iRhythm (IRTC) 10-Q30 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37918
Entity Registrant Name	iRhythm Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8149544
Entity Address, Address Line One	699 8th Street Suite 600
Entity Address, City or Town	San Francisco,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94103
City Area Code	415
Local Phone Number	632-5700
Title of 12(b) Security	Common Stock, Par Value $0.001 Per Share
Trading Symbol	IRTC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,298,034
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001388658
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 519,535	$ 36,173
Marketable securities	2,496	97,591
Accounts receivable, net	77,427	61,484
Inventory	15,032	13,973
Prepaid expenses and other current assets	13,419	21,591
Total current assets	627,909	230,812
Property and equipment, net	122,390	104,114
Operating lease right-of-use assets	45,570	49,317
Restricted cash, long-term	8,358	0
Goodwill	862	862
Long-term strategic investments	59,059	3,000
Other assets	45,540	45,039
Total assets	909,688	433,144
Current liabilities:
Accounts payable	7,593	5,543
Accrued liabilities	73,958	83,362
Deferred revenue	3,031	3,306
Operating lease liabilities, current portion	15,522	15,159
Total current liabilities	100,104	107,370
Long-term senior convertible notes	645,821	0
Debt, noncurrent portion	0	34,950
Other noncurrent liabilities	17,978	1,012
Operating lease liabilities, noncurrent portion	74,019	79,715
Total liabilities	837,922	223,047
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value – 100,000 shares authorized; 31,516 shares issued and 31,287 shares outstanding at September 30, 2024, respectively; and 30,954 shares issued and outstanding at December 31, 2023	31	31
Additional paid-in capital	854,363	855,784
Accumulated other comprehensive loss	(66)	(112)
Accumulated deficit	(757,562)	(645,606)
Treasury stock, at cost; 229 and 0 shares at September 30, 2024 and December 31, 2023, respectively	(25,000)	0
Total stockholders’ equity	71,766	210,097
Total liabilities and stockholders’ equity	$ 909,688	$ 433,144

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	31,516,000	30,954,000
Common stock, shares outstanding (in shares)	31,287,000	30,954,000
Treasury stock (in shares)	229,000	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue, net	$ 147,538,000	$ 124,604,000	$ 427,514,000	$ 360,170,000
Cost of revenue	46,062,000	42,130,000	135,051,000	115,790,000
Gross profit	101,476,000	82,474,000	292,463,000	244,380,000
Operating expenses:
Research and development	15,694,000	16,309,000	52,378,000	44,828,000
Acquired in-process research and development	32,069,000	0	32,069,000	0
Selling, general and administrative	103,375,000	93,768,000	318,797,000	285,531,000
Impairment charges	641,000	0	641,000	0
Total operating expenses	151,779,000	110,077,000	403,885,000	330,359,000
Loss from operations	(50,303,000)	(27,603,000)	(111,422,000)	(85,979,000)
Interest and other income (expense), net:
Interest income	6,456,000	1,717,000	16,198,000	4,619,000
Interest expense	(3,329,000)	(927,000)	(9,501,000)	(2,709,000)
Loss on extinguishment of debt	0	0	(7,589,000)	0
Other income (expense), net	1,182,000	(108,000)	772,000	(143,000)
Total interest and other income (expense), net	4,309,000	682,000	(120,000)	1,767,000
Loss before income taxes	(45,994,000)	(26,921,000)	(111,542,000)	(84,212,000)
Income tax provision	188,000	195,000	414,000	495,000
Net loss	$ (46,182,000)	$ (27,116,000)	$ (111,956,000)	$ (84,707,000)
Net loss per common share, basic (in USD per share)	$ (1.48)	$ (0.89)	$ (3.59)	$ (2.78)
Net loss per common share, diluted (in USD per share)	$ (1.48)	$ (0.89)	$ (3.59)	$ (2.78)
Weighted-average shares, basic (in shares)	31,262	30,607	31,147	30,470
Weighted-average shares, diluted (in shares)	31,262	30,607	31,147	30,470

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (46,182)	$ (27,116)	$ (111,956)	$ (84,707)
Other comprehensive income (loss):
Net change in unrealized gain (loss) from marketable securities	13	63	(47)	351
Cumulative translation adjustment	(261)	74	93	30
Comprehensive loss	$ (46,430)	$ (26,979)	$ (111,910)	$ (84,326)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Condensed Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (111,956,000)	$ (84,707,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	15,426,000	11,434,000
Stock-based compensation	59,970,000	53,358,000
Amortization of premium and accretion of discounts, net	(1,236,000)	(3,627,000)
Amortization of operating lease right-of-use assets	3,747,000	4,243,000
Amortization of debt discount	2,173,000	12,000
Change in fair value of strategic investments	(1,059,000)	0
Provision for credit losses and contractual allowances	52,737,000	51,655,000
Acquired in-process research and development	32,069,000	0
Loss on extinguishment of debt	7,589,000	0
Impairment charges	641,000	0
Other	217,000	(378,000)
Changes in operating assets and liabilities:
Accounts receivable	(68,680,000)	(51,804,000)
Inventory	(1,041,000)	1,885,000
Prepaid expenses and other current assets	8,165,000	(1,549,000)
Other assets	(614,000)	(21,796,000)
Accounts payable and accrued liabilities	(8,379,000)	10,605,000
Deferred revenue	(275,000)	332,000
Operating lease liabilities	(5,336,000)	(3,792,000)
Net cash used in operating activities	(15,842,000)	(34,129,000)
Cash flows from investing activities
Purchases of property and equipment	(27,098,000)	(26,907,000)
Purchases of marketable securities	(2,426,000)	(109,202,000)
Maturities of marketable securities	98,700,000	136,500,000
Purchases of strategic investments	(55,000,000)	(3,000,000)
Purchases of acquired in-process research and development	(15,000,000)	0
Net cash used in investing activities	(824,000)	(2,609,000)
Cash flows from financing activities
Proceeds from issuance of 2029 Notes	661,250,000	0
Purchases of capped call transactions	(72,407,000)	0
Purchase of treasury stock	(25,000,000)	0
Proceeds from issuance of common stock in connection with employee equity incentive plans	5,486,000	5,352,000
Net cash provided by financing activities	508,394,000	5,352,000
Effect of exchange rate changes on cash	(8,000)	32,000
Net increase (decrease) in cash, cash equivalents, and restricted cash	491,720,000	(31,354,000)
Cash, cash equivalents, and restricted cash, beginning of period	36,173,000	78,832,000
Cash, cash equivalents, and restricted cash, end of period	527,893,000	47,478,000
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	519,535,000	47,478,000
Restricted cash, long-term	8,358,000	0
Total cash, cash equivalents and restricted cash	527,893,000	47,478,000
Supplemental disclosures of cash flow information:
Interest paid	6,389,000	2,186,000
Cash taxes paid	602,000	794,000
Cash received from tenant improvement allowances	736,000	1,603,000
Non-cash investing and financing activities:
Property and equipment costs included in accounts payable and accrued liabilities	173,000	89,000
Right-of-use assets obtained in exchange for operating lease liabilities	0	4,520,000
Capitalized stock-based compensation in property and equipment	5,530,000	5,596,000
SVB Term Loan
Cash flows from financing activities
Repayments of debt	(37,751,000)	0
Braidwell Term Loan Facility
Cash flows from financing activities
Repayments of debt	(78,660,000)	0
Proceeds from Braidwell debt	75,000,000	0
Payments of issuance costs	(2,100,000)	0
Convertible Notes Due 2029
Cash flows from financing activities
Payments of issuance costs	$ (17,424,000)	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022		30,193
Beginning balance at Dec. 31, 2022	$ 239,812	$ 28	$ 762,380	$ (522,200)	$ (396)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with employee equity incentive plans, net (in shares)		270
Issuance of common stock in connection with employee equity incentive plans, net	905	$ 2	903
Stock-based compensation	19,899		19,899
Net loss	(39,109)			(39,109)
Net change in unrealized (loss) gain on marketable securities	327				327
Ending balance (in shares) at Mar. 31, 2023		30,463
Ending balance at Mar. 31, 2023	221,834	$ 30	783,182	(561,309)	(69)
Beginning balance (in shares) at Dec. 31, 2022		30,193
Beginning balance at Dec. 31, 2022	239,812	$ 28	762,380	(522,200)	(396)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(84,707)
Net change in unrealized (loss) gain on marketable securities	351
Cumulative translation adjustment	30
Ending balance (in shares) at Sep. 30, 2023		30,633
Ending balance at Sep. 30, 2023	219,795	$ 31	826,686	(606,907)	(15)
Beginning balance (in shares) at Mar. 31, 2023		30,463
Beginning balance at Mar. 31, 2023	221,834	$ 30	783,182	(561,309)	(69)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with employee equity incentive plans, net (in shares)		87
Issuance of common stock in connection with employee equity incentive plans, net	4,383		4,383
Stock-based compensation	16,227		16,227
Net loss	(18,482)			(18,482)
Net change in unrealized (loss) gain on marketable securities	(39)				(39)
Cumulative translation adjustment	(44)				(44)
Ending balance (in shares) at Jun. 30, 2023		30,550
Ending balance at Jun. 30, 2023	223,879	$ 30	803,792	(579,791)	(152)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with employee equity incentive plans, net (in shares)		83
Issuance of common stock in connection with employee equity incentive plans, net	67	$ 1	66
Stock-based compensation	22,828		22,828
Net loss	(27,116)			(27,116)
Net change in unrealized (loss) gain on marketable securities	63				63
Cumulative translation adjustment	74				74
Ending balance (in shares) at Sep. 30, 2023		30,633
Ending balance at Sep. 30, 2023	$ 219,795	$ 31	826,686	(606,907)	(15)
Beginning balance (in shares) at Dec. 31, 2023	30,954	30,954
Beginning balance at Dec. 31, 2023	$ 210,097	$ 31	855,784	(645,606)	(112)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with employee equity incentive plans, net (in shares)		372
Issuance of common stock in connection with employee equity incentive plans, net	604		604
Purchase of capped call transactions	(72,407)		(72,407)
Purchase of treasury stock (in shares)		(229)
Purchase of treasury stock	(25,000)					(25,000)
Stock-based compensation	22,640		22,640
Net loss	(45,667)			(45,667)
Net change in unrealized (loss) gain on marketable securities	(54)				(54)
Cumulative translation adjustment	77				77
Ending balance (in shares) at Mar. 31, 2024		31,097
Ending balance at Mar. 31, 2024	$ 90,290	$ 31	806,621	(691,273)	(89)	(25,000)
Beginning balance (in shares) at Dec. 31, 2023	30,954	30,954
Beginning balance at Dec. 31, 2023	$ 210,097	$ 31	855,784	(645,606)	(112)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(111,956)
Net change in unrealized (loss) gain on marketable securities	(47)
Cumulative translation adjustment	$ 93
Ending balance (in shares) at Sep. 30, 2024	31,287	31,287
Ending balance at Sep. 30, 2024	$ 71,766	$ 31	854,363	(757,562)	(66)	(25,000)
Beginning balance (in shares) at Mar. 31, 2024		31,097
Beginning balance at Mar. 31, 2024	90,290	$ 31	806,621	(691,273)	(89)	(25,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with employee equity incentive plans, net (in shares)		113
Issuance of common stock in connection with employee equity incentive plans, net	4,734		4,734
Stock-based compensation	24,001		24,001
Net loss	(20,107)			(20,107)
Net change in unrealized (loss) gain on marketable securities	(6)				(6)
Cumulative translation adjustment	277				277
Ending balance (in shares) at Jun. 30, 2024		31,210
Ending balance at Jun. 30, 2024	99,189	$ 31	835,356	(711,380)	182	(25,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with employee equity incentive plans, net (in shares)		77
Issuance of common stock in connection with employee equity incentive plans, net	148		148
Stock-based compensation	18,859		18,859
Net loss	(46,182)			(46,182)
Net change in unrealized (loss) gain on marketable securities	13				13
Cumulative translation adjustment	$ (261)				(261)
Ending balance (in shares) at Sep. 30, 2024	31,287	31,287
Ending balance at Sep. 30, 2024	$ 71,766	$ 31	$ 854,363	$ (757,562)	$ (66)	$ (25,000)

