The biggest changes in the 10-K filed 2026-02-20, in management's words
This fiscal year against the last, and the sentences in the MD&A where management explains each change. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
“We have historically experienced proportionally lower net cash flows from operating activities during the first quarter and proportionally higher cash flows from operating activities for the remainder of the year and for the annual period, driven primarily by payments related to annual employee incentive programs in the first quarter following the year for which the bonuses were earned.”
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Operating margin
“Research and development expense increased due to development project costs for new products and services, including higher personnel-related costs.”
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“Research and development expense increased due to development project costs for new products and services, including higher personnel-related costs.”
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Net income
“Our effective tax rate for the year ended December 31, 2025, was consistent with the prior year; the impact from an increase in tax benefits related to share-based compensation was largely offset by a reduction in our U.S. tax benefit associated with Foreign-Derived Intangible Income resulting from the acceleration of research and development deductions as allowed by recent U.S. tax law changes.”
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“This increase in the projected 2026 effective tax rate is primarily due to estimated reductions in share-based compensation tax benefits, as compared to 2025.”
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Revenue
“Recurring reference laboratory diagnostic and consulting revenues have also increased as a result of our customer commitment arrangements, and customer gains from reference laboratory acquisitions, customer list acquisitions, and the opening of new reference laboratories, including laboratories that are co-located with large practice customers.”
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“We exclude from organic revenue growth the effect of changes in foreign currency exchange rates because changes in foreign currency exchange rates are not under management’s control, are subject to volatility, and can obscure underlying business trends.”
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Gross margin
“Gross profit increased due to higher revenue and an 80 basis point increase in the gross profit margin.”
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“Gross profit increased primarily due to higher revenue and a 90 basis point increase in the gross profit margin.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