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Employee Benefits and Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024 and 2023:
Three Months Ended March 31,
20242023
(In thousands)
Cost of product and service revenues$1,555 $2,008 
Research and development1,075 1,606 
Selling, general, and administrative6,011 10,428 
Total share-based compensation expense$8,641 $14,042 
Assumptions Used to Value ESPP Shares
The following assumptions were used to value shares under the ESPP for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
Expected life, years
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
33.7% - 57.0%
31.7% - 63.9%
Risk-free interest rate, %
1.5% - 5.5%
0.1% - 5.1%
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, 2024.
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, 2024:
Number of
Shares		Weighted-Average
Exercise Price		Weighted-Average
Remaining Years		Aggregate
Intrinsic Value
(In thousands, except per share data)
Outstanding at December 31, 20232,023 $67.68 4.6$1,013 
Granted— — 
Exercised— — 
Expired(117)73.88 
Forfeited(17)62.81 
Outstanding at March 31, 20241,889 $67.35 4.4$88 
Exercisable at March 31, 20241,766 $66.74 4.4$88 
Vested and expected to vest at March 31, 2024 and thereafter1,882 $67.30 4.4$88 
Summary of Restricted Stock Unit Activity
The following table summarizes the RSU activity under the 2009 Plan during the three months ended March 31, 2024:
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, 20231,078 $84.66 1.5$40,551 
Granted (Awarded)178 27.37 
Vested (Released)(73)94.23 
Forfeited(56)82.70 
Outstanding and unvested at March 31, 20241,127 $75.08 1.5$32,952 
Summary of Restricted Stock Awards Activity
The following table summarizes the RSA activity under the 2009 Plan during the three months ended March 31, 2024:
Number of
Shares		Weighted-Average
Grant Date Fair Value
(In thousands, except per share data)
Outstanding at December 31, 202324 $70.96 
Granted (Awarded)3 32.45 
Vested (Released)(3)72.02 
Outstanding and unvested at March 31, 202424 $66.81 
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, 2024:
Number of
Shares		Weighted-Average
Grant Date Fair Value
(In thousands, except per share data)
Outstanding at December 31, 202375 $127.14 
Granted177 28.67 
Vested— — 
Forfeited(65)122.29 
Outstanding and unvested at March 31, 2024187 $35.79 
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, 2024:
Number of Shares
(In thousands)
Stock options outstanding1,889 
Non-vested restricted stock awards1,338 
Shares authorized for future issuance2,354 
ESPP shares available for future issuance2,916 
Total shares reserved for future issuance8,497