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Sep. 30, 2024
Accounting Policies [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS iRhythm Technologies, Inc. (the “Company”) was incorporated in the state of Delaware in September 2006. The Company is a leading digital healthcare company that creates trusted solutions that detect, predict, and prevent disease. The Company's principal business is the design, development, and commercialization of device-based technology to provide remote cardiac monitoring services that it believes allow clinicians to diagnose certain arrhythmias quicker and with greater efficiency than other services that rely on traditional technology. Since first receiving clearance from the U.S. Food and Drug Administration (“FDA”) for the Company's technology in 2009, the Company has supported physician and patient use of its technology and provided remote cardiac monitoring services from its Medicare-enrolled independent diagnostic testing facilities (“IDTFs”) and its qualified technicians. The Company has provided the Zio remote cardiac monitoring services, including extended Holter, traditional Holter, and mobile cardiac telemetry (“MCT”) monitoring services (“Zio Services”), using the Zio Systems. The Company is headquartered in San Francisco, California, which also serves as a clinical center. The Company has additional clinical centers in Deerfield, Illinois and Houston, Texas, a manufacturing facility in Cypress, California and administrative office space in Solana Beach, California.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements include the accounts of the Company and its wholly owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. As permitted under those rules, the condensed consolidated financial statements and related disclosures as of December 31, 2023 have been derived from the audited consolidated financial statements but do not include all of the information required by GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s unaudited condensed consolidated financial information. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024. Reclassification Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position. Risks and Uncertainties Macroeconomic Factors and Supply Chain Constraints The Company’s operations and performance may vary based on worldwide economic and political conditions, which have been adversely impacted by continued global economic uncertainty, political instability, and military hostilities in multiple geographies including ongoing geopolitical conflicts, such as the war in Ukraine and conflict in the Middle East, domestic and global inflationary trends, interest rate volatility, potential instability in the global banking system, global supply shortages, and a tightening labor market. A severe or prolonged economic downturn or period of global political instability could drive hospitals and other healthcare professionals to tighten budgets and curtail spending, which could in turn negatively impact rates at which physicians prescribe the Company’s Zio Services. In addition, higher unemployment rates or reductions in employer-provided benefits plans could result in fewer commercially insured patients, resulting in a reduction in the Company’s margins and impairing the ability of uninsured patients to make timely payments. A weak or declining economy could also strain the Company’s suppliers, possibly resulting in supply delays and disruptions. There is also a risk that one or more of the Company’s current service providers, suppliers, or other partners may not survive such difficult economic times, which could directly affect the Company’s ability to attain its goals on schedule and on budget. If the current equity and credit markets deteriorate, it may make any necessary debt or equity financing more difficult, more costly, and more dilutive. The Company cannot predict the timing, strength, or duration of an economic downturn, instability, or recovery, whether worldwide, in the United States, or within its industry. The Company’s hybrid work arrangements and decision to pursue a sublease for its leased San Francisco headquarters resulted in an impairment of its right-of-use ("ROU") asset and related leasehold improvements and furniture and fixtures during the years ended December 31, 2023 and 2022. As the Company continues to evaluate its global real estate footprint, the Company may incur additional impairment charges related to real property lease agreements. The Company is continuously reviewing its liquidity and anticipated capital requirements. The Company believes it has adequate liquidity over the next 12 months to operate its business and to meet its cash requirements. Reimbursement The Company receives revenue for the Zio Services primarily from third-party payors, which include commercial payors and government agencies, such as the Centers for Medicare & Medicaid Services (“CMS”). Third-party payors require the Company to identify the service for which it is seeking reimbursement by using a Current Procedural Terminology (“CPT”) code set maintained by the American Medical Association. These CPT codes are subject to periodic change and update, which will impact the reimbursement rates for the Company’s Zio Services. Based on relative value units, CMS annually updates the reimbursement rates for diagnostic tests performed by IDTFs via the Medicare Physician Fee Schedule. CMS establishes national payment rates for the CPT codes the Company uses to report the long-term Holter monitoring services it performs with its Zio XT System: CPT codes 93247 (for wear-time of greater than 7 days and up to 15 days) and 93243 (for wear-time of greater than 48 hours and up to 7 days). Because remote cardiac monitoring technology, including the Zio System, is rapidly evolving, there is a continuing risk that relative value units assigned, and reimbursement rates set, by CMS may not adequately reflect the value and expense of this technology and associated monitoring services, and CMS may reduce these rates in the future, which would adversely affect the Company’s financial results. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, contractual allowances, provision for credit losses, the useful lives of property and equipment, the recoverability of long-lived assets, including the estimated usage of the printed circuit board assemblies (“PCBAs”), the incremental borrowing rate for operating leases, accounting for income taxes, impairment of ROU assets, contingent consideration liabilities, and various inputs used in estimating stock-based compensation. Actual results may differ from those estimates. Significant Accounting Policies During the nine months ended September 30, 2024, there were no changes to the Company’s significant accounting policies as described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, with the exception of the following: Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less from the date of purchase. Under the terms of certain facility operating lease agreements, the Company is required to maintain a letter of credit as collateral during the term of the lease. As of September 30, 2024, restricted cash of $8.4 million was pledged as collateral under the letter of credit with Silicon Valley Bank. Fair Value Option The Company elected the fair value option, Accounting Standards Codification (“ASC”) 825-10, Financial Instruments - Overall , to account for its strategic loan investments. The Company recorded the strategic loan investments at fair value within long-term strategic investments in the Company’s unaudited condensed consolidated balance sheets with changes in fair value recorded on the unaudited condensed consolidated statements of operations. The primary reason for electing the fair value option was for simplification and cost-benefit considerations of accounting for the strategic loan investments at fair value versus bifurcation of the embedded derivatives. Refer to Note 5, Fair Value Measurements, for further details relating to the Company's strategic investments. Acquired In-Process Research and Development Expenses Acquired in-process research and development (“IPR&D”) assets, as a result of an asset acquisition, for use in research and development activities with no alternative future use are expensed in the condensed consolidated statements of operations on the acquisition date. Accounting for acquisitions of IPR&D requires the Company to make certain judgements to determine if the transaction should be accounted for as an asset acquisition or a business combination, as well as assess if the IPR&D acquired has alternative future use in research and development activities. Contingent Consideration Certain agreements the Company entered into involve payments that are contingent upon the achievement of milestones. Contingent consideration obligations incurred in connection with acquired in-process research and development assets are recorded at fair value, with changes in fair value recorded to acquired in-process research and development expenses in the unaudited condensed consolidated statements of operations. Concentrations of Risk Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, investments and accounts receivable. Cash balances are deposited in financial institutions which, at times, may be in excess of federally insured limits. Cash equivalents are invested in highly rated money market funds. The Company invests in a variety of financial instruments, such as, but not limited to, U.S. government securities, corporate notes, commercial paper and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. The Company has not experienced any material losses on its deposits of cash and cash equivalents or investments. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers comprising the Company’s customer base and their dispersion across many geographies. The Company does not require collateral. During the first quarter of 2024, the Company experienced a temporary delay in the billing of the Company's contracted and non-contracted payer customers, performed by the Company's third-party claims processing vendor. The delay was due to a cybersecurity incident experienced by Change Healthcare, a division of UnitedHealth Group, which the Company's third-party vendor engages for services relating to billing and collections. While the Company substantially cleared the billing backlog as of the end of the first quarter of 2024, the delay in billing resulted in a temporary delay in the Company's cash collections. During the second and third quarters of 2024, the Company has received a significant portion of its cash collections from the delayed billings. The Company records a provision for credit losses based on the assessment of the collectability of customer accounts, considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. CMS accounted for 17% and 25% of accounts receivable at September 30, 2024 and December 31, 2023, respectively. One commercial customer accounted for approximately 14% of the Company's accounts receivable as of September 30, 2024. As presented in Note 3, CMS accounted for approximately 24% of the Company's revenue for each of the three and nine months ended September 30, 2024, and approximately 25% of the Company's revenue for each of the three and nine months ended September 30, 2023. Supply Risk The Company relies on single-source vendors to supply some of its disposable housings, instruments and other materials used to manufacture the Zio patches and the adhesive that binds the Zio patch to a patient’s body. These components and materials are critical, and there could be a considerable delay in finding alternative sources of supply. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this ASU to determine its impact on the Company's financial statement disclosures as a single operating segment. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. Two primary enhancements related to this ASU include disaggregating existing income tax disclosures relating to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's financial statement disclosures. On March 6, 2024, the SEC adopted SEC Release Nos. 33-11275; 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investor , to require the disclosure of certain climate-related information in registration statements and annual reports, including Scope 1 and 2 emissions and information about climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, a company’s business strategy, results of operations, or financial condition. In addition, under the final rules, certain disclosures related to severe weather events and other natural conditions will be required in audited financial statements. The disclosure requirements will begin phasing in for the Company's reports and registration statements including financial information in the fiscal year ending December 31, 2025. In April 2024, the SEC issued an order staying the final rules until the completion of judicial review. The Company is currently evaluating the impact of this final rule on the Company's consolidated financial statements and related disclosures.

REVENUE AND ACCOUNTS RECEIVABLE

REVENUE AND ACCOUNTS RECEIVABLE	9 Months Ended
REVENUE AND ACCOUNTS RECEIVABLE	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE AND ACCOUNTS RECEIVABLE	REVENUE AND ACCOUNTS RECEIVABLE Disaggregation of Revenue The Company disaggregates revenue from contracts with customers by payor type. The Company believes these categories aggregate the payor types by nature, amount, timing and uncertainty of its revenue streams. Disaggregated revenue by payor type and major service line for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands, except percentages): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amount % of Revenue Amount % of Revenue Amount % of Revenue Amount % of Revenue Contracted third-party payors $ 77,257 53% $ 67,336 54% $ 228,284 54% $ 196,566 55% Centers for Medicare and Medicaid 36,011 24% 31,006 25% 104,052 24% 88,369 25% Healthcare institutions 23,461 16% 18,065 14% 65,269 15% 52,060 14% Non-contracted third-party payors 10,809 7% 8,197 7% 29,909 7% 23,175 6% Total $ 147,538 $ 124,604 $ 427,514 $ 360,170 Revenue generated from the United States comprised substantially all of the Company's revenue. No other commercial customer or country comprised 10% or greater of the Company's revenue during the three and nine months ended September 30, 2024 and 2023. Accounts Receivable, Provision for Credit Losses and Contractual Allowances Accounts receivable includes amounts due to the Company from healthcare institutions, third-party payors, and government payors and their related patients, as a result of the Company's normal business activities. Accounts receivable is reported on the unaudited condensed consolidated balance sheets net of an estimated provision for credit losses and contractual allowances. The Company establishes a provision for credit losses for estimated uncollectible receivables based on its assessment of the collectability of customer accounts and recognizes the provision as a component of selling, general and administrative expenses. The Company records a provision for contractual allowances based on the estimated differences between contracted amounts and expected collection rates for services performed. Such provisions are based on the Company's historical experience and are reported as a reduction of revenue. The Company regularly reviews the allowances by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. The following table presents the changes in the provision for credit losses (in thousands): Nine Months Ended Year Ended Nine Months Ended Balance, beginning of period $ 20,289 $ 18,475 $ 18,475 Provision for credit losses 16,242 17,105 12,595 Write-offs, net of recoveries and other adjustments (14,040) (15,291) (11,659) Balance, end of period $ 22,491 $ 20,289 $ 19,411 The following table presents the changes in the contractual allowance (in thousands): Nine Months Ended Year Ended Nine Months Ended Balance, beginning of period $ 52,689 $ 41,389 $ 41,389 Add: provision for contractual adjustments 36,495 52,523 39,060 Less: contractual adjustments (31,984) (41,223) (32,072) Balance, end of period $ 57,200 $ 52,689 $ 48,377 Contract Liabilities ASC 606, Revenue from Contracts with Customers, requires an entity to present a revenue contract as a contract liability when the Company has an obligation to transfer goods or services to a customer for which the Company has received consideration from the customer, or an amount of consideration from the customer is due and unconditional (whichever is earlier). Certain of the Company’s customers pay the Company directly for the Zio XT service upon shipment of devices. Such advance payments are recognized as deferred revenue and are recorded as revenue when Zio reports are delivered to the healthcare provider. During the nine months ended September 30, 2024 and 2023, $3.1 million and $3.0 million relating to the contract liability balance at the beginning of 2024 and 2023 was recognized as revenue, respectively. The deferred revenue liability was $3.0 million and $3.3 million as of September 30, 2024 and December 31, 2023, respectively. Contract Costs Under ASC 340, Other Assets and Deferred Costs ("ASC 340"), the incremental costs of obtaining a contract with a customer are recognized as an asset. Incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. The Company’s current commission programs are considered incremental. However, as a practical expedient, ASC 340 permits the Company to immediately expense contract acquisition costs, because the asset that would have resulted from capitalizing these costs will be amortized in one year or less.

