Restatement of Previously Issued Financial Statements (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatement of Previously Issued Financial Statements

	June 30,
	2024
	As Previously Reported			Revenue Adjustments			Other Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	809,146		$	—		$	—		$	809,146
Accounts receivable, net of reserves of $1,823 and $2,122 at    June 30, 2024 and December 31, 2023, respectively		123,245			—			—			123,245
Inventories, net		190,528			—			—			190,528
Assets held for sale		1,016			—			—			1,016
Prepaid expenses and other current assets		34,983			(2,397	)		244			32,830
Total current assets		1,158,918			(2,397	)		244			1,156,765
Noncurrent assets:
Property, plant and equipment, net		204,599			—			—			204,599
Intangible assets, net		379,813			—			6,235			386,048
Goodwill		985,613			—			—			985,613
Deferred tax assets		678			—			—			678
Operating lease right of use assets		131,450			—			—			131,450
Other noncurrent assets		853			—			—			853
Total noncurrent assets		1,703,006			—			6,235			1,709,241
Total assets	$	2,861,924		$	(2,397	)	$	6,479		$	2,866,006
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	20,910		$	—		$	—		$	20,910
Operating lease liability		12,129			—			—			12,129
Current contingent consideration		13,936			—			—			13,936
Accrued liabilities		57,851			498			—			58,349
Convertible Senior Notes due 2024, net		69,481			—			—			69,481
Total current liabilities		174,307			498			—			174,805
Noncurrent liabilities:								—
Convertible Senior Notes due 2028, net		517,725			—			—			517,725
Deferred tax liabilities		36,305			(1,903	)		(358	)		34,044
Noncurrent operating lease liability		143,518			—			—			143,518
Noncurrent contingent consideration		—			—			—			—
Other noncurrent liabilities		3,707			—			7,769			11,476
Total noncurrent liabilities		701,255			(1,903	)		7,411			706,763
Total liabilities		875,562			(1,405	)		7,411			881,568
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares    issued or outstanding		—			—			—			—
Common stock, $0.01 par value; 80,000,000 shares authorized; 55,902,860    shares at June 30, 2024 and 55,766,078 shares at December 31, 2023    issued and outstanding		559			—			—			559
Additional paid-in capital		1,585,782			—			665			1,586,447
Accumulated other comprehensive loss		(44,243	)		(202	)		—			(44,445	)
Accumulated earnings		444,264			(790	)		(1,597	)		441,877
Total stockholders’ equity		1,986,362			(992	)		(932	)		1,984,438
Total liabilities and stockholders’ equity	$	2,861,924		$	(2,397	)	$	6,479		$	2,866,006

	Three Months Ended June 30, 2024											Six Months Ended June 30, 2024
	As Previously Reported			Revenue Adjustments		Other Adjustments			As Restated			As Previously Reported			Revenue Adjustments		Other Adjustments			As Restated
Revenue:
Product	$	154,038		$	4,766	$	—		$	158,804		$	305,348		$	6,602	$	—		$	311,950
Royalty and other revenue		35			—		—			35			71			—		—			71
Total revenue		154,073			4,766		—			158,839			305,419			6,602		—			312,021
Costs and operating expenses:
Cost of goods sold		77,314			—		—			77,314			153,705			—		—			153,705
Research and development		10,575			—		—			10,575			21,813			—		—			21,813
Selling, general and administrative		64,697			—		784			65,481			126,383			—		901			127,284
Contingent consideration		—			—		—			—			—			—		—			—
Total costs and operating expenses		152,586			—		784			153,370			301,901			—		901			302,802
Income from operations		1,487			4,766		(784	)		5,469			3,518			6,602		(901	)		9,219
Other income (expenses):
Investment income		9,411			—		—			9,411			18,404			—		—			18,404
Interest expense		(4,981	)		—		(137	)		(5,118	)		(9,872	)		—		(275	)		(10,147	)
Amortization of debt issuance costs		(520	)		—		—			(520	)		(1,003	)		—		—			(1,003	)
Other (expenses) income		(215	)		—		—			(215	)		(3,751	)		—		—			(3,751	)
Other income, net		3,695			—		(137	)		3,558			3,778			—		(275	)		3,503
Income before income taxes		5,182			4,766		(921	)		9,027			7,296			6,602		(1,176	)		12,722
Income tax provision		1,861			1,757		(304	)		3,314			1,881			2,195		(363	)		3,713
Net income	$	3,321		$	3,009	$	(617	)	$	5,713		$	5,415		$	4,407	$	(813	)	$	9,009
Earnings per share:
Basic	$	0.06		$	0.05	$	(0.01	)	$	0.10		$	0.10		$	0.08	$	(0.02	)	$	0.16
Diluted (Note 13)	$	0.06		$	0.05	$	(0.01	)	$	0.10		$	0.10		$	0.08	$	(0.02	)	$	0.16
Weighted average common shares outstanding:
Basic		55,884			—		—			55,884			55,838			—		—			55,838
Diluted (Note 13)		56,434			—		—			56,434			56,477			—		—			56,477
Net income	$	3,321		$	3,009	$	(617	)	$	5,713		$	5,415		$	4,407	$	(813	)	$	9,009
Other comprehensive income (loss):
Foreign currency translation adjustment		(1,531	)		28		—			(1,503	)		(6,812	)		175		—			(6,637	)
Comprehensive income (loss)	$	1,790		$	3,037	$	(617	)	$	4,210		$	(1,397	)	$	4,582	$	(813	)	$	2,372

