Restructurings (Tables)
|
3 Months Ended |
Sep. 30, 2026 |
|---|
| Fiscal Year 2026 Restructuring Actions |
|
| Restructuring |
|
| Schedule of restructuring charges |
The restructuring and restructuring-related changes for periods presented were recorded in the Consolidated Statements of Earnings and Comprehensive Income as follows (in thousands):
|
|
|
|
|
|
Quarter Ended |
|
|
September 30, |
|
|
2026 |
Cost of sales |
|
$ |
— |
Selling, general and administrative(1) |
|
|
2,258 |
Total |
|
$ |
2,258 |
(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, 2026 |
|
|
|
Employee |
|
|
Asset-related |
|
|
|
|
|
|
severance |
|
|
and other |
|
|
Total |
Protein Sciences |
|
$ |
262 |
|
$ |
— |
|
$ |
262 |
Diagnostics and Spatial Biology |
|
|
— |
|
|
— |
|
|
— |
Corporate |
|
|
— |
|
|
1,996 |
|
|
1,996 |
Total |
|
$ |
262 |
|
$ |
1,996 |
|
$ |
2,258 |
|
| Schedule of restructuring reserve |
The following table summarizes the changes in the Company’s accrued restructuring balance, which is included within Accrued expenses in the accompanying Consolidated Balance Sheets. Other amounts reported as restructuring and restructuring-related costs in the accompanying Consolidated Statements of Earnings and Comprehensive Income have been summarized in the notes to the table (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Employee |
|
Asset-related |
|
|
|
|
severance |
|
and other |
|
Total |
Expense incurred in the fourth quarter of 2026 |
|
$ |
760 |
|
$ |
3,471 |
|
$ |
4,231 |
Cash payments |
|
|
(314) |
|
|
(2,395) |
|
|
(2,709) |
Accrued restructuring as of June 30, 2026 |
|
$ |
446 |
|
$ |
1,076 |
|
$ |
1,522 |
Expense incurred in fiscal 2027 |
|
$ |
262 |
|
$ |
1,996 |
|
$ |
2,258 |
Cash payments |
|
|
(708) |
|
|
(2,659) |
|
|
(3,367) |
Accrued restructuring as of September 30, 2026 |
|
$ |
— |
|
$ |
413 |
|
$ |
413 |
|
| Fiscal Year 2025 Restructuring Actions |
|
| 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, |
|
|
2026 |
|
2025 |
Cost of sales |
|
$ |
1,406 |
|
$ |
1,482 |
Selling, general and administrative(1) |
|
|
- |
|
|
(1,357) |
Total |
|
$ |
1,406 |
|
$ |
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, |
|
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recovery |
|
|
|
|
|
|
Employee |
|
|
Asset-related |
|
|
|
|
|
Employee |
|
|
Asset-related |
|
|
of assets |
|
|
|
|
|
|
severance |
|
|
and other |
|
|
Total |
|
|
severance |
|
|
and other |
|
|
held-for-sale |
|
|
Total |
Protein Sciences |
|
$ |
— |
|
$ |
1,406 |
|
$ |
1,406 |
|
$ |
1,636 |
|
$ |
1,572 |
|
$ |
— |
|
$ |
3,208 |
Diagnostics and Spatial Biology |
|
|
— |
|
|
— |
|
|
— |
|
|
2,966 |
|
|
— |
|
|
(6,789) |
|
|
(3,823) |
Corporate |
|
|
— |
|
|
— |
|
|
— |
|
|
740 |
|
|
— |
|
|
— |
|
|
740 |
Total |
|
$ |
— |
|
$ |
1,406 |
|
$ |
1,406 |
|
$ |
5,342 |
|
$ |
1,572 |
|
$ |
(6,789) |
|
$ |
125 |
|
| Schedule of restructuring reserve |
The following table summarizes the changes in the Company’s accrued restructuring balance, which is included within Accrued expenses in the accompanying Condensed Consolidated Balance Sheets. 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-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 |
|
$ |
6,681 |
|
$ |
9,017 |
|
$ |
(6,789) |
|
$ |
8,909 |
Cash payments |
|
|
(6,534) |
|
|
(9,077) |
|
|
— |
|
|
(15,611) |
Non-cash adjustments |
|
|
— |
|
|
— |
|
|
6,789 |
|
|
6,789 |
Accrued restructuring as of June 30, 2026 |
|
$ |
1,188 |
|
$ |
— |
|
$ |
— |
|
$ |
1,188 |
Expense incurred in fiscal 2027 |
|
$ |
— |
|
$ |
1,406 |
|
$ |
— |
|
$ |
1,406 |
Cash payments |
|
|
(1,038) |
|
|
(1,406) |
|
|
— |
|
|
(2,444) |
Accrued restructuring as of September 30, 2026 |
|
$ |
150 |
|
$ |
— |
|
$ |
— |
|
$ |
150 |
(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. |
|