CASH EQUIVALENTS AND MARKETABLE

CASH EQUIVALENTS AND MARKETABLE SECURITIES	9 Months Ended
CASH EQUIVALENTS AND MARKETABLE SECURITIES	Sep. 30, 2024
Cash Equivalents And Investments [Abstract]
CASH EQUIVALENTS AND MARKETABLE SECURITIES	CASH EQUIVALENTS AND MARKETABLE SECURITIES The fair value of cash equivalents and marketable securities as of September 30, 2024 and December 31, 2023, were as follows (in thousands): September 30, 2024 Amortized Gross Unrealized Fair Value Gains Losses Money market funds $ 28,048 $ — $ — $ 28,048 U.S. government securities 137,406 11 (2) 137,415 Total cash equivalents and marketable securities $ 165,454 $ 11 $ (2) $ 165,463 Classified as: Cash equivalents $ 162,967 Marketable securities 2,496 Total cash equivalents and marketable securities $ 165,463 December 31, 2023 Amortized Gross Unrealized Fair Value Gains Losses Money market funds $ 12,594 $ — $ — $ 12,594 U.S. government securities 97,534 59 (2) 97,591 Total cash equivalents and marketable securities $ 110,128 $ 59 $ (2) $ 110,185 Classified as: Cash equivalents $ 12,594 Marketable securities 97,591 Total cash equivalents and marketable securities $ 110,185

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 —Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 —Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 —Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The U.S. government securities are classified as Level 2 as they were valued based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. The Company had no transfers between levels of the fair value hierarchy of its assets measured at fair value. The following tables present the fair value of the Company’s financial assets determined using the inputs defined above (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Assets Money market funds $ 28,048 $ — $ — $ 28,048 U.S. government securities — 137,415 — 137,415 Strategic investments — — 59,059 59,059 Total $ 28,048 $ 137,415 $ 59,059 $ 224,522 Liabilities Contingent consideration $ — $ — $ 17,069 $ 17,069 Total $ — $ — $ 17,069 $ 17,069 December 31, 2023 Level 1 Level 2 Level 3 Total Assets Money market funds $ 12,594 $ — $ — $ 12,594 U.S. government securities — 97,591 — 97,591 Strategic investments — — 3,000 3,000 Total $ 12,594 $ 97,591 $ 3,000 $ 113,185 The Company's debt obligation as of December 31, 2023 is classified as Level 2 input. The fair value of the Company’s outstanding interest-bearing obligation as of December 31, 2023 approximated the carrying value of $35.0 million. Fair Value of Strategic Investments The Company holds strategic investments upon which it measures the fair value on a recurring basis. The carrying value of these investments are $59.1 million and $3.0 million as of September 30, 2024 and December 31, 2023, respectively. The Company's strategic investments are with privately held companies, and as such, limited information is available. On a quarterly basis, the Company monitors information that becomes available and adjusts the carrying values of these investments if there are identified events or changes in circumstances that have a significant effect on their fair values. The strategic investments are categorized as Level 3 investments within the fair value hierarchy due to the uncertainty of the fair value measurement with respect to the use of significant unobservable inputs and included within long-term strategic investments in the Company’s unaudited condensed consolidated balance sheets. During the nine months ended September 30, 2024, the Company made an aggregate of $55.0 million in strategic loan investments in BioIntelliSense, Inc. (“BioIS”), a privately-held company. The loan investments have maturity dates ranging from April 2029 through August 2029. The loan investments can convert into preferred shares of BioIS based upon certain qualifying financing events. The aggregate fair value of the strategic loan investments is $55.6 million as of September 30, 2024. In accordance with ASC 820, Fair Value Measurement , the Company elected to apply the fair value option to these strategic loan investments, with changes in fair value reported within other income (expense), net in the Company's unaudited condensed consolidated statements of operations at each reporting period. During the three and nine months ended September 30, 2024, the Company increased the fair value of the strategic loan investments by $0.6 million. The fair value of the loan investments in BioIS is determined by using a probability-weighted expected return model (“PWERM”) and a discounted cash flow valuation model with scenarios that correspond to the contractual settlement events. The determination of fair value involves significant assumptions such as discount rates, volatilities, and expected years. These unobservable inputs represent a Level 3 measurement, as they are supported by little or no market activity and reflect the Company's own assumptions in measuring fair value. The recurring Level 3 fair value measurements of the loan investment include the following significant unobservable inputs as of September 30, 2024: September 30, 2024 Discount rate 12.0 % Equity volatility 67.0 % Expected years (range) 2025 - 2029 During the year ended December 31, 2023, the Company made a $3.0 million strategic equity investment in a separate privately-held company. During the three months ended September 30, 2024, the Company increased the fair value of the strategic equity investment by $0.5 million. The carrying value of the strategic equity investment is $3.5 million as of September 30, 2024. The change in fair value is recorded within other income (expense), net in the Company’s unaudited condensed consolidated statements of operations. The following table sets forth the changes in the estimated fair value of the Company's strategic investments measured on a recurring basis (in thousands): Nine Months Ended Year Ended Balance, beginning of period $ 3,000 $ — Additions during the period 55,000 3,000 Changes in estimated fair value 1,059 — Balance, end of period $ 59,059 $ 3,000 Contingent Consideration Liabilities The Company established contingent consideration liabilities in conjunction with the development milestones associated with the acquisition of certain technology from BioIS. The fair value of contingent consideration liabilities is determined using PWERM, with scenarios that correspond to the contractual settlement events. There are significant inputs of such model that are not observable in the market, such as probability of achievement of stated milestones and expected term. The unobservable inputs represent a Level 3 measurement. Fair value adjustments to contingent consideration liabilities are assessed quarterly and recorded through operating expenses within acquired in-process research and development in the unaudited condensed consolidated statements of operations. Refer to Note 7, Commitments and Contingencies, for further details relating to the BioIS contingent consideration liabilities. The recurring Level 3 fair value measurements of contingent consideration liabilities associated with the development agreement milestones include the following significant unobservable inputs as of September 30, 2024: September 30, 2024 Probability of achievement (range) 75.0%- 90.0% Expected years 2025 - 2026 Contingent consideration liabilities for BioIS at the inception of acquisition of the licensed technology were $17.0 million. Contingent consideration liabilities were $17.1 million as of September 30, 2024, and were included in other noncurrent liabilities in the Company’s unaudited condensed consolidated balance sheet. The following table sets forth the changes in the estimated fair value of the Company’s contingent consideration liabilities measured on a recurring basis (Level 3) (in thousands): Nine Months Ended Balance, beginning of period $ — Additions during the period 16,970 Changes in estimated fair value 99 Balance at end of period $ 17,069 Fair Value of Senior Convertible Notes The fair value, based on a quoted market price (Level 1), of the Company’s senior convertible notes due 2029 (the "2029 Notes") is as follows (in thousands): September 30, 2024 December 31, 2023 Senior Convertible Notes due 2029 $ 601,804 $ —

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	9 Months Ended
BALANCE SHEET COMPONENTS	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BALANCE SHEET COMPONENTS	BALANCE SHEET COMPONENTS Inventory Inventory consisted of the following (in thousands): September 30, 2024 December 31, 2023 Raw materials and work-in-progress $ 6,769 $ 6,299 Finished goods 8,263 7,674 Total $ 15,032 $ 13,973 Long-term Strategic Investments Long-term strategic investments consisted of the following (in thousands): September 30, 2024 December 31, 2023 Strategic loan investments $ 55,563 $ — Strategic equity investment 3,496 3,000 Total $ 59,059 $ 3,000 Other Assets Other assets consisted of the following (in thousands): September 30, 2024 December 31, 2023 PCBAs $ 38,608 $ 38,987 Cloud computing arrangements 5,612 4,959 Other 1,320 1,093 Total $ 45,540 $ 45,039 The Company reuses PCBAs in each wearable Zio Monitor patch, Zio XT patch, and Zio AT patch, as well as the wireless gateway used in conjunction with the Zio AT patch. As PCBAs are used in a wearable Zio Monitor patch, Zio XT patch, or Zio AT patch, a portion of the cost of the PCBA is recorded as a cost of revenue. The PCBAs are charged over a period beyond one year. Charges to cost of revenue were $4.2 million and $9.9 million for the three and nine months ended September 30, 2024, respectively, and $2.4 million and $5.4 million for the three and nine months ended September 30, 2023, respectively. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, 2024 December 31, 2023 Laboratory and manufacturing equipment $ 9,588 $ 6,007 Computer equipment and software 4,219 3,905 Furniture and fixtures 4,182 4,020 Leasehold improvements 27,121 24,885 Internal-use software in service 77,101 61,980 Internal-use software in development 56,123 43,701 Construction in progress 9,986 10,119 Total property and equipment, gross 188,320 154,617 Less: accumulated depreciation and amortization (65,930) (50,503) Total property and equipment, net $ 122,390 $ 104,114 Depreciation and amortization expense for the three and nine months ended September 30, 2024 was $5.1 million and $15.4 million, respectively, and $4.1 million and $11.4 million for three and nine months ended September 30, 2023, respectively, of which amortization related to internal-use software, was $3.6 million and $11.0 million for the three and nine months ended September 30, 2024, respectively, and $3.1 million and $8.6 million, for the three and nine months ended September 30, 2023, respectively. During the three and nine months ended September 30, 2024, internal-use software, both in service and in development, increased by $8.6 million and $27.5 million, respectively. This increase is related to enhancements in the Company’s core technology, products and services and artificial intelligence, as well as investment in future technology supporting the Zio Monitor System, the Company's next generation biosensor technology platform. During the three and nine months ended September 30, 2024, the Company recorded an impairment charge of $0.6 million within impairment charges in the Company’s unaudited condensed consolidated statements of operations related to internal-use software in development not expected to be completed. No impairment charge related to internal-use software has been recognized for the three and nine months ended September 30, 2023. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 Accrued payroll and related expenses $ 39,524 $ 47,656 Accrued vacation 7,110 8,608 Accrued expenses 12,845 14,891 Claims payable 2,125 4,578 Accrued employee share purchase plan contributions 1,963 1,037 Accrued state and foreign income and sales taxes 3,662 2,877 Accrued professional services fees 6,729 3,715 Total accrued liabilities $ 73,958 $ 83,362

