REPLIGEN CORP, 10-K filed on 2/26/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Cover [Abstract]      
Amendment Flag false    
Document Type 10-K    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000730272    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 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 Annual Report true    
Document Transition Report false    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer Yes    
Entity Public Float     $ 6.0
Entity Common Stock, Shares Outstanding   56,331,110  
ICFR Auditor Attestation Flag true    
Documents Incorporated by Reference

Documents Incorporated By Reference

The registrant intends to file a proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2025. Portions of such proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K.

   
Auditor Firm Id 42    
Auditor Firm Name Ernst & Young LLP    
Auditor Firm Location Boston, Massachusetts, United States    
Document Financial Statement Error Correction [Flag] false    
Auditor Opinion [Text Block]

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Repligen Corporation (the Company) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income (loss), stockholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 26, 2026 expressed an adverse opinion thereon.

   
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 566,021 $ 757,355
Marketable securities 201,607 0
Accounts receivable, net of allowances of $2,767 and $1,832 at December 31, 2025 and December 31, 2024, respectively 158,587 134,115
Inventories, net 170,458 142,964
Prepaid expenses and other current assets 40,712 31,607
Total current assets 1,137,385 1,066,041
Property, plant and equipment, net 186,614 197,738
Intangible assets, net 386,147 397,897
Goodwill 1,114,408 1,030,995
Deferred tax assets 694 749
Operating lease right of use assets 119,538 135,378
Other noncurrent assets 4,913 868
Total noncurrent assets 1,812,314 1,763,625
Total assets 2,949,699 2,829,666
Current liabilities:    
Accounts payable 30,010 32,134
Operating lease liabilities 21,559 15,104
Contingent consideration 5,049 17,126
Accrued liabilities 79,208 62,423
Total current liabilities 135,826 126,787
Convertible Senior Notes due 2028, net 542,213 525,567
Deferred tax liabilities 22,496 22,775
Noncurrent operating lease liabilities 126,176 145,576
Noncurrent contingent consideration 1,304 19,662
Other noncurrent liabilities 15,555 16,581
Total noncurrent liabilities 707,744 730,161
Total liabilities 843,570 856,948
Commitments and contingencies (Note 12)
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; 56,325,429 shares at December 31, 2025 and 56,091,677 shares at December 31, 2024 issued and outstanding 563 561
Additional paid-in capital 1,651,849 1,617,336
Accumulated other comprehensive loss (2,531) (52,533)
Retained earnings 456,248 407,354
Total stockholders' equity 2,106,129 1,972,718
Total liabilities and stockholders' equity $ 2,949,699 $ 2,829,666
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounts receivable, reserve for doubtful accounts $ 2,767 $ 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 56,325,429 56,091,677
Common stock, shares outstanding 56,325,429 56,091,677
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Revenue $ 738,256 $ 634,439 $ 632,362
Costs and operating expenses:      
Cost of goods sold 352,011 359,794 353,922
Research and development 54,177 43,200 42,722
Selling, general and administrative 290,508 263,368 218,584
Change in fair value of contingent consideration (13,607) 3,191 (30,569)
Total costs and operating expenses 683,089 669,553 584,659
Income (loss) from operations 55,167 (35,114) 47,703
Other income (expense), net:      
Investment income 27,574 35,827 24,135
Interest expense (21,513) (20,731) (2,503)
Loss on extinguishment of debt 0 0 (12,676)
Amortization of debt issuance costs (1,660) (1,843) (8,075)
Other income (expense), net 2,815 (5,174) 8,123
Other income, net 7,216 8,079 9,004
Income before income taxes 62,383 (27,035) 56,707
Income tax provision (benefit) 13,489 (1,521) 21,111
Net income (loss) $ 48,894 $ (25,514) $ 35,596
Earnings (loss) per share:      
Basic $ 0.87 $ (0.46) $ 0.64
Diluted $ 0.86 $ (0.46) $ 0.63
Weighted average common shares outstanding:      
Basic 56,234 55,937 55,720
Diluted 56,561 55,937 56,377
Net Income (Loss) $ 48,894 $ (25,514) $ 35,596
Other comprehensive income (loss):      
Unrealized gain on available-for-sale securities, net of tax 53 0 0
Foreign currency translation adjustment 49,949 (14,725) (3,414)
Comprehensive income (loss) 98,896 (40,239) 32,182
Product      
Revenue:      
Revenue 737,960 634,178 631,979
Royalty and Other Revenue      
Revenue:      
Revenue $ 296 $ 261 $ 383
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Retained Earnings
FlexBiosys, Inc.
FlexBiosys, Inc.
Common Stock
FlexBiosys, Inc.
Additional Paid-in Capital
Metenova Holding AB
Metenova Holding AB
Common Stock
Metenova Holding AB
Additional Paid-in Capital
Balance at Dec. 31, 2022 $ 1,910,700 $ 556 $ 1,547,266 $ (34,394) $ 397,272            
Beginning Balance (in shares) at Dec. 31, 2022   55,557,698                  
Net Income (Loss) 35,596       35,596            
Issuance of common stock for debt conversion (13)   (13)                
Issuance of common stock for debt conversion (in shares)   8                  
Exercise of stock options and vesting of stock units 1,076 $ 3 1,073                
Exercise of stock options and vesting of stock units (in shares)   251,886                  
Repurchase of common stock (14,386) $ (1) (14,385)                
Repurchase of common stock (in shares)   (92,090)                  
Issuance of commons stock pursuant to the acquisition           $ 5,465   $ 5,465 $ 8,104 $ 1 $ 8,103
Issuance of commons stock pursuant to the acquisition, (in shares)             31,415     52,299  
Tax withholding on vesting of restricted stock (13,227) $ (1) (13,226)                
Tax withholding on vesting of restricted stock (in shares)   (77,759)                  
Issuance of common stock pursuant to contingent consideration earnout payment 7,229   7,229                
Issuance of common stock pursuant to contingent consideration earnout payment   42,621                  
Stock-based compensation expense 25,575   25,575                
Convertible note modification 2,791   2,791                
Deferred tax impact on conversion feature (651)   (651)                
Other comprehensive income (loss) (3,414)     (3,414)              
Balance at Dec. 31, 2023 1,964,845 $ 558 1,569,227 (37,808) 432,868            
Ending Balance (in shares) at Dec. 31, 2023   55,766,078                  
Net Income (Loss) (25,514)       (25,514)            
Issuance of common stock for debt conversion (114) $ 1 (115)                
Issuance of common stock for debt conversion (in shares)   100,944                  
Exercise of stock options and vesting of stock units 4,297 $ 3 4,294                
Exercise of stock options and vesting of stock units (in shares)   248,108                  
Tax withholding on vesting of restricted stock (9,883) $ (1) (9,882)                
Tax withholding on vesting of restricted stock (in shares)   (54,861)                  
Issuance of common stock pursuant to contingent consideration earnout payment 5,742   5,742                
Issuance of common stock pursuant to contingent consideration earnout payment   31,408                  
Stock-based compensation expense 48,070   48,070                
Other comprehensive income (loss) (14,725)     (14,725)              
Balance at Dec. 31, 2024 1,972,718 $ 561 1,617,336 (52,533) 407,354            
Ending Balance (in shares) at Dec. 31, 2024   56,091,677                  
Net Income (Loss) 48,894       48,894            
Exercise of stock options and vesting of stock units 3,175 $ 2 3,173                
Exercise of stock options and vesting of stock units (in shares)   234,189                  
Tax withholding on vesting of restricted stock (8,833) $ (1) (8,832)                
Tax withholding on vesting of restricted stock (in shares)   (58,889)                  
Issuance of common stock pursuant to contingent consideration earnout payment 7,568 $ 1 7,567                
Issuance of common stock pursuant to contingent consideration earnout payment   58,452                  
Stock-based compensation expense 32,605   32,605                
Other comprehensive income (loss) 50,002     50,002              
Balance at Dec. 31, 2025 $ 2,106,129 $ 563 $ 1,651,849 $ (2,531) $ 456,248            
Ending Balance (in shares) at Dec. 31, 2025   56,325,429                  
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net Income (Loss) $ 48,894 $ (25,514) $ 35,596
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 78,745 69,673 68,556
Amortization of debt discount and issuance costs 16,646 15,588 2,448
Inventory step-up amortization 1,560 0 1,238
Stock-based compensation 32,605 48,070 25,575
Deferred income taxes, net (3,373) (16,790) 1,175
Change in fair value of contingent consideration (13,607) 3,191 (30,569)
Non-cash interest income 0 0 (2,023)
Loss on extinguishment of debt 0 0 12,676
Net unrealized foreign exchange gain (13,014) 0 0
Operating lease right of use asset amortization 18,211 16,889 17,558
Other adjustments and non-cash items 1,630 3,366 1,783
Changes in operating assets and liabilities, excluding impact of acquisitions:      
Accounts receivable (17,165) (14,031) (3,312)
Inventories (14,947) 56,895 40,973
Prepaid expenses and other current assets (7,756) 1,553 (13,333)
Other noncurrent assets (1,560) 471 (461)
Accounts payable (4,150) 12,898 (9,803)
Accrued liabilities 11,813 6,106 (21,518)
Operating lease liabilities (15,556) (8,292) (12,728)
Noncurrent liabilities (1,559) 5,321 87
Total cash provided by operating activities 117,417 175,394 113,918
Cash flows for investing activities      
Acquisitions, net of cash acquired (70,328) (54,765) (186,642)
Purchases of marketable securities (200,257) 0 0
Maturities of marketable securities 0 0 102,323
Additions to capitalized software costs (2,211) (4,222) (2,766)
Purchases of property, plant and equipment (23,519) (25,677) (36,222)
Sale of property, plant and equipment 238 0 0
Purchase of intellectual property 0 (3,006) 0
Other investing activities (2,397) 1,287 32
Total cash used in investing activities (298,474) (86,383) (123,275)
Cash flows (for) from financing activities      
Repurchase of common stock 0 0 (14,386)
Proceeds from issuance of 2023 Notes 0 0 290,094
Proceeds from exercise of stock options 3,176 4,294 1,076
Payment of debt issuance costs 0 0 (7,253)
Payment of tax withholding obligation on vesting of restricted stock (8,833) (9,882) (13,227)
Repayment of 2019 Notes 0 (69,939) 0
Payment of earnout consideration (9,548) (7,375) (7,298)
Other financing activities 0 0 (45)
Total cash (used in) provided by financing activities (15,205) (82,902) 248,961
Effect of exchange rate changes on cash and cash equivalents 4,928 (77) (11,739)
Net (decrease) increase in cash and cash equivalents (191,334) 6,032 227,865
Cash and cash equivalents, beginning of period 757,355 751,323 523,458
Cash and cash equivalents, end of period 566,021 757,355 751,323
Supplemental disclosure of cash flow information:      
Income taxes paid 20,925 19,300 27,000
Supplemental disclosure of non-cash investing and financing activities:      
Assets acquired under operating leases 5,352 37,894 4,335
Fair value of shares of common stock issued for acquisitions 0 0 13,569
Fair value of shares of common stock issued for contingent consideration earnouts 7,568 5,742 7,229
Acquisition date fair value of contingent consideration earnouts 0 19,738 6,640
Issuance of 2023 Notes in exchange of 2019 Notes 0 0 42,179
Extinguished 2019 Notes $ 0 $ 0 $ 29,634
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 48,894 $ (25,514) $ 35,596
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

(b) Rule 10b5-1 Trading Plans

During the three months ended December 31, 2025, the following directors or officers informed us of the adoption or termination of a trading plan intended to satisfy Rule 10b5-1 under Item 408 of Regulation S-K:

 

 

 

 

 

 

 

Plans

 

 

 

 

 

Name and Title

 

Action

 

Adoption Date

 

Rule 10b5-1 Plan

 

Non-Rule 10b5-1 Plan

 

Aggregate number of securities to be purchased or sold

 

 

Plan Expiration Date (1)

Jason Garland, Chief Financial Officer

 

Adoption

 

12/8/2025

 

x

 

 

 

 

1,263

 

 

12/2/2026

Tony J. Hunt, Director and Executive Chair of the Board of Directors

 

Adoption

 

12/11/2025

 

x

 

 

 

 

20,000

 

 

4/15/2026

(1) A trading Plan may expire on an earlier date if all contemplated transactions are completed before such trading plan’s expiration date, upon termination by broker or the holder of the trading plan, or as otherwise provided in 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 December 31, 2025.
Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Rule 10b5 1 Arr Modified Flag false
Jason K. Garland  
Trading Arrangements, by Individual  
Name Jason Garland
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 12/8/2025
Expiration Date 12/2/2026 [1]
Aggregate Available 1,263
Tony J. Hunt  
Trading Arrangements, by Individual  
Name Tony J. Hunt
Title Director and Executive Chair of the Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date 12/11/2025
Expiration Date 4/15/2026 [1]
Aggregate Available 20,000
[1] A trading Plan may expire on an earlier date if all contemplated transactions are completed before such trading plan’s expiration date, upon termination by broker or the holder of the trading plan, or as otherwise provided in the trading plan.
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management, Strategy, and Governance
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

Governance Related to Cybersecurity Risks

Our Board of Directors (the “Board”) holds overall oversight responsibility for the Company’s strategy and risk management, including in relation to cybersecurity risks. Our Board exercises its oversight function through the Audit Committee, which oversees the management of risk exposure across various areas, including data security risks, in accordance with its charter. The Audit Committee receives quarterly reports from our Chief Information Officer (“CIO”) on the status of the Company’s cybersecurity program, including measures implemented to monitor and address cybersecurity risks and threats, as appropriate.

The Company has an enterprise risk management committee (“ERMC”) that is composed of senior management, including the CIO and other senior executives. The ERMC monitors and oversees risk areas that could have a high impact on the business, and cybersecurity is currently one of the ERMC’s priority focus areas. The ERMC reports on our top identified risks and steps to address those risks to the full Board on a semi-annual basis.

At the management level, our Senior Director of Cyber Security and IT Risk Management is primarily responsible for leading our cybersecurity strategy for assessing and managing material risks from cybersecurity threats. He has over 20 years of cybersecurity experience across a wide array of industries, specializing in enterprise security strategy, regulatory compliance and building high-performing cyber programs that support global business operations. Our Senior Director of Cyber Security and IT Risk Management reports directly to our CIO, who is a member of our leadership team and reports to our Chief Financial Officer. Our current CIO has over 29 years of global IT leadership experiences across diverse industries and has spent the last 15 years in the Life Sciences and Health Care sectors. He is responsible for driving the organizations technology strategy, driving innovation, optimizing IT operations, protecting the company's assets, and optimizing business productivity. He is accountable for setting the directional security strategy and continuous improvement plans. He brings a wealth of experience leading and partnering with legal, compliance and audit teams, and leading cybersecurity and enterprise risk management teams.

We also work with a managed security service provider to monitor for vulnerabilities and threats. The service provider has the authority to take remedial actions for critical and high vulnerabilities, which are reported to the Cyber Security and Risk Management Team, and where appropriate, to the CIO and other members of senior management. We engage employees in our cybersecurity efforts through quarterly mandatory security and awareness training as well as monthly simulated phishing campaigns. We also conduct specific training and tabletop exercises for key personnel involved in cybersecurity risk management.

Cybersecurity Risk Management and Strategy

We maintain a cybersecurity program, which is informed by industry standards, that includes processes for identification, assessment, and management of cybersecurity risks and which is integrated into our larger enterprise-wide risk management program. We conduct periodic risk assessments, including support from external vendors, to assess our cyber program, identify areas of enhancement, and develop strategies for the mitigation of cyber risks. We also conduct regular security penetration testing and have established a vulnerability management process supported by security testing, to treat identified security risks based on severity. Third parties that access, process, collect, share, create, store, transmit or destroy our information or have access to our systems may have additional contractual controls.

Our Cyber Security and Risk Management Team is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity risks through various means, including leveraging managed security service providers and other

third-party security software and technology services. In addition, we institute processes and technologies for the monitoring of security alerts from internal parties and external resources, including from information security research sources. We also have implemented processes and technologies for network monitoring and data loss prevention.

We do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected us, our business strategy, results of operations or financial condition. There is no guarantee that future incidents will not have a material impact on our business strategy, results of operations, or financial condition in the future. Refer to Part I, Item 1A, “Risk Factors,” included in this Annual Report on Form 10-K for more information.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

We maintain a cybersecurity program, which is informed by industry standards, that includes processes for identification, assessment, and management of cybersecurity risks and which is integrated into our larger enterprise-wide risk management program. We conduct periodic risk assessments, including support from external vendors, to assess our cyber program, identify areas of enhancement, and develop strategies for the mitigation of cyber risks. We also conduct regular security penetration testing and have established a vulnerability management process supported by security testing, to treat identified security risks based on severity. Third parties that access, process, collect, share, create, store, transmit or destroy our information or have access to our systems may have additional contractual controls.

Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Our Board of Directors (the “Board”) holds overall oversight responsibility for the Company’s strategy and risk management, including in relation to cybersecurity risks. Our Board exercises its oversight function through the Audit Committee, which oversees the management of risk exposure across various areas, including data security risks, in accordance with its charter. The Audit Committee receives quarterly reports from our Chief Information Officer (“CIO”) on the status of the Company’s cybersecurity program, including measures implemented to monitor and address cybersecurity risks and threats, as appropriate.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors (the “Board”) holds overall oversight responsibility for the Company’s strategy and risk management, including in relation to cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board exercises its oversight function through the Audit Committee, which oversees the management of risk exposure across various areas, including data security risks, in accordance with its charter.
Cybersecurity Risk Role of Management [Text Block]

The Company has an enterprise risk management committee (“ERMC”) that is composed of senior management, including the CIO and other senior executives. The ERMC monitors and oversees risk areas that could have a high impact on the business, and cybersecurity is currently one of the ERMC’s priority focus areas. The ERMC reports on our top identified risks and steps to address those risks to the full Board on a semi-annual basis.

At the management level, our Senior Director of Cyber Security and IT Risk Management is primarily responsible for leading our cybersecurity strategy for assessing and managing material risks from cybersecurity threats. He has over 20 years of cybersecurity experience across a wide array of industries, specializing in enterprise security strategy, regulatory compliance and building high-performing cyber programs that support global business operations. Our Senior Director of Cyber Security and IT Risk Management reports directly to our CIO, who is a member of our leadership team and reports to our Chief Financial Officer. Our current CIO has over 29 years of global IT leadership experiences across diverse industries and has spent the last 15 years in the Life Sciences and Health Care sectors. He is responsible for driving the organizations technology strategy, driving innovation, optimizing IT operations, protecting the company's assets, and optimizing business productivity. He is accountable for setting the directional security strategy and continuous improvement plans. He brings a wealth of experience leading and partnering with legal, compliance and audit teams, and leading cybersecurity and enterprise risk management teams.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The ERMC reports on our top identified risks and steps to address those risks to the full Board on a semi-annual basis.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

At the management level, our Senior Director of Cyber Security and IT Risk Management is primarily responsible for leading our cybersecurity strategy for assessing and managing material risks from cybersecurity threats. He has over 20 years of cybersecurity experience across a wide array of industries, specializing in enterprise security strategy, regulatory compliance and building high-performing cyber programs that support global business operations. Our Senior Director of Cyber Security and IT Risk Management reports directly to our CIO, who is a member of our leadership team and reports to our Chief Financial Officer. Our current CIO has over 29 years of global IT leadership experiences across diverse industries and has spent the last 15 years in the Life Sciences and Health Care sectors. He is responsible for driving the organizations technology strategy, driving innovation, optimizing IT operations, protecting the company's assets, and optimizing business productivity. He is accountable for setting the directional security strategy and continuous improvement plans. He brings a wealth of experience leading and partnering with legal, compliance and audit teams, and leading cybersecurity and enterprise risk management teams.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

Our Cyber Security and Risk Management Team is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity risks through various means, including leveraging managed security service providers and other

third-party security software and technology services.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Organization and Nature of Business
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Organization and Nature of Business
1.
Organization and Nature of Business

Repligen Corporation (the “Company”, “Repligen”, “our” or “we”) (NASDAQ: RGEN) is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that increase efficiencies and flexibility in the process of manufacturing biological drugs. The Company’s franchises include filtration, chromatography, process analytics and proteins. The Company’s bioprocessing products are sold to major life sciences companies, biopharmaceutical development companies and contract manufacturing organizations worldwide.

A majority of the Company’s 19 manufacturing sites are located in the United States (including California, Massachusetts, New Hampshire, New Jersey and New York). Outside the United States, there are manufacturing sites in Estonia, France, Germany, Ireland, the Netherlands, Sweden, and Taiwan.

The Company is subject to a number of risks typically associated with companies in the biotechnology industry. These risks principally include the Company’s dependence on key customers, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with the United States (“U.S.”) Food and Drug Association and other governmental regulations and approval requirements, as well as the ability to grow the Company’s business and obtain adequate funding to finance this growth.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2.
Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“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.

Estimates and assumptions by management affect the Company’s revenue recognition, the net realizable value of inventory, valuations and purchase price allocations related to business combinations, contingent consideration obligations, assessments of intangible assets for impairment, intangible asset amortization methods and periods, tax reserves and recoverability of the Company’s net deferred tax assets and related valuation allowance.

Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances.

Basis of Presentation

The 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.

Foreign Currency

The Company translates the assets and liabilities of its foreign subsidiaries at rates in effect at the end of the reporting period. Revenues and expenses are translated at average rates in effect during the reporting period. Intercompany loans determined to be permanent are translated at each period end and included in accumulated other comprehensive income or loss on the consolidated balance sheets. Intercompany loans with foreign subsidiaries determined to be repayable are remeasured at each period end and included in other income or expense, net on the consolidated statements of comprehensive income (loss) or loss. Exchange gains or losses resulting from the revaluation between the transactional currency and the functional currency are included in other income or expense, net.

Revenue Recognition

The Company generates revenue from the sale of bioprocessing products, equipment devices, and related consumables used with these equipment devices to customers in the life sciences and biopharmaceutical industries. Under Accounting Standard Codification (“ASC”) 606, “Revenue from Contracts with Customers,” revenue is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer (“transaction price”). To the extent the transaction price includes variable consideration, such as rebates, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method or the most likely amount method, depending on the facts and circumstances relative to the contract. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur.

Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. The Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of December 31, 2025.

The Company recognizes product revenue under the terms of each customer agreement upon transfer of control to the customer, which occurs at a point in time. Shipping and handling fees are recorded as a component of product revenue, with the associated costs recorded as a component of cost of goods sold.

