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RESTRUCTURING AND EXIT ACTIVITIES COSTS | 6 Months Ended
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Jun. 30, 2025
Restructuring and Related Activities [Abstract] |
RESTRUCTURING AND EXIT ACTIVITIES COSTS | NOTE 14 - RESTRUCTURING AND EXIT ACTIVITIES COSTS The Company incurs restructuring charges in connection with strategic initiatives and cost-reduction efforts aimed at optimizing business operations. A description of significant restructuring plans and other restructuring charges is provided below. 2025 Restructuring In 2025, in response to continuing macroeconomic challenges impacting the Company’s financial performance, the Company implemented a series of cost savings and restructuring initiatives ( the "2025 Restructuring Plan") as part of its ongoing multi- faceted transformation strategy. In March 2025, the Company authorized and began executing the next phase of its cost savings and restructuring initiative which includes initiatives to deliver sustainable growth and profitability, enabled by a streamlining of both infrastructure and business processes, while consistently investing in core research and development activities to support long-term growth opportunities. In May 2025, the Company announced and began executing an incremental cost reduction initiative focused on labor force reductions in response to continued uncertainty in the economy and our industry and the related potential negative impact on our financial performance. These initiatives are expected to deliver cost savings and improve cash flows in the second half of fiscal 2025. The Company expects to incur approximately $11 million to $20 million in pre-tax restructuring charges, primarily related to employee severance and other one-time employee benefit costs. These charges are anticipated to consist largely of cash expenditures and are expected to be recognized primarily in 2025 and through the second fiscal quarter of 2026. Restructuring and other related charges were as follows:
| Three Months Ended |  | Six Months Ended
(in thousands) | June 30, 2025 (a) |  | June 30, 2024 (b) |  | June 30, 2025 (a) |  | June 30, 2024 (b)
Employee severance related | $ | 5,145 |  |  | $ | (402) |  |  | $ | 6,142 |  |  | $ | (351) |
Facility exit and other related | — |  |  | 489 |  |  | — |  |  | 489 |
Total | $ | 5,145 |  |  | $ | 87 |  |  | $ | 6,142 |  |  | $ | 138 |
(a) Includes expenses related to the 2025 Restructuring Plan (b) Includes expenses related to the 2023 Restructuring Plan The restructuring and other related charges were primarily cash charges. These charges are reflected in the following captions in the accompanying Condensed Consolidated Statements of Operations as follows:
| Three Months Ended |  | Six Months Ended
(in thousands) | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Cost of sales | $ | 838 |  |  | $ | (1,025) |  |  | $ | 1,001 |  |  | $ | (992) |
Selling, general, and administrative expenses | 3,622 |  |  | 873 |  |  | 4,180 |  |  | 891
Research and development | 685 |  |  | 239 |  |  | 961 |  |  | 239
Total | $ | 5,145 |  |  | $ | 87 |  |  | $ | 6,142 |  |  | $ | 138 |
Restructuring and other related charges recorded in cost of sales by reportable segment were as follows:
| Three Months Ended |  | Six Months Ended
(in thousands) | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Healthcare Solutions | $ | 458 |  |  | $ | (1,025) |  |  | $ | 512 |  |  | $ | (992) |
Industrial Solutions | 380 |  |  | — |  |  | 489 |  |  | — |
Total | $ | 838 |  |  | $ | (1,025) |  |  | $ | 1,001 |  |  | $ | (992) |
The activity in the restructuring accrual related to the 2025 Restructuring Plan was as follows:
(in thousands) | Balance as of December 31, 2024 |  | Costs Incurred |  | Paid/Settled |  | Balance as of June 30, 2025
Employee severance related | $ | — |  |  | $ | 6,142 |  |  | $ | (1,962) |  |  | $ | 4,180 |
Total | $ | — |  |  | $ | 6,142 |  |  | $ | (1,962) |  |  | $ | 4,180 |
2023 Restructuring Plan In 2023, the Company initiated a restructuring plan aimed at improving operational efficiency and driving long-term value creation (the "2023 Restructuring Plan"). Key initiatives included in-sourcing certain European metal printer platforms to the Company’s Riom, France facility, co-locating engineering and manufacturing functions to accelerate the development-to-production cycle, reducing headcount across all areas of the organization, and exiting select leased facilities to streamline the Company’s geographic footprint. Substantially all restructuring activities related to the 2023 Restructuring Plan were completed as of the year ended December 31, 2024.

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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 S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: 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 3: 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 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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