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases The Company leases office, manufacturing, and clinical centers under non-cancelable operating leases which expire on various dates through 2033 . These leases generally contain scheduled rent increases or escalation clauses and renewal options. Operating lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The operating lease ROU assets also include any lease payments made to the lessor at or before the commencement date as well as variable lease payments which are based on a consumer price index. The Company is also subject to variable lease payments related to janitorial services and electricity which are not included in the operating lease ROU asset as they are based on actual usage. The Company recognizes operating lease expenses, generally on a straight-line basis over the lease period. During the nine months ended September 30, 2024, there were no material changes to the leases from those described in Note 8, Commitments and Contingencies, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Contractual obligations under operating lease liabilities were as follows (in thousands): Year Ended December 31: 2024 (remainder of the year) $ 3,867 2025 15,633 2026 16,096 2027 16,492 2028 16,385 Thereafter 47,101 Total lease payments 115,574 Less: imputed interest (26,033) Total lease liabilities $ 89,541 Legal Proceedings From time to time, the Company is involved in claims and legal proceedings or investigations, that arise in the ordinary course of business. Such matters could have an adverse impact on the Company's reputation, business, and financial condition and divert the attention of its management from the operation of the Company's business. These matters are subject to many uncertainties and outcomes that are not predictable. On February 1, 2021, a putative class action lawsuit was filed in the United States District Court for the Northern District of California (the "Court") alleging that the Company and its former Chief Executive Officer, Kevin M. King, violated Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5 promulgated thereunder. On August 2, 2021, the lead plaintiff filed an amended complaint, and filed a further amended complaint on September 24, 2021. The amended complaint names as defendants, in addition to the Company and Mr. King, its former Chief Executive Officer, Michael J. Coyle, and former Chief Financial Officer and former Chief Operating Officer, Douglas J. Devine. The purported class in the amended complaint includes all persons who purchased or acquired the Company's common stock between August 4, 2020 and July 13, 2021, and seeks unspecified damages purportedly sustained by the class. On October 27, 2021, the Company filed a motion to dismiss, which the Court granted on March 31, 2022, entering judgment in favor of the Company and the other defendants. On April 29, 2022, the original named plaintiff appealed to the Ninth Circuit Court of Appeals. On October 11, 2023, after briefing by the parties and oral argument, the Ninth Circuit dismissed the appeal for lack of jurisdiction. The appellant filed a petition for rehearing en banc, which was denied on December 6, 2023. On April 16, 2024, the original named plaintiff appealed the Ninth Circuit’s decision regarding jurisdiction to the United States Supreme Court (the “Supreme Court”) and, on May 20, 2024, the Company waived its right to provide a statement of opposition with respect to the issue of jurisdiction. On June 4, 2024, the Supreme Court requested the Company provide a statement of opposition, which was due August 2, 2024. On October 7, 2024, the Supreme Court denied the plaintiff’s petition for appeal, thereby ending the matter. On February 6, 2024, a second putative class action lawsuit was filed in the Court alleging that the Company's current Chief Executive Officer, Quentin Blackford, the Company's former Chief Financial Officer, Brice Bobzien, and our former Chief Financial Officer and former Chief Operating Officer, Mr. Devine violated Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5 promulgated thereunder, and seeks unspecified damages purportedly sustained by the class. On July 19, 2024, an amended complaint was filed, naming the Company, Mr. Blackford, Mr. Bobzien, Mr. Devine, our Chief Commercial Officer Chad Patterson, our former Chief Technology Officer Mark Day, and our Chief Medical Officer, Chief Scientific Officer, and Executive Vice President of Product Innovation, Mintu Turakhia, as defendants. On October 7, 2024, a second amended complaint was also filed to include events from the recent FDA inspections. The Company believes the above securities class action lawsuits to be without merit and plans to continue to defend itself vigorously. On March 26, 2021, the Company received a grand jury subpoena from the U.S. Attorney’s Office for the Northern District of California requesting information related to communications with FDA and the Company's products and services. On September 13, 2021, the Company received a second subpoena requesting additional information. On April 4, 2023, the Company received a Subpoena Duces Tecum from the Consumer Protection Branch, Civil Division of the U.S. Department of Justice (the "DOJ"), requesting production of various documents regarding the Company’s products and services. The Company has been cooperating fully on these matters. On July 1, 2024, the DOJ filed with the United States District Court for the Northern District of California a Petition for Order to Show Cause and Application for Enforcement with respect to the production of certain documentary materials which the Company asserts are protected by legal privileges. The Company intends to defend its privilege assertions over such materials in its response to the DOJ's petition. On February 20, 2024, Welch Allyn, a subsidiary of Hill-Rom Holdings, Inc. which was acquired by Baxter International, Inc., filed a lawsuit against the Company in the United States District Court for the District of Delaware, alleging that the Company's Zio devices infringe certain of its patents and that the Company’s infringement was willful. The Company filed a motion to dismiss Welch Allyn’s willful infringement claims on April 11, 2024. Welch Allyn filed an amended complaint on April 24, 2024 that continued to allege that the Company's devices infringe certain of its patents and that the Company’s infringement was willful. The Company filed a motion to dismiss Welch Allyn’s willful infringement allegations found in the amended complaint on June 12, 2024. Welch Allyn seeks money damages and attorneys’ fees. The Company believes this lawsuit is without merit and plans to defend itself vigorously. Technology License Agreement On August 30, 2024, the Company entered into a Technology License Agreement (the “License Agreement”) with BioIS, pursuant to which (i) the Company will receive a perpetual fully paid up license to certain of BioIS’ intellectual property, technology and products for research, development and commercialization of potential next generation products and services in certain fields of use, including an exclusive license to develop and commercialize pulse oximetry, accelerometry, and trending non-invasive blood pressure technologies for use within the Company’s ambulatory cardiac monitoring products and services, and (ii) the Company and BioIS agreed to negotiate in good faith a supply agreement for pulse oximetry hardware. Under the terms of the License Agreement, during the third quarter of 2024 the Company paid BioIS an upfront fee of $15.0 million in cash consideration. In connection with the License Agreement, the Company also purchased an aggregate of $40.0 million of convertible promissory notes from BioIS (the "Convertible Notes"), of which $20.0 million of the convertible promissory notes ("Milestone Notes") were designated for satisfaction of the Company's regulatory milestone payment obligations. The Milestone Notes, plus accrued and unpaid interest, if any, shall be cancelled, if outstanding, upon the achievement of the regulatory milestones up through December 31, 2026. The Company has recorded a charge for $32.1 million for acquired IPR&D in the Company's unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024, which includes the upfront fee of $15.0 million as well as contingent consideration of $17.1 million related to the regulatory milestones. Additionally, BioIS is eligible to receive low single digit royalty payments on annual net sales of certain products in the home sleep testing field, subject to certain adjustments specified in the License Agreement. Development Agreement On September 3, 2019, the Company entered into a Development Collaboration Agreement with Verily Life Sciences LLC, an Alphabet company (“VLS”) and Verily Ireland Limited (“VIL” and together with VLS, “Verily”) (such Development Collaboration Agreement, as amended by Amendment No. 1 dated April 26, 2021 and Amendment No.2 dated January 24, 2022, the “Development Agreement”). The Development Agreement involves joint development and production of intellectual property between the Company and Verily. Each participant has primary responsibility for certain aspects of development and approval, with all processes to be performed at each respective party’s own cost. Costs incurred by the Company in connection with the Development Agreement will be expensed as research and development expense in accordance with ASC 730, Research and Development. The Company and Verily will develop certain next-generation atrial fibrillation (“Afib”) screening, detection, or monitoring products pursuant to the Development Agreement, which products will involve combining Verily's and the Company’s technology platforms and capabilities. Under the terms of the Development Agreement, the Company paid Verily an upfront fee of $5.0 million in 2019. In addition, the Company agreed to make additional milestone payments to Verily up to an aggregate of $12.75 million upon achievement of various development and regulatory milestones over the term of the Development Agreement. The Company has achieved milestones tied to payments totaling $11.0 million to date and may make additional payments over the term of the Development Agreement of $1.75 million, subject to the achievement of specified milestones. No payments were made during the three and nine months ended September 30, 2024 and 2023. The Development Agreement provides each party with licenses to use certain intellectual property of the other party for development activities in the field of Afib screening, detection, or monitoring. Ownership of developed intellectual property will be allocated to the Company or Verily depending on the subject matter of the underlying developed intellectual property, and, for certain subject matter, shall be jointly owned. Indemnifications In the ordinary course of business, the Company enters into agreements pursuant to which it agrees to indemnify customers, vendors, lessors, business partners, and other parties with respect to certain matters, including losses arising out of the breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by applicable law. The Company currently has directors’ and officers’ insurance.

