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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (Loss) $ 120,357 $ 94,411 $ 74,516
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 102,709 89,985 81,804
(Gain) loss on disposition of business   (431) 1,417
Loss on sale or abandonment of property and equipment 1,490 5,838 380
Write-off of certain intangible assets and other long-term assets 456 506 2,281
Acquired in-process research and development   1,550 6,671
Amortization of right-of-use operating lease assets 12,023 11,307 10,394
Fair value adjustments related to contingent consideration liabilities 443 1,704 4,611
Amortization of deferred credits (103) (104) (107)
Amortization and write-off of long-term debt issuance costs 6,769 1,717 604
Deferred income taxes (14,873) (12,643) (14,924)
Stock-based compensation expense 28,473 21,333 18,042
Changes in operating assets and liabilities, net of acquisitions and divestitures:      
Trade receivables (13,686) (11,916) (15,116)
Other receivables (6,482) 2,429 4,154
Inventories (2,287) (32,105) (47,929)
Prepaid expenses and other current assets (4,295) 1,281 (1,798)
Prepaid income taxes 709 (92) (379)
Income tax refund receivables (1,536) (58) 1,952
Other assets (6,066) (5,976) 657
Trade payables (2,314) (7,297) 12,661
Accrued expenses 9,715 (2,484) (16,379)
Income taxes payable (1,785) (1,685) 4,521
Liabilities related to unrecognized tax benefits 206   (45)
Deferred compensation payable 2,030 1,903 (2,848)
Operating lease liabilities (12,183) (11,492) (11,127)
Other long-term obligations 1,029 (2,530) 278
Total adjustments 100,442 50,740 39,775
Net cash, cash equivalents, and restricted cash provided by operating activities 220,799 145,151 114,291
Capital expenditures for:      
Property and equipment (35,140) (34,290) (45,029)
Intangible assets (2,903) (2,411) (3,175)
Proceeds from the sale of property and equipment 5 201 65
Proceeds (payments) from disposition of business   431 (971)
Cash paid for notes receivable and other investments (10,433) (4,755) (1,412)
Cash paid in acquisitions, net of cash acquired (320,182) (134,523) (6,875)
Net cash, cash equivalents, and restricted cash used in investing activities (368,653) (175,347) (57,397)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock 40,908 15,584 20,070
Proceeds from issuance of long-term debt   1,199,203 215,205
Payments on long-term debt (99,063) (579,624) (260,143)
Purchase of capped call option   (66,528)  
Long-term debt issuance costs   (677)  
Contingent payments related to acquisitions (261) (3,569) (32,918)
Payment of taxes related to an exchange of common stock (1,592) (5,123) (2,474)
Net cash, cash equivalents, and restricted cash (used in) provided by financing activities (60,008) 559,266 (60,260)
Effect of exchange rates on cash, cash equivalents, and restricted cash (2,515) (484) (3,826)
Net increase (decrease) in cash, cash equivalents and restricted cash (210,377) 528,586 (7,192)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:      
Beginning of period 589,144 60,558 67,750
End of period 378,767 589,144 60,558
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:      
Cash and cash equivalents 376,715 587,036 58,408
Restricted cash reported in prepaid expenses and other current assets $ 2,052 $ 2,108 2,150
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current  
Total cash, cash equivalents and restricted cash $ 378,767 $ 589,144 60,558
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Interest (net of capitalized interest of $1,005, $1,272 and $858, respectively) 23,244 14,051 6,258
Income taxes 45,047 31,534 17,092
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Property and equipment purchases in accounts payable 13,244 8,267 3,702
Acquisition purchases in accrued expenses and other long-term obligations 4,956 3,713 3,526
Merit common stock surrendered (0, 86, and 18 shares, respectively) in exchange for exercise of stock options   5,809 1,140
Right-of-use operating lease assets obtained in exchange for operating lease liabilities $ 9,947 $ 8,891 $ 11,130