Risks and Uncertainties

The Company evaluates its operations periodically to determine if any risks and uncertainties exist that could impact its operations in the near term. The Company does not believe that there are any significant risks that have not already been disclosed in the consolidated financial statements. A loss of certain suppliers could temporarily disrupt operations, although alternate sources of supply exist for these items. The Company has mitigated these risks by working closely with key suppliers, identifying alternate sources and developing contingency plans.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be a cash equivalent. The Company’s cash equivalents consist primarily of money market mutual funds, including government and prime funds, are carried at cost, which approximates fair value.

Marketable Securities

The Company’s investments in marketable securities are classified as available-for-sale. Management determines the appropriate classification of securities at the time of purchase based upon management's intent with regards to such investment and reevaluates such designation as of each balance sheet date. The available-for-sale securities consist of U.S. treasury bills, which are recorded at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity on the consolidated balance sheets.

To the extent the amortized cost basis exceeds the fair value, management assesses the security for impairment or credit loss. The Company's investment policy requires that it only invest in high-rated securities and limits its exposure to any single-user to mitigate the risk of credit loss.

Fair Value Measurement

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 and 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.

Convertible Instruments

The Company evaluates the embedded conversion feature within its convertible debt instruments under ASC 815, “Derivatives and Hedging.” The Company refers to ASC 815-15 and ASC 815-40 to determine if the conversion feature meets the definition of a derivative and, if so, whether to bifurcate the conversion feature and account for it as a separate derivative liability. Based on the Company’s analysis, the 1.00% Convertible Senior Notes due 2028 (the “2023 Notes”) do not have an embedded conversion feature requiring bifurcation under ASC 815-15 and thus are accounted for as a single unit of account, a liability under ASC 470, “Debt.” For further detail on the 2023 Notes, see Note 13, “Convertible Senior Notes.”

Inventories

Inventories relate to the Company’s bioprocessing business. The Company values inventory at cost or, if lower, net realizable value, using the first-in, first-out method. The Company reviews its inventory at least quarterly and records a provision for excess and obsolete inventory based primarily on historical consumption patterns, its estimates of expected future sales volume and expiration dates of raw materials, work-in-process and finished products. The Company writes down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value, and inventory in excess of expected requirements to cost of goods sold. Manufacturing of bioprocessing finished goods is done to order and tested for quality specifications prior to shipment.

A change in the estimated timing or amount of demand for the Company’s products could result in additional provisions for excess inventory quantities on hand. In addition, unexpected quality failures could have a significant impact on the value of inventory and reported operating results. Work-in-process and finished products inventories consist of material, labor, outside processing costs and manufacturing overhead.

Lease Accounting

In accordance with ASC 842, the Company determines whether an arrangement contains a lease at inception. If a lease is identified in an arrangement, the Company recognizes a right-of-use asset and liability on its consolidated balance sheets and determines whether the lease should be classified as a finance or operating lease. Finance leases are immaterial to the Company’s consolidated financial statements. The Company does not recognize assets or liabilities for leases with lease terms of less than 12 months.

Right of use lease assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company utilizes its incremental borrowing rate at the lease commencement date. Operating lease assets are further adjusted for prepaid or accrued lease payments. Operating lease payments are expensed using the straight-line method as an operating expense over the lease term.

The Company does not separate lease and non-lease components when determining which lease payments to include in the calculation of its lease assets and liabilities. Variable lease payments are expensed as incurred. If a lease includes an option to extend or terminate the lease, the Company reflects the option in the lease term if it is reasonably certain it will exercise the option.

Certain of the Company’s operating leases where the Company is the lessee provide for minimum annual payments that increase over the life of the lease. Some of these leases include obligations to pay for other services, such as operations and maintenance. For leases of property, the Company accounts for these other services as a component of the lease. The aggregate minimum annual payments are expensed on the straight-line basis beginning when the Company takes possession of the property and extending over the term of the related lease, including renewal options when the exercise of the option is reasonably certain as an economic penalty may be incurred if the option is not exercised.

Income Taxes

Deferred taxes are determined based on the difference between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are provided, if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates this tax position on a quarterly basis. The Company also accrues for potential interest and penalties related to unrecognized tax benefits in income tax expense. The Company is required to provide for tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The Company has adopted an accounting policy to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense.

Property, Plant & Equipment

Property, plant & equipment is recorded at cost less allowances for depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset as follows:

Classification

 

Estimated Useful Life

Buildings

 

Thirty years

Leasehold improvements

 

Shorter of the term of the lease or estimated useful life

Equipment

 

Three to twelve years

Furniture, fixtures and office equipment

 

Three to eight years

Computer hardware and software

 

Three to seven years or estimated useful life

Vehicles

 

Five years

Upon disposal of property, plant & equipment, the cost of the asset and the accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in the consolidated statements of comprehensive income or loss. Fully depreciated assets are not removed from the accounts until they are physically disposed of.

Certain systems development costs related to the purchase, development and installation of computer software developed or obtained for internal use are capitalized and depreciated over the estimated useful life of the related project. Costs incurred prior to the development stage, as well as maintenance, training costs, and general and administrative expenses are expensed as incurred.

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, stock issuable upon conversion of convertible debt securities and certain contingent consideration earnouts. 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, while contingent consideration is considered dilutive when the conditions for issuance are met at the end of the reporting period.

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, shares issuable upon conversion of convertible debt securities and shares issuable from certain contingent consideration earnouts, are antidilutive and therefore excluded from the calculation of diluted loss per share.

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

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands, except per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

48,894

 

 

$

(25,514

)

 

$

35,596

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

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

 

 

56,234

 

 

 

55,937

 

 

 

55,720

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

Options and stock units

 

 

314

 

 

 

—

 

 

 

457

 

Performance stock units

 

 

13

 

 

 

—

 

 

 

11

 

Convertible senior notes

 

 

—

 

 

 

—

 

 

 

181

 

Contingent consideration

 

 

—

 

 

 

—

 

 

 

8

 

Dilutive potential common shares

 

 

327

 

 

 

—

 

 

 

657

 

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

 

 

56,561

 

 

 

55,937

 

 

 

56,377

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.87

 

 

$

(0.46

)

 

$

0.64

 

Diluted

 

$

0.86

 

 

$

(0.46

)

 

$

0.63

 

 

The Company has excluded the following potential common shares from the computation of diluted earnings or loss per share, as the inclusion would be anti-dilutive:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Options and stock units (1)

 

 

449,732

 

 

 

422,130

 

 

 

306,849

 

Total

 

 

449,732

 

 

 

422,130

 

 

 

306,849

 

(1) Inclusive of performance stock units.

Potentially dilutive shares from the Company’s 2023 Notes were excluded from the calculation of diluted earnings (loss) per share during the years ended December 31, 2025 and 2024, as the inclusion would be anti-dilutive.

Segment Reporting

The Company operates under one reportable segment. The Company’s chief operating decision maker (“CODM”), is the Chief Executive Officer (“CEO”). The Company views its operations, makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and assessing financial performance. Net income or net loss as reported on the consolidated statement of comprehensive income or loss is the measure of segment profit or loss used by the CODM in allocating resources and assessing performance.

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

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Total revenue

 

$

738,256

 

 

$

634,439

 

 

$

632,362

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

352,011

 

 

 

359,794

 

 

 

353,922

 

Research and development

 

 

54,177

 

 

 

43,200

 

 

 

42,722

 

Sales and marketing

 

 

105,320

 

 

 

92,009

 

 

 

78,483

 

General and administrative

 

 

171,581

 

 

 

174,550

 

 

 

109,532

 

Total costs and operating expenses

 

 

683,089

 

 

 

669,553

 

 

 

584,659

 

Other income, net

 

 

7,216

 

 

 

8,079

 

 

 

9,004

 

Income tax provision (benefit)

 

 

13,489

 

 

 

(1,521

)

 

 

21,111

 

Net income (loss)

 

$

48,894

 

 

$

(25,514

)

 

$

35,596

 

The following table represents product revenues by product line:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Filtration products

 

$

402,792

 

 

$

372,963

 

 

$

341,379

 

Chromatography products

 

 

153,176

 

 

 

122,810

 

 

 

126,629

 

Process analytics products

 

 

81,237

 

 

 

59,301

 

 

 

56,820

 

Proteins products

 

 

97,435

 

 

 

74,425

 

 

 

103,463

 

Other

 

 

3,320

 

 

 

4,679

 

 

 

3,688

 

Total product revenue

 

$

737,960

 

 

$

634,178

 

 

$

631,979

 

The following table represents the Company’s total revenue by geographic area, based on the location of the customer:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue by customers' geographic locations:

 

 

 

 

 

 

 

 

 

North America

 

 

49

%

 

 

50

%

 

 

44

%

Europe

 

 

34

%

 

 

34

%

 

 

36

%

Asia Pacific ("APAC") & Rest of World (1)

 

 

17

%

 

 

16

%

 

 

20

%

Total revenue

 

 

100

%

 

 

100

%

 

 

100

%

(1) Rest of the world consists of countries in Central and South America and Africa.

During the years ended December 31, 2025, 2024 and 2023, no single country other than the United States accounted for more than 10% of total revenues.

The following table represents the Company’s total assets for the periods presented:

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Total assets by geographic locations:

 

 

 

 

 

 

North America

 

$

2,340,178

 

 

$

2,305,538

 

Europe

 

 

489,927

 

 

 

410,284

 

APAC

 

 

119,594

 

 

 

113,844

 

Total assets by geographic location

 

$

2,949,699

 

 

$

2,829,666

 

The following table represents the Company’s long-lived assets for the periods presented:

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Long-lived assets by geographic location

 

 

 

 

 

 

North America

 

$

257,408

 

 

$

284,868

 

Europe

 

 

47,393

 

 

 

45,650

 

APAC

 

 

6,264

 

 

 

3,466

 

Total assets by geographic location

 

$

311,065

 

 

$

333,984

 

Long-lived assets consist of property, plant and equipment, net, operating lease right of use assets and other noncurrent assets. As of December 31, 2025 and 2024, no single country other than the United States accounted for more than 10% of total assets or total long-lived assets.

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 and accounts receivable. The Company's investment policy requires that it only invest in highly-rated securities and limits its exposure to any single-issuer to mitigate the risk of credit loss.

The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivable. The Company’s expected loss allowance and changes in the allowance period over period have not been historically material. Concentration of credit risk with respect to accounts receivable is limited to customers to whom the Company makes significant sales. To control credit risk, the Company performs regular credit evaluations of its customers’ financial condition.

There was no revenue from a specific customer that represented 10% or more of the Company's total revenue for the years ended December 31, 2025, 2024 or 2023. No accounts receivable balance from a specific customer represented 10% or more of the Company's total trade accounts receivable at December 31, 2025 and 2024.

Business Combinations, Goodwill and Intangible Assets

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. 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 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 or loss.

The fair value of contingent consideration includes estimates and judgments made by management regarding the probability that future contingent payments will be made. 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 or loss.

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.

Goodwill

Goodwill is not amortized and is tested for impairment at least annually at the reporting unit level. The Company operates as one reporting unit as of the goodwill impairment measurement date 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. If an event occurs or circumstances change that would more likely than not reduce the fair value of its reporting unit below its carrying value, the Company will evaluate its goodwill for impairment between annual tests. There was no impairment to goodwill and therefore no impairment charge recorded for the periods presented.

Intangible Assets

Intangible assets with a definite life are amortized over their useful lives using the straight-line method and the amortization expense is recorded within cost of goods sold, research and development (“R&D”) and selling, general and administrative expense in the consolidated statements of comprehensive income or loss. Intangible assets and their related useful lives are reviewed at least annually to determine if any adverse conditions existed that would indicate the carrying value of these assets may not be recoverable. More frequent impairment assessments are conducted if certain conditions exist, including a change in the competitive landscape, any internal decisions to pursue new or different technology strategies, a loss of a significant customer, or a significant change in the marketplace, including changes in the prices paid for the Company’s products or changes in the size of the market for the Company’s products. If impairment indicators are present, the Company determines whether the underlying intangible asset is recoverable through estimated future undiscounted cash flows. If the asset is not found to be recoverable, it is written down to the estimated fair value of the asset based on the sum of the future discounted cash flows expected to result from the use and disposition of the asset. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company continues to believe that its definite-lived intangible assets are recoverable at December 31, 2025.

Indefinite-lived intangible assets are reviewed for impairment at least annually. There has been no impairment of our intangible assets for the periods presented.

Stock Based Compensation

The Company measures stock-based compensation cost at the grant date based on the estimated fair value of the award and recognizes it as an expense over the employee’s requisite service period on a straight-line basis. The Company uses the Black-Scholes option pricing model to calculate the fair value of share-based option awards on the grant date and the closing price of the Company’s common stock on the date of grant for share units.

The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

The Company recognizes expense on performance-based awards over the vesting period based on the probability that the internal performance metrics will be achieved. Management evaluates whether the achievement of a performance-based metrics are probable as of the reporting date.

Recent Accounting Standards Updates

We consider the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) and other accounting guidance on the Company’s 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 consolidated financial position or results of operations.

Recently Issued Accounting Guidance – Adopted During the Fiscal Year

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 Company adopted

ASU 2023-09 effective January 1, 2025 on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. Refer to Note 10, “Income Taxes”, for further detail.

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.
v3.25.4
Marketable Securities and Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Disclosure Text Block [Abstract]  
Marketable Securities and Fair Value Measurements
3.
Marketable Securities and Fair Value Measurements

Marketable Securities

During 2025, the Company invested in marketable securities, primarily in the form of U.S. Treasury Bills. As of December 31, 2025, the Company’s marketable securities were classified as available-for-sale investments and mature within one year from the balance sheet date. During the year ended December 31, 2025, the Company did not have any realized gains or losses. During the year ended December 31, 2025, the Company did not recognize credit losses related to the available-for-sale securities, and there was no allowance for credit losses recorded as of December 31, 2025.

The following table summarizes the Company's marketable securities as of December 31, 2025:

 

 

December 31, 2025

 

 

 

Amortized Cost

 

 

Gross unrealized gains

 

 

Gross unrealized losses

 

 

Estimated Fair Value

 

 

 

(Amounts in thousands)

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bills

 

$

201,554

 

 

$

55

 

 

$

(2

)

 

$

201,607

 

Total

 

$

201,554

 

 

$

55

 

 

$

(2

)

 

$

201,607

 

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 December 31, 2025 and 2024:

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Amounts in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

88,148

 

 

$

—

 

 

$

—

 

 

$

88,148

 

Money market accounts

 

 

477,873

 

 

 

—

 

 

 

—

 

 

 

477,873

 

Total

 

$

566,021

 

 

$

—

 

 

$

—

 

 

$

566,021

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bills

 

$

—

 

 

$

201,607

 

 

$

—

 

 

$

201,607

 

Total

 

$

—

 

 

$

201,607

 

 

$

—

 

 

$

201,607

 

Total assets

 

$

566,021

 

 

$

201,607

 

 

$

—

 

 

$

767,628

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

—

 

 

$

—

 

 

$

5,049

 

 

$

5,049

 

Noncurrent contingent consideration

 

 

—

 

 

 

—

 

 

 

1,304

 

 

 

1,304

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

6,353

 

 

$

6,353

 

 

 

 

 

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 – Earnout

In connection with the acquisition of Tantti (as defined below), the Company has an obligation to pay a maximum of $54.5 million (undiscounted) in contingent consideration earnout in cash over a three-year earnout period beginning January 1, 2025 and ending December 31, 2027. As of December 31, 2025, the fair value of the obligation is $6.4 million.

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

Balance at December 31, 2024

 

$

36,788

 

Decrease in fair value of contingent consideration earnouts

 

 

(13,607

)

Earnout payment - equity element

 

 

(7,568

)

Earnout payment - cash element

 

 

(9,548

)

Cumulative translation adjustment

 

 

288

 

Balance at December 31, 2025

 

$

6,353

 

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

Contingent Consideration Earnout

 

Fair Value as of
December 31, 2025

 

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average(1)

Commercialization-based payments

 

 

 

 

Probability-weighted present value

 

Probability of Success

 

0% - 100%

 

83%

 

 

$

3,748

 

 

 

 

Earnout Discount Rate

 

4.3% - 4.6%

 

4.4%

Revenue and Volume-
based payments

 

 

 

 

Monte Carlo
Simulation

 

Volatility

 

34.8%

 

34.8%

 

 

 

 

 

 

 

Revenue & Volume
Discount Rate

 

16.6%

 

16.6%

 

 

$

4

 

 

 

 

Earnout Discount Rate

 

4.3% - 4.9%

 

4.8%

Manufacturing line expansions

 

 

 

 

Probability-weighted present value

 

Probability of
 Success

 

0% - 100%

 

100%

 

 

$

2,601

 

 

 

 

Earnout Discount Rate

 

4.3% - 4.6%

 

4.6%

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

Changes in the projected performance of the acquired business could result in a higher or lower contingent consideration obligation in the future.

Fair Value Measured on a Nonrecurring Basis

During the year ended December 31, 2025, there were no re-measurements to fair value of financial assets and liabilities that are measured at fair value on a nonrecurring basis.

Convertible Senior Notes

At December 31, 2025 and 2024, the fair value of the 2023 Notes was $603.1 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 December 31, 2025 and 2024. See Note 13, “Convertible Senior Notes”, for additional information.
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 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”, together with 908 Devices, the “908 Devices 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 $70.3 million, subject to a working capital adjustment to be finalized in a future period. 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.

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 $12.5 million of transaction and integration costs associated with 908 Devices from the date of acquisition to December 31, 2025. The transaction and integration costs are included in operating expenses in the consolidated statements of comprehensive income or loss.

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 December 31, 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.

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

 

 

651

 

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

 

 

50,177

 

Accounts payable

 

 

(208

)

Accrued liabilities

 

 

(542

)

Operating lease liabilities

 

 

(2,552

)

Deferred revenue

 

 

(2,366

)

Deferred tax liability

 

 

(1,011

)

Fair value of net assets acquired

 

$

70,297

 

During the three months ended December 31, 2025, measurement period adjustments were driven by changes in both pre-acquisition prepaid taxes and tax liabilities.

Acquired Goodwill

The provisional goodwill of $50.2 million represents future economic benefits expected to arise from anticipated synergies from the integration of the 908 Devices 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 $39.6 million is deductible for income tax purposes. The goodwill of $10.6 million related to Germany is nondeductible for income tax purposes.

Intangible Assets

The following table sets forth the components of the identified intangible assets 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 Laboratory Inc. (“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. 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. 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.

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 $4.7 million of transaction and integration costs associated with the Tantti Acquisition from the date of acquisition to December 31, 2025, of which $3.1 million were incurred during the year ended December 31, 2025. The transaction costs are included in operating expenses in the consolidated statements of comprehensive income or loss.

Fair Value of Net Assets Acquired

The purchase price allocation is based on the fair value of assets acquired and liabilities assumed as of the acquisition date. The components and 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

 

Acquired Goodwill

The 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 nondeductible for income tax purposes.

Intangible Assets

The identified intangible asset associated with the Tantti Acquisition is developed technology of $28.9 million with a useful life of nine years.

2023 Acquisitions

Metenova Holding AB

On October 2, 2023, the Company's subsidiary, Repligen Sweden AB acquired Metenova from the former shareholders of Metenova (the “Metenova Seller”) pursuant to a Share Sale and Purchase Agreement (the “Share Purchase Agreement”), dated as of September 23, 2023 (such acquisition, the “Metenova Acquisition”), by and among Repligen Sweden AB, the Metenova Seller, and the Company, in its capacity as guarantor of the obligations of Repligen Sweden AB under the Share Purchase Agreement.

Metenova, which is headquartered in Molndal, Sweden, offers magnetic mixing and drive train technologies that are widely used by global biopharmaceutical companies and contract development and manufacturing organizations. The Metenova Acquisition further strengthens our fluid management portfolio with these products.

Consideration Transferred

The Company accounted for the Metenova Acquisition as a purchase of business under ASC 805. Under the Share Purchase Agreement, all outstanding equity interests of Metenova were acquired for consideration with a value totaling $172.6 million. The Metenova Acquisition was funded through payment of $164.5 million in cash, the issuance of 52,299 unregistered shares of the Company's common stock totaling $8.1 million and contingent consideration with an immaterial fair value. 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.

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 $6.5 million of transaction and integration costs associated with the Metenova Acquisition from the date of acquisition to December 31, 2025. The transaction costs are included in operating expenses in the consolidated statements of comprehensive income or loss.

Fair Value of Net Assets Acquired

The purchase price allocation is based on the fair value of assets acquired and liabilities assumed as of acquisition date. The components and allocation of the purchase price consist of the following (amounts in thousands):

Cash and cash equivalents

 

$

5,768

 

Accounts receivable

 

 

3,730

 

Inventory

 

 

4,477

 

Prepaid expenses and other current assets

 

 

470

 

Property and equipment

 

 

433

 

Operating lease right of use asset

 

 

615

 

Customer relationships

 

 

12,659

 

Developed technology

 

 

44,377

 

Trademark and tradename

 

 

939

 

Non-competition agreements

 

 

787

 

Goodwill

 

 

115,722

 

Accounts payable

 

 

(1,432

)

Accrued liabilities

 

 

(2,934

)

Operating lease liability

 

 

(275

)

Deferred tax liability

 

 

(12,481

)

Noncurrent operating lease liability

 

 

(255

)

Fair value of net assets acquired

 

$

172,600

 

Acquired Goodwill

The goodwill of $115.7 million represents future economic benefits expected to arise from anticipated synergies from the integration of Metenova into the Company. These synergies include operating efficiencies and strategic benefits projected to be achieved as a result of the Metenova Acquisition. Substantially all of the goodwill recorded is nondeductible for income tax purposes.

Intangible Assets

The following table sets forth the components of the identified intangible assets associated with the Metenova Acquisition and their estimated useful lives:

 

 

Useful life

 

Fair Value

 

 

 

 

 

(Amounts in thousands)

 

Customer relationships

 

15 years

 

$

12,659

 

Developed technology

 

15 years

 

 

44,377

 

Trademark and tradename

 

15 years

 

 

939

 

Non-competition agreements

 

2 years

 

 

787

 

 

 

 

$

58,762

 

 

FlexBiosys, Inc.

On April 17, 2023, the Company completed its acquisition of all of the outstanding equity interests in FlexBiosys, pursuant to an Equity Purchase Agreement (“EPA”) with FlexBiosys, TSAP Holdings Inc. (“NJ Seller”), Gayle Tarry and Stanley Tarry, as individuals (collectively with NJ Seller, the “FlexBiosys Sellers”), and Stanley Tarry, in his capacity as the representative of the FlexBiosys Sellers (the “FlexBiosys Acquisition”).

FlexBiosys, which is headquartered in Branchburg, New Jersey, offers expert design and custom manufacturing of single-use bioprocessing products and a comprehensive range of products that include bioprocessing bags, bottles, and tubing assemblies. These products will complement and expand our fluid management portfolio of offerings.

