REPLIGEN CORP, 10-Q filed on 11/4/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Cover [Abstract]    
Amendment Flag false  
Document Type 10-Q  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000730272  
Current Fiscal Year End Date --12-31  
Document Period End Date Sep. 30, 2025  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Securities Act File Number 000-14656  
Entity Registrant Name REPLIGEN CORP  
Entity Filer Category Large Accelerated Filer  
Trading Symbol RGEN  
Title of 12(b) Security Common Stock  
Security Exchange Name NASDAQ  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 04-2729386  
Entity Address, Address Line One 41 Seyon Street, Bldg. 1, Suite 100  
Entity Address, City or Town Waltham  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02453  
City Area Code 781  
Entity Shell Company false  
Smaller reporting company false  
Emerging growth company false  
Local Phone Number 250-0111  
Document Quarterly Report true  
Document Transition Report false  
Entity Common Stock, Shares Outstanding   56,290,749
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 748,747 $ 757,355
Accounts receivable, net of reserves of $2,274 and $1,832 at September 30, 2025 and December 31, 2024, respectively 148,970 134,115
Inventories, net 160,320 142,964
Prepaid expenses and other current assets 38,448 31,607
Total current assets 1,096,485 1,066,041
Property, plant and equipment, net 188,927 197,738
Intangible assets, net 395,442 397,897
Goodwill 1,112,735 1,030,995
Deferred tax assets 856 749
Operating lease right of use assets 124,161 135,378
Other noncurrent assets 5,105 868
Total noncurrent assets 1,827,226 1,763,625
Total assets 2,923,711 2,829,666
Current liabilities:    
Accounts payable 29,426 32,134
Operating lease liabilities 19,314 15,104
Contingent consideration 5,107 17,126
Accrued liabilities 77,289 62,423
Total current liabilities 131,136 126,787
Convertible Senior Notes due 2028, net 537,927 525,567
Deferred tax liabilities 20,135 22,775
Noncurrent operating lease liabilities 131,626 145,576
Noncurrent contingent consideration 2,478 19,662
Other noncurrent liabilities 17,322 16,581
Total noncurrent liabilities 709,488 730,161
Total liabilities 840,624 856,948
Commitments and contingencies (Note 11)
Stockholders' equity:    
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding 0 0
Common stock, $0.01 par value; 80,000,000 shares authorized; 56,283,321 shares at September 30, 2025 and 56,091,677 shares at December 31, 2024 issued and outstanding 563 561
Additional paid-in capital 1,643,670 1,617,336
Accumulated other comprehensive loss (4,107) (52,533)
Retained earnings 442,961 407,354
Total stockholders' equity 2,083,087 1,972,718
Total liabilities and stockholders' equity $ 2,923,711 $ 2,829,666
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Accounts receivable, reserve for doubtful accounts $ 2,274 $ 1,832
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 80,000,000 80,000,000
Common stock, shares issued 56,283,321 56,091,677
Common stock, shares outstanding 56,283,321 56,091,677
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:        
Revenue $ 188,805 $ 154,871 $ 540,343 $ 466,892
Costs and operating expenses:        
Cost of goods sold 88,290 77,383 257,929 231,088
Research and development 14,175 9,710 41,057 31,523
Selling, general and administrative 73,663 75,610 216,145 202,894
Change in fair value of contingent consideration (4,148) 0 (12,087) 0
Total costs and operating expenses 171,980 162,703 503,044 465,505
Income (loss) from operations 16,825 (7,832) 37,299 1,387
Other income (expenses):        
Investment income 6,921 9,130 20,820 27,534
Interest expense (5,414) (5,122) (16,018) (15,269)
Amortization of debt issuance costs (416) (429) (1,243) (1,432)
Other (expenses) income, net (804) 3,104 2,412 (647)
Other income, net 287 6,683 5,971 10,186
Income (loss) before income taxes 17,112 (1,149) 43,270 11,573
Income tax provision (benefit) 2,201 (495) 7,663 3,218
Net income (loss) $ 14,911 $ (654) $ 35,607 $ 8,355
Earnings (loss) per share:        
Basic $ 0.27 $ (0.01) $ 0.63 $ 0.15
Diluted $ 0.26 $ (0.01) $ 0.63 $ 0.15
Weighted average common shares outstanding:        
Basic 56,265 56,012 56,208 55,896
Diluted 56,532 56,012 56,520 56,315
Net Income (Loss) $ 14,911 $ (654) $ 35,607 $ 8,355
Other comprehensive (loss) income:        
Foreign currency translation adjustment (2,391) 9,822 48,426 3,185
Comprehensive income 12,520 9,168 84,033 11,540
Product        
Revenue:        
Revenue 188,766 154,834 540,232 466,784
Royalty and other revenue        
Revenue:        
Revenue $ 39 $ 37 $ 111 $ 108
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Retained Earnings
Balance at Dec. 31, 2023 $ 1,964,845 $ 558 $ 1,569,227 $ (37,808) $ 432,868
Beginning Balance (in shares) at Dec. 31, 2023   55,766,078      
Net Income (Loss) 8,355       8,355
Conversion of debt (114) $ 1 (115)    
Conversion of debt (in shares)   100,944      
Exercise of stock options and vesting of stock units 2,366 $ 2 2,364    
Exercise of stock options and vesting of stock units (in shares)   179,335      
Tax withholding on vesting of restricted stock units (9,404) $ (1) (9,403)    
Tax withholding on vesting of restricted stock units (in shares)   (51,040)      
Issuance of common stock pursuant to contingent consideration earnout payment 5,742   5,742    
Issuance of common stock pursuant to contingent consideration earnout payments   31,408      
Stock-based compensation expense 41,711   41,711    
Translation adjustment 3,185     3,185  
Balance at Sep. 30, 2024 2,016,686 $ 560 1,609,526 (34,623) 441,223
Ending Balance (in shares) at Sep. 30, 2024   56,026,725      
Balance at Jun. 30, 2024 1,984,438 $ 559 1,586,447 (44,445) 441,877
Beginning Balance (in shares) at Jun. 30, 2024   55,902,860      
Net Income (Loss) (654)       (654)
Conversion of debt (7) $ 1 (8)    
Conversion of debt (in shares)   100,942      
Exercise of stock options and vesting of stock units 577   577    
Exercise of stock options and vesting of stock units (in shares)   26,854      
Tax withholding on vesting of restricted stock units (545)   (545)    
Tax withholding on vesting of restricted stock units (in shares)   (3,931)      
Stock-based compensation expense 23,055   23,055    
Translation adjustment 9,822     9,822  
Balance at Sep. 30, 2024 2,016,686 $ 560 1,609,526 (34,623) 441,223
Ending Balance (in shares) at Sep. 30, 2024   56,026,725      
Balance at Dec. 31, 2024 1,972,718 $ 561 1,617,336 (52,533) 407,354
Beginning Balance (in shares) at Dec. 31, 2024   56,091,677      
Net Income (Loss) 35,607       35,607
Exercise of stock options and vesting of stock units 2,141 $ 1 2,140    
Exercise of stock options and vesting of stock units (in shares)   186,437      
Tax withholding on vesting of restricted stock units (7,994)   (7,994)    
Tax withholding on vesting of restricted stock units (in shares)   (53,245)      
Issuance of common stock pursuant to contingent consideration earnout payment 7,568 $ 1 7,567    
Issuance of common stock pursuant to contingent consideration earnout payments   58,452      
Stock-based compensation expense 24,621   24,621    
Translation adjustment 48,426     48,426  
Balance at Sep. 30, 2025 2,083,087 $ 563 1,643,670 (4,107) 442,961
Ending Balance (in shares) at Sep. 30, 2025   56,283,321      
Balance at Jun. 30, 2025 2,061,741 $ 563 1,634,844 (1,716) 428,050
Beginning Balance (in shares) at Jun. 30, 2025   56,253,009      
Net Income (Loss) 14,911       14,911
Exercise of stock options and vesting of stock units 677   677    
Exercise of stock options and vesting of stock units (in shares)   37,164      
Tax withholding on vesting of restricted stock units (824)   (824)    
Tax withholding on vesting of restricted stock units (in shares)   (6,852)      
Stock-based compensation expense 8,973   8,973    
Translation adjustment (2,391)     (2,391)  
Balance at Sep. 30, 2025 $ 2,083,087 $ 563 $ 1,643,670 $ (4,107) $ 442,961
Ending Balance (in shares) at Sep. 30, 2025   56,283,321      
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows for operating activities    
Net income $ 35,607 $ 8,355
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 58,794 51,306
Amortization of debt discount and issuance costs 12,360 11,628
Inventory step-up amortization 1,069 0
Stock-based compensation 24,621 41,711
Deferred income taxes, net (5,784) (4,163)
Change in fair value of contingent consideration (12,087) 0
Net unrealized foreign exchange gain (12,443) 0
Operating lease right of use asset amortization 13,570 12,749
Other adjustments and non-cash items 2,532 107
Changes in operating assets and liabilities, excluding impact of acquisitions:    
Accounts receivable (7,302) (4,631)
Inventories (5,346) 20,131
Prepaid expenses and other current assets (5,494) (2,609)
Other noncurrent assets (1,727) 484
Accounts payable (5,083) 1,780
Accrued liabilities 9,629 5,360
Operating lease liabilities (12,096) (5,849)
Noncurrent liabilities 893 (141)
Total cash provided by operating activities 91,713 136,218
Cash flows from investing activities    
Acquisitions, net of cash acquired (69,954) 0
Additions to capitalized software costs (2,055) (2,774)
Purchases of property, plant and equipment (15,366) (20,137)
Sale of property, plant and equipment 42 1,290
Other investing activities (2,397) 0
Total cash used in investing activities (89,730) (21,621)
Cash flows from financing activities    
Proceeds from exercise of stock options 2,142 2,366
Payment of tax withholding obligation on vesting of restricted stock (7,994) (9,403)
Repayment of Convertible Senior Notes 0 (69,939)
Payment of earnout consideration (9,548) (7,375)
Total cash used in financing activities (15,400) (84,351)
Effect of exchange rate changes on cash and cash equivalents 4,809 2,395
Net (decrease) increase in cash and cash equivalents (8,608) 32,641
Cash and cash equivalents, beginning of period 757,355 751,323
Cash and cash equivalents, end of period 748,747 783,964
Supplemental disclosure of non-cash investing and financing activities:    
Assets acquired under operating leases 4,044 24,087
Fair value of shares of common stock issued for contingent consideration earnouts $ 7,568 $ 5,742
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 14,911 $ (654) $ 35,607 $ 8,355
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

On August 19, 2025, Olivier Loeillot, President and Chief Executive Officer, adopted a trading plan intended to satisfy Rule 10b5-1 under Item 408 of Regulation S-K, to sell up to 43,411 shares of our common stock between December 15, 2025 and December 15, 2026. The trading plan will cease upon the earlier of December 15, 2026 or the sale of all shares subject to the trading plan.

Other than those disclosed above, none of our directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement during the three months ended September 30, 2025.
Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Olivier Loeillot  
Trading Arrangements, by Individual  
Name Olivier Loeillot
Title President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 19, 2025
Expiration Date December 15, 2026
Arrangement Duration 483 days
Aggregate Available 43,411
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
1.
Summary of Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by Repligen Corporation (the “Company”, “Repligen”, “our” or “we”) in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnote disclosures required by GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 14, 2025 (“Form 10-K”).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The business and economic uncertainty resulting from global geopolitical conflicts, supply chain challenges, foreign currency fluctuations and cost pressures on customers' purchasing patterns has made such estimates more difficult to calculate. Accordingly, actual results could differ from those estimates.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal, recurring adjustments necessary for a fair presentation of its financial position as of September 30, 2025, its results of operations for the three and nine months ended September 30, 2025 and 2024 and cash flows for the nine months ended September 30, 2025 and 2024. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the entire year. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

During the three and nine months ended September 30, 2025, the Company made no material changes in the application of its significant accounting policies that were disclosed within Note 2, “Summary of Significant Accounting Policies” included in Part II, Item 8, “Financial Statements and Supplementary Data” to the Company's Form 10-K.

Business Combinations

Total consideration transferred for acquisitions is allocated to the tangible and intangible assets acquired and liabilities assumed, if any, based on their fair values at the dates of acquisition. This purchase price allocation process requires management to make significant estimates and assumptions with respect to intangible assets and deferred revenue. The fair value of identifiable intangible assets is based on detailed valuations that use information and assumptions determined by management. Any excess of purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as any contingent consideration, where applicable, the Company’s estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of comprehensive income. The fair value of contingent consideration includes estimates and judgments made by management regarding the probability that future contingent payments will be made and the extent of royalties to be earned in excess of the defined minimum royalties. Management updates these estimates and the related fair value of contingent consideration at each reporting period. These changes in the fair value of contingent consideration are recorded to contingent consideration in the Company’s condensed consolidated statements of comprehensive income.

The Company typically uses the income approach to determine the fair value of certain identifiable intangible assets including customer relationships and developed technology. This approach determines fair value by estimating after-tax cash flows attributable to these assets over their respective useful lives and then discounting these after-tax cash flows back to a present

value. The Company bases its assumptions on estimates of future cash flows, expected growth rates, expected trends in technology, etc. Discount rates used to arrive at a present value as of the date of acquisition are based on the time value of money and certain industry-specific risk factors. The Company believes the estimated purchased customer relationships, developed technologies, trademark/tradename and other intangible assets identified in its acquisitions represent the fair value at the date of acquisition, and do not exceed the amount a third-party would pay for such assets.

Recent Accounting Guidance

The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) and other recently issued guidance or rule decisions on their condensed consolidated financial statements. Updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial position or results of operations.

Recently Issued Accounting Guidance – Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires disclosure of specific expense categories in the notes to the financial statements. This includes: (i) amounts of purchased inventory, employee compensation, depreciation, amortization and other related costs and expenses; (ii) an explanation of costs and expenses that are not disaggregated on a quantitative basis; and (iii) the definition and total amount of selling expenses. The amendment is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted, and interim reporting periods beginning after December 15, 2027. The amendment should be applied prospectively to financial reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendment is effective for annual reporting periods beginning after December 15, 2024. The Company will apply the amendment on a prospective basis. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its condensed consolidated financial statements and related disclosures.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Disclosure Text Block [Abstract]  
Fair Value Measurements
2.
Fair Value Measurements

The Company uses various valuation approaches in determining the fair value of its assets and liabilities. The Company employs a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows:

Level 1 -

Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

 

 

Level 2 -

Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities.

 

 

Level 3 -

Valuations based on inputs that are unobservable or significant to the overall fair value measurement.

 

 

 

The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement.

