	13,031
Minus: Income allocated to participating securities	—		11,366
Net income (loss) attributable to common stockholders – basic	$	2,803	$	1,665

Plus: Income allocated to non-participating securities	—		525
Net income (loss) attributable to common stockholders - diluted	$	2,803	$	2,190

Denominator:
Basic weighted-average common shares outstanding	146,526,370		18,378,777
Dilutive potential common stock issuable:
Common stock warrants	72,395		73,804
Preferred stock warrants	—		74,149
Stock options	5,813,101		7,377,608
Restricted stock units	624,938		—
Diluted weighted-average shares outstanding	153,036,804		25,904,338

Net income (loss) attributable to common stockholders per share
Basic	$	0.02	$	0.09
Diluted	$	0.02	$	0.08

Schedule of Antidilutive Securities Excluded from Computation of Net Income (Loss) Per Share

Outstanding anti-dilutive securities not included in the diluted net income (loss) per share attributable to common stockholders calculations were as follows (in common stock equivalent shares):


	Three Months Ended March 31,
	2022	2021

Stock options	2,701,855	2,926,821
Restricted stock units	9,634,182	—



Employee stock purchase plan – shares projected to be issued	110,935	—
Total	12,446,972	2,926,821

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The following table provides a reconciliation of the change in estimated warranty liabilities:


	Amount
Balance, December 31, 2021	$	4,865
Provision for warranties	1,211
Settlements	(841)
Balance, March 31, 2022	$	5,235

BUSINESS AND BASIS OF ACCOUNTING (Details) $ / shares in Units, $ in Millions		3 Months Ended
	Sep. 28, 2021 USD ($) $ / shares shares	Mar. 31, 2022 segment	May 31, 2021 $ / shares
Class of Stock [Line Items]
Number of operating segments \| segment		1
Product Concentration Risk \| Revenue Benchmark \| Cue COVID-19 Test
Class of Stock [Line Items]
Concentration risk, percentage		100.00%
Redeemable Convertible Preferred Stock Converted into Common Stock
Class of Stock [Line Items]
Conversion of redeemable convertible preferred stock (in shares)	83,605,947
Convertible Debt
Class of Stock [Line Items]
Debt instrument, face amount \| $	$ 235.5
Accrued interest \| $	$ 2.8
Debt instrument, convertible, number of equity instruments (in shares)	18,611,914
IPO
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	14,375,000
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 16.00		$ 16.00
Proceeds from issuance of common stock at public offering \| $	$ 206.0
Over-Allotment Option
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,875,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
US Treasury Securities \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents, fair value	$ 190.0	$ 0.0

REVENUE - Product Revenue By Customer Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 179,410	$ 64,499
Product
Disaggregation of Revenue [Line Items]
Revenue	177,454	64,499
Product \| Public sector entities
Disaggregation of Revenue [Line Items]
Revenue	1,610	62,091
Product \| Private sector customers
Disaggregation of Revenue [Line Items]
Revenue	$ 175,844	$ 2,408

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

REVENUE - Product Revenue Gross Profit and Gross Profit Margin (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Product revenue	$ 179,410	$ 64,499
Product
Disaggregation of Revenue [Line Items]
Product revenue	177,454	64,499
Cost of product revenue	86,697	30,035
Product gross profit	$ 90,757	$ 34,464
Product gross profit margin	51.00%	53.00%

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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REVENUE - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net contract assets		$ 600		$ 1,100
Revenue		179,410	$ 64,499
Accounts receivable, allowance for doubtful accounts		500		$ 300
Product
Disaggregation of Revenue [Line Items]
Revenue		177,454	64,499
Product \| United States Department of Defense
Disaggregation of Revenue [Line Items]
Maximum percentage limit to purchase in quarterly production	45.00%
Product \| Cue COVID-19 Test \| United States Department of Defense
Disaggregation of Revenue [Line Items]
Agreement value	$ 480,900
Advance for scaling	184,600
Agreement value for sale of product	$ 296,300
Grant and other
Disaggregation of Revenue [Line Items]
Revenue		1,956	0
Grant and other \| Biomedical Advanced Research And Development Authority (BARDA)
Disaggregation of Revenue [Line Items]
Revenue		$ 2,000	$ 0

