What changed in this filing

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Item 1. Financial Statements

2026-02-05 compared with 2025-11-06 · 211 added, 153 removed, 854 unchanged (30% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

(Dollars and Shares in Thousands, Except Per Share Data)

22 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

(Dollars in Thousands)

Net income $ 44,740 $ 37,494 $ 117,455 $ 109,698

Other comprehensive (loss) income:

Other comprehensive income (loss):

Foreign currency translation adjustment, net of tax 5,823 ( 26,797 ) 20,711 ( 21,943 )

Unrealized gain (loss) on cash flow hedges, net of tax 336 ( 4,015 ) ( 184 ) ( 3,316 )

Reclassifications into earnings of cash flow hedge gains, net of tax ( 206 ) ( 79 ) ( 151 ) ( 470 )

Other comprehensive (loss) income ( 4,289 ) 8,103 14,553 1,068

Unrealized gain on cash flow hedges, net of tax 640 5,573 456 2,257

Reclassifications into earnings of cash flow hedge (gains) losses, net of tax ( 542 ) 287 ( 693 ) ( 183 )

Other comprehensive income (loss) 5,921 ( 20,937 ) 20,474 ( 19,869 )

Comprehensive income $ 50,661 $ 16,557 $ 137,929 $ 89,829

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 27, 2025 March 29, 2025

December 27, 2025 March 29, 2025

(Dollars in Thousands, Except Share Data)

1 unchanged sentence

Cash and cash equivalents $ 363,367 $ 306,763

Accounts receivable, less allowance for credit losses of $ 6,247 as of September 27, 2025 and $ 6,300 as of March 29, 2025

Accounts receivable, less allowance for credit losses of $ 3,880 as of December 27, 2025 and $ 6,300 as of March 29, 2025

195,707 202,657

3 unchanged sentences

Property, plant and equipment, net 297,234 284,052

Intangible assets, less accumulated amortization of $ 339,593 as of September 27, 2025 and $ 316,313 as of March 29, 2025

Intangible assets, less accumulated amortization of $ 352,122 as of December 27, 2025 and $ 316,313 as of March 29, 2025

419,734 455,743

16 unchanged sentences

Authorized — 150,000,000 shares;

Issued and outstanding — 46,747,381 shares as of September 27, 2025 and 48,215,899 shares as of March 29, 2025

Issued and outstanding — 46,829,249 shares as of December 27, 2025 and 48,215,899 shares as of March 29, 2025

Additional paid-in capital 564,502 523,264

31 unchanged sentences

Balance, September 27, 2025 46,747,381 $ 467 $ 552,914 $ 336,323 $ ( 40,531 ) $ 849,173

Employee stock purchase plan 61,723 — 2,623 — — 2,623

Exercise of stock options 19,577 — 1,156 ( 9 ) — 1,147

Shares repurchased, including excise tax — — 12 43 — 55

Issuance of restricted stock, net of cancellations 713 1 — — — 1

Tax withholding on employee equity awards ( 145 ) — ( 2 ) ( 6 ) — ( 8 )

Share-based compensation expense — — 7,799 — — 7,799

Net income — — — 44,740 — 44,740

Other comprehensive income — — — — 5,921 5,921

Balance, December 27, 2025 46,829,249 $ 468 $ 564,502 $ 381,091 $ ( 34,610 ) $ 911,451

Common Stock Additional

22 unchanged sentences

Balance, September 28, 2024 50,381,127 $ 504 $ 544,375 $ 368,536 $ ( 34,564 ) $ 878,851

Employee stock purchase plan 49,232 — 3,035 — — 3,035

Exercise of stock options 11,528 — 1,266 ( 761 ) — 505

Shares repurchased, including excise tax ( 209,494 ) ( 2 ) 12,761 ( 12,867 ) — ( 108 )

Issuance of restricted stock, net of cancellations 2,819 — — — — —

Tax withholding on employee equity awards ( 161 ) — ( 22 ) ( 172 ) — ( 194 )

Share-based compensation expense — — 8,214 — — 8,214

Net income — — — 37,494 — 37,494

Other comprehensive loss — — — — ( 20,937 ) ( 20,937 )

Balance, December 28, 2024 50,235,051 $ 502 $ 569,629 $ 392,230 $ ( 55,501 ) $ 906,860

The accompanying notes are an integral part of these condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended

September 27, 2025 September 28, 2024

Nine Months Ended

December 27, 2025 December 28, 2024

(Dollars in Thousands)

54 unchanged sentences

All intercompany transactions have been eliminated.

