Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.1
Segment Information
9 Months Ended
Mar. 31, 2022
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

Nine Months Ended

March 31, 

March 31, 

    

2022

    

2021

2022

    

2021

Net sales:

 

  

  

Protein Sciences

$

213,176

  

$

185,623

$

615,332

  

$

512,248

Diagnostics and Genomics

 

77,679

 

58,093

 

203,191

 

160,687

Intersegment

 

(479)

 

(164)

 

(1,152)

 

(931)

Consolidated net sales

$

290,376

  

$

243,552

$

817,371

  

$

672,004

Operating income:

 

  

 

  

 

  

 

  

Protein Sciences

$

96,750

  

$

88,983

$

280,131

  

$

239,788

Diagnostics and Genomics

 

19,405

 

10,417

 

37,748

 

27,197

Segment operating income

$

116,155

$

99,400

$

317,879

$

266,985

Costs recognized on sale of acquired inventory

 

 

(68)

 

(1,596)

 

(91)

Amortization of acquisition related intangible assets

 

(18,173)

 

(15,222)

 

(54,942)

 

(45,750)

Impact of partially owned consolidated subsidiaries(1)

 

(892)

 

(699)

 

(3,446)

 

(906)

Acquisition related expenses

 

3,710

 

(1,731)

 

19,328

 

(6,289)

Eminence impairment

(18,715)

Stock based compensation, inclusive of employer taxes

 

(9,056)

 

(11,968)

 

(37,731)

 

(41,525)

Restructuring costs

 

291

 

 

(1,638)

 

(142)

Corporate general, selling, and administrative expenses

 

(1,588)

 

(1,086)

 

(3,122)

 

(3,568)

Consolidated operating income

$

90,447

  

$

68,626

$

216,017

  

$

168,714

(1) Adjusted operating income for the third 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.