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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Stock-Based Compensation Expense | The following table presents stock-based compensation expense in the Company’s consolidated statements of comprehensive income:
|  | For the Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (Amounts in thousands) |
Cost of product revenue |  | $ | 1,933 |  |  | $ | 2,525 |  |  | $ | 2,021 |
Research and development |  |  | 2,855 |  |  |  | 2,622 |  |  |  | 2,856 |
Selling, general and administrative |  |  | 20,787 |  |  |  | 22,169 |  |  |  | 22,623 |
Total stock-based compensation |  | $ | 25,575 |  |  | $ | 27,316 |  |  | $ | 27,500 |
Estimated Weighted Average Assumptions | The fair value of stock option awards granted during the years ended December 31, 2023, 2022 and 2021 were calculated using the following estimated assumptions:
|  | For the Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Expected term (in years) |  | 5.14-6.5 |  | 5.5-6.5 |  | 5.5-6.5
Expected volatility (range) |  | 44.78-46.58% |  | 41.44-43.96% |  | 44.57-45.27%
Risk-free interest rate |  | 3.56-4.71% |  | 1.86-4.07% |  | 0.77-1.07%
Expected dividend yield |  | 0% |  | 0% |  | 0%
Summary of Option Activity | Information regarding option activity for the year ended December 31, 2023, under the Plans is summarized below:
|  | Shares |  |  | Weighted average exercise price |  |  | Weighted- Average Remaining Contractual Term (in Years) |  |  | Aggregate Intrinsic Value (in Thousands) |
Options outstanding at December 31, 2022 |  |  | 609,965 |  |  | $ | 71.74 |  |  |  |  |  |  |
Granted |  |  | 90,305 |  |  | $ | 168.22 |  |  |  |  |  |  |
Exercised |  |  | (40,211 | ) |  | $ | 26.76 |  |  |  |  |  |  |
Forfeited/expired/cancelled |  |  | (10,929 | ) |  | $ | 189.46 |  |  |  |  |  |  |
Options outstanding at December 31, 2023 |  |  | 649,130 |  |  | $ | 85.97 |  |  |  |  |  |  |
Options exercisable at December 31, 2023 |  |  | 364,443 |  |  | $ | 65.53 |  |  |  |  |  |  |
Vested and expected to vest at December 31, 2023(1) |  |  | 635,834 |  |  | $ | 85.49 |  |  |  | 5.59 |  |  | $ | 61,888 |
(1) Represents the number of vested options as of December 31, 2023 plus the number of unvested options expected to vest as of December 31, 2023, based on the unvested outstanding options at December 31, 2023 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.
Summary of Restricted Stock Unit Activity | Information regarding stock unit activity, which includes activity for restricted stock units and performance stock units, for the year ended December 31, 2023 under the Plans is summarized below:
|  | Shares |  |  | Weighted Average Grant Date Fair Value |  |
Unvested at December 31, 2022 |  |  | 531,034 |  |  | $ | 142.57 |  |
Awarded |  |  | 212,338 |  |  | $ | 170.03 |  |
Vested |  |  | (195,672 | ) |  | $ | 124.58 |  |
Forfeited/cancelled |  |  | (73,380 | ) |  | $ | 177.81 |  |
Unvested at December 31, 2023 |  |  | 474,320 |  |  | $ | 155.59 |  |
Vested and expected to vest at December 31, 2023(1) |  |  | 413,249 |  |  | $ | 152.74 |  |
(1) Represents the number of vested stock units as of December 31, 2023, plus the number of unvested stock units expected to vest as of December 31, 2023, based on the unvested outstanding stock units at December 31, 2023 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.

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