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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue        
Revenue $ 172,209 $ 132,138 $ 338,873 $ 250,009
Cost of revenue        
Cost of product revenue 32,418 22,779 63,001 42,827
Cost of contract and other revenue 631 1,000 1,177 1,555
Amortization of acquired intangible assets 1,721 3,052 3,434 6,108
Cost of revenue 34,770 26,831 67,612 50,490
Gross profit 137,439 105,307 271,261 199,519
Operating expenses:        
Research and development 46,331 40,525 88,951 77,884
Sales, general and administrative 28,115 24,402 56,173 50,229
Amortization of acquired intangible assets 0 187 0 382
Impairment of assets 0 1,071 0 1,071
Change in fair value of earn-out liability 0 (1,200) 0 (500)
Total operating expenses 74,446 64,985 145,124 129,066
Operating income 62,993 40,322 126,137 70,453
Interest income and other income (expense), net 5,228 4,400 10,084 8,987
Interest expense (382) (371) (759) (737)
Interest and other income (expense), net 4,846 4,029 9,325 8,250
Income before income taxes 67,839 44,351 135,462 78,703
Provision for income taxes 9,904 8,295 17,224 9,749
Net income $ 57,935 $ 36,056 $ 118,238 $ 68,954
Net income per share:        
Basic net income per share $ 0.54 $ 0.33 $ 1.10 $ 0.64
Diluted net income per share $ 0.53 $ 0.33 $ 1.09 $ 0.63
Weighted-average shares used in per share calculation:        
Basic (in shares) 107,586 107,721 107,412 107,906
Diluted (in shares) 108,520 109,047 108,639 109,628
Product revenue        
Revenue        
Revenue $ 81,325 $ 56,692 $ 157,634 $ 107,052
Royalties        
Revenue        
Revenue 68,607 56,380 142,582 103,856
Contract and other revenue        
Revenue        
Revenue $ 22,277 $ 19,066 $ 38,657 $ 39,101