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Employee Benefits and Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 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 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(In thousands)
Cost of product and service revenues$2,268 $2,160 $4,276 $4,404 
Research and development1,697 2,594 3,303 4,858 
Selling, general, and administrative10,124 12,459 20,552 24,159 
Total share-based compensation expense$14,089 $17,213 $28,131 $33,421 
Assumptions Used to Value ESPP Shares
The following assumptions were used to value shares under the ESPP for the three and six months ended June 30, 2023 and 2022:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Expected life, years
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
31.7% - 63.9%
28.8% - 45.6%
31.7% - 63.9%
28.8% - 45.6%
Risk-free interest rate, %
0.1% - 5.1%
0.1% - 1.5%
0.1% - 5.1%
0.1% - 1.5%
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 six months ended June 30, 2023. There were no stock options granted during the three months ended June 30, 2023, and the three and six months ended June 30, 2022.
Six Months Ended June 30,
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 six months ended June 30, 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(130)41.54 
Expired(72)77.54 
Forfeited(119)80.50 
Outstanding at June 30, 20232,313 $68.16 5.3$26,912 
Exercisable at June 30, 20231,863 $66.78 5.1$23,098 
Vested and expected to vest at June 30, 2023 and thereafter2,282 $68.10 5.3$26,591 
Summary of Restricted Stock Unit Activity
The following table summarizes the RSU activity under the 2009 Plan during the six months ended June 30, 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)244 67.10 
Vested (Released)(129)124.31 
Forfeited(237)114.73 
Outstanding and unvested at June 30, 2023995 $103.00 1.5$73,319 
Summary of Restricted Stock Awards Activity
The following table summarizes the RSA activity under the 2009 Plan during the six months ended June 30, 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)21 72.02 
Vested (Released)(13)109.39 
Outstanding and unvested at June 30, 202321 $72.02 
Summary of Performance-Based Restricted Stock Activity
The following table summarizes the PSU activity under the 2009 Plan during the six months ended June 30, 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(30)139.58 
Forfeited(63)153.89 
Outstanding and unvested at June 30, 2023107 $130.59 
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 June 30, 2023:
Number of Shares
(In thousands)
Stock options outstanding2,313 
Non-vested restricted stock awards1,123 
Shares authorized for future issuance2,932 
ESPP shares available for future issuance3,394 
Total shares reserved for future issuance9,762