Consideration transferred

The Company accounted for the FlexBiosys Acquisition as a purchase of a business under ASC 805. Under the terms of the EPA, all outstanding equity interests of FlexBiosys were acquired for consideration with a value totaling $41.0 million. The FlexBiosys Acquisition was funded through payment of $29.0 million in cash, the issuance of 31,415 unregistered shares of the Company's common stock totaling $5.4 million and contingent consideration with fair value of approximately $6.6 million. 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 Company incurred $0.9 million of transaction and integration costs associated with the FlexBiosys Acquisition from the date of acquisition to December 31, 2025. The transaction costs are included in operating expenses in the consolidated statements of comprehensive income or loss.

Fair Value of Net Assets Acquired

The purchase price allocation is based on the fair value of assets acquired and liabilities assumed as of the acquisition date. The components and allocation of the purchase price consist of the following (amounts in thousands):

Cash and cash equivalents

 

$

1,090

 

Accounts receivable

 

 

683

 

Inventory

 

 

667

 

Prepaid expenses and other current assets

 

 

35

 

Property and equipment

 

 

12,034

 

Operating lease right of use asset

 

 

3,537

 

Customer relationships

 

 

2,530

 

Developed technology

 

 

9,860

 

Trademark and tradename

 

 

30

 

Non-competition agreements

 

 

220

 

Goodwill

 

 

14,321

 

Other noncurrent assets

 

 

10

 

Accounts payable

 

 

(136

)

Accrued liabilities

 

 

(314

)

Operating lease liability

 

 

(39

)

Noncurrent operating lease liability

 

 

(3,498

)

Fair value of net assets acquired

 

$

41,030

 

Acquired Goodwill

The goodwill of $14.3 million represents future economic benefits expected to arise from anticipated synergies from the integration of FlexBiosys into the Company. These synergies include operating efficiencies and strategic benefits projected to be achieved as a result of the FlexBiosys Acquisition. Substantially all of the goodwill recorded is deductible for income tax purposes.

Intangible Assets

The following table sets forth the components of the identified intangible assets associated with the FlexBiosys Acquisition and their estimated useful lives:

 

 

Useful life

 

Fair Value

 

 

 

 

 

(Amounts in thousands)

 

Customer relationships

 

12 years

 

$

2,530

 

Developed technology

 

16 years

 

 

9,860

 

Trademark and tradename

 

4 years

 

 

30

 

Non-competition agreements

 

5 years

 

 

220

 

 

 

 

$

12,640

 
v3.25.4
Restructuring Activities and Other Inventory-Related Charges
 12 Months Ended
Dec. 31, 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 (the “Board”) 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 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 in 2023 and 2024.

The Company recorded pre-tax restructuring charges of $4.1 million, $46.9 million and $32.2 million during the years ended December 31, 2025, 2024 and 2023, 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 December 31, 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.

The following table summarizes the charges related to restructuring activities and other inventory-related charges by type of cost for the periods presented within the consolidated statements of comprehensive income or loss:

 

 

Year Ended December 31, 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

 

 

 

 

Year Ended December 31, 2024

 

 

 

Severance and Employee-Related Costs

 

 

Inventory Write-Off

 

 

Accelerated Depreciation

 

 

Facility and Other Exit Costs

 

 

Total

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

876

 

 

$

36,082

 

 

$

19

 

 

$

7,051

 

 

$

44,028

 

Research and development

 

 

449

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

449

 

Selling, general and administrative

 

 

1,604

 

 

 

—

 

 

 

—

 

 

 

1,088

 

 

 

2,692

 

Other income (expense), net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(234

)

 

 

(234

)

 

 

$

2,929

 

 

$

36,082

 

 

$

19

 

 

$

7,905

 

 

$

46,935

 

 

 

 

Year Ended December 31, 2023

 

 

 

Severance and Employee-Related Costs

 

 

Inventory Write-Off

 

 

Accelerated Depreciation

 

 

Facility and Other Exit Costs

 

 

Total

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

2,077

 

 

$

23,588

 

 

$

3,788

 

 

$

933

 

 

$

30,386

 

Research and development

 

 

116

 

 

 

—

 

 

 

—

 

 

 

-

 

 

 

116

 

Selling, general and administrative

 

 

1,532

 

 

 

—

 

 

 

28

 

 

 

138

 

 

 

1,698

 

 

 

$

3,725

 

 

$

23,588

 

 

$

3,816

 

 

$

1,071

 

 

$

32,200

 

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 December 31, 2025, there was no restructuring liability remaining within the consolidated balance sheet. Activity related to the Restructuring Plan for the year ended December 31, 2025 was as follows:

 

 

Restructuring Liability
December 31, 2024

 

 

Restructuring Costs

 

 

Amounts Paid in 2025

 

 

Non-cash Restructuring Items

 

 

Restructuring Liability
December 31, 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

)

 

$

—

 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
6.
Leases

The Company is a lessee under leases of manufacturing facilities, office spaces, machinery, certain office equipment and vehicles. The Company’s leases primarily consist of operating leases with remaining lease terms between one year and ten years. Finance leases are immaterial to the Company’s consolidated financial statements.

Some of the lease agreements the Company enters into include Company options to either extend and/or early terminate the lease, the costs of which are included in the Company’s operating lease liabilities to the extent that such options are reasonably certain of being exercised. Leases with renewal options allow the Company to extend the lease term typically between one and five years per option, some of its leases have multiple options to extend. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including but not limited to, the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, underlying contractual obligations, or specific characteristics unique to that particular lease that would make it reasonably certain that the Company would exercise such options.

Future minimum lease payments under the Company’s leases as of December 31, 2025 were as follows:

For the Years Ended December 31,

 

Amounts in thousands

 

2026

 

$

27,619

 

2027

 

 

26,332

 

2028

 

 

26,250

 

2029

 

 

26,455

 

2030

 

 

23,098

 

2031 and thereafter

 

 

43,157

 

Total future minimum lease payments

 

 

172,911

 

Less amount of lease payment representing interest

 

 

(25,176

)

Total operating lease liabilities

 

$

147,735

 

Operating lease liabilities

 

 

21,559

 

Noncurrent operating lease liabilities

 

 

126,176

 

Total operating lease liabilities

 

$

147,735

 

Lease expense or operating lease cost is recognized on a straight-line basis over the lease term, and variable lease cost is recognized in the period incurred. For the years ended December 31, 2025, 2024 and 2023, total lease cost is comprised of the following:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Operating lease cost

 

$

25,200

 

 

$

24,234

 

 

$

20,981

 

Variable lease cost

 

 

4,458

 

 

 

4,482

 

 

 

4,075

 

Lease cost

 

$

29,658

 

 

$

28,716

 

 

$

25,056

 

The following tables represent other information related to leases:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Cash payments included in operating cash flows from leases

 

$

(25,785

)

 

$

(23,806

)

 

$

(17,862

)

Assets acquired under operating leases

 

$

5,352

 

 

$

37,894

 

 

$

4,335

 

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Weighted average remaining lease term (years)

 

 

6.68

 

 

 

7.53

 

Weighted average discount rate

 

 

4.56

%

 

 

4.56

%
v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Revenue Recognition
7.
Revenue Recognition

The Company generates revenue from the sale of bioprocessing products, equipment devices, and related consumables used with these equipment devices to customers in the life science and biopharmaceutical industries. Under ASC 606, “Revenue from Contracts with Customers,” revenue is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when control of the promised product or service is transferred to the customer.

Disaggregation of Revenue

Revenue for the years ended December 31, 2025, 2024 and 2023 was as follows:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Product revenue

 

$

737,960

 

 

$

634,178

 

 

$

631,979

 

Royalty and other revenue

 

 

296

 

 

 

261

 

 

 

383

 

Total revenue

 

$

738,256

 

 

$

634,439

 

 

$

632,362

 

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 and geopolitical factors 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 can be found in Note 2, “Summary of Significant Accounting Policies”.

Filtration Products

The Company’s filtration franchise generates revenue through the sale of filtration systems, flat sheet cassettes, filters, membranes and modules and other related consumables. The Company’s systems are used in the filtration, isolation, purification and concentration of biologics and diagnostic products.

The Company also markets controllers, which are technologically advanced filtration devices used in upstream processes to continuously remove cellular metabolic waste products during the course of a fermentation run, freeing healthy cells to continue producing the biologic drug of interest.

Sales of large-scale systems and controllers both generally include components and consumables. The initial sale of components and consumables is necessary for the operation of the systems, and such items are combined with the systems as a single performance obligation.

The Company’s other filtration product offerings are not highly interdependent of one another and are therefore considered distinct products that represent separate performance obligations. Revenue on these products is generally recognized at a point in time upon transfer of control to the customer.

Chromatography Products

The Company’s chromatography franchise includes a number of products used in the downstream purification and quality control of biological drugs. The majority of chromatography revenue relates to pre-packed chromatography column product line. Each column is delivered pre-packaged with the customer’s choice of chromatography resin, which is either provided by the Company for the customer or is customer supplied. Chromatography product revenue is generally recognized at a point in time upon transfer of control to the customer and represents a single performance obligation.

Process Analytics Products

Through the acquisition of C Technologies, Inc. in 2019, the Company offers downstream PAT solutions. The Company added to the analytics portfolio in 2025 through the acquisition of 908 Devices PAT Portfolio which brought upstream PAT solutions. In 2025, the Company rebranded its analytics offerings to PATsmart™. These offerings include the sale of systems, consumables and services. These products complement and support the Company’s existing franchises as they offer end-users real-time analytics. Process analytics product revenue is generally recognized at a point in time upon transfer of control to the customer.

Protein Products

The Company’s protein franchise generates revenue primarily through the sale of affinity protein ligands, resins, and growth factors. The Company manufactures multiple forms of protein ligands under long-term supply agreements with major life sciences companies, who in turn sell their chromatography media to end users (biopharmaceutical manufacturers). The Company also manufactures growth factors for sale under long-term supply agreements with certain life sciences companies as well as for direct sales to its customers.

Each protein product is considered distinct and therefore represents a separate performance obligation. Protein product revenue is generally recognized at a point in time upon transfer of control to the customer.

Contract Balances from Contracts with Customers

The following table provides information about receivables and deferred revenue from contracts with customers as of December 31, 2025 and 2024 (amounts in thousands):

 

 

December 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Balances from contracts with customers only:

 

 

 

 

 

 

Accounts receivable

 

$

158,587

 

 

$

134,115

 

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

 

$

16,152

 

 

$

13,597

 

During the year ended December 31, 2025, the Company recognized $10.4 million of revenue that was deferred and included within accrued liabilities and other noncurrent current liabilities as of December 31, 2024. During the year ended December 31, 2024, the Company recognized $16.4 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 consolidated balance sheets.

A contract asset is created when the Company satisfies a performance obligation by transferring a promised good to the customer. Contract assets may represent conditional or unconditional rights to consideration. The right is conditional and recorded as a contract asset if the Company must first satisfy another performance obligation in the contract before it is entitled to payment from the customer. Contract assets are transferred to billed receivables once the right becomes unconditional. If the Company has the unconditional right to receive consideration from the customer, the contract asset is accounted for as a billed receivable and presented separately from other contract assets. A right is unconditional if nothing other than the passage of time is required before payment of that consideration is due.

When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after control of the products or services is transferred to the customer and all revenue recognition criteria have been met.

Costs to Obtain or Fulfill a Customer Contract

The Company’s sales commission structure is based on achieving revenue targets. The commissions are driven by revenue derived from customer purchase orders which are short-term in nature.

The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in selling, general, and administrative expenses in the consolidated statements of comprehensive income or loss. When shipping and handling costs are incurred after a customer obtains control of the products, the Company accounts for these as costs to fulfill the promise and not as a separate performance obligation.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
8.
Goodwill and Intangible Assets

Goodwill

The following table represents the changes in the carrying value of goodwill for the years ended December 31, 2025 and 2024 (amounts in thousands):

Balance at December 31, 2023

 

$

987,120

 

Measurement period adjustment - Metenova

 

 

(56

)

Acquisition of Tantti

 

 

47,105

 

Cumulative translation adjustment

 

 

(3,174

)

Balance at December 31, 2024

 

$

1,030,995

 

Acquisition of 908 Devices PAT Portfolio

 

 

50,177

 

Measurement period adjustment - Tantti

 

 

(162

)

Cumulative translation adjustment

 

 

33,398

 

Balance at December 31, 2025

 

$

1,114,408

 

 

Intangible Assets

Intangible assets, net consisted of the following for the periods presented:

 

 

December 31, 2025

 

 

 

Gross
Carrying
Value (1)

 

 

Accumulated
Amortization (1)

 

 

Net
Carrying
Value

 

 

Weighted
Average
Useful Life
(in years)

 

 

 

(Amounts in thousands)

 

 

 

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Technology – developed

 

$

301,931

 

 

$

(82,032

)

 

$

219,899

 

 

 

15

 

Customer relationships

 

 

277,696

 

 

 

(120,205

)

 

 

157,491

 

 

 

15

 

Trademarks

 

 

10,564

 

 

 

(2,950

)

 

 

7,614

 

 

 

18

 

Other intangibles

 

 

4,027

 

 

 

(3,584

)

 

 

443

 

 

 

3

 

Total finite-lived intangible assets

 

 

594,218

 

 

 

(208,771

)

 

 

385,447

 

 

 

15

 

Indefinite-lived intangible asset:

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks

 

 

700

 

 

 

—

 

 

 

700

 

 

 

—

 

Total intangible assets

 

$

594,918

 

 

$

(208,771

)

 

$

386,147

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Gross
Carrying
Value (1)

 

 

Accumulated
Amortization (1)

 

 

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

 

 

 

 

(1) Excludes the original cost and accumulated amortization of fully amortized intangibles.

Amortization expense for finite-lived intangible assets was $39.1 million, $34.7 million and $31.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the Company expects to record the following amortization expense in future periods:

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

Amounts in thousands

 

2026

 

$

39,396

 

2027

 

 

39,360

 

2028

 

 

39,327

 

2029

 

 

39,216

 

2030

 

 

38,099

 

2031 and thereafter

 

 

190,049

 

Total

 

$

385,447

 
v3.25.4
Consolidated Balance Sheet Detail
 12 Months Ended
Dec. 31, 2025
Disclosure Text Block [Abstract]  
Consolidated Balance Sheet Detail
9.
Consolidated Balance Sheet Detail

Inventories, net

Inventories, net consists of the following:

 

 

December 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Raw materials

 

$

94,632

 

 

$

82,208

 

Work-in-process

 

 

20,793

 

 

 

4,542

 

Finished products

 

 

55,033

 

 

 

56,214

 

Total inventories, net

 

$

170,458

 

 

$

142,964

 

 

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

 

 

December 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Equipment maintenance, software and services

 

$

5,576

 

 

$

8,469

 

Prepaid income taxes

 

 

12,350

 

 

 

10,031

 

Prepaid insurance

 

 

1,219

 

 

 

979

 

Other

 

 

21,567

 

 

 

12,128

 

Total prepaid expenses and other current assets

 

$

40,712

 

 

$

31,607

 

Property, Plant and Equipment

Property, plant and equipment consist of the following:

 

 

December 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Land

 

$

564

 

 

$

824

 

Buildings

 

 

763

 

 

 

675

 

Leasehold improvements

 

 

151,121

 

 

 

145,256

 

Equipment

 

 

147,470

 

 

 

130,413

 

Furniture, fixtures and office equipment

 

 

11,517

 

 

 

9,999

 

Computer hardware and software

 

 

50,180

 

 

 

44,323

 

Construction in progress

 

 

28,401

 

 

 

28,211

 

Other

 

 

480

 

 

 

504

 

Total property, plant and equipment

 

 

390,496

 

 

 

360,205

 

Less - Accumulated depreciation

 

 

(203,882

)

 

 

(162,467

)

Total property, plant and equipment, net

 

$

186,614

 

 

$

197,738

 

Depreciation expense totaled $39.7 million, $35.0 million and $37.0 million in the fiscal years ended December 31, 2025, 2024 and 2023, respectively.

Accrued Liabilities

Accrued liabilities consist of the following:

 

 

December 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Employee compensation

 

$

40,141

 

 

$

32,163

 

Deferred revenue

 

 

14,609

 

 

 

13,243

 

Income taxes payable

 

 

3,592

 

 

 

1,423

 

Other

 

 

20,866

 

 

 

15,594

 

Total accrued liabilities

 

$

79,208

 

 

$

62,423

 

 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
10.
Income Taxes

The components of income (loss) before income taxes are as follows:

 

 

For the Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Domestic

 

$

(23,511

)

 

$

(89,321

)

 

$

(24,888

)

Foreign

 

 

85,894

 

 

 

62,286

 

 

 

81,595

 

Income (loss) before income taxes

 

$

62,383

 

 

$

(27,035

)

 

$

56,707

 

 

The components of the income tax provision (benefit) are as follows:

 

 

For the Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Components of the income tax provision (benefit):

 

 

 

 

 

 

 

 

 

Current

 

$

16,862

 

 

$

15,037

 

 

$

19,941

 

Deferred

 

 

(3,373

)

 

 

(16,558

)

 

 

1,170

 

Total

 

$

13,489

 

 

$

(1,521

)

 

$

21,111

 

Jurisdictional components of the income tax provision (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

$

(5,470

)

 

$

(13,684

)

 

$

2,272

 

State

 

 

3,621

 

 

 

(2,059

)

 

 

(26

)

Foreign

 

 

15,338

 

 

 

14,222

 

 

 

18,865

 

Total

 

$

13,489

 

 

$

(1,521

)

 

$

21,111

 

At December 31, 2025, the Company had federal net operating loss carryforwards of $7.5 million, state net operating loss carryforwards of $15.0 million, and foreign net operating loss carryforwards of $27.4 million. The federal net operating loss carryforwards have unlimited carryforward periods and do not expire. The state net operating loss carryforwards will expire at various dates through 2045. Approximately $5.7 million of the foreign net operating loss carryforwards have unlimited carryforward periods and do not expire, while $21.7 million of the foreign net operating loss carryforwards will expire at various dates through 2034. At December 31, 2025, the Company had federal and state business tax credit carryforwards of $7.1 million available to reduce future federal and state income taxes. The business tax credit carryforwards will expire at various dates through 2045. Net operating loss carryforwards and available tax credits are subject to review and possible adjustment by the Internal Revenue Service, state and foreign jurisdictions and may be limited in the event of certain changes in the ownership interest of significant stockholders.

The components of deferred income taxes are as follows:

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

Stock-based compensation expense

 

$

8,442

 

 

$

6,809

 

Operating leases

 

 

33,000

 

 

 

36,415

 

Capitalized research and development

 

 

23,484

 

 

 

20,641

 

Inventory

 

 

11,327

 

 

 

15,539

 

Net operating loss carryforwards

 

 

7,926

 

 

 

9,877

 

Business tax credit carryforwards

 

 

5,593

 

 

 

5,172

 

Other

 

 

12,678

 

 

 

11,587

 

Total deferred tax assets

 

 

102,450

 

 

 

106,040

 

Less: valuation allowance

 

 

(4,068

)

 

 

(517

)

Net deferred tax assets

 

 

98,382

 

 

 

105,523

 

Deferred tax liabilities:

 

 

 

 

 

 

Fixed assets

 

 

(14,247

)

 

 

(18,318

)

Acquired intangible assets

 

 

(67,014

)

 

 

(63,132

)

Operating lease right of use assets

 

 

(26,211

)

 

 

(29,897

)

Debt discount

 

 

(12,712

)

 

 

(16,202

)

Total deferred tax liabilities

 

 

(120,184

)

 

 

(127,549

)

Net deferred tax liabilities

 

$

(21,802

)

 

$

(22,026

)

The net change in the total valuation allowance for the year ended December 31, 2025 and 2024 was an increase of $3.6 million and an increase of $0.5 million, respectively.

The reconciliation of the federal statutory rate to the effective income tax rate for the year ended December 31, 2025, following the adoption of ASU 2023-09 is as follows:

 

 

For the Year Ended December 31,

 

 

 

2025

 

 

 

Amount

 

 

%

 

 

 

(Amounts in thousands, except percentages)

 

Income before income taxes

 

$

62,383

 

 

 

 

Expected tax at statutory rate

 

 

13,100

 

 

 

21.0

%

Adjustments due to:

 

 

 

 

 

 

State income taxes, net of federal income tax effect (1)

 

 

3,643

 

 

 

5.8

%

Foreign tax effects:

 

 

 

 

 

 

Sweden

 

 

 

 

 

 

Contingent consideration

 

 

(3,415

)

 

 

(5.5

%)

Other

 

 

(177

)

 

 

(0.3

%)

Netherlands

 

 

 

 

 

 

Statutory tax rate difference

 

 

787

 

 

 

1.3

%

Other

 

 

(8

)

 

 

(0.0

%)

Other foreign jurisdictions

 

 

113

 

 

 

0.2

%

Changes in tax laws or rates

 

 

—

 

 

 

0.0

%

Effect of cross-border tax laws:

 

 

 

 

 

 

US taxation of foreign earnings, net of foreign tax credits

 

 

(545

)

 

 

(0.9

%)

Foreign-derived intangible income

 

 

(838

)

 

 

(1.3

%)

Tax credits:

 

 

 

 

 

 

Research and development tax credits

 

 

(1,320

)

 

 

(2.1

%)

Changes in valuation allowance

 

 

—

 

 

 

0.0

%

Nontaxable or nondeductible items:

 

 

 

 

 

 

Stock compensation

 

 

(727

)

 

 

(1.2

%)

Executive compensation

 

 

3,388

 

 

 

5.4

%

Other

 

 

294

 

 

 

0.5

%

Changes in unrecognized tax benefits

 

 

(1,294

)

 

 

(2.1

%)

Other adjustments

 

 

488

 

 

 

0.8

%

Effective tax rate

 

$

13,489

 

 

 

21.6

%

(1) State taxes in New Jersey, Massachusetts, Pennsylvania and California made up the majority (greater than 50 percent) of the tax effect in this category.

