Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2019 |
Apr. 25, 2019 |
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Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | NVCR | |
Entity Registrant Name | Novocure Ltd | |
Entity Central Index Key | 0001645113 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 95,766,474 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
3 Months Ended | 12 Months Ended |
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Mar. 31, 2019 |
Dec. 31, 2018 |
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Statement Of Financial Position [Abstract] | ||
Common stock, par value | ||
Common stock, shares authorized | Unlimited | Unlimited |
Common stock, shares issued | 95,692,797 | 93,254,185 |
Common stock, shares outstanding | 95,692,797 | 93,254,185 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
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Income Statement [Abstract] | |||
Net revenues | $ 73,309 | $ 52,125 | $ 248,069 |
Cost of revenues | 19,814 | 18,238 | 80,048 |
Gross profit | 53,495 | 33,887 | 168,021 |
Operating costs and expenses: | |||
Research, development and clinical trials | 17,042 | 11,104 | 50,574 |
Sales and marketing | 22,333 | 18,135 | 77,663 |
General and administrative | 20,238 | 17,325 | 73,456 |
Total operating costs and expenses | 59,613 | 46,564 | 201,693 |
Operating income (loss) | (6,118) | (12,677) | (33,672) |
Financial expenses (income), net | 2,371 | 4,853 | 12,270 |
Income (loss) before income taxes | (8,489) | (17,530) | (45,942) |
Income taxes | 3,661 | 3,194 | 17,617 |
Net income (loss) | $ (12,150) | $ (20,724) | $ (63,559) |
Basic and diluted net income (loss) per ordinary share | $ (0.13) | $ (0.23) | $ (0.69) |
Weighted average number of ordinary shares used in computing basic and diluted net income (loss) per share | 94,811,282 | 89,985,612 | 91,828,043 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
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Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (12,150) | $ (20,724) | $ (63,559) |
Other comprehensive income (loss), net of tax: | |||
Change in foreign currency translation adjustments | (261) | 10 | 27 |
Pension benefit plan | (81) | 5 | (84) |
Total comprehensive income (loss) | $ (12,492) | $ (20,709) | $ (63,616) |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2019 |
Mar. 31, 2018 |
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Statement Of Stockholders Equity [Abstract] | ||
Other comprehensive income (loss), tax benefit | $ 11 | $ 5 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
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Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
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Cash flows from operating activities: | |||
Net income (loss) | $ (12,150) | $ (20,724) | $ (63,559) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 1,929 | 2,203 | 9,006 |
Asset write-downs and impairment of field equipment | 75 | 49 | 407 |
Share-based compensation to employees | 9,649 | 8,520 | 39,846 |
Decrease (increase) in trade receivables | (2,697) | (1,672) | (4,151) |
Amortization of discount (premium) | (578) | 2,427 | 1,022 |
Decrease (increase) in receivables and prepaid expenses | 661 | (1,834) | (6,174) |
Decrease (increase) in inventories | (1,583) | 1,638 | (529) |
Decrease (increase) in other long-term assets | (1,899) | (620) | (949) |
Decrease (increase) in right of use assets, net | 1,813 | ||
Increase (decrease) in trade payables | 3,235 | 2,213 | 9,503 |
Increase (decrease) in other payables and accrued expenses | (989) | (8,300) | 4,210 |
Increase (decrease) in employee benefit liabilities, net | 43 | 76 | 133 |
Increase (decrease) in long-term lease liability | (577) | ||
Increase (decrease) in other long-term liabilities | (1,247) | (800) | 9,370 |
Net cash provided by (used in) operating activities | (4,315) | (16,824) | (1,865) |
Cash flows from investing activities: | |||
Purchase of property and equipment | (860) | (737) | (2,916) |
Purchase of field equipment | (1,465) | (1,370) | (3,795) |
Proceeds from maturity of short-term investments | 105,661 | 45,000 | 255,000 |
Purchase of short-term investments | (104,325) | (44,750) | (253,782) |
Net cash provided by (used in) investing activities | (989) | (1,857) | (5,493) |
Cash flows from financing activities: | |||
Proceeds from issuance of shares, net | 1,835 | ||
Proceeds from long-term loan, net | 149,150 | 149,150 | |
Repayment of long-term loan | (100,000) | (100,000) | |
Repayment of other long-term loan | (8) | (17) | (84) |
Exercise of options and warrants | 16,978 | 2,581 | 18,468 |
Net cash provided by (used in) financing activities | 16,970 | 51,714 | 69,369 |
Effect of exchange rate changes on cash and cash equivalents | (261) | 10 | 27 |
Increase (decrease) in cash, cash equivalents and restricted cash | 11,405 | 33,043 | 62,038 |
Cash, cash equivalents and restricted cash at beginning of period | 142,756 | 80,718 | 80,718 |
Cash, cash equivalents and restricted cash at the end of the period | 154,161 | 113,761 | 142,756 |
Cash paid during the period for: | |||
Income taxes | 3,033 | 3,758 | 20,350 |
Interest | 3,379 | $ 3,009 | $ 13,334 |
Non-cash activities upon implementation of ASC-842: | |||
