v3.26.1
Business Segment Information
 6 Months Ended
Jun. 30, 2026
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 Note 2, Summary of Significant Accounting Policies to the consolidated financial statements included in the 2025 Form 10-K.

The following tables present segment results for the three and six months ended June 30, 2026, and 2025 (in millions):

 

Three Months Ended
June 30, 2026

 

 

Three Months Ended
June 30, 2025

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

195.7

 

 

$

310.3

 

 

$

261.3

 

 

$

71.2

 

 

$

838.5

 

 

$

195.3

 

 

$

285.8

 

 

$

252.1

 

 

$

64.2

 

 

$

797.4

 

Intersegment revenue

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3.0

 

 

 

3.0

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.1

 

 

 

2.1

 

Total segment revenue

 

$

195.7

 

 

$

310.3

 

 

$

261.3

 

 

$

74.2

 

 

$

841.5

 

 

$

195.3

 

 

$

285.8

 

 

$

252.1

 

 

$

66.3

 

 

$

799.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

94.1

 

 

$

126.1

 

 

$

123.7

 

 

$

59.8

 

 

$

403.7

 

 

$

108.1

 

 

$

125.6

 

 

$

125.6

 

 

$

52.3

 

 

$

411.6

 

Selling, general and administrative

 

 

38.4

 

 

 

79.3

 

 

 

68.6

 

 

 

5.8

 

 

 

192.1

 

 

 

40.9

 

 

 

76.9

 

 

 

72.7

 

 

 

5.7

 

 

 

196.2

 

Research and development

 

 

21.5

 

 

 

32.6

 

 

 

39.2

 

 

 

1.0

 

 

 

94.3

 

 

 

23.2

 

 

 

30.0

 

 

 

44.4

 

 

 

1.1

 

 

 

98.7

 

Segment operating income

 

$

41.7

 

 

$

72.3

 

 

$

29.8

 

 

$

7.6

 

 

$

151.4

 

 

$

23.1

 

 

$

53.3

 

 

$

9.4

 

 

$

7.2

 

 

$

93.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate, elimination and other (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

32.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

21.1

 

Adjustments and reconciling items (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

183.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60.0

 

Total consolidated operating (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(65.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

11.9

 

Interest and other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11.4

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(40.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.5

 

 

 

Six Months Ended
June 30, 2026

 

 

Six Months Ended
June 30, 2025

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

393.2

 

 

$

626.6

 

 

$

507.3

 

 

$

134.8

 

 

$

1,661.9

 

 

$

403.1

 

 

$

565.9

 

 

$

508.7

 

 

$

121.1

 

 

$

1,598.8

 

Intersegment revenue

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6.2

 

 

 

6.2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.5

 

 

 

4.5

 

Total segment revenue

 

$

393.2

 

 

$

626.6

 

 

$

507.3

 

 

$

141.0

 

 

$

1,668.1

 

 

$

403.1

 

 

$

565.9

 

 

$

508.7

 

 

$

125.6

 

 

$

1,603.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

196.8

 

 

$

265.4

 

 

$

243.9

 

 

$

112.3

 

 

$

818.4

 

 

$

217.8

 

 

$

243.4

 

 

$

244.4

 

 

$

98.7

 

 

$

804.4

 

Selling, general and administrative

 

 

80.2

 

 

 

160.6

 

 

 

137.1

 

 

 

11.7

 

 

 

389.6

 

 

 

79.9

 

 

 

149.8

 

 

 

142.1

 

 

 

11.0

 

 

 

382.8

 

Research and development

 

 

45.8

 

 

 

65.8

 

 

 

82.1

 

 

 

1.9

 

 

 

195.6

 

 

 

45.2

 

 

 

58.0

 

 

 

89.6

 

 

 

1.7

 

 

 

194.5

 

Segment operating income

 

$

70.4

 

 

$

134.8

 

 

$

44.2

 

 

$

15.1

 

 

$

264.5

 

 

$

60.2

 

 

$

114.7

 

 

$

32.6

 

 

$

14.2

 

 

$

221.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate, elimination and other (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

61.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

47.9

 

Adjustments and reconciling items (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

257.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

130.0

 

Total consolidated operating (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(55.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

43.7

 

Interest and other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18.1

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(18.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

25.6

 
(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)
Adjustments and reconciling items consist of costs related to restructuring actions; acquisition and related integration expenses; amortization of acquired intangible assets; costs associated with the Company's global information technology (“IT”) transition initiatives; goodwill, intangible assets, other long-lived asset impairment charges; 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,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

—

 

 

$

2.3

 

 

$

2.4

 

 

$

5.5

 

BSI CALID

 

 

6.5

 

 

 

5.5

 

 

 

13.2

 

 

 

13.9

 

BSI NANO

 

 

7.5

 

 

 

13.2

 

 

 

12.4

 

 

 

18.1

 

BEST

 

 

2.8

 

 

 

2.4

 

 

 

4.4

 

 

 

7.2

 

Corporate

 

 

3.5

 

 

 

6.9

 

 

 

5.8

 

 

 

11.6

 

Total capital expenditures

 

$

20.3

 

 

$

30.3

 

 

$

38.2

 

 

$

56.3

 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

9.4

 

 

$

11.2

 

 

$

21.1

 

 

$

21.6

 

BSI CALID

 

 

27.4

 

 

 

23.4

 

 

 

52.0

 

 

 

43.2

 

BSI NANO

 

 

15.9

 

 

 

17.1

 

 

 

32.9

 

 

 

33.8

 

BEST

 

 

2.6

 

 

 

2.4

 

 

 

5.2

 

 

 

4.5

 

Corporate

 

 

2.7

 

 

 

2.0

 

 

 

5.1

 

 

 

3.4

 

Total depreciation and amortization

 

$

58.0

 

 

$

56.1

 

 

$

116.3

 

 

$

106.5

 

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

 

June 30,
2026

 

 

December 31,
2025

 

Assets:

 

 

 

 

 

 

BSI BioSpin, BSI CALID, BSI NANO & Corporate

 

$

5,902.0

 

 

$

6,094.2

 

BEST

 

 

193.7

 

 

 

192.4

 

Eliminations and other (a)

 

 

(42.8

)

 

 

(45.2

)

Total assets

 

$

6,052.9

 

 

$

6,241.4

 
(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, and BSI NANO segments, as well as 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.

The Company is currently presenting segment information consistent with the structure in place during the three and six months ended June 30, 2026. As discussed in Note 1, Description of Business, subsequent to June 30, 2026, the Company completed a reorganization of its reportable segments. Prior period segment information will be recast in future filings, beginning with the Company’s Form 10-Q for the quarter ending September 30, 2026, to conform to the new reportable segments.