Fair Value Measured on a Recurring Basis

Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of September 30, 2025 and December 31, 2024:

 

 

September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Amounts in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

69,787

 

 

$

—

 

 

$

—

 

 

$

69,787

 

Money market accounts

 

 

678,960

 

 

 

—

 

 

 

—

 

 

 

678,960

 

Total assets

 

$

748,747

 

 

$

—

 

 

$

—

 

 

$

748,747

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

—

 

 

$

—

 

 

$

5,107

 

 

$

5,107

 

Noncurrent contingent consideration

 

 

—

 

 

 

—

 

 

 

2,478

 

 

 

2,478

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

7,585

 

 

$

7,585

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,
2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Amounts in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

70,102

 

 

$

—

 

 

$

—

 

 

$

70,102

 

Money market accounts

 

 

687,253

 

 

 

—

 

 

 

—

 

 

 

687,253

 

Foreign exchange forward contracts

 

 

—

 

 

 

287

 

 

 

—

 

 

 

287

 

Total assets

 

$

757,355

 

 

$

287

 

 

$

—

 

 

$

757,642

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

—

 

 

$

17,126

 

 

$

—

 

 

$

17,126

 

Noncurrent contingent consideration

 

 

—

 

 

 

—

 

 

 

19,662

 

 

 

19,662

 

Total liabilities

 

$

—

 

 

$

17,126

 

 

$

19,662

 

 

$

36,788

 

Contingent Consideration – Earnouts

As of September 30, 2025, the maximum amount of future contingent consideration (undiscounted) that the Company could be required to pay in connection with each of its completed acquisitions is $54.5 million over a three-year period for Tantti Laboratory Inc. (“Tantti”), which was acquired in December 2024.

A reconciliation of the change in the fair value of contingent consideration – earnouts is included in the following table (amounts in thousands):

Balance at December 31, 2024

 

$

36,788

 

Decrease in fair value of contingent consideration earnouts

 

 

(12,087

)

Earnout payment - equity element

 

 

(7,568

)

Earnout payment - cash element

 

 

(9,548

)

Balance at September 30, 2025

 

$

7,585

 

 

The recurring Level 3 fair value measurement of our contingent consideration obligations for Tantti include the following significant unobservable inputs (amounts in thousands, except percent data):

Contingent Consideration Earnout

 

Fair Value as of
September 30, 2025

 

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average(1)

Commercialization-based payments

 

 

 

 

Probability-weighted present value

 

Probability of Success

 

0% - 100%

 

83%

 

 

$

3,698

 

 

 

 

Earnout Discount Rate

 

4.7% - 4.9%

 

4.8%

Revenue and Volume-
based payments

 

 

 

 

Monte Carlo
Simulation

 

Volatility

 

34.5%

 

34.5%

 

 

 

 

 

 

 

Revenue & Volume
Discount Rate

 

16.1%

 

16.1%

 

 

$

1,200

 

 

 

 

Earnout Discount Rate

 

4.7% - 5.2%

 

5.0%

Manufacturing line expansions

 

 

 

 

Probability-weighted present value

 

Probability of
 Success

 

0% - 100%

 

100%

 

 

$

2,687

 

 

 

 

Earnout Discount Rate

 

4.7% - 4.9%

 

4.7%

 

(1)
Unobservable inputs were weighted by the relative fair value of the contingent consideration liability.

The fair value of the contingent consideration liability is valued using the inputs noted in the table above. During the three and nine months ended September 30, 2025, the Company adjusted its revenue targets for Tantti based on revised forecasts. Accordingly, during the three and nine months ended September 30, 2025, the Company recognized a gain of $4.1 million and $12.1 million, respectively, related to the change in fair value of contingent consideration. Changes in the projected performance of the acquired business could result in a higher or lower contingent consideration obligation in the future.

Fair Value of Other Financial Instruments

The fair value of outstanding foreign exchange forward contracts are valued using quoted forward foreign exchange prices at the reporting date. See Note 3, “Derivative Instruments”, for additional information.

Convertible Senior Notes

At September 30, 2025 and December 31, 2024, the fair value of the Company’s 1.00% Convertible Senior Notes due 2028 (the “2023 Notes”) was $598.8 million and $546.1 million, respectively. The fair value of the 2023 Notes is a Level 1 valuation and was determined based on the most recent trade activity of the 2023 Notes as of September 30, 2025 and December 31, 2024. See Note 9, “Convertible Senior Notes”, for additional information.

Fair Value Measured on a Nonrecurring Basis

During the three and nine months ended September 30, 2025, there were no re-measurements to the fair value of financial assets and liabilities that are measured at fair value on a nonrecurring basis.
v3.25.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
3.
Derivative Instruments

The primary risk managed by the Company using derivative instruments is foreign exchange risk. Foreign exchange forward contracts are entered into as hedges against unfavorable fluctuations in the United States (“U.S.”) dollar to Swedish krona (SEK) exchange rates. The Company does not apply hedge accounting to these contracts because these derivative instruments are not qualified as accounting hedges; therefore the changes in fair value are recorded in the condensed consolidated statements of comprehensive income. By using derivative instruments to mitigate exposures to changes in foreign exchange rates, the Company is exposed to credit risk from the failure of the counterparty to perform under the terms of the contract. The credit or repayment risk is minimized by entering into transactions with high-quality counterparties.

There were no outstanding contracts at September 30, 2025. The notional amounts of the outstanding contracts at December 31, 2024 were as follows (amounts in thousands):

Settlement

 

U.S. Dollar Amount

 

 

SEK Amount

 

May 2025

 

$

26,481

 

 

 

289,967

 

September 2025

 

 

62,550

 

 

 

679,418

 

 

 

$

89,031

 

 

 

969,385

 

The fair value of outstanding derivative instruments recorded in the accompanying condensed consolidated balance sheets were as follows:

 

 

 

 

December 31, 2024

 

Derivatives not designated or not qualifying as hedging instruments

 

Balance Sheet Location

 

(Amounts in thousands)

 

Foreign exchange forward contracts

 

Prepaid expenses and other current assets

 

$

287

 

The effects of derivative instruments on the condensed consolidated statements of comprehensive income were as follows:

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

September 30, 2025

 

Derivatives not designated or not qualifying as hedging instruments

 

Location of loss recognized on derivatives

 

(Amounts in thousands)

 

Foreign exchange forward contracts

 

Other (expenses) income, net

 

$

(358

)

 

$

(9,067

)
v3.25.3
Acquisitions
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions
4.
Acquisitions

2025 Acquisition

908 Devices Inc. Bioprocessing Analytics Portfolio

On March 4, 2025, the Company completed its acquisition of 908 Devices Inc.’s (“908 Devices”) desktop portfolio of four devices for bioprocessing process analytical technology applications (“PAT Portfolio”). In connection with the transaction, Repligen also acquired facilities, employees, equipment and lease obligations for facilities in North Carolina and Braunschweig, Germany as well as certain working capital balances related to the PAT Portfolio. This transaction is referred to as the 908 Devices PAT Portfolio acquisition.

Consideration Transferred

The Company accounted for the 908 Devices PAT Portfolio acquisition as a purchase of a business under Accounting Standards Codification (“ASC”) 805, “Business Combinations.” Under the securities and asset purchase agreement, the PAT portfolio and associated net assets were acquired for cash consideration of $69.9 million, subject to a working capital adjustment to be finalized in a future period. Under the acquisition method of accounting, the assets acquired and liabilities assumed were recorded as of the acquisition date, at their respective fair values and consolidated with those of the Company. The provisional fair value of the net tangible assets acquired is estimated to be $6.2 million, the provisional fair value of intangible assets acquired is estimated to be $13.6 million and the residual provisional goodwill is estimated to be $50.1 million. Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which such costs are incurred. The Company has incurred $10.5 million of transaction and integration costs associated with the 908 Devices PAT Portfolio acquisition from the date of acquisition to September 30, 2025, of which $2.1 million and $10.5 million were incurred during the three and nine months ended September 30, 2025, respectively. The transaction and integration costs are included in operating expenses in the condensed consolidated statements of comprehensive income.

Fair Value of Net Assets Acquired

The preliminary purchase price allocation is based on the fair value of assets acquired and liabilities assumed as of the acquisition date. As of September 30, 2025, the purchase accounting for this acquisition has not been finalized and has been recorded on a provisional basis. As additional information becomes available, the Company may further revise its preliminary purchase price allocation during the remainder of the measurement period. The Company expects to finalize this determination during or before the quarter ending March 31, 2026. Amounts recorded on a provisional basis include but are not limited to intangible assets, working capital accounts including inventories, deferred tax accounts, deferred revenues, lease assets and goodwill.

The components and estimated allocation of the purchase price consist of the following (amounts in thousands):

Cash and cash equivalents

 

$

191

 

Accounts receivable

 

 

1,110

 

Inventory

 

 

6,946

 

Prepaid expenses and other current assets

 

 

535

 

Property and equipment

 

 

1,698

 

Operating lease right of use assets

 

 

2,552

 

Other assets, long-term

 

 

41

 

Customer relationships

 

 

5,040

 

Developed technology

 

 

6,910

 

Trademark and tradename

 

 

1,660

 

Goodwill

 

 

50,057

 

Accounts payable

 

 

(208

)

Accrued liabilities

 

 

(542

)

Operating lease liabilities

 

 

(2,552

)

Deferred revenue

 

 

(2,366

)

Deferred tax liability

 

 

(1,161

)

Fair value of net assets acquired

 

$

69,911

 

There were no significant changes to the preliminary purchase price allocation during the three and nine months ended September 30, 2025.

Acquired Goodwill

The provisional goodwill of $50.1 million represents future economic benefits expected to arise from anticipated synergies from the integration of the PAT Portfolio into the Company. These synergies include operating efficiencies and strategic benefits projected to be achieved as a result of the 908 Devices PAT Portfolio acquisition. Goodwill is calculated based on the acquired assets in the United States and Germany. Goodwill related to the United States of $39.2 million is deductible for income tax purposes. The goodwill of $10.9 million related to Germany is expected to be nondeductible for income tax purposes.

Intangible Assets

The following table sets forth the components of the identified intangible assets (determined on a provisional basis and thus subject to change during the measurement period) associated with the 908 Devices PAT Portfolio acquisition and their estimated useful lives:

 

 

Useful life

 

Fair Value

 

 

 

 

 

(Amounts in thousands)

 

Customer relationships

 

8 - 9 years

 

$

5,040

 

Developed technology

 

10 - 12 years

 

 

6,910

 

Trademark and tradename

 

13 - 14 years

 

 

1,660

 

 

 

 

 

$

13,610

 

2024 Acquisition

Tantti Laboratory Inc.

On December 2, 2024, the Company's subsidiary, Repligen Sweden AB, acquired Tantti from the former shareholders of Tantti (“Tantti Seller”) pursuant to a share swap agreement, dated as of July 27, 2024 (such acquisition, the “Tantti Acquisition” and such agreement, the “Share Swap Agreement”), by and among Repligen Sweden AB, the Tantti Seller and the Company, in its capacity as guarantor of the obligations of Repligen Sweden AB under the share purchase agreement (the “Share Purchase Agreement”).

Tantti, headquartered in Taoyuan City, Taiwan, has developed a unique portfolio of macroporous chromatography beads to optimize the purification of new modalities including viral vectors, viruses, nucleic acids and other large molecule biologics. The addition of Tantti further strengthens our portfolio in the new modality space.

Consideration Transferred

The Company accounted for the Tantti Acquisition as a purchase of a business under ASC 805, “Business Combinations.” Under the Share Swap Agreement, all outstanding equity interests of Tantti were acquired for consideration with a value totaling $75.1 million. The Tantti Acquisition was funded through payment of $55.4 million in cash and contingent consideration with an estimated fair value of $19.7 million as of the acquisition date. Under the acquisition method of accounting, the assets acquired and liabilities assumed were recorded as of the acquisition date, at their respective fair values and consolidated with those of the

Company. The provisional fair value of the net tangible liabilities acquired is estimated to be $0.8 million, the provisional fair value of the intangible assets acquired is estimated to be $28.9 million and the residual provisional goodwill is estimated to be $46.9 million. Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which costs are incurred. The Company incurred $4.2 million of transaction and integration costs associated with the Tantti Acquisition from the date of acquisition to September 30, 2025, of which $0.8 million and $2.6 million were incurred during the three and nine months ended September 30, 2025, respectively. The transaction costs are included in operating expenses in the condensed consolidated statements of comprehensive income.

Fair Value of Net Assets Acquired

The preliminary purchase price allocation is based on the fair value of assets acquired and liabilities assumed as of the acquisition date. As of September 30, 2025, the purchase accounting for this acquisition has not been finalized and has been recorded on a provisional basis. As additional information becomes available, the Company may further revise its preliminary purchase price allocation during the remainder of the measurement period. The Company expects to finalize this determination during or before the quarter ending December 31, 2025. The components and estimated allocation of the purchase price consist of the following (amounts in thousands):

Cash and cash equivalents

 

$

85

 

Accounts receivable

 

 

1

 

Inventory

 

 

41

 

Prepaid expenses and other current assets

 

 

321

 

Property and equipment

 

 

731

 

Operating lease right of use asset

 

 

637

 

Other assets, long-term

 

 

81

 

Developed technology

 

 

28,910

 

Goodwill

 

 

46,943

 

Accounts payable

 

 

(18

)

Accrued liabilities

 

 

(510

)

Operating lease liabilities

 

 

(627

)

Deferred tax liability

 

 

(1,515

)

Fair value of net assets acquired

 

$

75,080

 

There were no significant changes to the preliminary purchase price allocation during the three and nine months ended September 30, 2025.

Acquired Goodwill

The provisional goodwill of $46.9 million represents future economic benefits expected to arise from anticipated synergies from the integration of Tantti into the Company. These synergies include operating efficiencies and strategic benefits projected to be achieved as a result of the Tantti Acquisition. Substantially all of the goodwill recorded is expected to be nondeductible for income tax purposes.

Intangible Assets

The identified intangible asset (determined on a provisional basis and thus subject to change during the measurement period) associated with the Tantti Acquisition is developed technology of $28.9 million with a useful life of nine years.

v3.25.3
Restructuring Activities and Other Inventory-Related Charges
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Activities and Other Inventory-Related Charges
5.
Restructuring Activities and Other Inventory-Related Charges

In July 2023, the Board of Directors authorized the Company's management team to undertake restructuring activities to simplify and streamline our organization and strengthen the overall effectiveness of our operations. Since the initial streamlining and rebalancing efforts contemplated in July 2023, and with the introduction of new management in the second half of 2024, the Company continued to undertake further restructuring activities (collectively, the “Restructuring Plan”) which has included consolidating a portion of our manufacturing operations between certain U.S. locations, writing-off abandoned equipment with the rationalization of excess production line capacity and discontinuing the sale of certain product SKUs. In addition, the Company evaluated the net realizable value of finished goods and raw materials to meet rapidly changing demand during a challenging supply chain environment in the industry during 2023 and 2024.

The Company recorded pre-tax restructuring charges of $4.1 million for the nine months ended September 30, 2025, and pre-tax charges of $2.9 million and $5.3 million for the three and nine months ended September 30, 2024, respectively, related to the Restructuring Plan. The Restructuring Plan was completed during the second quarter of 2025. The Company does not expect to incur further significant charges related to the Restructuring Plan. As of September 30, 2025, the total pre-tax restructuring

activity incurred related to the Restructuring Plan and other inventory-related charges is $83.3 million, of which $59.7 million related to other inventory-related charges. For more information, see Note 6, “Restructuring Activities and Other Inventory-Related Charges” included in Part II, Item 8, “Financial Statements and Supplementary Data” to the Company's Form 10-K.

