Restructuring (Tables)
|
3 Months Ended |
Sep. 30, 2025 |
|---|
| Restructuring Plan to Optimize Global Manufacturing |
|
| Restructuring |
|
| Schedule of restructuring charges |
The restructuring and restructuring-related charges for periods presented were recorded in the Condensed Consolidated Statements of Earnings and Comprehensive Income as follows (in thousands):
|
|
|
|
|
|
Quarter Ended |
|
|
September 30, |
|
|
2025 |
Cost of sales |
|
$ |
1,482 |
Selling, general and administrative(1) |
|
|
(1,357) |
Total |
|
$ |
125 |
(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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended September 30, 2025 |
|
|
|
Employee |
|
|
Asset-related |
|
|
Recovery |
|
|
|
|
|
|
severance |
|
|
and other |
|
|
of assets held-for-sale |
|
|
Total |
Protein Sciences |
|
$ |
1,636 |
|
$ |
1,572 |
|
$ |
— |
|
$ |
3,208 |
Diagnostics and Spatial Biology |
|
|
2,966 |
|
|
— |
|
|
(6,789) |
|
|
(3,823) |
Corporate |
|
|
740 |
|
|
— |
|
|
— |
|
|
740 |
Total |
|
$ |
5,342 |
|
$ |
1,572 |
|
$ |
(6,789) |
|
$ |
125 |
|
| Schedule of restructuring reserve |
Other amounts reported as restructuring and restructuring-related costs in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income have been summarized in the notes to the table (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment (Recovery) |
|
|
|
|
|
Employee |
|
Asset |
|
|
of assets |
|
|
|
|
severance(1) |
|
impairment and other(2) |
|
|
held-for-sale |
|
Total |
Expense incurred in the fourth quarter of 2025 |
|
$ |
1,041 |
|
$ |
11,531 |
|
$ |
83,059 |
|
$ |
95,631 |
Cash payments |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Non-cash adjustments |
|
|
— |
|
|
(11,471) |
|
|
(83,059) |
|
|
(94,530) |
Accrued restructuring actions balance as of June 30, 2025 |
|
$ |
1,041 |
|
$ |
60 |
|
$ |
— |
|
$ |
1,101 |
Expense incurred in the first quarter of 2026 |
|
$ |
5,342 |
|
$ |
1,572 |
|
$ |
(6,789) |
|
$ |
125 |
Cash payments |
|
|
(3,414) |
|
|
(1,632) |
|
|
— |
|
|
(5,046) |
Non-cash adjustments |
|
|
— |
|
|
— |
|
|
6,789 |
|
|
6,789 |
Accrued restructuring actions balance as of September 30, 2025 |
|
$ |
2,969 |
|
$ |
— |
|
$ |
— |
|
$ |
2,969 |
(1)Relates to impacted employees’ final paycheck, separation payments, outplacement services, legal fees, and retention packages.
(2)Primarily relates to impairment of inventory and equipment.
|
| Restructuring Plan to Recover Operating Margins |
|
| Restructuring |
|
| Schedule of restructuring charges |
The restructuring and restructuring-related charges for periods presented were recorded in the Condensed Consolidated Statements of Earnings and Comprehensive Income as follows (in thousands):
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Quarter Ended |
|
|
September 30, |
|
September 30, |
|
|
2025 |
|
2024 |
Cost of sales |
|
$ |
597 |
|
$ |
4,898 |
Selling, general and administrative(1) |
|
|
— |
|
|
5,371 |
Total |
|
$ |
597 |
|
$ |
10,269 |
(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 September 30, |
|
|
2025 |
|
2024 |
|
|
|
Employee |
|
|
Asset-related |
|
|
|
|
|
Employee |
|
|
Asset-related |
|
|
|
|
|
|
severance |
|
|
and other |
|
|
Total |
|
|
severance |
|
|
and other |
|
|
Total |
Protein Sciences |
|
$ |
420 |
|
$ |
177 |
|
$ |
597 |
|
$ |
2,274 |
|
$ |
7,417 |
|
$ |
9,691 |
Diagnostics and Spatial Biology |
|
|
— |
|
|
— |
|
|
— |
|
|
444 |
|
|
— |
|
|
444 |
Corporate |
|
|
— |
|
|
— |
|
|
— |
|
|
134 |
|
|
— |
|
|
134 |
Total |
|
$ |
420 |
|
$ |
177 |
|
$ |
597 |
|
$ |
2,852 |
|
$ |
7,417 |
|
$ |
10,269 |
|
| Schedule of restructuring reserve |
Other amounts reported as restructuring and restructuring-related costs in the accompanying Condensed Consolidated Statements of Income and Comprehensive 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 |
Incremental expense incurred in remainder of 2025 |
|
|
593 |
|
|
3,555 |
|
|
4,148 |
Cash payments |
|
|
(2,223) |
|
|
(1,131) |
|
|
(3,354) |
Non-cash adjustments |
|
$ |
— |
|
$ |
(9,841) |
|
$ |
(9,841) |
Accrued restructuring actions balance as of June 30, 2025 |
|
$ |
1,222 |
|
$ |
— |
|
$ |
1,222 |
Incremental expense incurred in the first quarter of 2026 |
|
|
420 |
|
|
177 |
|
|
597 |
Cash payments |
|
|
(847) |
|
|
(177) |
|
|
(1,024) |
Accrued restructuring actions balance as of September 30, 2025 |
|
$ |
795 |
|
$ |
— |
|
$ |
795 |
(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. |
|