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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

6. PROPERTY AND EQUIPMENT:

Property and equipment, net consist of the following (in thousands):

 

 

 

September 30, 2023

 

 

December 31, 2022

 

Land

 

$

9,393

 

 

$

2,642

 

Building and improvements

 

 

118,365

 

 

 

99,586

 

Office and lab equipment

 

 

144,188

 

 

 

129,697

 

Furniture, fixtures and computer related assets

 

 

18,814

 

 

 

18,071

 

Construction-in-progress

 

 

20,898

 

 

 

10,567

 

 

 

 

311,658

 

 

 

260,563

 

Less: Accumulated depreciation

 

 

(137,020

)

 

 

(117,118

)

Property and equipment, net

 

$

174,638

 

 

$

143,445

 

Depreciation expense was $6.9 million and $6.5 million for the three months ended September 30, 2023 and 2022, respectively, and $20.1 million and $18.0 million for the nine months ended September 30, 2023 and 2022, respectively. The increase in property and equipment, net for the nine months ended September 30, 2023 is primarily due to the purchases of two previously leased facilities for an aggregate cost of $23.4 million.