The following tables summarize the charges related to restructuring activities by type of cost for the periods presented on the Company’s condensed consolidated statements of comprehensive income:

 

 

Nine Months Ended September 30, 2025

 

 

 

Severance and Employee-Related Costs

 

 

Facility and Other Exit Costs

 

 

Total

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

217

 

 

$

2,250

 

 

$

2,467

 

Research and development

 

 

(69

)

 

 

867

 

 

 

798

 

Selling, general and administrative

 

 

49

 

 

 

821

 

 

 

870

 

 

 

$

197

 

 

$

3,938

 

 

$

4,135

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

Severance and Employee-Related Costs

 

 

Facility and Other Exit Costs

 

 

Total

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

23

 

 

$

1,461

 

 

$

1,484

 

Selling, general and administrative

 

 

631

 

 

 

1,037

 

 

 

1,668

 

Other (expenses) income, net

 

 

—

 

 

 

(234

)

 

 

(234

)

 

 

$

654

 

 

$

2,264

 

 

$

2,918

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

Severance and Employee-Related Costs

 

 

Accelerated Depreciation

 

 

Facility and Other Exit Costs

 

 

Total

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

876

 

 

$

19

 

 

$

1,661

 

 

$

2,556

 

Research and development

 

 

449

 

 

 

—

 

 

 

—

 

 

 

449

 

Selling, general and administrative

 

 

1,486

 

 

 

—

 

 

 

1,054

 

 

 

2,540

 

Other (expenses) income, net

 

 

—

 

 

 

—

 

 

 

(234

)

 

 

(234

)

 

 

$

2,811

 

 

$

19

 

 

$

2,481

 

 

$

5,311

 

Severance and employee-related costs under the Restructuring Plan are primarily associated with actual headcount reductions. Costs incurred include cash severance and non-cash severance, including other termination benefits. Severance and other termination benefit packages are based on established benefit arrangements or local statutory requirements and we recognized the contractual component of these benefits when payment was probable and could be reasonably estimated.

The Company’s manufacturing strategy and footprint were reviewed as a part of our 2024 annual strategic planning and budget session. These exit activities initiated in 2024 were completed in the second quarter of 2025.

As of September 30, 2025, there was no restructuring liability remaining in the condensed consolidated balance sheets. Activity related to the Restructuring Plan for the nine months ended September 30, 2025 was as follows:

 

 

Restructuring Liability
December 31, 2024

 

 

Restructuring Costs

 

 

Amounts Paid in 2025

 

 

Non-cash Restructuring Items

 

 

Restructuring Liability
September 30, 2025

 

 

 

(Amounts in thousands)

 

Severance & employee-related costs

 

$

516

 

 

$

197

 

 

$

(395

)

 

$

(318

)

 

$

—

 

Facility and other exit costs

 

 

—

 

 

 

3,938

 

 

 

(505

)

 

 

(3,433

)

 

 

—

 

Total

 

$

516

 

 

$

4,135

 

 

$

(900

)

 

$

(3,751

)

 

$

—

 
v3.25.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Revenue Recognition
6.
Revenue Recognition

Disaggregation of Revenue

Revenues for the three and nine months ended September 30, 2025 and 2024 were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Product revenue

 

$

188,766

 

 

$

154,834

 

 

$

540,232

 

 

$

466,784

 

Royalty and other revenue

 

 

39

 

 

 

37

 

 

 

111

 

 

 

108

 

Total revenue

 

$

188,805

 

 

$

154,871

 

 

$

540,343

 

 

$

466,892

 

When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. Because its revenues are from bioprocessing customers, there are no differences in the nature, timing and uncertainty of the Company’s revenues and cash flows from any of its product lines. However, given that the Company’s revenues are generated in different geographic regions, factors such as regulatory, economic and geopolitical developments within those regions could impact the nature, timing and uncertainty of the Company’s revenues and cash flows.

Disaggregated revenue from contracts with customers by geographic region and revenue from significant customers can be found in Note 15, “Segment Reporting.” For more information regarding product revenue, see Note 8, “Revenue Recognition” included in Part II, Item 8, “Financial Statements and Supplementary Data” to the Company's Form 10-K.

Contract Balances from Contracts with Customers

The following table provides information about receivables and deferred revenue from contracts with customers as of September 30, 2025 and December 31, 2024:

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Balances from contracts with customers only:

 

 

 

 

 

 

Accounts receivable

 

$

148,970

 

 

$

134,115

 

Deferred revenue (included in accrued liabilities and other noncurrent liabilities in the condensed consolidated balance sheets)

 

$

16,387

 

 

$

13,597

 

During the nine months ended September 30, 2025, the Company recognized $9.9 million of revenue that was deferred and included within accrued liabilities and other noncurrent current liabilities as of December 31, 2024. During the nine months ended September 30, 2024, the Company recognized $15.4 million of revenue that was deferred and included within accrued liabilities and other noncurrent current liabilities as of December 31, 2023.

The timing of revenue recognition, billings and cash collections results in the accounts receivable and deferred revenue balances on the Company’s condensed consolidated balance sheets.
v3.25.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
7.
Goodwill and Intangible Assets

Goodwill

The following table represents the change in the carrying value of goodwill for the nine months ended September 30, 2025 (amounts in thousands):

Balance at December 31, 2024

 

$

1,030,995

 

Acquisition of 908 Devices PAT Portfolio

 

 

50,057

 

Measurement period adjustment - Tantti Laboratory Inc.

 

 

(162

)

Cumulative translation adjustment

 

 

31,845

 

Balance at September 30, 2025

 

$

1,112,735

 

The Company’s annual impairment analysis of goodwill was performed as of October 1, 2025. The qualitative assessment of the Company’s one reporting unit indicated there were no indications of impairment and it was not more likely than not that its fair value was less than its carrying amount.

Intangible assets

Indefinite-lived intangible assets are reviewed for impairment at least annually. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. There has been no impairment of the Company’s intangible assets for the periods presented.

Intangible assets, net, consisted of the following at September 30, 2025 and December 31, 2024:

 

 

September 30, 2025

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Weighted
Average
Useful Life
(in years)

 

 

 

(Amounts in thousands)

 

 

 

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Technology – developed

 

$

301,650

 

 

$

(76,826

)

 

$

224,824

 

 

 

15

 

Customer relationships

 

 

277,276

 

 

 

(115,577

)

 

 

161,699

 

 

 

15

 

Trademarks

 

 

10,539

 

 

 

(2,783

)

 

 

7,756

 

 

 

18

 

Other intangibles

 

 

4,006

 

 

 

(3,543

)

 

 

463

 

 

 

3

 

Total finite-lived intangible assets

 

 

593,471

 

 

 

(198,729

)

 

 

394,742

 

 

 

15

 

Indefinite-lived intangible asset:

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks

 

 

700

 

 

 

—

 

 

 

700

 

 

 

—

 

Total intangible assets

 

$

594,171

 

 

$

(198,729

)

 

$

395,442

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Weighted
Average
Useful Life
(in years)

 

 

 

(Amounts in thousands)

 

 

 

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Technology – developed

 

$

283,380

 

 

$

(60,272

)

 

$

223,108

 

 

 

16

 

Customer relationships

 

 

267,599

 

 

 

(100,646

)

 

 

166,953

 

 

 

15

 

Trademarks

 

 

8,641

 

 

 

(2,283

)

 

 

6,358

 

 

 

19

 

Other intangibles

 

 

3,812

 

 

 

(3,034

)

 

 

778

 

 

 

3

 

Total finite-lived intangible assets

 

 

563,432

 

 

 

(166,235

)

 

 

397,197

 

 

 

15

 

Indefinite-lived intangible asset:

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks

 

 

700

 

 

 

—

 

 

 

700

 

 

 

—

 

Total intangible assets

 

$

564,132

 

 

$

(166,235

)

 

$

397,897

 

 

 

 

Amortization expense for finite-lived intangible assets was $9.9 million and $8.6 million for each of the three months ended September 30, 2025 and 2024, respectively, and $29.3 million and $26.0 million for each of the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company expects to record the following amortization expense in future periods:

 

 

Amounts in thousands

 

 

 

 

 

For the Years Ended December 31,

 

 

 

2025 (remaining three months)

 

$

9,864

 

2026

 

 

39,394

 

2027

 

 

39,358

 

2028

 

 

39,324

 

2029

 

 

39,214

 

2030 and thereafter

 

 

227,588

 

Total

 

$

394,742

 
v3.25.3
Condensed Consolidated Balance Sheets Detail
 9 Months Ended
Sep. 30, 2025
Disclosure Text Block [Abstract]  
Consolidated Balance Sheet Detail
8.
Condensed Consolidated Balance Sheets Detail

Inventories, net

Inventories, net consists of the following:

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Raw materials

 

$

79,312

 

 

$

82,208

 

Work-in-process

 

 

8,838

 

 

 

4,542

 

Finished products

 

 

72,170

 

 

 

56,214

 

Total inventories, net

 

$

160,320

 

 

$

142,964

 

 

Property, plant and equipment, net

Property, plant and equipment, net consists of the following:

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Land

 

$

908

 

 

$

824

 

Buildings

 

 

763

 

 

 

675

 

Leasehold improvements

 

 

150,168

 

 

 

145,256

 

Equipment

 

 

144,300

 

 

 

130,413

 

Furniture, fixtures and office equipment

 

 

11,315

 

 

 

9,999

 

Computer hardware and software

 

 

49,359

 

 

 

44,323

 

Construction in progress

 

 

25,149

 

 

 

28,211

 

Other

 

 

549

 

 

 

504

 

Total property, plant and equipment

 

 

382,511

 

 

 

360,205

 

Less - Accumulated depreciation

 

 

(193,584

)

 

 

(162,467

)

Total property, plant and equipment, net

 

$

188,927

 

 

$

197,738

 

Accrued liabilities

Accrued liabilities consist of the following:

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Employee compensation

 

$

36,039

 

 

$

32,163

 

Deferred revenue

 

 

15,681

 

 

 

13,243

 

Income taxes payable

 

 

2,852

 

 

 

1,423

 

Other

 

 

22,717

 

 

 

15,594

 

Total accrued liabilities

 

$

77,289

 

 

$

62,423

 
v3.25.3
Convertible Senior Notes
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Convertible Senior Notes
9.
Convertible Senior Notes

The carrying value of the Company's Convertible Senior Notes is as follows:

 

 

September 30,
2025

 

 

December 31,
2024

 

 

 

(Amounts in thousands)

 

1.00% Convertible Senior Notes due 2028:

 

 

 

 

 

 

Principal amount

 

$

600,000

 

 

$

600,000

 

Unamortized debt discount

 

 

(56,595

)

 

 

(67,712

)

Unamortized debt issuance costs

 

 

(5,478

)

 

 

(6,721

)

Carrying amount - Convertible Senior Notes due 2028, net

 

$

537,927

 

 

$

525,567

 

1.00% Convertible Senior Notes due 2028

On December 14, 2023, the Company issued $600.0 million aggregate principal amount of its 2023 Notes pursuant to the Exchange and Subscription Agreements with a limited number of holders of the 0.375% Convertible Senior Notes due 2024 (the “2019 Notes”) and certain other qualified institutional buyers pursuant to Rule 144A under the Securities Act. Pursuant to the Exchange and Subscription Agreements, the Company exchanged $217.7 million of its 2019 Notes, which were cancelled upon exchange, for $309.9 million aggregate principal amount of the 2023 Notes (the “Exchange Transaction”) and issued $290.1 million aggregate principal amount of the 2023 Notes in a private placement to accredited institutional buyers (the “Subscription Transactions”) for $290.1 million in cash.

The Company evaluated the Exchange Transaction and determined approximately $29.6 million of the $217.7 million principal of the exchanged 2019 Notes should be accounted for as extinguishment of debt and approximately $188.1 million should be accounted for as modification of debt. As a result, the Company recognized a $12.7 million loss on extinguishment of debt in its consolidated statements of comprehensive income for the year ended December 31, 2023, inclusive of $0.1 million of unamortized debt issuance costs. Under debt modification accounting, the carrying amount of the modified 2019 Notes was reduced by $2.8 million, with a corresponding increase to additional paid-in capital, to account for the increase in the fair value of the embedded conversion option, representing a debt discount of the modified 2019 Notes. The aggregate debt discount of $56.6 million as of September 30, 2025 is comprised of a $54.8 million increase in principal of the modified 2019 Notes and a $1.8 million increase in the fair value of the embedded conversion option. The aggregate debt discount of $67.7 million as of December 31, 2024, is comprised of $65.5 million increase in principal of the modified 2019 Notes and a $2.2 million increase in the fair value of the embedded conversion option. These amounts are presented in their respective periods as a direct reduction

from the carrying value of the convertible debt in our condensed consolidated balance sheets. This amount is being accreted into interest expense in the condensed consolidated statements of comprehensive income using the effective interest method over the term of the 2023 Notes.

Proceeds from the Subscription Transactions were $276.1 million, net of debt issuance costs of $13.9 million. The Exchange Transaction resulted in $6.2 million of the debt issuance costs related to the modified 2019 Notes, which were expensed as incurred in accordance with debt modification accounting, and $7.7 million of deferred debt issuance costs related to the 2023 Notes, which were recorded as a direct deduction to the carrying value of the 2023 Notes on the Company’s condensed consolidated balance sheets. The Company is amortizing the $7.8 million of debt issuance costs of the 2023 Notes into amortization of debt issuance costs in the Company’s condensed consolidated statements of comprehensive income over the remaining term of the 2023 Notes.

The Company used $14.4 million of the proceeds from the Subscription Transactions to repurchase shares of its common stock from certain purchasers of the 2023 Notes. For more information regarding this repurchase, see Note 13, “Stockholders’ Equity - Share Repurchases” included in Part II, Item 8, “Financial Statements and Supplementary Data,” to the Company's Form 10-K. The Company also used a portion of the proceeds to finance in part, the settlement upon redemption of the remaining 2019 Notes at maturity. The remainder of the proceeds were used for working capital.

The 2023 Notes are senior, unsecured obligations of the Company, and bear interest at a rate of 1.00% per year and have an effective interest rate of 4.39%. Interest is payable semi-annually in arrears on each of June 15 and December 15, which commenced on June 15, 2024. The 2023 Notes will mature on December 15, 2028, unless earlier redeemed, repurchased or converted. During the third quarter of 2025, the closing price of the Company’s common stock did not exceed 130% of the conversion price of the 2023 Notes for more than 20 trading days of the last 30 consecutive trading of the quarter. As a result, the 2023 Notes are not convertible at the option of the holders of the 2023 Notes during the fourth quarter of 2025, the quarter immediately following the quarter when the conditions are met, as stated in the indenture governing the 2023 Notes. Because the 2023 Notes were not convertible as of September 30, 2025, the Company continues to classify the carrying value of the 2023 Notes of $537.9 million as noncurrent liabilities on the Company’s condensed consolidated balance sheet at September 30, 2025.

The initial conversion rate for the 2023 Notes is 4.9247 shares of the Company’s common stock per $1,000 principal amount of 2023 Notes, which is equivalent to an initial conversion price of $203.06 per share and represents a 30% premium over the last reported sale price of $156.20 per share on December 6, 2023, the date on which the 2023 Notes were priced. Prior to the close of business on the business day immediately preceding September 15, 2028, the 2023 Notes will be convertible at the option of the holders of 2023 Notes only upon the satisfaction of the specified conditions mentioned above into cash up to their principal amount, and into cash, shares of the Company’s common stock or a combination thereof, at the Company’s election, for the conversion value above the principal amount, if any. Thereafter until the close of business on the second scheduled trading day immediately preceding the maturity date, the 2023 Notes will be convertible at the option of the holders of 2023 Notes at any time regardless of these conditions. The Company may redeem for cash, all or a portion of the 2023 Notes, at its option, on or after December 18, 2026 and prior to the 21st scheduled trading day immediately preceding the maturity date at a redemption price of 100% of the principal amount of the 2023 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, if certain conditions are met in accordance with the indenture governing the 2023 Notes. For more information on the 2023 Notes, see Note 15, “Convertible Senior Notes” included in Part II, Item 8, “Financial Statements and Supplementary Data” to the Company's Form 10-K.

