PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT:

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


	December 31,
	2023			2022
Land	$	12,230		$	2,642
Building and improvements		116,903			99,586
Office and lab equipment		148,465			129,697
Furniture, fixtures and computer related assets		18,970			18,071
Construction-in-progress		22,490			10,567
		319,058			260,563
Less: Accumulated depreciation		(143,908	)		(117,118	)
Property and equipment, net	$	175,150		$	143,445

Depreciation expense was $27.4 million, $24.8 million and $20.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. The increase in property and equipment, net for the year ended December 31, 2023 is primarily due to the purchases of two previously leased facilities for an aggregate cost of $23.4 million and ongoing renovation activities at our research and development center in Ewing, New Jersey.