Operating results for the six months ended September 27, 2025 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 28, 2026 or any other interim period.

Operating results for the nine months ended December 27, 2025 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 28, 2026 or any other interim period.

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Annual Report on Form 10-K for the fiscal year ended March 29, 2025.

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure.

Subse quent events have been evaluated as required and none have been identified.

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evid ence relative to certain estimates or to identify matters that require additional disclosure.

There were no material recognized or unrecognized subsequent events as of or for the nine months ended December 27, 2025, except for those discussed in Note 3, Acquisitions, Divestitures and Strategic Investments and Note 7, Earnings Per Share within these condensed consolidated financial statements.

RECENT ACCOUNTING PRONOUNCEMENTS

38 unchanged sentences

The guidance can be applied on a prospective basis with the option to apply the standard retrospectively.

In September 2025, the FASB issued ASC Update No.

2025-07, Derivatives and Hedging and Revenue from Contracts with Customers .

ASC Update No.

2025-07 reduces cost, complexity and diversity in practice of evaluating whether contracts with features based on the operations or activities of one of the parties to the contract are derivatives.

The updated guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted.

ASC Update No.

2025-07 is applicable to Haemonetics beginning with the fiscal 2028 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures.

The guidance will be applied on a prospective basis with the option to apply the standard retrospectively.

In November 2025, the FASB issued ASC Update No.

2025-09, Derivatives and Hedging.

ASC Update No.

2025-09 enables groups of forecasted transactions to now share similar risk exposure with ongoing assessments of risk similarity to better reflect economic hedging strategies.

The updated guidance is effective for fiscal years beginning after December 15, 2028, with early adoption permitted.

ASC Update No.

2025-09 is applicable to Haemonetics beginning with the fiscal 2030 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures.

The guidance will be applied on a prospective basis with the option to apply the standard retrospectively.

In December 2025, the FASB issued ASC Update No.

2025-11, Interim Reporting.

ASC Update No.

2025-11 improves navigability and consistency in interim reporting by providing a comprehensive list of interim disclosures that are required from U.S.

GAAP as well as a disclosure principle for additional transparency.

The updated guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted.

ASC Update No.

2025-11 is applicable to Haemonetics beginning with the fiscal 2029 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures.

In December 2025, the FASB issued ASC Update No.

2025-12, Codification Improvements.

ASC Update No.

2025-12 makes a broad set of technical corrections, clarifications and targeted improvements to the FASB Accounting Standards Codification to address unintended application issues and improve the operability of U.S.

GAAP across a range of topics.

The updated guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted.

ASC Update No.

2025-12 is applicable to Haemonetics beginning with the fiscal 2028 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures.

ACQUISITIONS, DIVESTITURES AND STRATEGIC INVESTMENTS

A cquisitions

Vivasure Medical Limited

On January 9, 2026, subsequent to the end of the third quarter of fiscal 2026, the Company acquired Vivasure Medical Limited (“Vivasure”) for gross upfront consideration of $ 116.4 million, with $ 60.7 million paid in cash at closing after giving effect to the value of certain prior investments and loans made by the Company to Vivasure, as well as other customary closing adjustments.

The definitive agreement between the parties also provides for up to $ 98.9 million of additional contingent consideration based on sales growth over the three years following the completion of the acquisition and the achievement of certain other milestones, also subject to adjustment based on the value of certain prior investments and loans.

The Company financed this transaction through available cash on hand.

Vivasure is a Galway, Ireland-based company pioneering next-generation technology for percutaneous vessel closure.

Vivasure’s PerQseal ® Elite system uses a proprietary bioabsorbable patch to seal large-bore (up to 26 F) arteriotomies and venotomies from inside the vessel, offering a sutureless, fully absorbable solution for structural heart and endovascular procedures.

In 2025, Vivasure submitted a Premarket Approval application to the U.S.

FDA for the PerQseal Elite arterial closure system and received CE Mark approval in Europe for both arterial and venous indications.

The addition of Vivasure expands the Hospital business unit portfolio in the interventional cardiology market and will be included in the Hospital reportable segment.

Attune Medical

45 unchanged sentences

The Company incurred $ 9.8 million of acquisition-related costs during the first quarter of fiscal 2025 in connection with the Attune Medical acquisition.

