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RGEN Repligen

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021Apr. 30, 2021
Cover [Abstract]
Amendment Flagfalse
Document Type10-Q
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Entity Central Index Key0000730272
Current Fiscal Year End Date--12-31
Document Period End DateMar. 31,
2021
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity File Number000-14656
Entity Registrant NameREPLIGEN CORP
Entity Filer CategoryLarge Accelerated Filer
Trading SymbolRGEN
Title of 12(b) SecurityCommon Stock
Security Exchange NameNASDAQ
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number04-2729386
Entity Address, Address Line One41 Seyon Street, Bldg. 1, Suite 100
Entity Address, City or TownWaltham
Entity Address, State or ProvinceMA
Entity Address, Postal Zip Code02453
City Area Code781
Entity Shell Companyfalse
Smaller reporting companyfalse
Emerging growth companyfalse
Local Phone Number250-0111
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity Common Stock, Shares Outstanding54,904,466

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 711,318 $ 717,292
Accounts receivable, net of reserves of $755 and $762 at March 31, 2021 and December 31, 2020, respectively90,207 71,389
Inventories, net109,520 95,025
Prepaid expenses and other current assets15,290 18,676
Total current assets926,335 902,382
Property, plant and equipment, net72,243 66,870
Intangible assets, net281,670 287,100
Goodwill617,517 618,305
Deferred tax assets2,000 2,481
Operating lease right of use assets27,033 25,176
Other noncurrent assets529 573
Total noncurrent assets1,000,992 1,000,505
Total assets1,927,327 1,902,887
Current liabilities:
Accounts payable20,569 16,880
Operating lease liability3,770 5,254
Accrued liabilities42,428 53,085
Convertible Senior Notes, current portion, net246,561 243,737
Total current liabilities313,328 318,956
Deferred tax liabilities26,709 27,032
Noncurrent operating lease liability29,559 26,425
Other noncurrent liabilities1,515 1,324
Total noncurrent liabilities57,783 54,781
Total liabilities371,111 373,737
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding
Common stock, $0.01 par value; 80,000,000 shares authorized; 54,899,245 shares at March 31, 2021 and 54,760,837 shares at December 31, 2020 issued and outstanding549 548
Additional paid-in capital1,467,942 1,460,748
Accumulated other comprehensive (loss) income(7,494)2,085
Retained earnings95,219 65,769
Total stockholders' equity1,556,216 1,529,150
Total liabilities and stockholders' equity $ 1,927,327 $ 1,902,887

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Accounts receivable, reserve for doubtful accounts $ 755 $ 762
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized5,000,000 5,000,000
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized80,000,000 80,000,000
Common stock, shares issued54,899,245 54,760,837
Common stock, shares outstanding54,899,245 54,760,837

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue:
Revenue $ 142,837 $ 76,090
Costs and operating expenses:
Cost of product revenue59,747 31,982
Research and development7,612 4,702
Selling, general and administrative39,095 27,500
Total costs and operating expenses106,454 64,184
Income from operations36,383 11,906
Other income (expenses):
Investment income52 1,364
Interest expense(3,106)(2,976)
Other (expenses) income(224)382
Other expenses, net(3,278)(1,230)
Income before income taxes33,105 10,676
Income tax provision3,655 861
Net income $ 29,450 $ 9,815
Earnings per share:
Basic $ 0.54 $ 0.19
Diluted $ 0.52 $ 0.18
Weighted average common shares outstanding:
Basic54,805 52,139
Diluted56,869 53,109
Net income $ 29,450 $ 9,815
Other comprehensive income (loss):
Foreign currency translation adjustment(9,579)(5,579)
Comprehensive income19,871 4,236
Products
Revenue:
Revenue142,737 76,060
Royalty and Other Revenue
Revenue:
Revenue $ 100 $ 30

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in ThousandsTotalCommon StockAdditional Paid- In CapitalAccumulated Other Comprehensive LossRetained Earnings/ (Accumulated Deficit)
Balance at Dec. 31, 2019 $ 1,059,768 $ 521 $ 1,068,431 $ (15,027) $ 5,843
Balance (in shares) at Dec. 31, 201952,078,258
Net income9,815 9,815
Exercise of stock options and vesting of stock units1,589 $ 2 1,587
Exercise of stock options and vesting of stock units (in shares)199,825
Stock-based compensation expense4,165 4,165
Translation adjustment at Dec. 31, 2019(5,579)(5,579)
Balance at Mar. 31, 20201,069,758 $ 523 1,074,183 (20,606)15,658
Balance (in shares) at Mar. 31, 202052,278,083
Balance at Dec. 31, 20201,529,150 $ 548 1,460,748 2,085 65,769
Balance (in shares) at Dec. 31, 202054,760,837
Net income29,450 29,450
Issuance of common stock for debt conversion1 $ 0 1
Issuance of common stock for debt conversion (in shares)3
Exercise of stock options and vesting of stock units508 $ 1 507
Exercise of stock options and vesting of stock units (in shares)138,405
Stock-based compensation expense6,541 6,541
True up of costs related to the December 2020 issuance of common stock145 145
Translation adjustment at Dec. 31, 2020(9,579)(9,579)
Balance at Mar. 31, 2021 $ 1,556,216 $ 549 $ 1,467,942 $ (7,494) $ 95,219
Balance (in shares) at Mar. 31, 202154,899,245

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Net income $ 29,450 $ 9,815
Adjustments to reconcile net income to net cash provided by operating activities:
Inventory step-up charges1,598
Depreciation and amortization8,444 6,390
Amortization of debt discount and issuance costs2,828 2,691
Stock-based compensation expense6,541 4,165
Deferred income taxes, net789
Other6 140
Changes in operating assets and liabilities, excluding impact of acquisitions:
Accounts receivable(19,779)(2,251)
Inventories(17,025)(7,191)
Prepaid expenses and other assets(2,414)36
Operating lease right of use assets(1,864)919
Other assets753
Accounts payable3,725 (709)
Accrued expenses(4,906)(4,989)
Operating lease liability1,649 334
Long-term liabilities(533)180
Total cash provided by operating activities9,262 9,530
Cash flows from investing activities:
Acquisitions, net of cash acquired71
Additions to capitalized software costs(1,484)(911)
Purchases of property, plant and equipment(7,584)(4,126)
Total cash used in investing activities(8,997)(5,037)
Cash flows from financing activities:
Proceeds from exercise of stock options508 1,599
Payment of tax withholding obligation on vesting of restricted stock(10)
Repayment of Convertible Senior Notes(1)
Total cash provided by financing activities507 1,589
Effect of exchange rate changes on cash, cash equivalents and restricted cash(6,746)(4,923)
Net (decrease) increase in cash, cash equivalents and restricted cash(5,974)1,159
Cash, cash equivalents and restricted cash, beginning of period717,292 537,407
Cash, cash equivalents and restricted cash, end of period711,318 538,566
Supplemental disclosure of non-cash investing and financing activities:
Assets acquired under operating leases $ 3,182 $ 17

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Summary of Significant Accounting Policies1. Summary of Significant Accounting Policies Basis The consolidated financial statements included herein have been prepared by Repligen Corporation (the “Company”, “Repligen”, “our” or “we”) in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10-Q S-X 10-K The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The business and economic uncertainty resulting from the novel coronavirus (“COVID-19”) The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Repligen Sweden AB, Repligen GmbH, Spectrum ® Non-Metallic The Company made no material changes in the application of its significant accounting policies that were disclosed in its Form 10-K. Recent Accounting Standards Updates We consider the applicability and impact of all Accounting Standards Updates (“ASUs” or “ASU”) 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 ASUs that we feel may be applicable to the Company are as follows: Recently Issued Accounting Standard Updates – Not Yet Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) 815-40).” 2020-06 2020-06 2020-06 2020-06

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Measurements2. Fair Value Measurements The Company uses various valuation approaches in determining the fair value of its assets and liabilities. The Company employs a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows:
Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly.
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. As of March 31, 2021 and December 31, 2020, cash and cash equivalents on the Company’s consolidated balance sheets included $544.1 million and $549.0 million, respectively, in a money market account. These funds are valued on a recurring basis using Level 1 inputs. In July 2019, the Company issued $287.5 million aggregate principal amount of the Company’s 0.375% Convertible Senior Notes due July 15, 2024 (the “2019 Notes”). Interest is payable semi-annually in arrears on January 15 and July 15 of each year. The 2019 Notes will mature on July 15, 2024, unless earlier converted or repurchased in accordance with their terms. At March 31, 2021 and December 31, 2020, the carrying value of the 2019 Notes was $246.6 million and $243.7 million, respectively, net of unamortized discount, and the fair value of the 2019 Notes was $502.0 million and $501.0 million, respectively. The fair value of the 2019 Notes is a Level 1 valuation and was determined based on the most recent trade activity of the 2019 Notes as of March 31, 2021. The 2019 Notes are discussed in more detail in Note 12, “Convertible Senior Notes” Financial Statements and Supplementary Data” 10-K. During the three months ended March 31, 2021, there were no remeasurements to fair value of financial assets and liabilities that are not measured at fair value on a recurring basis.

