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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Acquisition [Line Items] |
Schedule of Pro Forma Financial Statements | The unaudited pro forma financial information was as follows (in millions):
|  | Three months ended June 30, 2024 |  |  | Three months ended June 30, 2023 |
|  | Before Adjustments |  |  | Pro forma Adjustments |  |  | After Adjustments |  |  | Before Adjustments |  |  | Pro forma Adjustments |  |  | After Adjustments |
Revenue |  | $ | 815.3 |  |  | $ | — |  |  | $ | 815.3 |  |  | $ | 770.8 |  |  | $ | — |  |  | $ | 770.8 |
Net (loss) income |  | $ | 5.0 |  |  | $ | (17.6 | ) |  | $ | (12.6 | ) |  | $ | 4.6 |  |  | $ | (29.9 | ) |  | $ | (25.3 | )
|  | Six months ended June 30, 2024 |  |  | Six months ended June 30, 2023 |
|  | Before Adjustments |  |  | Pro forma Adjustments |  |  | After Adjustments |  |  | Before Adjustments |  |  | Pro forma Adjustments |  |  | After Adjustments |
Revenue |  | $ | 1,581.7 |  |  | $ | — |  |  | $ | 1,581.7 |  |  | $ | 1,539.6 |  |  | $ | — |  |  | $ | 1,539.6 |
Net (loss) income |  | $ | 47.2 |  |  | $ | (15.1 | ) |  | $ | 32.1 |  |  | $ | 27.1 |  |  | $ | (55.8 | ) |  | $ | (28.7 | )
2024 Acquisitions |
Business Acquisition [Line Items] |
Schedule of Components and Fair Value Allocation of the Consideration Transferred in Connection with Acquisitions | The following table reflects the consideration transferred and the respective reportable segment for certain of the 2024 acquisitions (in millions)
|  | NanoString Technologies, Inc. |  | ELITechGroup |  | Chemspeed Technologies AG |  | Other |  | Total |
Segment |  | BSI Nano |  | BSI CALID |  | BSI BBIO |  | Various |  |  |
Consideration Transferred: |  |  |  |  |  |  |  |  |  |  |
Cash paid |  | $ | 392.6 |  | $ | 951.9 |  | $ | 175.4 |  | $ | 106.2 |  | $ | 1,626.1 |
Cash acquired |  |  | (0.5 | ) |  | (43.4 | ) |  | (0.6 | ) |  | (7.6 | ) |  | (52.1 | )
Fair value of contingent consideration |  |  | — |  |  | — |  |  | — |  |  | 13.4 |  |  | 13.4 |
Working capital and other closing adjustments |  |  | — |  |  | 23.5 |  |  | — |  |  | 2.1 |  |  | 25.6 |
Total consideration transferred, net of cash acquired |  | $ | 392.1 |  | $ | 932.0 |  | $ | 174.8 |  | $ | 114.1 |  | $ | 1,613.0 |
Allocation of Consideration Transferred: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 16.8 |  | $ | 30.6 |  | $ | 7.0 |  | $ | 2.9 |  | $ | 57.3 |
Inventories |  |  | 51.5 |  |  | 31.6 |  |  | 48.7 |  |  | 29.4 |  |  | 161.2 |
Other current assets |  |  | 8.9 |  |  | 15.7 |  |  | 1.4 |  |  | 1.1 |  |  | 27.1 |
Property, plant and equipment |  |  | 31.0 |  |  | 36.2 |  |  | 1.8 |  |  | 0.8 |  |  | 69.8 |
Other assets |  |  | 20.3 |  |  | 41.3 |  |  | 17.3 |  |  | 3.4 |  |  | 82.3 |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |
Technology |  |  | 70.0 |  |  | 193.3 |  |  | 27.9 |  |  | 33.6 |  |  | 324.8 |
Customer relationships |  |  | 71.0 |  |  | 236.3 |  |  | 51.5 |  |  | 5.7 |  |  | 364.5 |
Backlog |  |  | — |  |  | 0.5 |  |  | 9.4 |  |  | 4.9 |  |  | 14.8 |
Trade name |  |  | 20.0 |  |  | 12.3 |  |  | 4.8 |  |  | 2.2 |  |  | 39.3 |
Goodwill |  |  | 187.8 |  |  | 500.8 |  |  | 123.5 |  |  | 64.0 |  |  | 876.1 |
Deferred taxes (net) |  |  | — |  |  | (99.8 | ) |  | (14.7 | ) |  | 2.3 |  |  | (112.2 | )
Liabilities assumed |  |  | (85.2 | ) |  | (66.8 | ) |  | (103.8 | ) |  | (36.2 | ) |  | (292.0 | )
Total consideration allocated |  | $ | 392.1 |  | $ | 932.0 |  | $ | 174.8 |  | $ | 114.1 |  | $ | 1,613.0 |
Other 2024 Acquisitions |
Business Acquisition [Line Items] |
Schedule of Consideration Transferred and the Respective Reportable Segment for Each Acquisition | The following table reflects the consideration transferred and the respective reportable segment for the acquisition (in millions):
Name of Acquisition |  | Date Acquired |  | Segment |  | Total Consideration, net of Cash Acquired |  |  | Cash Consideration |
Phasefocus Holdings Limited |  | March 1, 2024 |  | BSI Nano |  | $ | 6.3 |  |  | $ | 6.4 |
Nanophoton Corporation |  | February 5, 2024 |  | BSI CALID |  | $ | 13.3 |  |  | $ | 10.8 |
