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Employee Benefits and Share-Based Compensation | 3 Months Ended
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Mar. 31, 2026
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, |  |
| 2026 |  | 2025 |  |  |  |
| (In thousands)
Cost of product and service revenues | $ | 1,249 |  |  | $ | 1,718 |  |  |  |  |
Research and development | 733 |  |  | 1,220 |  |  |  |  |
Selling, general, and administrative | 7,516 |  |  | 7,848 |  |  |  |  |
Total share-based compensation expense | $ | 9,498 |  |  | $ | 10,786 |  |  |  |  |
The Company capitalized approximately $0.6 million and $0.8 million during the three months ended March 31, 2026 and 2025, respectively, of non-cash share-based compensation expense to internal-use and external-use software development costs related to internal labor. The Company did not capitalize any material non-cash share-based compensation expense to inventory during the three months ended March 31, 2026 and 2025. Employee Stock Purchase Plan (“ESPP”) The following assumptions were used to value shares under the ESPP:
| Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
Expected life, years | 0.5 - 2.0 |  | 0.5 - 2.0 |  |  |  |
Expected volatility, % | 47.3% - 58.7% |  | 45.8% - 58.7% |  |  |  |
Risk-free interest rate, % | 3.6% - 4.7% |  | 4.1% - 5.2% |  |  |  |
Dividend yield, % | — | % |  | — | % |  |  |  |
For the three months ended March 31, 2026 and 2025, employees purchased approximately 312,000 and 335,000 shares of common stock, respectively, under the ESPP at a weighted-average price of $24.64 and $24.57, respectively. As of March 31, 2026, the estimated unrecognized compensation cost related to the shares to be purchased under the ESPP was approximately $9.2 million and is expected to be recognized over a weighted-average period of 1.4 years. 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, 2025 | 1,353 |  |  | $ | 68.10 |  |  | 3.2 |  | $ | 1,787 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (2) |  |  | 34.20 |  |  |  |  |
Expired | — |  |  | — |  |  |  |  |
Forfeited | (46) |  |  | 78.34 |  |  |  |  |
Outstanding at March 31, 2026 | 1,305 |  |  | $ | 67.80 |  |  | 2.8 |  | $ | 17 |
Exercisable at March 31, 2026 | 1,305 |  |  | $ | 67.80 |  |  | 2.8 |  | $ | 17 |
Vested and expected to vest at March 31, 2026 and thereafter | 1,305 |  |  | $ | 67.80 |  |  | 2.8 |  | $ | 17 |
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, 2025 | 1,661 |  |  | $ | 39.65 |  |  | 1.5 |  | $ | 75,261 |
Granted | 27 |  |  | 45.30 |  |  |  |  |
Vested | (155) |  |  | 48.05 |  |  |  |  |
Forfeited | (51) |  |  | 39.62 |  |  |  |  |
Outstanding and unvested at March 31, 2026 | 1,482 |  |  | $ | 38.78 |  |  | 1.4 |  | $ | 49,454 |
As of March 31, 2026, total unrecognized compensation cost related to RSUs was $38.0 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.5 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, 2025 | 294 |  |  | $ | 30.56 |
Granted | — |  |  | — |
Vested | (54) |  |  | 31.23 |
Forfeited | — |  |  | — |
Outstanding and unvested at March 31, 2026 | 240 |  |  | $ | 30.41 |
As of March 31, 2026, total unrecognized compensation cost related to PSUs was approximately $1.2 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.4 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, 2026:
| Number of Shares
| (In thousands)
Stock options outstanding | 1,305 |
Non-vested restricted stock awards | 1,776 |
Shares authorized for future issuance | 3,948 |
ESPP shares available for future issuance | 1,802 |
Total shares reserved for future issuance | 8,831 |
Stock Repurchase Programs On May 22, 2025, the Company’s Board of Directors (the “Board”) authorized a new stock repurchase program, which does not expire, providing for the repurchase of up to $75.0 million of the Company’s common stock (the “2025 Repurchase Program”). The 2025 Repurchase Program is in addition to the stock repurchase program approved by the Board on August 2, 2016 providing for the repurchase of up to $50.0 million of the Company’s common stock (the “2016 Repurchase Program”). The 2016 Repurchase Program was completed during the second quarter of 2025. As of March 31, 2026, the 2025 Repurchase Program was substantially completed. During the three months ended March 31, 2026 and 2025, the Company did not repurchase any of its outstanding common stock under the repurchase programs.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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