Acquisitions

Acquisitions3 Months Ended
Mar. 31, 2021
Acquisitions3. Acquisitions ARTeSYN Biosolutions Holdings Ireland Limited On October 27, 2020, the Company entered into an Equity and Asset Purchase Agreement with ARTeSYN, a company organized under the laws of Ireland, Third Creek Holdings, LLC, a Nevada limited liability company (“Third Creek”), Alphinity, LLC, a Nevada limited liability company (“Alphinity”, and together with Third Creek the “ARTeSYN Sellers”), and Michael Gagne, solely in his capacity as the representative of the ARTeSYN Sellers, pursuant to which the Company acquired (i) all of the outstanding equity securities of ARTeSYN and (ii) certain assets from Alphinity related to the business of ARTeSYN (collectively, the “ARTeSYN Acquisition”) for approximately $200 million, comprised of approximately $130 million in cash to the ARTeSYN Sellers and approximately million in the Company’s common stock to Third Creek. The transaction closed on December 3, 2020. ARTeSYN is headquartered in Waterford, Ireland and conducts its operations in Ireland, the United States and Estonia. Its suite of single-use single-use single-use ® de-bottlenecking single-use single-use hold-up Consideration The ARTeSYN Acquisition was accounted for as a purchase of a business under ASC 805, “Business Combinations” million, contingent consideration of approximately million, and settlement of preexisting invoices with the Company of approximately the Company million. The estimated consideration and preliminary purchase price information has been prepared using a preliminary valuation. Payment of the final consideration for working capital was made in April 2021. The preparation of the valuation required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that the Company believes to be reasonable. However, actual results may differ from these estimates. Total consideration transferred is as follows (amounts in thousands):
Cash consideration $ 130,713
Equity consideration 69,422
Contingent consideration 1,548
Settlement of preexisting liabilities 2,310
Fair value of net assets acquired $ 203,993
Acquisition related costs are not included as a component of consideration transferred but are expensed in the periods in which the costs are incurred. The Company incurred $4.0 million in transaction and integration costs associated with the ARTeSYN Acquisition in 2020 and an additional $ 0.5 million of transaction and integration costs during the first quarter of 2021. The transaction costs are included in selling, general and administrative (“SG&A”) expenses in the consolidated statements of comprehensive income. The consideration transferred includes approximately million related to consideration that was deferred at the acquisition date, with payment to the ARTeSYN Sellers contingent upon recognizing revenue on a large-scale system within 120 days of the acquisition date. This consideration is recorded at its estimated fair value as of the acquisition date, which includes the assumption of high probability of such revenue being recognized. During the measurement period, which may be up to one year from the acquisition date, we may record 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 our consolidated statements of comprehensive income. Fair Value of Net Assets Acquired The preliminary allocation of purchase price is based on the fair value of assets acquired and liabilities assumed as of the acquisition date, based on the preliminary valuation. As additional information becomes available, the Company may further revise its preliminary purchase price allocation during the remainder of the measurement period (which will not exceed 12 months from December 3, 2020). Any such revision or changes may be material. The final allocation may include changes to: (1) deferred revenue; (2) inventory; (3) deferred tax liabilities, net; (4) allocations to intangible assets such as tradenames, developed technology and customer relationships as well as goodwill; and (5) other assets and liabilities. In March 2021, the Company recorded a $ million working capital adjustment related to settlement of a pre-acquisition liability, which offset goodwill in the table below. The components and estimated allocation of the purchase price consist of the following (amounts in thousands):
Cash and cash equivalents $ 2,982
Accounts receivable 4,811
Inventory 8,592
Prepaid expenses and other current assets 5,561
Property and equipment 1,836
Operating lease right of use asset 1,611
Other noncurrent assets 26
Customer relationships 38,400
Developed technology 27,060
Trademark and tradename 1,630
Non-competition 300
Goodwill 128,748
Accounts payable (2,251 )
Accrued liabilities (8,856 )
Deferred revenue (3,583 )
Deferred tax liabilities, net (1,240 )
Notes payable (24 )
Operating lease liability (417 )
Operating lease liability, long-term (1,193 )
Fair value of net assets acquired $ 203,993
Acquired Goodwill The goodwill of $128.7 million represents future economic benefits expected to arise from synergies from combining operations and commercial organizations to increase market presence and the extension of existing customer relationships. Substantially all of the goodwill recorded is expected to be deductible for income tax purposes. Intangible Assets The following table sets forth the components of the identified intangible assets associated with the ARTeSYN Acquisition and their estimated useful lives:
Useful life Fair Value
(Amounts in thousands)
Customer relationships 17 years $ 38,400
Developed technology 15 years 27,060
Trademark and tradename 21 years 1,630
Non-competition 3 years 300
$ 67,390
Non-Metallic On October 15, 2020, the Company entered into a Stock Purchase Agreement with NMS, a Massachusetts corporation, and each of William Malloneé and Derek Masser, the legal and beneficial owners of NMS, to purchase NMS, which transaction subsequently closed on October 20, 2020 (the “NMS Acquisition”). NMS, headquartered in Auburn, Massachusetts, is a manufacturer of fabricated plastics, custom containers, and related assemblies and components used in the manufacturing of biologic drugs. The acquisition of NMS allows Repligen to expand its line of single-use single-use Consideration The NMS Acquisition was accounted for as a purchase of a business under ASC 805, “Business Combinations.” million of transaction and integration costs associated with the NMS Acquisition in 2020 and million in 2021. The transaction costs are included in SG&A expenses in the consolidated statements of comprehensive income. Fair Value of Net Assets Acquired The preliminary allocation of purchase price is based on the fair value of assets acquired and liabilities assumed as of the acquisition date, based on the preliminary valuation. As additional information becomes available, the Company may further revise its preliminary purchase price allocation during the remainder of the measurement period (which will not exceed 12 months from October 20, 2020). The components and estimated allocation of the purchase price consist of the following (amounts in thousands):
Cash and cash equivalents $ 1,163
Accounts receivable 415
Inventory 334
Prepaid expenses and other current assets 13
Property and equipment 73
Operating lease right of use asset 194
Customer relationships 6,370
Developed technology 1,810
Trademark and tradename 190
Non-competition 90
Goodwill 6,713
Deferred tax assets 24
Accounts payable (96 )
Accrued liabilities (999 )
Operating lease liability (136 )
Operating lease liability, long-term (59 )
Fair value of net assets acquired $ 16,099
Acquired Goodwill The goodwill of $6.7 million represents future economic benefits expected to arise from anticipated synergies from the integration of NMS. These synergies include certain cost savings, operating efficiencies and other strategic benefits projected to be achieved as a result of the NMS Acquisition. Substantially all of the goodwill recorded is expected to be deductible for income tax purposes. In February 2021, the Company recorded an adjustment to goodwill of $0.1 million related to the finalization of the working capital true-up. Intangible Assets The following table sets forth the components of the identified intangible assets associated with the NMS Acquisition and their estimated useful lives:
Useful life Fair Value
(Amounts in thousands)
Customer relationships 14 years $ 6,370
Developed technology 12 years 1,810
Trademark and tradename 15 years 190
Non-competition 3 years 90
$ 8,460
Engineered Molding Technology LLC On July 13, 2020, the Company completed the acquisition of 100% of the membership interests of EMT, a New York limited liability company, pursuant to a Membership Interest Purchase Agreement, dated June 26, 2020, by and among the Company, EMT, and each of Michael Pandori and Todd Etesse, the legal and beneficial owners of EMT (such acquisition, the “EMT Acquisition”). EMT, headquartered in Clifton Park, New York, is an innovator and manufacturer of single-use single-use single-use Consideration Transferred The EMT Acquisition was accounted for as a purchase of a business under ASC 805, “Business Combinations”. million deposited into an escrow account against which the Company may make claims for indemnification. Under the acquisition method of accounting, the net assets of EMT were recorded as of the acquisition date, at their respective fair values, and consolidated with those of Repligen. The fair value of the net tangible assets acquired is approximately million, the fair value of the intangible assets acquired is approximately million, and the residual goodwill is approximately million. The estimated consideration and preliminary purchase price information have been prepared using a preliminary valuation. The preparation of the valuation required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that Repligen believes to be reasonable. Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which the costs are incurred. The Company incurred million of transaction and integration related costs associated with the EMT Acquisition in 2020 and million during the first quarter of 2021. The transaction costs are included in SG&A expenses in the consolidated statements of comprehensive income. Fair The allocation of purchase price is based on the fair value of assets acquired and liabilities assumed as of the acquisition date, based on the preliminary valuation. The Company obtained this information during due diligence and through other sources. In the months after the closing, the Company obtained additional information about these assets and liabilities as it learned more about EMT. The Company refined the estimates of fair value to more accurately allocate the purchase price. Only items identified as of the acquisition date were considered for subsequent adjustment. We have made appropriate adjustments to the purchase price allocation during the measurement period, which ends on July 13, 2021. We consider these adjustments to be final. The components and allocation of the purchase price consist of the following (amounts in thousands):
Cash and cash equivalents $ 69
Accounts receivable 1,057
Inventory 449
Prepaid expenses and other current assets 7
Property and equipment 414
Operating lease right of use assets 1,050
Customer relationships 11,080
Developed technology 2,910
Trademark and tradename 320
Non-compete 50
Goodwill 12,585
Deferred tax asset 46
Accounts payable (283 )
Accrued liabilities (190 )
Operating lease liability (211 )
Operating lease liability, long-term (839 )
Fair value of net assets acquired $ 28,514
Acquired Goodwill The goodwill of $12.6 million represents future economic benefits expected to arise from anticipated synergies from the integration of EMT. These synergies include certain cost savings, operating efficiencies and other strategic benefits projected to be achieved as a result of the EMT Acquisition. Substantially all of the goodwill recorded is expected to be deductible for income tax purposes. Intangible Assets The following table sets forth the components of the identified intangible assets associated with the EMT Acquisition and their estimated useful lives:
Useful life Fair Value
(Amounts in thousands)
Customer relationships 14 years $ 11,080
Developed technology 11 years 2,910
Trademark and tradename 14 years 320
Non-competition 3 years 50
$ 14,360

