| 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, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Protein Sciences |
|
$ |
214,589 |
|
$ |
218,903 |
|
$ |
616,914 |
|
$ |
622,739 |
Diagnostics and Genomics |
|
|
87,511 |
|
|
75,669 |
|
|
235,715 |
|
|
213,577 |
Other revenue(1) |
|
|
2,093 |
|
|
— |
|
|
2,093 |
|
|
— |
Intersegment |
|
|
(765) |
|
|
(426) |
|
|
(1,761) |
|
|
(934) |
Consolidated net sales |
|
$ |
303,428 |
|
$ |
294,146 |
|
$ |
852,961 |
|
$ |
835,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
Protein Sciences |
|
$ |
94,829 |
|
$ |
98,756 |
|
$ |
262,777 |
|
$ |
274,035 |
Diagnostics and Genomics |
|
|
8,104 |
|
|
11,464 |
|
|
13,189 |
|
|
28,399 |
Segment operating income |
|
$ |
102,933 |
|
$ |
110,220 |
|
$ |
275,966 |
|
$ |
302,434 |
Costs recognized on sale of acquired inventory |
|
|
(186) |
|
|
— |
|
|
(550) |
|
|
(400) |
Amortization of intangibles |
|
|
(19,287) |
|
|
(19,286) |
|
|
(58,908) |
|
|
(57,694) |
Impact of partially-owned consolidated subsidiaries(2) |
|
|
— |
|
|
— |
|
|
— |
|
|
647 |
Acquisition related expenses and other |
|
|
(3,286) |
|
|
1,333 |
|
|
(2,173) |
|
|
9,343 |
Impairment of assets held-for-sale |
|
|
— |
|
|
— |
|
|
(6,038) |
|
|
— |
Stock based compensation, inclusive of employer taxes |
|
|
(8,358) |
|
|
(10,543) |
|
|
(32,810) |
|
|
(42,879) |
Restructuring and restructuring-related costs |
|
|
(1,550) |
|
|
— |
|
|
(7,157) |
|
|
(2,950) |
Corporate general, selling, and administrative expenses |
|
|
(3,346) |
|
|
(1,513) |
|
|
(7,545) |
|
|
(4,082) |
Impact of business held-for-sale(1) |
|
|
78 |
|
|
— |
|
|
78 |
|
|
— |
Consolidated operating income |
|
$ |
66,998 |
|
$ |
80,211 |
|
$ |
160,863 |
|
$ |
204,419 |
(1) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.
(2) 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.
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