These costs related to legal and other professional fees, which were recognized in selling, general and administrative (“SG&A”) within the condensed consolidated statements of income.

These costs related to legal and other professional fees were recognized in selling, general and administrative (“SG&A”) within the condensed consolidated statements of income.

The Company’s condensed consolidated financial statements include the results of Attune Medical from the date the acquisition was completed.

62 unchanged sentences

Under the TSA, the Company will continue to provide certain regulatory, quality, logistical and operational support services to GVS for a maximum period of 36 months following the transaction closing to facilitate GVS's integration of the acquired business.

Under the TSA, the Company is entitled to be reimbursed for the costs incurred plus a mark-up and has recorded other income and expenses, net related to the agreement in SG&A in the condensed consolidated statements of income, which were immaterial for the three and six months ended September 27, 2025.

In addition to the TSA, Haemonetics and GVS entered into a Contract Manufacturing Agreement (“CMA”), under which Haemonetics will continue to manufacture certain whole blood filtration products for GVS for a maximum term of 18 months.

The CMA allows GVS to gradually transition manufacturing operations while ensuring supply continuity for customers.

Under the CMA, the Company is entitled to be reimbursed for the costs incurred plus a mark-up and has recorded other income and expenses, net related to the agreement in SG&A in the condensed consolidated statements of income, which were immaterial for the three and six months ended September 27, 2025.

Strategic Investments

As part of the Company’s business development activities, it holds strategic investments in certain entities.

As of September 27, 2025, the Company has made total investments and loans in Vivasure Medical Limited (“Vivasure”) of € 63.0 million, or $ 73.7 million, and € 45.0 million, or $ 48.7 million, as of March 29, 2025.

The investments include preferred stock and a special share that allows the Company to acquire Vivasure in accordance with an agreement between the parties.

In addition, the Company has made certain other strategic investments totaling $ 14.9 million as of September 27, 2025 and $ 12.9 million as of March 29, 2025.

The Company’s strategic investments are classified as other long-term assets on the Company’s condensed consolidated balance sheets and the Company has not recorded any material adjustments to the carrying value of the Company’s strategic investments during the three and six months ended September 27, 2025 and September 28, 2024.

As of September 27, 2025, the Company had $ 35.5 million of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more.

The Company has made total strategic investments and loans totaling $ 97.2 million as of December 27, 2025 and $ 61.6 million as of March 29, 2025, including $ 78.3 million and $ 48.7 million in strategic investments and loans to Vivasure, as of December 27, 2025 and March 29, 2025, respectively.

On January 9, 2026, subsequent to the end of the third quarter of fiscal 2026, the Company completed the acquisition of Vivasure.

The Company’s strategic investments are classified as other long-term assets on the Company’s condensed consolidated balance sheets, and the Company has not recorded any material adjustments to the carrying value of the Company’s strategic investments during the three and nine months ended December 27, 2025 and December 28, 2024.

As of December 27, 2025, the Company had $ 36.6 million of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more.

The Company expects to recognize approximately 79 % of this amount as revenue within the next twelve months and the remaining balance thereafter.

2 unchanged sentences

The difference in timing between billing and revenue recognition primarily occurs in software licensing arrangements, resulting in contract assets and contract liabilities.

As of September 27, 2025 and March 29, 2025, the Company had contract liabilities of $ 48.3 million and $ 43.3 million, respectively.

During the three and six months ended September 27, 2025, the Company recognized $ 9.9 million and $ 24.9 million of revenue, respectively, that was included in the above March 29, 2025 contract liability balance.

As of December 27, 2025 and March 29, 2025, the Company had contract liabilities of $ 44.6 million and $ 43.3 million, respectively.

During the three and nine months ended December 27, 2025, the Company recognized $ 6.0 million and $ 30.9 million of revenue, respectively, that was included in the above March 29, 2025 contract liability balance.

Contract liabilities are classified as other current liabilities on the condensed consolidated balance sheets.

As of September 27, 2025 and March 29, 2025, the Company’s contract assets were $ 6.7 million and $ 11.6 million, respectively.

As of December 27, 2025 and March 29, 2025, the Company’s contract assets were $ 5.7 million and $ 11.6 million, respectively.

RESTRUCTURING

5 unchanged sentences

The 2020 Program is closed as of March 29, 2025.