Revenue Recognition

Revenue Recognition3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Revenue Recognition4. 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,” Disaggregation of Revenue Revenues for the months ended March , and were as follows:
Three Months Ended
March 31,
2021 2020
(Amounts in thousands)
Product revenue $ 142,737 $ 76,060
Royalty and other income 100 30
Total revenue $ 142,837 $ 76,090
When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. Because all of 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. In addition, a significant portion of the Company’s revenues are generated from a small number of customers; therefore, economic factors specific to these customers 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 14, “Segment Reporting,” Except for the $10.9 million of revenue with MilliporeSigma for the three months ended March 31, 2020, there were no significant customers that represented 10% or more of total revenue for the periods presented in the table above. For more information regarding our product revenue, see Note 5, “Revenue Recognition” Financial Statements and Supplementary Data” 10-K, Contract Balances from Contracts with Customers The following table provides information about receivables and deferred revenue from contracts with customers as of March 31, 2021 (amounts in thousands):
2021
Balances from contracts with customers only:
Accounts receivable $ 90,207
Deferred revenue (included in accrued liabilities in the consolidated balance sheets) $ 14,253
Revenue recognized during the three-month period ended March 31, 2021 relating to:
The beginning deferred revenue balance $ 8,525
Changes in pricing related to products or services satisfied in previous periods $ — 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.

Goodwill and Intangible Assets

Goodwill and Intangible Assets3 Months Ended
Mar. 31, 2021
Goodwill And Other Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets5. Goodwill Goodwill Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized, but instead is tested for impairment at least annually in accordance with ASC 350, “Intangibles – Goodwill and Other”
Balance at December 31, 2020 $ 618,305
Measurement period adjustment - NMS (71 )
Measurement period adjustment - ARTeSYN 90
Cumulative translation adjustment (807 )
Balance at March 31, 2021 $ 617,517
During each of the fourth quarters of 2020, 2019 and 2018, the Company completed its annual impairment assessments and concluded that goodwill was not impaired in any of those years. The Company has not identified any “triggering” events which indicate an impairment of goodwill in the three months ended March 31, 2021. Intangible Assets Intangible assets with a definitive life are amortized over their useful lives using the straight-line method, and the amortization expense is recorded within cost of product revenue and SG&A in the Company’s statements of comprehensive income. 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 our products or changes in the size of the market for the Company’s products. An impairment results if the carrying value of the asset exceeds the estimated fair value 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 intangible assets are recoverable at March 31, 2021. Indefinite-lived assets are reviewed for impairment at least annually. There has been no impairment of the Company’s intangible assets for the periods presented. Intangible assets, net consisted of the following at March 31, 2021:
March 31, 2021
Gross Accumulated Amortization Net Weighted (in years)
(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed $ 114,080 $ (16,016 ) $ 98,064 17
Patents 240 (240 ) — 8
Customer relationships 217,227 (40,338 ) 176,889 16
Trademarks 5,892 (616 ) 5,276 20
Other intangibles 2,140 (1,399 ) 741 3
Total finite-lived intangible assets 339,579 (58,609 ) 280,970 16
Indefinite-lived intangible asset:
Trademarks 700 — 700 —
Total intangible assets $ 340,279 $ (58,609 ) $ 281,670
Intangible assets consisted of the following at December 31, 2020:
December 31, 2020
Gross Accumulated Amortization Net Weighted (in years)
(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed $ 114,217 $ (14,444 ) $ 99,773 17
Patents 240 (240 ) — 8
Customer relationships 217,790 (37,333 ) 180,457 16
Trademarks 5,893 (541 ) 5,352 20
Other intangibles 2,142 (1,324 ) 818 3
Total finite-lived intangible assets 340,282 (53,882 ) 286,400 16
Indefinite-lived intangible asset:
Trademarks 700 — 700 —
Total intangible assets $ 340,982 $ (53,882 ) $ 287,100
Amortization expense for finite-lived intangible assets was $5.2 million and $3.9 million for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the Company expects to record the following amortization expense in future periods (amounts in thousands):
Estimated
Amortization
For the Three Months Ended March 31, Expense
2021 (remaining nine months) $ 15,558
2022 20,742
2023 20,625
2024 20,057
2025 19,790
2026 and thereafter 184,198
Total $ 280,970

Consolidated Balance Sheet Deta

Consolidated Balance Sheet Detail3 Months Ended
Mar. 31, 2021
Consolidated Balance Sheet Detail6. Consolidated Balance Sheet Detail Inventories, net Inventories, net consists of the following:
March 31, December 31,
2021 2020
(Amounts in thousands)
Raw materials $ 66,893 $ 48,746
Work-in-process 8,203 8,084
Finished products 34,424 38,195
Total inventories, net $ 109,520 $ 95,025
Property, Plant Property, plant and equipment consist of the following:
March 31, December 31,
2021 2020
(Amounts in thousands)
Land $ 1,023 $ 1,023
Buildings 997 1,007
Leasehold improvements 32,127 31,331
Equipment 44,096 43,072
Furniture, fixtures and office equipment 8,699 8,714
Computer hardware and software 16,003 15,397
Construction in progress 19,349 14,927
Other 437 455
Total property, plant and equipment 122,731 115,926
Less - Accumulated depreciation (50,488 ) (49,056 )
Total property, plant and equipment, net $ 72,243 $ 66,870
Depreciation expense s Accrued Liabilities Accrued liabilities consist of the following:
March 31, December 31,
2021 2020
(Amounts in thousands)
Employee compensation $ 14,026 $ 20,288
Income taxes payable 1,217 1,423
Royalty and license fees 1,418 466
Warranties 1,311 1,576
Professional fees 1,159 1,425
Deferred revenue 14,253 15,318
Other 9,044 12,589
Total accrued liabilities $ 42,428 $ 53,085

Convertible Senior Notes

Convertible Senior Notes3 Months Ended
Mar. 31, 2021
Convertible Senior Notes7. Convertible Senior Notes 0.375% Convertible Senior Notes due 2024 On July 19, 2019, the Company issued $287.5 million aggregate principal pursuant to the During the first quarter of 2021, the closing price of the Company’s common stock exceeded 130% of the conversion price of the 2019 Notes for more than 20 trading days of the last 30 consecutive trading days of the quarter. As a result, the 2019 Notes are convertible at the option of the holders of the 2019 Notes during the second quarter of 2021, the quarter immediately following the quarter when the conditions are met, as stated in the terms of the 2019 Notes. These conditions were also The conversion resulted in the issuance of a nominal number of shares of the Company’s common stock to the note holders, and the Company recorded a loss of approximately n The net carrying value of the liability component of the 2019 Notes is as follows:
March 31, December 31,
2021 2020
(Amounts in thousands)
0.375% Convertible Senior Notes due 2024:
Principal amount $ 287,499 $ 287,500
Unamortized debt discount (35,843 ) (38,317 )
Unamortized debt issuance costs (5,095 ) (5,446 )
Net carrying amount $ 246,561 $ 243,737
Interest expense recognized on the 2019 Notes for the three months ended March 31, 2021 was $0.3 million, $2.5 million and $0.4 million for the contractual coupon interest, the accretion of the debt discount and the amortization of the debt issuance costs, respectively. The effective interest rate on the 2019 Notes is 5.1%, which included the interest on the 2019 Notes, amortization of the debt discount and debt issuance costs. At March 31, 2021 and December 31, 2020, the carrying value of the 2019 Notes was $246.6 million and $243.7 million, respectively, net of unamortized discount, and the fair value of the 2019 Notes was $502.0 million and $501.0 million, respectively. The fair value of the 2019 Notes was determined based on the most recent trade activity of the 2019 Notes at March 31, 2021.

