PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT:

Property and equipment, net consist of the following (in thousands):


	December 31,
	2024			2023
Land	$	12,230		$	12,230
Building and improvements		131,288			116,903
Office and lab equipment		159,448			148,465
Furniture, fixtures and computer related assets		16,858			18,970
Construction-in-progress		45,292			22,490
		365,116			319,058
Less: Accumulated depreciation		(169,877	)		(143,908	)
Property and equipment, net	$	195,239		$	175,150

Depreciation expense was $25.9 million, $27.4 million and $24.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. For the year ended December 31, 2024, the Company recorded impairment expense of $6.1 million related to the planned closure of OVJP Corp's California location and related restructuring. The increase in construction-in-progress during the year ended December 31, 2024 was primarily due to the expansion of the Company's manufacturing facility in Shannon, Ireland and research and development facility in Ewing, NJ.