Under the 2020 Program, during the three and six months ended September 27, 2025, the Company recognized reversals of previously incurred costs of de minimis and $ 0.1 million, respectively, as compared with restructuring and restructuring related costs incurred of $ 1.7 million and $ 4.1 million, respectively, during the three and six months ended September 28, 2024 .

Total cumulative charges under the 2020 Progra m were $ 84.7 million through March 29, 2025.

Total cumulative charges under the 2020 Progra m are $ 84.8 million through March 29, 2025.

Portfolio Rationalization Initiatives

1 unchanged sentence

These portfolio rationalization initiatives are closed as of March 29, 2025.

Under these initiatives, during the three and six months ended September 27, 2025, the Company recognized reversals of previously incurred costs of $ 0.5 million and $ 1.9 million, respectively, as compared with restructuring and restructuring related costs incurred of $ 4.7 million and $ 9.4 million, respectively, during the three and six months ended September 28, 2024.

Total cumulative charges under the portfolio rationalization initiatives are $ 25.1 million through September 27, 2025.

Under these initiatives, during the three and nine months ended December 27, 2025, the Company recognized reversals of previously incurred costs of de minimis and $ 1.9 million, respectively, as compared with restructuring and restructuring related costs incurred of $ 3.1 million and $ 12.5 million, respectively, during the three and nine months ended December 28, 2024.

Total cumulative charges under the portfolio rationalization initiatives are $ 25.1 million through December 27, 2025.

Market and Regional Alignment Initiative

4 unchanged sentences

Initial actions related to this initiative were approved by the Board in January 2025, resulting in restructuring related costs during the fourth quarter of fiscal 2025.

Under this initiative, during the three and six months ended September 27, 2025, the Company incurred $ 0.7 million and $ 3.4 million, respectively, of restructuring related costs under this initiative.

Total cumulative charges under the market and regional alignment initiative are $ 4.0 million as of September 27, 2025.

The following table summarizes the activ ity for restructuring reserves related to the 2020 Pr ogram, the portfolio rationalization initiatives and the market and regional alignment initiative for the six months ended September 27, 2025, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:

Under this initiative, during the three and nine months ended December 27, 2025, the Company incurred restructuring and restructuring related costs of $ 1.5 million and $ 4.9 million, respectively, under this initiative.

Total cumulative charges under the market and regional alignment initiative are $ 5.5 million as of December 27, 2025.

The following table summarizes the activ ity for restructuring reserves related to the 2020 Pr ogram, the portfolio rationalization initiatives and the market and regional alignment initiative for the nine months ended December 27, 2025, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:

2020 Program Portfolio Rationalization Market and Regional Alignment Total

4 unchanged sentences

Payments ( 221 ) ( 77 ) ( 3,965 ) ( 4,263 )

Balance as of September 27, 2025

Balance as of December 27, 2025

$ 2 $ 717 $ 961 $ 1,680

The following presents the net restructuring costs by line item within the Company’s accompanying unaudited condensed consolidated statements of income:

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

(Dollars in Thousands)

3 unchanged sentences

Total $ 1,448 $ 3,515 $ 2,918 $ 12,929

As of September 27, 2025, the Company had a restructuring liability of $ 2.2 million, all of which is payable within the next twelve months.

As of December 27, 2025, the Company had a restructuring liability of $ 1.7 million, all of which is payable within the next twelve months.

In addition to the restructuring expenses included in the table above, the Company also incurred costs that do not constitute restructuring costs under FASB ASC Topic 420, Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs.

1 unchanged sentence

The tables below present restructuring and restructuring related costs by reportable segment:

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

(Dollars in Thousands)

16 unchanged sentences

The Company’s effective tax rate is adversely impacted by non-deductible expenses including executive compensation and is favorably impacted by the jurisdictional mix of earnings and research credits generated.

For the three and six months ended September 27, 2025, the Company reported income tax expense of $ 12.6 million and $ 23.7 million, respectively, representing effective tax rates of 24.6 % in each period.

The effective tax rate for the three months ended September 27, 2025 includes $ 0.1 million of discrete tax expense, primarily related to stock compensation shortfalls.

The effective tax rate for the six months ended September 27, 2025 includes $ 0.2 million of discrete tax expense, primarily related to stock compensation shortfalls.