Right of use assets obtained in exchange for lease obligations: | $ 15,733 |
Organization and Basis of Presentation |
3 Months Ended |
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Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation |
NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION Organization. NovoCure Limited (including its consolidated subsidiaries, the “Company”) was incorporated in the Bailiwick of Jersey and is principally engaged in the development, manufacture and commercialization of Optune for the treatment of solid tumors. The Company has regulatory approvals and clearances in certain countries for Optune to treat adult patients with glioblastoma (“GBM”). Financial statement preparation. The accompanying consolidated financial statements include the accounts of the Company and intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation for the periods presented. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “2018 10-K”) filed with the Securities and Exchange Commission on February 28, 2019. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2018 10-K are applied consistently in these unaudited interim consolidated financial statements, except as noted below: Recently Adopted Accounting Pronouncements. In 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)", which amends the existing standards for lease accounting, requiring lessees to recognize most leases on their balance sheets. The new standard establishes a right-of-use model that requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating. The standard is effective for interim and annual reporting periods beginning after December 15, 2018.
The provisions of ASU 2016-02 are to be applied using a modified retrospective approach. In July 2018, the FASB issued ASU No. 2018-11, "Targeted Improvements - Leases (Topic 842)." This update provides an additional (and optional) transition method to adopt the new leases standard. Under this method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, the prior comparative period’s financials will remain the same as those previously presented. The Company adopted the new standard as of January 1, 2019 and it has also elected to adopt the package of practical expedients permitted in ASC 842. The consolidated financial statements for the three months ended March 31, 2019 are presented under the new standard, while comparative year and periods presented are not adjusted and continue to be reported in accordance with Topic 840, Leases. |
Cash, Cash Equivalents and Short-Term Investments |
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Cash Cash Equivalents And Short Term Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash equivalents and Short-Term investments |
NOTE 2: CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Cash equivalents include items almost as liquid as cash, such as certificates of deposit and time deposits with maturity periods of three months or less when purchased.
The Company invests in marketable U.S. Treasury Bills (“T-bills”) that are classified as held-to-maturity securities. The amortized cost and recorded basis of the T-bills are presented as short-term investments.
The estimated fair value of the Company’s short-term investments as of March 31, 2019 and December 31, 2018 was $104,547 and $105,266, respectively. |
Inventories |
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
NOTE 3: INVENTORIES Inventories are stated at the lower of cost or net realizable value. The weighted average methodology is applied to determine cost. As of March 31, 2019 and December 31, 2018, the Company’s inventories were composed of:
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Commitments Rights of Use and Contingent Liabilities |
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Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments, Rights of Use and Contingent Liabilities |
NOTE 4: COMMITMENTS, RIGHTS OF USE AND CONTINGENT LIABILITIES Operating Leases and Rights of Use. The facilities of the Company are leased under various operating lease agreements for periods, including options for extensions, ending no later than 2029. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2022. Under ASU No. 2016-02, “Leases (Topic 842), all leases with durations greater than 12 months, including non-cancelable operating leases, are now recognized on the balance sheet. The aggregated present value of lease agreements, net of deferred rent, are recorded as a long-term asset titled right-of-use assets. The corresponding lease liabilities are split between other payables within current liabilities and long-term lease liabilities within long-term liabilities. The lease liabilities are presented without consideration for deferred rent. Upon implementation of ASC-842, effective January 1, 2019, the Company recorded an increase in right-of-use assets obtained in exchange for lease obligations of $15,733 on our opening balance sheet. Lease and rental payments for the three months ended March 31, 2019, totaled $1,740. Future minimum lease payments under non-cancelable operating leases as of March 31, 2019, are as follows:
