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Employee Benefits and Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Expense
The following table sets forth the total share-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
20232022
(In thousands)
Cost of product and service revenues$2,008 $2,244 
Research and development1,606 2,264 
Selling, general, and administrative10,428 11,700 
Total share-based compensation expense$14,042 $16,208 
Assumptions Used to Value ESPP Shares
The following assumptions were used to value shares under the ESPP for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
20232022
Expected life, years
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
31.7% - 63.9%
28.8% - 45.6%
Risk-free interest rate, %
0.1% - 5.1%
0.1% - 1.5%
Dividend yield, % — %— %
Assumptions Used to Value Stock Options Granted
The following assumptions were used to value stock options granted pursuant to the Company’s 2009 Equity Incentive Plan, as amended, (the “2009 Plan”) for the three months ended March 31, 2023. There were no stock options granted during the three months ended March 31, 2022.
Three Months Ended March 31,
2023
Expected life, years 3.2
Expected volatility, % 44.8 %
Risk-free interest rate, % 3.7 %
Estimated forfeiture rate, %10.0 %
Dividend yield, % — %
Summary of Share Option Activity
The following table summarizes the stock option activity under the 2009 Plan during the three months ended March 31, 2023:
Number of
Shares		Weighted-Average
Exercise Price		Weighted-Average
Remaining Years		Aggregate
Intrinsic Value
(In thousands, except per share data)
Outstanding at December 31, 20222,434 $68.65 6.1$7,887 
Granted200 55.60 
Exercised(65)35.74 
Expired(12)75.27 
Forfeited(41)80.43 
Outstanding at March 31, 20232,516 $68.24 5.7$13,054 
Exercisable at March 31, 20231,899 $65.73 5.5$12,440 
Vested and expected to vest at March 31, 2023 and thereafter2,466 $68.12 5.7$12,986 
Summary of Restricted Stock Unit Activity
The following table summarizes the RSU activity under the 2009 Plan during the three months ended March 31, 2023:
Number of
Shares		Weighted-Average
Grant Date Fair Value		Weighted-Average
Remaining Years		Aggregate
Intrinsic Value
(In thousands, except per share data)
Outstanding at December 31, 20221,117 $115.75 1.6$56,297 
Granted (Awarded)74 55.41 
Vested (Released)(63)128.15 
Forfeited(116)117.91 
Outstanding and unvested at March 31, 20231,012 $110.36 1.5$59,372 
Summary of Restricted Stock Awards Activity
The following table summarizes the RSA activity under the 2009 Plan during the three months ended March 31, 2023:
Number of
Shares		Weighted-Average
Grant Date Fair Value
(In thousands, except per share data)
Outstanding at December 31, 202213 $109.39 
Granted (Awarded)— — 
Vested (Released)— — 
Outstanding and unvested at March 31, 202313 $109.39 
Summary of Performance-Based Restricted Stock Activity
The following table summarizes the PSU activity under the 2009 Plan during the three months ended March 31, 2023:
Number of
Shares		Weighted-Average
Grant Date Fair Value Per Unit
(In thousands, except per share data)
Outstanding at December 31, 2022135 $147.42 
Granted— — 
Vested(10)164.48 
Forfeited(63)153.89 
Outstanding and unvested at March 31, 202362 $138.00 
Ordinary Shares Reserved for Future Issuance Under Equity Incentive Plans
The Company had the following ordinary shares reserved for future issuance under its equity incentive plans as of March 31, 2023:
Number of Shares
(In thousands)
Stock options outstanding2,516 
Non-vested restricted stock awards1,087 
Shares authorized for future issuance1,433 
ESPP shares available for future issuance394 
Total shares reserved for future issuance5,430