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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
We operate primarily through three reportable segments: Companion Animal Group (“CAG”), Water quality products (“Water”), and Livestock, Poultry and Dairy (“LPD”). CAG provides diagnostics and information management products and services for the companion animal veterinary industry and the biomedical research community. Water provides testing solutions and related instrumentation 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 measure the quality and safety of milk. Our Other operating segment combines and presents our human medical diagnostic business with our out-licensing arrangement because they do not meet the quantitative or qualitative thresholds for reportable segments.

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 the budget and actual financial 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 the 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 months ended March 31, 2026 and 2025. Refer to “Note 3. Revenue” for a summary of disaggregated revenue by segment and by major product and service category for the three months ended March 31, 2026 and 2025. 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 March 31, 2026 and 2025:

(in thousands)For the Three Months Ended March 31, 2026
CAGWaterLPDTotal
Total revenues from reportable segments$1,054,052 $50,265 $32,483 $1,136,800 
Reconciliation of revenue
Other revenues4,020 
Total consolidated revenue$1,140,820 
Cost of revenue386,543 13,728 15,573 
Segment gross profit$667,509 $36,537 $16,910 $720,956 
Reconciliation of operating profit (segment profit)
Segment gross profit$720,956 
Segment operating expenses(358,442)
Other operating profit (excluding unallocated amounts)516 
Unallocated amounts
Foreign currency transaction losses, net
(444)
Interest expense(7,741)
Interest income597 
Income before provision for income taxes$355,442 

(in thousands)For the Three Months Ended March 31, 2025
CAGWaterLPDTotal
Total revenues from reportable segments$919,836 $45,321 $28,596 $993,753 
Reconciliation of revenue
Other revenues4,674 
Total consolidated revenue$998,427 
Cost of revenue345,013 13,248 14,231 
Segment gross profit$574,823 $32,073 $14,365 $621,261 
Reconciliation of operating profit (segment profit)
Segment gross profit$621,261 
Segment operating expenses(305,164)
Other operating profit (excluding unallocated amounts)1,108 
Unallocated amounts
Foreign currency transaction gains (losses)(671)
Interest expense(7,666)
Interest income1,216 
Income before provision for income taxes$310,084