The following table sets forth total interest expense recognized related to the 2019 and 2023 Notes for the three and nine months ended September 30, 2025 and 2024:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Contractual interest expense - 2023 Notes

 

$

1,500

 

 

$

1,500

 

 

$

4,500

 

 

$

4,500

 

Amortization of debt discount - 2023 Notes

 

 

3,786

 

 

 

3,473

 

 

 

11,117

 

 

 

10,197

 

Amortization of debt issuance costs - 2023 Notes

 

 

416

 

 

 

410

 

 

 

1,243

 

 

 

1,190

 

Contractual interest expense - 2019 Notes

 

 

—

 

 

 

11

 

 

 

—

 

 

 

141

 

Amortization of debt issuance costs - 2019 Notes

 

 

—

 

 

 

19

 

 

 

—

 

 

 

243

 

Total

 

$

5,702

 

 

$

5,413

 

 

$

16,860

 

 

$

16,271

 

 
v3.25.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity
10.
Stockholders’ Equity

Stock Option and Incentive Plans

Under the Company’s current 2018 Stock Option and Incentive Plan (the “2018 Plan”), the number of shares of the Company’s common stock that were reserved and available for issuance was 2,778,000, plus the number of shares of common stock that were available for issuance under the Company’s previous equity plans. The shares of common stock underlying any awards under the 2018 Plan and previous equity plans (together, the “Plans”) that are forfeited, canceled or otherwise terminated (other than by exercise) shall be added back to the shares of stock available for issuance under the 2018 Plan. At September 30, 2025, 1,187,708 shares were available for future grants under the 2018 Plan.

Former Chief Executive Officer Accounting Modifications

On June 12, 2024, upon approval by the Board, the Company entered into the Fourth Amended and Restated Employment Agreement (the “Transition Agreement”) with the Company's former Chief Executive Officer (“CEO”), Tony J. Hunt, which amends and restates Mr. Hunt's Third Amended and Restated Employment Agreement with the Company dated as of May 26, 2022. Under the terms of the Transition Agreement, Mr. Hunt relinquished his position as the Company's CEO effective September 1, 2024 (the “Transition Date”) and transitioned to a new role as Executive Chair of the Board beginning on the Transition Date (the “CEO Transition”). It is anticipated that Mr. Hunt will continue to be involved in the business as the Executive Chair of the Board until March 2026 and will continue to be employed by the Company as an advisor thereafter, until March 2027.

Under the terms of the Transition Agreement and the award agreements governing Mr. Hunt’s outstanding equity awards, Mr. Hunt’s unvested stock awards will continue to vest in accordance with their original terms. Furthermore, on June 28, 2024, the Company entered into an amendment (the “2024 Award Amendment”) to the equity awards granted to Mr. Hunt in 2024, which consisted of a stock option, restricted stock units (“RSUs”) and performance stock units (“PSUs” and together with the RSUs, the “2024 Grants”). Pursuant to the terms of the 2024 Award Amendment, two-thirds of the 2024 Grants were forfeited, which equates to 32,776 shares of the Company’s common stock.

Although Mr. Hunt’s unvested equity awards continue to vest in accordance with their original terms and there has been no amendment to Mr. Hunt’s outstanding equity awards other than the 2024 Award Amendment, the Company determined that under ASC 718, “Compensation - Stock Compensation”, the CEO Transition represented a significant reduction in Mr. Hunt’s operating role with the Company for accounting purposes. This determination resulted in a Type III accounting modification of certain of Mr. Hunt’s unvested stock awards (improbable to probable) under ASC 718 (the “Equity Modification”) on June 12, 2024. As a result, for accounting purposes only, Mr. Hunt’s unvested awards were deemed cancelled and a new grant issued for his unvested shares with the value of these awards recalculated using a price of $136.00 per share, which was the opening stock price of the first day of trading following the public announcement of the CEO Transition.

As a result of the Equity Modification, the Company recognized stock-based compensation expense for the modified awards of $22.4 million over the remaining requisite service period, which the Company determined to be between June 13, 2024 and September 1, 2024 and represented the remaining service period of Mr. Hunt’s role as CEO.

The Company determined that the PSUs granted to Mr. Hunt in 2022 and 2023 should be accounted for as a Type IV accounting modification (improbable to improbable) in accordance with ASC 718, because vesting conditions before and after June 12, 2024 were improbable of being achieved.

Stock Issued for Earnout Payments

In April 2025, the Company issued 52,935 shares of its common stock to former securityholders of Avitide to satisfy the final contingent consideration obligation established under the Agreement and Plan of Merger and Reorganization (the “Avitide Agreement”) which the Company entered into as part of the acquisition of Avitide in September 2021.

In April 2025, the Company issued 5,517 shares of its common stock to former securityholders of FlexBiosys, Inc. (“FlexBiosys”) to satisfy the final contingent consideration obligation established under the Equity Purchase Agreement (the “FlexBiosys Agreement”), which the Company entered into as part of the acquisition of FlexBiosys in April 2023.

In April 2024, the Company issued 28,638 shares of its common stock to former securityholders of Avitide to satisfy the contingent consideration obligation established under the Avitide Agreement.

In March 2024, the Company issued 2,770 shares of its common stock to former securityholders of FlexBiosys to satisfy the contingent consideration obligation established under the FlexBiosys Agreement.

See Note 5, “Acquisitions”, included in Part II, Item 8, “Financial Statements and Supplementary Data” to the Company's Form 10-K for additional information on the acquisitions of Avitide and FlexBiosys and the contingent consideration. The shares issued to FlexBiosys represent 20% of the earnout consideration earned in the First Earnout Year (as defined in the FlexBiosys Agreement) and the shares issued to Avitide represents 50% of the earnout consideration earned in the Second Earnout Year (as defined in the Avitide Agreement).

Stock-Based Compensation

The following table presents stock-based compensation expense in the Company’s condensed consolidated statements of comprehensive income:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

612

 

 

$

396

 

 

$

1,778

 

 

$

1,498

 

Research and development

 

 

1,657

 

 

 

887

 

 

 

4,167

 

 

 

2,335

 

Selling, general and administrative(1)

 

 

6,704

 

 

 

21,772

 

 

 

18,676

 

 

 

37,878

 

Total stock-based compensation

 

$

8,973

 

 

$

23,055

 

 

$

24,621

 

 

$

41,711

 
(1)
Selling, general and administrative stock-based compensation for the three and nine months ended September 30, 2024 includes $17.4 million and $22.4 million, respectively, of expense related to the Equity Modification discussed above.

Stock Options

Information regarding option activity for the nine months ended September 30, 2025 under the Plans is summarized below:

 

 

Shares

 

 

Weighted
average
exercise
price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in Years)

 

 

Aggregate
Intrinsic
Value
(in Thousands)

 

Options outstanding at December 31, 2024

 

 

596,206

 

 

$

98.64

 

 

 

 

 

 

 

Granted

 

 

61,277

 

 

 

140.60

 

 

 

 

 

 

 

Exercised

 

 

(46,756

)

 

 

45.81

 

 

 

 

 

 

 

Forfeited/expired/cancelled

 

 

(8,279

)

 

 

191.69

 

 

 

 

 

 

 

Options outstanding at September 30, 2025

 

 

602,448

 

 

$

105.73

 

 

 

 

 

 

 

Options exercisable at September 30, 2025

 

 

391,694

 

 

$

97.77

 

 

 

 

 

 

 

Vested and expected to vest at September 30, 2025(1)

 

 

596,708

 

 

$

105.26

 

 

 

5.23

 

 

$

27,602

 
(1)
Represents the number of vested options as of September 30, 2025 plus the number of unvested options expected to vest as of September 30, 2025 based on the unvested outstanding options at September 30, 2025 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their options on September 30, 2025. The aggregate intrinsic value of stock options exercised was $4.3 million and $4.7 million during the nine months ended September 30, 2025 and 2024, respectively.

The weighted average grant date fair value of options granted during the nine months ended September 30, 2025 and 2024 was $72.94 and $89.09, respectively.

Stock Units

The fair value of stock units is calculated using the closing price of the Company’s common stock on the date of grant. The Company recognizes expense on awards with service-based vesting over the employee’s requisite service period on a straight-line basis. The Company recognizes expense on performance-based awards over the vesting period based on the probability that the performance metrics will be achieved. Information regarding stock unit activity, which includes activity for restricted stock units and performance stock units, for the nine months ended September 30, 2025 under the Plans is summarized below:

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested at December 31, 2024

 

 

470,612

 

 

$

162.33

 

Awarded

 

 

281,410

 

 

 

144.23

 

Vested

 

 

(139,681

)

 

 

161.11

 

Forfeited/cancelled

 

 

(41,961

)

 

 

172.55

 

Unvested at September 30, 2025

 

 

570,380

 

 

$

154.31

 

Vested and expected to vest at September 30, 2025(1)

 

 

517,900

 

 

$

153.60

 
(1)
Represents the number of vested stock units as of September 30, 2025 plus the number of unvested stock units expected to vest as of September 30, 2025 based on the unvested outstanding stock units at September 30, 2025 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.

The aggregate intrinsic value of stock units vested during the nine months ended September 30, 2025 and 2024 was $20.8 million and $25.1 million, respectively.

The weighted average grant date fair value of stock units granted during the nine months ended September 30, 2025 and 2024 was $144.23 and $180.02, respectively.

As of September 30, 2025, there was $72.0 million of total unrecognized compensation cost related to unvested share-based awards. This cost is expected to be recognized over a weighted average remaining requisite service period of 2.78 years.

v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
11.
Commitments and Contingencies

Collaboration Agreements

The Company licenses certain technologies that are, or may be, incorporated into its technology under several agreements and also has entered into several clinical research agreements that require the Company to fund certain research projects. Generally, the license agreements require the Company to pay annual maintenance fees and royalties on product sales once a product has been established using the technologies. Research and development expenses associated with license agreements were immaterial amounts for the three and nine months ended September 30, 2025 and 2024.

Legal Proceedings

From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict, and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probably that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial results.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
12.
Income Taxes

For the three and nine months ended September 30, 2025, the Company recorded income tax provisions of $2.2 million and $7.7 million, respectively. The Company’s effective tax rate for the three and nine months ended September 30, 2025 was 12.9% and 17.7%, respectively, compared to 43.0% and 27.8% for the corresponding periods in the prior year. The difference in effective tax rates between the periods was primarily due to nontaxable contingent consideration and lower nondeductible stock-based compensation offset by lower stock windfall tax benefits.

On July 4, 2025, the United States enacted into law new tax legislation, the One Big Beautiful Bill Act (“OBBBA”), which contains several provisions modifying the corporate income tax code such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, updates to the international tax framework and the reinstatement of certain business related provisions. The legislation has multiple effective dates, with provisions taking effect from 2025 through 2027. The Company does not expect the OBBBA to have a material impact on its consolidated financial statements or results of operations.
v3.25.3
Earnings (Loss) Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share, Basic [Abstract]  
Earnings (Loss) Per Share
13.
Earnings (Loss) Per Share

The Company reports earnings or loss per share in accordance with ASC 260, “Earnings Per Share,” which establishes standards for computing and presenting earnings or loss per share. Basic earnings or loss per share is computed by dividing net income or loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings or loss per share is computed by dividing net income or loss available to common shareholders by the weighted-average number of common shares and dilutive common share equivalents outstanding during the period. Potential common share equivalents consist of restricted stock awards (including performance stock units) and the incremental common shares issuable upon the exercise of stock options and stock issuable upon conversion of convertible debt securities. The dilutive effects of restricted stock awards and stock options are reflected in diluted earnings or loss per share by application of the treasury stock method. The dilutive effect of shares issuable upon conversion of the convertible debt securities are included in the calculation of diluted earnings or loss per share under the if-converted method.

In periods where the Company is in a net loss position, diluted loss per share is the same as basic loss per share, as the effects of common stock equivalents outstanding and shares issuable upon conversion of convertible debt securities are antidilutive and therefore excluded from the calculation of diluted loss per share.

A reconciliation of basic and diluted weighted average shares outstanding is as follows:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands, except per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

14,911

 

 

$

(654

)

 

$

35,607

 

 

$

8,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in computing net income (loss) per share – basic

 

 

56,265

 

 

 

56,012

 

 

 

56,208

 

 

 

55,896

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

 

 

 

Options and stock units

 

 

267

 

 

 

—

 

 

 

312

 

 

 

419

 

Dilutive potential common shares

 

 

267

 

 

 

—

 

 

 

312

 

 

 

419

 

Denominator for diluted earnings (loss) per share - adjusted
     weighted average shares used in computing
     earnings (loss) per share - diluted

 

 

56,532

 

 

 

56,012

 

 

 

56,520

 

 

 

56,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.27

 

 

$

(0.01

)

 

$

0.63

 

 

$

0.15

 

Diluted

 

$

0.26

 

 

$

(0.01

)

 

$

0.63

 

 

$

0.15

 

For the three and nine months ended September 30, 2025, 652,930 shares and 610,880 shares, respectively, of the Company’s common stock were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. Comparatively, for the three and nine months ended September 30, 2024, 491,206 shares and 404,989 shares, respectively were excluded because their inclusion would have been anti-dilutive.
v3.25.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions
14.
Related Party Transactions

Certain facilities leased by our subsidiary, Spectrum LifeSciences LLC (“Spectrum”) are owned by the Roy Eddleman Living Trust (the “Trust”). As of September 30, 2025, the Trust is considered a related party to the Company based on the level of ownership during the reporting period. The lease payments to the Trust were negotiated in connection with the acquisition of Spectrum. The Company incurred rent expense totaling $0.2 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, and incurred $0.5 million for the nine months ended September 30, 2025 and 2024, related to the leases.
v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting
15.
Segment Reporting

Operating segments are components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in deciding how to allocate resources and assess performance. The Company’s CEO has been identified as the CODM.

The Company views its operations, makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. Net income or net loss as reported on the condensed consolidated statements of comprehensive income is the measure of segment profit or loss used by the CODM in allocating resources and assessing performance. Total assets for the operating segment is the amount presented on the condensed consolidated balance sheets.

