XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.25.3

SEGMENT REPORTING | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING We have three 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. Other information 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 he 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 and nine months ended September 30, 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 Other and are reconciled in the table below. The following tables are a summary of reportable segment performance with Other to reconcile to the total consolidated for the three months ended September 30, 2025, and 2024:
(in thousands) |  | For the Three Months Ended September 30, 2025
|  | CAG |  | Water |  | LPD |  | Total
Total revenues from reportable segments |  | $ | 1,012,534 |  |  | $ | 54,297 |  |  | $ | 33,944 |  |  | $ | 1,100,775 |
Reconciliation of revenue |  |  |  |  |  |  |  |
Other revenues |  |  |  |  |  |  |  | 4,464 |
Total consolidated revenue |  |  |  |  |  |  |  | 1,105,239 |
Cost of revenue |  | 385,078 |  |  | 16,240 |  |  | 17,999 |  |  |
Segment gross profit |  | $ | 627,456 |  |  | $ | 38,057 |  |  | $ | 15,945 |  |  | $ | 681,458 |
Reconciliation of operating profit (segment profit) |  |  |  |  |  |  |  |
Segment gross profit |  |  |  |  |  |  |  | $ | 681,458 |
Segment operating expenses |  |  |  |  |  |  |  | (326,101) |
Other operating profit (excluding unallocated amounts) |  |  |  |  |  |  |  | 1,076 |
Unallocated amounts |  |  |  |  |  |  |  |
Foreign currency transaction gains (losses) |  |  |  |  |  |  |  | (1,587) |
Interest expense |  |  |  |  |  |  |  | (10,655) |
Interest income |  |  |  |  |  |  |  | 580 |
Income before provision for income taxes |  |  |  |  |  |  |  | $ | 344,771 |
(in thousands) |  | For the Three Months Ended September 30, 2024
|  | CAG |  | Water |  | LPD |  | Total
Total revenues from reportable segments |  | $ | 891,990 |  |  | $ | 50,162 |  |  | $ | 28,992 |  |  | $ | 971,144 |
Reconciliation of revenue |  |  |  |  |  |  |  |
Other revenues |  |  |  |  |  |  |  | 4,399 |
Total consolidated revenue |  |  |  |  |  |  |  | 975,543 |
Cost of revenue |  | 347,529 |  |  | 15,407 |  |  | 14,365 |  |  |
Segment gross profit |  | $ | 544,461 |  |  | $ | 34,755 |  |  | $ | 14,627 |  |  | $ | 593,843 |
Reconciliation of operating profit (segment profit) |  |  |  |  |  |  |  |
Segment gross profit |  |  |  |  |  |  |  | $ | 593,843 |
Segment operating expenses |  |  |  |  |  |  |  | (292,264) |
Other operating profit (excluding unallocated amounts) |  |  |  |  |  |  |  | 932 |
Unallocated amounts |  |  |  |  |  |  |  |
Foreign currency transaction gains (losses) |  |  |  |  |  |  |  | 1,381 |
Interest expense |  |  |  |  |  |  |  | (7,697) |
Interest income |  |  |  |  |  |  |  | 2,714 |
Income before provision for income taxes |  |  |  |  |  |  |  | $ | 298,909 |
The following tables are a summary of reportable segment performance with Other to reconcile to the total consolidated for the nine months ended September 30, 2025, and 2024:
(in thousands) |  | For the Nine Months Ended September 30, 2025
|  | CAG |  | Water |  | LPD |  | Total
Total revenues from reportable segments |  | $ | 2,954,813 |  |  | $ | 150,619 |  |  | $ | 94,302 |  |  | $ | 3,199,734 |
Reconciliation of revenue |  |  |  |  |  |  |  |
Other revenues |  |  |  |  |  |  |  | $ | 13,389 |
Total consolidated revenue |  |  |  |  |  |  |  | 3,213,123 |
Cost of revenue |  | 1,110,432 |  |  | 44,978 |  |  | 49,063 |  |  |
Segment gross profit |  | $ | 1,844,381 |  |  | $ | 105,641 |  |  | $ | 45,239 |  |  | $ | 1,995,261 |
Reconciliation of operating profit (segment profit) |  |  |  |  |  |  |  |
Segment gross profit |  |  |  |  |  |  |  | $ | 1,995,261 |
Segment operating expenses |  |  |  |  |  |  |  | (951,193) |
Other operating profit (excluding unallocated amounts) |  |  |  |  |  |  |  | 3,184 |
Unallocated amounts |  |  |  |  |  |  |  |
Foreign currency transaction gains (losses) |  |  |  |  |  |  |  | (2,826) |
Interest expense |  |  |  |  |  |  |  | (29,642) |
Interest income |  |  |  |  |  |  |  | 2,423 |
Income before provision for income taxes |  |  |  |  |  |  |  | $ | 1,017,207 |
(in thousands) |  | For the Nine Months Ended September 30, 2024
|  | CAG |  | Water |  | LPD |  | Total
Total revenues from reportable segments |  | $ | 2,703,573 |  |  | $ | 139,959 |  |  | $ | 87,503 |  |  | $ | 2,931,035 |
Reconciliation of revenue |  |  |  |  |  |  |  |
Other revenues |  |  |  |  |  |  |  | 12,181 |
Total consolidated revenue |  |  |  |  |  |  |  | 2,943,216 |
Cost of revenue |  | 1,043,805 |  |  | 42,633 |  |  | 42,084 |  |  |
Segment gross profit |  | $ | 1,659,768 |  |  | $ | 97,326 |  |  | $ | 45,419 |  |  | $ | 1,802,513 |
Reconciliation of operating profit (segment profit) |  |  |  |  |  |  |  |
Segment gross profit |  |  |  |  |  |  |  | $ | 1,802,513 |
Segment operating expenses |  |  |  |  |  |  |  | (937,389) |
Other operating profit (excluding unallocated amounts) |  |  |  |  |  |  |  | 2,080 |
Unallocated amounts |  |  |  |  |  |  |  |
Foreign currency transaction gains (losses) |  |  |  |  |  |  |  | (553) |
Interest expense |  |  |  |  |  |  |  | (23,707) |
Interest income |  |  |  |  |  |  |  | 10,500 |
Income before provision for income taxes |  |  |  |  |  |  |  | $ | 853,444 |
Refer to “Note 3. Revenue” for a summary of disaggregated revenue by reportable segment and by major product and service category for the three and nine months ended September 30, 2025, and 2024.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration