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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
We operate primarily through three business segments, which are our reportable segments: Companion Animal Group (“CAG”), Water quality products (“Water”), and Livestock, Poultry and Dairy (“LPD”). CAG provides products and services for veterinarians and the biomedical research community, primarily related to diagnostics and information management. Water provides innovative testing solutions for the detection and quantification of various microbiological parameters in water. LPD provides diagnostic tests, services, and related instrumentation that are used to manage the health status of livestock and poultry, to improve producer efficiency, and to ensure the quality and safety of milk. Our Other operating segment combines and presents our human medical diagnostic business (“OPTI Medical”) with our out-licensing arrangements because they do not meet the quantitative or qualitative thresholds for reportable segments. OPTI Medical develops, manufactures, and distributes human medical diagnostic products and services. 

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in assessing performance. The CODM, our president and Chief Executive Officer, evaluates the performance of operating segments based on revenues and gross profit. Our CODM reviews budget and actual results of the operating segments and decides how to allocate resources to meet our strategic priorities, and also meets with operating segment leaders on a periodic basis to determine allocation of resources.

The accounting principles used in the preparation of the segment information are the same as those used for the consolidated financial statements. Intersegment revenues, which are not included in the tables below, were not material for the three months ended March 31, 2025, and 2024. Assets are not allocated to segments for internal reporting purposes and are not included in the review performed by the CODM for purposes of assessing segment performance and allocation of resources. Certain corporate expenses are allocated to the segments, including depreciation and amortization. Foreign currency transaction gains and losses for all operating segments are reported within our Other operating segment, and are reconciled in the table below.

The following tables are a summary of reportable segment performance with our Other operating segment to reconcile to the total consolidated for the three months ended March 31, 2025, and 2024:

(in thousands)For the Three Months Ended March 31,
CAGWaterLPDTotal
2025
Total revenues from reportable segments$919,836 $45,321 $28,596 $993,753 
Reconciliation of revenue
Other revenues4,674 
Total consolidated revenue998,427 
Cost of revenue345,013 13,248 14,231 
Segment gross profit$574,823 $32,073 $14,365 $621,261 
Reconciliation of operating profit (segment profit)
Segment gross profit$621,261 
Segment operating expenses(305,164)
Other operating profit (excluding unallocated amounts)1,108 
Unallocated amounts
Foreign currency transaction losses(671)
Interest expense(7,666)
Interest income1,216 
Income before provision for income taxes$310,084 
(in thousands)For the Three Months Ended March 31,
CAGWaterLPDTotal
2024
Total revenues from reportable segments$889,285 $43,071 $28,205 $960,561 
Reconciliation of revenue
Other revenues3,534 
Total consolidated revenue964,095 
Cost of revenue343,049 12,574 12,971 
Segment gross profit$546,236 $30,497 $15,234 $591,967 
Reconciliation of operating profit (segment profit)
Segment gross profit$591,967 
Segment operating expenses(291,975)
Other operating profit (excluding unallocated amounts)(101)
Unallocated amounts
Foreign currency transaction losses(933)
Interest expense(7,911)
Interest income4,432 
Income before provision for income taxes$295,479 
Refer to “Note 3. Revenue” for a summary of disaggregated revenue by reportable segment and by major product and service category for the three months ended March 31, 2025, and 2024.