| Supplemental Balance Sheet and Cash Flow Information |
Note 3. Supplemental Balance Sheet and Cash Flow Information:
Inventories:
Inventories consist of (in thousands):
|
|
|
|
|
|
|
|
|
June 30, |
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
Raw materials |
|
$ |
89,080 |
|
$ |
79,377 |
Finished goods(1) |
|
|
106,188 |
|
|
106,072 |
Inventories, net |
|
$ |
195,268 |
|
$ |
185,449 |
| (1) |
Finished goods inventory of $5,822 and $5,718 is included within Other assets in the June 30, 2025 and 2024 Consolidated Balance Sheets, respectively, as it is forecasted to be sold after the 12 months subsequent to the Consolidated Balance Sheets dates.
|
Property and Equipment:
Property and equipment consist of (in thousands):
|
|
|
|
|
|
|
|
|
June 30, |
|
|
2025 |
|
2024 |
Land |
|
$ |
8,151 |
|
$ |
8,150 |
Buildings and improvements |
|
|
254,355 |
|
|
243,863 |
Machinery and equipment |
|
|
245,924 |
|
|
215,948 |
Construction in progress |
|
|
23,420 |
|
|
39,749 |
Property and equipment, cost |
|
|
531,850 |
|
|
507,710 |
Accumulated depreciation and amortization |
|
|
(286,131) |
|
|
(256,556) |
Property and equipment, net |
|
$ |
245,719 |
|
$ |
251,154 |
Depreciation expense was $34.6 million, $31.9 million, and $29.7 million in fiscal 2025, 2024, and 2023, respectively.
Intangible assets were comprised of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Useful Life |
|
June 30, |
|
|
(years) |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
Developed technology |
|
9 - 15 |
|
$ |
620,062 |
|
$ |
675,674 |
Trade names |
|
2 - 15 |
|
|
152,648 |
|
|
151,561 |
Customer relationships |
|
7 - 16 |
|
|
212,800 |
|
|
211,276 |
Patents |
|
10 |
|
|
4,967 |
|
|
4,343 |
Other intangibles |
|
5 - 15 |
|
|
7,174 |
|
|
12,006 |
Definite-lived intangible assets |
|
|
|
|
997,651 |
|
|
1,054,860 |
Accumulated amortization |
|
|
|
|
(632,052) |
|
|
(547,779) |
Total intangible assets, net |
|
|
|
$ |
365,599 |
|
$ |
507,081 |
Changes to the carrying amount of net intangible assets consist of (in thousands):
|
|
|
|
|
|
|
|
|
June 30, |
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
Beginning balance |
|
$ |
507,081 |
|
$ |
534,645 |
Acquisitons |
|
|
— |
|
|
66,400 |
Other additions |
|
|
547 |
|
|
950 |
Amortization expense |
|
|
(76,043) |
|
|
(79,854) |
Restructuring impairment(1) |
|
|
(73,350) |
|
|
(14,323) |
Currency translation |
|
|
7,364 |
|
|
(737) |
Ending balance |
|
$ |
365,599 |
|
$ |
507,081 |
| (1) |
Refer to Note 14 for further detail on held-for-sale intangibles. |
Amortization expense related to developed technologies included in Cost of sales was $44.0 million, $46.6 million, and $44.3 million in fiscal 2025, 2024, and 2023, respectively. Amortization expense related to trade names, customer relationships, non-compete agreements, and patents included in Selling, general and administrative expense was $31.3 million, $33.2 million, and $33.2 million, in fiscal 2025, 2024, and 2023, respectively.
The estimated future amortization expense for intangible assets as of June 30, 2025 is as follows (in thousands):
|
|
|
|
2026 |
|
$ |
61,798 |
2027 |
|
|
58,705 |
2028 |
|
|
54,974 |
2029 |
|
|
40,876 |
2030 |
|
|
26,917 |
Thereafter |
|
|
122,329 |
Total |
|
$ |
365,599 |
Goodwill:
Changes in goodwill by segment and in total consist of (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics and |
|
|
|
|
Protein Sciences |
|
Spatial Biology |
|
Total |
June 30, 2023 |
|
$ |
427,027 |
|
$ |
445,710 |
|
$ |
872,737 |
Acquisitions |
|
|
— |
|
|
104,650 |
|
|
104,650 |
Held-for-sale goodwill(1) |
|
|
(1,400) |
|
|
— |
|
|
(1,400) |
Currency translation |
|
|
(2,178) |
|
|
(1,146) |
|
|
(3,324) |
June 30, 2024 |
|
$ |
423,449 |
|
$ |
549,214 |
|
$ |
972,663 |
Held-for-sale goodwill(1) |
|
|
— |
|
|
(4,488) |
|
|
(4,488) |
Currency translation |
|
|
3,327 |
|
|
9,433 |
|
|
12,760 |
June 30, 2025 |
|
$ |
426,776 |
|
$ |
554,159 |
|
$ |
980,935 |
| (1) |
Refer to Note 14 for further detail on goodwill reclassified to current assets held-for-sale. |
Other Assets:
Other assets consist of (in thousands):
|
|
|
|
|
|
|
|
|
June 30, |
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
Equity method investment in Wilson Wolf |
|
$ |
235,983 |
|
$ |
242,337 |
Derivative instruments |
|
|
2,843 |
|
|
9,813 |
Long-term inventory |
|
|
5,822 |
|
|
5,718 |
Investment in Spear Bio |
|
|
15,000 |
|
|
— |
Other |
|
|
13,961 |
|
|
6,397 |
Other assets |
|
$ |
273,609 |
|
$ |
264,265 |
Supplemental Cash Flow Information:
Supplemental cash flow information is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended June 30, |
|
|
2025 |
|
2024 |
|
2023 |
Income taxes paid |
|
$ |
74,357 |
|
$ |
65,254 |
|
$ |
88,428 |
Interest paid |
|
|
18,955 |
|
|
14,502 |
|
|
8,368 |
|