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT 1.50% Senior Convertible Notes due 2029 The carrying amounts of the Company’s 2029 Notes were as follows (in thousands): September 30, 2024 December 31, 2023 Principal amount $ 661,250 $ — Unamortized debt issuance costs (15,429) — Carrying amount of senior convertible notes due 2029 $ 645,821 $ — The following table summarizes the components of interest expense and the effective interest rate for the 2029 Notes for the periods shown (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contractual coupon interest $ 2,535 $ — $ 5,731 $ — Amortized debt issuance costs 738 — 1,890 — Total interest expense recognized on senior convertible notes due 2029 $ 3,273 $ — $ 7,621 $ — Effective interest rate 2.0 % — % 2.0 % — % On March 7, 2024, the Company completed an offering of $661.3 million aggregate principal amount of unsecured senior convertible notes with a stated interest rate of 1.50% and a maturity date of September 1, 2029. The proceeds include the full exercise of the option granted by the Company to the initial purchasers of the 2029 Notes to purchase up to an additional $86.3 million aggregate principal amount of notes. Interest on the 2029 Notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2024. The net proceeds from the offering, after deducting initial purchasers’ discounts and costs directly related to the offering, were approximately $643.8 million. The initial conversion rate of the 2029 Notes is 6.7927 shares per $1,000 principal amount of notes, which is equivalent to a conversion price of approximately $147.22 per share, subject to adjustments. The 2029 Notes may be settled in cash, stock, or a combination thereof, solely at the Company's discretion. The Company used net proceeds from the offering to purchase capped calls, as well as repayment of the Company's outstanding debt which is described below. In addition, the Company also used net proceeds from the offering to repurchase shares of the Company's common stock. Refer to Note 10, Stockholders' Equity for further details relating to the Company's shares repurchase. No principal payments are due on the 2029 Notes prior to maturity. Other than restrictions relating to certain fundamental changes and consolidations, mergers or asset sales and customary anti-dilution adjustments, the indenture relating to the 2029 Notes (the “Indenture”) includes customary terms and covenants, including certain events of default after which the 2029 Notes may be due and payable immediately. The Company uses the if-converted method for assumed conversion of the 2029 Notes to compute the weighted-average shares of common stock outstanding for diluted earnings per share, when applicable. Conversion Rights at the Option of the Holders Holders of the 2029 Notes who convert their notes in connection with a make-whole fundamental change (as defined in the Indenture) or convert their 2029 Notes called (or deemed called) for redemption in connection with any optional redemption are, under certain circumstances, entitled to an increase in the conversion rate. Additionally, in the event of a fundamental change (as defined in the Indenture), holders of the 2029 Notes may require the Company to repurchase for cash all or a portion of their notes at a price equal to 100% of the principal amount of notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. Holders of the 2029 Notes may convert all or a portion of their notes prior to the close of business on the business day immediately preceding June 1, 2029, in multiples of $1,000 principal amount, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2024 (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price of the 2029 Notes on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the 2029 Notes for each trading day of that measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate of the 2029 Notes on such trading day; (3) if the Company calls any or all 2029 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the 2029 Notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events as specified in the Indenture. On or after June 1, 2029, until 5:00 p.m., New York City time, on the second scheduled trading day immediately preceding September 1, 2029, holders of the notes may convert the 2029 Notes, in multiples of $1,000 principal amount, at their option regardless of the foregoing circumstances. Conversion Rights at Our Option The Company may not redeem the 2029 Notes prior to September 5, 2027. On or after September 5, 2027 and prior to June 1, 2029, the Company may redeem at its option for cash all or any portion of the 2029 Notes, at the redemption price, if the last reported sale price of the Company's common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides the redemption notice. The redemption price will be equal to 100% of the principal amount of the 2029 Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. 2029 Capped Call Transactions On March 4, 2024, in connection with the offering of the 2029 Notes, the Company entered into privately negotiated capped call transactions (the “2029 Capped Calls”) with certain financial institutions. The 2029 Capped Calls will cover, subject to anti-dilution adjustments substantially similar to those applicable to the 2029 Notes, the number of shares of the Company's common stock that will initially underlie the 2029 Notes. The 2029 Capped Calls are expected generally to reduce potential dilution to the Company's common stock upon conversion of the 2029 Notes and/or offset any cash payments that the Company could be required to make in excess of the principal amount of converted 2029 Notes, as the case may be, with such reduction and/or offset subject to a cap. The 2029 Capped Calls have an initial cap price of $218.10 per share, subject to adjustments, which represents a premium of 100% over the closing price of the Company's common stock of $109.05 per share on the Nasdaq Global Select Market on March 4, 2024. The Company completed the purchase of the 2029 Capped Calls on March 7, 2024, for the amount of $72.4 million. The cost to purchase the 2029 Capped Calls was recorded as a reduction to additional paid-in capital in the Company's consolidated balance sheets, as the 2029 Capped Calls met the criteria for classification within stockholders’ equity. Braidwell Debt On January 3, 2024 (the “Closing Date”), the Company entered into the Credit, Security and Guaranty Agreement (the “Braidwell Credit Agreement”) with Braidwell Transactions Holdings LLC – Series 5 (“Braidwell”), which provided for a senior secured term loan in an aggregate principal amount of up to $150.0 million (the “Braidwell Term Loan Facility”). An initial tranche of $75.0 million (“Initial Loan”) was funded on the Closing Date. In addition to the Initial Loan, the Braidwell Term Loan Facility included an additional tranche of $75.0 million, which was accessible by the Company through the one year anniversary of the Closing Date, so long as the Company satisfied certain customary conditions. The Braidwell Term Loan Facility had a maturity date of January 3, 2029 (the “Maturity Date”) and provided, at the Company’s election, for the option to have a portion of interest added to principal rather than paid in cash during the term of the loan, with principal and accrued interest due at the Maturity Date. On March 7, 2024, in connection with the offering of the 2029 Notes, the Company used approximately $80.2 million of the net proceeds for the repayment in full of the $75.0 million outstanding Initial Loan, as well as interest, fees and expenses associated with terminating the agreement. Interest expense for the three and nine months ended September 30, 2024 was nil and $1.8 million, respectively. Interest expense for the nine months ended September 30, 2024 consisted of contractual coupon interest and amortized debt issuance costs of $1.6 million and $0.2 million, respectively. The Company incurred $5.6 million of fees and expenses relating to the repayment of the Initial Loan and the termination of the Braidwell Credit Agreement, inclusive of unamortized debt origination costs, which has been recorded within loss on extinguishment of debt in the Company’s unaudited condensed consolidated statements of operations for the nine months ended September 30, 2024. SVB Term Loan In October 2018, the Company entered into the Third Amended and Restated Loan and Security Agreement (“SVB Loan Agreement”) with Silicon Valley Bank (“SVB”). Under the SVB Loan Agreement, the Company had borrowed $35.0 million and had made repayments through March 2022, at which time the outstanding balance was $18.5 million. On March 28, 2022, the Company entered into a Second Amendment (“2022 Amendment”) to its SVB Loan Agreement which provided for a term loans facility in the aggregate principal amount of up to $75.0 million (the “2022 Term Loans”), of which $35.0 million was borrowed at closing and a portion of the proceeds was used to pay in full the outstanding balance of $18.5 million under the SVB Loan Agreement. None of the remaining $40.0 million of the 2022 Term Loans was borrowed up through December 31, 2023. The 2022 Amendment also amended the terms of the revolving credit line under the SVB Loan Agreement, which provided for an aggregate principal amount of $25.0 million. On January 3, 2024, in connection with the entry into the Braidwell Credit Agreement, the Company used approximately $37.8 million of the net proceeds for the repayment in full of the $35.0 million outstanding principal balance as well as interest, fees and expenses associated with terminating the agreement. Upon termination of the SVB Loan Agreement, SVB’s security interest in the Company’s assets and property was released. Interest expense for three and nine months ended September 30, 2023 was $0.8 million and $2.5 million, respectively. Contractual coupon interest for the three and nine months ended September 30, 2023 was $0.8 million and $2.2 million, respectively. Amortized debt issuance costs for the three and nine months ended September 30, 2023 were $0.1 million and $0.3 million, respectively. Interest expense, contractual coupon interest, and amortized debt issuance costs for the three and nine months ended September 30, 2024 was nil. The Company incurred $2.0 million of fees and expenses relating to the termination of the SVB Loan Agreement, which has been recorded within loss on extinguishment of debt in the Company's unaudited condensed consolidated statements of operations during the nine months ended September 30, 2024.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded a tax provision related to its U.S. state taxes and its foreign subsidiaries during the three and nine months ended September 30, 2024 and 2023. Due to the uncertainties surrounding the realization of the U.S. deferred tax assets through future taxable income, the Company has provided a full valuation allowance and, therefore, no benefit has been recognized for the net operating loss carryforwards and other deferred tax assets.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Treasury Shares On March 7, 2024, the Company used approximately $25.0 million of the net proceeds from the 2029 Notes offering to repurchase 229,252 shares of the Company's common stock at a purchase price of $109.05 per share via privately negotiated transactions effected through one of the initial purchasers or its affiliate. Repurchased shares of the Company's common stock are held as treasury shares until they are reissued or retired.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The following table summarizes the total stock-based compensation expense included in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 709 $ 1,236 $ 2,421 $ 2,584 Research and development 3,163 3,370 10,551 7,912 Selling, general and administrative 13,286 16,402 46,998 42,862 Total stock-based compensation expense $ 17,158 $ 21,008 $ 59,970 $ 53,358 Restricted Stock Units and Performance-Based Restricted Stock Units As of September 30, 2024, there was a total of 1.5 million awards outstanding and total unamortized compensation cost of $121.9 million, net of estimated forfeitures, related to restricted stock units ("RSUs"), which the Company expects to recognize over a weighted average period of 1.7 years. As of September 30, 2024, there was a total of 0.9 million awards outstanding and total unamortized compensation cost of $36.0 million, net of estimated forfeitures, related to performance based RSUs ("PRSUs"), which the Company expects to recognize over a weighted average remaining period of 1.4 years. PRSUs are based on the maximum number of PRSUs issuable in the key executive grant agreements. The actual number of PRSUs awarded will be based on company performance criteria. Market-based PRSUs The Company grants PRSUs to its key executives. PRSUs can be earned in accordance with the performance equity program for each respective grant. In February 2024, the Company granted market-based PRSUs to senior executive officers. These PRSUs to be earned will be based on the cumulative annual growth rate ("CAGR") of annual unit volume calculated between fiscal year 2026 and fiscal year 2023 and measured against performance thresholds, as well as a relative comparison of the S&P Healthcare Equipment Select Industry Index to the Company's Total Shareholder Return (“TSR”). The grant date fair value of the TSR was based on the expected term of 2.8 years, interest risk free rate of 4.4%, implied volatility of 67.95% and no dividend yield. These February 2024 awards are subject to the recipient senior executive officer's continued employment through the vesting date of March 16, 2027. Options As of September 30, 2024, the Company had a total of 0.3 million options outstanding. As of September 30, 2024, the options were fully vested. Employee Stock Purchase Plan As of September 30, 2024, the Company had $2.6 million of unrecognized compensation expense that will be recognized over a weighted average period of 0.6 years.

