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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Acquisition [Line Items]

Schedule of Pro Forma Financial Statements

The unaudited pro forma financial information in the table below summarizes the combined GAAP revenue and net income (loss) results of the Company as though the acquisitions of ELITech and Chemspeed had been completed on January 1, 2023 (in millions):

		Three months ended September 30, 2024												Three months ended September 30, 2023
		Before Adjustments				Pro forma Adjustments				After Adjustments				Before Adjustments				Pro forma Adjustments				After Adjustments
Revenue		$	864.4			$	—			$	864.4			$	837.6			$	—			$	837.6
Net income (loss)		$	40.9			$	1.8			$	42.7			$	44.2			$	(19.0	)		$	25.2

		Nine months ended September 30, 2024												Nine months ended September 30, 2023
		Before Adjustments				Pro forma Adjustments				After Adjustments				Before Adjustments				Pro forma Adjustments				After Adjustments
Revenue		$	2,446.4			$	—			$	2,446.4			$	2,374.3			$	—			$	2,374.3
Net income (loss)		$	88.2			$	(15.7	)		$	72.5			$	68.8			$	(64.9	)		$	3.9

Pro forma adjustments that impact net income (loss)

The pro forma adjustments that impact net income (loss) include the following (in millions):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Net (increase) decrease in amortization and depreciation expense associated with tangible and intangible assets		$	1.8			$	(9.0	)		$	(2.4	)		$	(34.9	)
Net increase in interest expense			—				(10.0	)			(13.3	)			(30.0	)
Total pro forma adjustments - net income (loss)		$	1.8			$	(19.0	)		$	(15.7	)		$	(64.9	)

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		$	107.1		$	1,627.0
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			—			22.7			—			2.5			25.2
Total consideration transferred, net of cash acquired		$	392.1		$	931.2		$	174.8		$	115.4		$	1,613.5
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			0.9			69.9
Other assets			20.3			41.3			17.3			3.4			82.3
Intangible assets:
Technology			76.0			193.3			27.9			34.9			332.1
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			181.8			500.1			123.5			68.6			874.0
Deferred taxes (net)			—			(99.8	)		(14.7	)		(2.5	)		(117.0	)
Liabilities assumed			(85.2	)		(66.9	)		(103.8	)		(36.1	)		(292.0	)
Total consideration allocated		$	392.1		$	931.2		$	174.8		$	115.4		$	1,613.5

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
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
Other (In aggregate)		Various		Various			7.6				7.3
						$	115.4			$	107.1

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 the 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
Interherence GmbH		July 3, 2023		BSI CALID		$	17.3			$	3.9
Fasmatech Science SA		March 3, 2023		BSI CALID			10.3				8.4
Other (In aggregate)		Various		Various			16.2				11.2
						$	43.8			$	23.5

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