Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Segment Information

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Note 13 - Segment Information
 6 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 13. Segment Information:

 

The Company's management evaluates segment operating performance based on operating income before certain charges to cost of sales and selling, general and administrative expenses, principally associated with the impact of partially owned consolidated subsidiaries as well as acquisition accounting related to inventory, amortization of acquisition-related intangible assets and other acquisition-related expenses. The Protein Sciences and Diagnostics and Genomics segments both include consumables, instruments, services and royalty revenue.

 

The following is financial information relating to the Company's reportable segments (in thousands):

 

   

Quarter Ended

    

Six Months Ended

  
   

December 31,

    

December 31,

  
   

2021

    

2020

    

2021

    

2020

  

Net sales:

                                

Protein Sciences

   $ 204,971     $ 172,179     $ 402,156     $ 326,625  

Diagnostics and Genomics

     64,527       52,469       125,512       102,595  

Intersegment

     (222 )     (395

)

     (673 )     (768

)

Consolidated net sales

   $ 269,276     $ 224,253     $ 526,995     $ 428,452  

Operating income:

                                

Protein Sciences

   $ 93,281     $ 80,453     $ 183,381     $ 150,803  

Diagnostics and Genomics

     10,880       8,107       18,344       16,781  

Segment operating income

   $ 104,161     $ 88,560     $ 201,725     $ 167,584  

Costs recognized on sale of acquired inventory

     (84 )     (23

)

     (1,595 )     (23

)

Amortization of acquisition related intangible assets

     (18,380 )     (15,027

)

     (36,769 )     (30,528

)

Impact of partially owned consolidated subsidiaries(1)

     (1,004 )     (207 )     (2,567 )     (207 )

Acquisition related expenses

     13,262       (4,421

)

     15,618       (4,558

)
Eminence impairment     (18,715 )     -       (18,715 )     -  

Stock based compensation, inclusive of employer taxes

     (14,815 )     (16,225

)

     (28,675 )     (29,557

)

Restructuring costs

     (743 )     (142 )     (1,928 )     (142

)

Corporate general, selling, and administrative expenses

     (1,334 )     (1,520

)

     (1,524 )     (2,482

)

Consolidated operating income

   $ 62,348     $ 50,995     $ 125,570     $ 100,087  

 

(1) Adjusted operating income for the second quarter and full year of fiscal 2021 have been updated for comparability to fiscal 2022 for the inclusion of the impact of partially owned consolidated subsidiaries on the Company’s adjusted operating income.