The right-of-use assets are presented net of $863 in deferred rents. Pledged deposits and bank guarantees. As of March 31, 2019 and December 31, 2018, the Company pledged bank deposits of $1,134 and $1,143, respectively, to cover bank guarantees in respect of its leases of operating facilities and obtained bank guarantees for the fulfillment of the Company’s lease and other contractual commitments of $1,294 and $1,299, respectively. |
Share Capital |
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Share Based Compensation Allocation And Classification In Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Capital |
NOTE 5: SHARE CAPITAL In September 2015, the Company adopted the 2015 Omnibus Incentive Plan (the “2015 Plan”). Under the 2015 Plan, the Company can issue various types of equity compensation awards such as share options, restricted shares, performance shares, restricted stock units (“RSUs”), performance units, long-term cash awards and other share-based awards. Options granted under the 2015 Plan generally have a four-year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan that are cancelled or forfeited before expiration become available for future grants. RSUs granted under the 2015 Plan generally vest over a three-year period. RSUs granted under the 2015 Plan that are cancelled before expiration become available for future grants. As of March 31, 2019, 12,649,222 ordinary shares were available for grant under the 2015 Plan. A summary of the status of the Company’s option plans as of March 31, 2019 and changes during the period then ended is presented below:
For the three months, ended March 31, 2019, options to purchase 2,047,421 ordinary shares were exercised, resulting in the issuance of 2,047,421 ordinary shares. A summary of the status of the Company’s RSUs as of March 31, 2019 and changes during the period then ended is presented below:
In September 2015, the Company adopted an employee share purchase plan (“ESPP”) to encourage and enable eligible employees to acquire ownership of the Company’s ordinary shares purchased through accumulated payroll deductions on an after-tax basis. In the United States, the ESPP is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code and the provisions of the ESPP will be construed in a manner consistent with the requirements of such section. The Company began its offerings under the ESPP on August 1, 2016. As of March 31, 2019, 3,122,410 ordinary shares were available to be purchased by eligible employees under the ESPP and 347,193 shares had been issued under the ESPP. The fair value of share-based awards was estimated using the Black-Scholes model for all equity grants. For market condition awards, the Company also applied the Monte-Carlo simulation model, with the following underlying assumptions:
The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2019 and 2018 and the year ended December 31, 2018 was:
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Supplemental Information |
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Geographic Areas Long Lived Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information |
NOTE 6: SUPPLEMENTAL INFORMATION The Company operates in a single reportable segment. The following table presents long-lived assets by location:
The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows:
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Organization and Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements |
Recently Adopted Accounting Pronouncements. In 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)", which amends the existing standards for lease accounting, requiring lessees to recognize most leases on their balance sheets. The new standard establishes a right-of-use model that requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating. The standard is effective for interim and annual reporting periods beginning after December 15, 2018.
The provisions of ASU 2016-02 are to be applied using a modified retrospective approach. In July 2018, the FASB issued ASU No. 2018-11, "Targeted Improvements - Leases (Topic 842)." This update provides an additional (and optional) transition method to adopt the new leases standard. Under this method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, the prior comparative period’s financials will remain the same as those previously presented. The Company adopted the new standard as of January 1, 2019 and it has also elected to adopt the package of practical expedients permitted in ASC 842. The consolidated financial statements for the three months ended March 31, 2019 are presented under the new standard, while comparative year and periods presented are not adjusted and continue to be reported in accordance with Topic 840, Leases. |
Cash, Cash Equivalents and Short-Term Investments (Tables) |
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Cash Cash Equivalents And Short Term Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash and Cash Equivalents |
Cash equivalents include items almost as liquid as cash, such as certificates of deposit and time deposits with maturity periods of three months or less when purchased.
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Summary of Amortized Cost and Recorded Basis of T-bills in Short-Term Investments |
The Company invests in marketable U.S. Treasury Bills (“T-bills”) that are classified as held-to-maturity securities. The amortized cost and recorded basis of the T-bills are presented as short-term investments.