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
NET LOSS PER SHARE	Sep. 30, 2024
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE As the Company had net losses for the three and nine months ended September 30, 2024 and 2023, all potential common shares were determined to be anti-dilutive. The following table sets forth the computation of the basic and diluted net loss per share during the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net loss $ (46,182) $ (27,116) $ (111,956) $ (84,707) Denominator: Weighted-average shares used to compute net loss per common share, basic and diluted 31,262 30,607 31,147 30,470 Net loss per common share, basic and diluted $ (1.48) $ (0.89) $ (3.59) $ (2.78) The Company applies the if-converted method in computing the effect of the Company's senior convertible notes on diluted net income per share. For periods in which the Company reports net income, the numerator of the diluted per share computation is adjusted for interest expense and amortization of debt issuance costs, net of tax, and the denominator is adjusted for the weighted average number of shares into which each of the Company’s senior convertible notes could be converted. The effect is only included in the calculation of diluted net income per share for those senior convertible notes which reduce net income per share. The following outstanding shares of potentially dilutive securities have been excluded from diluted net loss per common share for the three and nine months ended September 30, 2024 and 2023 because their inclusion would be anti-dilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Options to purchase common stock 290 307 290 307 RSUs and PRSUs 1 2,378 2,747 2,378 2,747 Senior convertible notes 4,492 — 4,492 — Total 7,160 3,054 7,160 3,054 1 PRSUs are based on the maximum number of PRSUs in the key executive grant agreements. The actual number of PRSUs awarded will be based on company performance criteria and relative TSR, as discussed in Note 11, Stock-Based Compensation.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (46,182)	$ (20,107)	$ (45,667)	$ (27,116)	$ (18,482)	$ (39,109)	$ (111,956)	$ (84,707)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements include the accounts of the Company and its wholly owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. As permitted under those rules, the condensed consolidated financial statements and related disclosures as of December 31, 2023 have been derived from the audited consolidated financial statements but do not include all of the information required by GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s unaudited condensed consolidated financial information. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position.
Risks and Uncertainties	Risks and Uncertainties Macroeconomic Factors and Supply Chain Constraints The Company’s operations and performance may vary based on worldwide economic and political conditions, which have been adversely impacted by continued global economic uncertainty, political instability, and military hostilities in multiple geographies including ongoing geopolitical conflicts, such as the war in Ukraine and conflict in the Middle East, domestic and global inflationary trends, interest rate volatility, potential instability in the global banking system, global supply shortages, and a tightening labor market. A severe or prolonged economic downturn or period of global political instability could drive hospitals and other healthcare professionals to tighten budgets and curtail spending, which could in turn negatively impact rates at which physicians prescribe the Company’s Zio Services. In addition, higher unemployment rates or reductions in employer-provided benefits plans could result in fewer commercially insured patients, resulting in a reduction in the Company’s margins and impairing the ability of uninsured patients to make timely payments. A weak or declining economy could also strain the Company’s suppliers, possibly resulting in supply delays and disruptions. There is also a risk that one or more of the Company’s current service providers, suppliers, or other partners may not survive such difficult economic times, which could directly affect the Company’s ability to attain its goals on schedule and on budget. If the current equity and credit markets deteriorate, it may make any necessary debt or equity financing more difficult, more costly, and more dilutive. The Company cannot predict the timing, strength, or duration of an economic downturn, instability, or recovery, whether worldwide, in the United States, or within its industry. The Company’s hybrid work arrangements and decision to pursue a sublease for its leased San Francisco headquarters resulted in an impairment of its right-of-use ("ROU") asset and related leasehold improvements and furniture and fixtures during the years ended December 31, 2023 and 2022. As the Company continues to evaluate its global real estate footprint, the Company may incur additional impairment charges related to real property lease agreements. The Company is continuously reviewing its liquidity and anticipated capital requirements. The Company believes it has adequate liquidity over the next 12 months to operate its business and to meet its cash requirements. Reimbursement The Company receives revenue for the Zio Services primarily from third-party payors, which include commercial payors and government agencies, such as the Centers for Medicare & Medicaid Services (“CMS”). Third-party payors require the Company to identify the service for which it is seeking reimbursement by using a Current Procedural Terminology (“CPT”) code set maintained by the American Medical Association. These CPT codes are subject to periodic change and update, which will impact the reimbursement rates for the Company’s Zio Services. Based on relative value units, CMS annually updates the reimbursement rates for diagnostic tests performed by IDTFs via the Medicare Physician Fee Schedule. CMS establishes national payment rates for the CPT codes the Company uses to report the long-term Holter monitoring services it performs with its Zio XT System: CPT codes 93247 (for wear-time of greater than 7 days and up to 15 days) and 93243 (for wear-time of greater than 48 hours and up to 7 days). Because remote cardiac monitoring technology, including the Zio System, is rapidly evolving, there is a continuing risk that relative value units assigned, and reimbursement rates set, by CMS may not adequately reflect the value and expense of this technology and associated monitoring services, and CMS may reduce these rates in the future, which would adversely affect the Company’s financial results.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, contractual allowances, provision for credit losses, the useful lives of property and equipment, the recoverability of long-lived assets, including the estimated usage of the printed circuit board assemblies (“PCBAs”), the incremental borrowing rate for operating leases, accounting for income taxes, impairment of ROU assets, contingent consideration liabilities, and various inputs used in estimating stock-based compensation. Actual results may differ from those estimates.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less from the date of purchase. Under the terms of certain facility operating lease agreements, the Company is required to maintain a letter of credit as collateral during the term of the lease. As of September 30, 2024, restricted cash of $8.4 million was pledged as collateral under the letter of credit with Silicon Valley Bank.
Fair Value Option	Fair Value Option The Company elected the fair value option, Accounting Standards Codification (“ASC”) 825-10, Financial Instruments - Overall , to account for its strategic loan investments. The Company recorded the strategic loan investments at fair value within long-term strategic investments in the Company’s unaudited condensed consolidated balance sheets with changes in fair value recorded on the unaudited condensed consolidated statements of operations. The primary reason for electing the fair value option was for simplification and cost-benefit considerations of accounting for the strategic loan investments at fair value versus bifurcation of the embedded derivatives. Refer to Note 5, Fair Value Measurements, for further details relating to the Company's strategic investments.
Acquired In-Process Research and Development Expenses	Acquired In-Process Research and Development Expenses Acquired in-process research and development (“IPR&D”) assets, as a result of an asset acquisition, for use in research and development activities with no alternative future use are expensed in the condensed consolidated statements of operations on the acquisition date. Accounting for acquisitions of IPR&D requires the Company to make certain judgements to determine if the transaction should be accounted for as an asset acquisition or a business combination, as well as assess if the IPR&D acquired has alternative future use in research and development activities. Contingent Consideration Certain agreements the Company entered into involve payments that are contingent upon the achievement of milestones. Contingent consideration obligations incurred in connection with acquired in-process research and development assets are recorded at fair value, with changes in fair value recorded to acquired in-process research and development expenses in the unaudited condensed consolidated statements of operations.
Credit Risk	Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, investments and accounts receivable. Cash balances are deposited in financial institutions which, at times, may be in excess of federally insured limits. Cash equivalents are invested in highly rated money market funds. The Company invests in a variety of financial instruments, such as, but not limited to, U.S. government securities, corporate notes, commercial paper and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. The Company has not experienced any material losses on its deposits of cash and cash equivalents or investments. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers comprising the Company’s customer base and their dispersion across many geographies. The Company does not require collateral. During the first quarter of 2024, the Company experienced a temporary delay in the billing of the Company's contracted and non-contracted payer customers, performed by the Company's third-party claims processing vendor. The delay was due to a cybersecurity incident experienced by Change Healthcare, a division of UnitedHealth Group, which the Company's third-party vendor engages for services relating to billing and collections. While the Company substantially cleared the billing backlog as of the end of the first quarter of 2024, the delay in billing resulted in a temporary delay in the Company's cash collections. During the second and third quarters of 2024, the Company has received a significant portion of its cash collections from the delayed billings.
Supply Risk	Supply Risk
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this ASU to determine its impact on the Company's financial statement disclosures as a single operating segment. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. Two primary enhancements related to this ASU include disaggregating existing income tax disclosures relating to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's financial statement disclosures. On March 6, 2024, the SEC adopted SEC Release Nos. 33-11275; 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investor , to require the disclosure of certain climate-related information in registration statements and annual reports, including Scope 1 and 2 emissions and information about climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, a company’s business strategy, results of operations, or financial condition. In addition, under the final rules, certain disclosures related to severe weather events and other natural conditions will be required in audited financial statements. The disclosure requirements will begin phasing in for the Company's reports and registration statements including financial information in the fiscal year ending December 31, 2025. In April 2024, the SEC issued an order staying the final rules until the completion of judicial review. The Company is currently evaluating the impact of this final rule on the Company's consolidated financial statements and related disclosures.
Accounts Receivable, Provision for Credit Losses and Contractual Allowances	Accounts Receivable, Provision for Credit Losses and Contractual Allowances Accounts receivable includes amounts due to the Company from healthcare institutions, third-party payors, and government payors and their related patients, as a result of the Company's normal business activities. Accounts receivable is reported on the unaudited condensed consolidated balance sheets net of an estimated provision for credit losses and contractual allowances. The Company establishes a provision for credit losses for estimated uncollectible receivables based on its assessment of the collectability of customer accounts and recognizes the provision as a component of selling, general and administrative expenses. The Company records a provision for contractual allowances based on the estimated differences between contracted amounts and expected collection rates for services performed. Such provisions are based on the Company's historical experience and are reported as a reduction of revenue. The Company regularly reviews the allowances by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay.
Contract Liabilities	Contract Liabilities ASC 606, Revenue from Contracts with Customers, requires an entity to present a revenue contract as a contract liability when the Company has an obligation to transfer goods or services to a customer for which the Company has received consideration from the customer, or an amount of consideration from the customer is due and unconditional (whichever is earlier).
Contract Costs	Contract Costs Under ASC 340, Other Assets and Deferred Costs ("ASC 340"), the incremental costs of obtaining a contract with a customer are recognized as an asset. Incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. The Company’s current commission programs are considered incremental. However, as a practical expedient, ASC 340 permits the Company to immediately expense contract acquisition costs, because the asset that would have resulted from capitalizing these costs will be amortized in one year or less.

REVENUE AND ACCOUNTS RECEIVAB_2

REVENUE AND ACCOUNTS RECEIVABLE (Tables)	9 Months Ended
REVENUE AND ACCOUNTS RECEIVABLE (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue by Payor Type and Major Service	Disaggregated revenue by payor type and major service line for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands, except percentages): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amount % of Revenue Amount % of Revenue Amount % of Revenue Amount % of Revenue Contracted third-party payors $ 77,257 53% $ 67,336 54% $ 228,284 54% $ 196,566 55% Centers for Medicare and Medicaid 36,011 24% 31,006 25% 104,052 24% 88,369 25% Healthcare institutions 23,461 16% 18,065 14% 65,269 15% 52,060 14% Non-contracted third-party payors 10,809 7% 8,197 7% 29,909 7% 23,175 6% Total $ 147,538 $ 124,604 $ 427,514 $ 360,170
Schedule of Changes in Allowance for Doubtful Accounts	The following table presents the changes in the provision for credit losses (in thousands): Nine Months Ended Year Ended Nine Months Ended Balance, beginning of period $ 20,289 $ 18,475 $ 18,475 Provision for credit losses 16,242 17,105 12,595 Write-offs, net of recoveries and other adjustments (14,040) (15,291) (11,659) Balance, end of period $ 22,491 $ 20,289 $ 19,411
Schedule of Changes in Contractual Allowance	The following table presents the changes in the contractual allowance (in thousands): Nine Months Ended Year Ended Nine Months Ended Balance, beginning of period $ 52,689 $ 41,389 $ 41,389 Add: provision for contractual adjustments 36,495 52,523 39,060 Less: contractual adjustments (31,984) (41,223) (32,072) Balance, end of period $ 57,200 $ 52,689 $ 48,377

CASH EQUIVALENTS AND MARKETAB_2

CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)	9 Months Ended
CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)	Sep. 30, 2024
Cash Equivalents And Investments [Abstract]
Schedule of Cash Equivalents and Marketable Securities	The fair value of cash equivalents and marketable securities as of September 30, 2024 and December 31, 2023, were as follows (in thousands): September 30, 2024 Amortized Gross Unrealized Fair Value Gains Losses Money market funds $ 28,048 $ — $ — $ 28,048 U.S. government securities 137,406 11 (2) 137,415 Total cash equivalents and marketable securities $ 165,454 $ 11 $ (2) $ 165,463 Classified as: Cash equivalents $ 162,967 Marketable securities 2,496 Total cash equivalents and marketable securities $ 165,463 December 31, 2023 Amortized Gross Unrealized Fair Value Gains Losses Money market funds $ 12,594 $ — $ — $ 12,594 U.S. government securities 97,534 59 (2) 97,591 Total cash equivalents and marketable securities $ 110,128 $ 59 $ (2) $ 110,185 Classified as: Cash equivalents $ 12,594 Marketable securities 97,591 Total cash equivalents and marketable securities $ 110,185

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Company's Financial Assets and Liabilities	The following tables present the fair value of the Company’s financial assets determined using the inputs defined above (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Assets Money market funds $ 28,048 $ — $ — $ 28,048 U.S. government securities — 137,415 — 137,415 Strategic investments — — 59,059 59,059 Total $ 28,048 $ 137,415 $ 59,059 $ 224,522 Liabilities Contingent consideration $ — $ — $ 17,069 $ 17,069 Total $ — $ — $ 17,069 $ 17,069 December 31, 2023 Level 1 Level 2 Level 3 Total Assets Money market funds $ 12,594 $ — $ — $ 12,594 U.S. government securities — 97,591 — 97,591 Strategic investments — — 3,000 3,000 Total $ 12,594 $ 97,591 $ 3,000 $ 113,185
Schedule of The Recurring Level 3 Fair Value Measurements of Contingent Consideration Liabilities	The recurring Level 3 fair value measurements of the loan investment include the following significant unobservable inputs as of September 30, 2024: September 30, 2024 Discount rate 12.0 % Equity volatility 67.0 % Expected years (range) 2025 - 2029 The recurring Level 3 fair value measurements of contingent consideration liabilities associated with the development agreement milestones include the following significant unobservable inputs as of September 30, 2024: September 30, 2024 Probability of achievement (range) 75.0%- 90.0% Expected years 2025 - 2026
Schedule of Changes in Estimated Fair Value of Strategic Investments Measured on Recurring Basis	The following table sets forth the changes in the estimated fair value of the Company's strategic investments measured on a recurring basis (in thousands): Nine Months Ended Year Ended Balance, beginning of period $ 3,000 $ — Additions during the period 55,000 3,000 Changes in estimated fair value 1,059 — Balance, end of period $ 59,059 $ 3,000
Schedule of Changes in Estimated Fair Value of Contingent Consideration Liabilities Measured on a Recurring Basis Using Significant Unobservable Inputs Level 3	The following table sets forth the changes in the estimated fair value of the Company’s contingent consideration liabilities measured on a recurring basis (Level 3) (in thousands): Nine Months Ended Balance, beginning of period $ — Additions during the period 16,970 Changes in estimated fair value 99 Balance at end of period $ 17,069
Schedule of Fair Value of Senior Convertible Notes	The fair value, based on a quoted market price (Level 1), of the Company’s senior convertible notes due 2029 (the "2029 Notes") is as follows (in thousands): September 30, 2024 December 31, 2023 Senior Convertible Notes due 2029 $ 601,804 $ —

BALANCE SHEET DETAILS (Tables)

