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ACQUISITIONS AND STRATEGIC INVESTMENTS | 3 Months Ended
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Jun. 27, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
ACQUISITIONS AND STRATEGIC INVESTMENTS | 3. ACQUISITIONS AND STRATEGIC INVESTMENTS A cquisitions Vivasure Medical Limited On January 9, 2026, the Company acquired all of the outstanding equity interests of Vivasure Medical Limited (“Vivasure”) for a net purchase price of $166.1 million. The net purchase price included $60.2 million paid in cash at closing, net of $0.4 million cash acquired and after giving effect to the value of certain prior investments and loans made by the Company to Vivasure, as well as other customary closing adjustments, and the fair value of contingent consideration of $20.7 million. The contingent consideration is based on sales growth over the three years following the completion of the acquisition and the achievement of certain other milestones and is also subject to adjustments based on the value of certain prior investments and loans. The Company financed this transaction through available cash on hand. During the fourth quarter of fiscal 2026, the Company recorded a gain of $4.9 million within interest and other expense, net on the consolidated statements of income as a result of the remeasurement of the Company’s prior equity interest of approximately 30% in Vivasure, which had a fair value of $47.3 million. Vivasure is a Galway, Ireland-based company pioneering next-generation technology for percutaneous vessel closure. Vivasure’s PerQseal® Elite system uses a proprietary bioabsorbable patch to seal large-bore (up to 26 F) arteriotomies and venotomies from inside the vessel, offering a sutureless, fully absorbable solution for structural heart and endovascular procedures. In 2025, Vivasure submitted a premarket approval application to the U.S. FDA for the PerQseal Elite arterial closure system and received CE Mark in Europe for both arterial and venous indications. The addition of Vivasure expands the MedSurg business unit portfolio in the interventional cardiology market and will be included in the MedSurg reportable segment. Purchase Price Allocation The Company accounted for the acquisition as a business combination, and in accordance with FASB ASC 805, Business Combinations (Topic 805), recorded the assets acquired and liabilities assumed at their fair values as of the acquisition date. The fair value of assets acquired and liabilities assumed have been recognized based on management’s estimates and assumptions using the information regarding facts and circumstances that existed at the closing date. The assessment of fair value is preliminary and is based on information that was available at the time the Company’s consolidated financial statements were prepared. Measurement period adjustments may arise upon the availability of further information regarding events or circumstances that existed at the acquisition date and will be recorded in the period in which they are determined, as if they had been completed at the acquisition date. During the first quarter of fiscal 2027 the Company recorded measurement period adjustments that were considered not material. The finalization of the Company’s purchase accounting assessment could result in changes in the valuation of assets acquired and liabilities assumed, which could be material. The final determination of the fair value of certain assets and liabilities will be completed within the measurement period as required by Topic 805. The total purchase price of $166.1 million consists of the amounts presented below, which represent the initial determination of the fair value of the identifiable assets acquired and liabilities assumed:
| January 9, 2026
| (Dollars in Thousands)
Cash and cash equivalents | $ | 449 |
Accounts receivable | 21 |
Inventories | 1,056 |
Prepaid expenses and other current assets | 1,736 |
Property, plant and equipment | 575 |
Intangible assets | 117,100 |
Goodwill | 52,193 |
Other long-term assets | 1,972 |
Total assets acquired | $ | 175,102 |
Accounts payable | 1,186 |
Accrued payroll and related costs | 2,889 |
Other current liabilities | 4,741 |
Other long-term liabilities | 199 |
Total liabilities assumed | 9,015 |
Net assets acquired | $ | 166,087 |
The Company determined that the identifiable intangible asset was primarily developed technology. The fair value of the intangible asset was based on valuation techniques with estimates and assumptions developed by the Company. Developed technology was valued using the excess earnings method. In developing the discount rates applied to the cash flow projections, the discount rates were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital and then adjusted to reflect the relative risk of the asset. The excess of the purchase price over the tangible assets, identifiable intangible asset and assumed liabilities was recorded as goodwill. As a result of the acquisition of Vivasure, the Company recognized goodwill of $52.2 million based on expected synergies from integration into the Company’s MedSurg business unit. The goodwill is not deductible for tax purposes and relates entirely to the MedSurg reportable segment. Intangible assets acquired consist of the following:
| Amount |  | Weighted-Average Amortization Period |  | Risk-Adjusted Discount Rates used in Purchase Price Allocation
| (Dollars in Thousands)
Developed technology | $ | 117,100 |  |  | 16 years |  | 16.5 | %
Total | $ | 117,100 |  |  |  |  |
Acquisition-Related Costs The Company incurred $1.1 million of acquisition-related costs during fiscal 2026 in connection with the Vivasure acquisition. These costs related to legal and other professional fees, which were recognized in selling, general and administrative on the consolidated statements of income. The Company’s consolidated financial statements include the results of Vivasure from the date the acquisition was completed. Pro forma financial information has not been presented as the acquisition is not material to the Company’s overall financial results. For information regarding the remeasurement of the contingent consideration liability refer to Note 13, Financial Instruments and Fair Value Measurements. Strategic Investments As part of its business development strategy, the Company maintains strategic investments in certain entities. The carrying value of the Company’s strategic investments was $24.7 million as of June 27, 2026 and $19.2 million as of March 28, 2026. These investments are included within other long-term assets in the Company’s condensed consolidated balance sheets. During the three months ended June 27, 2026, the Company recognized a $1.0 million loss related to an equity method investment, which reduced the carrying value of the investment accordingly. Other than this adjustment, the Company did not record any material adjustments to the carrying value of its strategic investments during the three months ended June 27, 2026 or June 28, 2025.

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