REVENUE - Contract Liability Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Contract With Customer, Liability Rollforward [Roll Forward]
Balance at December 31, 2021	$ 92,448
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period	2,464
Revenue recognized related to contract liability balance at the beginning of the period	0
Balance at March 31, 2022	$ 94,912

INVENTORIES (Details) - USD ($) $ in Thousands	12 Months Ended
INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 46,273	$ 57,223
Work-in-process	10,920	16,014
Finished goods	33,863	60,775
Reserve	(2,668)	(1,445)
Total inventories	88,388	$ 132,567
Revision of Prior Period, Adjustment
Inventory [Line Items]
Increase raw materials	12,200
Decrease in finished goods	$ 12,200

PREPAID EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expense	$ 28,635	$ 30,153
Prepaid inventory	14,267	15,736
Total prepaid expenses	$ 42,902	$ 45,889

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 234,422	$ 219,125
Accumulated depreciation and amortization	(51,672)	(41,669)
Total property, plant, and equipment and finance lease right-of-use asset	182,750	177,456
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	10,515	4,082
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	202,493	195,001
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	20,444	19,302
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 970	$ 740

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 10,000	$ 4,800
Carrying value of finance leases	$ 9,182		$ 9,821

INTANGIBLE ASSETS - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Capitalized software	$ 9,741	$ 5,638
Accumulated amortization	(2,671)	(2,067)
Capitalized software, net	7,070	3,571
Total intangible assets	9,240	7,673
In Process Research and Development
Finite-Lived Intangible Assets [Line Items]
In-process software development	$ 2,170	$ 4,102

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0.6	$ 0.2

INTANGIBLE ASSETS - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 9,240	$ 7,673
Software
Finite-Lived Intangible Assets [Line Items]
2022 (excluding the three months ended March 31, 2022)	2,064
2023	2,705
2024	1,884
2025	417
Total intangible assets	$ 7,070

LEASES - Narrative (Details)	Mar. 31, 2022
Minimum
Lessee, Lease, Description [Line Items]
Finance lease, remaining lease term	1 year
Operating lease, remaining lease term	7 years
Maximum
Lessee, Lease, Description [Line Items]
Finance lease, remaining lease term	3 years
Operating lease, remaining lease term	9 years

LEASES - Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Right-of-use assets operating leases	$ 84,212	$ 79,474
Right-of-use assets finance leases	9,182	9,821
Liabilities
Operating lease liabilities (current)	7,594	7,147
Finance lease liabilities (current)	2,620	2,621
Operating lease liabilities (non-current)	47,626	46,464
Finance lease liabilities (non-current)	$ 2,627	$ 3,271
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 2,762	$ 1,117
Finance lease cost:
Amortization of right-of-use assets	639	335
Interest on lease liabilities	51	49
Total lease cost	$ 3,452	$ 1,501

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued purchases	$ 6,882	$ 285
Accrued payroll and benefits	12,165	13,693
Accrued expenses	8,535	6,371
Accrued sales tax	6,992	4,284
Product warranty reserve	5,235	4,865
Total accrued liabilities and other current liabilities	$ 39,809	$ 29,498

DEBT (Details) - USD ($)		1 Months Ended			12 Months Ended
DEBT (Details) - USD ($)	Sep. 28, 2021	Jun. 30, 2021	May 31, 2021	Feb. 28, 2021	Dec. 31, 2021	Mar. 31, 2022	Nov. 30, 2021	Jul. 31, 2021
Debt Instrument [Line Items]
Conversion of convertible notes			$ 297,800,000
IPO
Debt Instrument [Line Items]
Sale of stock, price per share (in dollars per share)	$ 16.00		$ 16.00
Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 235,500,000
Accrued interest	$ 2,800,000
Debt instrument, convertible, number of equity instruments (in shares)	18,611,914
May 2021 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 235,500,000
Accrued interest			$ 2,800,000
Debt instrument, convertible, number of equity instruments (in shares)			18,611,914
Debt instrument, convertible, conversion discount period one			20.00%
Long-term debt					$ 0
Revolving Credit Facility \| 2015 Credit Agreement \| Comerica Bank \| Line of Credit
Debt Instrument [Line Items]
Extinguishment of debt, amount				$ 5,400,000
Revolving Credit Facility \| Revolving Credit Agreement \| Comerica Bank \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 500,000
Revolving Credit Facility \| Revolving Credit Agreement \| East West Bank \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				130,000,000.0	130,000,000	$ 6,000,000		$ 12,000,000.0
Repayments of lines of credit			$ 63,200,000
Debt extinguishment, fee, percentage of outstanding commitment		1.00%
Write off of deferred debt issuance cost					700,000
Loss on extinguishment of debt					$ 2,000,000.0
Letter of Credit \| 2015 Credit Agreement \| Comerica Bank \| Line of Credit
Debt Instrument [Line Items]
Credit extension limit (up to)				4,000,000
Letter of Credit \| Revolving Credit Agreement
Debt Instrument [Line Items]
Letters of credit outstanding			$ 12,000,000
Letter of Credit \| Revolving Credit Agreement \| East West Bank
Debt Instrument [Line Items]
Additional letter of credit, issued							$ 500,000
Letter of Credit \| Revolving Credit Agreement \| East West Bank \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				20,000,000.0
Bridge Loan \| 2015 Credit Agreement \| Comerica Bank \| Line of Credit
Debt Instrument [Line Items]
Credit extension limit (up to)				$ 6,000,000