Spectral Instruments Imaging LLC |  | February 1, 2024 |  | BSI BBIO |  | $ | 29.3 |  |  | $ | 29.0 |
Nion, LLC |  | January 2, 2024 |  | BSI Nano |  | $ | 42.9 |  |  | $ | 37.4 |
Tornado Spectral Systems, Inc. |  | January 1, 2024 |  | BSI CALID |  | $ | 22.3 |  |  | $ | 22.6 |
|  |  |  |  |  | $ | 114.1 |  |  | $ | 106.2 |
2024 Minority and Equity-method Investments In the quarter ended March 31, 2024, the Company also completed a minority investment. The investment is accounted for under the measurement alternative, at cost less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments, if any. The investment carrying value of this minority investment at, June 30, 2024 remains at cost. The following table reflects the consideration transferred for the investments (in millions):
Name |  | Financial Statement Classification |  | Date Acquired |  | Total Consideration |  |  | Cash Consideration |
Other minority investments |  | Other long-term assets |  | February 22, 2024 |  | $ | 10.0 |  |  | $ | 10.0 |
|  |  |  |  |  | $ | 10.0 |  |  | $ | 10.0 |
2023 Acquisitions |
Business Acquisition [Line Items] |
Schedule of Components and Fair Value Allocation of the Consideration Transferred in Connection with Acquisitions | The following table reflects the consideration transferred and the reportable segment for these acquisitions (in millions):
|  | Biognosys, AG |  |  | Zontal, Inc. |
Segment |  | BSI CALID |  |  | BSI BioSpin |
Consideration Transferred: |  |  |  |  |  |
Cash paid |  | $ | 73.6 |  |  | $ | 14.8 |
Cash acquired |  |  | (9.5 | ) |  |  | (0.3 | )
Holdback |  |  | 0.2 |  |  |  | — |
Fair value of hybrid financial instruments - founders |  |  | — |  |  |  | 18.5 |
Fair value of redeemable noncontrolling interest - other shareholders |  |  | 2.5 |  |  |  | — |
Fair value of contingent consideration |  |  | — |  |  |  | 0.5 |
Total consideration transferred |  | $ | 66.8 |  |  | $ | 33.5 |
Allocation of Consideration Transferred: |  |  |  |  |  |
Accounts receivable |  | $ | 3.6 |  |  | $ | 0.7 |
Inventories |  |  | 0.4 |  |  |  | — |
Other current assets |  |  | 0.9 |  |  |  | 0.3 |
Property, plant and equipment |  |  | 8.0 |  |  |  | — |
Other assets |  |  | 4.3 |  |  |  | 2.5 |
Intangible assets: |  |  |  |  |  |
Technology |  |  | 10.2 |  |  |  | 5.8 |
Customer relationships |  |  | 13.8 |  |  |  | 4.0 |
Trade name |  |  | 2.7 |  |  |  | 1.1 |
Backlog |  |  | 0.8 |  |  |  | 0.2 |
Goodwill |  |  | 47.5 |  |  |  | 25.9 |
Liabilities assumed |  |  | (25.4 | ) | (a) |  | (7.0 | )
Total consideration allocated |  | $ | 66.8 |  |  | $ | 33.5 |
(a) This amount includes assumed liability for employee awards of $6.3 million on acquisition date and was settled in the period ended March 31, 2023.
Other 2023 Acquisitions |
Business Acquisition [Line Items] |
Schedule of Consideration Transferred and the Respective Reportable Segment for Each Acquisition | The following table reflects the consideration transferred and the respective reportable segment for these acquisitions (in millions):
Name of Acquisition |  | Date Acquired |  | Segment |  | Total Consideration |  |  | Cash Consideration |
Acquifer Imaging GmbH and Deltabyte GmbH |  | January 4, 2023 |  | BSI NANO |  | $ | 7.6 |  |  | $ | 7.6 |
Other majority owned acquisitions |  | Various |  | BSI CALID |  |  | 19.1 |  |  |  | 12.2 |
|  |  |  |  |  | $ | 26.7 |  |  | $ | 19.8 |
2023 Minority and Equity-method Investments During the six months ended June 30, 2023, the Company also completed several minority investments. These investments are accounted for under the alternative measurement, and as such, the investment values also represent the carrying value at June 30, 2023. The following table reflects the consideration transferred and the respective reportable segment for the investments (in millions):
Name |  | Acquisition / Investment |  | Financial Statement Classification |  | Date Acquired |  | Segment |  | Total Consideration |  |  | Cash Consideration |
Other Investments |  | Investment |  | Other long-term assets |  | Various |  | Various |  | $ | 9.2 |  |  | $ | 9.2 |
|  |  |  |  |  |  |  |  |  | $ | 9.2 |  |  | $ | 9.2 |

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