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Restructurings | 12 Months Ended
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Jun. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructurings | Note 14. Restructurings: Fiscal 2025 Restructuring Actions: During the fourth quarter, management engaged in a series of restructuring activities to optimize components of our global manufacturing processes. These activities included adjusting manufacturing locations and protocols of certain products to better align with geographical and customer demand. Associated with these manufacturing changes, the Company incurred asset impairments of $11.5 million. Additionally, the Company pursued strategic divestiture of the Exosome Diagnostics business. The Company is expecting to incur costs related to these actions through fiscal 2026, which will be recorded when specified criteria are met. As part of these actions, certain assets and liabilities associated with a disposal group in our Diagnostics and Spatial Biology segment were classified as held-for-sale as of May 31, 2025, including $4.5 million of goodwill allocated to the disposal group on a relative fair value basis. As a result of an impairment test performed over the disposal group during fiscal 2025, a cumulative impairment charge of $83.1 million which includes the allocated goodwill, was recorded in the Selling, general and administrative line in the Consolidated Statements of Earnings and Comprehensive Income for fiscal 2025. The restructuring and restructuring-related charges for periods presented were recorded in the Consolidated Statements of Earnings and Comprehensive Income as follows (in thousands):
​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | June 30,
​ | ​ | 2025
Cost of sales | ​ | $ | 11,471
Selling, general and administrative | ​ | ​ | 84,160
Total | ​ | $ | 95,631
Restructuring and restructuring-related costs by segment are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended June 30, 2025
​ | ​ | ​ | Employee | ​ | ​ | Asset-related | ​ | ​ | Impairment of | ​ | ​ | ​
​ | ​ | ​ | severance | ​ | ​ | and other | ​ | ​ | assets held-for-sale | ​ | ​ | Total
Protein Sciences | ​ | $ | — | ​ | $ | 11,471 | ​ | $ | — | ​ | $ | 11,471
Diagnostics and Spatial Biology | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 83,059 | ​ | ​ | 83,059
Corporate | ​ | ​ | 1,041 | ​ | ​ | 60 | ​ | ​ | — | ​ | ​ | 1,101
Total | ​ | $ | 1,041 | ​ | $ | 11,531 | ​ | $ | 83,059 | ​ | $ | 95,631
​ 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 Income and Comprehensive Income have been summarized in the notes to the table (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Impairment | ​ | ​ | ​
​ | ​ | 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
(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.
In the first quarter of fiscal 2025, the Company announced enterprise-wide restructuring focused on recovering operating margins and optimizing our manufacturing footprint. The Company is expecting to incur costs related to these actions through fiscal 2026, which will be recorded when specified criteria are met. The restructuring and restructuring-related charges for periods presented were recorded in the Consolidated Statements of Earnings and Comprehensive Income as follows (in thousands):
​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | June 30,
​ | ​ | 2025
Cost of sales | ​ | $ | 8,585
Selling, general and administrative(1) | ​ | ​ | 5,832
Total | ​ | $ | 14,417
(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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended June 30, 2025
​ | ​ | ​ | Employee | ​ | ​ | Asset-related | ​ | ​ | ​
​ | ​ | ​ | severance | ​ | ​ | and other | ​ | ​ | Total
Protein Sciences | ​ | $ | 2,425 | ​ | $ | 10,972 | ​ | $ | 13,397
Diagnostics and Spatial Biology | ​ | ​ | 411 | ​ | ​ | — | ​ | ​ | 411
Corporate | ​ | ​ | 609 | ​ | ​ | — | ​ | ​ | 609
Total | ​ | $ | 3,445 | ​ | $ | 10,972 | ​ | $ | 14,417
The following table summarizes the changes in the Company’s accrued restructuring balance, which is included within Other current liabilities in the accompanying Consolidated Balance Sheets. Other amounts reported as restructuring and restructuring-related costs in the accompanying 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
Initial 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
(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.