Stockholders' Equity

Stockholders' Equity3 Months Ended
Mar. 31, 2021
Stockholders' Equity8. Stockholders’ Equity Stock Option and Incentive Plans Under the Company’s current 2018 Stock Option and Incentive Plan (the “2018 Plan”), the number of shares of the Company’s common stock that are reserved and available for issuance is s Stock-Based Compensation For the three months ended March 31, 2021 and 2020, the Company recorded stock-based compensation expense of $6.5 million and $4.2 million, respectively, for share-based awards granted under the Plans. The following table presents stock-based compensation expense in the Company’s consolidated statements of comprehensive income:
Three Months Ended March 31,
2021 2020
(Amounts in thousands)
Cost of product revenue $ 506 $ 433
Research and development 716 372
Selling, general and administrative 5,319 3,360
Total stock-based compensation $ 6,541 $ 4,165
The 2018 Plan allows for the granting of incentive and nonqualified options to purchase shares of common stock, restricted stock and other equity awards. Employee grants under the Plans generally vest over a three 20%-33% non-employee The Company uses the B l Information regarding option activity for the three months ended March 31, 2021 under the Plans is summarized below:
Shares Weighted average exercise price Weighted- Average (in Years) Aggregate (in Thousands)
Options outstanding at December 31, 2020 696,711 $ 43.88 6.90 $ 102,958
Granted 21,547 $ 215.58
Exercised (15,140 ) $ 33.25
Forfeited/expired/cancelled (6,000 ) $ 48.05
Options outstanding at March 31, 2021 697,118 $ 49.39 6.76 $ 101,554
Options exercisable at March 31, 2021 384,757 $ 34.20 6.00 $ 61,641
Vested and expected to vest at March 31, 2021 (1) 669,196 6.72 $ 98,009
(1) Represents the number of vested options as of March 31, 2021 plus the number of unvested options expected to vest as of March 31, 2021 based on the unvested outstanding options at March 31, 2021 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive The aggregate intrinsic value in the table above represents the total pre-tax in-the-money The weighted average grant date fair value of options granted during the three months ended March 31, 2021 and 2020 was $92.35 and $41.77, respectively. The total fair value of stock options that vested during the three months ended March 31, 2021 and 2020 was $1.9 million and $2.0 million, respectively. The fair value of stock units is calculated using the closing price of the Company’s common stock on the date of grant. Information regarding stock unit activity, which includes activity for RSUs and performance stock units, for the three months ended March 31, 2021 under the Plans is summarized below:
Shares Weighted- Average Contractual Term (in Years) Aggregate (in
Unvested at December 31, 2020 665,540 3.32 $ 127,904
Awarded 119,148
Vested (122,765 )
Forfeited/expired/cancelled (7,673 )
Unvested at March 31, 2021 654,250 3.09 $ 127,193
Unvested and expected to vest at March 31, 2021 (1) 639,254 2.94 $ 124,277
(1) Represents the number of vested stock units as of March 31, 2021 plus the number of unvested stock units expected to vest as of March 31, 2021 based on the unvested outstanding stock units at March 31, 2021 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive The aggregate intrinsic value in the table above represents the total pre-tax The weighted average grant date fair value of stock units vested during the three months ended March 31, 2021 and 2020 was $209.13 and $86.75, respectively. The total fair value of stock units that vested during the three months ended March 31, 2021 and 2020 was $6.5 million and $5.3 million, respectively. As of March 31, 2021, there was $65.4 million of total unrecognized compensation cost related to unvested share-based awards. This cost is expected to be recognized over a weighted average remaining requisite service period of 3.25 years. The Company expects 1,894,207 unvested options and stock units to vest over the next five years.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies9. Commitments and Contingencies In June 2018, the Company secured an agreement with Navigo Proteins (“Navigo”) for the exclusive co-development NGL-Impact ® NGL-Impact co-development SARS-CoV-2 COVID-19 of $ million for the three months ended March , . No royalty payments were made to Navigo during the three months ended March 31, 2020.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income3 Months Ended
Mar. 31, 2021
Accumulated Other Comprehensive (Loss) Income10. Accumulated Other The following shows the changes in the components of accumulated other comprehensive (loss) income for the three months ended March 31, 2021 which consisted of only foreign currency translation adjustments for the periods shown (amounts in thousands):
Foreign
Currency
Translation
Adjustment
Balance as of December 31, 2020 $ 2,085
Other comprehensive loss (9,579 )
Balance at March 31, 2021 $ (7,494 )

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Taxes11. Income Taxes For the three months ended March 31, 2021, On March 27, 2020, President Trump signed the $2.2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The CARES Act, the third congressional bill to address COVID-19, The Company’s tax returns are subject to examination by federal, state and international tax authorities for the following periods:
Jurisdiction Fiscal Years
United States - federal and state 2017-2020
Sweden 2013-2020

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share12. Earnings Per Share The Company reports earnings per share in accordance with ASC 260, “Earnings Per Share,” “in-the-money” A reconciliation of basic and diluted weighted average shares outstanding is as follows:
Three Months Ended March 31,
2021 2020
(Amounts in thousands, except per share data)
Net income $ 29,450 $ 9,815
Weighted average shares used in computing net income per share - basic 54,805 52,139
Effect of dilutive shares:
Options and stock units 964 970
Convertible S N 1,092 —
Dilutive effect of unvested performance stock units 8 —
Dilutive potential common shares 2,064 970
Weighted average shares used in computing net income per share - diluted 56,869 53,109
Earnings per share:
Basic $ 0.54 $ 0.19
Diluted $ 0.52 $ 0.18
At March 31, 2021, there were outstanding options to purchase 697,118 shares of the Company’s common stock at a weighted average exercise price of $49.39 per share and 654,250 shares of common stock issuable upon the vesting of stock units, which include RSUs and performance stock units. For the three months ended March 31, 2021, 94,236 shares of the Company’s common stock were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares and were therefore anti-dilutive. At March 31, 2020, there were outstanding options to purchase 915,518 shares of the Company’s common stock at a weighted average exercise price of $32.91 per share and 716,630 common stock issuable upon the vesting of stock units, which include RSUs and performance stock units. For the three months ended March 31, 2020, 39,711 shares of the Company’s common stock were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares and were therefore anti-dilutive. In July 2019, the Company issued $287.5 million aggregate principal amount of the 2019 Notes. As provided by the terms of the indenture underlying the 2019 Notes, conversion of the 2019 Notes will be settled in cash, shares of the Company’s common stock or a combination thereof, at the Company’s election. As of March 31, 2021, the 2019 Notes were convertible. The Company currently intends to settle the par value of the 2019 Notes in cash and any excess conversion premium in shares. As provided by the terms of the indenture underlying the 2019 Notes, the Company has a choice to settle the conversion obligation for the 2019 Notes in cash, shares or any combination of the two. The Company currently intends to settle the par value of the 2019 Notes in cash and any excess conversion premium in shares. The Company applies the provisions of ASC 260, “Earnings Per Share”, 10-45-44,

Related Party Transactions

Related Party Transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions13. Related Party Transactions Certain facilities leased by Spectrum are owned by Roy Eddleman, the former owner of Spectrum. As of March 31, 2021, Mr. Eddleman owned greater than 5% of the Company’s outstanding shares and the Company considers him to be a related party. The lease amounts paid to this shareholder prior to the public offering were negotiated in connection with the acquisition of Spectrum. The Compa n $0.2 million for the three months ended March 31, 2021 and 2020 related to these leases.

Segment Reporting

Segment Reporting3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting14. Segment Reporting The Company views its operations, The following table represents the Company’s total revenue by geographic area (based on the location of the customer):
Three Months Ended
March 31,
2021 2020
Revenue by customers’ geographic locations:
North America 42 % 48 %
Europe 39 % 41 %
APAC/Other 19 % 11 %
Total revenue 100 % 100 %
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. Per the Company’s investment policy, cash equivalents and marketable securities are invested in financial instruments with high credit ratings and credit exposure to any one issue, issuer (with the exception of U.S. Treasury obligations) and type of instrument is limited. At March 31, 2021 and December 31, 2020, the Company had no investments associated with foreign exchange contracts, options contracts or other foreign hedging arrangements. Concentration of credit risk with respect to accounts receivable is limited to customers to whom the Company makes significant sales. While a reserve for the potential write-off No revenue from customers represented 10% or more of the Company’s total revenue for the three months ended March 31, 2021. Revenue from MilliporeSigma represented 14% of the Company’s total revenue for the three months ended March 31, 2020. At March 31, 2021, there were no accounts receivable balances with customers representing 10% or more of the Company’s total trade accounts receivable balance. At December 31, 2020, the accounts receivable balance with Cytiva represented 11% of the Company’s total trade accounts receivable balances.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Basis of presentationBasis The consolidated financial statements included herein have been prepared by Repligen Corporation (the “Company”, “Repligen”, “our” or “we”) in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10-Q S-X 10-K The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The business and economic uncertainty resulting from the novel coronavirus (“COVID-19”) The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Repligen Sweden AB, Repligen GmbH, Spectrum ® Non-Metallic The Company made no material changes in the application of its significant accounting policies that were disclosed in its Form 10-K.
Recent Accounting Standards UpdatesRecent Accounting Standards Updates We consider the applicability and impact of all Accounting Standards Updates (“ASUs” or “ASU”) 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 ASUs that we feel may be applicable to the Company are as follows: Recently Issued Accounting Standard Updates – Not Yet Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) 815-40).” 2020-06 2020-06 2020-06 2020-06