The reconciliation of the federal statutory rate to the effective income tax rate for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09 is as follows:

 

 

For the Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

 

(Amounts in thousands, except percentages)

 

(Loss) income before income taxes

 

$

(27,035

)

 

 

 

 

$

56,707

 

 

 

 

Expected tax at statutory rate

 

 

(5,677

)

 

 

21.0

%

 

 

11,910

 

 

 

21.0

%

Adjustments due to:

 

 

 

 

 

 

 

 

 

 

 

 

Difference between U.S. and foreign tax

 

 

1,200

 

 

 

(4.4

%)

 

 

1,078

 

 

 

1.9

%

State income taxes

 

 

(1,812

)

 

 

6.7

%

 

 

1,224

 

 

 

2.2

%

Business tax credits

 

 

(1,523

)

 

 

5.6

%

 

 

(4,522

)

 

 

(8.0

%)

Stock-based compensation expense

 

 

1,782

 

 

 

(6.6

%)

 

 

(2,461

)

 

 

(4.3

%)

U.S. taxation of foreign earnings

 

 

422

 

 

 

(1.6

%)

 

 

539

 

 

 

1.0

%

Executive compensation

 

 

2,718

 

 

 

(10.1

%)

 

 

3,084

 

 

 

5.4

%

Contingent consideration

 

 

796

 

 

 

(2.9

%)

 

 

(6,412

)

 

 

(11.3

%)

Nondeductible transactions cost

 

 

330

 

 

 

(1.2

%)

 

 

604

 

 

 

1.1

%

Loss on extinguishment of debt

 

 

—

 

 

 

0.0

%

 

 

2,634

 

 

 

4.6

%

Debt discount

 

 

—

 

 

 

0.0

%

 

 

16,650

 

 

 

29.4

%

Foreign exchange loss

 

 

—

 

 

 

0.0

%

 

 

(2,288

)

 

 

(4.0

%)

Change in U.S. and foreign tax rates

 

 

494

 

 

 

(1.8

%)

 

 

—

 

 

 

0.0

%

Uncertain tax (benefit) provisions

 

 

(805

)

 

 

3.0

%

 

 

165

 

 

 

0.3

%

Change in valuation allowance

 

 

106

 

 

 

(0.4

%)

 

 

—

 

 

 

0.0

%

Return to provision adjustments

 

 

346

 

 

 

(1.3

%)

 

 

(1,255

)

 

 

(2.2

%)

Other

 

 

102

 

 

 

(0.4

%)

 

 

161

 

 

 

0.3

%

Income tax (benefit) provision

 

$

(1,521

)

 

 

5.6

%

 

$

21,111

 

 

 

37.2

%

 

The Company made income tax payments (net of refunds received) during the year ended December 31, 2025 as follows:

(Amounts in thousands)

 

 

 

Federal

 

$

59

 

State (1)

 

 

318

 

Foreign

 

 

 

Germany

 

 

1,821

 

Netherlands

 

 

3,022

 

Sweden

 

 

14,326

 

     Other foreign jurisdictions

 

 

1,379

 

Total income tax payments (net of refunds received)

 

$

20,925

 

(1) No individual state accounted for 5% or more of the total income tax payments (net of refunds received) during the year ended December 31, 2025.

Total cash paid for income taxes during the years ended December 31, 2024 and 2023 were $19.3 million and $27.0 million, respectively.

The Company’s tax returns are subject to examination by federal, state and foreign tax authorities. The Company’s two major tax jurisdictions are subject to examination for the following periods:

Jurisdiction

 

Fiscal Years Subject to Examination

United States - federal and state

 

2021-2025

Sweden

 

2020-2025

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:

 

 

For the Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Balance of gross unrecognized tax benefits, beginning of period

 

$

2,129

 

 

$

3,139

 

Gross amounts of increases in unrecognized tax benefits as a result
     of tax positions taken in the current period

 

 

80

 

 

 

76

 

Gross amounts of changes in unrecognized tax benefits as a result
     of tax positions taken in the prior period

 

 

(10

)

 

 

(20

)

Gross amounts of decreases due to release

 

 

(1,418

)

 

 

(1,066

)

Balance of gross unrecognized tax benefits, end of period

 

$

781

 

 

$

2,129

 

Included in the balance of unrecognized tax benefits as of December 31, 2025, are $0.8 million of tax benefits that, if recognized, would affect the effective tax rate. The Company classifies interest and penalties related to income taxes as components of its income tax provision (benefit). In the years ended December 31, 2025 and 2024, interest and penalties recorded within the income tax provision on the consolidated statement of comprehensive income or loss, and the related accruals on the consolidated balance sheets were immaterial to the financial statements.

In 2021, the Organization of Economic Co-operation and Development announced an Inclusive Framework on Base Erosion and Profit Sharing with the goal of achieving consensus around substantial changes to international tax policies, including the implementation of a minimum global effective tax rate of 15%. The Company continues to evaluate the impacts of enacted legislation and pending legislation in the tax jurisdictions in which we operate. While various countries have implemented the legislation and various countries continue to implement, the Company does not expect a material impact on our consolidated financial statements or results of operations in future periods.

On July 4, 2025, the United States enacted 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 changes effective in 2025 are included in the Company’s provision for income taxes for the year ended December 31, 2025 and were not material. The Company does not expect the OBBBA to have a material impact on our consolidated financial statements or results of operations in future periods.

As of December 31, 2025, the Company has accumulated undistributed earnings generated by its foreign subsidiaries. The Company has not provided for taxes on outside basis differences of its foreign subsidiaries as it is not practicable and the Company has the ability and intent to indefinitely reinvest the undistributed earnings of its foreign subsidiaries, and there are no needs for such earnings in the United States that would contradict its plan to indefinitely reinvest.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity
11.
Stockholders’ Equity

Share Repurchases

In December 2023, the Board authorized and approved a stock repurchase of up to $25.0 million of the Company's common stock (the “Share Repurchase Program”) concurrent with the issuance of $600.0 million aggregate principal amount of its 2023 Notes. During the years ended December 31, 2025 and 2024, the Company did not repurchase any shares of common stock under the Share Repurchase Program. During the year ended December 31, 2023, the Company used $14.4 million of the proceeds from the issuance of the 2023 Notes to repurchase 92,090 shares at a price of $156.22, including transaction costs, to offset the impact of dilution from the issuance of 2023 Notes and equity compensation programs as well as to reduce its outstanding share count.

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 are reserved and available for issuance shall be 2,778,000 plus the number of shares of common stock available for issuance under the Company’s Amended and Restated 2012 Stock Option and Incentive Plan (the “2012 Plan”, and together with the 2018 Plan, the “Plans”). The shares of common stock underlying any awards under 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 December 31, 2025, 1,194,241 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”). On January 6, 2026, the Company announced Mr. Hunt will retire as a member of the Board, effective March 13, 2026, and will continue to remain an advisor, providing services to the Company consistent with the Transition Agreement.

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 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 Payment

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. Additionally, 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 which the Company entered into as part of the acquisition of

Avitide in September 2021. 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, which the Company entered into as part of the acquisition of FlexBiosys in April 2023.

In May 2023, the Company issued 42,621 shares of its common stock to former securityholders of Avitide to satisfy the contingent consideration obligation established under the Agreement and Plan of Merger and Reorganization which the Company entered into as part of the Avitide Acquisition.

Stock-Based Compensation

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

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

2,682

 

 

$

1,948

 

 

$

1,933

 

Research and development

 

 

5,015

 

 

 

3,227

 

 

 

2,855

 

Selling, general and administrative(1)

 

 

24,908

 

 

 

42,895

 

 

 

20,787

 

Total stock-based compensation

 

$

32,605

 

 

$

48,070

 

 

$

25,575

 

(1) Selling, general and administrative stock-based compensation for the year ended December 31, 2024, includes $22.4 million of expense related to the Equity Modification discussed above.

Stock Options

The Company uses the Black-Scholes option pricing model to calculate the fair value of stock option awards on the grant date, and measures stock-based compensation costs of stock options at the grant date based on the estimated fair value of the award. 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 stock-based compensation expense for options that are ultimately expected to vest, and accordingly, such compensation expense has been adjusted for estimated forfeitures.

Information regarding option activity for the year ended December 31, 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

 

 

63,420

 

 

 

141.38

 

 

 

 

 

 

 

Exercised

 

 

(78,074

)

 

 

40.68

 

 

 

 

 

$

8,225

 

Forfeited/expired/cancelled

 

 

(18,279

)

 

 

200.56

 

 

 

 

 

 

 

Options outstanding at December 31, 2025

 

 

563,273

 

 

$

108.18

 

 

 

5.17

 

 

$

34,877

 

Options exercisable at December 31, 2025

 

 

363,976

 

 

$

103.55

 

 

 

4.42

 

 

$

24,680

 

Vested and expected to vest at December 31, 2025(1)

 

 

558,404

 

 

$

107.80

 

 

 

5.14

 

 

$

34,802

 

(1) Represents the number of vested options as of December 31, 2025 plus the number of unvested options expected to vest as of December 31, 2025, based on the unvested outstanding options at December 31, 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 December 31, 2025. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2025, 2024 and 2023 was $8.2 million, $10.4 million and $5.8 million, respectively.

The weighted average grant date fair value of options granted during the years ended December 31, 2025, 2024 and 2023 was $73.38, $88.00 and $84.37, 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 year ended December 31, 2025 under the Plans is summarized below:

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested at December 31, 2024

 

 

470,612

 

 

$

162.33

 

Awarded

 

 

294,537

 

 

 

144.73

 

Vested

 

 

(156,115

)

 

 

164.37

 

Forfeited/cancelled

 

 

(53,987

)

 

 

172.86

 

Unvested at December 31, 2025

 

 

555,047

 

 

$

152.80

 

Vested and expected to vest at December 31, 2025(1)

 

 

500,406

 

 

$

152.00

 

(1) Represents the number of vested stock units as of December 31, 2025, plus the number of unvested stock units expected to vest as of December 31, 2025 based on the unvested outstanding stock units at December 31, 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 years ended December 31, 2025, 2024 and 2023 was $23.2 million, $26.7 million and $35.7 million, respectively. The total fair value of stock units that vested during the years ended December 31, 2025, 2024 and 2023 was $25.7 million, $22.0 million and $26.2 million, respectively.

As of December 31, 2025, there was $63.7 million of total unrecognized compensation cost, inclusive of stock options and stock units, related to unvested share-based awards. This cost is expected to be recognized over a weighted average remaining requisite service period of 2.6 years.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
12.
Commitments and Contingencies

License Agreement

In 2022, the Company entered into a 15-year exclusive License Agreement (the “Daylight Agreement”) with DRS Daylight Solutions, Inc. (“Daylight”), giving the Company exclusive license and commercialization rights to use certain technology and intellectual property subject to conditions set forth in the Daylight Agreement. This was later extended by one additional year in 2024. The Company agreed to pay Daylight (i) an initial, one-time, non-refundable, non-creditable upfront cash payment and (ii) certain quarterly royalty payments.

Pursuant to the Daylight Agreement, the Company obtains the exclusive, non-transferrable, right and license to use specifically in the field of bioprocessing, the Daylight intellectual property called Culpeo® QCL-IR Liquid Analyzer (“Culpeo”), which is a compact, intelligent spectrometer that uses the power of quantum cascade lasers to analyze and identify chemicals. Under the Daylight Agreement, the Company assumes responsibility for the commercialization and sale of Culpeo, in addition to the ability to incorporate the intellectual property into optimized products over the term of the Daylight Agreement. Daylight will continue to sell the products in the specified fields of Aerospace and Defense.

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 years ended December 31, 2025, 2024 and 2023.

In 2018, the Company secured an agreement with Navigo Proteins GmbH (“Navigo”) for the exclusive co-development of multiple affinity ligands for which Repligen holds commercialization rights. The Company is manufacturing and supplying the first of these ligands, NGL-Impact®, exclusively to Purolite, who is pairing the Company’s high-performance ligand with Purolite’s agarose jetting base bead technology used in their Jetted A50 Protein A resin product. The Company also signed a long-term supply agreement with Purolite for NGL-Impact and other potential additional affinity ligands that may advance from the Company’s Navigo collaboration. The Navigo and Purolite agreements are supportive of the Company’s strategy to secure and reinforce the Company’s proteins business. The Company made royalty payments to related to these agreements of $4.7 million, $3.1 million and $3.8 million in the years ended December 31, 2025, 2024 and 2023, respectively.

Purchase Obligations

The Company has entered into purchase obligations in the normal course of business, that represent legally enforceable, non-cancellable commitments. These primarily include inventory contracts, such as agreements with manufacturers or distributors and software licenses. Outstanding obligations, at December 31, 2025 were $17.6 million. Future commitments to be settled in one year is $7.2 million, $7.6 million to be settled in one to three years, and $2.8 million to be settled in three to five years.

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 probable 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.
v3.25.4
Convertible Senior Notes
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Convertible Senior Notes
13.
Convertible Senior Notes

The carrying value of the Company’s convertible senior notes is as follows:

 

 

December 31,
2025

 

 

December 31,
2024

 

 

 

(Amounts in thousands)

 

1.00% Convertible Senior Notes due 2028:

 

 

 

 

 

 

Principal amount

 

$

600,000

 

 

$

600,000

 

Unamortized debt discount

 

 

(52,726

)

 

 

(67,712

)

Unamortized debt issuance costs

 

 

(5,061

)

 

 

(6,721

)

Carrying amount - Convertible Senior Notes due 2028, net

 

$

542,213

 

 

$

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 extinguishments 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 the extinguishment of debt in its consolidated statements of comprehensive income or loss 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 $52.7 million as of December 31, 2025 is comprised of $51.0 million increase in principal of the modified 2019 Notes and a $1.7 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 the consolidated balance sheets. These amounts are accreted into interest expense in the consolidated statements of comprehensive income or loss 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 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 consolidated statements of comprehensive income or loss 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. See Note 11, “Stockholders' Equity” for additional information related to this repurchase. 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 2023 Notes are senior, unsecured obligations of the Company, 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 June 15 and December 15, which commenced June 15, 2024. The 2023 Notes will mature on December 15, 2028, unless earlier redeemed, repurchased or converted. During the fourth 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 first quarter of 2026, the quarter immediately following the quarter when the conditions are met, as stated in the indenture governing the 2023 Notes.

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, 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 (the “2023 Notes Indenture”).

If the Company undergoes a “fundamental change” (as defined in the 2023 Notes Indenture), the holders of the 2023 Notes may require the Company to repurchase for cash all or part of their 2023 Notes at a purchase price equal to 100% of the principal amount of the 2023 Notes to be repurchased, plus accrued and unpaid interest, if any, up to, but excluding, the fundamental change repurchase date. In addition, if certain “make-whole fundamental changes” (as defined in 2023 Notes Indenture) occur or the Company calls all or a portion of the 2023 Notes for redemption, the Company will, in certain circumstances, increase the conversion rate for any 2023 Notes converted in connection with such make-whole fundamental change or any 2023 Notes called for redemption that are converted during the related redemption period.

The 2023 Notes Indenture contains customary terms and events of default. If an event of default (other than certain events of bankruptcy, insolvency or reorganization involving the Company) occurs and is continuing, the holders of at least 25% in aggregate principal amount of the outstanding 2023 Notes may declare 100% of the principal of, and any accrued and unpaid interest on, all of the 2023 Notes to be due and payable. Upon the occurrence of certain events of bankruptcy, insolvency or reorganization involving the Company, 100% of the principal of and accrued and unpaid interest, if any, on all of the 2023 Notes will become due and payable automatically. Notwithstanding the foregoing, the 2023 Notes provide that, to the extent the Company elects and for up to 365 days, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants consist exclusively of the right to receive additional interest on the 2023 Notes. The Company is not aware of any events of default that would allow holders to declare the principal of, and any accrued and unpaid interest on, all of the 2023 Notes to be due and payable.

The following table sets forth total interest expense recognized related to the 2019 and 2023 Notes for the years ended December 31, 2025, 2024 and 2023:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Contractual interest expense - 2023 Notes

 

$

6,000

 

 

$

6,000

 

 

$

283

 

Amortization of debt discount - 2023 Notes

 

 

14,986

 

 

 

13,745

 

 

 

620

 

Amortization of debt issuance costs - 2023 Notes

 

 

1,660

 

 

 

1,636

 

 

 

6,324

 

Contractual interest expense - 2019 Notes

 

 

—

 

 

 

141

 

 

 

1,030

 

Amortization of debt issuance costs - 2019 Notes

 

 

—

 

 

 

243

 

 

 

1,752

 

Total

 

$

22,646

 

 

$

21,765

 

 

$

10,009

 
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Postemployment Benefits [Abstract]  
Employee Benefit Plans
14.
Employee Benefit Plans

In the United States, the Repligen Corporation 401(k) Savings and Retirement Plan (the “401(k) Plan”) is a qualified defined contribution plan in accordance with Section 401(k) of the Internal Revenue Code. All U.S. employees over the age of 21 are eligible to make pre-tax contributions up to a specified percentage of their compensation. Under the 401(k) Plan, the Company may, but is not obligated to match a portion of the employees’ contributions up to a defined maximum. The match is calculated on a calendar year basis. The Company matched $3.3 million, $2.9 million and $3.0 million in the years ended December 31, 2025, 2024 and 2023, respectively.

In Sweden, the Company contributes to a government-mandated occupational pension plan that is a qualified defined contribution plan. All employees in Sweden are eligible for this pension plan. The Company pays premiums to a third-party occupational pension specialist who administers the pension plan. These premiums are based on various factors including each employee’s age, salary, employment history and selected benefits in the pension plan. When an employee terminates or retires, these premium payments cease for that employee and the Company has no further pension-related obligations for that employee. The Company contributed $1.4 million, $1.2 million and $1.0 million, respectively to the defined contribution plan for the years ended December 31, 2025, 2024 and 2023, respectively.

v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“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.

Estimates and assumptions by management affect the Company’s revenue recognition, the net realizable value of inventory, valuations and purchase price allocations related to business combinations, contingent consideration obligations, assessments of intangible assets for impairment, intangible asset amortization methods and periods, tax reserves and recoverability of the Company’s net deferred tax assets and related valuation allowance.

Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances.
Basis of Presentation

Basis of Presentation

The 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.
Foreign Currency

Foreign Currency

The Company translates the assets and liabilities of its foreign subsidiaries at rates in effect at the end of the reporting period. Revenues and expenses are translated at average rates in effect during the reporting period. Intercompany loans determined to be permanent are translated at each period end and included in accumulated other comprehensive income or loss on the consolidated balance sheets. Intercompany loans with foreign subsidiaries determined to be repayable are remeasured at each period end and included in other income or expense, net on the consolidated statements of comprehensive income (loss) or loss. Exchange gains or losses resulting from the revaluation between the transactional currency and the functional currency are included in other income or expense, net.
Revenue Recognition

Revenue Recognition

The Company generates revenue from the sale of bioprocessing products, equipment devices, and related consumables used with these equipment devices to customers in the life sciences and biopharmaceutical industries. Under Accounting Standard Codification (“ASC”) 606, “Revenue from Contracts with Customers,” revenue is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer (“transaction price”). To the extent the transaction price includes variable consideration, such as rebates, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method or the most likely amount method, depending on the facts and circumstances relative to the contract. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur.

Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. The Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of December 31, 2025.

The Company recognizes product revenue under the terms of each customer agreement upon transfer of control to the customer, which occurs at a point in time. Shipping and handling fees are recorded as a component of product revenue, with the associated costs recorded as a component of cost of goods sold.
Risks and Uncertainties

Risks and Uncertainties

The Company evaluates its operations periodically to determine if any risks and uncertainties exist that could impact its operations in the near term. The Company does not believe that there are any significant risks that have not already been disclosed in the consolidated financial statements. A loss of certain suppliers could temporarily disrupt operations, although alternate sources of supply exist for these items. The Company has mitigated these risks by working closely with key suppliers, identifying alternate sources and developing contingency plans.
Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be a cash equivalent. The Company’s cash equivalents consist primarily of money market mutual funds, including government and prime funds, are carried at cost, which approximates fair value.
Investment Securities

Marketable Securities

The Company’s investments in marketable securities are classified as available-for-sale. Management determines the appropriate classification of securities at the time of purchase based upon management's intent with regards to such investment and reevaluates such designation as of each balance sheet date. The available-for-sale securities consist of U.S. treasury bills, which are recorded at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity on the consolidated balance sheets.

To the extent the amortized cost basis exceeds the fair value, management assesses the security for impairment or credit loss. The Company's investment policy requires that it only invest in high-rated securities and limits its exposure to any single-user to mitigate the risk of credit loss.
Fair Value Measurement

Fair Value Measurement

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 and 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.
Convertible Instruments

Convertible Instruments

The Company evaluates the embedded conversion feature within its convertible debt instruments under ASC 815, “Derivatives and Hedging.” The Company refers to ASC 815-15 and ASC 815-40 to determine if the conversion feature meets the definition of a derivative and, if so, whether to bifurcate the conversion feature and account for it as a separate derivative liability. Based on the Company’s analysis, the 1.00% Convertible Senior Notes due 2028 (the “2023 Notes”) do not have an embedded conversion feature requiring bifurcation under ASC 815-15 and thus are accounted for as a single unit of account, a liability under ASC 470, “Debt.” For further detail on the 2023 Notes, see Note 13, “Convertible Senior Notes.”
Inventories

Inventories

Inventories relate to the Company’s bioprocessing business. The Company values inventory at cost or, if lower, net realizable value, using the first-in, first-out method. The Company reviews its inventory at least quarterly and records a provision for excess and obsolete inventory based primarily on historical consumption patterns, its estimates of expected future sales volume and expiration dates of raw materials, work-in-process and finished products. The Company writes down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value, and inventory in excess of expected requirements to cost of goods sold. Manufacturing of bioprocessing finished goods is done to order and tested for quality specifications prior to shipment.

A change in the estimated timing or amount of demand for the Company’s products could result in additional provisions for excess inventory quantities on hand. In addition, unexpected quality failures could have a significant impact on the value of inventory and reported operating results. Work-in-process and finished products inventories consist of material, labor, outside processing costs and manufacturing overhead.
Lease Accounting

Lease Accounting

In accordance with ASC 842, the Company determines whether an arrangement contains a lease at inception. If a lease is identified in an arrangement, the Company recognizes a right-of-use asset and liability on its consolidated balance sheets and determines whether the lease should be classified as a finance or operating lease. Finance leases are immaterial to the Company’s consolidated financial statements. The Company does not recognize assets or liabilities for leases with lease terms of less than 12 months.

Right of use lease assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company utilizes its incremental borrowing rate at the lease commencement date. Operating lease assets are further adjusted for prepaid or accrued lease payments. Operating lease payments are expensed using the straight-line method as an operating expense over the lease term.

The Company does not separate lease and non-lease components when determining which lease payments to include in the calculation of its lease assets and liabilities. Variable lease payments are expensed as incurred. If a lease includes an option to extend or terminate the lease, the Company reflects the option in the lease term if it is reasonably certain it will exercise the option.

