v3.25.2
Business Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information
7.
Business Segment Information

The Company's CEO is the chief operating decision maker. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We exclude from segment expenses and segment operating income (loss) certain corporate-related expenses and certain transactions or adjustments, such as costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, and costs associated with our global information technology transition initiatives. The Company's intersegment sales and transfers are accounted for at discounted market-based prices based on intersegment agreements. The chief operating decision maker uses segment operating income (loss) to assess the performance for each segment by comparing the results of each segment with one another, comparing actual results to budget and prior year, as well as to allocate resources.

The following tables present segment results for the three and six months ended June 30, 2025, and 2024 (in millions):

 

 

Three Months Ended
June 30, 2025

 

 

Three Months Ended
June 30, 2024

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

195.3

 

 

$

285.8

 

 

$

252.1

 

 

$

64.2

 

 

$

797.4

 

 

$

217.5

 

 

$

265.6

 

 

$

252.5

 

 

$

65.1

 

 

$

800.7

 

Intersegment revenue

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.1

 

 

 

2.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.0

 

 

 

4.0

 

Total segment revenue

 

$

195.3

 

 

$

285.8

 

 

$

252.1

 

 

$

66.3

 

 

$

799.5

 

 

$

217.5

 

 

$

265.6

 

 

$

252.5

 

 

$

69.1

 

 

$

804.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

108.1

 

 

$

125.6

 

 

$

125.6

 

 

$

52.3

 

 

$

411.6

 

 

$

110.8

 

 

$

111.5

 

 

$

119.8

 

 

$

52.0

 

 

$

394.1

 

Selling, general and administrative

 

 

40.9

 

 

 

76.9

 

 

 

72.7

 

 

 

5.7

 

 

 

196.2

 

 

 

38.3

 

 

 

68.9

 

 

 

71.8

 

 

 

5.2

 

 

 

184.2

 

Research and development

 

 

23.2

 

 

 

30.0

 

 

 

44.4

 

 

 

1.1

 

 

 

98.7

 

 

 

21.8

 

 

 

26.8

 

 

 

41.7

 

 

 

1.3

 

 

 

91.6

 

Segment operating income

 

$

23.1

 

 

$

53.3

 

 

$

9.4

 

 

$

7.2

 

 

$

93.0

 

 

$

46.6

 

 

$

58.4

 

 

$

19.2

 

 

$

10.6

 

 

$

134.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate, elimination and other (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

21.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

24.3

 

Unallocated expenses (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62.4

 

Total consolidated operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

11.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

48.1

 

Interest and other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24.2

)

Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

23.9

 

 

 

Six Months Ended
June 30, 2025

 

 

Six Months Ended
June 30, 2024

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

403.1

 

 

$

565.9

 

 

$

508.7

 

 

$

121.1

 

 

$

1,598.8

 

 

$

400.3

 

 

$

493.5

 

 

$

492.9

 

 

$

135.7

 

 

$

1,522.4

 

Intersegment revenue

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.5

 

 

 

4.5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6.5

 

 

 

6.5

 

Total segment revenue

 

$

403.1

 

 

$

565.9

 

 

$

508.7

 

 

$

125.6

 

 

$

1,603.3

 

 

$

400.3

 

 

$

493.5

 

 

$

492.9

 

 

$

142.2

 

 

$

1,528.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

217.8

 

 

$

243.4

 

 

$

244.4

 

 

$

98.7

 

 

$

804.4

 

 

$

199.9

 

 

$

205.3

 

 

$

233.8

 

 

$

110.5

 

 

$

749.5

 

Selling, general and administrative

 

 

79.9

 

 

 

149.8

 

 

 

142.1

 

 

 

11.0

 

 

 

382.8

 

 

 

75.3

 

 

 

126.7

 

 

 

134.8

 

 

 

10.9

 

 

 

347.7

 

Research and development

 

 

45.2

 

 

 

58.0

 

 

 

89.6

 

 

 

1.7

 

 

 

194.5

 

 

 

43.9

 

 

 

52.0

 

 

 

75.3

 

 

 

2.0

 

 

 

173.2

 

Segment operating income

 

$

60.2

 

 

$

114.7

 

 

$

32.6

 

 

$

14.2

 

 

$

221.6

 

 

$

81.2

 

 

$

109.5

 

 

$

49.0

 

 

$

18.8

 

 

$

258.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate, elimination and other (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

47.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

47.2

 

Unallocated expenses (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

130.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

98.4

 

Total consolidated operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

43.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

112.9

 

Interest and other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17.4

)

Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

$

25.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

95.5

 
a)
Represents corporate costs and intersegment eliminations not allocated to the reportable segments. Unallocated costs include general and administrative expenses not directly incurred by the segments such as professional fees incurred for the quarterly reviews and annual audit of the consolidated financial statements, personnel costs of corporate accounting, finance, legal, and IT resources, and other expense items.
b)
Unallocated expenses consist of costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, costs associated with our global information technology transition initiatives, and other costs.

Refer to Note 6, Revenue for information on revenue by geographical area.

Total capital expenditures and depreciation and amortization by segment are as follows for the periods reported (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

2.3

 

 

$

3.8

 

 

$

5.5

 

 

$

3.4

 

BSI CALID

 

 

5.5

 

 

 

6.4

 

 

 

13.9

 

 

 

11.8

 

BSI NANO

 

 

13.2

 

 

 

4.0

 

 

 

18.1

 

 

 

10.2

 

BEST

 

 

2.4

 

 

 

6.3

 

 

 

7.2

 

 

 

13.9

 

Corporate

 

 

6.9

 

 

 

4.0

 

 

 

11.6

 

 

 

6.7

 

Total capital expenditures

 

$

30.3

 

 

$

24.5

 

 

$

56.3

 

 

$

46.0

 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

11.2

 

 

$

10.4

 

 

$

21.6

 

 

$

18.6

 

BSI CALID

 

 

23.4

 

 

 

15.4

 

 

 

43.2

 

 

 

25.1

 

BSI NANO

 

 

17.1

 

 

 

15.9

 

 

 

33.8

 

 

 

29.3

 

BEST

 

 

2.4

 

 

 

2.1

 

 

 

4.5

 

 

 

4.1

 

Corporate

 

 

2.0

 

 

 

1.3

 

 

 

3.4

 

 

 

2.8

 

Total depreciation and amortization

 

$

56.1

 

 

$

45.1

 

 

$

106.5

 

 

$

79.9

 

Total assets by segment are as follows (in millions):

 

June 30,
2025

 

 

December 31,
2024

 

Assets:

 

 

 

 

 

 

BSI BioSpin, BSI CALID, BSI NANO & Corporate

 

$

6,192.6

 

 

$

5,648.4

 

BEST

 

 

191.2

 

 

 

199.8

 

Eliminations and other (a)

 

 

(44.0

)

 

 

(41.5

)

Total assets

 

$

6,339.8

 

 

$

5,806.7

 
a)
Assets not allocated to the reportable segments and eliminations of intercompany transactions.

The Company is unable, without unreasonable effort or expense, to disclose the amount of total assets by the BSI BioSpin, BSI CALID, BSI NANO Segments, and the Corporate function. Furthermore, the Company’s chief operating decision maker does not receive long-lived asset information individually by these reportable segments and Corporate.