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Employee Benefits and Share-Based Compensation (Tables)
 12 Months Ended
Dec. 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 Consolidated Statements of Operations:
Year Ended December 31,
202320222021
(In thousands)
Cost of product and service revenues$8,288 $9,067 $7,994 
Research and development6,941 11,368 7,663 
Selling, general, and administrative40,071 47,812 37,503 
Total share-based compensation expense$55,300 $68,247 $53,160 
Assumptions Used to Value ESPP Shares
The following assumptions were used to value shares under the ESPP for the years ended December 31, 2023, 2022, and 2021:
Year Ended December 31,
202320222021
Expected life, years
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
31.7% - 63.9%
28.8% - 45.6%
27.4% - 53.5%
Risk-free interest rate, %
0.1% - 5.5%
0.1% - 3.2%
0.1% - 2.6%
Dividend yield, %— %— %— %
Assumptions Used to Value Stock Options Granted
The following assumptions were used to value stock options granted pursuant to the 2009 Plan for the years ended December 31, 2023 and 2021. There were no stock options granted during the year ended December 31, 2022:
Year Ended December 31,
20232021
Expected life, years3.24.9
Expected volatility, %44.8 %31.5 %
Risk-free interest rate, %3.7 %0.9 %
Estimated forfeiture rate, %10.0 %7.9 %
Dividend yield, %— %— %
Summary of Share Option Activity
The following table summarizes the stock option activity under the 2009 Plan during the year ended December 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(165)41.01 
Expired(242)79.49 
Forfeited(204)74.92 
Outstanding at December 31, 20232,023 $67.68 4.6$1,013 
Exercisable at December 31, 20231,784 $67.18 4.5$1,013 
Vested and expected to vest at December 31, 2023 and thereafter2,013 $67.64 4.6$1,013 
Summary of Restricted Stock Unit Activity
The following table summarizes the RSU activity under the 2009 Plan during the year ended December 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)695 63.74 
Vested (Released)(335)113.64 
Forfeited(399)107.89 
Outstanding and unvested at December 31, 20231,078 $84.66 1.5$40,551 
Summary of Restricted Stock Awards Activity
The following table summarizes the RSA activity under the 2009 Plan during the year ended December 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)24 70.96 
Vested (Released)(13)109.39 
Outstanding and unvested at December 31, 202324 $70.96 
Summary of Performance-Based Restricted Stock Activity
The following table summarizes the PSU activity under the 2009 Plan during the year ended December 31, 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(55)111.05 
Forfeited(70)153.77 
Outstanding and unvested at December 31, 202375 $127.14 
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 December 31, 2023:
Number of Shares
(In thousands)
Stock options outstanding2,023 
Non-vested restricted stock awards1,177 
Shares authorized for future issuance2,669 
ESPP shares available for future issuance3,250 
Total shares reserved for future issuance9,119