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Segment Information | 3 Months Ended
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Mar. 28, 2025
Segment Reporting [Abstract] |
Segment Information | 15. Segment Information Reportable Segments The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM utilizes financial information to make decisions about allocating resources and assessing performance for the entire Company. The CODM evaluates the performance of, and allocates resources to, its segments based on revenue, gross profit and operating income. The Company’s reportable segments have been identified based on commonality and adjacency of end markets and customers amongst the Company’s individual product lines. During the fourth quarter of 2024, the Company updated its organizational structure and re-aligned its financial reporting structure under two reportable segments: Automation Enabling Technologies and Medical Solutions. Prior to the reorganization, the Company's historical reportable segments were: Precision Medicine and Manufacturing, Robotics and Automation, and Medical Solutions. Prior period segment financial information has been recast to align with the new reportable segments herein, as well as in Notes 7 and 13. Automation Enabling Technologies The Automation Enabling Technologies segment designs, manufactures and markets laser beam delivery components, laser beam delivery solutions, CO 2 lasers, solid state lasers, ultrafast lasers, optical and inductive encoders, precision motors, integrated stepper motors, servo drives, motion control solutions, intelligent robotic end-of-arm technology solutions, and air bearing spindles to customers worldwide. The segment serves highly demanding applications for advanced industrial processes, advanced industrial and medical robotics, other medical and life science automation applications, and medical laser procedures such as ophthalmology applications. The vast majority of the segment’s product offerings are sold to OEM customers. The segment sells the majority of these products directly, utilizing a highly technical sales force, and also sells some indirectly, through resellers and distributors. Medical Solutions The Medical Solutions segment designs, manufactures and markets a range of medical grade technologies, including medical insufflators and endoscopic pumps and related disposables, laser beam delivery solutions, video processing and streaming and capture, machine vision technologies, radio-frequency identification (“RFID”) technologies, barcode identification technologies, thermal chart recorders, light and color measurement technologies, touch panel displays, and advanced motion control solutions. The vast majority of the segment’s product offerings are sold to OEM customers. The segment sells the majority of these products directly, utilizing a highly technical sales force, and also sells some indirectly, through resellers and distributors. Reportable Segment Financial Information Results of operations, depreciation and amortization expenses by reportable segments for the periods indicated were as follows (in thousands):
| Three Months Ended March 28, 2025 |
| Automation Enabling Technologies |  |  | Medical Solutions |  |  | Total |
Revenue | $ | 123,167 |  |  | $ | 110,199 |  |  | $ | 233,366 |
Cost of revenue |  | 62,422 |  |  |  | 62,036 |  |  |  |
Amortization of purchased intangible assets |  | 1,359 |  |  |  | 2,202 |  |  |  |
Segment gross profit |  | 59,386 |  |  |  | 45,961 |  |  |  | 105,347 |
Research and development and engineering |  | 9,439 |  |  |  | 13,955 |  |  |  |
Selling, general and administrative |  | 19,159 |  |  |  | 14,732 |  |  |  |
Amortization of purchased intangible assets |  | 2,408 |  |  |  | 3,146 |  |  |  |
Restructuring, acquisition, and related costs |  | (3,109 | ) |  |  | 99 |  |  |  |
Segment operating income |  | 31,489 |  |  |  | 14,029 |  |  |  | 45,518 |
