Financial Analysis

7. Commitments and Contingencies Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. In many such arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third-party with respect to the Companys technology. The Company also agrees to indemnify many indemnified parties for product defect and similar claims. The term of these indemnification agreements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has 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, other than liabilities arising from willful misconduct of the ind …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The Companys revenues disaggregated by geography, based on the destination to which the Company ships its products, for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 United States $ 305,445 $ 260,818 $ 601,832 $ 517,678 International 84,601 78,637 162,972 145,917 Total $ 390,046 $ 339,455 $ 764,804 $ 663,595 The Companys revenues disaggregated by product category for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Thrombectomy $ 258,981 $ 230,256 $ 512,898 $ 456,800 Embolization and Access 131,065 109,199 251,906 206,795 Total $ 390,046 $ 339,455 $ 764,804 $ 663,595 …

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3. Investments and Fair Value of Financial Instruments Marketable and Non-Marketable Investments The Companys marketable and non-marketable investments have been classified and accounted for as available-for-sale. The Companys marketable and non-marketable investments as of June 30, 2026 and December 31, 2025 were as follows (in thousands): June 30, 2026 Securities with net gains or losses in accumulated other comprehensive income (loss) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss Fair Value Marketable investments: Commercial paper $ 252,488 $ 3 $ (39) $ $ 252,452 Certificate of deposit 21,599 1 (3) 21,597 U.S. treasury 3,002 (25) 2,977 Corporate bonds 177,693 (1,195) 176,498 Total 454,782 4 (1,262) 453,524 Non-marketable investments: Non-marketable debt securities 10,000 3,761 13,761 Total 10,000 3,761 13,761 Total $ 464,782 $ 3,765 $ (1,262) $ $ 467,285 December 31, 2025 Securities with net gains or losses in accumulated other comprehensive income (loss) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss Fair Value Marketable investments: Commercial paper $ 178,584 $ 30 $ (2) $ $ 178,612 Certificate of deposit 8,374 4 8,378 U.S. treasury 2,801 (1) 2,800 Corporate bonds 168,046 143 (60) 168,129 Total 357,805 177 (63) 357,919 Non-marketable investments: Non-marketable debt securities 10,000 3,761 13,761 Total 10,000 3,761 13,761 Total $ 367,805 $ 3,938 $ (63) $ $ 371,680 As of June 30, 2026, the …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

10. Income Taxes The Companys income tax expense (benefit), deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect managements best assessment of estimated current and future taxes to be paid. The Company is subject to income taxes in both the United States and foreign jurisdictions. Significant judgment and estimates are required in determining the consolidated income tax expense (benefit). During interim periods, the Company generally utilizes the estimated annual effective tax rate (AETR) method which involves the use of forecasted information. Under the AETR method, the provision is calculated by applying the estimated AETR for the full fiscal year to ordinary income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. Jurisdictions with tax assets for which the Company believes a tax benefit cannot be realized are excluded from the computation of its AETR. The Companys income tax expense was $11.4 million or 24.6% of income before taxes and $20.5 million or 23.3% of income before taxes for the three and six months ended June 30, 2026, respectively, compared to an immaterial amount or 0.1% of income before taxes and $4.7 million or 5.2% of income before taxes for the three and six months ended June 30, 2025, respectively. The change in effective tax rate was primarily due to a decrease in excess tax benefits from stock-based compensation attributable to the U.S jurisdiction in …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards In November 2024, the FASB issued ASU No. 2024-03 Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard enhances disclosures by requiring disaggregated disclosures of an entitys income statement expense captions. Public business entities are required to disaggregate expense captions into specified categories within the footnotes to the financial statements. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The standard is required to be applied on a prospective basis, with the option for retrospective application. Early adoption is permitted. The Company is evaluating the impact the new guidance will have on the disclosures within its consolidated financial statements and has not elected to early adopt as of June 30, 2026. In September 2025, the FASB issued ASU No. 2025-06 Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard removes references to software development project stages and requires that capitalization of software costs begin once management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the functio …

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14. Revenues Revenue Recognition Revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. All revenue recognized in the condensed consolidated statements of operations is considered to be revenue from contracts with customers. The Companys revenues disaggregated by geography, based on the destination to which the Company ships its products, for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 United States $ 305,445 $ 260,818 $ 601,832 $ 517,678 International 84,601 78,637 162,972 145,917 Total $ 390,046 $ 339,455 $ 764,804 $ 663,595 The Companys revenues disaggregated by product category for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Thrombectomy $ 258,981 $ 230,256 $ 512,898 $ 456,800 Embolization and Access 131,065 109,199 251,906 206,795 Total $ 390,046 $ 339,455 $ 764,804 $ 663,595 Performance Obligations Delivery of products - The Companys contracts with customers, other than the China licensing arrangements described below, typically contain a single performance obligation, delivery of the Companys products. Satisfaction of that performance obligation occurs when control of the promised goods transfers to the customer, which is generally upon shipment or receipt b …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

13. Segment Reporting The Company derives revenue by selling our medical devices to healthcare providers, direct sales organizations, and distributors. The Company operates as one operating and reportable segment and its sole business activity consists of the design, development, manufacturing and marketing of innovative medical products. The Company provides similar innovative medical products to our customers in the regions that the Company operates in and manages its business activities on a consolidated basis. The accounting policies of the segment are the same as those described in Note 2. Summary of Significant Accounting Policies. The Companys CODM uses net income (loss) to measure segment profit or loss and assesses performance against expectations to make resource allocation decisions and uses total assets as reported on the consolidated balance sheets to measure segment assets. Additionally, the CODM reviews and uses functional expenses included in net income (loss) to manage the Companys operations and assess operating profitability. The Company operates as one operating and reportable segment, and as such the significant segment expenses regularly provided to the CODM are those presented on the consolidated statements of operations. These significant segment expense include cost of revenue, research and development, and sales, general and administrative expenses. Other segment items that are presented on the consolidated statements of operations include interest a …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated balance sheet as of June 30, 2026, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income, and the condensed consolidated statements of stockholders equity for the three and six months ended June 30, 2026 and 2025, and the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 are unaudited. The unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2025 was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Companys financial position as of June 30, 2026, the results of its operations for the three and six m …

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8. Stockholders Equity Stock-based Compensation Stock-based compensation expense is associated with restricted stock units (RSUs), RSUs with performance conditions (PSUs), stock options, and the Companys Employee Stock Purchase Plan (ESPP). The following table sets forth the stock-based compensation expense included in the Companys condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Cost of revenue $ 910 $ 887 $ 1,851 $ 1,664 Research and development 2,679 2,375 5,424 4,541 Sales, general and administrative 10,070 10,972 21,029 21,814 Total $ 13,659 $ 14,234 $ 28,304 $ 28,019 As of June 30, 2026, total unrecognized compensation cost related to unvested share-based compensation arrangements, excluding PSUs, was $83.2 million, which is expected to be recognized over a weighted average period of 3.2 years. As of June 30, 2026, total unrecognized compensation cost related to unvested PSU share-based compensation arrangements was $20.2 million, which is expected to be recognized over a weighted average period of 2.3 years. The total stock-based compensation cost capitalized in inventory was $1.5 million and $1.6 million as of June 30, 2026 and December 31, 2025, respectively. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing