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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue        
Revenue $ 145,513 $ 105,298 $ 395,522 $ 338,892
Cost of revenue        
Cost of product revenue 24,554 19,388 67,381 64,554
Cost of contract and other revenue 752 1,295 2,307 4,280
Amortization of acquired intangible assets 2,796 3,349 8,904 10,472
Cost of revenue 28,102 24,032 78,592 79,306
Gross profit 117,411 81,266 316,930 259,586
Operating expenses:        
Research and development 41,299 37,368 119,183 120,842
Sales, general and administrative 25,867 25,333 76,096 82,484
Amortization of acquired intangible assets 94 258 476 1,022
Restructuring and other charges (recoveries) 0 (100) 0 9,394
Gain on divestiture 0 (90,843) 0 (90,843)
Impairment of assets 0 10,045 1,071 10,045
Change in fair value of earn-out liability (4,544) (5,666) (5,044) 8,134
Total operating expenses (benefits) 62,716 (23,605) 191,782 141,078
Operating income 54,695 104,871 125,148 118,508
Interest income and other income (expense), net 4,667 2,715 13,654 7,112
Loss on fair value adjustment of derivatives, net 0 0 0 (240)
Interest expense (327) (356) (1,064) (1,113)
Interest and other income (expense), net 4,340 2,359 12,590 5,759
Income before income taxes 59,035 107,230 137,738 124,267
Provision for (benefit from) income taxes 10,370 4,032 20,119 (151,092)
Net income $ 48,665 $ 103,198 $ 117,619 $ 275,359
Net income per share:        
Basic net income per share $ 0.45 $ 0.95 $ 1.09 $ 2.54
Diluted net income per share $ 0.45 $ 0.93 $ 1.08 $ 2.48
Weighted-average shares used in per share calculation:        
Basic (in shares) 107,235 108,317 107,681 108,412
Diluted (in shares) 108,474 110,775 109,318 111,179
Product revenue        
Revenue        
Revenue $ 66,394 $ 52,181 $ 173,446 $ 170,934
Royalties        
Revenue        
Revenue 64,105 28,857 167,961 97,698
Contract and other revenue        
Revenue        
Revenue $ 15,014 $ 24,260 $ 54,115 $ 70,260