The following table represents the Company’s total revenue by customers’ geographic locations:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue by customers' geographic locations:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

51

%

 

 

51

%

 

 

50

%

 

 

50

%

Europe

 

 

30

%

 

 

33

%

 

 

33

%

 

 

35

%

APAC/Other

 

 

19

%

 

 

16

%

 

 

17

%

 

 

15

%

Total revenue

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

The following table presents the Company’s significant segment expenses which are regularly provided to the CODM for the single reportable segment:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Total revenue

 

$

188,805

 

 

$

154,871

 

 

$

540,343

 

 

$

466,892

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

88,290

 

 

 

77,383

 

 

 

257,929

 

 

 

231,088

 

Research and development

 

 

14,175

 

 

 

9,710

 

 

 

41,057

 

 

 

31,523

 

Sales and marketing

 

 

26,873

 

 

 

20,656

 

 

 

77,495

 

 

 

68,868

 

General and administrative

 

 

42,642

 

 

 

54,954

 

 

 

126,563

 

 

 

134,026

 

Total costs and operating expenses

 

 

171,980

 

 

 

162,703

 

 

 

503,044

 

 

 

465,505

 

Other income, net

 

 

287

 

 

 

6,683

 

 

 

5,971

 

 

 

10,186

 

Income tax provision (benefit)

 

 

2,201

 

 

 

(495

)

 

 

7,663

 

 

 

3,218

 

Net income (loss)

 

$

14,911

 

 

$

(654

)

 

$

35,607

 

 

$

8,355

 

Concentrations of Credit Risk and Significant Customers

Financial instruments that subject the Company to significant concentrations of credit risk primarily consist of cash and cash equivalents, marketable securities, accounts receivable, and foreign exchange forward contracts. Per the Company’s investment policy, cash equivalents and marketable securities are invested in financial instruments with high credit ratings. Additionally, the policy limits the credit exposure to any one issuer (with the exception of U.S. treasury obligations) and the types of instruments held. As of September 30, 2025 and December 31, 2024, the Company had no investments associated with foreign exchange contracts or options contracts. The Company uses derivative financial instruments to manage exposure to foreign exchange risk on certain repayable intercompany loans with foreign subsidiaries, specifically foreign exchange forward contracts. No such instruments are outstanding as of September 30, 2025.

Concentration of credit risk with respect to accounts receivable is limited to customers to whom the Company makes significant sales. While a reserve for the potential write-off of accounts receivable is maintained, the Company has not written off any significant accounts to date. To control credit risk, the Company performs regular credit evaluations of its customers’ financial condition.

No customers represented 10% or more of the Company's total revenue for each of the three and nine months ended September 30, 2025 and 2024.

No customers represented 10% or more of the Company's total trade accounts receivable at September 30, 2025 and December 31, 2024.
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by Repligen Corporation (the “Company”, “Repligen”, “our” or “we”) in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnote disclosures required by GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 14, 2025 (“Form 10-K”).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The business and economic uncertainty resulting from global geopolitical conflicts, supply chain challenges, foreign currency fluctuations and cost pressures on customers' purchasing patterns has made such estimates more difficult to calculate. Accordingly, actual results could differ from those estimates.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal, recurring adjustments necessary for a fair presentation of its financial position as of September 30, 2025, its results of operations for the three and nine months ended September 30, 2025 and 2024 and cash flows for the nine months ended September 30, 2025 and 2024. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the entire year. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

During the three and nine months ended September 30, 2025, the Company made no material changes in the application of its significant accounting policies that were disclosed within Note 2, “Summary of Significant Accounting Policies” included in Part II, Item 8, “Financial Statements and Supplementary Data” to the Company's Form 10-K.
Business Combinations

Business Combinations

Total consideration transferred for acquisitions is allocated to the tangible and intangible assets acquired and liabilities assumed, if any, based on their fair values at the dates of acquisition. This purchase price allocation process requires management to make significant estimates and assumptions with respect to intangible assets and deferred revenue. The fair value of identifiable intangible assets is based on detailed valuations that use information and assumptions determined by management. Any excess of purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as any contingent consideration, where applicable, the Company’s estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of comprehensive income. The fair value of contingent consideration includes estimates and judgments made by management regarding the probability that future contingent payments will be made and the extent of royalties to be earned in excess of the defined minimum royalties. Management updates these estimates and the related fair value of contingent consideration at each reporting period. These changes in the fair value of contingent consideration are recorded to contingent consideration in the Company’s condensed consolidated statements of comprehensive income.

The Company typically uses the income approach to determine the fair value of certain identifiable intangible assets including customer relationships and developed technology. This approach determines fair value by estimating after-tax cash flows attributable to these assets over their respective useful lives and then discounting these after-tax cash flows back to a present

value. The Company bases its assumptions on estimates of future cash flows, expected growth rates, expected trends in technology, etc. Discount rates used to arrive at a present value as of the date of acquisition are based on the time value of money and certain industry-specific risk factors. The Company believes the estimated purchased customer relationships, developed technologies, trademark/tradename and other intangible assets identified in its acquisitions represent the fair value at the date of acquisition, and do not exceed the amount a third-party would pay for such assets.
Recent Accounting Guidance

Recent Accounting Guidance

The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) and other recently issued guidance or rule decisions on their condensed consolidated financial statements. Updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial position or results of operations.

Recently Issued Accounting Guidance – Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires disclosure of specific expense categories in the notes to the financial statements. This includes: (i) amounts of purchased inventory, employee compensation, depreciation, amortization and other related costs and expenses; (ii) an explanation of costs and expenses that are not disaggregated on a quantitative basis; and (iii) the definition and total amount of selling expenses. The amendment is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted, and interim reporting periods beginning after December 15, 2027. The amendment should be applied prospectively to financial reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendment is effective for annual reporting periods beginning after December 15, 2024. The Company will apply the amendment on a prospective basis. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its condensed consolidated financial statements and related disclosures.
Concentrations of Credit Risk and Significant Customers

Concentrations of Credit Risk and Significant Customers

Financial instruments that subject the Company to significant concentrations of credit risk primarily consist of cash and cash equivalents, marketable securities, accounts receivable, and foreign exchange forward contracts. Per the Company’s investment policy, cash equivalents and marketable securities are invested in financial instruments with high credit ratings. Additionally, the policy limits the credit exposure to any one issuer (with the exception of U.S. treasury obligations) and the types of instruments held. As of September 30, 2025 and December 31, 2024, the Company had no investments associated with foreign exchange contracts or options contracts. The Company uses derivative financial instruments to manage exposure to foreign exchange risk on certain repayable intercompany loans with foreign subsidiaries, specifically foreign exchange forward contracts. No such instruments are outstanding as of September 30, 2025.

Concentration of credit risk with respect to accounts receivable is limited to customers to whom the Company makes significant sales. While a reserve for the potential write-off of accounts receivable is maintained, the Company has not written off any significant accounts to date. To control credit risk, the Company performs regular credit evaluations of its customers’ financial condition.

No customers represented 10% or more of the Company's total revenue for each of the three and nine months ended September 30, 2025 and 2024.

No customers represented 10% or more of the Company's total trade accounts receivable at September 30, 2025 and December 31, 2024.
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of September 30, 2025 and December 31, 2024:

 

 

September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Amounts in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

69,787

 

 

$

—

 

 

$

—

 

 

$

69,787

 

Money market accounts

 

 

678,960

 

 

 

—

 

 

 

—

 

 

 

678,960

 

Total assets

 

$

748,747

 

 

$

—

 

 

$

—

 

 

$

748,747

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

—

 

 

$

—

 

 

$

5,107

 

 

$

5,107

 

Noncurrent contingent consideration

 

 

—

 

 

 

—

 

 

 

2,478

 

 

 

2,478

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

7,585

 

 

$

7,585

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,
2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Amounts in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

70,102

 

 

$

—

 

 

$

—

 

 

$

70,102

 

Money market accounts

 

 

687,253

 

 

 

—

 

 

 

—

 

 

 

687,253

 

Foreign exchange forward contracts

 

 

—

 

 

 

287

 

 

 

—

 

 

 

287

 

Total assets

 

$

757,355

 

 

$

287

 

 

$

—

 

 

$

757,642

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

—

 

 

$

17,126

 

 

$

—

 

 

$

17,126

 

Noncurrent contingent consideration

 

 

—

 

 

 

—

 

 

 

19,662

 

 

 

19,662

 

Total liabilities

 

$

—

 

 

$

17,126

 

 

$

19,662

 

 

$

36,788

 
Schedule of Reconciliation of the Change in the Fair Value of Contingent Consideration - Earnout

A reconciliation of the change in the fair value of contingent consideration – earnouts is included in the following table (amounts in thousands):

Balance at December 31, 2024

 

$

36,788

 

Decrease in fair value of contingent consideration earnouts

 

 

(12,087

)

Earnout payment - equity element

 

 

(7,568

)

Earnout payment - cash element

 

 

(9,548

)

Balance at September 30, 2025

 

$

7,585

 

 
Schedule of Contingent Consideration Earnout Expect to be Required to Settle Include Significant Unobservable Inputs

The recurring Level 3 fair value measurement of our contingent consideration obligations for Tantti include the following significant unobservable inputs (amounts in thousands, except percent data):

Contingent Consideration Earnout

 

Fair Value as of
September 30, 2025

 

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average(1)

Commercialization-based payments

 

 

 

 

Probability-weighted present value

 

Probability of Success

 

0% - 100%

 

83%

 

 

$

3,698

 

 

 

 

Earnout Discount Rate

 

4.7% - 4.9%

 

4.8%

Revenue and Volume-
based payments

 

 

 

 

Monte Carlo
Simulation

 

Volatility

 

34.5%

 

34.5%

 

 

 

 

 

 

 

Revenue & Volume
Discount Rate

 

16.1%

 

16.1%

 

 

$

1,200

 

 

 

 

Earnout Discount Rate

 

4.7% - 5.2%

 

5.0%

Manufacturing line expansions

 

 

 

 

Probability-weighted present value

 

Probability of
 Success

 

0% - 100%

 

100%

 

 

$

2,687

 

 

 

 

Earnout Discount Rate

 

4.7% - 4.9%

 

4.7%

 

(1)
Unobservable inputs were weighted by the relative fair value of the contingent consideration liability.
v3.25.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of the Outstanding Contracts The notional amounts of the outstanding contracts at December 31, 2024 were as follows (amounts in thousands):

Settlement

 

U.S. Dollar Amount

 

 

SEK Amount

 

May 2025

 

$

26,481

 

 

 

289,967

 

September 2025

 

 

62,550

 

 

 

679,418

 

 

 

$

89,031

 

 

 

969,385

 
Schedule of Fair Value of Outstanding Derivative Instruments Recorded in the Accompanying Consolidate Balance Sheet

The fair value of outstanding derivative instruments recorded in the accompanying condensed consolidated balance sheets were as follows:

 

 

 

 

December 31, 2024

 

Derivatives not designated or not qualifying as hedging instruments

 

Balance Sheet Location

 

(Amounts in thousands)

 

Foreign exchange forward contracts

 

Prepaid expenses and other current assets

 

$

287

 
Schedule of Effects of Derivative Instruments on the Consolidated Statements of Comprehensive Income

The effects of derivative instruments on the condensed consolidated statements of comprehensive income were as follows:

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

September 30, 2025

 

Derivatives not designated or not qualifying as hedging instruments

 

Location of loss recognized on derivatives

 

(Amounts in thousands)

 

Foreign exchange forward contracts

 

Other (expenses) income, net

 

$

(358

)

 

$

(9,067

)
v3.25.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2025
908 Devices Inc. Bioprocessing Analytics Portfolio  
Business Combination [Line Items]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The components and estimated allocation of the purchase price consist of the following (amounts in thousands):

Cash and cash equivalents

 

$

191

 

Accounts receivable

 

 

1,110

 

Inventory

 

 

6,946

 

Prepaid expenses and other current assets

 

 

535

 

Property and equipment

 

 

1,698

 

Operating lease right of use assets

 

 

2,552

 

Other assets, long-term

 

 

41

 

Customer relationships

 

 

5,040

 

Developed technology

 

 

6,910

 

Trademark and tradename

 

 

1,660

 

Goodwill

 

 

50,057

 

Accounts payable

 

 

(208

)

Accrued liabilities

 

 

(542

)

Operating lease liabilities

 

 

(2,552

)

Deferred revenue

 

 

(2,366

)

Deferred tax liability

 

 

(1,161

)

Fair value of net assets acquired

 

$

69,911

 
Schedule of Identified Intangible Assets and Estimated Useful Lives

The following table sets forth the components of the identified intangible assets (determined on a provisional basis and thus subject to change during the measurement period) associated with the 908 Devices PAT Portfolio acquisition and their estimated useful lives:

 

 

Useful life

 

Fair Value

 

 

 

 

 

(Amounts in thousands)

 

Customer relationships

 

8 - 9 years

 

$

5,040

 

Developed technology

 

10 - 12 years

 

 

6,910

 

Trademark and tradename

 

13 - 14 years

 

 

1,660

 

 

 

 

 

$

13,610

 
Tantti Laboratory Inc.  
Business Combination [Line Items]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The components and estimated allocation of the purchase price consist of the following (amounts in thousands):

Cash and cash equivalents

 

$

85

 

Accounts receivable

 

 

1

 

Inventory

 

 

41

 

Prepaid expenses and other current assets

 

 

321

 

Property and equipment

 

 

731

 

Operating lease right of use asset

 

 

637

 

Other assets, long-term

 

 

81

 

Developed technology

 

 

28,910

 

Goodwill

 

 

46,943

 

Accounts payable

 

 

(18

)

Accrued liabilities

 

 

(510

)

Operating lease liabilities

 

 

(627

)

Deferred tax liability

 

 

(1,515

)

Fair value of net assets acquired

 

$

75,080

 
v3.25.3
Restructuring Activities and Other Inventory-Related Charges (Tables)
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Summary of Charges Related to Restructuring Activities by Type of Cost

The following tables summarize the charges related to restructuring activities by type of cost for the periods presented on the Company’s condensed consolidated statements of comprehensive income:

 

 

Nine Months Ended September 30, 2025

 

 

 

Severance and Employee-Related Costs

 

 

Facility and Other Exit Costs

 

 

Total

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

217

 

 

$

2,250

 

 

$

2,467

 

Research and development

 

 

(69

)

 

 

867

 

 

 

798

 

Selling, general and administrative

 

 

49

 

 

 

821

 

 

 

870

 

 

 

$

197

 

 

$

3,938

 

 

$

4,135

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

Severance and Employee-Related Costs

 

 

Facility and Other Exit Costs

 

 

Total

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

23

 

 

$

1,461

 

 

$

1,484

 

Selling, general and administrative

 

 

631

 

 

 

1,037

 

 

 

1,668

 

Other (expenses) income, net

 

 

—

 

 

 

(234

)

 

 

(234

)

 

 

$

654

 

 

$

2,264

 

 

$

2,918

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

Severance and Employee-Related Costs

 

 

Accelerated Depreciation

 

 

Facility and Other Exit Costs

 

 

Total

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

876

 

 

$

19

 

 

$

1,661

 

 

$

2,556

 

Research and development

 

 

449

 

 

 

—

 

 

 

—

 

 

 

449

 

Selling, general and administrative

 

 

1,486

 

 

 

—

 

 

 

1,054

 

 

 

2,540

 

Other (expenses) income, net

 

 

—

 

 

 

—

 

 

 

(234

)

 

 

(234

)

 

 

$

2,811

 

 

$

19

 

 

$

2,481

 

 

$

5,311

 
Summary of Activity Related to Restructuring Plan Activity related to the Restructuring Plan for the nine months ended September 30, 2025 was as follows:

 

 

Restructuring Liability
December 31, 2024

 

 

Restructuring Costs

 

 

Amounts Paid in 2025

 

 

Non-cash Restructuring Items

 

 

Restructuring Liability
September 30, 2025

 

 

 

(Amounts in thousands)

 

Severance & employee-related costs

 

$

516

 

 

$

197

 

 

$

(395

)

 

$

(318

)

 

$

—

 

Facility and other exit costs

 

 

—

 

 

 

3,938

 

 

 

(505

)

 

 

(3,433

)

 

 

—

 

Total

 

$

516

 

 

$

4,135

 

 

$

(900

)

 

$

(3,751

)

 

$

—

 
v3.25.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Disaggregation of Revenue

Revenues for the three and nine months ended September 30, 2025 and 2024 were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Product revenue

 

$

188,766

 

 

$

154,834

 

 

$

540,232

 

 

$

466,784

 

Royalty and other revenue

 

 

39

 

 

 

37

 

 

 

111

 

 

 

108

 

Total revenue

 

$

188,805

 

 

$

154,871

 

 

$

540,343

 

 

$

466,892

 
Summary of Receivables and Deferred Revenue from Contracts with Customers

The following table provides information about receivables and deferred revenue from contracts with customers as of September 30, 2025 and December 31, 2024:

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Balances from contracts with customers only:

 

 

 

 

 

 

Accounts receivable

 

$

148,970

 

 

$

134,115

 

Deferred revenue (included in accrued liabilities and other noncurrent liabilities in the condensed consolidated balance sheets)

 

$

16,387

 

 

$

13,597

 

During the nine months ended September 30, 2025, the Company recognized $9.9 million of revenue that was deferred and included within accrued liabilities and other noncurrent current liabilities as of December 31, 2024. During the nine months ended September 30, 2024, the Company recognized $15.4 million of revenue that was deferred and included within accrued liabilities and other noncurrent current liabilities as of December 31, 2023.
v3.25.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Value of Goodwill

The following table represents the change in the carrying value of goodwill for the nine months ended September 30, 2025 (amounts in thousands):

Balance at December 31, 2024

 

$

1,030,995

 

Acquisition of 908 Devices PAT Portfolio

 

 

50,057

 

Measurement period adjustment - Tantti Laboratory Inc.