BALANCE SHEET DETAILS (Tables)	9 Months Ended
BALANCE SHEET DETAILS (Tables)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory Components	Inventory consisted of the following (in thousands): September 30, 2024 December 31, 2023 Raw materials and work-in-progress $ 6,769 $ 6,299 Finished goods 8,263 7,674 Total $ 15,032 $ 13,973
Schedule of Long-term Strategic Investments	Long-term strategic investments consisted of the following (in thousands): September 30, 2024 December 31, 2023 Strategic loan investments $ 55,563 $ — Strategic equity investment 3,496 3,000 Total $ 59,059 $ 3,000
Schedule of Other Assets	Other assets consisted of the following (in thousands): September 30, 2024 December 31, 2023 PCBAs $ 38,608 $ 38,987 Cloud computing arrangements 5,612 4,959 Other 1,320 1,093 Total $ 45,540 $ 45,039
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, 2024 December 31, 2023 Laboratory and manufacturing equipment $ 9,588 $ 6,007 Computer equipment and software 4,219 3,905 Furniture and fixtures 4,182 4,020 Leasehold improvements 27,121 24,885 Internal-use software in service 77,101 61,980 Internal-use software in development 56,123 43,701 Construction in progress 9,986 10,119 Total property and equipment, gross 188,320 154,617 Less: accumulated depreciation and amortization (65,930) (50,503) Total property and equipment, net $ 122,390 $ 104,114
Schedule of Accrued Liabilities Components	Accrued liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 Accrued payroll and related expenses $ 39,524 $ 47,656 Accrued vacation 7,110 8,608 Accrued expenses 12,845 14,891 Claims payable 2,125 4,578 Accrued employee share purchase plan contributions 1,963 1,037 Accrued state and foreign income and sales taxes 3,662 2,877 Accrued professional services fees 6,729 3,715 Total accrued liabilities $ 73,958 $ 83,362

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Maturities of Operating Lease Liabilities	Contractual obligations under operating lease liabilities were as follows (in thousands): Year Ended December 31: 2024 (remainder of the year) $ 3,867 2025 15,633 2026 16,096 2027 16,492 2028 16,385 Thereafter 47,101 Total lease payments 115,574 Less: imputed interest (26,033) Total lease liabilities $ 89,541

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Convertible Debt	The carrying amounts of the Company’s 2029 Notes were as follows (in thousands): September 30, 2024 December 31, 2023 Principal amount $ 661,250 $ — Unamortized debt issuance costs (15,429) — Carrying amount of senior convertible notes due 2029 $ 645,821 $ —
Schedule of Components of Interest Expense and the Effective Interest Rates	The following table summarizes the components of interest expense and the effective interest rate for the 2029 Notes for the periods shown (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contractual coupon interest $ 2,535 $ — $ 5,731 $ — Amortized debt issuance costs 738 — 1,890 — Total interest expense recognized on senior convertible notes due 2029 $ 3,273 $ — $ 7,621 $ — Effective interest rate 2.0 % — % 2.0 % — %

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	The following table summarizes the total stock-based compensation expense included in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 709 $ 1,236 $ 2,421 $ 2,584 Research and development 3,163 3,370 10,551 7,912 Selling, general and administrative 13,286 16,402 46,998 42,862 Total stock-based compensation expense $ 17,158 $ 21,008 $ 59,970 $ 53,358

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
NET LOSS PER SHARE (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss per Share	The following table sets forth the computation of the basic and diluted net loss per share during the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net loss $ (46,182) $ (27,116) $ (111,956) $ (84,707) Denominator: Weighted-average shares used to compute net loss per common share, basic and diluted 31,262 30,607 31,147 30,470 Net loss per common share, basic and diluted $ (1.48) $ (0.89) $ (3.59) $ (2.78)
Schedule of Anti-dilutive Securities Excluded from Diluted Net Loss per Common Share	The following outstanding shares of potentially dilutive securities have been excluded from diluted net loss per common share for the three and nine months ended September 30, 2024 and 2023 because their inclusion would be anti-dilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Options to purchase common stock 290 307 290 307 RSUs and PRSUs 1 2,378 2,747 2,378 2,747 Senior convertible notes 4,492 — 4,492 — Total 7,160 3,054 7,160 3,054 1 PRSUs are based on the maximum number of PRSUs in the key executive grant agreements. The actual number of PRSUs awarded will be based on company performance criteria and relative TSR, as discussed in Note 11, Stock-Based Compensation.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 8.4		$ 8.4
Centers for Medicare and Medicaid \| Accounts Receivable \| Accounts Receivable Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk (as a percent)			17%	25%
Centers for Medicare and Medicaid \| Revenue \| Product Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk (as a percent)	24%	25%	24%
One Customer \| Accounts Receivable \| Accounts Receivable Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk (as a percent)			14%

REVENUE AND ACCOUNTS RECEIVAB_3

REVENUE AND ACCOUNTS RECEIVABLE - Schedule of Disaggregated Revenue by Payor Type and Major Service (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue, net	$ 147,538	$ 124,604	$ 427,514	$ 360,170
Contracted third-party payors
Disaggregation of Revenue [Line Items]
Revenue, net	$ 77,257	$ 67,336	$ 228,284	$ 196,566
Contracted third-party payors \| Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration of credit risk (as a percent)	53%	54%	54%	55%
Centers for Medicare and Medicaid
Disaggregation of Revenue [Line Items]
Revenue, net	$ 36,011	$ 31,006	$ 104,052	$ 88,369
Centers for Medicare and Medicaid \| Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration of credit risk (as a percent)	24%	25%	24%	25%
Healthcare institutions
Disaggregation of Revenue [Line Items]
Revenue, net	$ 23,461	$ 18,065	$ 65,269	$ 52,060
Healthcare institutions \| Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration of credit risk (as a percent)	16%	14%	15%	14%
Non-contracted third-party payors
Disaggregation of Revenue [Line Items]
Revenue, net	$ 10,809	$ 8,197	$ 29,909	$ 23,175
Non-contracted third-party payors \| Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration of credit risk (as a percent)	7%	7%	7%	6%

REVENUE AND ACCOUNTS RECEIVAB_4

REVENUE AND ACCOUNTS RECEIVABLE - Schedule of Changes in Provision for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Change In The Allowance For Doubtful Accounts
Balance, beginning of period	$ 20,289	$ 18,475	$ 18,475
Provision for credit losses	16,242	12,595	17,105
Write-offs, net of recoveries and other adjustments	(14,040)	(11,659)	(15,291)
Balance, end of period	$ 22,491	$ 19,411	$ 20,289

REVENUE AND ACCOUNTS RECEIVAB_5

REVENUE AND ACCOUNTS RECEIVABLE - Schedule of Changes in Contractual Allowance (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Changes In The Contractual Allowance
Balance, beginning of period	$ 52,689	$ 41,389	$ 41,389
Add: provision for contractual adjustments	36,495	39,060	52,523
Less: contractual adjustments	(31,984)	(32,072)	(41,223)
Balance, end of period	$ 57,200	$ 48,377	$ 52,689

REVENUE AND ACCOUNTS RECEIVAB_6

REVENUE AND ACCOUNTS RECEIVABLE - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liability balance, revenue recognized	$ 3,100	$ 3,000
Deferred revenue	$ 3,031		$ 3,306

CASH EQUIVALENTS AND MARKETAB_3

CASH EQUIVALENTS AND MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 165,454	$ 110,128
Gains	11	59
Losses	(2)	(2)
Fair Value	165,463	110,185
Cash Equivalents And Available-for-sale Classified As Investments
Cash equivalents	162,967	12,594
Marketable securities	2,496	97,591
Total cash equivalents and marketable securities	165,463	110,185
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	28,048	12,594
Gains	0	0
Losses	0	0
Fair Value	28,048	12,594
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	137,406	97,534
Gains	11	59
Losses	(2)	(2)
Fair Value	$ 137,415	$ 97,591

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Company's Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 224,522	$ 113,185
Fair value liabilities	17,069
Contingent Considerations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value liabilities	17,069
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	28,048	12,594
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	137,415	97,591
Strategic Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	59,059	3,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	28,048	12,594
Fair value liabilities	0
Level 1 \| Contingent Considerations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value liabilities	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	28,048	12,594
Level 1 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Level 1 \| Strategic Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	137,415	97,591
Fair value liabilities	0
Level 2 \| Contingent Considerations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value liabilities	0
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Level 2 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	137,415	97,591
Level 2 \| Strategic Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	59,059	3,000
Fair value liabilities	17,069
Level 3 \| Contingent Considerations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value liabilities	17,069
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Level 3 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Level 3 \| Strategic Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 59,059	$ 3,000

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Aug. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Strategic Investments				$ 3,000
Fair value of strategic investment		$ 55,000
Fair value of the loan investment	$ 55,600	55,600
Increased the fair value of the strategic equity investment	500
BioIntelliSense, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of strategic investment	600	600
Contingent consideration liability	17,100	17,100	$ 17,000
Carrying amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Strategic Investments	3,500	3,500
Level 2 \| Carrying amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding interest-bearing obligations				35,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Strategic Investments	$ 59,059	$ 59,059		$ 3,000	$ 0

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of The Recurring Level 3 Fair Value Measurements of The Loan Investment (Details) - Level 3 - Fair Value, Recurring	9 Months Ended
	Sep. 30, 2024
Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan investment, measurement input	12%
Measurement Input, Equity Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan investment, measurement input	67%
Measurement Input, Expected Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan investment, expected term	5 years

FAIR VALUE MEASUREMENTS - Sch_3

FAIR VALUE MEASUREMENTS - Schedule of Changes in Estimated Fair Value of Strategic Investments Measured on Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Change in Fair Value of Strategic Investments [Roll Forward]
Balance, beginning of period	$ 3,000
Balance, end of period		$ 3,000
Level 3
Change in Fair Value of Strategic Investments [Roll Forward]
Balance, beginning of period	3,000	0
Additions during the period	55,000	3,000
Changes in estimated fair value	1,059	0
Balance, end of period	$ 59,059	$ 3,000

FAIR VALUE MEASUREMENTS - Sch_4

FAIR VALUE MEASUREMENTS - Schedule of The Recurring Level 3 Fair Value Measurements of Contingent Consideration Liabilities (Details) - Level 3 - Fair Value, Recurring	9 Months Ended
	Sep. 30, 2024
Measurement Input Probability Of Loan Forgiveness \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration measurement input	75%
Measurement Input Probability Of Loan Forgiveness \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration measurement input	90%
Measurement Input, Expected Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, expected term	2 years

FAIR VALUE MEASUREMENTS - Sch_5

FAIR VALUE MEASUREMENTS - Schedule of Changes in Estimated Fair Value of Contingent Consideration Liabilities Measured on a Recurring Basis (Level 3) (Details) - Level 3 $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 0
Additions during the period	16,970
Changes in estimated fair value	99
Balance at end of period	$ 17,069

FAIR VALUE MEASUREMENTS - Sch_6

FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Senior Convertible Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Senior Convertible Notes due 2029 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, fair value disclosures	$ 601,804	$ 0

BALANCE SHEET COMPONENTS - Sche

BALANCE SHEET COMPONENTS - Schedule of Inventory Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials and work-in-progress	$ 6,769	$ 6,299
Finished goods	8,263	7,674
Total	$ 15,032	$ 13,973

BALANCE SHEET DETAILS - Schedul

BALANCE SHEET DETAILS - Schedule of Long - term Strategic Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Strategic loan investments	$ 55,563	$ 0
Strategic equity investment	3,496	3,000
Total	$ 59,059	$ 3,000

BALANCE SHEET COMPONENTS - Sc_2

BALANCE SHEET COMPONENTS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
PCBAs	$ 38,608	$ 38,987
Cloud computing arrangements	5,612	4,959
Other	1,320	1,093
Total	$ 45,540	$ 45,039

