Restructuring (Tables)
|
9 Months Ended |
Mar. 31, 2026 |
|---|
| 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 |
|
Nine Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2026 |
|
2026 |
Cost of sales |
|
$ |
1,036 |
|
$ |
3,990 |
Selling, general and administrative(1) |
|
|
1,800 |
|
|
2,267 |
Total |
|
$ |
2,836 |
|
$ |
6,257 |
(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 March 31, 2026 |
|
|
|
Employee |
|
|
Asset-related |
|
|
Recovery of |
|
|
|
|
|
|
severance |
|
|
and other |
|
|
assets held-for-sale |
|
|
Total |
Protein Sciences |
|
$ |
556 |
|
$ |
1,565 |
|
$ |
— |
|
$ |
2,121 |
Diagnostics and Spatial Biology |
|
|
27 |
|
|
— |
|
|
— |
|
|
27 |
Corporate |
|
|
454 |
|
|
234 |
|
|
— |
|
|
688 |
Total |
|
$ |
1,037 |
|
$ |
1,799 |
|
$ |
— |
|
$ |
2,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended March 31, 2026 |
|
|
|
Employee |
|
|
Asset-related |
|
|
Recovery of |
|
|
|
|
|
|
severance |
|
|
and other |
|
|
assets held-for-sale |
|
|
Total |
Protein Sciences |
|
$ |
2,374 |
|
$ |
5,850 |
|
$ |
— |
|
$ |
8,224 |
Diagnostics and Spatial Biology |
|
|
2,993 |
|
|
— |
|
|
(6,789) |
|
|
(3,796) |
Corporate |
|
|
1,290 |
|
|
539 |
|
|
— |
|
|
1,829 |
Total |
|
$ |
6,657 |
|
$ |
6,389 |
|
$ |
(6,789) |
|
$ |
6,257 |
|
| Schedule of restructuring reserve |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment (Recovery) |
|
|
|
|
|
Employee |
|
Asset-related |
|
|
of assets |
|
|
|
|
severance(1) |
|
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 as of June 30, 2025 |
|
$ |
1,041 |
|
$ |
60 |
|
$ |
— |
|
$ |
1,101 |
Expense incurred in fiscal 2026 |
|
$ |
6,657 |
|
$ |
6,389 |
|
$ |
(6,789) |
|
$ |
6,257 |
Cash payments |
|
|
(6,517) |
|
|
(6,449) |
|
|
— |
|
|
(12,966) |
Non-cash adjustments |
|
|
— |
|
|
— |
|
|
6,789 |
|
|
6,789 |
Accrued restructuring as of March 31, 2026 |
|
$ |
1,181 |
|
$ |
— |
|
$ |
— |
|
$ |
1,181 |
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Cost of sales |
|
$ |
116 |
|
$ |
137 |
|
$ |
1,155 |
|
$ |
7,726 |
Selling, general and administrative(1) |
|
|
— |
|
|
283 |
|
|
— |
|
|
5,927 |
Total |
|
$ |
116 |
|
$ |
420 |
|
$ |
1,155 |
|
$ |
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended March 31, |
|
|
2026 |
|
2025 |
|
|
|
Employee |
|
|
Asset-related |
|
|
|
|
|
Employee |
|
|
Asset-related |
|
|
|
|
|
|
severance |
|
|
and other |
|
|
Total |
|
|
severance |
|
|
and other |
|
|
Total |
Protein Sciences |
|
$ |
71 |
|
$ |
45 |
|
$ |
116 |
|
$ |
10 |
|
$ |
119 |
|
$ |
129 |
Diagnostics and Spatial Biology |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Corporate |
|
|
— |
|
|
— |
|
|
— |
|
|
291 |
|
|
— |
|
|
291 |
Total |
|
$ |
71 |
|
$ |
45 |
|
$ |
116 |
|
$ |
301 |
|
$ |
119 |
|
$ |
420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended March 31, |
|
|
2026 |
|
2025 |
|
|
|
Employee |
|
|
Asset-related |
|
|
|
|
|
Employee |
|
|
Asset-related |
|
|
|
|
|
|
severance |
|
|
and other |
|
|
Total |
|
|
severance |
|
|
and other |
|
|
Total |
Protein Sciences |
|
$ |
769 |
|
$ |
386 |
|
$ |
1,155 |
|
$ |
2,323 |
|
$ |
10,291 |
|
$ |
12,614 |
Diagnostics and Spatial Biology |
|
|
— |
|
|
— |
|
|
— |
|
|
425 |
|
|
— |
|
|
425 |
Corporate |
|
|
— |
|
|
— |
|
|
— |
|
|
610 |
|
|
4 |
|
|
614 |
Total |
|
$ |
769 |
|
$ |
386 |
|
$ |
1,155 |
|
$ |
3,358 |
|
$ |
10,295 |
|
$ |
13,653 |
|
| Schedule of restructuring reserve |
|
|
|
|
|
|
|
|
|
|
|
|
Employee |
|
Asset-related |
|
|
|
|
severance(1) |
|
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 as of June 30, 2025 |
|
$ |
1,222 |
|
$ |
— |
|
$ |
1,222 |
Incremental expense incurred in fiscal 2026 |
|
|
769 |
|
|
386 |
|
|
1,155 |
Cash payments |
|
|
(1,667) |
|
|
(386) |
|
|
(2,053) |
Accrued restructuring as of March 31, 2026 |
|
$ |
324 |
|
$ |
— |
|
$ |
324 |
(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.
|