 

 

(162

)

Cumulative translation adjustment

 

 

31,845

 

Balance at September 30, 2025

 

$

1,112,735

 
Schedule of Intangible Assets

Intangible assets, net, consisted of the following at September 30, 2025 and December 31, 2024:

 

 

September 30, 2025

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Weighted
Average
Useful Life
(in years)

 

 

 

(Amounts in thousands)

 

 

 

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Technology – developed

 

$

301,650

 

 

$

(76,826

)

 

$

224,824

 

 

 

15

 

Customer relationships

 

 

277,276

 

 

 

(115,577

)

 

 

161,699

 

 

 

15

 

Trademarks

 

 

10,539

 

 

 

(2,783

)

 

 

7,756

 

 

 

18

 

Other intangibles

 

 

4,006

 

 

 

(3,543

)

 

 

463

 

 

 

3

 

Total finite-lived intangible assets

 

 

593,471

 

 

 

(198,729

)

 

 

394,742

 

 

 

15

 

Indefinite-lived intangible asset:

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks

 

 

700

 

 

 

—

 

 

 

700

 

 

 

—

 

Total intangible assets

 

$

594,171

 

 

$

(198,729

)

 

$

395,442

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Weighted
Average
Useful Life
(in years)

 

 

 

(Amounts in thousands)

 

 

 

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Technology – developed

 

$

283,380

 

 

$

(60,272

)

 

$

223,108

 

 

 

16

 

Customer relationships

 

 

267,599

 

 

 

(100,646

)

 

 

166,953

 

 

 

15

 

Trademarks

 

 

8,641

 

 

 

(2,283

)

 

 

6,358

 

 

 

19

 

Other intangibles

 

 

3,812

 

 

 

(3,034

)

 

 

778

 

 

 

3

 

Total finite-lived intangible assets

 

 

563,432

 

 

 

(166,235

)

 

 

397,197

 

 

 

15

 

Indefinite-lived intangible asset:

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks

 

 

700

 

 

 

—

 

 

 

700

 

 

 

—

 

Total intangible assets

 

$

564,132

 

 

$

(166,235

)

 

$

397,897

 

 

 

 
Schedule of Amortization Expense for Amortized Intangible Assets As of September 30, 2025, the Company expects to record the following amortization expense in future periods:

 

 

Amounts in thousands

 

 

 

 

 

For the Years Ended December 31,

 

 

 

2025 (remaining three months)

 

$

9,864

 

2026

 

 

39,394

 

2027

 

 

39,358

 

2028

 

 

39,324

 

2029

 

 

39,214

 

2030 and thereafter

 

 

227,588

 

Total

 

$

394,742

 
v3.25.3
Condensed Consolidated Balance Sheets Detail (Tables)
 9 Months Ended
Sep. 30, 2025
Disclosure Text Block [Abstract]  
Inventories

Inventories, net consists of the following:

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Raw materials

 

$

79,312

 

 

$

82,208

 

Work-in-process

 

 

8,838

 

 

 

4,542

 

Finished products

 

 

72,170

 

 

 

56,214

 

Total inventories, net

 

$

160,320

 

 

$

142,964

 

 
Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following:

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Land

 

$

908

 

 

$

824

 

Buildings

 

 

763

 

 

 

675

 

Leasehold improvements

 

 

150,168

 

 

 

145,256

 

Equipment

 

 

144,300

 

 

 

130,413

 

Furniture, fixtures and office equipment

 

 

11,315

 

 

 

9,999

 

Computer hardware and software

 

 

49,359

 

 

 

44,323

 

Construction in progress

 

 

25,149

 

 

 

28,211

 

Other

 

 

549

 

 

 

504

 

Total property, plant and equipment

 

 

382,511

 

 

 

360,205

 

Less - Accumulated depreciation

 

 

(193,584

)

 

 

(162,467

)

Total property, plant and equipment, net

 

$

188,927

 

 

$

197,738

 
Accrued Liabilities

Accrued liabilities consist of the following:

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Employee compensation

 

$

36,039

 

 

$

32,163

 

Deferred revenue

 

 

15,681

 

 

 

13,243

 

Income taxes payable

 

 

2,852

 

 

 

1,423

 

Other

 

 

22,717

 

 

 

15,594

 

Total accrued liabilities

 

$

77,289

 

 

$

62,423

 
v3.25.3
Convertible Senior Notes (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Instrument [Line Items]  
Carrying Value of Convertible Senior Notes

The carrying value of the Company's Convertible Senior Notes is as follows:

 

 

September 30,
2025

 

 

December 31,
2024

 

 

 

(Amounts in thousands)

 

1.00% Convertible Senior Notes due 2028:

 

 

 

 

 

 

Principal amount

 

$

600,000

 

 

$

600,000

 

Unamortized debt discount

 

 

(56,595

)

 

 

(67,712

)

Unamortized debt issuance costs

 

 

(5,478

)

 

 

(6,721

)

Carrying amount - Convertible Senior Notes due 2028, net

 

$

537,927

 

 

$

525,567

 
Schedule of convertible note interest expense

The following table sets forth total interest expense recognized related to the 2019 and 2023 Notes for the three and nine months ended September 30, 2025 and 2024:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Contractual interest expense - 2023 Notes

 

$

1,500

 

 

$

1,500

 

 

$

4,500

 

 

$

4,500

 

Amortization of debt discount - 2023 Notes

 

 

3,786

 

 

 

3,473

 

 

 

11,117

 

 

 

10,197

 

Amortization of debt issuance costs - 2023 Notes

 

 

416

 

 

 

410

 

 

 

1,243

 

 

 

1,190

 

Contractual interest expense - 2019 Notes

 

 

—

 

 

 

11

 

 

 

—

 

 

 

141

 

Amortization of debt issuance costs - 2019 Notes

 

 

—

 

 

 

19

 

 

 

—

 

 

 

243

 

Total

 

$

5,702

 

 

$

5,413

 

 

$

16,860

 

 

$

16,271

 

 
v3.25.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stock-Based Compensation Expense

The following table presents stock-based compensation expense in the Company’s condensed consolidated statements of comprehensive income:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

612

 

 

$

396

 

 

$

1,778

 

 

$

1,498

 

Research and development

 

 

1,657

 

 

 

887

 

 

 

4,167

 

 

 

2,335

 

Selling, general and administrative(1)

 

 

6,704

 

 

 

21,772

 

 

 

18,676

 

 

 

37,878

 

Total stock-based compensation

 

$

8,973

 

 

$

23,055

 

 

$

24,621

 

 

$

41,711

 
(1)
Selling, general and administrative stock-based compensation for the three and nine months ended September 30, 2024 includes $17.4 million and $22.4 million, respectively, of expense related to the Equity Modification discussed above.
Summary of Option Activity

Information regarding option activity for the nine months ended September 30, 2025 under the Plans is summarized below:

 

 

Shares

 

 

Weighted
average
exercise
price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in Years)

 

 

Aggregate
Intrinsic
Value
(in Thousands)

 

Options outstanding at December 31, 2024

 

 

596,206

 

 

$

98.64

 

 

 

 

 

 

 

Granted

 

 

61,277

 

 

 

140.60

 

 

 

 

 

 

 

Exercised

 

 

(46,756

)

 

 

45.81

 

 

 

 

 

 

 

Forfeited/expired/cancelled

 

 

(8,279

)

 

 

191.69

 

 

 

 

 

 

 

Options outstanding at September 30, 2025

 

 

602,448

 

 

$

105.73

 

 

 

 

 

 

 

Options exercisable at September 30, 2025

 

 

391,694

 

 

$

97.77

 

 

 

 

 

 

 

Vested and expected to vest at September 30, 2025(1)

 

 

596,708

 

 

$

105.26

 

 

 

5.23

 

 

$

27,602

 
(1)
Represents the number of vested options as of September 30, 2025 plus the number of unvested options expected to vest as of September 30, 2025 based on the unvested outstanding options at September 30, 2025 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.
Summary of Restricted Stock Unit Activity Information regarding stock unit activity, which includes activity for restricted stock units and performance stock units, for the nine months ended September 30, 2025 under the Plans is summarized below:

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested at December 31, 2024

 

 

470,612

 

 

$

162.33

 

Awarded

 

 

281,410

 

 

 

144.23

 

Vested

 

 

(139,681

)

 

 

161.11

 

Forfeited/cancelled

 

 

(41,961

)

 

 

172.55

 

Unvested at September 30, 2025

 

 

570,380

 

 

$

154.31

 

Vested and expected to vest at September 30, 2025(1)

 

 

517,900

 

 

$

153.60

 
(1)
Represents the number of vested stock units as of September 30, 2025 plus the number of unvested stock units expected to vest as of September 30, 2025 based on the unvested outstanding stock units at September 30, 2025 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.
v3.25.3
Earnings (Loss) Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share, Basic [Abstract]  
Basic and Diluted Weighted Average Shares Outstanding

A reconciliation of basic and diluted weighted average shares outstanding is as follows:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands, except per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

14,911

 

 

$

(654

)

 

$

35,607

 

 

$

8,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in computing net income (loss) per share – basic

 

 

56,265

 

 

 

56,012

 

 

 

56,208

 

 

 

55,896

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

 

 

 

Options and stock units

 

 

267

 

 

 

—

 

 

 

312

 

 

 

419

 

Dilutive potential common shares

 

 

267

 

 

 

—

 

 

 

312

 

 

 

419

 

Denominator for diluted earnings (loss) per share - adjusted
     weighted average shares used in computing
     earnings (loss) per share - diluted

 

 

56,532

 

 

 

56,012

 

 

 

56,520

 

 

 

56,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.27

 

 

$

(0.01

)

 

$

0.63

 

 

$

0.15

 

Diluted

 

$

0.26

 

 

$

(0.01

)

 

$

0.63

 

 

$

0.15

 
v3.25.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Text Block [Abstract]  
Percentage by Geographic Area or Significant Customers

The following table represents the Company’s total revenue by customers’ geographic locations:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue by customers' geographic locations:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

51

%

 

 

51

%

 

 

50

%

 

 

50

%

Europe

 

 

30

%

 

 

33

%

 

 

33

%

 

 

35

%

APAC/Other

 

 

19

%

 

 

16

%

 

 

17

%

 

 

15

%

Total revenue

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%
Schedule of Information about Reportable Segments

The following table presents the Company’s significant segment expenses which are regularly provided to the CODM for the single reportable segment:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Total revenue

 

$

188,805

 

 

$

154,871

 

 

$

540,343

 

 

$

466,892

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

88,290

 

 

 

77,383

 

 

 

257,929

 

 

 

231,088

 

Research and development

 

 

14,175

 

 

 

9,710

 

 

 

41,057

 

 

 

31,523

 

Sales and marketing

 

 

26,873

 

 

 

20,656

 

 

 

77,495

 

 

 

68,868

 

General and administrative

 

 

42,642

 

 

 

54,954

 

 

 

126,563

 

 

 

134,026

 

Total costs and operating expenses

 

 

171,980

 

 

 

162,703

 

 

 

503,044

 

 

 

465,505

 

Other income, net

 

 

287

 

 

 

6,683

 

 

 

5,971

 

 

 

10,186

 

Income tax provision (benefit)

 

 

2,201

 

 

 

(495

)

 

 

7,663

 

 

 

3,218

 

Net income (loss)

 

$

14,911

 

 

$

(654

)

 

$

35,607

 

 