Certain of the Company’s operating leases where the Company is the lessee provide for minimum annual payments that increase over the life of the lease. Some of these leases include obligations to pay for other services, such as operations and maintenance. For leases of property, the Company accounts for these other services as a component of the lease. The aggregate minimum annual payments are expensed on the straight-line basis beginning when the Company takes possession of the property and extending over the term of the related lease, including renewal options when the exercise of the option is reasonably certain as an economic penalty may be incurred if the option is not exercised.
Income Taxes

Income Taxes

Deferred taxes are determined based on the difference between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are provided, if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates this tax position on a quarterly basis. The Company also accrues for potential interest and penalties related to unrecognized tax benefits in income tax expense. The Company is required to provide for tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The Company has adopted an accounting policy to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense.
Property, Plant & Equipment

Property, Plant & Equipment

Property, plant & equipment is recorded at cost less allowances for depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset as follows:

Classification

 

Estimated Useful Life

Buildings

 

Thirty years

Leasehold improvements

 

Shorter of the term of the lease or estimated useful life

Equipment

 

Three to twelve years

Furniture, fixtures and office equipment

 

Three to eight years

Computer hardware and software

 

Three to seven years or estimated useful life

Vehicles

 

Five years

Upon disposal of property, plant & equipment, the cost of the asset and the accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in the consolidated statements of comprehensive income or loss. Fully depreciated assets are not removed from the accounts until they are physically disposed of.

Certain systems development costs related to the purchase, development and installation of computer software developed or obtained for internal use are capitalized and depreciated over the estimated useful life of the related project. Costs incurred prior to the development stage, as well as maintenance, training costs, and general and administrative expenses are expensed as incurred.
Earnings (Loss) Per Share

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, stock issuable upon conversion of convertible debt securities and certain contingent consideration earnouts. 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, while contingent consideration is considered dilutive when the conditions for issuance are met at the end of the reporting period.

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, shares issuable upon conversion of convertible debt securities and shares issuable from certain contingent consideration earnouts, are antidilutive and therefore excluded from the calculation of diluted loss per share.

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

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands, except per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

48,894

 

 

$

(25,514

)

 

$

35,596

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

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

 

 

56,234

 

 

 

55,937

 

 

 

55,720

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

Options and stock units

 

 

314

 

 

 

—

 

 

 

457

 

Performance stock units

 

 

13

 

 

 

—

 

 

 

11

 

Convertible senior notes

 

 

—

 

 

 

—

 

 

 

181

 

Contingent consideration

 

 

—

 

 

 

—

 

 

 

8

 

Dilutive potential common shares

 

 

327

 

 

 

—

 

 

 

657

 

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

 

 

56,561

 

 

 

55,937

 

 

 

56,377

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.87

 

 

$

(0.46

)

 

$

0.64

 

Diluted

 

$

0.86

 

 

$

(0.46

)

 

$

0.63

 

 

The Company has excluded the following potential common shares from the computation of diluted earnings or loss per share, as the inclusion would be anti-dilutive:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Options and stock units (1)

 

 

449,732

 

 

 

422,130

 

 

 

306,849

 

Total

 

 

449,732

 

 

 

422,130

 

 

 

306,849

 

(1) Inclusive of performance stock units.

Potentially dilutive shares from the Company’s 2023 Notes were excluded from the calculation of diluted earnings (loss) per share during the years ended December 31, 2025 and 2024, as the inclusion would be anti-dilutive.
Segment Reporting

Segment Reporting

The Company operates under one reportable segment. The Company’s chief operating decision maker (“CODM”), is the Chief Executive Officer (“CEO”). The Company views its operations, makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and assessing financial performance. Net income or net loss as reported on the consolidated statement of comprehensive income or loss is the measure of segment profit or loss used by the CODM in allocating resources and assessing performance.

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

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Total revenue

 

$

738,256

 

 

$

634,439

 

 

$

632,362

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

352,011

 

 

 

359,794

 

 

 

353,922

 

Research and development

 

 

54,177

 

 

 

43,200

 

 

 

42,722

 

Sales and marketing

 

 

105,320

 

 

 

92,009

 

 

 

78,483

 

General and administrative

 

 

171,581

 

 

 

174,550

 

 

 

109,532

 

Total costs and operating expenses

 

 

683,089

 

 

 

669,553

 

 

 

584,659

 

Other income, net

 

 

7,216

 

 

 

8,079

 

 

 

9,004

 

Income tax provision (benefit)

 

 

13,489

 

 

 

(1,521

)

 

 

21,111

 

Net income (loss)

 

$

48,894

 

 

$

(25,514

)

 

$

35,596

 

The following table represents product revenues by product line:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Filtration products

 

$

402,792

 

 

$

372,963

 

 

$

341,379

 

Chromatography products

 

 

153,176

 

 

 

122,810

 

 

 

126,629

 

Process analytics products

 

 

81,237

 

 

 

59,301

 

 

 

56,820

 

Proteins products

 

 

97,435

 

 

 

74,425

 

 

 

103,463

 

Other

 

 

3,320

 

 

 

4,679

 

 

 

3,688

 

Total product revenue

 

$

737,960

 

 

$

634,178

 

 

$

631,979

 

The following table represents the Company’s total revenue by geographic area, based on the location of the customer:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue by customers' geographic locations:

 

 

 

 

 

 

 

 

 

North America

 

 

49

%

 

 

50

%

 

 

44

%

Europe

 

 

34

%

 

 

34

%

 

 

36

%

Asia Pacific ("APAC") & Rest of World (1)

 

 

17

%

 

 

16

%

 

 

20

%

Total revenue

 

 

100

%

 

 

100

%

 

 

100

%

(1) Rest of the world consists of countries in Central and South America and Africa.

During the years ended December 31, 2025, 2024 and 2023, no single country other than the United States accounted for more than 10% of total revenues.

The following table represents the Company’s total assets for the periods presented:

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Total assets by geographic locations:

 

 

 

 

 

 

North America

 

$

2,340,178

 

 

$

2,305,538

 

Europe

 

 

489,927

 

 

 

410,284

 

APAC

 

 

119,594

 

 

 

113,844

 

Total assets by geographic location

 

$

2,949,699

 

 

$

2,829,666

 

The following table represents the Company’s long-lived assets for the periods presented:

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Long-lived assets by geographic location

 

 

 

 

 

 

North America

 

$

257,408

 

 

$

284,868

 

Europe

 

 

47,393

 

 

 

45,650

 

APAC

 

 

6,264

 

 

 

3,466

 

Total assets by geographic location

 

$

311,065

 

 

$

333,984

 

Long-lived assets consist of property, plant and equipment, net, operating lease right of use assets and other noncurrent assets. As of December 31, 2025 and 2024, no single country other than the United States accounted for more than 10% of total assets or total long-lived assets.
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 and accounts receivable. The Company's investment policy requires that it only invest in highly-rated securities and limits its exposure to any single-issuer to mitigate the risk of credit loss.

The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivable. The Company’s expected loss allowance and changes in the allowance period over period have not been historically material. Concentration of credit risk with respect to accounts receivable is limited to customers to whom the Company makes significant sales. To control credit risk, the Company performs regular credit evaluations of its customers’ financial condition.

There was no revenue from a specific customer that represented 10% or more of the Company's total revenue for the years ended December 31, 2025, 2024 or 2023. No accounts receivable balance from a specific customer represented 10% or more of the Company's total trade accounts receivable at December 31, 2025 and 2024.

Business Combinations, Goodwill and Intangible Assets

Business Combinations, Goodwill and Intangible Assets

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. 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 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 or loss.

The fair value of contingent consideration includes estimates and judgments made by management regarding the probability that future contingent payments will be made. 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 or loss.

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.

Goodwill

Goodwill is not amortized and is tested for impairment at least annually at the reporting unit level. The Company operates as one reporting unit as of the goodwill impairment measurement date 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. If an event occurs or circumstances change that would more likely than not reduce the fair value of its reporting unit below its carrying value, the Company will evaluate its goodwill for impairment between annual tests. There was no impairment to goodwill and therefore no impairment charge recorded for the periods presented.

Intangible Assets

Intangible assets with a definite life are amortized over their useful lives using the straight-line method and the amortization expense is recorded within cost of goods sold, research and development (“R&D”) and selling, general and administrative expense in the consolidated statements of comprehensive income or loss. Intangible assets and their related useful lives are reviewed at least annually to determine if any adverse conditions existed that would indicate the carrying value of these assets may not be recoverable. More frequent impairment assessments are conducted if certain conditions exist, including a change in the competitive landscape, any internal decisions to pursue new or different technology strategies, a loss of a significant customer, or a significant change in the marketplace, including changes in the prices paid for the Company’s products or changes in the size of the market for the Company’s products. If impairment indicators are present, the Company determines whether the underlying intangible asset is recoverable through estimated future undiscounted cash flows. If the asset is not found to be recoverable, it is written down to the estimated fair value of the asset based on the sum of the future discounted cash flows expected to result from the use and disposition of the asset. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company continues to believe that its definite-lived intangible assets are recoverable at December 31, 2025.

Indefinite-lived intangible assets are reviewed for impairment at least annually. There has been no impairment of our intangible assets for the periods presented.
Stock Based Compensation

Stock Based Compensation

The Company measures stock-based compensation cost at the grant date based on the estimated fair value of the award and recognizes it as an expense over the employee’s requisite service period on a straight-line basis. The Company uses the Black-Scholes option pricing model to calculate the fair value of share-based option awards on the grant date and the closing price of the Company’s common stock on the date of grant for share units.

The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

The Company recognizes expense on performance-based awards over the vesting period based on the probability that the internal performance metrics will be achieved. Management evaluates whether the achievement of a performance-based metrics are probable as of the reporting date.
Recent Accounting Standards Updates

Recent Accounting Standards Updates

We consider the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) and other accounting guidance on the Company’s 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 consolidated financial position or results of operations.

Recently Issued Accounting Guidance – Adopted During the Fiscal Year

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 Company adopted

ASU 2023-09 effective January 1, 2025 on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. Refer to Note 10, “Income Taxes”, for further detail.

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.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment

Property, plant & equipment is recorded at cost less allowances for depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset as follows:

Classification

 

Estimated Useful Life

Buildings

 

Thirty years

Leasehold improvements

 

Shorter of the term of the lease or estimated useful life

Equipment

 

Three to twelve years

Furniture, fixtures and office equipment

 

Three to eight years

Computer hardware and software

 

Three to seven years or estimated useful life

Vehicles

 

Five years
Reconciliation of Basic and Diluted Shares Amounts

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

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands, except per share data)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

48,894

 

 

$

(25,514

)

 

$

35,596

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

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

 

 

56,234

 

 

 

55,937

 

 

 

55,720

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

Options and stock units

 

 

314

 

 

 

—

 

 

 

457

 

Performance stock units

 

 

13

 

 

 

—

 

 

 

11

 

Convertible senior notes

 

 

—

 

 

 

—

 

 

 

181

 

Contingent consideration

 

 

—

 

 

 

—

 

 

 

8

 

Dilutive potential common shares

 

 

327

 

 

 

—

 

 

 

657

 

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

 

 

56,561

 

 

 

55,937

 

 

 

56,377

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.87

 

 

$

(0.46

)

 

$

0.64

 

Diluted

 

$

0.86

 

 

$

(0.46

)

 

$

0.63

 

 
Summary of Company's Potential Common Shares Excluded from the Computation of Diluted Earnings or Loss Per Share

The Company has excluded the following potential common shares from the computation of diluted earnings or loss per share, as the inclusion would be anti-dilutive:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Options and stock units (1)

 

 

449,732

 

 

 

422,130

 

 

 

306,849

 

Total

 

 

449,732

 

 

 

422,130

 

 

 

306,849

 

(1) Inclusive of performance stock units.
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 one reportable segment:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Total revenue

 

$

738,256

 

 

$

634,439

 

 

$

632,362

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

352,011

 

 

 

359,794

 

 

 

353,922

 

Research and development

 

 

54,177

 

 

 

43,200

 

 

 

42,722

 

Sales and marketing

 

 

105,320

 

 

 

92,009

 

 

 

78,483

 

General and administrative

 

 

171,581

 

 

 

174,550

 

 

 

109,532

 

Total costs and operating expenses

 

 

683,089

 

 

 

669,553

 

 

 

584,659

 

Other income, net

 

 

7,216

 

 

 

8,079

 

 

 

9,004

 

Income tax provision (benefit)

 

 

13,489

 

 

 

(1,521

)

 

 

21,111

 

Net income (loss)

 

$

48,894

 

 

$

(25,514

)

 

$

35,596

 
Summary of Product Revenues by Product Line

The following table represents product revenues by product line:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Filtration products

 

$

402,792

 

 

$

372,963

 

 

$

341,379

 

Chromatography products

 

 

153,176

 

 

 

122,810

 

 

 

126,629

 

Process analytics products

 

 

81,237

 

 

 

59,301

 

 

 

56,820

 

Proteins products

 

 

97,435

 

 

 

74,425

 

 

 

103,463

 

Other

 

 

3,320

 

 

 

4,679

 

 

 

3,688

 

Total product revenue

 

$

737,960

 

 

$

634,178

 

 

$

631,979

 
Total Assets by Geographic Area

The following table represents the Company’s total assets for the periods presented:

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Total assets by geographic locations:

 

 

 

 

 

 

North America

 

$

2,340,178

 

 

$

2,305,538

 

Europe

 

 

489,927

 

 

 

410,284

 

APAC

 

 

119,594

 

 

 

113,844

 

Total assets by geographic location

 

$

2,949,699

 

 

$

2,829,666

 
Long Lived Assets by Geographic Area

The following table represents the Company’s long-lived assets for the periods presented:

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Long-lived assets by geographic location

 

 

 

 

 

 

North America

 

$

257,408

 

 

$

284,868

 

Europe

 

 

47,393

 

 

 

45,650

 

APAC

 

 

6,264

 

 

 

3,466

 

Total assets by geographic location

 

$

311,065

 

 

$

333,984

 
Total Revenue  
Percentage by Geographic Area or Significant Customers

The following table represents the Company’s total revenue by geographic area, based on the location of the customer:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue by customers' geographic locations:

 

 

 

 

 

 

 

 

 

North America

 

 

49

%

 

 

50

%

 

 

44

%

Europe

 

 

34

%

 

 

34

%

 

 

36

%

Asia Pacific ("APAC") & Rest of World (1)

 

 

17

%

 

 

16

%

 

 

20

%

Total revenue

 

 

100

%

 

 

100

%

 

 

100

%

(1) Rest of the world consists of countries in Central and South America and Africa.

v3.25.4
Marketable Securities and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Marketable Securities

The following table summarizes the Company's marketable securities as of December 31, 2025:

 

 

December 31, 2025

 

 

 

Amortized Cost

 

 

Gross unrealized gains

 

 

Gross unrealized losses

 

 

Estimated Fair Value

 

 

 

(Amounts in thousands)

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bills

 

$

201,554

 

 

$

55

 

 

$

(2

)

 

$

201,607

 

Total

 

$

201,554

 

 

$

55

 

 

$

(2

)

 

$

201,607

 
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 December 31, 2025 and 2024:

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Amounts in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

88,148

 

 

$

—

 

 

$

—

 

 

$

88,148

 

Money market accounts

 

 

477,873

 

 

 

—

 

 

 

—

 

 

 

477,873

 

Total

 

$

566,021

 

 

$

—

 

 

$

—

 

 

$

566,021

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bills

 

$

—

 

 

$

201,607

 

 

$

—

 

 

$

201,607

 

Total

 

$

—

 

 

$

201,607

 

 

$

—

 

 

$

201,607

 

Total assets

 

$

566,021

 

 

$

201,607

 

 

$

—

 

 

$

767,628

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

—

 

 

$

—

 

 

$

5,049

 

 

$

5,049

 

Noncurrent contingent consideration

 

 

—

 

 

 

—

 

 

 

1,304

 

 

 

1,304

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

6,353

 

 

$

6,353

 

 

 

 

 

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 fair value of contingent consideration – earnout is included in the following table (amounts in thousands):

Balance at December 31, 2024

 

$

36,788

 

Decrease in fair value of contingent consideration earnouts

 

 

(13,607

)

Earnout payment - equity element

 

 

(7,568

)

Earnout payment - cash element

 

 

(9,548

)

Cumulative translation adjustment

 

 

288

 

Balance at December 31, 2025

 

$

6,353

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

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

Contingent Consideration Earnout

 

Fair Value as of
December 31, 2025

 

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average(1)

Commercialization-based payments

 

 

 

 

Probability-weighted present value

 

Probability of Success

 

0% - 100%

 

83%

 

 

$

3,748

 

 

 

 

Earnout Discount Rate

 

4.3% - 4.6%

 

4.4%

Revenue and Volume-
based payments

 

 

 

 

Monte Carlo
Simulation

 

Volatility

 

34.8%

 

34.8%

 

 

 

 

 

 

 

Revenue & Volume
Discount Rate

 

16.6%

 

16.6%

 

 

$

4

 

 

 

 

Earnout Discount Rate

 

4.3% - 4.9%

 

4.8%

Manufacturing line expansions

 

 

 

 

Probability-weighted present value

 

Probability of
 Success

 

0% - 100%

 

100%

 

 

$

2,601

 

 

 

 

Earnout Discount Rate

 

4.3% - 4.6%

 

4.6%

(1) Unobservable inputs were weighted by the relative fair value of the contingent consideration liability.
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 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

 

 

651

 

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

 

 

50,177

 

Accounts payable

 

 

(208

)

Accrued liabilities

 

 

(542

)

Operating lease liabilities

 

 

(2,552

)

Deferred revenue

 

 

(2,366

)

Deferred tax liability

 

 

(1,011

)

Fair value of net assets acquired

 

$

70,297

 
Schedule of Identified Intangible Assets and Estimated Useful Lives

The following table sets forth the components of the identified intangible assets 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 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

 
Metenova Holding AB  
Business Combination [Line Items]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The components and allocation of the purchase price consist of the following (amounts in thousands):

Cash and cash equivalents

 

$

5,768

 

Accounts receivable

 

 

3,730

 

Inventory

 

 

4,477

 

Prepaid expenses and other current assets

 

 

470

 

Property and equipment

 

 

433

 

Operating lease right of use asset

 

 

615

 

Customer relationships

 

 

12,659

 

Developed technology

 

 

44,377

 

Trademark and tradename

 

 

939

 

Non-competition agreements

 

 

787

 

Goodwill

 

 

115,722

 

Accounts payable

 

 

(1,432

)

Accrued liabilities

 

 

(2,934

)

Operating lease liability

 

 

(275

)

Deferred tax liability

 

 

(12,481

)

Noncurrent operating lease liability

 

 

(255

)

Fair value of net assets acquired

 

$

172,600

 
Schedule of Identified Intangible Assets and Estimated Useful Lives

The following table sets forth the components of the identified intangible assets associated with the Metenova Acquisition and their estimated useful lives:

 

 

Useful life

 

Fair Value

 

 

 

 

 

(Amounts in thousands)

 

Customer relationships

 

15 years

 

$

12,659

 

Developed technology

 

15 years

 

 

44,377

 

Trademark and tradename

 

15 years

 

 

939

 

Non-competition agreements

 

2 years

 

 

787

 

 

 

 

$

58,762

 

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

Cash and cash equivalents

 

$

1,090

 

Accounts receivable

 

 

683

 

Inventory

 

 

667

 

Prepaid expenses and other current assets

 

 

35

 

Property and equipment

 

 

12,034

 

Operating lease right of use asset

 

 

3,537

 

Customer relationships

 

 

2,530

 

Developed technology

 

 

9,860

 

Trademark and tradename

 

 

30

 

Non-competition agreements

 

 

220

 

Goodwill

 

 

14,321

 

Other noncurrent assets

 

 

10

 

Accounts payable

 

 

(136

)

Accrued liabilities

 

 

(314

)

Operating lease liability

 

 

(39

)

Noncurrent operating lease liability

 

 

(3,498

)

Fair value of net assets acquired

 

$

41,030

 
Schedule of Identified Intangible Assets and Estimated Useful Lives

The following table sets forth the components of the identified intangible assets associated with the FlexBiosys Acquisition and their estimated useful lives:

 

 

Useful life

 

Fair Value

 

 

 

 

 

(Amounts in thousands)

 

Customer relationships

 

12 years

 

$

2,530

 

Developed technology

 

16 years

 

 

9,860

 

Trademark and tradename

 

4 years

 

 

30

 

Non-competition agreements

 

5 years

 

 

220

 

 

 

 

$

12,640

 
v3.25.4
Restructuring Activities and Other Inventory-Related Charges (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Summary of Charges Related to Restructuring Activities and Other Inventory - Related Charges by Type of Cost

The following table summarizes the charges related to restructuring activities and other inventory-related charges by type of cost for the periods presented within the consolidated statements of comprehensive income or loss:

 

 

Year Ended December 31, 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

 

 

 

 

Year Ended December 31, 2024

 

 

 

Severance and Employee-Related Costs

 

 

Inventory Write-Off

 

 

Accelerated Depreciation

 

 

Facility and Other Exit Costs

 

 

Total

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

876

 

 

$

36,082

 

 

$

19

 

 

$

7,051

 

 

$

44,028

 

Research and development

 

 

449

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

449

 

Selling, general and administrative

 

 

1,604

 

 

 

—

 

 

 

—

 

 

 

1,088

 

 

 

2,692

 

Other income (expense), net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(234

)

 

 

(234

)

 

 

$

2,929

 

 

$

36,082

 

 

$

19

 

 

$

7,905

 

 

$

46,935

 

 

 

 

Year Ended December 31, 2023

 

 

 

Severance and Employee-Related Costs

 

 

Inventory Write-Off

 

 

Accelerated Depreciation

 

 

Facility and Other Exit Costs

 

 

Total

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

2,077

 

 

$

23,588

 

 

$

3,788

 

 

$

933

 

 

$

30,386

 

Research and development

 

 

116

 

 

 

—

 

 

 

—

 

 

 

-

 

 

 

116

 

Selling, general and administrative

 

 

1,532

 

 

 

—

 

 

 

28

 

 

 

138

 

 

 

1,698

 

 

 

$

3,725

 

 

$

23,588

 

 

$

3,816

 

 

$

1,071

 

 

$

32,200

 
Summary of Activity Related to Restructuring Plan Activity related to the Restructuring Plan for the year ended December 31, 2025 was as follows:

 

 

Restructuring Liability
December 31, 2024

 

 

Restructuring Costs

 

 

Amounts Paid in 2025

 

 

Non-cash Restructuring Items

 

 

Restructuring Liability
December 31, 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

)

 

$

—

 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Summary of Future Minimum Lease Payments

Future minimum lease payments under the Company’s leases as of December 31, 2025 were as follows:

For the Years Ended December 31,

 

Amounts in thousands

 

2026

 

$

27,619

 

2027

 

 

26,332

 

2028

 