CAPITAL STOCK (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Class of Stock [Line Items]
Common stock and preferred stock, shares authorized (in shares)			550,000,000
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Preferred stock, shares authorized (in shares)			50,000,000
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock, par value (in dollars per share)			$ 0.00001
Common Stock Warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)	75,744
Exercise price of warrant (in dollars per share)	$ 0.40

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share-based compensation cost related to unvested stock option awards		$ 12.3
Expected period for recognition		2 years 7 months 6 days
Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation cost capitalized in inventory		$ 0.5	$ 0.9
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Award vesting percentage		25.00%
Granted (in shares)		5,003,537
Operational-based performance-vesting RSUs, issued (in shares)		15,332,075		11,264,235
Operations-Based Performance-Vesting RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 171.5
Granted (in shares)	1,597,272	0
Operational-based performance-vesting RSUs, issued (in shares)		1,064,848		1,597,272
2021 Stock Purchase Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual percentage increase in shares available	5.00%
Number of shares available for grant (in shares)		8,755,861
2021 Stock Purchase Plan \| Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	22,399,691
2021 Employee Stock Purchase Plan \| Employee stock purchase plan – shares projected to be issued
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	2,834,754
Annual percentage increase in shares available	1.00%
Number of shares available for grant (in shares)		4,298,784
Annual increase, number of shares (in shares)	8,504,263
Purchase price of common stock, percent	85.00%

STOCK-BASED COMPENSATION - Stock-Based Compensation (Details) - Share-based Payment Arrangement - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 16,035	$ 3,021
Cost of product revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	518	854
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,813	15
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5,145	396
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 7,559	$ 1,756

STOCK-BASED COMPENSATION - Summary of Company's Stock Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Options
Outstanding at beginning of period (in shares)	9,163,160
Granted (in shares)	0
Exercised (in shares)	(294,856)
Forfeited (in shares)	(74,964)
Expired (in shares)	(14,833)
Outstanding at end of period (in shares)	8,778,507	9,163,160
Weighted Average Exercise Price
Outstanding at end of period (in dollars per share)	$ 5.22	$ 5.13
Granted (in dollars per share)	0
Exercised (in dollars per share)	0.38
Forfeited (in dollars per share)	11.77
Expired (in dollars per share)	15.61
Outstanding at beginning of period (in dollars per share)	$ 5.13
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options, exercisable (in shares)	6,151,757
Options, vested and expected to vest (in shares)	8,778,507
Weighted average exercise price, exercisable (in dollars per share)	$ 2.89
Weighted average exercise price, vested and expected to vest (in dollars per share)	$ 5.22
Weighted average remaining contractual term (years), outstanding	6 years 6 months	6 years 4 months 24 days
Weighted average remaining contractual term (years), exercisable	5 years 8 months 12 days
Weighted average remaining contractual term (years), vested and expected to vest	6 years 6 months

