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Segment and Geographic Information | 12 Months Ended
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Dec. 29, 2024
Segment Reporting [Abstract] |
Segment and Geographic Information | Segment and Geographic Information The Company operates in three geographically-based reportable segments: North America, EMEA and China. Although all three segments are engaged in the marketing, distribution and sale of diagnostic instruments and assays for hospitals, retailers, distributors, laboratories and/or blood and plasma centers worldwide, each region is managed separately to better align with the market dynamics of the specific geographic region. Latin America and JPAC are immaterial operating segments that are not considered reportable segments and are included in “Other.” In the fourth quarter of 2024, the Company revised the internal allocation of certain global costs primarily between the North America segment and Corporate to better align costs that impact the Company as a whole. Prior periods have been revised to align with the current period presentation. The following table presents the results of operations of the Company’s reportable segments for fiscal years ended 2024, 2023 and 2022:
| Fiscal Year Ended 2024
(In millions) | North America |  | EMEA |  | China |  | Other |  | Total
Total revenues | $ | 1,619.8 |  |  | $ | 335.8 |  |  | $ | 325.0 |  |  | $ | 502.3 |  |  | $ | 2,782.9 |
Less (1): |  |  |  |  |  |  |  |  |
Cost of sales, excluding amortization of intangibles | 547.0 |  |  | 179.5 |  |  | 148.0 |  |  | 271.3 |  |  | 1,145.8 |
Selling, marketing and administrative | 179.6 |  |  | 105.8 |  |  | 44.6 |  |  | 96.6 |  |  | 426.6 |
Research and development | 1.6 |  |  | 2.6 |  |  | 4.3 |  |  | 3.1 |  |  | 11.6 |
Other expense, net | (0.5) |  |  | 1.4 |  |  | (2.4) |  |  | (2.2) |  |  | (3.7) |
Total segment Adjusted EBITDA | $ | 892.1 |  |  | $ | 46.5 |  |  | $ | 130.5 |  |  | $ | 133.5 |  |  | 1,202.6 |
Reconciliation of segment Adjusted EBITDA |  |  |  |  |  |  |  |  |
Corporate (2) |  |  |  |  |  |  |  |  | (659.7) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (453.4) |
Interest expense, net |  |  |  |  |  |  |  |  | (163.5) |
Acquisition and integration costs |  |  |  |  |  |  |  |  | (127.2) |
Goodwill impairment charge |  |  |  |  |  |  |  |  | (1,822.6) |
Asset impairment charge |  |  |  |  |  |  |  |  | (56.9) |
Asset write off (3) |  |  |  |  |  |  |  |  | (20.0) |
Amortization of deferred cloud computing implementation costs |  |  |  |  |  |  |  |  | (14.7) |
Employee compensation charges |  |  |  |  |  |  |  |  | (5.6) |
Credit Agreement amendment fees |  |  |  |  |  |  |  |  | (4.0) |
EU medical device regulation transition costs (4) |  |  |  |  |  |  |  |  | (2.0) |
Loss on disposal (5) |  |  |  |  |  |  |  |  | (1.2) |
Gain on investments |  |  |  |  |  |  |  |  | 0.7 |
Other adjustments |  |  |  |  |  |  |  |  | (4.0) |
(Loss) income before income taxes |  |  |  |  |  |  |  |  | $ | (2,131.5) |
| Fiscal Year Ended 2023
(In millions) | North America |  | EMEA |  | China |  | Other |  | Total
Total revenues | $ | 1,877.1 |  |  | $ | 327.3 |  |  | $ | 310.1 |  |  | $ | 483.3 |  |  | $ | 2,997.8 |
Less (1): |  |  |  |  |  |  |  |  |
Cost of sales, excluding amortization of intangibles | 644.3 |  |  | 176.2 |  |  | 134.9 |  |  | 264.7 |  |  | 1,220.1 |
Selling, marketing and administrative | 205.9 |  |  | 105.1 |  |  | 44.7 |  |  | 100.1 |  |  | 455.8 |
Research and development | 1.6 |  |  | 2.5 |  |  | 4.5 |  |  | 3.1 |  |  | 11.7 |
Other expense, net | 0.1 |  |  | 2.5 |  |  | (1.2) |  |  | 0.1 |  |  | 1.5 |
Total segment Adjusted EBITDA | $ | 1,025.2 |  |  | $ | 41.0 |  |  | $ | 127.2 |  |  | $ | 115.3 |  |  | 1,308.7 |
Reconciliation of segment Adjusted EBITDA |  |  |  |  |  |  |  |  |
Corporate (2) |  |  |  |  |  |  |  |  | (585.5) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (457.2) |
Interest expense, net |  |  |  |  |  |  |  |  | (147.6) |
Acquisition and integration costs |  |  |  |  |  |  |  |  | (113.4) |
Asset impairment charge |  |  |  |  |  |  |  |  | (4.5) |
Tax indemnification expense |  |  |  |  |  |  |  |  | (12.6) |
Amortization of deferred cloud computing implementation costs |  |  |  |  |  |  |  |  | (9.2) |