Fiscal 2024 Restructuring Actions: In the second quarter of fiscal 2024, the Company announced enterprise-wide restructuring focused on recovering operating margins, optimizing our distribution footprint, and enhancing our organization efficiency. These actions impacted approximately 4% of our global workforce. These actions continued through the end of fiscal 2025 as we incurred charges relating to the condensing of certain distribution centers and optimizing efficiency. As part of these actions, certain assets and liabilities associated with a disposal group in our Protein Sciences segment were classified as held-for-sale as of December 31, 2023, including $1.4 million of goodwill allocated to the disposal group on a relative fair value basis. As a result of an impairment test performed over the disposal group during fiscal 2024, a cumulative impairment charge of $22.0 million which includes the allocated goodwill, was recorded in the Selling, general and administrative line in the Consolidated Statements of Earnings and Comprehensive Income for fiscal 2024. There was a recovery related to the disposal group during fiscal 2025 of $2.6 million. During the quarter ended December 31, 2024, the Company entered into an agreement with a buyer to purchase the remaining inventory for approximately $8 million. As part of the arrangement, the Company and the buyer entered into a promissory note that will mature in February 2027 and agrees that the buyer shall pay in quarterly installments. As of June 30, 2025, the fair value of the note receivable was approximately $5.3 million and is included within Other current assets and Other assets on the Consolidated Balance Sheets. As of June 30, 2025, the assets remaining within the disposal group primarily include the land and building of $4.7 million, which is net of expected selling costs. These assets are actively marketed at a fair value based on market conditions such that the held-for-sale criterion are still met. The held-for-sale assets are recorded in Current assets held-for-sale in our Consolidated Balance Sheets as of June 30, 2025 and 2024. The restructuring and restructuring-related charges, including the impairment (recovery) of assets held-for-sale, for periods presented were recorded in the Consolidated Statements of Earnings and Comprehensive Income as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | June 30,
​ | ​ | ​ | 2025 | ​ | ​ | 2024
Cost of sales | ​ | $ | — | ​ | $ | 3,349
Selling, general and administrative(1) | ​ | ​ | (1,191) | ​ | ​ | 30,638
Total | ​ | $ | (1,191) | ​ | $ | 33,987
(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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended June 30,
​ | ​ | 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 | ​ | $ | 127 | ​ | $ | 73 | ​ | $ | (2,557) | ​ | $ | (2,357) | ​ | $ | 3,483 | ​ | $ | 5,130 | ​ | $ | 21,963 | ​ | $ | 30,576
Diagnostics and Spatial Biology | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,007 | ​ | ​ | 224 | ​ | ​ | — | ​ | ​ | 1,231
Corporate | ​ | ​ | 86 | ​ | ​ | 1,080 | ​ | ​ | — | ​ | ​ | 1,166 | ​ | ​ | 1,153 | ​ | ​ | 1,027 | ​ | ​ | — | ​ | ​ | 2,180
Total | ​ | $ | 213 | ​ | $ | 1,153 | ​ | $ | (2,557) | ​ | $ | (1,191) | ​ | $ | 5,643 | ​ | $ | 6,381 | ​ | $ | 21,963 | ​ | $ | 33,987
​ The following table summarizes the changes in the Company’s accrued restructuring balance, which is included within Other current liabilities in the accompanying Consolidated Balance Sheets. Other amounts reported as restructuring and restructuring-related costs in the accompanying 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
Initial expense incurred in the second quarter of 2024 | ​ | ​ | 4,882 | ​ | ​ | 504 | ​ | ​ | 6,038 | ​ | ​ | 11,424
Incremental expense incurred in the remainder of 2024 | ​ | ​ | 542 | ​ | ​ | 5,877 | ​ | ​ | 15,926 | ​ | ​ | 22,345
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 fiscal 2025 | ​ | ​ | 213 | ​ | ​ | 1,153 | ​ | ​ | (2,557) | ​ | ​ | (1,191)
Cash payments | ​ | ​ | (974) | ​ | ​ | (1,343) | ​ | ​ | — | ​ | ​ | (2,317)
Non-cash adjustments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,557 | ​ | ​ | 2,557
Accrued restructuring actions balance as of June 30, 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.
​ Fiscal 2023 Restructuring Actions: QT Holdings Corporation (Quad) In August 2022, the Company informed employees of our decision to close our Quad facility as part of a realignment of activities within our Reagent Solutions division. The closure of the site was completed in the fourth quarter of fiscal 2023. As a result of the restructuring activities, an estimated pre-tax charge of $2.2 million was recorded within our Protein Sciences segment for fiscal 2023. The related restructuring charges for fiscal 2023 were recorded in the Consolidated Statements of Earnings and Comprehensive Income as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Employee | ​ | Asset | ​ | ​
​ |  | severance |  | impairment and other |  | Total
Selling, general and administrative | ​ | $ | 1,328 | ​ | $ | 842 | ​ | $ | 2,170
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Employee | ​ | Asset | ​ | ​
​ |  | severance |  | impairment and other |  | Total
Expense incurred in the first quarter of 2023 | ​ | $ | 1,328 | ​ | $ | 842 | ​ | $ | 2,170
Cash payments | ​ | ​ | (1,233) | ​ | ​ | (772) | ​ | ​ | (2,005)
Adjustments | ​ | ​ | (95) | ​ | ​ | (70) | ​ | ​ | (165)
Accrued restructuring actions balances as of June 30, 2023 | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ Protein Sciences realignment In December 2022, the Company informed employees it would undertake certain actions to strategically reallocate operations resources to high growth areas of the business. Additional actions were taken in June 2023 primarily related to the sales organization. The actions impacted a limited number of employees and were completed in the fourth quarter of fiscal 2024. As a result of the realignment, a pre-tax charge of $1.7 million related to employee severance was recorded in the Selling, general and administrative line of Operating income within our Protein Sciences segment during fiscal 2023. Adjustments in fiscal 2024 relate to the refinement of employee severance payouts. Additional pre-tax charges for fiscal 2024 were $0.2 million. Restructuring actions, including cash and non-cash impacts, are as follows (in thousands):
​ | ​ | ​ | ​
​ | ​ | Employee
​ | ​ | severance
Expense incurred in fiscal year 2023 | ​ | $ | 1,677
Fiscal year 2023 cash payments | ​ | ​ | (762)
Fiscal year 2023 adjustments | ​ | ​ | (18)
Accrued restructuring actions balance as of June 30, 2023 | ​ | $ | 897
Fiscal year 2024 cash payments | ​ | ​ | (1,118)
Fiscal year 2024 adjustments(1) | ​ | ​ | 221
Accrued restructuring actions balance as of June 30, 2024 | ​ | $ | —
(1) | Fiscal 2024 adjustments relate to the refinement of the accrual recorded in fiscal 2023.
​

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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