For the three and six months ended September 28, 2024, the Company reported income tax expense of $ 10.9 million and $ 19.2 million, respectively, representing effective tax rates of 24.3 % and 21.0 %, respectively.

The effective tax rate for the three months ended September 28, 2024 includes an immaterial discrete tax benefit.

The effective tax rate for the six months ended September 28, 2024 includes $ 3.6 million of discrete tax benefit, primarily related to stock compensation windfalls.

For the three and nine months ended December 27, 2025, the Company reported income tax expense of $ 15.2 million and $ 39.0 million, respectively, representing effective tax rates of 25.4 % and 24.9 %, respectively.

The effective tax rate for the nine months ended December 27, 2025 includes $ 0.5 million of discrete tax expense, primarily related to stock compensation shortfalls.

For the three and nine months ended December 28, 2024, the Company reported income tax expense of $ 12.4 million and $ 31.6 million, respectively, representing effective tax rates of 24.9 % and 22.4 %, respectively.

The effective tax rate for the three months ended December 28, 2024 includes an immaterial discrete tax benefit.

The effective tax rate for the nine months ended December 28, 2024 includes $ 3.3 million of discrete tax benefit, primarily related to stock compensation windfalls.

The discrete benefit also includes other items such as provision to return differences.

The reported tax rate for the three months ended September 27, 2025, compared to the same period in fiscal 2025, was relatively consistent.

The increase in the reported tax rate for the six months ended September 27, 2025, compared to the same period in fiscal 2025, relates primarily to the decrease in net stock compensation windfall benefits.

The reported tax rate for the three months ended December 27, 2025, compared to the same period in fiscal 2025, was relatively consistent.

The increase in the reported tax rate for the nine months ended December 27, 2025, compared to the same period in fiscal 2025, relates primarily to the decrease in net stock compensation windfall benefits.

The One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.

5 unchanged sentences

The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

(Dollars and Shares in Thousands, Except Per Share Data)

20 unchanged sentences

This new share repurchase program will help to offset the dilutive impact of recent and future employee equity grants.

In addition to this share repurchase activity, the Company’s capital allocation strategy continues to prioritize funding of planned internal investments to support the business as well as inorganic opportunities to accelerate its long-term growth plans.

Under the share repurchase program, the Company is authorized to repurchase, from time to time, outstanding shares of common stock in accordance with applicable laws on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in privately negotiated transactions.

1 unchanged sentence

The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.

In August 2025, the Company entered into an ASR with Citibank N.A.

(“Citibank”) to repurchase $ 75.0 million of the Company’s common stock.

Pursuant to the terms of the ASR, in August 2025, the Company paid Citibank $ 75.0 million in cash and received an initial delivery of 1,113,586 shares of the Company's common stock representing 80 % of the notional amount of the ASR.

The ASR was completed in September 2025 within the second quarter of fiscal 2026, and 316,993 additional shares were delivered upon settlement.

In September 2025, the Company completed a $ 75.0 million repurchase of its common stock pursuant to an ASR entered into with Citibank N.A.

(“Citibank”) in August 2025.

The total number of shares repurchased under the ASR was 1,430,579 at an average price per share upon final settlement of $ 52.43 .

As of September 27, 2025, the total remaining authorization for repurchases of the Company's common stock under the 2025 share repurchase program was $ 425.0 million.

As of December 27, 2025, the total remaining authorization for repurchases of the Company's common stock under the 2025 share repurchase program was $ 425.0 million.

During the fourth quarter of fiscal 2026, the Company repurchased 360,457 shares of its common stock for $ 25.0 million under a previously executed Rule 10b5-1 trading plan.

The total remaining authorization for repurchases of the Company’s common stock under the 2025 share repurchase program is $ 400.0 million.

Inventories are stated at the lower of cost or net realizable value and include the cost of material, labor and manufacturing overhead.

Cost is determined with the first-in, first-out method.

September 27, 2025 March 29, 2025

December 27, 2025 March 29, 2025

(Dollars in Thousands)

4 unchanged sentences

PROPERTY, PLANT AND EQUIPMENT

September 27, 2025 March 29, 2025

December 27, 2025 March 29, 2025

(Dollars in Thousands)

8 unchanged sentences

Property, plant and equipment, net $ 297,234 $ 284,052

During the three and six months ended September 27, 2025, depreciation expense was $ 15.5 million and $ 30.9 million, respectively.

