v3.26.1
Employee Benefits and Share-Based Compensation
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Cost of product and service revenues$1,655 $1,207 $2,904 $2,925 
Research and development937 1,022 1,670 2,242 
Selling, general, and administrative9,615 8,301 17,131 16,149 
Total share-based compensation expense$12,207 $10,530 $21,705 $21,316 
The Company capitalized approximately $0.8 million and $0.6 million during the three months ended June 30, 2026 and 2025, respectively, and $1.4 million during both the six months ended June 30, 2026 and 2025, 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 and six months ended June 30, 2026 and 2025.
Employee Stock Purchase Plan (“ESPP”)
The following assumptions were used to value shares under the ESPP:
Three and Six Months Ended June 30,
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 six months ended June 30, 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 June 30, 2026, the estimated unrecognized compensation cost related to the shares to be purchased under the ESPP was approximately $6.8 million and is expected to be recognized over a weighted-average period of 1.2 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(5)32.31 
Expired— — 
Forfeited(74)76.22 
Outstanding at June 30, 20261,274 $67.78 2.5$875 
Exercisable at June 30, 20261,274 $67.78 2.5$875 
Vested and expected to vest at June 30, 2026 and thereafter1,274 $67.78 2.5$875 
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 818 34.32 
Vested (250)49.78 
Forfeited(156)38.67 
Outstanding and unvested at June 30, 20262,073 $36.33 1.4$86,061 
As of June 30, 2026, total unrecognized compensation cost related to RSUs was $48.2 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.4 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 199 50.89 
Vested (82)30.78 
Forfeited— — 
Outstanding and unvested at June 30, 2026411 $40.39 
As of June 30, 2026, total unrecognized compensation cost related to PSUs was approximately $6.5 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 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, 2026:
Number of Shares
(In thousands)
Stock options outstanding1,274 
Non-vested restricted stock awards2,522 
Shares authorized for future issuance4,098 
ESPP shares available for future issuance1,802 
Total shares reserved for future issuance9,696 
Stock Repurchase Programs
On May 22, 2025, the Company’s Board of Directors (the “Board”) authorized a new stock repurchase program providing for the repurchase of up to $75.0 million of the Company’s common stock (the “2025 Repurchase Program”). The 2025 Repurchase Program was 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”).
During the three and six months ended June 30, 2026, the Company did not repurchase any of its outstanding common stock under the repurchase programs. 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. The 2016 and 2025 Repurchase Programs were formally concluded during the second quarter of 2025 and 2026, respectively.