Reportable Segments and Major Concentration Data

12 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Reportable Segments and Major Concentration Data

(15) Reportable Segments and Major Concentration Data

The Company’s reportable segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance.

The Company records the direct costs of business operations to the reportable segments, including allocations for certain corporate-wide costs such as treasury management, human resources and technology, among others. Corporate provides certain executive management and administrative services to each reportable segment. These services primarily include executive oversight by non-segment-specific executives, including the Board of Directors, along with certain other corporate-wide support functions such as insurance, legal and business development. The Company generally does not allocate these types of corporate expenses to the reportable segments.

Reportable segment and corporate information is as follows:

	Diagnostics			Life Science		Corporate (1)			Eliminations (2)			Total
Fiscal 2022
Net revenues -
Third-party	$	155,903		$	177,115	$	—		$	—		$	333,018
Inter-segment		255			138		—			(393	)		—
Operating income (loss)		2,982			86,040		(34,707	)		76			54,391
Depreciation and amortization		14,708			1,803		—			—			16,511
Capital expenditures		6,882			1,733		—			—			8,615
Goodwill		94,412			21,890		—			—			116,302
Other intangible assets, net		74,129			2		—			—			74,131
Total assets		357,630			105,511		—			(44	)		463,097
Fiscal 2021
Net revenues -
Third-party	$	127,760		$	190,136	$	—		$	—		$	317,896
Inter-segment		351			207		—			(558	)		—
Operating income (loss)		(7,280	)		115,014		(14,788	)		88			93,034
Depreciation and amortization		13,432			1,854		—			—			15,286
Capital expenditures		15,827			2,485		—			—			18,312
Goodwill		94,904			19,764		—			—			114,668
Other intangible assets, net		84,149			2		—			—			84,151
Total assets		339,208			110,536		—			(22	)		449,722

Fiscal 2020
Net revenues -
Third-party	$	121,132	$	132,535	$	—		$	—		$	253,667
Inter-segment		326		261		—			(587	)		—
Operating income (loss)		5,276		68,893		(12,895	)		50			61,324
Depreciation and amortization		11,451		2,116		—			—			13,567
Capital expenditures		1,850		1,449		—			—			3,299
Goodwill		94,855		19,331		—			—			114,186
Other intangible assets, net		83,179		18		—			—			83,197
Total assets		306,812		98,483		—			(34	)		405,261

(1) Includes acquisition and transaction related costs, litigation and select legal costs and restructuring costs totaling $20,298, $2,803 and $2,080 for the years ended September 30, 2022, 2021 and 2020, respectively

.(2) Eliminations consist of inter-segment transactions.

A reconciliation of reportable segment operating income to consolidated earnings before income taxes is as follows:

Year Ended September 30,	2022			2021			2020
Operating income (loss):
Diagnostics segment	$	2,982		$	(7,280	)	$	5,276
Life Science segment		86,040			115,014			68,893
Eliminations		76			88			50
Total reportable segment operating income		89,098			107,822			74,219
Corporate operating expenses		(34,707	)		(14,788	)		(12,895	)
Interest income		17			—			142
Interest expense		(1,189	)		(1,878	)		(2,632	)
RADx initiative grant income		—			1,000			—
Other, net		1,098			(1,705	)		459
Consolidated earnings before income taxes	$	54,317		$	90,451		$	59,293

Transactions between reportable segments are accounted for at established intercompany prices for internal and management purposes with all intercompany amounts eliminated in consolidation.

Net revenues generated by the Company’s three major Diagnostics segment product families – gastrointestinal, respiratory illnesses and blood chemistry – accounted for 39%, 32% and 39% of consolidated net revenues during the years ended September 30, 2022, 2021 and 2020, respectively.

While no individual Diagnostics or Life Science segment customers accounted for greater than 10% of consolidated net revenues during the years ended September 30, 2022, 2021 and 2020, individual Diagnostics or Life Science segment customers, including their affiliates, comprising 10% or more of reportable segment net revenues were as follows:

Year Ended September 30,	2022			2021			2020
Diagnostics
Customer A		8	%		10	%		12	%
Customer B		10	%		11	%		13	%
Customer C		11	%		12	%		7	%
Life Science
Customer D		3	%		3	%		13	%
Customer E		10	%		13	%		11	%
Customer F		18	%		4	%		—	%

In addition, for the years ended September 30, 2022, 2021 and 2020, the Life Science segment’s ten largest customers, including their affiliates, accounted for approximately 56%, 44% and 48%, respectively, of Life Science segment net revenues, and 30%, 27% and 25%, respectively, of consolidated net revenues.

One Diagnostics segment customer (Customer B above) and one Life Science segment customer (not listed above) accounted for approximately 12% and 11%, respectively, of consolidated accounts receivable as of September 30, 2022. As of September 30, 2021, one Diagnostics segment customer (Customer B above) and one Life Science segment customer (Customer E above) accounted for approximately 12% and 10%, respectively, of consolidated accounts receivable.

Net revenues generated by the Company outside of the U.S. and its territories totaled $170,467, $173,475 and $121,596 for the years ended September 30, 2022, 2021 and 2020, respectively, with net revenues by country for the Diagnostics and Life Science segments as follows (net revenues are attributed to the geographic area based on the location to which the product is delivered):

Year Ended September 30,	2022		2021		2020
U.S. and territories	$	130,101	$	99,636	$	95,382
Italy		9,741		12,240		9,797
United Kingdom		3,972		2,197		2,312
Belgium		1,339		1,554		1,440
Holland		1,051		1,279		1,183
Other countries		9,699		10,854		11,018
Total Diagnostics	$	155,903	$	127,760	$	121,132

Year Ended September 30,	2022		2021		2020
South Korea	$	33,642	$	9,242	$	1,908
U.S. and territories		32,450		44,785		36,689
Germany		17,969		18,460		14,190
China		15,368		13,559		19,047
United Kingdom		12,882		13,097		14,765
France		11,948		10,733		5,579
Spain		11,134		12,593		7,242
Finland		10,317		17,936		2,518
Turkey		7,858		7,281		2,819
Japan		6,591		6,532		3,707
Australia		4,312		9,115		5,957
Italy		3,735		7,516		4,067
Czech Republic		1,926		922		601
India		1,257		5,558		2,099
Switzerland		1,119		632		758
Other countries		4,607		12,175		10,589
Total Life Science	$	177,115	$	190,136	$	132,535

In locations outside the U.S., the Company’s identifiable assets were concentrated as follows at the end of the most recent fiscal years, with no additional country’s total of assets exceeding $5,000:

As of September 30,	2022		2021
Israel	$	71,536	$	80,416
United Kingdom		27,927		30,027
Germany		16,734		22,293
Canada		15,875		15,236
Italy		7,225		6,921