Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Results of Operations, Depreciation and Amortization Expenses, Accounts Receivable and Inventory by Reportable Segments

Results of operations, depreciation and amortization expenses, accounts receivable and inventories by reportable segments for the periods indicated were as follows (in thousands):

	Year Ended December 31, 2024
	Automation Enabling Technologies		Medical Solutions		Total
Revenue	$	490,620	$	458,625	$	949,245
Cost of revenue		249,364		260,176
Amortization of purchased intangible assets		6,281		8,492
Gross profit		234,975		189,957		424,932
Research and development and engineering		39,026		57,110
Selling, general and administrative		75,423		53,798
Amortization of purchased intangible assets		11,207		14,587
Restructuring, acquisition, and related costs		2,916		6,930
Segment operating income		106,403		57,532		163,935
Unallocated costs		—		—		(53,351	)
Interest income (expense), net		—		—		(31,489	)
Other income (expense), net		—		—		(29	)
Income before income taxes	$	106,403	$	57,532	$	79,066

	Year Ended December 31, 2023
	Automation Enabling Technologies		Medical Solutions		Total
Revenue	$	499,220	$	382,442	$	881,662
Cost of revenue		257,377		206,550
Amortization of purchased intangible assets		7,045		5,105
Gross profit		234,798		170,787		405,585
Research and development and engineering		43,024		49,440
Selling, general and administrative		72,860		49,227
Amortization of purchased intangible assets		12,942		7,503
Restructuring, acquisition, and related costs		9,691		1,359
Segment operating income		96,281		63,258		159,539
Unallocated costs		—		—		(49,043	)
Interest income (expense), net		—		—		(25,818	)
Other income (expense), net		—		—		(930	)
Income before income taxes	$	96,281	$	63,258	$	83,748

	Year Ended December 31, 2022
	Automation Enabling Technologies		Medical Solutions		Total
Revenue	$	534,090	$	326,813	$	860,903
Cost of revenue		281,689		181,908
Amortization of purchased intangible assets		7,396		5,874
Gross profit		245,005		139,031		384,036
Research and development and engineering		45,444		40,416
Selling, general and administrative		73,554		42,634
Amortization of purchased intangible assets		17,662		8,676
Restructuring, acquisition, and related costs		2,920		432
Segment operating income		105,425		46,873		152,298
Unallocated costs		—		—		(49,219	)
Interest income (expense), net		—		—		(15,616	)
Other income (expense), net		—		—		(304	)
Income before income taxes	$	105,425	$	46,873	$	87,159

	Year Ended December 31,
	2024		2023		2022
Depreciation and Amortization Expenses
Automation Enabling Technologies	$	23,873	$	26,680	$	32,334
Medical Solutions		29,818		18,578		20,425
Unallocated		1,872		1,354		399
Total	$	55,563	$	46,612	$	53,158

	December 31,
	2024		2023
Accounts Receivable
Automation Enabling Technologies	$	70,829	$	71,131
Medical Solutions		80,197		68,279
Total accounts receivable	$	151,026	$	139,410
Inventories
Automation Enabling Technologies	$	89,009	$	103,326
Medical Solutions		55,597		46,045
Total inventories	$	144,606	$	149,371
Total segment assets	$	295,632	$	288,781

	December 31,
	2024		2023
Total Assets
Total segment assets	$	295,632	$	288,781
Cash and cash equivalents		113,989		105,051
Prepaid income taxes and income taxes receivable		8,076		8,105
Prepaid expenses and other current assets		15,951		13,360
Property, plant and equipment, net		113,135		109,449
Operating lease assets		42,908		38,302
Deferred tax assets		22,887		27,862
Other assets		5,991		5,617
Intangible assets, net		185,844		145,022
Goodwill		584,098		484,507
Total	$	1,388,511	$	1,226,056

Schedule of Geographic Revenue

The Company aggregates geographic revenue based on the customer location where products are shipped. Revenue from these customers is summarized for the periods indicated as follows (in thousands, except percentage data):

	Year Ended December 31,
	2024					2023					2022
	Revenue		% of Total			Revenue		% of Total			Revenue		% of Total
United States	$	487,114		51.3	%	$	418,265		47.4	%	$	372,345		43.3	%
Germany		123,244		13.0			128,229		14.5			133,728		15.5
Rest of Europe		128,871		13.6			137,027		15.6			137,803		16.0
China		84,562		8.9			73,444		8.3			97,178		11.3
Rest of Asia-Pacific		107,054		11.3			105,350		12.0			101,596		11.8
Other		18,400		1.9			19,347		2.2			18,253		2.1
Total	$	949,245		100.0	%	$	881,662		100.0	%	$	860,903		100.0	%

Summary of Long-lived Assets

Long-lived assets consist of property, plant and equipment, net, and are aggregated based on the location of the assets. A summary of these long-lived assets is as follows (in thousands):

	December 31,
	2024		2023
United States	$	25,207	$	23,899
Germany		31,684		35,318
U.K.		34,078		28,734
Czech Republic		15,345		14,100
China		6,561		7,114
Rest of World		260		284
Total	$	113,135	$	109,449

Revenue By End Market

The Company primarily operates in two end markets: the medical market and the advanced industrial market. Revenue by end market was approximately as follows:

	Year Ended December 31,
	2024			2023			2022
Medical		55	%		54	%		49	%
Advanced Industrial		45	%		46	%		51	%
Total		100	%		100	%		100	%