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Employee Benefits and Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In thousands)
Cost of product and service revenues$2,213 $2,203 $6,489 $6,607 
Research and development1,917 3,054 5,220 7,912 
Selling, general, and administrative10,852 12,053 31,404 36,212 
Total share-based compensation expense$14,982 $17,310 $43,113 $50,731 
Assumptions Used to Value ESPP Shares
The following assumptions were used to value shares under the ESPP for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Expected life, years
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
32.0% - 63.9%
28.8% - 44.8%
31.7% - 63.9%
28.8% - 45.6%
Risk-free interest rate, %
0.2% - 5.5%
0.1% - 3.2%
0.1% - 5.5%
0.1% - 3.2%
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 nine months ended September 30, 2023. There were no stock options granted during the three months ended September 30, 2023, and the three and nine months ended September 30, 2022.
Nine Months Ended September 30,
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 nine months ended September 30, 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(157)41.85 
Expired(177)80.44 
Forfeited(180)74.17 
Outstanding at September 30, 20232,120 $67.96 5.0$3,418 
Exercisable at September 30, 20231,801 $66.84 4.9$3,418 
Vested and expected to vest at September 30, 2023 and thereafter2,103 $67.90 5.0$3,418 
Summary of Restricted Stock Unit Activity
The following table summarizes the RSU activity under the 2009 Plan during the nine months ended September 30, 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)675 64.44 
Vested (Released)(252)117.13 
Forfeited(304)112.82 
Outstanding and unvested at September 30, 20231,236 $87.89 1.7$55,649 
Summary of Restricted Stock Awards Activity
The following table summarizes the RSA activity under the 2009 Plan during the nine months ended September 30, 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)24 70.96 
Vested (Released)(13)109.39 
Outstanding and unvested at September 30, 202324 $70.96 
Summary of Performance-Based Restricted Stock Activity
The following table summarizes the PSU activity under the 2009 Plan during the nine months ended September 30, 2023:
Number of
Shares		Weighted-Average
Grant Date Fair Value
(In thousands, except per share data)
Outstanding at December 31, 2022135 $147.42 
Granted65 122.29 
Vested(35)127.40 
Forfeited(66)153.68 
Outstanding and unvested at September 30, 202399 $129.36 
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 September 30, 2023:
Number of Shares
(In thousands)
Stock options outstanding2,120 
Non-vested restricted stock awards1,359 
Shares authorized for future issuance2,417 
ESPP shares available for future issuance3,250 
Total shares reserved for future issuance9,146