Loss on investments |  |  |  |  |  |  |  |  | (3.6) |
EU medical device regulation transition costs (4) |  |  |  |  |  |  |  |  | (2.5) |
Other adjustments |  |  |  |  |  |  |  |  | (1.7) |
(Loss) income before income taxes |  |  |  |  |  |  |  |  | $ | (29.1) |
| Fiscal Year Ended 2022
(In millions) | North America |  | EMEA |  | China |  | Other |  | Total
Total revenues | $ | 2,536.5 |  |  | $ | 206.8 |  |  | $ | 220.0 |  |  | $ | 302.7 |  |  | $ | 3,266.0 |
Less (1): |  |  |  |  |  |  |  |  |
Cost of sales, excluding amortization of intangibles | 619.8 |  |  | 105.1 |  |  | 92.5 |  |  | 153.4 |  |  | 970.8 |
Selling, marketing and administrative | 226.6 |  |  | 66.7 |  |  | 27.1 |  |  | 56.1 |  |  | 376.5 |
Research and development | 1.0 |  |  | 2.2 |  |  | 2.4 |  |  | 1.7 |  |  | 7.3 |
Other expense, net | (0.1) |  |  | 1.4 |  |  | (1.4) |  |  | 0.3 |  |  | 0.2 |
Total segment Adjusted EBITDA | $ | 1,689.2 |  |  | $ | 31.4 |  |  | $ | 99.4 |  |  | $ | 91.2 |  |  | 1,911.2 |
Reconciliation of segment Adjusted EBITDA |  |  |  |  |  |  |  |  |
Corporate (2) |  |  |  |  |  |  |  |  | (580.2) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (283.6) |
Interest expense, net |  |  |  |  |  |  |  |  | (75.7) |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  | (24.0) |
Acquisition and integration costs |  |  |  |  |  |  |  |  | (136.0) |
Asset impairment charge |  |  |  |  |  |  |  |  | (2.8) |
Unwind inventory fair value adjustment |  |  |  |  |  |  |  |  | (60.6) |
Loss on investments |  |  |  |  |  |  |  |  | (5.8) |
Amortization of deferred cloud computing implementation costs |  |  |  |  |  |  |  |  | (5.4) |
Employee compensation charges |  |  |  |  |  |  |  |  | (3.2) |
EU medical device regulation transition costs (4) |  |  |  |  |  |  |  |  | (1.5) |
Tax indemnification expense |  |  |  |  |  |  |  |  | (0.3) |
Derivative mark-to-market gain |  |  |  |  |  |  |  |  | 4.4 |
Other adjustments |  |  |  |  |  |  |  |  | (0.6) |
(Loss) income before income taxes |  |  |  |  |  |  |  |  | $ | 735.9 |
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) Primarily consists of costs related to executive and staff functions, including certain finance, human resources, manufacturing and IT functions, which benefit the Company as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Company’s corporate function also includes debt and stock-based compensation associated with all employee stock-based awards. (3) Represents the write off of the tax assessment refund related to the Luxembourg net wealth tax, as the weight of available evidence indicated that it is not more likely than not that the position will be sustained during the pendency of an appeal. (4) Represents incremental consulting costs and R&D manufacturing site costs to align compliance of the Company’s existing, on-market products that were previously registered under the European In Vitro Diagnostics Directive regulatory framework with the requirements under the EU’s In Vitro Diagnostic Regulation, which generally apply from May 2022 onwards. (5) Represents loss on disposal from the sale of the McKellar, San Diego, CA facility. The Company’s President and CEO is the Company’s CODM. The CODM reviews the segment adjusted EBITDA results against the forecast to assess segment performance and determine how to allocate resources. The CODM does not review and is not provided capital expenditures, total depreciation and amortization or assets by segment, and therefore this information has been excluded as it does not comprise part of management’s key performance metrics. The following presents long-lived assets (excluding intangible assets) and total net revenue by geographic territory:
| Long-lived Assets as of |  | Total Revenues for Fiscal Year Ended
(In millions) | December 29, 2024 |  | December 31, 2023 |  | 2024 |  | 2023 |  | 2022
Domestic | $ | 947.8 |  |  | $ | 1,024.5 |  |  | $ | 1,568.8 |  |  | $ | 1,829.4 |  |  | $ | 2,451.7 |
Foreign | 432.4 |  |  | 419.3 |  |  | 1,214.1 |  |  | 1,168.4 |  |  | 814.3 |
Total | $ | 1,380.2 |  |  | $ | 1,443.8 |  |  | $ | 2,782.9 |  |  | $ | 2,997.8 |  |  | $ | 3,266.0 |

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