| 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 Spatial Biology 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, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Protein Sciences |
|
$ |
211,551 |
|
$ |
197,670 |
|
$ |
416,086 |
|
$ |
402,325 |
Diagnostics and Spatial Biology |
|
|
84,135 |
|
|
75,408 |
|
|
167,327 |
|
|
148,204 |
Other revenue(1) |
|
|
1,849 |
|
|
— |
|
|
4,152 |
|
|
— |
Intersegment |
|
|
(504) |
|
|
(480) |
|
|
(1,076) |
|
|
(996) |
Consolidated net sales |
|
$ |
297,031 |
|
$ |
272,598 |
|
$ |
586,489 |
|
$ |
549,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
Protein Sciences |
|
$ |
87,112 |
|
$ |
79,586 |
|
$ |
167,653 |
|
$ |
167,947 |
Diagnostics and Spatial Biology |
|
|
3,240 |
|
|
4,556 |
|
|
7,517 |
|
|
5,082 |
Segment operating income |
|
$ |
90,352 |
|
$ |
84,142 |
|
$ |
175,170 |
|
$ |
173,029 |
Costs recognized on sale of acquired inventory |
|
|
(185) |
|
|
(183) |
|
|
(373) |
|
|
(364) |
Amortization of intangibles |
|
|
(18,559) |
|
|
(19,769) |
|
|
(38,300) |
|
|
(39,620) |
Acquisition related expenses and other |
|
|
(2,010) |
|
|
525 |
|
|
(3,523) |
|
|
1,114 |
Certain litigation charges |
|
|
(1,386) |
|
|
— |
|
|
(1,678) |
|
|
— |
Impairment of assets held-for-sale |
|
|
— |
|
|
(6,038) |
|
|
— |
|
|
(6,038) |
Stock based compensation, inclusive of employer taxes |
|
|
(15,238) |
|
|
(12,958) |
|
|
(25,875) |
|
|
(24,453) |
Restructuring and restructuring-related costs |
|
|
(3,287) |
|
|
(5,518) |
|
|
(14,309) |
|
|
(5,607) |
Corporate general, selling, and administrative expenses |
|
|
(1,641) |
|
|
(2,197) |
|
|
(3,227) |
|
|
(4,195) |
Impact of business held-for-sale(1) |
|
|
(627) |
|
|
— |
|
|
(479) |
|
|
— |
Consolidated operating income |
|
$ |
47,419 |
|
$ |
38,004 |
|
$ |
87,406 |
|
$ |
93,866 |
(1) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.
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