Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2024

The restructuring and restructuring-related charges for periods presented were recorded in the Consolidated Statements of Earnings as follows (in thousands):


	Quarter Ended		Six Months Ended
	December 31,		December 31,
	2024		2024
Cost of sales	$	2,691	$	7,589
Selling, general and administrative⁽¹⁾		273		5,644
Total	$	2,964	$	13,233

⁽¹⁾Restructuring actions impacting research and development are not material to separately disclose and have been included within Selling, general and administrative costs.

Restructuring and restructuring-related costs by segment are as follows (in thousands):


	Three months ended December 31, 2024
		Employee		Asset-related
		severance		and other		Total
Protein Sciences	$	39	$	2,755	$	2,794
Diagnostics and Spatial Biology		(19)		—		(19)
Corporate		185		4		189
Total	$	205	$	2,759	$	2,964


	Six months ended December 31, 2024
		Employee		Asset-related
		severance		and other		Total
Protein Sciences	$	2,313	$	10,172	$	12,485
Diagnostics and Spatial Biology		425		—		425
Corporate		319		4		323
Total	$	3,057	$	10,176	$	13,233

The following table summarizes the changes in the Company’s accrued restructuring balance, which is included within Other current liabilities in the accompanying balance sheet. Other amounts reported as restructuring and restructuring-related costs in the accompanying statements of income have been summarized in the notes to the table (in thousands):


	Employee		Asset
	severance⁽¹⁾		impairment and other⁽²⁾		Total
Expense incurred in the first quarter of 2025	$	2,852	$	7,417	$	10,269
Cash payments		(189)		—		(189)
Non-cash adjustments		—		(7,417)		(7,417)
Accrued restructuring actions balance as of September 30, 2024	$	2,663	$	—	$	2,663
Expense incurred in the second quarter of 2025		205		2,759		2,964
Cash payments		(1,211)		(335)		(1,546)
Non-cash adjustments		—		(2,424)		(2,424)
Accrued restructuring actions balance as of December 31, 2024	$	1,657	$	—	$	1,657

⁽¹⁾Relates to impacted employees’ final paycheck, separation payments, outplacement services, legal fees, and retention packages related to the closure or relocation of certain manufacturing sites.

⁽²⁾Primarily relates to impairment of intangibles and inventory as a result of the closure and relocation of certain manufacturing sites.

The restructuring and restructuring-related charges, including the impairment of assets held-for-sale, for periods presented were recorded in the Condensed Consolidated Statements of Earnings as follows (in thousands):

Protein Sciences

Notes Tables

Schedule of restructuring charges

Restructuring actions, including cash and non-cash impacts, were as follows (in thousands):


	Employee
	severance
Accrued restructuring actions balance as of June 30, 2023	$	897
Fiscal year 2024 cash payments		(1,118)
First quarter fiscal year 2024 adjustments⁽¹⁾		89
Second quarter fiscal year 2024 adjustments⁽¹⁾		132
Accrued restructuring actions balance as of June 30, 2024	$	—

⁽¹⁾Fiscal year 2024 adjustments relate to the refinement of the accrual recorded in fiscal year 2023.