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RESTRUCTURING AND EXIT ACTIVITIES COSTS
 6 Months Ended
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 EndedSix 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 EndedSix Months Ended
(in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Cost of sales$838 $(1,025)$1,001 $(992)
Selling, general, and administrative expenses3,622 873 4,180 891
Research and development685 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 EndedSix Months Ended
(in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Healthcare Solutions$458 $(1,025)$512 $(992)
Industrial Solutions380 — 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, 2024Costs IncurredPaid/SettledBalance 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.