During the three and six months ended September 28, 2024, depreciation expense was $ 15.0 million and $ 29.6 million, respectively.

During the three and nine months ended December 27, 2025, depreciation expense was $ 14.9 million and $ 45.9 million, respectively.

During the three and nine months ended December 28, 2024, depreciation expense was $ 15.2 million and $ 44.8 million, respectively.

Lessor Activity

5 unchanged sentences

The allocation of revenue between the lease and non-lease components is based on estimated stand-alone selling prices.

Operating lease revenue represents approximately three percent of the Company’s total net revenues during both the three and six months ended September 27, 2025.

Operating lease revenue represents approximately three percent of the Company’s total net revenues during both the three and nine months ended December 27, 2025.

GOODWILL AND INTANGIBLE ASSETS

5 unchanged sentences

Currency translation — 10 2,546 2,556

Carrying amount as of September 27, 2025

Carrying amount as of December 27, 2025

$ 29,043 $ 26,977 $ 550,805 $ 606,825

The gross carrying amount of intangible assets and the related accumulated amortization as of September 27, 2025 and March 29, 2025 are as follows:

The gross carrying amount of intangible assets and the related accumulated amortization as of December 27, 2025 and March 29, 2025 are as follows:

Gross Carrying

1 unchanged sentence

Amortization Net Carrying Amount Weighted Average Remaining Life (Years)

September 27, 2025

December 27, 2025

(Dollars in Thousands)

22 unchanged sentences

Total $ 9,190

In the second quarter of fiscal 2026, the Company recorded an intangible asset impairment charge of $ 8.6 million related to the intellectual property associated with the HAS viscoelastic diagnostic devices, related assays and disposables within the Hospital business unit, as acquired from HemoAssay Science and Technology (Suzhou) Co.

During fiscal 2026, the Company recorded an intangible asset impairment charge of $ 9.3 million related to the intellectual property associated with the HAS viscoelastic diagnostic devices, related assays and disposables within the Hospital business unit, as acquired from HemoAssay Science and Technology (Suzhou) Co.

Ltd., a China-incorporated company, and its affiliates (collectively, “HemoAssay”) in fiscal 2021.

The impairment charge was the result of lower revenue projections of the HemoAssay devices and disposables.

The fair value as September 27, 2025 was $ 1.6 million with a useful life of 5 years.

We calculated the fair value of the HemoAssay intangible assets as the present value of estimated future cash flows we expect to generate from the assets based on estimates and assumptions about future revenues, costs and the remaining useful lives of the assets.

During the second quarter of fiscal 2026, we performed an impairment analysis for certain other amortizable intangible assets based on undiscounted cash flows and concluded those assets were not impaired.

We will continue to review intangible assets subject to amortization for impairment indicators in future periods in accordance with our normal review processes.

The fair value as December 27, 2025 was $ 0.9 million with a useful life of five years .

The Company calculated the fair value of the HemoAssay intangible assets as the present value of estimated future cash flows the Company expects to generate from the assets based on estimates and assumptions about future revenues, costs and the remaining useful lives of the assets.

Additionally, the Company performed an impairment analysis for certain other amortizable intangible assets based on undiscounted cash flows and concluded those assets were not impaired.

The Company will continue to review intangible assets subject to amortization for impairment indicators in future periods in accordance with its normal review processes.

Intangible assets include the value assigned to license rights and other developed technology, patents, customer contracts and relationship s and trade names.

During the three and six months ended September 27, 2025, amortization expense was $ 12.8 million and $ 26.1 million, respectively.

During the three and six months ended September 28, 2024, amortization expense was $ 14.2 million and $ 28.7 million, respectively.

During the three and nine months ended December 27, 2025, amortization expense was $ 12.4 million and $ 38.5 million, respectively.

During the three and nine months ended December 28, 2024, amortization expense was $ 13.9 million and $ 42.6 million, respectively.

Future annual amortization expense on intangible assets for the next five years is estimated to be as follows:

8 unchanged sentences

Notes payable and long-term debt consisted of the following:

September 27, 2025 March 29, 2025

December 27, 2025 March 29, 2025

(Dollars in Thousands)

9 unchanged sentences

Bank Trust Company, National Association, as trustee.

The 2026 Notes will mature on March 1, 2026, unless earlier converted, redeemed or repurchased.

The 2026 Notes will mature on March 1, 2026, at which time the Company expects to settle the remaining principal that has not been already converted, redeemed or repurchased through a combination of cash on hand and borrowings under its revolving credit facility.

