XML 44 R27.htm IDEA: XBRL DOCUMENT
v3.24.3

Note 18 - Segment and Geographic Information | 12 Months Ended
--- | ---
Sep. 30, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 18. Segment and Geographic Information Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and to assess performance. The Company’s Chief Executive Officer is the Company’s CODM. Effective October 1, 2023, the Company realigned its organizational structure to three principal business segments to enhance its commercial strategy for accelerating growth and to enable additional profitability initiatives. These segments align with changes in how the Company’s CODM manages the business, allocates resources, and assesses performance. The Company’s operating and reportable segments consist of the following:
| ● | Sample Management Solutions. The SMS business resources operate as a single business unit offering end-to-end sample management products and services, including: Sample Repository Services and Core Products (Automated Stores, Cryogenic Systems, Automated Sample Tube, Consumables and Instruments and Controlled Rate Thawing Devices).
| ● | Multiomics. The Multiomics business resources operate as a single business unit offering genomic and other sample analysis services, including gene sequencing, synthesis editing and related services.
| ● | B Medical Systems. The B Medical Systems business resources operate as a single business unit focused on the manufacturing and distribution of temperature-controlled storage and transportation solutions in international markets to governments, health institutions, and non-government organizations.
The segment realignment had no impact on the Company’s consolidated financial position, results of operations, or cash flows. All segment information is reflective of this new structure, and prior period information has been recast to conform to our current period presentation. Management considers adjusted operating income (loss), which excludes charges related to amortization of intangible assets, purchase accounting impact on inventory, transformation and rebranding costs, restructuring charges, goodwill and intangible asset impairment, fair value adjustments to contingent consideration, merger and acquisition costs and costs related to share repurchase, governance-related matters, and other unallocated corporate expenses, as the primary performance metric when evaluating each segment’s operations. The following is the summary of the financial information for the Company’s reportable segments for the fiscal years ended September 30, 2024, 2023 and 2022 (in thousands):
|  | Year Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Sample Management Solutions |  | $ | 318,646 |  |  | $ | 303,654 |  |  | $ | 304,561 |
Multiomics |  |  | 254,552 |  |  |  | 248,296 |  |  |  | 250,937 |
B Medical Systems |  |  | 83,125 |  |  |  | 113,122 |  |  |  | - |
Total revenue |  | $ | 656,323 |  |  | $ | 665,072 |  |  | $ | 555,498 |
Adjusted operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Sample Management Solutions |  | $ | 10,841 |  |  | $ | (2,349 | ) |  | $ | 23,970 |
Multiomics |  |  | (7,995 | ) |  |  | (13,779 | ) |  |  | 5,032 |
B Medical Systems |  |  | (5,669 | ) |  |  | 919 |  |  |  | — |
Segment adjusted operating income (loss) |  |  | (2,823 | ) |  |  | (15,209 | ) |  |  | 29,002 |
Amortization of completed technology |  |  | 24,770 |  |  |  | 18,494 |  |  |  | 7,324 |
Purchase accounting impact on inventory |  |  | — |  |  |  | 9,664 |  |  |  | — |
Amortization of intangible assets other than completed technology |  |  | 26,500 |  |  |  | 29,884 |  |  |  | 24,965 |
Transformation(1) and rebranding costs |  |  | 13,856 |  |  |  | (49 | ) |  |  | 2,741 |
Restructuring charges |  |  | 11,808 |  |  |  | 4,577 |  |  |  | 712 |
Impairment of goodwill and intangible assets |  |  | 115,975 |  |  |  | — |  |  |  | — |
Contingent consideration - fair value adjustments |  |  | — |  |  |  | (18,549 | ) |  |  | 600 |
Merger and acquisition costs and costs related to share repurchase(2) |  |  | 4,874 |  |  |  | 13,842 |  |  |  | 17,329 |
Other unallocated corporate expenses |  |  | 72 |  |  |  | 54 |  |  |  | 66 |
Total operating loss |  |  | (200,678 | ) |  |  | (73,126 | ) |  |  | (24,735 | )
Interest income, net |  |  | 33,177 |  |  |  | 43,735 |  |  |  | 15,697 |
Other income (expense), net |  |  | 178 |  |  |  | (1,042 | ) |  |  | (898 | )
Loss before income taxes |  | $ | (167,323 | ) |  | $ | (30,433 | ) |  | $ | (9,936 | )
(1) | Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company’s operations, processes and systems to permanently alter the Company’s operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company’s 2024 cost reduction plan, and primarily relate to one time asset write downs associated with changes in technology, one time inventory write downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.
