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Note 9 - Restructuring

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

9. Restructuring

2024 Restructuring Plan

In the second quarter of fiscal year 2024, the Company launched initiatives designed to optimize resources for future growth and improve efficiency across its organization. The focus of the initiatives is to improve the Company’s profitability, which includes facilities consolidation, portfolio optimization, and organization structure simplification. The Company expects to complete the activities included in these initiatives by the end of fiscal year 2026. As of the date of issuance of the financial statements for the fiscal year ended September 30, 2024, the Company has not identified restructuring actions related to these initiatives that will result in additional material charges. The Company expects to identify additional actions as it further refines its plan, and the related initiatives in future periods will be recorded when specified criteria are met, including but not limited to, communication of benefit arrangements or when the costs have been incurred.

The majority of the restructuring expenses associated with the initiatives described above for the fiscal year ended September 30, 2024 are severance and related costs, operating lease related ROU asset abandonment, and fixed assets and other asset write-offs. Of the total restructuring expenses in the fiscal year ended September 30, 2024, $5.3 million is related to B Medical Systems segment; $3.2 million is related to Sample Management Solutions segment; $3.3 million is the Company’s headquarters operating lease related ROU asset abandonment and corporate related severance costs.

2023 Cost Savings Plan

In the second and third quarters of fiscal year 2023, the Company announced cost savings plans designed to position the Company to meet the needs of its customers and accelerate growth of the business.

The majority of the restructuring expenses for fiscal years 2023 and 2022 are related to severance and related costs. The cost savings plans were completed and costs from the actions were fully realized by the end of the first quarter of fiscal year 2024.  

The following table presents restructuring charges recognized for the fiscal years ended September 30, 2024 and 2023 (in thousands):

		Year Ended September 30,
		2024				2023
Severance and related costs		$	5,297			$	4,577
Property, plant and equipment and other asset write-offs			4,430				—
ROU asset abandonment			901				—
Other			1,180				—
Total restructuring charges		$	11,808			$	4,577

The following table sets forth the activity in the severance and related costs accruals for the fiscal years ended September 30, 2024 and 2023 (in thousands):

		Year Ended September 30,
		2024				2023
Balance at beginning of period		$	1,011			$	462
Provisions and adjustments			5,297				4,577
Payments			(5,351	)			(4,028	)
Balance at end of period		$	957			$	1,011

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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.

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-Topic 420
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