 

26,250

 

2029

 

 

26,455

 

2030

 

 

23,098

 

2031 and thereafter

 

 

43,157

 

Total future minimum lease payments

 

 

172,911

 

Less amount of lease payment representing interest

 

 

(25,176

)

Total operating lease liabilities

 

$

147,735

 

Operating lease liabilities

 

 

21,559

 

Noncurrent operating lease liabilities

 

 

126,176

 

Total operating lease liabilities

 

$

147,735

 
Summary of Operating Lease Cost For the years ended December 31, 2025, 2024 and 2023, total lease cost is comprised of the following:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Operating lease cost

 

$

25,200

 

 

$

24,234

 

 

$

20,981

 

Variable lease cost

 

 

4,458

 

 

 

4,482

 

 

 

4,075

 

Lease cost

 

$

29,658

 

 

$

28,716

 

 

$

25,056

 

The following tables represent other information related to leases:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Cash payments included in operating cash flows from leases

 

$

(25,785

)

 

$

(23,806

)

 

$

(17,862

)

Assets acquired under operating leases

 

$

5,352

 

 

$

37,894

 

 

$

4,335

 

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Weighted average remaining lease term (years)

 

 

6.68

 

 

 

7.53

 

Weighted average discount rate

 

 

4.56

%

 

 

4.56

%
v3.25.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Disaggregation of Revenue

Revenue for the years ended December 31, 2025, 2024 and 2023 was as follows:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Product revenue

 

$

737,960

 

 

$

634,178

 

 

$

631,979

 

Royalty and other revenue

 

 

296

 

 

 

261

 

 

 

383

 

Total revenue

 

$

738,256

 

 

$

634,439

 

 

$

632,362

 
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 December 31, 2025 and 2024 (amounts in thousands):

 

 

December 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Balances from contracts with customers only:

 

 

 

 

 

 

Accounts receivable

 

$

158,587

 

 

$

134,115

 

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

 

$

16,152

 

 

$

13,597

 
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Value of Goodwill

The following table represents the changes in the carrying value of goodwill for the years ended December 31, 2025 and 2024 (amounts in thousands):

Balance at December 31, 2023

 

$

987,120

 

Measurement period adjustment - Metenova

 

 

(56

)

Acquisition of Tantti

 

 

47,105

 

Cumulative translation adjustment

 

 

(3,174

)

Balance at December 31, 2024

 

$

1,030,995

 

Acquisition of 908 Devices PAT Portfolio

 

 

50,177

 

Measurement period adjustment - Tantti

 

 

(162

)

Cumulative translation adjustment

 

 

33,398

 

Balance at December 31, 2025

 

$

1,114,408

 

 
Schedule of Intangible Assets

Intangible assets, net consisted of the following for the periods presented:

 

 

December 31, 2025

 

 

 

Gross
Carrying
Value (1)

 

 

Accumulated
Amortization (1)

 

 

Net
Carrying
Value

 

 

Weighted
Average
Useful Life
(in years)

 

 

 

(Amounts in thousands)

 

 

 

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Technology – developed

 

$

301,931

 

 

$

(82,032

)

 

$

219,899

 

 

 

15

 

Customer relationships

 

 

277,696

 

 

 

(120,205

)

 

 

157,491

 

 

 

15

 

Trademarks

 

 

10,564

 

 

 

(2,950

)

 

 

7,614

 

 

 

18

 

Other intangibles

 

 

4,027

 

 

 

(3,584

)

 

 

443

 

 

 

3

 

Total finite-lived intangible assets

 

 

594,218

 

 

 

(208,771

)

 

 

385,447

 

 

 

15

 

Indefinite-lived intangible asset:

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks

 

 

700

 

 

 

—

 

 

 

700

 

 

 

—

 

Total intangible assets

 

$

594,918

 

 

$

(208,771

)

 

$

386,147

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Gross
Carrying
Value (1)

 

 

Accumulated
Amortization (1)

 

 

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

 

 

 

 

(1) Excludes the original cost and accumulated amortization of fully amortized intangibles.
Schedule of Amortization Expense for Amortized Intangible Assets As of December 31, 2025, the Company expects to record the following amortization expense in future periods:

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

Amounts in thousands

 

2026

 

$

39,396

 

2027

 

 

39,360

 

2028

 

 

39,327

 

2029

 

 

39,216

 

2030

 

 

38,099

 

2031 and thereafter

 

 

190,049

 

Total

 

$

385,447

 
v3.25.4
Consolidated Balance Sheet Detail (Tables)
 12 Months Ended
Dec. 31, 2025
Inventories, net

Inventories, net

Inventories, net consists of the following:

 

 

December 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Raw materials

 

$

94,632

 

 

$

82,208

 

Work-in-process

 

 

20,793

 

 

 

4,542

 

Finished products

 

 

55,033

 

 

 

56,214

 

Total inventories, net

 

$

170,458

 

 

$

142,964

 

 
Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

 

 

December 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Equipment maintenance, software and services

 

$

5,576

 

 

$

8,469

 

Prepaid income taxes

 

 

12,350

 

 

 

10,031

 

Prepaid insurance

 

 

1,219

 

 

 

979

 

Other

 

 

21,567

 

 

 

12,128

 

Total prepaid expenses and other current assets

 

$

40,712

 

 

$

31,607

 
Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment consist of the following:

 

 

December 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Land

 

$

564

 

 

$

824

 

Buildings

 

 

763

 

 

 

675

 

Leasehold improvements

 

 

151,121

 

 

 

145,256

 

Equipment

 

 

147,470

 

 

 

130,413

 

Furniture, fixtures and office equipment

 

 

11,517

 

 

 

9,999

 

Computer hardware and software

 

 

50,180

 

 

 

44,323

 

Construction in progress

 

 

28,401

 

 

 

28,211

 

Other

 

 

480

 

 

 

504

 

Total property, plant and equipment

 

 

390,496

 

 

 

360,205

 

Less - Accumulated depreciation

 

 

(203,882

)

 

 

(162,467

)

Total property, plant and equipment, net

 

$

186,614

 

 

$

197,738

 
Accrued Liabilities

Accrued Liabilities

Accrued liabilities consist of the following:

 

 

December 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Employee compensation

 

$

40,141

 

 

$

32,163

 

Deferred revenue

 

 

14,609

 

 

 

13,243

 

Income taxes payable

 

 

3,592

 

 

 

1,423

 

Other

 

 

20,866

 

 

 

15,594

 

Total accrued liabilities

 

$

79,208

 

 

$

62,423

 

 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income (Loss) Before Income Taxes

The components of income (loss) before income taxes are as follows:

 

 

For the Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Domestic

 

$

(23,511

)

 

$

(89,321

)

 

$

(24,888

)

Foreign

 

 

85,894

 

 

 

62,286

 

 

 

81,595

 

Income (loss) before income taxes

 

$

62,383

 

 

$

(27,035

)

 

$

56,707

 

 
Income Tax Provision (Benefit)

The components of the income tax provision (benefit) are as follows:

 

 

For the Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Components of the income tax provision (benefit):

 

 

 

 

 

 

 

 

 

Current

 

$

16,862

 

 

$

15,037

 

 

$

19,941

 

Deferred

 

 

(3,373

)

 

 

(16,558

)

 

 

1,170

 

Total

 

$

13,489

 

 

$

(1,521

)

 

$

21,111

 

Jurisdictional components of the income tax provision (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

$

(5,470

)

 

$

(13,684

)

 

$

2,272

 

State

 

 

3,621

 

 

 

(2,059

)

 

 

(26

)

Foreign

 

 

15,338

 

 

 

14,222

 

 

 

18,865

 

Total

 

$

13,489

 

 

$

(1,521

)

 

$

21,111

 
Consolidated Deferred Tax Assets (Liabilities)

The components of deferred income taxes are as follows:

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

Stock-based compensation expense

 

$

8,442

 

 

$

6,809

 

Operating leases

 

 

33,000

 

 

 

36,415

 

Capitalized research and development

 

 

23,484

 

 

 

20,641

 

Inventory

 

 

11,327

 

 

 

15,539

 

Net operating loss carryforwards

 

 

7,926

 

 

 

9,877

 

Business tax credit carryforwards

 

 

5,593

 

 

 

5,172

 

Other

 

 

12,678

 

 

 

11,587

 

Total deferred tax assets

 

 

102,450

 

 

 

106,040

 

Less: valuation allowance

 

 

(4,068

)

 

 

(517

)

Net deferred tax assets

 

 

98,382

 

 

 

105,523

 

Deferred tax liabilities:

 

 

 

 

 

 

Fixed assets

 

 

(14,247

)

 

 

(18,318

)

Acquired intangible assets

 

 

(67,014

)

 

 

(63,132

)

Operating lease right of use assets

 

 

(26,211

)

 

 

(29,897

)

Debt discount

 

 

(12,712

)

 

 

(16,202

)

Total deferred tax liabilities

 

 

(120,184

)

 

 

(127,549

)

Net deferred tax liabilities

 

$

(21,802

)

 

$

(22,026

)
Reconciliation of Federal Statutory Rate to Effective Income Tax Rate

The reconciliation of the federal statutory rate to the effective income tax rate for the year ended December 31, 2025, following the adoption of ASU 2023-09 is as follows:

 

 

For the Year Ended December 31,

 

 

 

2025

 

 

 

Amount

 

 

%

 

 

 

(Amounts in thousands, except percentages)

 

Income before income taxes

 

$

62,383

 

 

 

 

Expected tax at statutory rate

 

 

13,100

 

 

 

21.0

%

Adjustments due to:

 

 

 

 

 

 

State income taxes, net of federal income tax effect (1)

 

 

3,643

 

 

 

5.8

%

Foreign tax effects:

 

 

 

 

 

 

Sweden

 

 

 

 

 

 

Contingent consideration

 

 

(3,415

)

 

 

(5.5

%)

Other

 

 

(177

)

 

 

(0.3

%)

Netherlands

 

 

 

 

 

 

Statutory tax rate difference

 

 

787

 

 

 

1.3

%

Other

 

 

(8

)

 

 

(0.0

%)

Other foreign jurisdictions

 

 

113

 

 

 

0.2

%

Changes in tax laws or rates

 

 

—

 

 

 

0.0

%

Effect of cross-border tax laws:

 

 

 

 

 

 

US taxation of foreign earnings, net of foreign tax credits

 

 

(545

)

 

 

(0.9

%)

Foreign-derived intangible income

 

 

(838

)

 

 

(1.3

%)

Tax credits:

 

 

 

 

 

 

Research and development tax credits

 

 

(1,320

)

 

 

(2.1

%)

Changes in valuation allowance

 

 

—

 

 

 

0.0

%

Nontaxable or nondeductible items:

 

 

 

 

 

 

Stock compensation

 

 

(727

)

 

 

(1.2

%)

Executive compensation

 

 

3,388

 

 

 

5.4

%

Other

 

 

294

 

 

 

0.5

%

Changes in unrecognized tax benefits

 

 

(1,294

)

 

 

(2.1

%)

Other adjustments

 

 

488

 

 

 

0.8

%

Effective tax rate

 

$

13,489

 

 

 

21.6

%

(1) State taxes in New Jersey, Massachusetts, Pennsylvania and California made up the majority (greater than 50 percent) of the tax effect in this category.

The reconciliation of the federal statutory rate to the effective income tax rate for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09 is as follows:

 

 

For the Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

 

(Amounts in thousands, except percentages)

 

(Loss) income before income taxes

 

$

(27,035

)

 

 

 

 

$

56,707

 

 

 

 

Expected tax at statutory rate

 

 

(5,677

)

 

 

21.0

%

 

 

11,910

 

 

 

21.0

%

Adjustments due to:

 

 

 

 

 

 

 

 

 

 

 

 

Difference between U.S. and foreign tax

 

 

1,200

 

 

 

(4.4

%)

 

 

1,078

 

 

 

1.9

%

State income taxes

 

 

(1,812

)

 

 

6.7

%

 

 

1,224

 

 

 

2.2

%

Business tax credits

 

 

(1,523

)

 

 

5.6

%

 

 

(4,522

)

 

 

(8.0

%)

Stock-based compensation expense

 

 

1,782

 

 

 

(6.6

%)

 

 

(2,461

)

 

 

(4.3

%)

U.S. taxation of foreign earnings

 

 

422

 

 

 

(1.6

%)

 

 

539

 

 

 

1.0

%

Executive compensation

 

 

2,718

 

 

 

(10.1

%)

 

 

3,084

 

 

 

5.4

%

Contingent consideration

 

 

796

 

 

 

(2.9

%)

 

 

(6,412

)

 

 

(11.3

%)

Nondeductible transactions cost

 

 

330

 

 

 

(1.2

%)

 

 

604

 

 

 

1.1

%

Loss on extinguishment of debt

 

 

—

 

 

 

0.0

%

 

 

2,634

 

 

 

4.6

%

Debt discount

 

 

—

 

 

 

0.0

%

 

 

16,650

 

 

 

29.4

%

Foreign exchange loss

 

 

—

 

 

 

0.0

%

 

 

(2,288

)

 

 

(4.0

%)

Change in U.S. and foreign tax rates

 

 

494

 

 

 

(1.8

%)

 

 

—

 

 

 

0.0

%

Uncertain tax (benefit) provisions

 

 

(805

)

 

 

3.0

%

 

 

165

 

 

 

0.3

%

Change in valuation allowance

 

 

106

 

 

 

(0.4

%)

 

 

—

 

 

 

0.0

%

Return to provision adjustments

 

 

346

 

 

 

(1.3

%)

 

 

(1,255

)

 

 

(2.2

%)

Other

 

 

102

 

 

 

(0.4

%)

 

 

161

 

 

 

0.3

%

Income tax (benefit) provision

 

$

(1,521

)

 

 

5.6

%

 

$

21,111

 

 

 

37.2

%

 
Schedule of income tax payments (net of refunds received)

The Company made income tax payments (net of refunds received) during the year ended December 31, 2025 as follows:

(Amounts in thousands)

 

 

 

Federal

 

$

59

 

State (1)

 

 

318

 

Foreign

 

 

 

Germany

 

 

1,821

 

Netherlands

 

 

3,022

 

Sweden

 

 

14,326

 

     Other foreign jurisdictions

 

 

1,379

 

Total income tax payments (net of refunds received)

 

$

20,925

 

(1) No individual state accounted for 5% or more of the total income tax payments (net of refunds received) during the year ended December 31, 2025.
Summary of Tax Returns Periods Subject to Examination by Federal, State and Foreign Tax Authorities

The Company’s tax returns are subject to examination by federal, state and foreign tax authorities. The Company’s two major tax jurisdictions are subject to examination for the following periods:

Jurisdiction

 

Fiscal Years Subject to Examination

United States - federal and state

 

2021-2025

Sweden

 

2020-2025
Reconciliation of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:

 

 

For the Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Amounts in thousands)

 

Balance of gross unrecognized tax benefits, beginning of period

 

$

2,129

 

 

$

3,139

 

Gross amounts of increases in unrecognized tax benefits as a result
     of tax positions taken in the current period

 

 

80

 

 

 

76

 

Gross amounts of changes in unrecognized tax benefits as a result
     of tax positions taken in the prior period

 

 

(10

)

 

 

(20

)

Gross amounts of decreases due to release

 

 

(1,418

)

 

 

(1,066

)

Balance of gross unrecognized tax benefits, end of period

 

$

781

 

 

$

2,129

 
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stock-Based Compensation Expense

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

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

2,682

 

 

$

1,948

 

 

$

1,933

 

Research and development

 

 

5,015

 

 

 

3,227

 

 

 

2,855

 

Selling, general and administrative(1)

 

 

24,908

 

 

 

42,895

 

 

 

20,787

 

Total stock-based compensation

 

$

32,605

 

 

$

48,070

 

 

$

25,575

 

(1) Selling, general and administrative stock-based compensation for the year ended December 31, 2024, includes $22.4 million of expense related to the Equity Modification discussed above.
Summary of Option Activity

Information regarding option activity for the year ended December 31, 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

 

 

63,420

 

 

 

141.38

 

 

 

 

 

 

 

Exercised

 

 

(78,074

)

 

 

40.68

 

 

 

 

 

$

8,225

 

Forfeited/expired/cancelled

 

 

(18,279

)

 

 

200.56

 

 

 

 

 

 

 

Options outstanding at December 31, 2025

 

 

563,273

 

 

$

108.18

 

 

 

5.17

 

 

$

34,877

 

Options exercisable at December 31, 2025

 

 

363,976

 

 

$

103.55

 

 

 

4.42

 

 

$

24,680

 

Vested and expected to vest at December 31, 2025(1)

 

 

558,404

 

 

$

107.80

 

 

 

5.14

 

 

$

34,802

 

(1) Represents the number of vested options as of December 31, 2025 plus the number of unvested options expected to vest as of December 31, 2025, based on the unvested outstanding options at December 31, 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 year ended December 31, 2025 under the Plans is summarized below:

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested at December 31, 2024

 

 

470,612

 

 

$

162.33

 

Awarded

 

 

294,537

 

 

 

144.73

 

Vested

 

 

(156,115

)

 

 

164.37

 

Forfeited/cancelled

 

 

(53,987

)

 

 

172.86

 

Unvested at December 31, 2025

 

 

555,047

 

 

$

152.80

 

Vested and expected to vest at December 31, 2025(1)

 

 

500,406

 

 

$

152.00

 

(1) Represents the number of vested stock units as of December 31, 2025, plus the number of unvested stock units expected to vest as of December 31, 2025 based on the unvested outstanding stock units at December 31, 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.

v3.25.4
Convertible Senior Notes (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Instrument [Line Items]  
Carrying Value of Convertible Senior Notes

The carrying value of the Company’s convertible senior notes is as follows:

 

 

December 31,
2025

 

 

December 31,
2024

 

 

 

(Amounts in thousands)

 

1.00% Convertible Senior Notes due 2028:

 

 

 

 

 

 

Principal amount

 

$

600,000

 

 

$

600,000

 

Unamortized debt discount

 

 

(52,726

)

 

 

(67,712

)

Unamortized debt issuance costs

 

 

(5,061

)

 

 

(6,721

)

Carrying amount - Convertible Senior Notes due 2028, net

 

$

542,213

 

 

$

525,567

 
Schedule of convertiable note interest expense

The following table sets forth total interest expense recognized related to the 2019 and 2023 Notes for the years ended December 31, 2025, 2024 and 2023:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(Amounts in thousands)

 

Contractual interest expense - 2023 Notes

 

$

6,000

 

 

$

6,000

 

 

$

283

 

Amortization of debt discount - 2023 Notes

 

 

14,986

 

 

 

13,745

 

 

 

620

 

Amortization of debt issuance costs - 2023 Notes

 

 

1,660

 

 

 

1,636

 

 

 

6,324

 

Contractual interest expense - 2019 Notes

 

 

—

 

 

 

141

 

 

 

1,030

 

Amortization of debt issuance costs - 2019 Notes

 

 

—

 

 

 

243

 

 

 

1,752

 

Total

 

$

22,646

 

 

$

21,765

 

 

$

10,009

 
v3.25.4
Organization and Nature of Business - Additional Information (Detail)
Dec. 31, 2025
Sites
Accounting Policies [Abstract]  
Number of manufacturing sites 19
v3.25.4
Summary of Significant Accounting Policies - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
ReportingUnit
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Summary Of Significant Accounting Policies [Line Items]      
Revenue $ 738,256 $ 634,439 $ 632,362
Number of reporting units | ReportingUnit 1    
Impairment to goodwill $ 0 0 0
Impairment charges 0 0 0
Impairment of intangible assets 0    
Sales Revenue      
Summary Of Significant Accounting Policies [Line Items]      
Revenue $ 0 $ 0 $ 0
Total Revenue | Geographic Concentration Risk      
Summary Of Significant Accounting Policies [Line Items]      
Concentration Risk, Percentage 100.00% 100.00% 100.00%
Total Revenue | United States | Geographic Concentration Risk      
Summary Of Significant Accounting Policies [Line Items]      
Concentration Risk, Percentage 10.00% 10.00% 10.00%
Long-lived assets | United States | Geographic Concentration Risk      
Summary Of Significant Accounting Policies [Line Items]      
Concentration Risk, Percentage 10.00% 10.00%  
Minimum | Sales Revenue | Customer Concentration Risk      
Summary Of Significant Accounting Policies [Line Items]      
Concentration Risk, Percentage 10.00% 10.00% 10.00%
Customer Number One | Accounts Receivable | Customer Concentration Risk      
Summary Of Significant Accounting Policies [Line Items]      
Concentration Risk, Percentage 10.00% 10.00%  
v3.25.4
Summary of Significant Accounting Policies - Estimated Useful Life of Assets (Detail)
Dec. 31, 2025
Building [Member]  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 30 years
Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 12 years
Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 3 years
Furniture Fixtures And Office Equipment Member [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 8 years
Furniture Fixtures And Office Equipment Member [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 3 years
Computer Hardware And Software member [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 7 years
Computer Hardware And Software member [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 3 years
Vehicles [Member]  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 5 years
v3.25.4
Summary of Significant Accounting Policies - Reconciliation of Basic and Diluted Shares Amounts (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net Income (Loss) $ 48,894 $ (25,514) $ 35,596
Denominator:      
Weighted average shares used in computing net income per share - basic 56,234 55,937 55,720
Effect of dilutive shares:      
Convertible senior notes     181
Contingent consideration     8
Dilutive potential common shares 327 0 657
Denominator for diluted (loss) earnings per share - adjusted weighted average shares used in computing net income per share - diluted 56,561 55,937 56,377
Earnings (loss) per share:      
Basic $ 0.87 $ (0.46) $ 0.64
Diluted $ 0.86 $ (0.46) $ 0.63
Options and Stock Units      
Effect of dilutive shares:      
Effect of dilutive shares 314   457
Performance stock units      
Effect of dilutive shares:      
Effect of dilutive shares 13   11
v3.25.4
Summary of Significant Accounting Policies - Summary of Company's Potential Common Shares Excluded from the Computation of Diluted Earnings or Loss Per Share (Detail) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Common stock excluded from calculation of diluted earnings per share 449,732 422,130 306,849
Options and Stock Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Common stock excluded from calculation of diluted earnings per share [1] 449,732 422,130 306,849
[1]