In the first quarter of fiscal 2025, the Company repurchased $ 200.0 million of the aggregate principal amount for $ 185.5 million, resulting in a gain of $ 14.5 million related to the discount on repurchase.

10 unchanged sentences

If a make-whole adjustment event, as described in the Indenture, occurs and a holder elects to convert its 2026 Notes in connection with such make-whole adjustment event, such holder may be entitled to an increase in the conversion rate as described in the Indenture.

As of September 27, 2025, there have been no conversions of the 2026 Notes, which are classified as short-term debt on the Company’s condensed consolidated balance sheets.

As of December 27, 2025, there have been no conversions of the 2026 Notes, which are classified as short-term debt on the Company’s condensed consolidated balance sheets.

The 2026 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after March 5, 2024 and on or before the 40th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Company’s common stock exceeds 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately before the date the Company sends the related redemption notice at a redemption price equal to 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date.

Upon the occurrence of certain fundamental changes involving the Company, holders of the 2026 Notes may require the Company to repurchase for cash all or part of their 2026 Notes at a repurchase price equal to 100 % of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest.

As of September 27, 2025, the $ 300.0 million principal balance was netted down by $ 0.7 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 299.3 million.

Interest expense related to the 2026 Notes was $ 0.4 million and $ 0.8 million, respectively, for the three and six months ended September 27, 2025, which is entirely attributable to the amortization of the debt issuance costs.

As of December 27, 2025, the $ 300.0 million principal balance was netted down by $ 0.3 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 299.7 million.

Interest expense related to the 2026 Notes was $ 0.4 million and $ 1.2 million, respectively, for the three and nine months ended December 27, 2025, which is entirely attributable to the amortization of the debt issuance costs.

The remaining debt issuance costs are amortized at an effective interest rate of 0.5 %.

14 unchanged sentences

If a make-whole adjustment event, as described in the Indenture, occurs and a holder elects to convert its 2029 Notes in connection with such make-whole adjustment event, such holder may be entitled to an increase in the conversion rate as described in the Indenture.

During the second quarter of fiscal 2026, the conditions allowing holders of the 2029 Notes to convert have not been met.

The 2029 Notes were therefore not convertible as of September 27, 2025 and were classified as long-term debt on the Company’s consolidated balance sheets.

During the third quarter of fiscal 2026, the conditions allowing holders of the 2029 Notes to convert have not been met.

The 2029 Notes were therefore not convertible as of December 27, 2025 and were classified as long-term debt on the Company’s consolidated balance sheets.

The 2029 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after June 5, 2027 and on or before the 50th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Company’s common stock exceeds 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately before the date the Company sends the related redemption notice at a redemption price equal to 100 % of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date.

1 unchanged sentence

As a result of the issuance of the 2029 Notes, the Company recorded debt issuance costs of $ 17.2 million, which are amortized to interest expense over the contractual term of the 2029 Notes at an effective interest rate of 3.0 %.

As of September 27, 2025, the $ 700.0 million principal balance was netted down by $ 12.9 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 687.1 million.

Interest expense related to the 2029 Notes was $ 5.2 million and $ 10.4 million, respectively, for the three and six months ended September 27, 2025, which includes nominal interest expense and the amortization of the debt issuance costs.

As of December 27, 2025, the $ 700.0 million principal balance was netted down by $ 12.1 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 687.9 million.

Interest expense related to the 2029 Notes was $ 5.2 million and $ 15.6 million, respectively, for the three and nine months ended December 27, 2025, which includes nominal interest expense and the amortization of the debt issuance costs.

The nominal interest rate is 2.5 % and the remaining debt issuance costs are amortized at an effective interest rate of 3.0 %.

6 unchanged sentences

As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives.

The cost of $ 88.2 million incurred to purchase the Capped Calls was recorded as a reduction to additional paid-in capital in fiscal 2025 and will not be remeasured.

The cost of $ 88.2 million incurred to purchase the 2029 Notes Capped Calls was recorded as a reduction to additional paid-in capital in fiscal 2025 and will not be remeasured.

Credit Facilities

9 unchanged sentences

The Company applied modification accounting for the credit facility refinancing, which resulted in the capitalization of an additional $ 5.9 million in lender fees and third-party costs.

