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Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatement of Previously Issued Financial Statements

		December 31,
		2023
		As Previously Reported				Revenue Adjustments				Other Adjustments				As Restated
ASSETS
Current assets:
Cash and cash equivalents		$	751,323			$	—			$	—			$	751,323
Marketable securities held to maturity			—				—				—				—
Accounts receivable, net of reserves of $2,122 and $1,365 at    December 31, 2023 and December 31, 2022, respectively			124,161				—				—				124,161
Inventories, net			202,321				—				—				202,321
Prepaid expenses and other current assets			33,238				303				—				33,541
Total current assets			1,111,043				303				—				1,111,346
Noncurrent assets:
Property, plant and equipment, net			207,440				—				—				207,440
Intangible assets, net			400,486				—				6,471				406,957
Goodwill			987,120				—				—				987,120
Deferred tax assets			1,530				—				—				1,530
Operating lease right of use assets			115,515				—				—				115,515
Other noncurrent assets			1,277				—				—				1,277
Total noncurrent assets			1,713,368				—				6,471				1,719,839
Total assets		$	2,824,411			$	303			$	6,471			$	2,831,185
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	19,563			$	—			$	—			$	19,563
Operating lease liability			5,631				—				—				5,631
Current contingent consideration			12,983				—				—				12,983
Accrued liabilities			50,533				6,780				—				57,313
Convertible Senior Notes due 2024, net			69,452				—				—				69,452
Total current liabilities			158,162				6,780				—				164,942
Noncurrent liabilities:
Convertible Senior Notes due 2028, net			510,143				—				—				510,143
Deferred tax liabilities			40,466				(903	)			(239	)			39,324
Noncurrent operating lease liability			126,578				—				—				126,578
Noncurrent contingent consideration			14,070				—				—				14,070
Other noncurrent liabilities			3,789				—				7,494				11,283
Total noncurrent liabilities			695,046				(903	)			7,255				701,398
Total liabilities			853,208				5,877				7,255				866,340
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding			—				—				—				—
Common stock, $0.01 par value; 80,000,000 shares authorized; 55,766,078  shares at December 31, 2023 and 55,557,698 shares at December 31, 2022 issued and outstanding			558				—				—				558
Additional paid-in capital			1,569,227				—				—				1,569,227
Accumulated other comprehensive loss			(37,431	)			(377	)			—				(37,808	)
Accumulated earnings			438,849				(5,197	)			(784	)			432,868
Total stockholders’ equity			1,971,203				(5,574	)			(784	)			1,964,845
Total liabilities and stockholders’ equity		$	2,824,411			$	303			$	6,471			$	2,831,185

		Three Months Ended September 30, 2023																Nine Months Ended September 30, 2023
		As Previously Reported				Revenue Adjustments				Other Adjustments				As Restated				As Previously Reported				Revenue Adjustments				Other Adjustments				As Restated
Revenue:
Products		$	141,156			$	—			$	—			$	141,156			$	482,910			$	(17,280	)		$	—			$	465,630
Royalty and other revenue			36				—				—				36				111				—				—				111
Total revenue			141,192				—				—				141,192				483,021				(17,280	)			—				465,741
Costs and operating expenses:
Cost of product revenue			104,634				—				—				104,634				265,786				—				—				265,786
Research and development			10,577				—				—				10,577				32,437				—				—				32,437
Selling, general and administrative			55,465				—				117				55,582				160,601				—				353				160,954
Contingent consideration			(34,292	)			—				—				(34,292	)			(31,266	)			—				—				(31,266	)
Total costs and operating expenses			136,384				—				117				136,501				427,558				—				353				427,911
Income from operations			4,808				—				(117	)			4,691				55,463				(17,280	)			(353	)			37,830
Other income (expenses):
Investment income			6,662				—				—				6,662				18,112				—				—				18,112
Interest expense			(269	)			—				(139	)			(408	)			(813	)			—				(414	)			(1,227	)
Amortization of debt issuance costs			(459	)			—				—				(459	)			(1,373	)			—				—				(1,373	)
Other income (expenses)			895				—				—				895				1,500				—				—				1,500
Other income (expenses), net			6,829				—				(139	)			6,690				17,426				—				(414	)			17,012
Income before income taxes			11,637				—				(256	)			11,381				72,889				(17,280	)			(767	)			54,842
Income tax (benefit) provision			(6,535	)			1,053				(60	)			(5,542	)			5,824				(2,849	)			(179	)			2,796
Net income		$	18,172			$	(1,053	)		$	(196	)		$	16,923			$	67,065			$	(14,431	)		$	(588	)		$	52,046
Earnings per share:
Basic		$	0.33			$	(0.02	)		$	(0.01	)		$	0.30			$	1.20			$	(0.26	)		$	(0.01	)		$	0.93
Diluted (Note 13)		$	0.32			$	(0.02	)		$	—			$	0.30			$	1.18			$	(0.25	)		$	(0.02	)		$	0.91
Weighted average common shares outstanding:
Basic			55,766				—				—				55,766				55,688				—				—				55,688
Diluted (Note 13)			56,940				—				—				56,940				56,933				—				—				56,933
Net income		$	18,172			$	(1,053	)		$	(196	)		$	16,923			$	67,065			$	(14,431	)		$	(588	)		$	52,046
Other comprehensive income (loss):
Foreign currency translation adjustment			(6,382	)			502				—				(5,880	)			(9,177	)			205				—				(8,972	)
Comprehensive income		$	11,790			$	(551	)		$	(196	)		$	11,043			$	57,888			$	(14,226	)		$	(588	)		$	43,074

