v3.25.2
Employee Benefits and Share-Based Compensation
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Cost of product and service revenues$1,207 $1,620 $2,925 $3,175 
Research and development1,022 1,139 2,242 2,214 
Selling, general, and administrative8,301 7,272 16,149 13,283 
Total share-based compensation expense$10,530 $10,031 $21,316 $18,672 
The Company capitalized approximately $0.6 million and $1.0 million during the three months ended June 30, 2025 and 2024, respectively, and $1.4 million and $1.7 million during the six months ended June 30, 2025 and 2024, respectively, of share-based compensation expense to internal-use and external-use software development costs related to internal labor. The Company did not capitalize any material share-based compensation expense to inventory during the three and six months ended June 30, 2025 and 2024.
Employee Stock Purchase Plan (“ESPP”)
The following assumptions were used to value shares under the ESPP:
Three and Six Months Ended June 30,
20252024
Expected life, years
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
45.8% - 58.7%
33.7% - 57.0%
Risk-free interest rate, %
4.1% - 5.2%
1.5% - 5.5%
Dividend yield, % — %— %
For the six months ended June 30, 2025 and 2024, employees purchased approximately 335,000 and 334,000 shares of common stock, respectively, under the ESPP at a weighted-average price of $24.57 and $24.06, respectively.
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, 20241,760 $67.51 3.6$2,619 
Granted— — 
Exercised(1)30.92 
Expired(131)70.64 
Forfeited— — 
Outstanding at June 30, 20251,628 $67.29 3.2$84 
Exercisable at June 30, 20251,627 $67.23 3.2$84 
Vested and expected to vest at June 30, 2025 and thereafter1,628 $67.28 3.2$84 
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, 20241,614 $54.58 1.6$71,849 
Granted 186 33.09 
Vested (186)73.11 
Forfeited(214)54.66 
Outstanding and unvested at June 30, 20251,400 $49.27 1.3$41,166 
As of June 30, 2025, total unrecognized compensation cost related to RSUs was $41.1 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.6 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, 2024177 $28.67 
Granted (Awarded)139 32.66 
Additional granted based on performance achievement135 28.67 
Vested (Released)(97)28.67 
Forfeited— — 
Outstanding and unvested at June 30, 2025354 $30.24 
As of June 30, 2025, total unrecognized compensation cost related to PSUs was approximately $4.3 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.3 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 June 30, 2025:
Number of Shares
(In thousands)
Stock options outstanding1,628 
Non-vested restricted stock awards1,808 
Shares authorized for future issuance4,691 
ESPP shares available for future issuance2,391 
Total shares reserved for future issuance10,518 
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”). As of December 31, 2024, the maximum dollar value of shares that may yet be purchased under the 2016 Repurchase Program was $2.7 million and during the three and six months ended June 30, 2025, the 2016 Repurchase Program was completed.
The timing, price, and volume of repurchases are to be based on a variety of factors, including market conditions, relevant securities laws and regulatory requirements, and other corporate considerations, as determined by the Company’s management. Stock repurchases may be made from time to time on the open market, through block trades, in privately negotiated transactions, accelerated or other structured stock repurchase programs, or pursuant to a Rule 10b5-1 plan. The 2025 Repurchase Program does not obligate the Company to repurchase any specific number of shares, and the Company may terminate or suspend the 2025 Repurchase Program at any time.
During the three and six months ended June 30, 2025, the Company repurchased approximately 536,000 shares of its common stock under the repurchase programs at an average price of $29.24 per share for an aggregate purchase price of approximately $15.7 million. During the three and six months ended June 30, 2024, the Company did not repurchase any of its outstanding common stock under the 2016 Repurchase Program. As of June 30, 2025, the maximum dollar value of shares that may yet be purchased under the 2025 Repurchase Program was $62.1 million.