BALANCE SHEET COMPONENTS - Narr

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory [Line Items]
Impairment charges	$ 641,000	$ 0	$ 641,000	$ 0
Printed circuit board assemblies
Inventory [Line Items]
Useful life	1 year		1 year
Amortization	$ 4,200,000	$ 2,400,000	$ 9,900,000	$ 5,400,000

BALANCE SHEET COMPONENTS - Sc_3

BALANCE SHEET COMPONENTS - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 188,320		$ 188,320		$ 154,617
Less: accumulated depreciation and amortization	(65,930)		(65,930)		(50,503)
Total property and equipment, net	122,390		122,390		104,114
Depreciation and amortization expense	5,100	$ 4,100	15,400	$ 11,400
Increase in internal use software	8,600		27,500
Laboratory and manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	9,588		9,588		6,007
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	4,219		4,219		3,905
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	4,182		4,182		4,020
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	27,121		27,121		24,885
Internal-use software in service
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	77,101		77,101		61,980
Amortization	3,600	$ 3,100	11,000	$ 8,600
Internal-use software in development
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	56,123		56,123		43,701
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 9,986		$ 9,986		$ 10,119

BALANCE SHEET COMPONENTS - Sc_4

BALANCE SHEET COMPONENTS - Schedule of Accrued Liabilities Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll and related expenses	$ 39,524	$ 47,656
Accrued vacation	7,110	8,608
Accrued expenses	12,845	14,891
Claims payable	2,125	4,578
Accrued employee share purchase plan contributions	1,963	1,037
Accrued state and foreign income and sales taxes	3,662	2,877
Accrued professional services fees	6,729	3,715
Total accrued liabilities	$ 73,958	$ 83,362

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (remainder of the year)	$ 3,867
2025	15,633
2026	16,096
2027	16,492
2028	16,385
Thereafter	47,101
Total lease payments	115,574
Less: imputed interest	(26,033)
Total lease liabilities	$ 89,541

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 03, 2019
Lessee, Lease, Description [Line Items]
Upfront fee related to technology license agreement	$ 15,000
Acquired in-process research and development	32,069	$ 0	$ 32,069	$ 0
Collaboration agreement, additional milestone payments	1,750		1,750
Verily Life Sciences LLC
Lessee, Lease, Description [Line Items]
Upfront fee related to development agreement					$ 5,000
Additional aggregate milestone payments related to development agreement					$ 12,750
Collaboration agreement milestone payments	11,000		11,000
Convertible Notes
Lessee, Lease, Description [Line Items]
Convertible promissory notes	40,000
Milestone Notes
Lessee, Lease, Description [Line Items]
Convertible promissory notes	20,000
Contingent consideration	17,100		17,100
Upfront fee related to development agreement	$ 15,000		$ 15,000

DEBT - Schedule of Convertible

DEBT - Schedule of Convertible Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 07, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying amount of senior convertible notes due 2029	$ 645,821		$ 0
Convertible Notes Due 2029 \| Convertible Debt
Debt Instrument [Line Items]
Principal amount	661,250	$ 661,300	0
Unamortized debt issuance costs	$ (15,429)		$ 0

DEBT - Schedule of Components o

DEBT - Schedule of Components of Interest Expense and the Effective Interest Rates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Total interest expense recognized on senior convertible notes due 2029	$ 3,273	$ 0	$ 7,621	$ 0
Convertible Notes Due 2029 \| Convertible Debt
Debt Instrument [Line Items]
Contractual coupon interest	2,535	0	5,731	0
Amortized debt issuance costs	$ 738	$ 0	$ 1,890	$ 0
Effective interest rate	2%	0%	2%	0%

DEBT - Narrative (Details)

DEBT - Narrative (Details)					1 Months Ended	3 Months Ended		9 Months Ended
DEBT - Narrative (Details)	Mar. 07, 2024 USD ($) $ / shares	Mar. 04, 2024 $ / shares	Jan. 03, 2024 USD ($)	Mar. 28, 2022 USD ($)	Oct. 31, 2018 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) tradingDay	Sep. 30, 2024 USD ($) consecutiveTradingDay	Sep. 30, 2024 USD ($) businessDay	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of 2029 Notes									$ 661,250,000				$ 0
Debt instrument, capped call transaction, net cost incurred									72,407,000				0
Interest expense, debt						$ 3,273,000	$ 0		7,621,000				0
Gain (loss) on extinguishment of debt						$ 0	0		$ (7,589,000)				0
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 25,000,000
Senior Convertible Notes due 2029 \| Convertible Debt
Debt Instrument [Line Items]
Stated interest rate (in percentage)						1.50%		1.50%	1.50%	1.50%	1.50%	1.50%
Convertible Notes Due 2029 \| Braidwell Term Loan Facility
Debt Instrument [Line Items]
Proceeds from issuance of 2029 Notes	$ 80,200,000
Repayment of debt	$ 75,000,000
Interest expense, debt						$ 0			$ 1,800,000
Convertible Notes Due 2029 \| Convertible Debt
Debt Instrument [Line Items]
Stated interest rate (in percentage)	1.50%
Principal amount	$ 661,300,000					$ 661,250,000		$ 661,250,000	$ 661,250,000	$ 661,250,000	$ 661,250,000	$ 661,250,000		$ 0
Debt instrument, option to purchase convertible debt, additional purchase amount	86,300,000
Proceeds from issuance of 2029 Notes	$ 643,800,000
Debt instrument, convertible, conversion ratio	0.0067927
Debt instrument, convertible, conversion price (in USD per share) \| $ / shares	$ 147.22
Debt instrument, covenant repurchase price, percentage						100%		100%	100%	100%	100%	100%
Debt instrument, terms of conversion feature, convertible under certain circumstances, conversion amount						$ 1,000		$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Debt instrument, convertible, threshold consecutive trading days										20	30
Debt instrument, terms of conversion feature, convertible regardless of circumstances, conversion amount						1,000		$ 1,000	1,000	$ 1,000	$ 1,000	1,000
Debt instrument, redemption covenant, percent of conversion price, last reported sale price of common stock								130%
Debt instrument, redemption price, percentage								100%
Share price (in USD per share) \| $ / shares	$ 109.05
Contractual coupon interest						2,535,000	0		5,731,000				0
Amortized debt issuance costs						738,000	0		1,890,000				0
Convertible Notes Due 2029 \| Convertible Debt \| 2029 Capped Call Transactions
Debt Instrument [Line Items]
Debt instrument capped calls, price cap (in USD per share) \| $ / shares		$ 218.10
Debt instrument, capped calls premium percentage over closing price		100%
Share price (in USD per share) \| $ / shares		$ 109.05
Debt instrument, capped call transaction, net cost incurred	$ 72,400,000
Convertible Notes Due 2029 \| Convertible Debt \| Debt Instrument Conversion Term One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold consecutive trading days										20	30
Debt instrument, convertible, threshold percentage of stock price trigger								130%
Convertible Notes Due 2029 \| Convertible Debt \| Debt Instrument Conversion Term Two
Debt Instrument [Line Items]
Debt instrument, terms of conversion feature, convertible under certain circumstances, conversion amount						1,000		$ 1,000	1,000	$ 1,000	$ 1,000	$ 1,000
Debt instrument, convertible, threshold consecutive trading days \| consecutiveTradingDay											5
Debt instrument, convertible, threshold percentage of stock price trigger								98%
Debt instrument, convertible, threshold trading days \| businessDay												5
Convertible Notes Due 2029 \| Initial Loan \| Braidwell Term Loan Facility
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt									(5,600,000)
Convertible Notes Due 2029 \| Senior Notes \| Braidwell Term Loan Facility
Debt Instrument [Line Items]
Contractual coupon interest									1,600,000
Amortized debt issuance costs									200,000
Convertible Notes Due 2029 \| Senior Notes \| SVB Term Loan
Debt Instrument [Line Items]
Contractual coupon interest						0	800,000		0				2,200,000
Amortized debt issuance costs						$ 0	100,000		0				300,000
Braidwell Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 150,000,000
Repayment of debt									78,660,000				0
Proceeds from issuance of debt									75,000,000				0
Braidwell Term Loan Facility \| Initial Loan \| Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity			75,000,000
Braidwell Term Loan Facility \| Delayed Draw Loan \| Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 75,000,000
Debt instrument, access period for delayed draw loan			1 year
Third Amended and Restated SVB Loan Agreement \| SVB Term Loan
Debt Instrument [Line Items]
Proceeds from issuance of 2029 Notes			$ 37,800,000
Repayment of debt			$ 35,000,000
Interest expense, debt							$ 800,000						$ 2,500,000
Proceeds from issuance of debt					$ 35,000,000
Amount outstanding under revolving credit line															$ 18,500,000
Third Amended and Restated SVB Loan Agreement \| 2022 Term Loan \| SVB Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity				75,000,000
Proceeds from line of credit				35,000,000
Line of credit facility, remaining borrowing capacity														$ 40,000,000
Third Amended and Restated SVB Loan Agreement \| 2018 Term Loan \| SVB Term Loan
Debt Instrument [Line Items]
Repayment of long-term line of credit				$ 18,500,000
2022 Term Loan \| SVB Term Loan
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt									$ (2,000,000)

INCOME TAXES (Details)

INCOME TAXES (Details)	Sep. 30, 2024 USD ($)
Income Tax Disclosure [Abstract]
Benefit recognized for net operating loss carryforwards	$ 0

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - Convertible Notes Due 2029 - Convertible Debt $ / shares in Units, $ in Millions	Mar. 07, 2024 USD ($) $ / shares shares
Class of Stock [Line Items]
Payments for repurchase of convertible notes \| $	$ 25
Stock repurchased during period, shares (in shares) \| shares	229,252
Share price (in USD per share) \| $ / shares	$ 109.05

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 17,158	$ 21,008	$ 59,970	$ 53,358
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	709	1,236	2,421	2,584
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,163	3,370	10,551	7,912
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 13,286	$ 16,402	$ 46,998	$ 42,862

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	9 Months Ended
	Feb. 29, 2024	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding options (in shares)		0.3
ESPP \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to unvested stock awards, expected period of recognition (in years)		7 months 6 days
Total unamortized compensation costs, net of estimated forfeitures related to unvested stock options		$ 2.6
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding awards (in shares)		1.5
Total unamortized compensation costs, net of estimated forfeitures related to restricted stock unit and performance share		$ 121.9
Unrecognized compensation costs related to unvested stock awards, expected period of recognition (in years)		1 year 8 months 12 days
Performance Based Restricted Stock Units ("PRSU")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding awards (in shares)		0.9
Total unamortized compensation costs, net of estimated forfeitures related to restricted stock unit and performance share		$ 36
Unrecognized compensation costs related to unvested stock awards, expected period of recognition (in years)		1 year 4 months 24 days
Expected term (in years)	2 years 9 months 18 days
Risk-free interest rate	4.40%
Expected volatility	67.95%
Dividend yield	0%

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (46,182)	$ (20,107)	$ (45,667)	$ (27,116)	$ (18,482)	$ (39,109)	$ (111,956)	$ (84,707)
Denominator:
Weighted-average shares used to compute net loss per common share, basic (in shares)	31,262			30,607			31,147	30,470
Weighted-average shares used to compute net loss per common share, diluted (in shares)	31,262			30,607			31,147	30,470
Net loss per common share, basic (in USD per share)	$ (1.48)			$ (0.89)			$ (3.59)	$ (2.78)
Net loss per common share, diluted (in USD per share)	$ (1.48)			$ (0.89)			$ (3.59)	$ (2.78)

NET LOSS PER SHARE - Schedule_2

NET LOSS PER SHARE - Schedule of Anti-dilutive Securities Excluded from Diluted Net Loss per Common Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted net loss (in shares)	7,160	3,054	7,160	3,054
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted net loss (in shares)	290	307	290	307
RSUs and PRSUs unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted net loss (in shares)	2,378	2,747	2,378	2,747
Senior convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted net loss (in shares)	4,492	0	4,492	0