Acquisitions (Tables)

Acquisitions (Tables)3 Months Ended
Mar. 31, 2021
ARTeSYN Biosolutions
Schedule of Business Combination Consideration TransferredTotal consideration transferred is as follows (amounts in thousands):
Cash consideration $ 130,713
Equity consideration 69,422
Contingent consideration 1,548
Settlement of preexisting liabilities 2,310
Fair value of net assets acquired $ 203,993
Schedule of Recognized Identified Assets Acquired and Liabilities AssumedThe components and estimated allocation of the purchase price consist of the following (amounts in thousands):
Cash and cash equivalents $ 2,982
Accounts receivable 4,811
Inventory 8,592
Prepaid expenses and other current assets 5,561
Property and equipment 1,836
Operating lease right of use asset 1,611
Other noncurrent assets 26
Customer relationships 38,400
Developed technology 27,060
Trademark and tradename 1,630
Non-competition 300
Goodwill 128,748
Accounts payable (2,251 )
Accrued liabilities (8,856 )
Deferred revenue (3,583 )
Deferred tax liabilities, net (1,240 )
Notes payable (24 )
Operating lease liability (417 )
Operating lease liability, long-term (1,193 )
Fair value of net assets acquired $ 203,993
Schedule of Identified Intangible Assets and Estimated Useful LivesThe following table sets forth the components of the identified intangible assets associated with the ARTeSYN Acquisition and their estimated useful lives:
Useful life Fair Value
(Amounts in thousands)
Customer relationships 17 years $ 38,400
Developed technology 15 years 27,060
Trademark and tradename 21 years 1,630
Non-competition 3 years 300
$ 67,390
Non Metallic Solutions
Schedule of Recognized Identified Assets Acquired and Liabilities AssumedThe components and estimated allocation of the purchase price consist of the following (amounts in thousands):
Cash and cash equivalents $ 1,163
Accounts receivable 415
Inventory 334
Prepaid expenses and other current assets 13
Property and equipment 73
Operating lease right of use asset 194
Customer relationships 6,370
Developed technology 1,810
Trademark and tradename 190
Non-competition 90
Goodwill 6,713
Deferred tax assets 24
Accounts payable (96 )
Accrued liabilities (999 )
Operating lease liability (136 )
Operating lease liability, long-term (59 )
Fair value of net assets acquired $ 16,099
Schedule of Identified Intangible Assets and Estimated Useful LivesThe following table sets forth the components of the identified intangible assets associated with the NMS Acquisition and their estimated useful lives:
Useful life Fair Value
(Amounts in thousands)
Customer relationships 14 years $ 6,370
Developed technology 12 years 1,810
Trademark and tradename 15 years 190
Non-competition 3 years 90
$ 8,460
Engineered Molding Technology LLC
Schedule of Recognized Identified Assets Acquired and Liabilities AssumedFair The allocation of purchase price is based on the fair value of assets acquired and liabilities assumed as of the acquisition date, based on the preliminary valuation. The Company obtained this information during due diligence and through other sources. In the months after the closing, the Company obtained additional information about these assets and liabilities as it learned more about EMT. The Company refined the estimates of fair value to more accurately allocate the purchase price. Only items identified as of the acquisition date were considered for subsequent adjustment. We have made appropriate adjustments to the purchase price allocation during the measurement period, which ends on July 13, 2021. We consider these adjustments to be final. The components and allocation of the purchase price consist of the following (amounts in thousands):
Cash and cash equivalents $ 69
Accounts receivable 1,057
Inventory 449
Prepaid expenses and other current assets 7
Property and equipment 414
Operating lease right of use assets 1,050
Customer relationships 11,080
Developed technology 2,910
Trademark and tradename 320
Non-compete 50
Goodwill 12,585
Deferred tax asset 46
Accounts payable (283 )
Accrued liabilities (190 )
Operating lease liability (211 )
Operating lease liability, long-term (839 )
Fair value of net assets acquired $ 28,514
Schedule of Identified Intangible Assets and Estimated Useful LivesThe following table sets forth the components of the identified intangible assets associated with the EMT Acquisition and their estimated useful lives:
Useful life Fair Value
(Amounts in thousands)
Customer relationships 14 years $ 11,080
Developed technology 11 years 2,910
Trademark and tradename 14 years 320
Non-competition 3 years 50
$ 14,360

Revenue Recognition (Tables)

Revenue Recognition (Tables)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Disaggregation of RevenueThree Months Ended
March 31,
2021 2020
(Amounts in thousands)
Product revenue $ 142,737 $ 76,060
Royalty and other income 100 30
Total revenue $ 142,837 $ 76,090
Summary of Receivables and Deferred Revenue from Contracts with CustomersThe following table provides information about receivables and deferred revenue from contracts with customers as of March 31, 2021 (amounts in thousands):
2021
Balances from contracts with customers only:
Accounts receivable $ 90,207
Deferred revenue (included in accrued liabilities in the consolidated balance sheets) $ 14,253
Revenue recognized during the three-month period ended March 31, 2021 relating to:
The beginning deferred revenue balance $ 8,525
Changes in pricing related to products or services satisfied in previous periods $ —

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)3 Months Ended
Mar. 31, 2021
Changes in Carrying Value of GoodwillThe following table represents the change in the carrying value of goodwill for the three months ended March 31, 2021 (amounts in thousands):
Balance at December 31, 2020 $ 618,305
Measurement period adjustment - NMS (71 )
Measurement period adjustment - ARTeSYN 90
Cumulative translation adjustment (807 )
Balance at March 31, 2021 $ 617,517
Intangible assetsIntangible assets, net consisted of the following at March 31, 2021:
March 31, 2021
Gross Accumulated Amortization Net Weighted (in years)
(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed $ 114,080 $ (16,016 ) $ 98,064 17
Patents 240 (240 ) — 8
Customer relationships 217,227 (40,338 ) 176,889 16
Trademarks 5,892 (616 ) 5,276 20
Other intangibles 2,140 (1,399 ) 741 3
Total finite-lived intangible assets 339,579 (58,609 ) 280,970 16
Indefinite-lived intangible asset:
Trademarks 700 — 700 —
Total intangible assets $ 340,279 $ (58,609 ) $ 281,670
December 31, 2020
Gross Accumulated Amortization Net Weighted (in years)
(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed $ 114,217 $ (14,444 ) $ 99,773 17
Patents 240 (240 ) — 8
Customer relationships 217,790 (37,333 ) 180,457 16
Trademarks 5,893 (541 ) 5,352 20
Other intangibles 2,142 (1,324 ) 818 3
Total finite-lived intangible assets 340,282 (53,882 ) 286,400 16
Indefinite-lived intangible asset:
Trademarks 700 — 700 —
Total intangible assets $ 340,982 $ (53,882 ) $ 287,100
Schedule of Amortization Expense for Amortized Intangible AssetsEstimated
Amortization
For the Three Months Ended March 31, Expense
2021 (remaining nine months) $ 15,558
2022 20,742
2023 20,625
2024 20,057
2025 19,790
2026 and thereafter 184,198
Total $ 280,970

Consolidated Balance Sheet De_2

Consolidated Balance Sheet Detail (Tables)3 Months Ended
Mar. 31, 2021
InventoriesInventories, net consists of the following:
March 31, December 31,
2021 2020
(Amounts in thousands)
Raw materials $ 66,893 $ 48,746
Work-in-process 8,203 8,084
Finished products 34,424 38,195
Total inventories, net $ 109,520 $ 95,025
Property, Plant and EquipmentProperty, plant and equipment consist of the following:
March 31, December 31,
2021 2020
(Amounts in thousands)
Land $ 1,023 $ 1,023
Buildings 997 1,007
Leasehold improvements 32,127 31,331
Equipment 44,096 43,072
Furniture, fixtures and office equipment 8,699 8,714
Computer hardware and software 16,003 15,397
Construction in progress 19,349 14,927
Other 437 455
Total property, plant and equipment 122,731 115,926
Less - Accumulated depreciation (50,488 ) (49,056 )
Total property, plant and equipment, net $ 72,243 $ 66,870
Accrued LiabilitiesAccrued liabilities consist of the following:
March 31, December 31,
2021 2020
(Amounts in thousands)
Employee compensation $ 14,026 $ 20,288
Income taxes payable 1,217 1,423
Royalty and license fees 1,418 466
Warranties 1,311 1,576
Professional fees 1,159 1,425
Deferred revenue 14,253 15,318
Other 9,044 12,589
Total accrued liabilities $ 42,428 $ 53,085