$

8,355

 
v3.25.3
Fair Value Measurements - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value $ 748,747 $ 757,642
Liabilities, fair value 7,585 36,788
Foreign Exchange Forward    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value   287
Cash    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 69,787 70,102
Money Market    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 678,960 687,253
Contingent Consideration    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 5,107 17,126
Noncurrent Contingent Consideration    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 2,478 19,662
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 748,747 757,355
Level 1 | Cash    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 69,787 70,102
Level 1 | Money Market    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 678,960 687,253
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value   287
Liabilities, fair value   17,126
Level 2 | Foreign Exchange Forward    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value   287
Level 2 | Contingent Consideration    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value   17,126
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 7,585 19,662
Level 3 | Contingent Consideration    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 5,107  
Level 3 | Noncurrent Contingent Consideration    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value $ 2,478 $ 19,662
v3.25.3
Fair Value Measurements - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 02, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]            
Change in fair value of contingent consideration   $ (4,148) $ 0 $ (12,087) $ 0  
1.00% Convertible Senior Notes due 2028            
Summary Of Significant Accounting Policies [Line Items]            
Fair value of convertible senior notes   598,800   598,800   $ 546,100
Tantti Laboratory Inc.            
Summary Of Significant Accounting Policies [Line Items]            
Business combination contingent consideration $ 19,700          
Business combination contingent consideration, Maximum amount   54,500   54,500    
Tantti            
Summary Of Significant Accounting Policies [Line Items]            
Change in fair value of contingent consideration   $ 4,100   $ 12,100    
v3.25.3
Fair Value Measurements - Schedule of Reconciliation of the Change in the Fair Value of Contingent Consideration - Earnout (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Decrease in fair value of contingent consideration earnouts $ (4,148) $ 0 $ (12,087) $ 0
Earnout payment - equity element     7,568 5,742
Earnout payment - cash element     (9,548) $ (7,375)
Contingent Consideration        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Balance at December 31, 2024     36,788  
Decrease in fair value of contingent consideration earnouts     (12,087)  
Earnout payment - equity element     (7,568)  
Earnout payment - cash element     (9,548)  
Balance at September 30, 2025 $ 7,585   $ 7,585  
v3.25.3
Fair Value Measurements - Schedule of Contingent Consideration Earnout Expect to be Required to Settle Include Significant Unobservable Inputs (Detail) - Fair Value, Recurring
$ in Thousands
Sep. 30, 2025
USD ($)
Monte Carlo Simulation | Earnout 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Contingent consideration $ 1,200
Monte Carlo Simulation | Volatility | Level 3 | Earnout 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 34.5
Monte Carlo Simulation | Revenue & Volume Discount Rate | Level 3 | Earnout 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 16.1
Monte Carlo Simulation | Revenue and Volume Based Payments | Earnout Discount Rate | Level 3 | Earnout 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 5 [1]
Monte Carlo Simulation | Revenue and Volume Based Payments | Volatility | Level 3 | Earnout 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 34.5 [1]
Monte Carlo Simulation | Revenue and Volume Based Payments | Revenue & Volume Discount Rate | Level 3 | Earnout 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 16.1 [1]
Monte Carlo Simulation | Minimum | Earnout Discount Rate | Level 3 | Earnout 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 4.7
Monte Carlo Simulation | Maximum | Earnout Discount Rate | Level 3 | Earnout 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 5.2
Probability Weighted Present Value | Earnout 1  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Contingent consideration $ 3,698
Probability Weighted Present Value | Probability of Success | Level 3 | Earnout 1  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 83 [1]
Probability Weighted Present Value | Earnout Discount Rate | Earnout 3  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Contingent consideration $ 2,687
Probability Weighted Present Value | Earnout Discount Rate | Level 3 | Earnout 1  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 4.8 [1]
Probability Weighted Present Value | Manufacturing Line Expansions | Probability of Success | Level 3 | Earnout 3  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 100 [1]
Probability Weighted Present Value | Manufacturing Line Expansions | Earnout Discount Rate | Level 3 | Earnout 3  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 4.7 [1]
Probability Weighted Present Value | Minimum | Probability of Success | Level 3 | Earnout 1  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 0
Probability Weighted Present Value | Minimum | Probability of Success | Level 3 | Earnout 3  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 0
Probability Weighted Present Value | Minimum | Earnout Discount Rate | Level 3 | Earnout 1  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 4.7
Probability Weighted Present Value | Minimum | Earnout Discount Rate | Level 3 | Earnout 3  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 4.7
Probability Weighted Present Value | Maximum | Probability of Success | Level 3 | Earnout 1  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 100
Probability Weighted Present Value | Maximum | Probability of Success | Level 3 | Earnout 3  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 100
Probability Weighted Present Value | Maximum | Earnout Discount Rate | Level 3 | Earnout 1  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 4.9
Probability Weighted Present Value | Maximum | Earnout Discount Rate | Level 3 | Earnout 3  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 4.9
[1] Unobservable inputs were weighted by the relative fair value of the contingent consideration liability.
v3.25.3
Derivative Instruments - Additional Information (Detail)
kr in Thousands
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
SEK (kr)
U.S. Dollar      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign notional amounts of the outstanding contracts balances $ 0 $ 89,031,000  
Swedish Krona      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign notional amounts of the outstanding contracts balances $ 0   kr 969,385
v3.25.3
Derivative Instruments - Schedule of Notional Amounts of the Outstanding Contracts (Details)
kr in Thousands
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
SEK (kr)
U.S. Dollar      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign notional amounts of the outstanding contracts balances $ 0 $ 89,031,000  
U.S. Dollar | May 2025      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign notional amounts of the outstanding contracts balances   26,481,000  
U.S. Dollar | September 2025      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign notional amounts of the outstanding contracts balances   $ 62,550,000  
Swedish Krona      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign notional amounts of the outstanding contracts balances $ 0   kr 969,385
Swedish Krona | May 2025      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign notional amounts of the outstanding contracts balances | kr     289,967
Swedish Krona | September 2025      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign notional amounts of the outstanding contracts balances | kr     kr 679,418
v3.25.3
Derivative Instruments - Schedule of Fair Value of Outstanding Derivative Instruments Recorded in the Accompanying Consolidate Balance Sheet (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Foreign Exchange Forward | Not Designated as Hedging Instrument  
Derivative Instruments, Gain (Loss) [Line Items]  
Outstanding derivative instruments amounts $ 287
v3.25.3
Derivative Instruments - Schedule of Effects of Derivative Instruments on the Consolidated Statements of Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Foreign Exchange Forward    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of loss recognized on derivatives $ (358) $ (9,067)
v3.25.3
Acquisitions - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 04, 2025
Dec. 02, 2024
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Business Combination [Line Items]          
Provisional goodwill     $ 1,112,735 $ 1,112,735 $ 1,030,995
908 Devices Inc. Bioprocessing Analytics Portfolio          
Business Combination [Line Items]          
Business combination, consideration transferred $ 69,900        
Fair value of acquired finite lived intangible assets 13,600        
Provisional fair value of net tangible assets acquired 6,200        
Transaction costs 10,500        
Acquisition related costs     2,100 10,500  
Change in preliminary purchase price allocation     0 0  
Provisional goodwill $ 50,100   50,057 50,057  
908 Devices Inc. Bioprocessing Analytics Portfolio | Developed Technology          
Business Combination [Line Items]          
Fair value of acquired finite lived intangible assets     6,910 6,910  
908 Devices Inc. Bioprocessing Analytics Portfolio | U.S Entity          
Business Combination [Line Items]          
Goodwill allocated deductible for income tax purposes     39,200 39,200  
908 Devices Inc. Bioprocessing Analytics Portfolio | Germany Entity          
Business Combination [Line Items]          
Goodwill allocated deductible for income tax purposes     10,900 $ 10,900  
Tantti Laboratory Inc.          
Business Combination [Line Items]          
Cash consideration   $ 55,400      
Value of common stock issued   75,100      
Business combination contingent consideration   19,700      
Net tangible liabilities assumed   800      
Fair value of acquired finite lived intangible assets   28,900      
Weighted Average Useful Life (in years)       9 years  
Transaction costs     4,200 $ 4,200  
Acquisition related costs     800 2,600  
Change in preliminary purchase price allocation     0 0  
Measurement period adjustments to provisional goodwill       (162)  
Provisional goodwill   $ 46,900 46,943 46,943  
Tantti Laboratory Inc. | Developed Technology          
Business Combination [Line Items]          
Fair value of acquired finite lived intangible assets     $ 28,910 $ 28,910  
v3.25.3
Acquisitions - Fair Value of Net Assets Acquired (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 04, 2025
Dec. 31, 2024
Dec. 02, 2024
Business Combination [Line Items]        
Goodwill $ 1,112,735   $ 1,030,995  
908 Devices Inc. Bioprocessing Analytics Portfolio        
Business Combination [Line Items]        
Cash and cash equivalents 191      
Accounts receivable 1,110      
Inventory 6,946      
Prepaid expenses and other current assets 535      
Property and equipment 1,698      
Operating lease right of use asset 2,552      
Other assets, long-term 41      
Intangible assets   $ 13,600    
Goodwill 50,057 $ 50,100    
Accounts payable (208)      
Accrued liabilities (542)      
Operating lease liabilities (2,552)      
Deferred revenue (2,366)      
Deferred tax liability (1,161)      
Fair value of net assets acquired 69,911      
908 Devices Inc. Bioprocessing Analytics Portfolio | Customer relationships        
Business Combination [Line Items]        
Intangible assets 5,040      
908 Devices Inc. Bioprocessing Analytics Portfolio | Developed Technology        
Business Combination [Line Items]        
Intangible assets 6,910      
908 Devices Inc. Bioprocessing Analytics Portfolio | Trademark and tradename        
Business Combination [Line Items]        
Intangible assets 1,660      
Tantti Laboratory Inc.        
Business Combination [Line Items]        
Cash and cash equivalents 85      
Accounts receivable 1      
Inventory 41      
Prepaid expenses and other current assets 321      
Property and equipment 731      
Operating lease right of use asset 637      
Other assets, long-term 81      
Intangible assets       $ 28,900
Goodwill 46,943     $ 46,900
Accounts payable (18)      
Accrued liabilities (510)      
Operating lease liabilities (627)      
Deferred tax liability (1,515)      
Fair value of net assets acquired 75,080      
Tantti Laboratory Inc. | Developed Technology        
Business Combination [Line Items]        
Intangible assets $ 28,910      
v3.25.3
Acquisitions - Estimated Useful Life and Fair Value (Detail) - 908 Devices Inc. Bioprocessing Analytics Portfolio
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Business Combination [Line Items]  
Fair Value $ 13,610
Customer relationships  
Business Combination [Line Items]  
Fair Value $ 5,040
Customer relationships | Maximum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 9 years
Customer relationships | Minimum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 8 years
Developed technology  
Business Combination [Line Items]  
Fair Value $ 6,910
Developed technology | Maximum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 12 years
Developed technology | Minimum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 10 years
Trademark and tradename  
Business Combination [Line Items]  
Fair Value $ 1,660
Trademark and tradename | Maximum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 14 years
Trademark and tradename | Minimum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 13 years
v3.25.3
Restructuring Activities and Other Inventory-Related Charges - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring Costs $ 2,918 $ 4,135 $ 5,311  
Total pre-tax restructuring activity   83,300    
Inventory-related charges   59,700    
Restructuring liability   $ 0   $ 516
v3.25.3
Restructuring Activities and Other Inventory-Related Charges - Summary of Charges Related to Restructuring Activities by Type of Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs $ 2,918 $ 4,135 $ 5,311
Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 654 197 2,811
Accelerated Depreciation      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     19
Facility and Other Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 2,264 3,938 2,481
Cost of goods sold      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 1,484 2,467 2,556
Cost of goods sold | Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 23 217 876
Cost of goods sold | Accelerated Depreciation      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     19
Cost of goods sold | Facility and Other Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 1,461 2,250 1,661
Research and development      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   798 449
Research and development | Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   (69) 449
Research and development | Accelerated Depreciation      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     0
Research and development | Facility and Other Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   867 0
Selling, general and administrative      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 1,668 870 2,540
Selling, general and administrative | Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 631 49 1,486
Selling, general and administrative | Accelerated Depreciation      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     0
Selling, general and administrative | Facility and Other Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 1,037 $ 821 1,054
Other (expenses) income, net      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs (234)   (234)
Other (expenses) income, net | Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 0   0
Other (expenses) income, net | Accelerated Depreciation      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     0
Other (expenses) income, net | Facility and Other Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs $ (234)   $ (234)
v3.25.3
Restructuring Activities and Other Inventory-Related Charges - Summary of Activity Related to Restructuring Plan (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]      
Restructuring Liability December 31, 2024   $ 516  
Restructuring Costs $ 2,918 4,135 $ 5,311
Amounts Paid in 2025   (900)  
Non-cash Restructuring Items   (3,751)  
Restructuring Liability September 30, 2025   0  
Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Liability December 31, 2024   516  
Restructuring Costs $ 654 197 $ 2,811
Amounts Paid in 2025   (395)  
Non-cash Restructuring Items   (318)  
Restructuring Liability September 30, 2025   0  
Facility and other exit costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Liability December 31, 2024   0  
Restructuring Costs   3,938  
Amounts Paid in 2025   (505)  
Non-cash Restructuring Items   (3,433)  
Restructuring Liability September 30, 2025   $ 0  
v3.25.3
Revenue Recognition - Summary of Disaggregation of Revenue (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 188,805 $ 154,871 $ 540,343 $ 466,892
Product Revenue        
Disaggregation of Revenue [Line Items]        
Revenue 188,766 154,834 540,232 466,784
Royalty and other revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 39 $ 37 $ 111 $ 108
v3.25.3
Revenue Recognition - Summary of Receivables and Deferred Revenue from Contracts with Customers (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Balances from contracts with customers only:    
Accounts receivable $ 148,970 $ 134,115
Deferred revenue (included in accrued liabilities and other noncurrent liabilities in the condensed consolidated balance sheets) $ 16,387 $ 13,597
v3.25.3
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Accounting Policies [Abstract]    
Deferred revenue $ 9.9 $ 15.4
v3.25.3
Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill (Detail)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Goodwill [Line Items]  
Balance $ 1,030,995
Cumulative translation adjustment 31,845
Balance 1,112,735
908 Devices PAT Portfolio  
Goodwill [Line Items]  
Goodwill arising from acquisition 50,057
Tantti Laboratory Inc.  
Goodwill [Line Items]  
Measurement period adjustments (162)
Balance $ 46,943
v3.25.3
Goodwill and Intangible Assets - Additional Information (Detail)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
ReportingUnit
Sep. 30, 2024
USD ($)
Finite-Lived Intangible Liabilities [Line Items]        
Impairment of intangible assets     $ 0.0  
