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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 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 non-reportable segment results combine and present 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 revenue and gross profit. Our CODM reviews the budget and actual financial results of the operating segments, decides how to allocate resources to meet our strategic priorities, and 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 and nine months ended September 30, 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 and nine months ended September 30, 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 tables below.
The following tables are a summary of reportable segment performance with Other to reconcile to our consolidated results for the three months ended September 30, 2026 and 2025:

(in thousands)For the Three Months Ended September 30, 2026
CAGWaterLPDTotal
Total revenue from reportable segments$1,115,968 $58,836 $34,828 $1,209,632 
Reconciliation of revenue
Other revenue4,605 
Total revenue$1,214,237 
Cost of revenue from reportable segments414,623 16,122 16,518 
Segment gross profit$701,345 $42,714 $18,310 $762,369 
Reconciliation of operating profit (segment profit)
Segment gross profit$762,369 
Segment operating expenses(361,393)
Other operating profit (excluding unallocated amounts)560 
Unallocated amounts
Foreign currency transaction gains (losses)812 
Non-operating income (expense)(3,023)
Income before provision for income taxes$399,325 

(in thousands)For the Three Months Ended September 30, 2025
CAGWaterLPDTotal
Total revenue from reportable segments$1,012,534 $54,297 $33,944 $1,100,775 
Reconciliation of revenue
Other revenue4,464 
Total revenue$1,105,239 
Cost of revenue from reportable segments385,078 16,240 17,999 
Segment gross profit$627,456 $38,057 $15,945 $681,458 
Reconciliation of operating profit (segment profit)
Segment gross profit$681,458 
Segment operating expenses(326,101)
Other operating profit (excluding unallocated amounts)1,076 
Unallocated amounts
Foreign currency transaction gains (losses)(1,587)
Non-operating income (expense)(10,075)
Income before provision for income taxes$344,771 
The following tables are a summary of reportable segment performance with Other to reconcile to our consolidated results for the nine months ended September 30, 2026 and 2025:

(in thousands)For the Nine Months Ended September 30, 2026
CAGWaterLPDTotal
Total revenue from reportable segments$3,288,256 $167,665 $102,492 $3,558,413 
Reconciliation of revenue
Other revenue13,229 
Total revenue$3,571,642 
Cost of revenue from reportable segments1,203,615 44,816 48,621 
Segment gross profit$2,084,641 $122,849 $53,871 $2,261,361 
Reconciliation of operating profit (segment profit)
Segment gross profit$2,261,361 
Segment operating expenses(1,071,903)
Other operating profit (excluding unallocated amounts)920 
Unallocated amounts
Foreign currency transaction gains (losses)122 
Non-operating income (expense)(18,509)
Income before provision for income taxes$1,171,991 

(in thousands)For the Nine Months Ended September 30, 2025
CAGWaterLPDTotal
Total revenue from reportable segments$2,954,813 $150,619 $94,302 $3,199,734 
Reconciliation of revenue
Other revenue13,389 
Total revenue$3,213,123 
Cost of revenue from reportable segments1,110,432 44,978 49,063 
Segment gross profit$1,844,381 $105,641 $45,239 $1,995,261 
Reconciliation of operating profit (segment profit)
Segment gross profit$1,995,261 
Segment operating expenses(951,193)
Other operating profit (excluding unallocated amounts)3,184 
Unallocated amounts
Foreign currency transaction gains (losses)(2,826)
Non-operating income (expense)(27,219)
Income before provision for income taxes$1,017,207