(2) | Includes expenses related to governance-related matters.
The Company has corrected the segment adjusted operating income (loss) for the years ended September 30, 2023 and 2022 as certain corporate expenses that are not part of the Company’s CODM’s review of operating segment performance were improperly included in the previously disclosed segment operating income (loss) performance measure. As a result, the presentation of amounts previously disclosed for segment operating income (loss) were updated to reflect segment adjusted operating income (loss) after having been adjusted to remove these corporate expenses. These adjustments reduced total segment adjusted operating loss for fiscal year 2023 by $29.8 million and increased total segment adjusted operating income for fiscal year 2022 by $7.2 million. The total net loss before income taxes remained unchanged. The following is the summary of the asset information for the Company's reportable segments as of September 30, 2024 and 2023 (in thousands):
Assets: |  | September 30, 2024 |  |  | September 30, 2023 |
Sample Management Solutions |  | $ | 859,353 |  |  | $ | 675,708 |
Multiomics |  |  | 462,825 |  |  |  | 534,437 |
B Medical Systems |  |  | 231,601 |  |  |  | 511,640 |
Total assets |  | $ | 1,553,779 |  |  | $ | 1,721,785 |
The following is a reconciliation of the segment assets to the corresponding amounts presented in the Consolidated Balance Sheets as of September 30, 2024 and 2023 (in thousands):
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |
Segment assets |  | $ | 1,553,779 |  |  | $ | 1,721,785 |
Cash and cash equivalents, restricted cash, and marketable securities |  |  | 521,606 |  |  |  | 1,134,256 |
Deferred tax assets |  |  | 837 |  |  |  | 571 |
Other assets |  |  | 23,819 |  |  |  | 29,108 |
Total assets |  | $ | 2,100,041 |  |  | $ | 2,885,720 |
Revenue from external customers is attributed to geographic areas based on locations in which the product is shipped. Net revenue by geographic area for the fiscal years ended September 30, 2024, 2023 and 2022 are as follows (in thousands):
|  | Year Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Geographic Location: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 366,209 |  |  | $ | 355,094 |  |  | $ | 358,208 |
Africa |  |  | 61,962 |  |  |  | 65,092 |  |  |  | 1,331 |
China |  |  | 58,260 |  |  |  | 51,787 |  |  |  | 53,867 |
United Kingdom |  |  | 27,451 |  |  |  | 26,764 |  |  |  | 30,258 |
Rest of Europe |  |  | 102,771 |  |  |  | 109,856 |  |  |  | 79,005 |
Asia Pacific/ Other |  |  | 39,670 |  |  |  | 56,479 |  |  |  | 32,829 |
Total revenue |  | $ | 656,323 |  |  | $ | 665,072 |  |  | $ | 555,498 |
Net property, plant and equipment by geographic area as of September 30, 2024 and 2023 is as follows (in thousands):
|  | September 30, |
|  | 2024 |  |  | 2023 |
United States |  | $ | 75,242 |  |  | $ | 78,533 |
China |  |  | 52,826 |  |  |  | 53,146 |
Europe |  |  | 71,690 |  |  |  | 70,654 |
Asia Pacific/ Other |  |  | 2,896 |  |  |  | 3,411 |
Total property, plant, and equipment, net |  | $ | 202,654 |  |  | $ | 205,744 |
Significant Customers The Company had one customer that accounted for 10% and 13% of the Company's consolidated revenue for fiscal years 2024 and 2023, respectively; this customer is related to the B Medical Systems segment and is a distributor shipping to end users in approximately 40 countries. There were no customers that accounted for 10% or more of the Company's consolidated revenue for fiscal year 2022. As of September 30, 2024, 2023 and 2022 there were no customers that accounted for 10% or more of the Company’s accounts receivable balance.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration