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Employee Benefits and Share-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Employee Benefits and Share-Based Compensation Employee Benefits and Share-Based Compensation
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:
Three Months Ended March 31,
20252024
(In thousands)
Cost of product and service revenues$1,718 $1,555 
Research and development1,220 1,075 
Selling, general, and administrative7,848 6,011 
Total share-based compensation expense$10,786 $8,641 
During the three months ended March 31, 2025 and 2024, the Company capitalized approximately $0.8 million and $0.7 million, respectively, of share-based compensation expense to internal-use and external-use software development costs related to internal labor. The Company did not capitalize any material share-based compensation expense to inventory during the three months ended March 31, 2025 and 2024.
Employee Stock Purchase Plan (“ESPP”)
The following assumptions were used to value shares under the ESPP for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
20252024
Expected life, years
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
45.8% - 58.7%
33.7% - 57.0%
Risk-free interest rate, %
4.1% - 5.2%
1.5% - 5.5%
Dividend yield, % — %— %
For the three months ended March 31, 2025 and 2024, employees purchased approximately 335,000 and 334,000 shares of common stock, respectively, under the ESPP at a weighted-average price of $24.57 and $24.06, respectively.
Stock Options
The following table summarizes the stock option activity under the 2009 Plan:
Number of
Shares		Weighted-Average
Exercise Price		Weighted-Average
Remaining Years		Aggregate
Intrinsic Value
(In thousands, except per share data)
Outstanding at December 31, 20241,760 $67.51 3.6$2,619 
Granted— — 
Exercised(1)30.92 
Expired(34)65.41 
Forfeited— — 
Outstanding at March 31, 20251,725 $67.58 3.4$426 
Exercisable at March 31, 20251,723 $67.50 3.4$426 
Vested and expected to vest at March 31, 2025 and thereafter1,725 $67.58 3.4$426 
Restricted Stock Units (“RSUs”)
The following table summarizes the RSU activity under the 2009 Plan:
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, 20241,614 $54.58 1.6$71,849 
Granted 160 33.87 
Vested (110)66.08 
Forfeited(139)55.85 
Outstanding and unvested at March 31, 20251,525 $51.46 1.5$53,326 
As of March 31, 2025, total unrecognized compensation cost related to RSUs was $49.4 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 years.
Performance-Based Stock Unit Awards (“PSUs”)
The following table summarizes the PSU activity under the 2009 Plan:
Number of
Shares		Weighted-Average
Grant Date Fair Value
(In thousands, except per share data)
Outstanding at December 31, 2024177 $28.67 
Granted (Awarded)139 32.66 
Additional granted based on performance achievement135 28.67 
Vested (Released)(78)28.67 
Forfeited— — 
Outstanding and unvested at March 31, 2025373 $30.16 
As of March 31, 2025, total unrecognized compensation cost related to PSUs was approximately $5.6 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.5 years.
Summary of 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, 2025:
Number of Shares
(In thousands)
Stock options outstanding1,725 
Non-vested restricted stock awards1,947 
Shares authorized for future issuance2,845 
ESPP shares available for future issuance2,391 
Total shares reserved for future issuance8,908 
Stock Repurchase Programs
On August 2, 2016, the Company’s Board of Directors (the “Board”) authorized a stock repurchase program, which does not expire, providing for the repurchase of up to $50.0 million of the Company’s common stock (the “2016 Repurchase Program”). As of March 31, 2025, the maximum dollar value of shares that may yet be purchased under the 2016 Repurchase Program was $2.7 million.
The timing, price, and volume of repurchases are to be based on market conditions, relevant securities laws, and other factors. The stock repurchases may be made from time to time on the open market, in privately negotiated transactions, or
pursuant to a Rule 10b-18 plan, subject to the terms and conditions of the Second A&R Credit Agreement, as amended. The 2016 Repurchase Program does not obligate the Company to repurchase any specific number of shares, and the Company may terminate or suspend the 2016 Repurchase Program at any time.
During the three months ended March 31, 2025 and 2024, the Company did not repurchase any of its outstanding common stock under the 2016 Repurchase Program.