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Employee Benefits and Share-Based Compensation
 3 Months Ended
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,
20262025
(In thousands)
Cost of product and service revenues$1,249 $1,718 
Research and development733 1,220 
Selling, general, and administrative7,516 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,
20262025
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, 20251,353 $68.10 3.2$1,787 
Granted— — 
Exercised(2)34.20 
Expired— — 
Forfeited(46)78.34 
Outstanding at March 31, 20261,305 $67.80 2.8$17 
Exercisable at March 31, 20261,305 $67.80 2.8$17 
Vested and expected to vest at March 31, 2026 and thereafter1,305 $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, 20251,661 $39.65 1.5$75,261 
Granted 27 45.30 
Vested (155)48.05 
Forfeited(51)39.62 
Outstanding and unvested at March 31, 20261,482 $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, 2025294 $30.56 
Granted — — 
Vested (54)31.23 
Forfeited— — 
Outstanding and unvested at March 31, 2026240 $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 outstanding1,305 
Non-vested restricted stock awards1,776 
Shares authorized for future issuance3,948 
ESPP shares available for future issuance1,802 
Total shares reserved for future issuance8,831 
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.