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)3 Months Ended
Mar. 31, 2021
Carrying Value of Convertible Senior NotesThe net carrying value of the liability component of the 2019 Notes is as follows:
March 31, December 31,
2021 2020
(Amounts in thousands)
0.375% Convertible Senior Notes due 2024:
Principal amount $ 287,499 $ 287,500
Unamortized debt discount (35,843 ) (38,317 )
Unamortized debt issuance costs (5,095 ) (5,446 )
Net carrying amount $ 246,561 $ 243,737

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)3 Months Ended
Mar. 31, 2021
Stock-Based Compensation ExpenseThe following table presents stock-based compensation expense in the Company’s consolidated statements of comprehensive income:
Three Months Ended March 31,
2021 2020
(Amounts in thousands)
Cost of product revenue $ 506 $ 433
Research and development 716 372
Selling, general and administrative 5,319 3,360
Total stock-based compensation $ 6,541 $ 4,165
Summary of Option ActivityInformation regarding option activity for the three months ended March 31, 2021 under the Plans is summarized below:
Shares Weighted average exercise price Weighted- Average (in Years) Aggregate (in Thousands)
Options outstanding at December 31, 2020 696,711 $ 43.88 6.90 $ 102,958
Granted 21,547 $ 215.58
Exercised (15,140 ) $ 33.25
Forfeited/expired/cancelled (6,000 ) $ 48.05
Options outstanding at March 31, 2021 697,118 $ 49.39 6.76 $ 101,554
Options exercisable at March 31, 2021 384,757 $ 34.20 6.00 $ 61,641
Vested and expected to vest at March 31, 2021 (1) 669,196 6.72 $ 98,009
(1) Represents the number of vested options as of March 31, 2021 plus the number of unvested options expected to vest as of March 31, 2021 based on the unvested outstanding options at March 31, 2021 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive
Summary of Restricted Stock Unit ActivityThe fair value of stock units is calculated using the closing price of the Company’s common stock on the date of grant. Information regarding stock unit activity, which includes activity for RSUs and performance stock units, for the three months ended March 31, 2021 under the Plans is summarized below:
Shares Weighted- Average Contractual Term (in Years) Aggregate (in
Unvested at December 31, 2020 665,540 3.32 $ 127,904
Awarded 119,148
Vested (122,765 )
Forfeited/expired/cancelled (7,673 )
Unvested at March 31, 2021 654,250 3.09 $ 127,193
Unvested and expected to vest at March 31, 2021 (1) 639,254 2.94 $ 124,277
(1) Represents the number of vested stock units as of March 31, 2021 plus the number of unvested stock units expected to vest as of March 31, 2021 based on the unvested outstanding stock units at March 31, 2021 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)3 Months Ended
Mar. 31, 2021
Summary of Changes in Accumulated Other Comprehensive IncomeThe following shows the changes in the components of accumulated other comprehensive (loss) income for the three months ended March 31, 2021 which consisted of only foreign currency translation adjustments for the periods shown (amounts in thousands):
Foreign
Currency
Translation
Adjustment
Balance as of December 31, 2020 $ 2,085
Other comprehensive loss (9,579 )
Balance at March 31, 2021 $ (7,494 )

Income Taxes (Tables)

Income Taxes (Tables)3 Months Ended
Mar. 31, 2021
Summary of Tax Returns Periods Subject to Examination by Federal, State and International Taxing AuthoritiesThe Company’s tax returns are subject to examination by federal, state and international tax authorities for the following periods:
Jurisdiction Fiscal Years
United States - federal and state 2017-2020
Sweden 2013-2020

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2021
Basic and Diluted Weighted Average Shares OutstandingA reconciliation of basic and diluted weighted average shares outstanding is as follows:
Three Months Ended March 31,
2021 2020
(Amounts in thousands, except per share data)
Net income $ 29,450 $ 9,815
Weighted average shares used in computing net income per share - basic 54,805 52,139
Effect of dilutive shares:
Options and stock units 964 970
Convertible S N 1,092 —
Dilutive effect of unvested performance stock units 8 —
Dilutive potential common shares 2,064 970
Weighted average shares used in computing net income per share - diluted 56,869 53,109
Earnings per share:
Basic $ 0.54 $ 0.19
Diluted $ 0.52 $ 0.18

Segment Reporting (Tables)

Segment Reporting (Tables)3 Months Ended
Mar. 31, 2021
Total Revenue
Percentage by Geographic Area or Significant CustomersThe following table represents the Company’s total revenue by geographic area (based on the location of the customer):
Three Months Ended
March 31,
2021 2020
Revenue by customers’ geographic locations:
North America 42 % 48 %
Europe 39 % 41 %
APAC/Other 19 % 11 %
Total revenue 100 % 100 %

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Detail) - USD ($)3 Months Ended
Mar. 31, 2021Dec. 31, 2020Jul. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents $ 711,318,000 $ 717,292,000
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents $ 544,100,000 549,000,000
0.375% Convertible Senior Notes due 2024
Summary Of Significant Accounting Policies [Line Items]
Principal amount $ 287,500,000
Notes, due dateJul. 15,
2024
Notes, frequency of periodic paymentsemi-annually
Total convertible senior notes $ 246,600,000 243,700,000
Fair value of convertible senior notes $ 502,000,000 $ 501,000,000
Senior convertible notes0.375%

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in ThousandsOct. 27, 2020Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Jul. 13, 2020
Business Acquisition [Line Items]
Business acquisition, goodwill acquired $ 617,517 $ 618,305
Selling, general and administrative
Business Acquisition [Line Items]
Transaction costs500 $ 4,000
ARTeSYN Biosolutions
Business Acquisition [Line Items]
Cash consideration $ 130,000 $ 130,700
Shares issued for business acquisition372,990
Value of common stock issued70,000 $ 69,422
Working capital adjustment100
Business combination, consideration transferred200,000 203,993
Fair value of tangible assets acquired7,900
Fair value of acquired finite lived intangible assets67,400
Business acquisition, goodwill acquired128,748
Intangible Asset Residual Value128,700
Business combination contingent consideration $ 1,500 1,548
Business combination settlement of preexisting invoices2,310
ARTeSYN Biosolutions | Goodwill [Member]
Business Acquisition [Line Items]
Intangible Asset Residual Value128,700
Non Metallic Solutions
Business Acquisition [Line Items]
Business combination, consideration transferred16,100
Fair value of tangible assets acquired900
Fair value of acquired finite lived intangible assets8,500
Business acquisition, goodwill acquired6,713
Intangible Asset Residual Value6,700
Transaction costs200 $ 200
Business combinations cash deposited in escrow account1,300
Non Metallic Solutions | Goodwill [Member]
Business Acquisition [Line Items]
Working capital adjustment100
Intangible Asset Residual Value6,700
Engineered Molding Technology LLC
Business Acquisition [Line Items]
Business combination, consideration transferred28,500
Fair value of tangible assets acquired1,500
Business Combination, Acquisition Related Costs100 $ 1,200
Fair value of acquired finite lived intangible assets14,400
Business acquisition, goodwill acquired12,585
Business acquisition, voting interest acquired100.00%
Business acquisition, Indemnification escrow2,200
Engineered Molding Technology LLC | Goodwill [Member]
Business Acquisition [Line Items]
Intangible Asset Residual Value $ 12,600

Acquisitions (Consideration Tra

Acquisitions (Consideration Transferred) (Detail) - ARTeSYN Biosolutions - USD ($) $ in ThousandsOct. 27, 2020Mar. 31, 2021
Business Acquisition [Line Items]
Cash consideration $ 130,713
Equity consideration $ 70,000 69,422
Contingent consideration1,500 1,548
Settlement of preexisting liabilities2,310
Fair value of net assets acquired $ 200,000 $ 203,993

