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RESTRUCTURING | 3 Months Ended
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Jun. 27, 2026
Restructuring and Related Activities [Abstract] |
RESTRUCTURING | 5. RESTRUCTURING On an ongoing basis, the Company assesses the global economy, the healthcare industry, and the markets in which it competes to identify opportunities for efficiencies, enhance commercial capabilities, align its resources and offer its customers better solutions. In order to realize these opportunities, the Company undertakes restructuring-type activities to transform its business. Operational Excellence Program In July 2019, the Board of Directors of the Company approved the Operational Excellence Program (the “2020 Program”) and delegated authority to the Company’s management to determine the detail of the initiatives that will comprise the program. The 2020 Program closed as of March 29, 2025. During the three months ended June 28, 2025, the Company recognized reversals of previously incurred costs of $0.1 million. Portfolio Rationalization Initiatives In November 2023, the C ompany announced its plans to end of life the ClotPro analyzer system within the previously named Hospital business unit and certain products within the previously named Blood Center business unit, primarily in Whole Blood, including the associated manufacturing operations and closure of certain other facilities. These portfolio rationalization initiatives closed as of March 29, 2025. During the three months ended June 28, 2025, the Company recognized reversals of previously incurred costs of $1.5 million related to the divestiture of the Whole Blood product line. Market and Regional Alignment Initiative In May 2025, the Board approved a market and regional alignment initiative and delegated authority to the Company’s management to determine the details of the specific actions that will comprise the initiative. This strategic initiative is designed to improve operational performance and reduce costs by directing the Company’s resources toward the markets and geographies that offer the greatest growth and portfolio advancement opportunities. The amounts and timing of estimated costs and savings are subject to change until finalized. The actual amounts and timing may vary materially based on various factors. Under this initiative the Company incurred restructuring and restructuring related costs of $2.3 million and $2.8 million during the three months ended June 27, 2026 and June 28, 2025, respectively. Total cumulative charges under the market and regional alignment initiative are $7.9 million as of June 27, 2026. The following table summarizes the activ ity for restructuring reserves related to the 2020 Pr ogram, the portfolio rationalization initiatives and the market and regional alignment initiative for the three months ended June 27, 2026, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:
| 2020 Program |  | Portfolio Rationalization Initiatives |  | Market and Regional Alignment |  | Total
Balance as of March 28, 2026 | $ | 23 |  |  | $ | 716 |  |  | $ | 568 |  |  | $ | 1,307 |
Costs incurred, net of reversals | — |  |  | — |  |  | 2,298 |  |  | 2,298 |
Payments | (23) |  |  | (329) |  |  | (2,091) |  |  | (2,443) |
Balance as of June 27, 2026 | $ | — |  |  | $ | 387 |  |  | $ | 775 |  |  | $ | 1,162 |
The following presents the net restructuring costs by line item within the Company’s accompanying unaudited condensed consolidated statements of income:
| Three Months Ended |  |
| June 27, 2026 |  | June 28, 2025 |  |  |  |
| (Dollars in Thousands)
Cost of goods sold | $ | 783 |  |  | $ | (385) |  |  |  |  |
Research and development | (8) |  |  | 685 |  |  |  |  |
Selling, general and administrative expenses | 1,523 |  |  | 966 |  |  |  |  |
Total | $ | 2,298 |  |  | $ | 1,266 |  |  |  |  |
As of June 27, 2026, the Company had a restructuring liability of $1.2 million, all of which is payable within the next twelve months. In addition to the restructuring expenses included in the table above, the Company also incurred costs that do not constitute restructuring costs under FASB ASC Topic 420, Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs. These costs consist primarily of expenditures directly related to the restructuring actions. The tables below present restructuring and restructuring related costs by reportable segment:
| Three Months Ended |  |
| June 27, 2026 |  | June 28, 2025 |  |  |
| (Dollars in Thousands)
Restructuring costs |  |  |  |  |  |
Apheresis | $ | 13 |  |  | $ | (452) |  |  |  |
MedSurg | 2,309 |  |  | 576 |  |  |  |
Corporate | (24) |  |  | 1,142 |  |  |  |
Total | $ | 2,298 |  |  | $ | 1,266 |  |  |  |
Restructuring related costs |  |  |  |  |  |
Apheresis | $ | — |  |  | $ | 9 |  |  |  |
MedSurg | — |  |  | — |  |  |  |
Corporate | (40) |  |  | 49 |  |  |  |
Total | $ | (40) |  |  | $ | 58 |  |  |  |
Total restructuring and restructuring related costs | $ | 2,258 |  |  | $ | 1,324 |  |  |  |

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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 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 2: 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 3: 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 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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