(1) Inclusive of performance stock units.
v3.25.4
Summary of Significant Accounting Policies - Schedule of Information about Reportable Segments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 738,256 $ 634,439 $ 632,362
Costs and Expenses [Abstract]      
Cost of goods sold 352,011 359,794 353,922
Research and development 54,177 43,200 42,722
Total costs and operating expenses 683,089 669,553 584,659
Other income (expenses), net 7,216 8,079 9,004
Income tax provision (benefit) 13,489 (1,521) 21,111
Net income (loss) 48,894 (25,514) 35,596
Operating segments      
Segment Reporting Information [Line Items]      
Revenue 738,256 634,439 632,362
Costs and Expenses [Abstract]      
Cost of goods sold 352,011 359,794 353,922
Research and development 54,177 43,200 42,722
Sales and marketing 105,320 92,009 78,483
General and administrative 171,581 174,550 109,532
Total costs and operating expenses 683,089 669,553 584,659
Other income (expenses), net 7,216 8,079 9,004
Income tax provision (benefit) 13,489 (1,521) 21,111
Net income (loss) $ 48,894 $ (25,514) $ 35,596
v3.25.4
Summary of Significant Accounting Policies - Summary of Product Revenues by Product Line (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from External Customer [Line Items]      
Revenue $ 738,256 $ 634,439 $ 632,362
Filtration Products [Member]      
Revenue from External Customer [Line Items]      
Revenue 402,792 372,963 341,379
Chromatography Products [Member]      
Revenue from External Customer [Line Items]      
Revenue 153,176 122,810 126,629
Process Analytics Products [Member]      
Revenue from External Customer [Line Items]      
Revenue 81,237 59,301 56,820
Proteins Products [Member]      
Revenue from External Customer [Line Items]      
Revenue 97,435 74,425 103,463
Other products [Member]      
Revenue from External Customer [Line Items]      
Revenue 3,320 4,679 3,688
Product      
Revenue from External Customer [Line Items]      
Revenue $ 737,960 $ 634,178 $ 631,979
v3.25.4
Summary of Significant Accounting Policies - Percentage of Revenue by Geographic Area (Detail) - Total Revenue - Geographic Concentration Risk [Member]
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Concentration Risk [Line Items]      
Concentration Risk, Percentage 100.00% 100.00% 100.00%
North America [Member]      
Concentration Risk [Line Items]      
Concentration Risk, Percentage 49.00% 50.00% 44.00%
Europe [Member]      
Concentration Risk [Line Items]      
Concentration Risk, Percentage 34.00% 34.00% 36.00%
Asia Pacific ("APAC") & Rest of World [Member]      
Concentration Risk [Line Items]      
Concentration Risk, Percentage [1] 17.00% 16.00% 20.00%
[1]

(1) Rest of the world consists of countries in Central and South America and Africa.

v3.25.4
Summary of Significant Accounting Policies - Total Assets by Geographic Area (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 2,949,699 $ 2,829,666
North America    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 2,340,178 2,305,538
Europe    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 489,927 410,284
APAC    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 119,594 $ 113,844
v3.25.4
Summary of Significant Accounting Policies - Long Lived Assets by Geographic Area (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Long Lived Assets $ 311,065 $ 333,984
North America    
Segment Reporting, Asset Reconciling Item [Line Items]    
Long Lived Assets 257,408 284,868
Europe    
Segment Reporting, Asset Reconciling Item [Line Items]    
Long Lived Assets 47,393 45,650
APAC    
Segment Reporting, Asset Reconciling Item [Line Items]    
Long Lived Assets $ 6,264 $ 3,466
v3.25.4
Marketable Securities and Fair Value Measurements - Summary of Marketable Securities (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Securities, Available-for-Sale [Line Items]  
Amortized Cost $ 201,554
Gross unrealized gains 55
Gross unrealized losses (2)
Estimated Fair Value 201,607
U.S. Treasury bills  
Debt Securities, Available-for-Sale [Line Items]  
Amortized Cost 201,554
Gross unrealized gains 55
Gross unrealized losses (2)
Estimated Fair Value $ 201,607
v3.25.4
Marketable Securities and Fair Value Measurements - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 02, 2024
Oct. 02, 2023
Apr. 17, 2023
Dec. 31, 2025
Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]          
Realized gains or losses       $ 0  
Allowance for credit losses       0  
Credit losses related to the available-for-sale securities       0  
Notes, carrying value       542,213,000 $ 525,567,000
2023 Notes          
Summary Of Significant Accounting Policies [Line Items]          
Fair value of convertible senior notes       603,100,000 $ 546,100,000
Tantti Laboratory Inc.          
Summary Of Significant Accounting Policies [Line Items]          
Business combination contingent consideration $ 19,700,000        
Upfront payment $ 55,400,000        
Tantti          
Summary Of Significant Accounting Policies [Line Items]          
Business combination contingent consideration, Maximum amount       54,500,000  
Fair value of the obligation       $ 6,400,000  
FlexBiosys, Inc.          
Summary Of Significant Accounting Policies [Line Items]          
Business combination contingent consideration     $ 6,600,000    
Upfront payment     $ 29,000,000    
Metenova Holding AB          
Summary Of Significant Accounting Policies [Line Items]          
Upfront payment   $ 164,500,000      
v3.25.4
Marketable Securities and Fair Value Measurements - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value $ 767,628 $ 757,642
Liabilities, fair value 6,353 36,788
Cash and Cash Equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 566,021  
Foreign Exchange Forward    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value   287
Cash | Cash and Cash Equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 88,148  
Money Market    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value   687,253
Money Market | Cash and Cash Equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 477,873  
Marketable securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 201,607  
U.S. Treasury bills | Marketable securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 201,607  
Contingent Consideration    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 5,049 17,126
Noncurrent Contingent Consideration    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 1,304 19,662
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 566,021 757,355
Level 1 | Cash and Cash Equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 566,021  
Level 1 | Cash    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value   70,102
Level 1 | Cash | Cash and Cash Equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 88,148  
Level 1 | Money Market    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value   687,253
Level 1 | Money Market | Cash and Cash Equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 477,873  
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 201,607 287
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 | Marketable securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 201,607  
Level 2 | U.S. Treasury bills | Marketable securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 201,607  
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 6,353 19,662
Level 3 | Contingent Consideration    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 5,049  
Level 3 | Noncurrent Contingent Consideration    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value $ 1,304 $ 19,662
v3.25.4
Marketable Securities and Fair Value Measurements - Schedule of Reconciliation of the Change in the Fair Value of Contingent Consideration - Earnout (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Decrease in fair value of contingent consideration earnouts $ (13,607) $ 3,191 $ (30,569)
Earnout payment - equity element 7,568 5,742 7,229
Earnout payment - cash element (9,548) (7,375) $ (7,298)
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 (13,607)    
Earnout payment - equity element (7,568)    
Earnout payment - cash element (9,548)    
Cumulative translation adjustment 288    
Balance at December 31, 2025 $ 6,353 $ 36,788  
v3.25.4
Marketable Securities and Fair Value Measurements - Schedule of Contingent Consideration Earnout Expect to be Required to Settle Includes Significant unobservable Inputs (Detail) - Fair Value, Recurring
$ in Thousands
Dec. 31, 2025
USD ($)
Monte Carlo Simulation | Earnout Discount Rate | Earnout 2  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Contingent consideration $ 4
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 34.8
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 16.6
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 4.8 [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 34.8 [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 16.6 [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 4.3
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 4.9
Probability Weighted Present Value | Earnout Discount Rate | Earnout 1  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Contingent consideration $ 3,748
Probability Weighted Present Value | Earnout Discount Rate | Earnout 3  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Contingent consideration $ 2,601
Probability Weighted Present Value | Commercialization-Based Payments | 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 | Commercialization-Based Payments | 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 4.4 [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 4.6 [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 4.3
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 4.3
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 4.6
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 4.6
[1] Unobservable inputs were weighted by the relative fair value of the contingent consideration liability.
v3.25.4
Acquisitions - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 04, 2025
Dec. 02, 2024
Oct. 02, 2023
Apr. 17, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]              
Provisional goodwill         $ 1,114,408 $ 1,030,995 $ 987,120
908 Devices Inc. Bioprocessing Analytics Portfolio              
Business Combination [Line Items]              
Business combination, consideration transferred $ 70,300            
Transaction costs $ 12,500            
Provisional goodwill         50,177    
908 Devices Inc. Bioprocessing Analytics Portfolio | Developed Technology              
Business Combination [Line Items]              
Fair value of acquired finite lived intangible assets         6,910    
908 Devices Inc. Bioprocessing Analytics Portfolio | U.S Entity              
Business Combination [Line Items]              
Goodwill allocated deductible for income tax purposes         39,600    
908 Devices Inc. Bioprocessing Analytics Portfolio | Germany Entity              
Business Combination [Line Items]              
Goodwill allocated deductible for income tax purposes         10,600    
Tantti Laboratory Inc.              
Business Combination [Line Items]              
Cash consideration   $ 55,400          
Value of common stock issued   75,100          
Business combination contingent consideration   $ 19,700          
Weighted Average Useful Life (in years)           9 years  
Transaction costs         4,700    
Acquisition related costs         3,100    
Provisional goodwill         46,943 $ 46,900  
Tantti Laboratory Inc. | Developed Technology              
Business Combination [Line Items]              
Fair value of acquired finite lived intangible assets         28,910 $ 28,900  
Metenova Holding AB              
Business Combination [Line Items]              
Cash consideration     $ 164,500        
Value of common stock issued     $ 172,600        
Shares issued for business acquisition     52,299        
Transaction costs         6,500    
Provisional goodwill         115,722   115,700
Metenova Holding AB | Common Stock              
Business Combination [Line Items]              
Value of common stock issued     $ 8,100        
Metenova Holding AB | Developed Technology              
Business Combination [Line Items]              
Fair value of acquired finite lived intangible assets         $ 44,377    
Weighted Average Useful Life (in years)         15 years    
FlexBiosys, Inc.              
Business Combination [Line Items]              
Cash consideration       $ 29,000      
Value of common stock issued       41,000      
Business combination contingent consideration       $ 6,600      
Shares issued for business acquisition       31,415      
Transaction costs         $ 900    
Provisional goodwill         14,321   $ 14,300
Business combination date of acquistion       Apr. 17, 2023      
FlexBiosys, Inc. | Common Stock              
Business Combination [Line Items]              
Value of common stock issued       $ 5,400      
FlexBiosys, Inc. | Developed Technology              
Business Combination [Line Items]              
Fair value of acquired finite lived intangible assets         $ 9,860    
Weighted Average Useful Life (in years)         16 years    
v3.25.4
Acquisitions - Fair Value of Net Assets Acquired (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]      
Goodwill $ 1,114,408 $ 1,030,995 $ 987,120
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 651    
Property and equipment 1,698    
Operating lease right of use asset 2,552    
Other noncurrent assets, long-term 41    
Goodwill 50,177    
Accounts payable (208)    
Accrued liabilities (542)    
Operating lease liabilities (2,552)    
Deferred revenue (2,366)    
Deferred tax liability (1,011)    
Fair value of net assets acquired 70,297    
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 noncurrent assets, long-term 81    
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 $ 28,900  
Metenova Holding AB      
Business Combination [Line Items]      
Cash and cash equivalents 5,768    
Accounts receivable 3,730    
Inventory 4,477    
Prepaid expenses and other current assets 470    
Property and equipment 433    
Operating lease right of use asset 615    
Goodwill 115,722   115,700
Accounts payable (1,432)    
Accrued liabilities (2,934)    
Operating lease liabilities (275)    
Deferred tax liability (12,481)    
Noncurrent operating lease liability (255)    
Fair value of net assets acquired 172,600    
Metenova Holding AB | Customer relationships      
Business Combination [Line Items]      
Intangible assets 12,659    
Metenova Holding AB | Developed Technology      
Business Combination [Line Items]      
Intangible assets 44,377    
Metenova Holding AB | Trademark and tradename      
Business Combination [Line Items]      
Intangible assets 939    
Metenova Holding AB | Non-compete agreements      
Business Combination [Line Items]      
Intangible assets 787    
FlexBiosys, Inc.      
Business Combination [Line Items]      
Cash and cash equivalents 1,090    
Accounts receivable 683    
Inventory 667    
Prepaid expenses and other current assets 35    
Property and equipment 12,034    
Operating lease right of use asset 3,537    
Other noncurrent assets, long-term 10    
Goodwill 14,321   $ 14,300
Accounts payable (136)    
Accrued liabilities (314)    
Operating lease liabilities (39)    
Noncurrent operating lease liability (3,498)    
Fair value of net assets acquired 41,030    
FlexBiosys, Inc. | Customer relationships      
Business Combination [Line Items]      
Intangible assets 2,530    
FlexBiosys, Inc. | Developed Technology      
Business Combination [Line Items]      
Intangible assets 9,860    
FlexBiosys, Inc. | Trademark and tradename      
Business Combination [Line Items]      
Intangible assets 30    
FlexBiosys, Inc. | Non-compete agreements      
Business Combination [Line Items]      
Intangible assets $ 220    
v3.25.4
Acquisitions - Estimated Useful Life and Fair Value (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
908 Devices Inc. Bioprocessing Analytics Portfolio [Member]  
Business Combination [Line Items]  
Fair Value $ 13,610
908 Devices Inc. Bioprocessing Analytics Portfolio [Member] | Customer Relationships [Member]  
Business Combination [Line Items]  
Fair Value $ 5,040
908 Devices Inc. Bioprocessing Analytics Portfolio [Member] | Customer Relationships [Member] | Maximum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 9 years
908 Devices Inc. Bioprocessing Analytics Portfolio [Member] | Customer Relationships [Member] | Minimum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 8 years
908 Devices Inc. Bioprocessing Analytics Portfolio [Member] | Developed Technology Rights [Member]  
Business Combination [Line Items]  
Fair Value $ 6,910
908 Devices Inc. Bioprocessing Analytics Portfolio [Member] | Developed Technology Rights [Member] | Maximum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 12 years
908 Devices Inc. Bioprocessing Analytics Portfolio [Member] | Developed Technology Rights [Member] | Minimum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 10 years
908 Devices Inc. Bioprocessing Analytics Portfolio [Member] | Trademark and tradename [Member]  
Business Combination [Line Items]  
Fair Value $ 1,660
908 Devices Inc. Bioprocessing Analytics Portfolio [Member] | Trademark and tradename [Member] | Maximum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 14 years
908 Devices Inc. Bioprocessing Analytics Portfolio [Member] | Trademark and tradename [Member] | Minimum  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 13 years
Metenova Holding AB  
Business Combination [Line Items]  
Fair Value $ 58,762
Metenova Holding AB | Customer Relationships [Member]  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 15 years
Fair Value $ 12,659
Metenova Holding AB | Developed Technology Rights [Member]  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 15 years
Fair Value $ 44,377
Metenova Holding AB | Trademark and tradename [Member]  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 15 years
Fair Value $ 939
Metenova Holding AB | Noncompete Agreements [Member]  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 2 years
Fair Value $ 787
FlexBiosys, Inc.  
Business Combination [Line Items]  
Fair Value $ 12,640
FlexBiosys, Inc. | Customer Relationships [Member]  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 12 years
Fair Value $ 2,530
FlexBiosys, Inc. | Developed Technology Rights [Member]  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 16 years
Fair Value $ 9,860
FlexBiosys, Inc. | Trademark and tradename [Member]  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 4 years
Fair Value $ 30
FlexBiosys, Inc. | Noncompete Agreements [Member]  
Business Combination [Line Items]  
Weighted Average Useful Life (in years) 5 years
Fair Value $ 220
v3.25.4
Restructuring Activities and Other Inventory-Related Charges - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs $ 4,135 $ 46,935 $ 32,200
Total pre-tax restructuring activity 83,300    
Restructuring liability 0 516  
Inventory Write-Off      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   $ 36,082 $ 23,588
Total pre-tax restructuring activity $ 59,700    
v3.25.4
Restructuring Activities and Other Inventory-Related Charges - Summary of Charges Related to Restructuring Activities and Other Inventory Related Charges by Type of Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs $ 4,135 $ 46,935 $ 32,200
Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 197 2,929 3,725
Inventory Write-Off      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   36,082 23,588
Accelerated Depreciation      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   19 3,816
Facility and Other Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 3,938 7,905 1,071
Cost of goods sold      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 2,467 44,028 30,386
Cost of goods sold | Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 217 876 2,077
Cost of goods sold | Inventory Write-Off      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   36,082 23,588
Cost of goods sold | Accelerated Depreciation      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   19 3,788
Cost of goods sold | Facility and Other Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 2,250 7,051 933
Research and development      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 798 449 116
Research and development | Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs (69) 449 116
Research and development | Inventory Write-Off      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   0 0
Research and development | Accelerated Depreciation      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   0 0
Research and development | Facility and Other Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 867 0 0
Selling, general and administrative      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 870 2,692 1,698
Selling, general and administrative | Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs 49 1,604 1,532
Selling, general and administrative | Inventory Write-Off      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   0 0
Selling, general and administrative | Accelerated Depreciation      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   0 28
Selling, general and administrative | Facility and Other Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs $ 821 1,088 $ 138
Other income (expense), net      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   (234)  
Other income (expense), net | Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   0  
Other income (expense), net | Inventory Write-Off      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   0  
Other income (expense), net | Accelerated Depreciation      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   0  
Other income (expense), net | Facility and Other Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs   $ (234)  
v3.25.4
Restructuring Activities and Other Inventory-Related Charges - Summary of Activity Related to Restructuring Plan (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring Liability December 31, 2024 $ 516    
Restructuring Costs 4,135 $ 46,935 $ 32,200
Amounts Paid in 2025 (900)    
Other Restructuring Costs (3,751)    
Restructuring Liability December 31, 2025 0 516  
Severance and Employee-Related Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Liability December 31, 2024 516    
Restructuring Costs 197 2,929 3,725
Amounts Paid in 2025 (395)    
Other Restructuring Costs (318)    
Restructuring Liability December 31, 2025 0 516  
Facility and Other Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Liability December 31, 2024 0    
Restructuring Costs 3,938 7,905 $ 1,071
Amounts Paid in 2025 (505)    
Other Restructuring Costs (3,433)    
Restructuring Liability December 31, 2025 $ 0 $ 0  
v3.25.4
Leases - Additional Information (Detail)
Dec. 31, 2025
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease remaining lease term 1 year
Operating Lease, renewal term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease remaining lease term 10 years
Operating Lease, renewal term 5 years
v3.25.4
Leases - Summary of Future Minimum Lease Payments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 27,619  
2027 26,332  
2028 26,250  
2029 26,455  
2030 23,098  
2031 and thereafter 43,157  
Total future minimum lease payments 172,911  
Less amount of lease payment representing interest (25,176)  
Total operating lease liabilities 147,735  
Operating lease liability 21,559 $ 15,104
Noncurrent operating lease liabilities $ 126,176 $ 145,576
v3.25.4
Leases - Summary of Operating Lease Cost (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 25,200 $ 24,234 $ 20,981
Variable lease cost 4,458 4,482 4,075
Lease cost $ 29,658 $ 28,716 $ 25,056
v3.25.4
Leases - Schedule of Other Information Related to Leases (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Cash payments included in operating cash flows from leases $ (25,785) $ (23,806) $ (17,862)
Assets acquired under operating leases $ 5,352 $ 37,894 $ 4,335
Weighted average remaining lease term (years) 6 years 8 months 4 days 7 years 6 months 10 days  
Weighted average discount rate 4.56% 4.56%  
v3.25.4
Revenue Recognition - Summary of Disaggregation of Revenue (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 738,256 $ 634,439 $ 632,362
Product Revenue      
Disaggregation of Revenue [Line Items]      
Revenue 737,960 634,178 631,979
Royalty and other revenue      
Disaggregation of Revenue [Line Items]      
Revenue $ 296 $ 261 $ 383
v3.25.4
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 738,256 $ 634,439 $ 632,362
Deferred revenue 10,400 16,400  
Revenue Benchmark [Member]      
Disaggregation of Revenue [Line Items]      
Revenue $ 0 $ 0 $ 0
Revenue Benchmark [Member] | Minimum [Member] | Customer Concentration Risk [Member]      
Disaggregation of Revenue [Line Items]      
Concentration Risk, Percentage 10.00% 10.00% 10.00%
v3.25.4
Revenue Recognition - Summary of Receivables and Deferred Revenue from Contracts with Customers (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balances from contracts with customers only:    
Accounts receivable $ 158,587 $ 134,115
Deferred revenue (included in accrued liabilities and other noncurrent liabilities in the condensed consolidated balance sheets) $ 16,152 $ 13,597
v3.25.4
Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Balance $ 1,030,995 $ 987,120
Cumulative translation adjustment 33,398 (3,174)
Balance 1,114,408 1,030,995
Metenova Holding AB    
Goodwill [Line Items]    
Balance   115,700
Measurement period adjustments   (56)
Balance 115,722  
Tantti    
Goodwill [Line Items]    
Measurement period adjustments (162)  
Goodwill arising from Acquisition   $ 47,105
908 Devices PAT Portfolio    
Goodwill [Line Items]    
Goodwill arising from Acquisition $ 50,177  
v3.25.4
Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Intangible Assets [Line Items]    
Gross Carrying Value [1] $ 594,218 $ 563,432
Gross Carrying Value [1] 594,918 564,132
Accumulated Amortization [1] (208,771) (166,235)
Net Carrying Value 1 385,447 397,197
Net Carrying Value $ 386,147 $ 397,897
Weighted Average Useful Life (in years) 15 years 15 years
Trademarks    
Intangible Assets [Line Items]    
Gross Carrying Value [1] $ 10,564 $ 8,641
Indefinite-lived intangible asset [1] 700 700
Accumulated Amortization [1] (2,950) (2,283)
Net Carrying Value 1 $ 7,614 $ 6,358
Weighted Average Useful Life (in years) 18 years 19 years
Technology - developed    
Intangible Assets [Line Items]    
Gross Carrying Value [1] $ 301,931 $ 283,380
Accumulated Amortization [1] (82,032) (60,272)
Net Carrying Value 1 $ 219,899 $ 223,108
Weighted Average Useful Life (in years) 15 years 16 years
Customer relationships    
Intangible Assets [Line Items]    
Gross Carrying Value [1] $ 277,696 $ 267,599
Accumulated Amortization [1] (120,205) (100,646)
Net Carrying Value 1 $ 157,491 $ 166,953
Weighted Average Useful Life (in years) 15 years 15 years
Other intangibles    
Intangible Assets [Line Items]    
Gross Carrying Value [1] $ 4,027 $ 3,812
Accumulated Amortization [1] (3,584) (3,034)
Net Carrying Value 1 $ 443 $ 778
Weighted Average Useful Life (in years) 3 years 3 years
[1]

