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Business Segment and Geographic Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Information | The following table sets forth our segment information for revenue, measures of segment profit or loss, and significant expenses:
|  | Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue |  | $ | 1,209.3 |  |  | $ | 994.2 |  |  | $ | 3,402.4 |  |  | $ | 2,919.5 |
Less: |  |  |  |  |  |  |  |
Cost of sales (1) |  | 477.9 |  |  | 400.4 |  |  | 1,393.2 |  |  | 1,137.1 |
Payroll related expenses |  | 233.2 |  |  | 179.9 |  |  | 675.4 |  |  | 569.2 |
Stock-based compensation expense |  | 44.1 |  |  | 39.8 |  |  | 116.4 |  |  | 115.7 |
Marketing expense |  | 75.7 |  |  | 65.7 |  |  | 224.9 |  |  | 213.6 |
Travel related expenses |  | 15.2 |  |  | 14.5 |  |  | 49.1 |  |  | 51.6 |
Supply expenses and clinical trials |  | 17.7 |  |  | 18.2 |  |  | 45.8 |  |  | 50.9 |
Consulting & professional fees |  | 33.1 |  |  | 59.9 |  |  | 100.9 |  |  | 175.1 |
Equipment, office & facility expenses |  | 22.8 |  |  | 20.3 |  |  | 66.8 |  |  | 63.4 |
IT software and data |  | 36.8 |  |  | 33.2 |  |  | 107.9 |  |  | 96.6 |
Depreciation and amortization |  | 9.6 |  |  | 9.5 |  |  | 28.1 |  |  | 30.6 |
Other segment items (2) |  | 0.7 |  |  | 0.8 |  |  | 5.1 |  |  | 4.6 |
Operating income |  | 242.5 |  |  | 152.0 |  |  | 588.8 |  |  | 411.1 |
Other income, net |  | 109.8 |  |  | 25.4 |  |  | 158.9 |  |  | 86.6 |
Income tax expense |  | 68.5 |  |  | 42.8 |  |  | 178.7 |  |  | 73.2 |
Net income |  | $ | 283.8 |  |  | $ | 134.6 |  |  | $ | 569.0 |  |  | $ | 424.5 |
(1) Includes amounts stated in other significant expense captions.
(2) Other segment items are primarily composed of impairment of assets and bad debt expense.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |
Other segment disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (1) |  | $ | 63.6 |  |  | $ | 55.3 |  |  | $ | 186.6 |  |  | $ | 159.9 |  |  |  |  |  |  |
Expenditures for long-lived assets |  | $ | 80.5 |  |  | $ | 111.2 |  |  | $ | 261.6 |  |  | $ | 234.2 |  |  |  |  |  |  |
Significant noncash items other than depreciation and amortization expense: |  |  |  |  |  |  |  |  |  |
Deferred income tax expense (benefit) |  | $ | 118.0 |  |  | $ | (11.6) |  |  | $ | 103.3 |  |  | $ | (68.1) |  |  |  |  |  |  |
Net (gains) losses on equity investments |  | $ | (82.7) |  |  | $ | (0.4) |  |  | $ | (78.1) |  |  | $ | 1.4 |  |  |  |  |  |  |
(1) Includes depreciation and amortization recorded in both cost of sales and operating expenses. |  |
Schedule of Disaggregation of Revenue | The following table sets forth revenue by major sales channel for the periods shown:
| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
(In millions) | Amount |  | % of Total |  | Amount |  | % of Total
Distributor | $ | 1,026.0 |  |  | 85 | % |  | $ | 843.3 |  |  | 85 | %
Direct | 183.3 |  |  | 15 | % |  | 150.9 |  |  | 15 | %
Total revenue | $ | 1,209.3 |  |  | 100 | % |  | $ | 994.2 |  |  | 100 | %
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
(In millions) | Amount |  | % of Total |  | Amount |  | % of Total
Distributor | $ | 2,883.8 |  |  | 85 | % |  | $ | 2,482.2 |  |  | 85 | %
Direct | 518.6 |  |  | 15 | % |  | 437.3 |  |  | 15 | %
Total revenue | $ | 3,402.4 |  |  | 100 | % |  | $ | 2,919.5 |  |  | 100 | %
Schedule of Revenue from External Customers by Geographic Areas | The following table sets forth revenue by our two primary geographical markets, the United States and International, based on the geographic location to which we deliver the components, for the periods shown:
| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
(In millions) | Amount |  | % of Total |  | Amount |  | % of Total
United States | $ | 851.9 |  |  | 70 | % |  | $ | 701.9 |  |  | 71 | %
International | 357.4 |  |  | 30 | % |  | 292.3 |  |  | 29 | %
Total revenue | $ | 1,209.3 |  |  | 100 | % |  | $ | 994.2 |  |  | 100 | %
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
(In millions) | Amount |  | % of Total |  | Amount |  | % of Total
United States | $ | 2,443.4 |  |  | 72 | % |  | $ | 2,087.0 |  |  | 71 | %
International | 959.0 |  |  | 28 | % |  | 832.5 |  |  | 29 | %
Total revenue | $ | 3,402.4 |  |  | 100 | % |  | $ | 2,919.5 |  |  | 100 | %

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