	Additional Paid-In Capital						Accumulated Other Comprehensive Loss									Accumulated Earnings										Total Stockholders' Equity
	As Previously Reported		Other Adjustments		As Restated		As Previously Reported			Revenue Adjustments			As Restated			As Previously Reported		Revenue Adjustments			Other Adjustments			As Restated		As Previously Reported			Revenue Adjustments			Other Adjustments			As Restated
	$		$		$		$			$			$			$		$			$			$		$			$			$			$
Balance at March 31, 2024		1,571,811		—		1,571,811		(42,712	)		(230	)		(42,942	)		440,943		(3,799	)		(980	)		436,164		1,970,601			(4,029	)		(980	)		1,965,592
Net income		—		—		—		—			—			—			3,321		3,009			(617	)		5,713		3,321			3,009			(617	)		5,713
Stock-based compensation expense		9,214		665		9,879		—			—			—			—		—			—			—		9,214			—			665			9,879
Translation adjustment		—		—		—		(1,531	)		28			(1,503	)		—		—			—			—		(1,531	)		28			—			(1,503	)
Balance at June 30, 2024		1,585,782		665		1,586,447		(44,243	)		(202	)		(44,445	)		444,264		(790	)		(1,597	)		441,877		1,986,362			(992	)		(932	)		1,984,438

	Additional Paid-In Capital						Accumulated Other Comprehensive Loss									Accumulated Earnings										Total Stockholders' Equity
	As Previously Reported		Other Adjustments		As Restated		As Previously Reported			Revenue Adjustments			As Restated			As Previously Reported		Revenue Adjustments			Other Adjustments			As Restated		As Previously Reported			Revenue Adjustments			Other Adjustments			As Restated
	$		$		$		$			$			$			$		$			$			$		$			$			$			$
Balance at December 31, 2023		1,569,227		—		1,569,227		(37,431	)		(377	)		(37,808	)		438,849		(5,197	)		(784	)		432,868		1,971,203			(5,574	)		(784	)		1,964,845
Net income		—		—		—		—			—			—			5,415		4,407			(813	)		9,009		5,415			4,407			(813	)		9,009
Stock-based compensation expense		17,990		665		18,655		—			—			—			—		—			—			—		17,990			—			665			18,655
Translation adjustment		—		—		—		(6,812	)		175			(6,637	)		—		—			—			—		(6,812	)		175			—			(6,637	)
Balance at June 30, 2024		1,585,782		665		1,586,447		(44,243	)		(202	)		(44,445	)		444,264		(790	)		(1,597	)		441,877		1,986,362			(992	)		(932	)		1,984,438

	Six Months Ended June 30, 2024
	As Previously Reported			Revenue Adjustments			Other Adjustments			As Restated
Cash flows from operating activities:
Net income	$	5,415		$	4,407		$	(813	)	$	9,009
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		33,648			—			236			33,884
Amortization of debt discount and issuance costs		7,727			—			—			7,727
Stock-based compensation		17,990			—			665			18,655
Deferred income taxes, net		(2,634	)		(1,000	)		(119	)		(3,753	)
Operating lease right of use asset amortization		(16,349	)		—			25,065			8,716
Other		(172	)		—			275			103
Changes in operating assets and liabilities, excluding impact of acquisitions:
Accounts receivable		(1,245	)		—			—			(1,245	)
Inventories		10,474			—			—			10,474
Prepaid expenses and other assets		(1,999	)		2,700			(244	)		457
Other assets		364			—			—			364
Accounts payable		1,547			—			—			1,547
Accrued expenses		8,366			(6,107	)		—			2,259
Operating lease liabilities		23,867			—			(25,065	)		(1,198	)
Long-term liabilities		(101	)		—			—			(101	)
Total cash provided by operating activities		86,898			—			—			86,898
Cash flows from investing activities:
Additions to capitalized software costs		(2,619	)		—			—			(2,619	)
Purchases of property, plant and equipment		(13,154	)		—			—			(13,154	)
Other investing activities		11			—			—			11
Total cash (used in) provided by investing activities		(15,762	)		—			—			(15,762	)
Cash flows from financing activities:
Proceeds from exercise of stock options		1,788			—			—			1,788
Payment of tax withholding obligation on vesting of restricted stock		(8,857	)		—			—			(8,857	)
Payment of earnout consideration		(7,375	)		—			—			(7,375	)
Other financing activities		(303	)		—			—			(303	)
Total cash used in financing activities		(14,747	)		—			—			(14,747	)
Effect of exchange rate changes on cash and cash equivalents		1,434			—			—			1,434
Net increase in cash and cash equivalents		57,823			—			—			57,823
Cash, cash equivalents, beginning of period		751,323			—			—			751,323
Cash and cash equivalents, end of period	$	809,146		$	—		$	—		$	809,146
Supplemental disclosure of non-cash investing and financing activities:
Assets acquired under operating leases	$	23,860		$	—		$	—		$	23,860
Fair value of shares of common stock issued for contingent consideration earnouts	$	5,742		$	—		$	—		$	5,742