		Accumulated Other Comprehensive Loss																Accumulated Earnings																Total Stockholders' Equity
		As Previously Reported				Revenue Adjustments				Other Adjustments				As Restated				As Previously Reported				Revenue Adjustments				Other Adjustments				As Restated				As Previously Reported				Revenue Adjustments				Other Adjustments				As Restated
		$				$				$				$				$				$				$				$				$				$				$				$
Balance at June 30, 2023			(37,189	)			(297	)			—				(37,486	)			446,165				(13,378	)			(392	)			432,395				1,970,926				(13,675	)			(392	)			1,956,859
Net income			—				—				—				—				18,172				(1,053	)			(196	)			16,923				18,172				(1,053	)			(196	)			16,923
Translation adjustment			(6,382	)			502				—				(5,880	)			—				—				—				—				(6,382	)			502				—				(5,880	)
Balance at September 30, 2023			(43,571	)			205				—				(43,366	)			464,337				(14,431	)			(588	)			449,318				1,988,557				(14,226	)			(588	)			1,973,743

		Accumulated Other Comprehensive Loss																Accumulated Earnings																Total Stockholders' Equity
		As Previously Reported				Revenue Adjustments				Other Adjustments				As Restated				As Previously Reported				Revenue Adjustments				Other Adjustments				As Restated				As Previously Reported				Revenue Adjustments				Other Adjustments				As Restated
		$				$				$				$				$				$				$				$				$				$				$				$
Balance at December 31, 2022			(34,394	)			—				—				(34,394	)			397,272				—				—				397,272				1,910,700				—				—				1,910,700
Net income			—				—				—				—				67,065				(14,431	)			(588	)			52,046				67,065				(14,431	)			(588	)			52,046
Translation adjustment			(9,177	)			205				—				(8,972	)			—				—				—				—				(9,177	)			205				—				(8,972	)
Balance at September 30, 2023			(43,571	)			205				—				(43,366	)			464,337				(14,431	)			(588	)			449,318				1,988,557				(14,226	)			(588	)			1,973,743

		Nine Months Ended September 30, 2023
		As Previously Reported				Revenue Adjustments				Other Adjustments				As Restated
Cash flows from operating activities:
Net income		$	67,065			$	(14,431	)		$	(588	)		$	52,046
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			50,942				—				353				51,295
Amortization of debt issuance costs			1,373				—				—				1,373
Stock-based compensation			19,110				—				—				19,110
Deferred income taxes, net			(9,756	)			667				(179	)			(9,268	)
Contingent consideration			(31,266	)			—				—				(31,266	)
Non-cash interest income			(2,023	)			—				—				(2,023	)
Operating lease right of use asset amortization			10,203				—				—				10,203
Other			861				—				414				1,275
Changes in operating assets and liabilities, excluding impact of acquisitions:
Accounts receivable			8,315				—				—				8,315
Inventories			25,979				—				—				25,979
Prepaid expenses and other assets			(10,733	)			(2,016	)			—				(12,749	)
Other assets			(707	)			—				—				(707	)
Accounts payable			(8,619	)			—				—				(8,619	)
Accrued expenses			(28,294	)			15,780				—				(12,514	)
Operating lease liabilities			(7,676	)			—				—				(7,676	)
Long-term liabilities			79				—				—				79
Total cash provided by operating activities			84,853				—				—				84,853
Cash flows from investing activities:
Acquisitions, net of cash acquired			(27,843	)			—				—				(27,843	)
Proceeds from maturity of marketable securities held to maturity			102,323				—				—				102,323
Additions to capitalized software costs			(2,736	)			—				—				(2,736	)
Purchases of property, plant and equipment			(25,135	)			—				—				(25,135	)
Purchase of intellectual property			—				—				—				—
Other investing activities			21				—				—				21
Total cash provided by (used in) investing activities			46,630				—				—				46,630
Cash flows from financing activities:
Proceeds from exercise of stock options			356				—				—				356
Payment of tax withholding obligation on vesting of restricted stock			(12,178	)			—				—				(12,178	)
Repayment of Convertible Senior Notes			(33	)			—				—				(33	)
Payment of earnout consideration			(7,298	)			—				—				(7,298	)
Proceeds from issuance of common stock, net			(13	)			—				—				(13	)
Total cash used in financing activities			(19,166	)			—				—				(19,166	)
Effect of exchange rate changes on cash and cash equivalents			(4,996	)			—				—				(4,996	)
Net increase (decrease) in cash and cash equivalents			107,321				—				—				107,321
Cash, cash equivalents and restricted cash, beginning of period			523,458				—				—				523,458
Cash and cash equivalents, end of period		$	630,779			$	—			$	—			$	630,779
Supplemental disclosure of non-cash investing and financing activities:
Assets acquired under operating leases		$	1,129			$	—			$	—			$	1,129
Fair value of 31,415 shares of common stock issued for the acquisition of      FlexBiosys, Inc.		$	5,465			$	—			$	—			$	5,465
Fair value of 42,621 shares of common stock issued for the Avitide, Inc.      contingent consideration earnout		$	7,229			$	—			$	—			$	7,229

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

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