Acquisitions (Fair Value of Net

Acquisitions (Fair Value of Net Assets Acquired) (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill $ 617,517 $ 618,305
ARTeSYN Biosolutions
Business Acquisition [Line Items]
Cash and cash equivalents2,982
Accounts receivable4,811
Inventory8,592
Prepaid expenses and other current assets5,561
Property and equipment1,836
Operating lease right of use asset1,611
Other noncurrent assets26
Business combination, intangible assets67,400
Goodwill128,748
Accounts payable(2,251)
Accrued liabilities(8,856)
Deferred revenue(3,583)
Deferred tax liabilities ,net(1,240)
Notes payable(24)
Operating lease liability(417)
Operating lease liability, long-term(1,193)
Fair value of net assets acquired203,993
ARTeSYN Biosolutions | Customer relationships
Business Acquisition [Line Items]
Business combination, intangible assets38,400
ARTeSYN Biosolutions | Developed technology
Business Acquisition [Line Items]
Business combination, intangible assets27,060
ARTeSYN Biosolutions | Trademark and tradename
Business Acquisition [Line Items]
Business combination, intangible assets1,630
ARTeSYN Biosolutions | Non-competition agreements
Business Acquisition [Line Items]
Business combination, intangible assets300
Non Metallic Solutions
Business Acquisition [Line Items]
Cash and cash equivalents1,163
Accounts receivable415
Inventory334
Prepaid expenses and other current assets13
Property and equipment73
Operating lease right of use asset194
Business combination, intangible assets8,500
Goodwill6,713
Deferred tax assets24
Accounts payable(96)
Accrued liabilities(999)
Operating lease liability(136)
Operating lease liability, long-term(59)
Fair value of net assets acquired16,099
Non Metallic Solutions | Customer relationships
Business Acquisition [Line Items]
Business combination, intangible assets6,370
Non Metallic Solutions | Developed technology
Business Acquisition [Line Items]
Business combination, intangible assets1,810
Non Metallic Solutions | Trademark and tradename
Business Acquisition [Line Items]
Business combination, intangible assets190
Non Metallic Solutions | Non-competition agreements
Business Acquisition [Line Items]
Business combination, intangible assets90
Engineered Molding Technology LLC
Business Acquisition [Line Items]
Cash and cash equivalents69
Accounts receivable1,057
Inventory449
Prepaid expenses and other current assets7
Property and equipment414
Operating lease right of use asset1,050
Business combination, intangible assets14,400
Goodwill12,585
Deferred tax assets46
Accounts payable(283)
Accrued liabilities(190)
Operating lease liability(211)
Operating lease liability, long-term(839)
Fair value of net assets acquired28,514
Engineered Molding Technology LLC | Customer relationships
Business Acquisition [Line Items]
Business combination, intangible assets11,080
Engineered Molding Technology LLC | Developed technology
Business Acquisition [Line Items]
Business combination, intangible assets2,910
Engineered Molding Technology LLC | Trademark and tradename
Business Acquisition [Line Items]
Business combination, intangible assets320
Engineered Molding Technology LLC | Non-competition agreements
Business Acquisition [Line Items]
Business combination, intangible assets $ 50

Acquisitions (Estimated Useful

Acquisitions (Estimated Useful Life and Fair Value) (Detail) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
ARTeSYN Biosolutions
Fair Value $ 67,390
Non Metallic Solutions
Fair Value8,460
Engineered Molding Technology LLC
Fair Value $ 14,360
Customer Relationships [Member] | ARTeSYN Biosolutions
Weighted Average Useful Life (in years)17 years
Fair Value $ 38,400
Customer Relationships [Member] | Non Metallic Solutions
Weighted Average Useful Life (in years)14 years
Fair Value $ 6,370
Customer Relationships [Member] | Engineered Molding Technology LLC
Weighted Average Useful Life (in years)14 years
Fair Value $ 11,080
Developed Technology Rights [Member] | ARTeSYN Biosolutions
Weighted Average Useful Life (in years)15 years
Fair Value $ 27,060
Developed Technology Rights [Member] | Non Metallic Solutions
Weighted Average Useful Life (in years)12 years
Fair Value $ 1,810
Developed Technology Rights [Member] | Engineered Molding Technology LLC
Weighted Average Useful Life (in years)11 years
Fair Value $ 2,910
Trademark and tradename [Member] | ARTeSYN Biosolutions
Weighted Average Useful Life (in years)21 years
Fair Value $ 1,630
Trademark and tradename [Member] | Non Metallic Solutions
Weighted Average Useful Life (in years)15 years
Fair Value $ 190
Trademark and tradename [Member] | Engineered Molding Technology LLC
Weighted Average Useful Life (in years)14 years
Fair Value $ 320
Noncompete Agreements [Member] | ARTeSYN Biosolutions
Weighted Average Useful Life (in years)3 years
Fair Value $ 300
Noncompete Agreements [Member] | Non Metallic Solutions
Weighted Average Useful Life (in years)3 years
Fair Value $ 90
Noncompete Agreements [Member] | Engineered Molding Technology LLC
Weighted Average Useful Life (in years)3 years
Fair Value $ 50

Summary of Disaggregation of Pr

Summary of Disaggregation of Product Revenues from Contracts with Customers by Major Product Line (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue $ 142,837 $ 76,090
Product
Disaggregation of Revenue [Line Items]
Revenue142,737 76,060
Royalty and Other Revenue
Disaggregation of Revenue [Line Items]
Revenue $ 100 $ 30

Summary of Receivables and Defe

Summary of Receivables and Deferred Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Balances from contracts with customers only:
Accounts receivable $ 90,207 $ 71,389
Deferred revenue (included in accrued liabilities in the consolidated balance sheets)14,253
Revenue recognized during the nine-month period ended September 30, 2020 relating to:
The beginning deferred revenue balance8,525
Changes in pricing related to products or services satisfied in previous periods $ 0

Changes in Carrying Value of Go

Changes in Carrying Value of Goodwill (Detail) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Goodwill [Line Items]
Balance at December 31, 2020 $ 618,305
Cumulative translation adjustment(807)
Balance at March 31, 2021617,517
ARTeSYN Biosolutions
Goodwill [Line Items]
Measurement period adjustment90
Balance at March 31, 2021128,748
Non Metallic Solutions
Goodwill [Line Items]
Measurement period adjustment(71)
Balance at March 31, 2021 $ 6,713

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Detail) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Intangible Assets [Line Items]
Gross Carrying Value $ 339,579 $ 340,282
Gross Carrying Value340,279 340,982
Accumulated Amortization(58,609)(53,882)
Accumulated Amortization(58,609)(53,882)
Net Carrying Value280,970 286,400
Net Carrying Value $ 281,670 $ 287,100
Weighted Average Useful Life (in years)16 years16 years
Trademark
Intangible Assets [Line Items]
Gross Carrying Value $ 700 $ 700
Net Carrying Value700 700
Technology - developed
Intangible Assets [Line Items]
Gross Carrying Value114,080 114,217
Accumulated Amortization(16,016)(14,444)
Net Carrying Value $ 98,064 $ 99,773
Weighted Average Useful Life (in years)17 years17 years
Patents
Intangible Assets [Line Items]
Gross Carrying Value $ 240 $ 240
Accumulated Amortization $ (240) $ (240)
Weighted Average Useful Life (in years)8 years8 years
Customer relationships
Intangible Assets [Line Items]
Gross Carrying Value $ 217,227 $ 217,790
Accumulated Amortization(40,338)(37,333)
Net Carrying Value $ 176,889 $ 180,457
Weighted Average Useful Life (in years)16 years16 years
Trademark
Intangible Assets [Line Items]
Gross Carrying Value $ 5,892 $ 5,893
Accumulated Amortization(616)(541)
Net Carrying Value $ 5,276 $ 5,352
Weighted Average Useful Life (in years)20 years20 years
Other intangibles
Intangible Assets [Line Items]
Gross Carrying Value $ 2,140 $ 2,142
Accumulated Amortization(1,399)(1,324)
Net Carrying Value $ 741 $ 818
Weighted Average Useful Life (in years)3 years3 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Finite-Lived Intangible Liabilities [Line Items]
Amortization expense $ 5.2 $ 3.9

Amortization Expense for Amorti

Amortization Expense for Amortized Intangible Assets (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Finite-Lived Intangible Liabilities [Line Items]
2021 (remaining nine months) $ 15,558
202220,742
202320,625
202420,057
202519,790
2026 and thereafter184,198
Total $ 280,970 $ 286,400

Schedule of Inventories (Detail

Schedule of Inventories (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Inventory [Line Items]
Raw materials $ 66,893 $ 48,746
Work-in-process8,203 8,084
Finished products34,424 38,195
Total inventories, net $ 109,520 $ 95,025

Property, Plant and Equipment (

Property, Plant and Equipment (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Land $ 1,023 $ 1,023
Buildings997 1,007
Leasehold improvements32,127 31,331
Equipment44,096 43,072
Furniture, fixtures and office equipment8,699 8,714
Computer hardware and software16,003 15,397
Construction in progress19,349 14,927
Other437 455
Total property, plant and equipment122,731 115,926
Less - Accumulated depreciation(50,488)(49,056)
Total property, plant and equipment, net $ 72,243 $ 66,870

Consolidated Balance Sheet - Ad

Consolidated Balance Sheet - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Depreciation $ 3.3 $ 2.5

Schedule of Accrued Liabilities

Schedule of Accrued Liabilities (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Schedule of Accrued Liabilities [Line Items]
Employee compensation $ 14,026 $ 20,288
Income taxes payable1,217 1,423
Royalty and license fees1,418 466
Warranties1,311 1,576
Professional fees1,159 1,425
Deferred revenue14,253 15,318
Other9,044 12,589
Total accrued liabilities $ 42,428 $ 53,085