STOCK-BASED COMPENSATION - Summary of RSU and Performance-Vesting RSUs Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2021	Mar. 31, 2022
Restricted stock units
Underlying Shares
Outstanding, beginning balance (in shares)		11,264,235
Granted (in shares)		5,003,537
Vested (in shares)		(930,493)
Forfeited (in shares)		(5,204)
Outstanding, ending balance (in shares)		15,332,075
Weighted-average Grant Date Fair Value
Outstanding, beginning balance(in dollars per share)		$ 14.62
Granted (in dollars per share)		8.10
Vested (in dollars per share)		15.93
Forfeited (in dollars per share)		13.98
Outstanding, ending balance (in dollars per share)		$ 12.41
Aggregate Fair Value
Aggregate fair value, beginning balance		$ 164,683
Granted		40,529
Vested		(14,823)
Forfeited		(73)
Aggregate fair value, ending balance		$ 190,316
Market-Based Performance-Vesting RSUs
Underlying Shares
Outstanding, beginning balance (in shares)		3,335,300
Granted (in shares)	3,335,300	0
Vested (in shares)		0
Forfeited (in shares)		0
Outstanding, ending balance (in shares)		3,335,300
Weighted-average Grant Date Fair Value
Outstanding, beginning balance(in dollars per share)		$ 12.82
Granted (in dollars per share)		0
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Outstanding, ending balance (in dollars per share)		$ 12.82
Aggregate Fair Value
Aggregate fair value, beginning balance		$ 42,759
Granted		0
Vested		0
Forfeited		0
Aggregate fair value, ending balance		$ 42,759
Operations-Based Performance-Vesting RSUs
Underlying Shares
Outstanding, beginning balance (in shares)		1,597,272
Granted (in shares)	1,597,272	0
Vested (in shares)		(532,424)
Forfeited (in shares)		0
Outstanding, ending balance (in shares)		1,064,848
Weighted-average Grant Date Fair Value
Outstanding, beginning balance(in dollars per share)		$ 16.00
Granted (in dollars per share)		0
Vested (in dollars per share)		16.00
Forfeited (in dollars per share)		0
Outstanding, ending balance (in dollars per share)		$ 16.00
Aggregate Fair Value
Aggregate fair value, beginning balance		$ 25,556
Granted		0
Vested		(8,519)
Forfeited		0
Aggregate fair value, ending balance		$ 17,037

INCOME (LOSS) PER SHARE - Schedule of Net Income (Loss) Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss)	$ 2,803	$ 13,031
Minus: Income allocated to participating securities	0	11,366
Net income (loss) attributable to common stockholders – basic	2,803	1,665
Plus: Income allocated to non-participating securities	0	525
Net income (loss) attributable to common stockholders - diluted	$ 2,803	$ 2,190
Denominator:
Basic weighted-average common shares outstanding (in shares)	146,526,370	18,378,777
Dilutive potential common stock issuable:
Diluted weighted-average shares outstanding (in shares)	153,036,804	25,904,338
Net income (loss) attributable to common stockholders per share
Basic (in dollars per share)	$ 0.02	$ 0.09
Diluted (in dollars per share)	$ 0.02	$ 0.08
Stock options
Dilutive potential common stock issuable:
Stock options (in shares)	5,813,101	7,377,608
Restricted stock units
Dilutive potential common stock issuable:
Stock options (in shares)	624,938	0
Common Stock
Dilutive potential common stock issuable:
Stock warrants (in shares)	72,395	73,804
Preferred Stock
Dilutive potential common stock issuable:
Stock warrants (in shares)	0	74,149

INCOME (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Net Income (Loss) Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,446,972	2,926,821
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,701,855	2,926,821
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	9,634,182	0
Employee stock purchase plan – shares projected to be issued
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	110,935	0

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	0.00%	8.60%

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) letter_of_credit	Nov. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)
Debt Instrument [Line Items]
Standard product warranty, term	12 months
Number of LOC's in effect \| letter_of_credit		1
Restricted cash			$ 800,000
Revolving Credit Facility \| Revolving Credit Agreement \| East West Bank \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 6,000,000	$ 130,000,000		$ 12,000,000.0	$ 130,000,000.0
Line of credit facility increase			$ 500,000
Revolving Credit Facility \| Revolving Credit Agreement \| Comerica Bank \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000
Revolving Credit Facility \| Revolving Credit Agreement, Remaining Letters Of Credit \| East West Bank \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 6,000,000

COMMITMENTS AND CONTINGENCIES - Product Warranty Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance, December 31, 2021	$ 4,865
Provision for warranties	1,211
Settlements	(841)
Balance, March 31, 2022	$ 5,235