(1) Excludes the original cost and accumulated amortization of fully amortized intangibles.
v3.25.4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 39.1 $ 34.7 $ 31.6
v3.25.4
Goodwill and Intangible Assets - Amortization Expense for Amortized Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Liabilities [Line Items]    
2026 $ 39,396  
2027 39,360  
2028 39,327  
2029 39,216  
2030 38,099  
2031 and thereafter 190,049  
Net Carrying Value 1 $ 385,447 $ 397,197
v3.25.4
Consolidated Balance Sheet Detail - Schedule of Inventories (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory [Line Items]    
Raw materials $ 94,632 $ 82,208
Work-in-process 20,793 4,542
Finished products 55,033 56,214
Total inventories, net $ 170,458 $ 142,964
v3.25.4
Consolidated Balance Sheet Detail - Prepaid Expenses and Other Current Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Prepaid Expenses And Other Current Assets [Line Items]    
Equipment maintenance, software and services $ 5,576 $ 8,469
Prepaid income taxes 12,350 10,031
Prepaid insurance 1,219 979
Other 21,567 12,128
Total prepaid expenses and other current assets $ 40,712 $ 31,607
v3.25.4
Consolidated Balance Sheet Detail - Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Land $ 564 $ 824
Buildings 763 675
Leasehold improvements 151,121 145,256
Equipment 147,470 130,413
Furniture, fixtures and office equipment 11,517 9,999
Computer hardware and software 50,180 44,323
Construction in progress 28,401 28,211
Other 480 504
Total property, plant and equipment 390,496 360,205
Less - Accumulated depreciation (203,882) (162,467)
Total property, plant and equipment, net $ 186,614 $ 197,738
v3.25.4
Consolidated Balance Sheet Detail - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Depreciation $ 39.7 $ 35.0 $ 37.0
v3.25.4
Consolidated Balance Sheet Detail - Schedule of Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Schedule of Accrued Liabilities [Line Items]    
Employee compensation $ 40,141 $ 32,163
Deferred revenue 14,609 13,243
Income taxes payable 3,592 1,423
Other 20,866 15,594
Total accrued liabilities $ 79,208 $ 62,423
v3.25.4
Income Taxes - Income (Loss) Before Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Income Before Income Tax [Line Items]      
Domestic $ (23,511) $ (89,321) $ (24,888)
Foreign 85,894 62,286 81,595
Income (loss) before income taxes $ 62,383 $ (27,035) $ 56,707
v3.25.4
Income Taxes - Current, Deferred and Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Current $ 16,862 $ 15,037 $ 19,941
Deferred (3,373) (16,558) 1,170
Total $ 13,489 $ (1,521) $ 21,111
v3.25.4
Income Taxes - Provision (Benefit) for Income Taxes by Jurisdiction (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Federal $ (5,470) $ (13,684) $ 2,272
State 3,621 (2,059) (26)
Foreign 15,338 14,222 18,865
Total $ 13,489 $ (1,521) $ 21,111
v3.25.4
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Net operating loss carry forwards $ 27,400    
Net operating loss and business tax credit carry forwards expiration date at various dates through 2045    
Valuation allowance increase (decrease) $ 3,600 $ 500  
Impact of unrecognized tax benefits on effective tax rate 800    
Cash paid for income taxes 20,925 $ 19,300 $ 27,000
State      
Income Taxes [Line Items]      
Net operating loss carry forwards 15,000    
State | Tax Year 2044      
Income Taxes [Line Items]      
Business tax credits carry forwards 7,100    
Federal and State      
Income Taxes [Line Items]      
Net operating loss carry forwards $ 7,500    
Foreign      
Income Taxes [Line Items]      
Net operating loss and business tax credit carry forwards expiration date at various dates through 2034    
Foreign | Unlimited Carryforward Period      
Income Taxes [Line Items]      
Net operating loss carry forwards $ 5,700    
Foreign | Tax Year 2034      
Income Taxes [Line Items]      
Net operating loss carry forwards $ 21,700    
v3.25.4
Income Taxes - Consolidated Deferred Tax Assets (Liabilities) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Stock-based compensation expense $ 8,442 $ 6,809
Operating leases 33,000 36,415
Capitalized research and development 23,484 20,641
Inventory 11,327 15,539
Net operating loss carryforwards 7,926 9,877
Business tax credit carryforwards 5,593 5,172
Other 12,678 11,587
Total deferred tax assets 102,450 106,040
Less: valuation allowance (4,068) (517)
Net deferred tax assets 98,382 105,523
Deferred tax liabilities:    
Fixed assets (14,247) (18,318)
Acquired intangible assets (67,014) (63,132)
Operating lease right of use assets (26,211) (29,897)
Debt discount (12,712) (16,202)
Total deferred tax liabilities (120,184) (127,549)
Net deferred tax liabilities $ (21,802) $ (22,026)
v3.25.4
Income Taxes - Reconciliation of Federal Statutory Rate to Effective Income Tax Rate (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Rate Reconciliation [Line Items]      
(Loss) income before income taxes $ 62,383 $ (27,035) $ 56,707
Expected tax at statutory rate 13,100 (5,677) 11,910
Adjustments due to:      
Difference between U.S. and foreign tax   1,200 1,078
State income taxes, net of federal income tax effect 3,643 [1] (1,812) 1,224
Business tax credits   (1,523) (4,522)
Research and development tax credits (1,320)    
Changes in tax laws, U.S. and foreign tax rates 0 494 0
Stock-based compensation expense (727) 1,782 (2,461)
US taxation of foreign earnings, net of foreign tax credits 545 422 539
Foreign-derived intangible income (838)    
Executive compensation 3,388 2,718 3,084
Other 294    
Total nontaxable or nondeductible items:   330 604
Changes in unrecognized tax (benefit) provisions (1,294) (805) 165
Contingent consideration   796 (6,412)
Nondeductible transactions cost   330 604
Loss on extinguishment of debt   0 2,634
Debt discount   0 16,650
Foreign exchange loss   0 (2,288)
Changes in valuation allowance 0 106 0
Return to provision adjustments   346 (1,255)
Other 488 102 161
Total $ 13,489 $ (1,521) $ 21,111
Expected tax at statutory rate 21.00% 21.00% 21.00%
Adjustments due to:      
Difference between U.S. and foreign tax   (4.40%) 1.90%
State income taxes, net of federal income tax effect 5.80% [1] 6.70% 2.20%
Business tax credits   5.60% (8.00%)
Research and development tax credits (2.10%)    
Changes in tax laws, U.S. and foreign tax rates 0.00% (1.80%) 0.00%
Stock-based compensation expense (1.20%) (6.60%) (4.30%)
US taxation of foreign earnings, net of foreign tax credits 0.90% (1.60%) 1.00%
Foreign-derived intangible income (1.30%)    
Executive compensation 5.40% (10.10%) 5.40%
Other 0.50%    
Changes in unrecognized tax benefits, uncertain tax (benefit) provisions (2.10%) 3.00% 0.30%
Contingent consideration   (2.90%) (11.30%)
Nontaxable or nondeductible items:   (1.20%) 1.10%
Loss on extinguishment of debt   0.00% 4.60%
Debt discount   0.00% 29.40%
Foreign exchange loss   0.00% (4.00%)
Changes in valuation allowance 0.00% (0.40%) 0.00%
Return to provision adjustments   (1.30%) (2.20%)
Other adjustments 0.80% (0.40%) 0.30%
Income tax provision 21.60% 5.60% 37.20%
Sweden      
Adjustments due to:      
Contingent consideration $ (3,415)    
Other $ (177)    
Adjustments due to:      
Contingent consideration (5.50%)    
Other adjustments (0.30%)    
Netherlands      
Adjustments due to:      
Difference between U.S. and foreign tax $ 787    
Other $ (8)    
Adjustments due to:      
Difference between U.S. and foreign tax 1.30%    
Other adjustments 0.00%    
Other      
Adjustments due to:      
Difference between U.S. and foreign tax $ 113    
Adjustments due to:      
Difference between U.S. and foreign tax 0.20%    
[1] State taxes in New Jersey, Massachusetts, Pennsylvania and California made up the majority (greater than 50 percent) of the tax effect in this category.
v3.25.4
Income Taxes - Schedule of income tax payments (net of refunds received) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 59    
State [1] 318    
Total income tax payments (net of refunds received) 20,925 $ 19,300 $ 27,000
Germany      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 1,821    
Netherlands      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 3,022    
Sweden      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 14,326    
Other foreign jurisdictions      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ 1,379    
[1] No individual state accounted for 5% or more of the total income tax payments (net of refunds received) during the year ended December 31, 2025.
v3.25.4
Income Taxes - Summary of Tax Returns Periods Subject to Examination by Federal, State and Foreign Tax Authorities (Detail)
 12 Months Ended
Dec. 31, 2025
United States  
Income Tax Examination [Line Items]  
Fiscal year subject to examination 2021 2022 2023 2024 2025
Sweden  
Income Tax Examination [Line Items]  
Fiscal year subject to examination 2020 2021 2022 2023 2024 2025
v3.25.4
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]    
Balance of gross unrecognized tax benefits, beginning of period $ 2,129 $ 3,139
Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken in the current period 80 76
Gross amounts of changes in unrecognized tax benefits as a result of tax positions taken in the prior period (10) (20)
Gross amounts of decreases due to release (1,418) (1,066)
Balance of gross unrecognized tax benefits, end of period $ 781 $ 2,129
v3.25.4
Stockholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 01, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 30, 2025
Jun. 12, 2024
Apr. 30, 2024
Mar. 31, 2024
Dec. 06, 2023
May 31, 2023
Dec. 31, 2018
Stockholders Equity Note Disclosure [Line Items]                        
Common stock, shares issued     56,325,429 56,091,677                
Stock-based compensation expense   $ 22,400 $ 32,605 $ 48,070 $ 25,575              
Stock options, outstanding     563,273 596,206                
Restricted stock units, outstanding     555,047 470,612                
Aggregate intrinsic value of stock options exercised     $ 8,225 $ 10,400 $ 5,800              
Weighted average grant date fair value of share-based awards granted     $ 73.38 $ 88 $ 84.37              
Weighted average grant date fair value of restricted stock units granted     $ 144.73                  
Total unrecognized compensation cost     $ 63,700                  
Unrecognized compensation cost, weighted average remaining requisite service period     2 years 7 months 6 days                  
Forfeited portion of grants     18,279                  
Share recalculated value             $ 136          
Avitide Llc                        
Stockholders Equity Note Disclosure [Line Items]                        
Common stock, shares issued           52,935   28,638     42,621  
FlexBiosys, Inc.                        
Stockholders Equity Note Disclosure [Line Items]                        
Common stock, shares issued           5,517     2,770      
2018 Plan                        
Stockholders Equity Note Disclosure [Line Items]                        
Common stock shares reserved for Issuance                       2,778,000
Incentive options, vesting period     1,194,241                  
Restricted Stock And Performance Stock Units [Member]                        
Stockholders Equity Note Disclosure [Line Items]                        
Aggregate intrinsic value of restricted stock units vested     $ 23,200 $ 26,700 $ 35,700              
Total grant date fair value of restricted stock units vested     $ 25,700 22,000 $ 26,200              
2024 Grants                        
Stockholders Equity Note Disclosure [Line Items]                        
Forfeited portion of grants     32,776                  
1.00% Convertible Senior Notes due 2028                        
Stockholders Equity Note Disclosure [Line Items]                        
Net proceeds from public offering $ 14,400                      
Repurchase of common stock (in shares) 92,090                      
Closing price of common stock $ 156.22       $ 156.22         $ 156.2    
Share repurchase amount $ 25,000       $ 25,000              
Aggregate principal amount $ 600,000   $ 600,000 $ 600,000 $ 600,000              
v3.25.4
Stockholders' Equity -Stock-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 01, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation $ 22,400 $ 32,605 $ 48,070 $ 25,575
Cost of goods sold        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation   2,682 1,948 1,933
Research and development        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation   5,015 3,227 2,855
Selling, general and administrative        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation [1]   $ 24,908 $ 42,895 $ 20,787
[1] Selling, general and administrative stock-based compensation for the year ended December 31, 2024, includes $22.4 million of expense related to the Equity Modification discussed above.
v3.25.4
Stockholders' Equity -Stock-Based Compensation Expense (Parenthetical) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
2024 Grants | Selling, general and administrative  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Stock-based compensation expense related to the equity modification $ 22.4
v3.25.4
Stockholders' Equity -Summary of Option Activity (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Options Outstanding      
Options outstanding at December 31, 2024 596,206    
Granted | shares 63,420    
Exercised | shares (78,074)    
Forfeited/expired/cancelled (18,279)    
Options outstanding at December 31, 2025 563,273 596,206  
Options exercisable at December 31, 2025 363,976    
Vested and expected to vest at December 31, 2025 [1] 558,404    
Weighted-Average Exercise Price Per Share      
Options outstanding at December 31, 2024 $ 98.64    
Granted 141.38    
Exercised 40.68    
Forfeited/expired/cancelled 200.56    
Options outstanding at December 31, 2025 108.18 $ 98.64  
Options exercisable at December 31, 2025 103.55    
Vested and expected to vest at December 31, 2025 [1] $ 107.8    
Weighted-Average Remaining Contractual Term (in years)      
Options outstanding at December 31, 2025 5 years 2 months 1 day    
Options exercisable at December 31, 2025 4 years 5 months 1 day    
Vested and expected to vest at December 31, 2025 [1] 5 years 1 month 20 days    
Aggregate Intrinsic Value      
Aggregate Intrinsic Value of Stock Options Exercised $ 8,225 $ 10,400 $ 5,800
Options outstanding at December 31, 2025 34,877    
Options exercisable at December 31, 2025 24,680    
Vested and expected to vest at December 31, 2025 [1] $ 34,802    
[1] Represents the number of vested options as of December 31, 2025 plus the number of unvested options expected to vest as of December 31, 2025, based on the unvested outstanding options at December 31, 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.
v3.25.4
Stockholders' Equity - Summary of Option Activity (Parenthetical) (Detail)
 12 Months Ended
Dec. 31, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Forfeited portion of grants 18,279
Employee Stock Option | Awards Granted to Non-Executive Level Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Estimated forfeiture rates 8.00%
Employee Stock Option | Awards Granted to Executive Level Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Estimated forfeiture rates 3.00%
v3.25.4
Stockholders' Equity - Summary of Restricted Stock Unit Activity (Detail)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Options Outstanding  
Shares, Unvested at December 31, 2024 | shares 470,612
Shares Awarded | shares 294,537
Shares, Vested | shares (156,115)
Shares, Forfeited/cancelled | shares (53,987)
Shares, Unvested at December 31, 2025 | shares 555,047
Shares, Vested and expected to vest at December 31, 2025 | shares 500,406 [1]
Weighted-Average Remaining Contractual Term (in years)  
Weighted Average, Unvested at December 31, 2024 | $ / shares $ 162.33
Weighted Average, Awarded | $ / shares 144.73
Weighted Average, Vested | $ / shares 164.37
Weighted Average, Forfeited/Cancelled | $ / shares 172.86
Weighted Average, Unvested at December 31, 2025 | $ / shares 152.8
Weighted Average, Vested and expected to vest at December 31, 2025 | $ / shares $ 152 [1]
[1] Represents the number of vested stock units as of December 31, 2025, plus the number of unvested stock units expected to vest as of December 31, 2025 based on the unvested outstanding stock units at December 31, 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.
v3.25.4
Stockholders' Equity - Summary of Restricted Stock Unit Activity (Parenthetical) (Detail)
 12 Months Ended
Dec. 31, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Forfeited 53,987
Restricted Stock Units and Performance Stock Units | Awards Granted to Non-Executive Level Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Estimated forfeiture rates 8.00%
Restricted Stock Units and Performance Stock Units | Awards Granted to Executive Level Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Estimated forfeiture rates 3.00%
v3.25.4
Commitments and Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies [Line Items]      
Outstanding obligation $ 17.6    
Purchase commitments to be settled in one year 7.2    
Purchase commitments to be settled in one to three years 7.6    
Purchase commitments to be settled in three to five years 2.8    
NGL Impact A [Member] | Research and Development Arrangement [Member]      
Commitments and Contingencies [Line Items]      
Royalty Expense $ 4.7 $ 3.1 $ 3.8
v3.25.4
Convertible Senior Notes - Carrying Value of Convertible Senior Notes (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Carrying amount - Convertible Senior Notes due 2028, net $ 542,213 $ 525,567  
1.00% Convertible Senior Notes due 2028      
Debt Instrument [Line Items]      
Principal amount 600,000 600,000 $ 600,000
Unamortized debt discount (52,726) (67,712)  
Unamortized debt issuance costs (5,061) (6,721)  
Carrying amount - Convertible Senior Notes due 2028, net $ 542,213 $ 525,567  
v3.25.4
Convertible Senior Notes - Additional Information (Detail)
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 14, 2023
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2025
USD ($)
Days
$ / shares
Dec. 31, 2025
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
Dec. 06, 2023
$ / shares
Debt Instrument [Line Items]              
Proceeds from issuance of 2023 Notes       $ 0 $ 0 $ 290,094,000  
Payment of debt issuance costs       0 0 7,253,000  
Gain (Loss) on Extinguishment of Debt       0 0 (12,676,000)  
Amortization of debt discount and issuance costs       1,660,000 1,843,000 8,075,000  
Notes, carrying value     $ 542,213,000 542,213,000 525,567,000    
Additional paid-in capital     1,651,849,000 1,651,849,000 1,617,336,000    
Deferred Tax Liabilities     21,802,000 21,802,000 22,026,000    
Current liabilities     135,826,000 135,826,000 126,787,000    
Conversion of Convertible Securities Stock Issued | value           2,791,000  
Loss on extinguishment of debt       0 0 (12,676,000)  
Additional Paid-in Capital              
Debt Instrument [Line Items]              
Conversion of Convertible Securities Stock Issued | value           2,791,000  
1.00% Convertible Senior Notes due 2028              
Debt Instrument [Line Items]              
Aggregate principal amount   $ 600,000,000 $ 600,000,000 $ 600,000,000 600,000,000 $ 600,000,000  
Debt istrument cancelled $ 309,900,000            
Notes, interest rate     1.00% 1.00%      
Unamortized debt issuance costs     $ (5,061,000) $ (5,061,000) (6,721,000)    
Aggregate debt discount     $ 52,726,000 $ 52,726,000 67,712,000    
Interest repayment terms       Interest is payable semi-annually in arrears on each June 15 and December 15, which commenced June 15, 2024      
Notes, due date       Dec. 15, 2028      
Notes threshold percentage of stock price trigger     130.00%        
Debt Instrument, Convertible, Threshold Trading Days | Days     20        
Debt Instrument, Convertible, Threshold Consecutive Trading Days | Days     30        
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 conversion ratio per $1,000 principal amount       4,924.7000      
Notes initial conversion price | $ / shares     $ 203.06 $ 203.06      
Premium over sale price       30.00%      
Share Price | $ / shares   $ 156.22       $ 156.22 $ 156.2
Notes redemption price       100.00%      
Contractual coupon interest       $ 6,000,000 6,000,000 $ 283,000  
Amortization of debt discount and issuance costs       14,986,000 13,745,000 620,000  
Amortization of debt discount and issuance costs       $ 1,660,000 1,636,000 6,324,000  
Effective interest rate on the Notes     4.39% 4.39%      
Notes, carrying value     $ 542,213,000 $ 542,213,000 525,567,000    
Proceeds from issuance of common stock, net of issuance costs   $ 14,400,000          
1.00% Convertible Senior Notes due 2028 | Common Stock              
Debt Instrument [Line Items]              
Aggregate principal amount     1,000 1,000      
Exchange and Subscription Agreements | 1.00% Convertible Senior Notes due 2028              
Debt Instrument [Line Items]              
Aggregate principal amount 600,000,000            
Exchanged 2019 Notes | 1.00% Convertible Senior Notes due 2028              
Debt Instrument [Line Items]              
Debt instrument exchanged amount 217,700,000            
Modification of debt 188,100,000            
Gain (Loss) on Extinguishment of Debt 29,600,000         12,700,000  
Unamortized debt issuance costs   (100,000)       (100,000)  
Loss on extinguishment of debt 29,600,000         12,700,000  
Modified 2019 Notes | 1.00% Convertible Senior Notes due 2028              
Debt Instrument [Line Items]              
Aggregate principal amount     51,000,000 51,000,000 65,500,000    
Payment of debt issuance costs 6,200,000            
Unamortized debt issuance costs   $ (7,700,000)       (7,700,000)  
Aggregate debt discount     $ 52,700,000 52,700,000 67,700,000    
Amortization of debt issuance costs 7,800,000            
Modified 2019 Notes | 1.00% Convertible Senior Notes due 2028 | Additional Paid-in Capital              
Debt Instrument [Line Items]              
Conversion of Convertible Securities Stock Issued | value 2,800,000            
Modified 2019 Notes | 1.00% Convertible Senior Notes due 2028 | Fair value of embedded conversion option              
Debt Instrument [Line Items]              
Conversion of Convertible Securities Stock Issued | value       $ 1,700,000 2,200,000    
Subscription Transactions | 1.00% Convertible Senior Notes due 2028              
Debt Instrument [Line Items]              
Aggregate principal amount 290,100,000            
Notes for cash 290,100,000            
Proceeds from issuance of 2023 Notes 276,100,000            
Payment of debt issuance costs 13,900,000            
Proceeds from issuance of common stock, net of issuance costs $ 14,400,000            
2023 Notes | 1.00% Convertible Senior Notes due 2028              
Debt Instrument [Line Items]              
Notes redemption price       100.00%      
Outstanding 2023 Notes | 1.00% Convertible Senior Notes due 2028              
Debt Instrument [Line Items]              
Notes redemption price       100.00%      
2019 Notes              
Debt Instrument [Line Items]              
Contractual coupon interest         141,000 1,030,000  
Amortization of debt discount and issuance costs         $ 243,000 $ 1,752,000  
Minimum | 1.00% Convertible Senior Notes due 2028              
Debt Instrument [Line Items]              
Notes redemption price       25.00%      
v3.25.4
Convertible Senior Notes - Schedule of convertible note interest expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Amortization of debt issuance costs $ 1,660 $ 1,843 $ 8,075
Total 22,646 21,765 10,009
1.00% Convertible Senior Notes due 2028      
Debt Instrument [Line Items]      
Contractual interest expense 6,000 6,000 283
Amortization of debt discount 14,986 13,745 620
Amortization of debt issuance costs $ 1,660 1,636 6,324
2019 Notes      
Debt Instrument [Line Items]      
Contractual interest expense   141 1,030
Amortization of debt issuance costs   $ 243 $ 1,752
v3.25.4
Employee Benefit Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Plans, Defined Benefit | Sweden      
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]      
Defined contribution plan, company contribution $ 3.3 $ 2.9 $ 3.0
Minimum      
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]      
Defined contribution plan, eligible age of employees 21 years    
Defined Contribution 401 K Plan      
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]      
Defined contribution plan, company contribution $ 1.4 $ 1.2 $ 1.0