Convertible Senior Notes - Addi

Convertible Senior Notes - Additional Information (Detail) - USD ($)Jul. 19, 2019Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Jul. 31, 2019
Debt Instrument [Line Items]
Accretion of the debt discount $ 2,828,000 $ 2,691,000
Repayment of convertible debt $ 1,000
0.375% Convertible Senior Notes due 2024
Debt Instrument [Line Items]
Notes issued $ 287,500,000 $ 287,500,000
Notes, interest rate0.375%
Proceeds from issuance of convertible senior notes, net of costs $ 278,500,000
Interest repayment termsInterest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2020.
Notes, due dateJul. 15,
2024
Contractual coupon interest $ 300,000
Accretion of the debt discount2,500,000
Amortization of the debt issuance costs $ 400,000
Effective interest rate on the Notes5.10%
Notes, carrying value $ 246,600,000 $ 243,700,000
Fair value of the note502,000,000 $ 501,000,000
Additional Notes issued $ 37,500,000
Debt instrument amount convertible into equity5,000,000
Repayment of convertible debt1,000,000
Loss on conversion of debt included in other expenses $ 1,000,000
Excess common stock price percentage130.00%

Convertible Senior Notes - Conv

Convertible Senior Notes - Convertible Debt (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Principal amount $ 287,499 $ 287,500
Unamortized debt discount(35,843)(38,317)
Unamortized debt issuance costs(5,095)(5,446)
Net carrying amount $ 246,561 $ 243,737

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Dec. 31, 2018
Stockholders Equity Note Disclosure [Line Items]
Stock-based compensation expense $ 6,541 $ 4,165
Incentive options, term10 years
Stock options, outstanding697,118 915,518 696,711
Closing price of common stock $ 194.41
Aggregate intrinsic value of stock options exercised $ 2,500 $ 4,700
Weighted average grant date fair value of share-based awards granted $ 92.35 $ 41.77
Total fair value of stock options vested $ 1,900 $ 2,000
Total unrecognized compensation cost $ 65,400
Unrecognized compensation cost, weighted average remaining requisite service period3 years 3 months
Number of unvested options and restricted stock units1,894,207
2018 Plan
Stockholders Equity Note Disclosure [Line Items]
Common stock shares reserved for Issuance2,778,000
Incentive options, vesting period2,179,921
Employee Stock Option | Minimum
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period3 years
Employee Stock Option | Minimum | Vest Over Three Year
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting percentage20.00%
Employee Stock Option | Maximum
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period5 years
Employee Stock Option | Maximum | Vest Over Three Year
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting percentage33.00%
Non-Employee Directors
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period9 years
Unvested Options
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period5 years
Restricted Stock Units and Performance Stock Units
Stockholders Equity Note Disclosure [Line Items]
Restricted stock units, outstanding654,250 716,630 665,540
Closing price of common stock $ 194.41
Aggregate intrinsic value of restricted stock units vested $ 27,100 $ 11,800
Weighted average grant date fair value of restricted stock units granted $ 209.13 $ 86.75
Total grant date fair value of restricted stock units vested $ 6,500 $ 5,300

Stock-Based Compensation Expens

Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense $ 6,541 $ 4,165
Cost of product revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense506 433
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense716 372
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense $ 5,319 $ 3,360

Summary of Option Activity (Det

Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Options Outstanding
Options outstanding at December 31, 2020 | shares696,711
Granted | shares21,547
Exercised | shares(15,140)
Forfeited/expired/cancelled(6,000)
Options outstanding at March 31, 2021 | shares697,118 696,711
Options exercisable at March 31, 2021 | shares384,757
Vested and expected to vest at March 31, 2021(1) | shares[1]669,196
Weighted-Average Exercise Price Per Share
Options outstanding at December 31, 2020 $ 43.88
Granted215.58
Exercised33.25
Forfeited/expired/cancelled48.05
Options outstanding at March 31, 202149.39 $ 43.88
Options exercisable at March 31, 2021 $ 34.20
Weighted-Average Remaining Contractual Term (in years)
Options outstanding6 years 9 months 3 days6 years 10 months 24 days
Options exercisable at March 31, 20216 years
Vested and expected to vest at March 31, 2021[1]6 years 8 months 19 days
Aggregate Intrinsic Value
Options outstanding $ 101,554 $ 102,958
Options exercisable at March 31, 202161,641
Vested and expected to vest at March 31, 2021[1] $ 98,009
[1]Represents the number of vested options as of March 31, 2021 plus the number of unvested options expected to vest as of March 31, 2021 based on the unvested outstanding options at March 31, 2021 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 Option Activity (Par

Summary of Option Activity (Parenthetical) (Detail) - Employee Stock OptionMar. 31, 2021
Awards Granted to Non-Executive Level Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rates8.00%
Awards Granted to Executive Level Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rates3.00%

Summary of Restricted Stock Uni

Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units and Performance Stock Units - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Options Outstanding
Unvested at December 31, 2020665,540
Awarded119,148
Vested(122,765)
Forfeited/expired/cancelled(7,673)
Unvested at March 31, 2021654,250 665,540
Unvested and expected to vest at March 31, 2021[1]639,254
Weighted-Average Remaining Contractual Term (in years)
Unvested at March 31, 20213 years 1 month 2 days3 years 3 months 25 days
Unvested and expected to vest at March 31, 2021[1]2 years 11 months 8 days
Aggregate Intrinsic Value
Unvested at March 31, 2021 $ 127,193 $ 127,904
Unvested and expected to vest at March 31, 2021[1] $ 124,277
[1]Represents the number of vested stock units as of March 31, 2021 plus the number of unvested stock units expected to vest as of March 31, 2021 based on the unvested outstanding stock units at March 31, 2021 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 U_2

Summary of Restricted Stock Unit Activity (Parenthetical) (Detail) - Restricted Stock Units and Performance Stock UnitsMar. 31, 2021
Awards Granted to Non-Executive Level Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rates8.00%
Awards Granted to Executive Level Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rates3.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
NGL Impact A [Member] | Research and Development Arrangement [Member]
Commitments and Contingencies [Line Items]
Payments to Navigo in connection with this program, which are recorded to research and development expenses $ 0.3 $ 0

Change in Accumulated Other Com

Change in Accumulated Other Comprehensive Loss (Detail) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance $ 1,529,150
Balance1,556,216
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance2,085
Other comprehensive loss(9,579)
Balance $ (7,494)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Taxes [Line Items]
Corporate tax rate21.00%21.00%
Income tax (benefit) provision11.00%8.10%
Income tax provision $ 3,655 $ 861

Summary of Tax Returns Periods

Summary of Tax Returns Periods Subject to Examination by Federal, State and International Tax Authorities (Detail)3 Months Ended
Mar. 31, 2021
United States | Earliest Tax Year
Income Tax Examination [Line Items]
Fiscal year subject to examination2017
United States | Latest Tax Year
Income Tax Examination [Line Items]
Fiscal year subject to examination2020
Sweden | Earliest Tax Year
Income Tax Examination [Line Items]
Fiscal year subject to examination2013
Sweden | Latest Tax Year
Income Tax Examination [Line Items]
Fiscal year subject to examination2020

Earnings Per Share - (Additiona

Earnings Per Share - (Additional Information) (Detail) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Jul. 31, 2019Jul. 19, 2019
Stock options, outstanding697,118 915,518 696,711
Stock options, weighted average exercise price $ 49.39 $ 32.91 $ 43.88
Common stock excluded from calculation of diluted earnings per share94,236 39,711
Dilutive effect on shares of conversion premium1,091,776 0
0.375% Convertible Senior Notes due 2024
Aggregate principal amount $ 287,500,000 $ 287,500,000
Restricted Stock Units and Performance Stock Units
Restricted stock units, outstanding654,250 716,630 665,540

Earnings Per Share - (Reconcili

Earnings Per Share - (Reconciliation of Basic and Diluted Shares Amounts) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income $ 29,450 $ 9,815
Weighted average shares used in computing net income per share - basic54,805 52,139
Effect of dilutive shares:
Options and stock units964 970
Convertible Senior Notes1,092
Dilutive effect of unvested performance stock units8
Dilutive potential common shares2,064 970
Weighted average shares used in computing net income per share - diluted56,869 53,109
Earnings per share:
Basic $ 0.54 $ 0.19
Diluted $ 0.52 $ 0.18

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Spectrum Inc.
Related Party Transaction [Line Items]
Rent expense $ 0.2 $ 0.2
Principal Owner | Minimum | Spectrum Inc.
Related Party Transaction [Line Items]
Non controlling ownership interest minimum5.00%

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - Segment3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Number of operating segments1
Customer Concentration Risk
Accounts receivable, percentage by customer0.00%
Customer Concentration Risk | MilliporeSigma
Accounts receivable, percentage by customer14.00%
Customer Concentration Risk | Accounts Receivable | GE Healthcare
Accounts receivable, percentage by customer0.00%11.00%

Segment Reporting - (Percentage

Segment Reporting - (Percentage of Revenue by Geographic Area) (Details) - Geographic Concentration Risk - Total Revenue3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Concentration Risk [Line Items]
Revenues, percentage by country100.00%100.00%
North America
Concentration Risk [Line Items]
Revenues, percentage by country42.00%48.00%
Europe
Concentration Risk [Line Items]
Revenues, percentage by country39.00%41.00%
APAC/Other
Concentration Risk [Line Items]
Revenues, percentage by country19.00%11.00%