Unallocated costs |  | — |  |  |  | — |  |  |  | (13,097 | )
Interest income (expense), net |  | — |  |  |  | — |  |  |  | (5,644 | )
Other income (expense), net |  | — |  |  |  | — |  |  |  | (359 | )
Income before income taxes | $ | 31,489 |  |  | $ | 14,029 |  |  | $ | 26,418 |
| Three Months Ended March 29, 2024 |
| Automation Enabling Technologies |  |  | Medical Solutions |  |  | Total |
Revenue | $ | 117,389 |  |  | $ | 113,527 |  |  | $ | 230,916 |
Cost of revenue |  | 60,318 |  |  |  | 65,182 |  |  |  |
Amortization of purchased intangible assets |  | 1,569 |  |  |  | 2,123 |  |  |  |
Segment gross profit |  | 55,502 |  |  |  | 46,222 |  |  |  | 101,724 |
Research and development and engineering |  | 9,997 |  |  |  | 13,266 |  |  |  |
Selling, general and administrative |  | 18,495 |  |  |  | 13,622 |  |  |  |
Amortization of purchased intangible assets |  | 2,801 |  |  |  | 2,949 |  |  |  |
Restructuring, acquisition, and related costs |  | 279 |  |  |  | 366 |  |  |  |
Segment operating income |  | 23,930 |  |  |  | 16,019 |  |  |  | 39,949 |
Unallocated costs |  | — |  |  |  | — |  |  |  | (14,342 | )
Interest income (expense), net |  | — |  |  |  | — |  |  |  | (8,254 | )
Other income (expense), net |  | — |  |  |  | — |  |  |  | (437 | )
Income before income taxes | $ | 23,930 |  |  | $ | 16,019 |  |  | $ | 16,916 |
| Three Months Ended |
| March 28, |  |  | March 29, |
Depreciation and Amortization Expenses | 2025 |  |  | 2024 |
Automation Enabling Technologies | $ | 5,476 |  |  | $ | 5,856 |
Medical Solutions |  | 7,679 |  |  |  | 6,597 |
Unallocated |  | 408 |  |  |  | 476 |
Total | $ | 13,563 |  |  | $ | 12,929 |
| March 28, |  |  | December 31, |
| 2025 |  |  | 2024 |
Accounts Receivable |  |  |  |  |
Automation Enabling Technologies | $ | 77,726 |  |  | $ | 70,829 |
Medical Solutions |  | 86,475 |  |  |  | 80,197 |
Total accounts receivable | $ | 164,201 |  |  | $ | 151,026 |
Inventories |  |  |  |  |
Automation Enabling Technologies | $ | 90,002 |  |  | $ | 89,009 |
Medical Solutions |  | 55,433 |  |  |  | 55,597 |
Total inventories | $ | 145,435 |  |  | $ | 144,606 |
Total segment assets | $ | 309,636 |  |  | $ | 295,632 |
Revenue by Geography The Company aggregates geographic revenue based on the customer locations where products are shipped to. Revenue by geography was as follows (in thousands):
| Three Months Ended |
| March 28, |  |  | March 29, |
| 2025 |  |  | 2024 |
United States | $ | 123,646 |  |  | $ | 117,081 |
Germany |  | 28,477 |  |  |  | 33,181 |
Rest of Europe |  | 31,781 |  |  |  | 30,971 |
China |  | 21,434 |  |  |  | 17,071 |
Rest of Asia-Pacific |  | 23,379 |  |  |  | 27,256 |
Other |  | 4,649 |  |  |  | 5,356 |
Total | $ | 233,366 |  |  | $ | 230,916 |
The majority of revenue from the Automation Enabling Technologies and Medical Solutions segments are generated from sales to customers within the United States and Europe. Each segment also generates revenue across the other geographies, with no significant concentration of any segment’s remaining revenue. Revenue by End Market The Company primarily operates in two end markets: the medical market and the advanced industrial market. Revenue by end market was approximately as follows:
| Three Months Ended |
| March 28, |  |  | March 29, |
| 2025 |  |  | 2024 |
Medical |  | 55 | % |  |  | 55 | %
Advanced Industrial |  | 45 | % |  |  | 45 | %
Total |  | 100 | % |  |  | 100 | %
The majority of the revenue from the Automation Enabling Technologies segment is generated from sales to customers in the advanced industrial market. The majority of the revenue from the Medical Solutions segment is generated from sales to customers in the medical market.

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- 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/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 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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