Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

7. Property, Plant and Equipment, Net

Property, plant and equipment, net, consisted of the following:

(in thousands)	March 31, 2025		December 31, 2024
Land	$	9,480	$	9,480
Buildings	86,916		85,523
Machinery, equipment and fixtures	115,022		114,357
Computer software	50,777		48,702
Construction in progress	32,544		27,498
Total gross property, plant and equipment	294,739		285,560
Less: accumulated depreciation and amortization	(113,956)		(108,762)
Total property, plant and equipment, net	$	180,783	$	176,798

Depreciation and amortization expense related to property, plant and equipment, net, was $5.5 million and $5.4 million for the three months ended March 31, 2025 and 2024, respectively.

On January 8, 2024, the Company entered into an agreement with Perspective to transfer the sublease for the property at 110 Clyde Rd, Somerset, New Jersey (the “Somerset Facility”) and sell the associated assets at the Somerset Facility for $8.0 million. The transfer of the sublease and completion of the asset sale occurred on March 1, 2024. The sale of assets resulted in a derecognition to the right-of-use asset of $0.4 million, the lease liability of $0.4 million and remaining property, plant and equipment of $0.8 million. The Company also incurred commission expense of $1.0 million related to the transaction. The Company recorded a gain of $6.3 million for the three months ended March 31, 2024 within operating income.

See Note 18, “Acquisitions” for further discussion of the Perspective transaction.