Note 13 - Segment Information

6 Months Ended

Dec. 31, 2021

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						Six Months Ended
	December 31,						December 31,
	2021			2020			2021			2020
Net sales:
Protein Sciences	$	204,971		$	172,179		$	402,156		$	326,625
Diagnostics and Genomics		64,527			52,469			125,512			102,595
Intersegment		(222	)		(395	)		(673	)		(768	)
Consolidated net sales	$	269,276		$	224,253		$	526,995		$	428,452
Operating income:
Protein Sciences	$	93,281		$	80,453		$	183,381		$	150,803
Diagnostics and Genomics		10,880			8,107			18,344			16,781
Segment operating income	$	104,161		$	88,560		$	201,725		$	167,584
Costs recognized on sale of acquired inventory		(84	)		(23	)		(1,595	)		(23	)
Amortization of acquisition related intangible assets		(18,380	)		(15,027	)		(36,769	)		(30,528	)
Impact of partially owned consolidated subsidiaries(1)		(1,004	)		(207	)		(2,567	)		(207	)
Acquisition related expenses		13,262			(4,421	)		15,618			(4,558	)
Eminence impairment		(18,715	)		-			(18,715	)		-
Stock based compensation, inclusive of employer taxes		(14,815	)		(16,225	)		(28,675	)		(29,557	)
Restructuring costs		(743	)		(142	)		(1,928	)		(142	)
Corporate general, selling, and administrative expenses		(1,334	)		(1,520	)		(1,524	)		(2,482	)
Consolidated operating income	$	62,348		$	50,995		$	125,570		$	100,087

⁽¹⁾ Adjusted operating income for the second 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.