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Segment Information
 3 Months Ended
Sep. 30, 2025
Segment Information  
Segment Information

12. Segment Information

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We operate in three identifiable industry segments: (a) security and inspection systems (Security division), (b) optoelectronic devices and manufacturing (Optoelectronics and Manufacturing division) and (c) medical monitoring systems (Healthcare division). We also have a corporate segment (Corporate) that includes executive compensation and certain other general and administrative expenses, expenses related to stock issuances and legal, audit and other professional service fees not allocated to industry segments. Both the Security and Healthcare divisions comprise primarily end-product businesses, whereas the Optoelectronics and Manufacturing division primarily supplies components and subsystems to external OEM customers, as well as to the Security and Healthcare divisions. Sales between divisions are at transfer prices that approximate market values. All other accounting policies of the segments are the same as described in Note 1, Basis of Presentation. We disclose segment income (loss) from operations as our measure of segment profit/loss, reconciled to consolidated income (loss) from operations. The measure of segment income (loss) from operations excludes restructuring and other charges presented below which are presented to reconcile to consolidated income from operations. Business segment disclosures consider information used by/provided to our chief operating decision maker (“CODM”). Our Chief Executive Officer serves as the CODM. The CODM uses segment income (loss) from operations, as well as the expenses within each segment including cost of sales, selling, general and administrative expenses and research and development expenses, to allocate resources to segments in the budgeting and forecasting process along with periodic ongoing reviews of results and overall activity in the markets where each segment operates.

The following tables present our results of operations and identifiable assets by our three industry segments, along with amounts for Corporate/Eliminations, which are reconciled to consolidated amounts (in thousands):

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Three Months Ended September 30, 2024

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​

​

​

Optoelectronics

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​

​

​

​

​

​

​

​

​

​

​

​

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and

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​

​

​

​

​

​

​

​

​

Security

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Manufacturing

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Healthcare

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Corporate/

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Division

    

Division

    

Division

    

Eliminations

    

Consolidated

Revenues (1):

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​

​

    

​

​

    

​

​

    

​

​

​

​

​

External customer revenue

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$

224,314

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$

82,591

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$

37,102

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$

—

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$

344,007

Revenue between segments

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—

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15,204

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—

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(15,204)

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—

Total revenues

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224,314

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97,795

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37,102

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(15,204)

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344,007

Cost of goods sold

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142,300

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76,739

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18,243

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(14,777)

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222,505

Selling, general and administrative expenses

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40,414

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8,606

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13,693

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9,510

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72,223

Research and development expenses

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12,265

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1,294

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4,214

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—

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17,773

Segment income (loss) from operations

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29,335

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11,156

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952

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(9,937)

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31,506

Restructuring and other charges

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479

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547

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152

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—

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1,178

Income (loss) from operations

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$

28,856

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$

10,609

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$

800

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$

(9,937)

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$

30,328

Capital expenditures

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$

5,470

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$

1,056

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$

383

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$

796

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$

7,705

Depreciation and amortization

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$

7,835

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$

1,945

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$

1,270

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$

400

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$

11,450

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Three Months Ended September 30, 2025

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Optoelectronics

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​

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and

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​

​

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​

​

​

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​

Security

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Manufacturing

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Healthcare

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Corporate/

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Division

    

Division

    

Division

    

Eliminations

    

Consolidated

Revenues (1):

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​

​

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​

​

​

​

​

​

​

​

​

​

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External customer revenue

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$

254,248

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$

89,632

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$

40,743

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$

—

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$

384,623

Revenue between segments

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—

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19,829

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—

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(19,829)

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—

Total revenues

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254,248

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109,461

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40,743

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(19,829)

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384,623

Cost of goods sold

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173,345

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86,514

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20,143

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(18,564)

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261,438

Selling, general and administrative expenses

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36,109

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8,957

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13,060

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8,829

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66,955

Research and development expenses

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13,828

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1,237

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5,362

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—

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20,427

Segment income (loss) from operations

​

 

30,966

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12,753

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2,178

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(10,094)

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35,803

Restructuring and other charges

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2,357

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27

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332

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14

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2,730

Income (loss) from operations

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$

28,609

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$

12,726

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$

1,846

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$

(10,108)

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$

33,073

Capital expenditures

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$

3,562

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$

1,595

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$

1,207

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$

664

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$

7,028

Depreciation and amortization

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$

6,927

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$

1,681

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$

1,167

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$

485

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$

10,260

(1)

For the three months ended September 30, 2024, one Security division customer accounted for 14% of consolidated net revenues. For the three months ended September 30, 2025, no customer accounted for 10% or more of the Company’s consolidated net revenues.

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June 30, 

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September 30, 

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2025

    

2025

Assets (1) —by Segment:

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Security division

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$

1,608,985

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$

1,637,446

Optoelectronics and Manufacturing division

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300,405

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290,831

Healthcare division

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270,428

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​

270,883

Corporate/Eliminations (2)

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61,439

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​

99,996

Total

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$

2,241,257

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$

2,299,156

(1)As of June 30, 2025 and September 30, 2025, one customer in the Security division accounted for 42% and 44% of accounts receivable, net, respectively.
(2)Eliminations in assets reflect the amount of inter-segment profits in inventory and inter-segment ROU assets under ASC 842 as of the balance sheet date. Such inter-segment profit will be realized when inventory is shipped to the external customers of the Security and Healthcare divisions.