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Inventories (Tables) |
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories |
Inventories are stated at the lower of cost or net realizable value. The weighted average methodology is applied to determine cost. As of March 31, 2019 and December 31, 2018, the Company’s inventories were composed of:
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Commitments Rights of Use and Contingent Liabilities (Tables) |
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Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Lease | Future minimum lease payments under non-cancelable operating leases as of March 31, 2019, are as follows:
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Share Capital (Tables) |
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Share Based Compensation Allocation And Classification In Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Plans |
A summary of the status of the Company’s option plans as of March 31, 2019 and changes during the period then ended is presented below:
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Schedule of RSU's |
A summary of the status of the Company’s RSUs as of March 31, 2019 and changes during the period then ended is presented below:
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Schedule of Fair Value Assumptions Used for All Equity Based Awards Estimated Using Black-Scholes Option Pricing Model |
The fair value of share-based awards was estimated using the Black-Scholes model for all equity grants. For market condition awards, the Company also applied the Monte-Carlo simulation model, with the following underlying assumptions:
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Schedule of Non-cash Share-based Compensation Expense Related to Company's Equity-Based Awards |
The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2019 and 2018 and the year ended December 31, 2018 was:
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Supplemental Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Areas Long Lived Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Lived Assets by Location |
The following table presents long-lived assets by location:
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Schedule of Revenues by Geographic Region |
The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows:
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Cash, Cash Equivalents and Short-Term Investments - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Cash And Cash Equivalents [Abstract] | ||
Cash | $ 9,104 | $ 9,197 |
Money market funds | 142,963 | 131,425 |
Total cash and cash equivalents | $ 152,067 | $ 140,622 |
Cash, Cash Equivalents and Short-Term Investments - Summary of Amortized Cost And Recorded Basis of T-bills in Short Term Investments (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Investments Debt And Equity Securities [Abstract] | ||
Short-term investments | $ 104,535 | $ 105,256 |
Cash, Cash Equivalents and Short-Term Investments - Additional Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Investments Debt And Equity Securities [Abstract] | ||
Estimated fair value of short-term investments | $ 104,547 | $ 105,266 |
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,526 | $ 870 |
Work in progress | 8,176 | 8,667 |
Finished products | 14,436 | 13,018 |
Total | $ 24,138 | $ 22,555 |
Commitments, Rights of Use and Contingent Liabilities - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
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Loss Contingencies [Line Items] | ||
Operating lease expiration description | The facilities of the Company are leased under various operating lease agreements for periods, including options for extensions, ending no later than 2029. | |
Operating lease, extistence of option to extend | true | |
Increase in right-of-use assets obtained in exchange for lease obligations | $ 15,733 | |
Lease and rental payments | 1,740 | |
Deferred rent | 863 | |
Pledged bank deposits | 1,134 | $ 1,143 |
Operating lease and other contractual commitments | $ 1,294 | $ 1,299 |
Motor Vehicles | ||
Loss Contingencies [Line Items] | ||
Operating lease expiration description | The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2022. | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Operating lease agreements, expiration year | 2029 | |
Maximum | Motor Vehicles | ||
Loss Contingencies [Line Items] | ||
Operating lease agreements, expiration year | 2022 |
Commitments, Rights of Use and Contingent Liabilities - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Lease (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Future minimum lease payments: | ||
2019 (excluding the three months ended March 31, 2019) | $ 3,216 | |
2020 | 3,766 | |
2021 | 3,475 | |
2022 | 2,503 | |
2023 | 1,655 | |
Thereafter | 3,258 | |
Total future minimum lease payments | 17,873 | |
Less imputed interest | (3,090) | |
Net present value of future minimum lease payments | 14,783 | |
Short-term lease liabilities | 3,768 | |
Long-term lease liabilities | 11,015 | $ 0 |
Net present value of future minimum lease payments | $ 14,783 | |
Weighted average of remaining operating lease term | 6 years 4 months 17 days | |
Weighted average of operating lease discount rate | 7.46% |
Share Capital - Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
shares
| |
Share Capital [Line Items] | |
Options exercised | 2,047,421 |
Ordinary shares issued upon option exercise | 2,047,421 |
ESPP | |
Share Capital [Line Items] | |
Ordinary shares available for grants | 3,122,410 |
Shares issued under plan | 347,193 |
2015 Plan | |
Share Capital [Line Items] | |
Ordinary shares available for grants | 12,649,222 |
2015 Plan | Option | |