Amortization expense $ 9.9 $ 8.6 $ 29.3 $ 26.0
Number of reporting units | ReportingUnit     1  
v3.25.3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Intangible Assets [Line Items]    
Gross Carrying Value $ 593,471 $ 563,432
Gross Carrying Value 594,171 564,132
Accumulated Amortization (198,729) (166,235)
Net Carrying Value 1 394,742 397,197
Net Carrying Value $ 395,442 $ 397,897
Weighted Average Useful Life (in years) 15 years 15 years
Trademarks    
Intangible Assets [Line Items]    
Gross Carrying Value $ 10,539 $ 8,641
Indefinite-lived intangible asset 700 700
Accumulated Amortization (2,783) (2,283)
Net Carrying Value 1 $ 7,756 $ 6,358
Weighted Average Useful Life (in years) 18 years 19 years
Technology - developed    
Intangible Assets [Line Items]    
Gross Carrying Value $ 301,650 $ 283,380
Accumulated Amortization (76,826) (60,272)
Net Carrying Value 1 $ 224,824 $ 223,108
Weighted Average Useful Life (in years) 15 years 16 years
Customer relationships    
Intangible Assets [Line Items]    
Gross Carrying Value $ 277,276 $ 267,599
Accumulated Amortization (115,577) (100,646)
Net Carrying Value 1 $ 161,699 $ 166,953
Weighted Average Useful Life (in years) 15 years 15 years
Other intangibles    
Intangible Assets [Line Items]    
Gross Carrying Value $ 4,006 $ 3,812
Accumulated Amortization (3,543) (3,034)
Net Carrying Value 1 $ 463 $ 778
Weighted Average Useful Life (in years) 3 years 3 years
v3.25.3
Goodwill and Intangible Assets - Amortization Expense for Amortized Intangible Assets (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Liabilities [Line Items]    
2025 (remaining three months) $ 9,864  
2026 39,394  
2027 39,358  
2028 39,324  
2029 39,214  
2030 and thereafter 227,588  
Net Carrying Value 1 $ 394,742 $ 397,197
v3.25.3
Condensed Consolidated Balance Sheets Detail - Schedule of Inventories (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Inventory [Line Items]    
Raw materials $ 79,312 $ 82,208
Work-in-process 8,838 4,542
Finished products 72,170 56,214
Total inventories, net $ 160,320 $ 142,964
v3.25.3
Condensed Consolidated Balance Sheets Detail - Property, Plant and Equipment, Net (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Land $ 908 $ 824
Buildings 763 675
Leasehold improvements 150,168 145,256
Equipment 144,300 130,413
Furniture, fixtures and office equipment 11,315 9,999
Computer hardware and software 49,359 44,323
Construction in progress 25,149 28,211
Other 549 504
Total property, plant and equipment 382,511 360,205
Less - Accumulated depreciation (193,584) (162,467)
Total property, plant and equipment, net $ 188,927 $ 197,738
v3.25.3
Condensed Consolidated Balance Sheets Detail - Schedule of Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Schedule of Accrued Liabilities [Line Items]    
Employee compensation $ 36,039 $ 32,163
Deferred revenue 15,681 13,243
Income taxes payable 2,852 1,423
Other 22,717 15,594
Total accrued liabilities $ 77,289 $ 62,423
v3.25.3
Convertible Senior Notes - Additional Information (Detail)
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 14, 2023
USD ($)
Sep. 30, 2025
USD ($)
Days
$ / shares
Sep. 30, 2025
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]          
Notes, carrying value   $ 537,927,000 $ 537,927,000 $ 525,567,000  
Modified 2019 Notes          
Debt Instrument [Line Items]          
Amortization of debt issuance costs $ 7,800,000        
1.00% Convertible Senior Notes due 2028          
Debt Instrument [Line Items]          
Aggregate principal amount   $ 600,000,000 $ 600,000,000 600,000,000  
Notes, interest rate   1.00% 1.00%    
Debt istrument cancelled 309,900,000        
Unamortized debt issuance costs   $ 5,478,000 $ 5,478,000 6,721,000  
Aggregate debt discount   $ 56,595,000 $ 56,595,000 67,712,000  
Notes conversion ratio per $1,000 principal amount     4,924.7000    
Debt instrument, terms of conversion     The initial conversion rate for the 2023 Notes is 4.9247 shares of the Company’s common stock per $1,000 principal amount of 2023 Notes, which is equivalent to an initial conversion price of $203.06 per share and represents a 30% premium over the last reported sale price of $156.20 per share on December 6, 2023, the date on which the 2023 Notes were priced.    
Notes initial conversion price | $ / shares   $ 203.06 $ 203.06    
Effective interest rate on the Notes   4.39% 4.39%    
Interest repayment terms     Interest is payable semi-annually in arrears on each of June 15 and December 15, which commenced on June 15, 2024    
Notes, due date     Dec. 15, 2028    
Notes, carrying value   $ 537,927,000 $ 537,927,000 525,567,000  
Debt Instrument, Convertible, Threshold Trading Days | Days   20      
Debt Instrument, Convertible, Threshold Consecutive Trading Days | Days   30      
Notes threshold percentage of stock price trigger   130.00%      
1.00% Convertible Senior Notes due 2028 | Common Stock          
Debt Instrument [Line Items]          
Aggregate principal amount   $ 1,000 1,000    
1.00% Convertible Senior Notes due 2028 | Exchange And Subscription Agreements          
Debt Instrument [Line Items]          
Aggregate principal amount 600,000,000        
1.00% Convertible Senior Notes due 2028 | Subscription Transactions          
Debt Instrument [Line Items]          
Aggregate principal amount 290,100,000        
Proceeds from issuance of 2023 convertible senior notes 276,100,000        
Notes for cash 290,100,000        
Payment of debt issuance costs 13,900,000        
Proceeds from issuance of common stock, net of issuance costs 14,400,000        
1.00% Convertible Senior Notes due 2028 | Exchanged 2019 Notes          
Debt Instrument [Line Items]          
Loss on extinguishment of debt 29,600,000       $ 12,700,000
Debt instrument exchanged amount 217,700,000        
Modification of debt 188,100,000        
Unamortized debt issuance costs         100,000
1.00% Convertible Senior Notes due 2028 | Modified 2019 Notes          
Debt Instrument [Line Items]          
Aggregate principal amount   54,800,000 54,800,000 65,500,000  
Unamortized debt issuance costs         $ 7,700,000
Aggregate debt discount   56,600,000 56,600,000 67,700,000  
Payment of debt issuance costs 6,200,000        
1.00% Convertible Senior Notes due 2028 | Modified 2019 Notes | Additional Paid-In Capital          
Debt Instrument [Line Items]          
Conversion of Convertible Securities Stock Issued | value $ 2,800,000        
1.00% Convertible Senior Notes due 2028 | Modified 2019 Notes | Fair Value Of Embedded Conversion Option          
Debt Instrument [Line Items]          
Conversion of Convertible Securities Stock Issued | value     $ 1,800,000 $ 2,200,000  
1.00% Convertible Senior Notes due 2028 | 2023 Notes          
Debt Instrument [Line Items]          
Notes redemption price     100.00%    
Notes, carrying value   $ 537,900,000 $ 537,900,000    
v3.25.3
Convertible Senior Notes - Carrying Value of Convertible Senior Notes (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Carrying amount - Convertible Senior Notes due 2028, net $ 537,927 $ 525,567
1.00% Convertible Senior Notes due 2028    
Debt Instrument [Line Items]    
Principal amount 600,000 600,000
Unamortized debt discount (56,595) (67,712)
Unamortized debt issuance costs (5,478) (6,721)
Carrying amount - Convertible Senior Notes due 2028, net $ 537,927 $ 525,567
v3.25.3
Convertible Senior Notes - Schedule of convertible note interest expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]        
Amortization of debt issuance costs $ 416 $ 429 $ 1,243 $ 1,432
Total 5,702 5,413 16,860 16,271
1.00% Convertible Senior Notes due 2028        
Debt Instrument [Line Items]        
Contractual interest expense 1,500 1,500 4,500 4,500
Amortization of debt discount 3,786 3,473 11,117 10,197
Amortization of debt issuance costs $ 416 410 $ 1,243 1,190
2019 Notes        
Debt Instrument [Line Items]        
Contractual interest expense   11   141
Amortization of debt issuance costs   $ 19   $ 243
v3.25.3
Stockholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 01, 2024
Sep. 30, 2025
Sep. 30, 2024
Apr. 30, 2025
Dec. 31, 2024
Jun. 12, 2024
Apr. 30, 2024
Mar. 31, 2024
Dec. 31, 2018
Stockholders Equity Note Disclosure [Line Items]                      
Aggregate intrinsic value of stock options exercised       $ 4,300 $ 4,700            
Weighted average grant date fair value of share-based awards granted       $ 72.94 $ 89.09            
Weighted average grant date fair value of restricted stock units granted       $ 144.23              
Total unrecognized compensation cost $ 72,000     $ 72,000              
Unrecognized compensation cost, weighted average remaining requisite service period       2 years 9 months 10 days              
Forfeited portion of grants       8,279              
Share recalculated value               $ 136      
Stock-based compensation expense $ 8,973 $ 23,055 $ 22,400 $ 24,621 $ 41,711            
Common stock, shares issued 56,283,321     56,283,321     56,091,677        
FlexBiosys                      
Stockholders Equity Note Disclosure [Line Items]                      
Common stock, shares issued           5,517       2,770  
Earnout consideration earned                   20.00%  
Avitide                      
Stockholders Equity Note Disclosure [Line Items]                      
Common stock, shares issued           52,935     28,638    
Earnout consideration earned                 50.00%    
2018 Plan                      
Stockholders Equity Note Disclosure [Line Items]                      
Common stock shares reserved for Issuance                     2,778,000
Incentive options, vesting period 1,187,708     1,187,708              
Restricted Stock Units and Performance Stock Units                      
Stockholders Equity Note Disclosure [Line Items]                      
Aggregate intrinsic value of restricted stock units vested       $ 20,800 $ 25,100            
Weighted average grant date fair value of restricted stock units granted       $ 144.23 $ 180.02            
2024 Grants                      
Stockholders Equity Note Disclosure [Line Items]                      
Forfeited portion of grants       32,776              
v3.25.3
Stockholders' Equity - Stock-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 01, 2024
Sep. 30, 2025
Sep. 30, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]          
Stock-based compensation $ 8,973 $ 23,055 $ 22,400 $ 24,621 $ 41,711
Cost of goods sold          
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]          
Stock-based compensation 612 396   1,778 1,498
Research and development          
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]          
Stock-based compensation 1,657 887   4,167 2,335
Selling, general and administrative          
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]          
Stock-based compensation [1] $ 6,704 $ 21,772   $ 18,676 $ 37,878
[1] Selling, general and administrative stock-based compensation for the three and nine months ended September 30, 2024 includes $17.4 million and $22.4 million, respectively, of expense related to the Equity Modification discussed above.
v3.25.3
Stockholders' Equity - Stock-Based Compensation Expense (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
2024 Grants | Selling, general and administrative    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Stock-based compensation expense related to the equity modification $ 17.4 $ 22.4
v3.25.3
Stockholders' Equity - Summary of Option Activity (Detail)
$ / shares in Units, $ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
shares
Options Outstanding  
Options outstanding at December 31, 2024 | shares 596,206
Granted | shares 61,277
Exercised | shares (46,756)
Forfeited/expired/cancelled | shares (8,279)
Options outstanding at September 30, 2025 | shares 602,448
Options exercisable at September 30, 2025 | shares 391,694
Vested and expected to vest at September 30, 2025 | shares 596,708 [1]
Weighted-Average Exercise Price Per Share  
Options outstanding at December 31, 2024 | $ / shares $ 98.64
Granted | $ / shares 140.6
Exercised | $ / shares 45.81
Forfeited/expired/cancelled | $ / shares 191.69
Options outstanding at September 30, 2025 | $ / shares 105.73
Options exercisable at September 30, 2025 | $ / shares 97.77
Vested and expected to vest at September 30, 2025 | $ / shares $ 105.26 [1]
Weighted-Average Remaining Contractual Term (in years)  
Vested and expected to vest at September 30, 2025 5 years 2 months 23 days [1]
Aggregate Intrinsic Value  
Vested and expected to vest at September 30, 2025 | $ $ 27,602 [1]
[1] Represents the number of vested options as of September 30, 2025 plus the number of unvested options expected to vest as of September 30, 2025 based on the unvested outstanding options at September 30, 2025 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.
v3.25.3
Stockholders' Equity - Summary of Option Activity (Parenthetical) (Detail) - Employee Stock Option
Sep. 30, 2025
Awards Granted to Non-Executive Level Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Estimated forfeiture rates 8.00%
Awards Granted to Executive Level Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Estimated forfeiture rates 3.00%
v3.25.3
Stockholders' Equity - Summary of Restricted Stock Unit Activity (Detail)
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Options Outstanding  
Shares, Unvested at December 31, 2024 | shares 470,612
Shares, Awarded | shares 281,410
Shares, Vested | shares (139,681)
Shares, Forfeited/cancelled | shares (41,961)
Shares, Unvested at September 30,2025 | shares 570,380
Shares, Vested and expected to vest at September 30,2025 | shares 517,900 [1]
Weighted Average Grant Date Fair Value  
Weighted Average, Unvested at December 31,2024 | $ / shares $ 162.33
Weighted Average, Awarded | $ / shares 144.23
Weighted Average, Vested | $ / shares 161.11
Weighted Average, Forfeited/Cancelled | $ / shares 172.55
Weighted Average, Unvested at September 30,2025 | $ / shares 154.31
Weighted Average, Vested and expected to vest at September 30,2025 | $ / shares $ 153.6 [1]
[1] Represents the number of vested stock units as of September 30, 2025 plus the number of unvested stock units expected to vest as of September 30, 2025 based on the unvested outstanding stock units at September 30, 2025 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.
v3.25.3
Stockholders' Equity - Summary of Restricted Stock Unit Activity (Parenthetical) (Detail) - Restricted Stock Units and Performance Stock Units
Sep. 30, 2025
Awards Granted to Non-Executive Level Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Estimated forfeiture rates 8.00%
Awards Granted to Executive Level Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Estimated forfeiture rates 3.00%
v3.25.3
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Taxes [Line Items]        
Income tax (benefit) provision $ 2,201 $ (495) $ 7,663 $ 3,218
Effective tax rate 12.90% 43.00% 17.70% 27.80%
v3.25.3
Earnings (Loss) Per Share - Additional Information (Detail) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Common stock excluded from calculation of diluted earnings per share 652,930 491,206 610,880 404,989
v3.25.3
Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Shares Amounts (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:        
Net income (loss) $ 14,911 $ (654) $ 35,607 $ 8,355
Denominator:        
Weighted average shares used in computing net income (loss) per share - basic 56,265 56,012 56,208 55,896
Effect of dilutive shares:        
Options and stock units 267 0 312 419
Dilutive potential common shares 267 0 312 419
Denominator for diluted earnings (loss) per share - adjusted weighted average shares used in computing earnings (loss) per share - diluted 56,532 56,012 56,520 56,315
Earnings (loss) per share:        
Basic $ 0.27 $ (0.01) $ 0.63 $ 0.15
Diluted $ 0.26 $ (0.01) $ 0.63 $ 0.15
v3.25.3
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Principal Owner        
Related Party Transaction [Line Items]        
Rental expense $ 0.2 $ 0.1 $ 0.5 $ 0.5
v3.25.3
Segment Reporting - Additional Information (Detail)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Segment
ReportingUnit
Sep. 30, 2024
Dec. 31, 2024
Number of reporting units | ReportingUnit     1    
Number of reportable segments | Segment     1    
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]     srt:ChiefExecutiveOfficerMember    
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description     Net income or net loss as reported on the condensed consolidated statements of comprehensive income is the measure of segment profit or loss used by the CODM in allocating resources and assessing performance.    
Concentration Risk, Percentage 100.00% 100.00% 100.00% 100.00%  
Minimum | Sales Revenue | Customer Concentration Risk          
Concentration Risk, Percentage 10.00% 10.00% 10.00% 10.00%  
No One Customer | Accounts Receivable | Customer Concentration Risk          
Concentration Risk, Percentage     10.00%   10.00%
v3.25.3
Segment Reporting - Percentage of Revenue by Geographic Area (Detail)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Concentration Risk [Line Items]        
Concentration Risk, Percentage 100.00% 100.00% 100.00% 100.00%
Total Revenue | Geographic Concentration Risk [Member] | North America [Member]        
Concentration Risk [Line Items]        
Concentration Risk, Percentage 51.00% 51.00% 50.00% 50.00%
Total Revenue | Geographic Concentration Risk [Member] | Europe [Member]        
Concentration Risk [Line Items]        
Concentration Risk, Percentage 30.00% 33.00% 33.00% 35.00%
Total Revenue | Geographic Concentration Risk [Member] | APAC Other [Member]        
Concentration Risk [Line Items]        
Concentration Risk, Percentage 19.00% 16.00% 17.00% 15.00%
v3.25.3
Segment Reporting - Schedule of Information about Reportable Segments (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenue $ 188,805 $ 154,871 $ 540,343 $ 466,892
Costs and Expenses [Abstract]        
Cost of goods sold 88,290 77,383 257,929 231,088
Research and development 14,175 9,710 41,057 31,523
Total costs and operating expenses 171,980 162,703 503,044 465,505
Other income, net 287 6,683 5,971 10,186
Income tax provision (benefit) 2,201 (495) 7,663 3,218
Net income (loss) 14,911 (654) 35,607 8,355
Operating segments        
Segment Reporting Information [Line Items]        
Revenue 188,805 154,871 540,343 466,892
Costs and Expenses [Abstract]        
Cost of goods sold 88,290 77,383 257,929 231,088
Research and development 14,175 9,710 41,057 31,523
Sales and marketing 26,873 20,656 77,495 68,868
General and administrative 42,642 54,954 126,563 134,026
Total costs and operating expenses 171,980 162,703 503,044 465,505
Other income, net 287 6,683 5,971 10,186
Income tax provision (benefit) 2,201 (495) 7,663 3,218
Net income (loss) $ 14,911 $ (654) $ 35,607 $ 8,355