Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.1
Segment Information
9 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Segment Information

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

Nine Months Ended

March 31, 

March 31, 

    

2023

    

2022

2023

    

2022

Net sales:

 

  

  

Protein Sciences

$

218,903

  

$

213,176

$

622,739

  

$

615,332

Diagnostics and Genomics

 

75,669

 

77,679

 

213,577

 

203,191

Intersegment

 

(426)

 

(479)

 

(934)

 

(1,152)

Consolidated net sales

$

294,146

  

$

290,376

$

835,382

  

$

817,371

Operating income:

 

  

 

  

 

  

 

  

Protein Sciences

$

98,756

  

$

96,750

$

274,035

  

$

280,131

Diagnostics and Genomics

 

11,464

 

19,405

 

28,399

 

37,748

Segment operating income

$

110,220

$

116,155

$

302,434

$

317,879

Costs recognized on sale of acquired inventory

 

 

 

(400)

 

(1,596)

Amortization of acquisition related intangible assets

 

(19,286)

 

(18,173)

 

(57,694)

 

(54,942)

Impact of partially-owned consolidated subsidiaries(1)

 

 

(892)

 

647

 

(3,446)

Acquisition related expenses and other

 

1,333

 

3,710

 

9,343

 

19,328

Eminence impairment

(18,715)

Stock based compensation, inclusive of employer taxes

 

(10,543)

 

(9,056)

 

(42,879)

 

(37,731)

Restructuring costs

 

 

291

 

(2,950)

 

(1,638)

Corporate general, selling, and administrative expenses

 

(1,513)

 

(1,588)

 

(4,082)

 

(3,122)

Consolidated operating income

$

80,211

  

$

90,447

$

204,419

  

$

216,017

(1) Includes the quarterly results of the partially-owned consolidated subsidiary prior to the sale of this partially-owned consolidated subsidiary to a third party in the first fiscal quarter of 2023.