Share Capital [Line Items] | |
Stock awards granted, vesting period | 4 years |
Stock awards granted, expiration period | 10 years |
2015 Plan | RSUs | |
Share Capital [Line Items] | |
Stock awards granted, vesting period | 3 years |
Share Capital - Schedule of Stock Option Plan (Details) |
3 Months Ended |
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Mar. 31, 2019
$ / shares
shares
| |
Number of options | |
Number of options, Outstanding at beginning of year | shares | 14,438,215 |
Number of options, Granted | shares | 751,471 |
Number of options, Exercised | shares | (2,047,421) |
Number of options, Forfeited and cancelled | shares | (40,258) |
Number of options, Outstanding at ending of year | shares | 13,102,007 |
Number of options, Exercisable options | shares | 5,852,344 |
Weighted average exercise price | |
Weighted average exercise price, Outstanding at beginning of year | $ / shares | $ 13.56 |
Weighted average exercise price, Granted | $ / shares | 47.04 |
Weighted average exercise price, Exercised | $ / shares | 8.38 |
Weighted average exercise price, Forfeited and cancelled | $ / shares | 14.47 |
Weighted average exercise price, Outstanding at end of year | $ / shares | 16.29 |
Weighted average exercise price, Exercisable options | $ / shares | $ 12.79 |
Share Capital - Schedule of RSU's (Details) - RSUs |
3 Months Ended |
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Mar. 31, 2019
$ / shares
shares
| |
Number of RSUs | |
Number of RSUs, unvested at beginning of year | shares | 1,613,197 |
Number of RSUs, granted | shares | 486,506 |
Number of RSUs, vested | shares | (391,191) |
Number of RSUs, forfeited and cancelled | shares | (3,837) |
Number of RSUs, unvested at ending of year | shares | 1,704,675 |
Weighted average grant date fair value price | |
Weighted average grant date fair value price, unvested at beginning of year | $ / shares | $ 14.04 |
Weighted average grant date fair value price, granted | $ / shares | 47.04 |
Weighted average grant date fair value price, vested | $ / shares | 12.09 |
Weighted average grant date fair value price, forfeited and cancelled | $ / shares | 21.15 |
Weighted average grant date fair value price, unvested at ending of year | $ / shares | $ 23.89 |
Share Capital - Schedule of Fair Value Assumptions Used Only for Equity Based Awards Estimated Using Black-Scholes Option Pricing Model (Details) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
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Stock Option Plans | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years 2 months 23 days | 6 years 3 months | |
Expected volatility | 55.00% | 55.00% | |
Expected volatility, minimum | 52.00% | ||
Expected volatility, maximum | 55.00% | ||
Risk-free interest rate | 2.40% | 2.77% | |
Risk-free interest rate, minimum | 2.70% | ||
Risk-free interest rate, maximum | 2.99% | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Stock Option Plans | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 5 years 6 months | ||
Stock Option Plans | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years 3 months | ||
ESPP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 months | 6 months | 6 months |
Expected volatility | 62.00% | 53.00% | |
Expected volatility, minimum | 45.00% | ||
Expected volatility, maximum | 53.00% | ||
Risk-free interest rate | 2.51% | 1.61% | |
Risk-free interest rate, minimum | 1.61% | ||
Risk-free interest rate, maximum | 2.14% | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Share Capital - Schedule of Non-cash Share-Based Compensation Expenses Related to Company's Equity-Based Awards (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
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Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 9,649 | $ 8,520 | $ 39,846 |
Cost of Revenues | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 426 | 164 | 1,261 |
Research, Development and Clinical Trials | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,188 | 906 | 4,709 |
Sales and Marketing | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,962 | 1,436 | 7,393 |
General and Administrative | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 6,073 | $ 6,014 | $ 26,483 |
Supplemental Information - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Long-lived assets | $ 15,687 | $ 15,366 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Long-lived assets | 7,973 | 8,289 |
Switzerland | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Long-lived assets | 2,939 | 2,513 |
Israel | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Long-lived assets | 2,428 | 2,236 |
Germany | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Long-lived assets | 958 | 1,054 |
Others | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Long-lived assets | $ 1,389 | $ 1,274 |
Supplemental Information - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
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Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | $ 73,309 | $ 52,125 | $ 248,069 |
United States | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | 46,604 | 37,802 | 168,414 |
EMEA | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | 22,520 | 13,874 | 72,485 |
Japan | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | 3,370 | $ 449 | 6,351 |
Greater China | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | $ 815 | $ 819 |
Supplemental Information - Schedule of Revenues by Geographic Region (Parenthetical) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
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Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | $ 73,309 | $ 52,125 | $ 248,069 |
Germany | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | $ 21,287 | $ 13,358 | $ 67,849 |