Quarterly report [Sections 13 or 15(d)]

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

v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
9 Months Ended
Mar. 31, 2025
Notes Tables  
Schedule of restructuring charges The restructuring and restructuring-related charges for periods presented were recorded in the Condensed Consolidated Statements of Earnings as follows (in thousands):

Quarter Ended

Nine Months Ended

March 31, 

March 31, 

2025

2025

Cost of sales

$

137

$

7,726

Selling, general and administrative(1)

283

5,927

Total

$

420

$

13,653

(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 March 31, 2025

Employee

Asset-related

severance

and other

Total

Protein Sciences

$

10

$

119

$

129

Diagnostics and Spatial Biology

Corporate

291

291

Total

$

301

$

119

$

420

Nine months ended March 31, 2025

Employee

Asset-related

severance

and other

Total

Protein Sciences

$

2,323

$

10,291

$

12,614

Diagnostics and Spatial Biology

425

425

Corporate

610

4

614

Total

$

3,358

$

10,295

$

13,653

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

Expense incurred in the third quarter of 2025

301

119

420

Cash payments

(918)

(119)

(1,037)

Non-cash adjustments

Accrued restructuring actions balance as of March 31, 2025

$

1,040

$

$

1,040

(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 (recovery) of assets held-for-sale, for periods presented were recorded in the Condensed Consolidated Statements of Earnings as follows (in thousands):

Quarter Ended

Nine Months Ended

March 31, 

March 31, 

2025

2024

2025

2024

Cost of sales

$

$

647

$

$

1,821

Selling, general and administrative(1)

(3,357)

903

(2,281)

11,153

Total

$

(3,357)

$

1,550

$

(2,281)

$

12,974

(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 charges, including the impairment (recovery) of assets held-for-sale, by segment are as follows (in thousands):

Three months ended March 31,

2025

2024

Employee

Asset-related

Recovery of

Employee

Asset-related

Impairment of

severance

and other

assets held-for-sale

Total

severance

and other

assets held-for-sale

Total

Protein Sciences

$

128

$

21

$

(3,655)

$

(3,506)

$

28

$

914

$

$

942

Diagnostics and Spatial Biology

265

90

355

Corporate

89

60

149

117

136

253

Total

$

217

$

81

$

(3,655)

$

(3,357)

$

410

$

1,140

$

$

1,550

Nine months ended March 31,

2025

2024

Employee

Asset-related

Recovery of

Employee

Asset-related

Impairment of

severance

and other

assets held-for-sale

Total

severance

and other

assets held-for-sale

Total

Protein Sciences

$

109

$

71

$

(3,655)

$

(3,475)

$

2,978

$

1,386

$

6,038

$

10,402

Diagnostics and Spatial Biology

1,004

90

1,094

Corporate

86

1,108

1,194

1,310

168

1,478

Total

$

195

$

1,179

$

(3,655)

$

(2,281)

$

5,292

$

1,644

$

6,038

$

12,974

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 charges, including the impairment (recovery) of assets held-for-sale, in the accompanying statements of income have been summarized in the notes to the table (in thousands):

Impairment (recovery)

Employee

Asset-related

of assets

severance(1)

and other(2)

held-for-sale

Total

Expense incurred in the second quarter of 2024

4,882

504

6,038

11,424

Incremental expense incurred in the third quarter of 2024

133

1,140

1,273

Incremental expense incurred in the fourth quarter of 2024

409

4,737

15,926

21,072

Cash payments

(4,882)

(2,800)

(7,682)

Non-cash adjustments

(3,391)

(21,963)

(25,354)

Adjustments(3)

219

219

Accrued restructuring actions balance as of June 30, 2024

$

761

$

190

$

$

952

Incremental expense incurred in the first quarter of 2025

753

753

Incremental expense incurred in the second quarter of 2025

(33)

356

323

Incremental expense incurred in the third quarter of 2025

217

81

(3,655)

(3,357)

Cash payments

(945)

(1,380)

(2,325)

Non-cash adjustments

3,655

3,655

Accrued restructuring actions balance as of March 31, 2025

$

$

$

$

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

(2) Primarily relates to impairment of right-of-use assets, lease termination fees, consulting fees, and expenses for changes to supporting IT systems that are enabling the Company to complete the restructuring initiatives.

(3) Relates to the refinement of the accrual recorded in the second quarter of fiscal 2024.

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.