During the three and six months ended September 27, 2025, the Company recognized $ 4.3 million and $ 8.5 million, respectively, of interest expense and amortization of debt issuance costs related to its credit facilities.

During the three and six months ended September 28, 2024, the Company recognized $ 4.9 million and $ 12.0 million, respectively, of interest expense and amortization of debt issuance costs related to its credit facilities.

As of September 27, 2025, $ 242.2 million was outstanding under the term loan with an effective interest rate of 6.4 %, which was netted down by the $ 4.6 million of remaining debt discount, resulting in a net note payable of $ 237.6 million.

The Company has scheduled principal payments of $ 6.3 million required during the 12 months following September 27, 2025.

There were no outstanding borrowings under the revolving credit facilities as of September 27, 2025.

The Company also had $ 19.5 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of September 27, 2025.

The Company was in compliance with the consolidated net leverage and interest coverage ratios specified in the 2024 Revised Credit Facilities as well as all other bank covenants as of September 27, 2025.

During the three and nine months ended December 27, 2025, the Company recognized $ 4.1 million and $ 12.6 million, respectively, of interest expense and amortization of debt issuance costs related to its credit facilities.

During the three and nine months ended December 28, 2024, the Company recognized $ 4.6 million and $ 16.6 million, respectively, of interest expense and amortization of debt issuance costs related to its credit facilities.

As of December 27, 2025, $ 240.6 million was outstanding under the term loan with an effective interest rate of 5.8 %, which was netted down by the $ 4.3 million of remaining debt discount, resulting in a net note payable of $ 236.3 million.

The Company has scheduled principal payments of $ 6.3 million required during the 12 months following December 27, 2025.

There were no outstanding borrowings under the revolving credit facilities as of December 27, 2025.

The Company also had $ 18.2 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of December 27, 2025.

The future aggregate amount of debt maturities are as follows:

9 unchanged sentences

The Company manufactures, markets and sells its products globally.

During the three and six months ended September 27, 2025, 26.6 % and 25.6 %, respectively, of the Company’s sales were generated outside the U.S.

During the three and nine months ended December 27, 2025, 26.9 % and 26.1 %, respectively, of the Company’s sales were generated outside the U.S.

in local currencies.

8 unchanged sentences

Designated Foreign Currency Hedge Contracts

All of the Company’s designated foreign currency hedge contracts as of September 27, 2025 and March 29, 2025 were cash flow hedges under FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”).

All of the Company’s designated foreign currency hedge contracts as of December 27, 2025 and March 29, 2025 were cash flow hedges under FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”).

The Company records the effective portion of any change in the fair value of designated foreign currency hedge contracts in other comprehensive income until the related third-party transaction occurs.

1 unchanged sentence

In the event the hedged forecasted transaction does not occur, or it becomes probable that it will not occur, the Company will reclassify the amount of any gain or loss on the related cash flow hedge to earnings at that time.

The Company had designated foreign currency hedge contracts outstanding in the contract amount of $ 77.0 million as of September 27, 2025 and $ 23.6 million as of March 29, 2025.

As of September 27, 2025, a gain of $ 1.5 million, net of tax, will be reclassified to earnings within the next eighteen months.

Substantially all currency cash flow hedges outstanding as of September 27, 2025 mature within eighteen months.

The Company had designated foreign currency hedge contracts outstanding in the contract amount of $ 49.9 million as of December 27, 2025 and $ 23.6 million as of March 29, 2025.

As of December 27, 2025, a gain of $ 2.4 million, net of tax, will be reclassified to earnings within the next eighteen months.

Substantially all currency cash flow hedges outstanding as of December 27, 2025 mature within eighteen months.

Non-Designated Foreign Currency Contracts

4 unchanged sentences

These forward contracts are marked-to-market with changes in fair value recorded to earnings.

The Company had non-designated foreign currency hedge contracts under ASC 815 outstanding in the contract amount of $ 118.3 million as of September 27, 2025 and $ 89.6 million as of March 29, 2025.

The Company had non-designated foreign currency hedge contracts under ASC 815 outstanding in the contract amount of $ 121.4 million as of December 27, 2025 and $ 89.6 million as of March 29, 2025.

Interest Rate Swaps

6 unchanged sentences

The Company has determined both of these interest rate swaps are effective and qualify for hedge accounting treatment.

The Company held the following interest rate swaps as of September 27, 2025:

Hedged Item Original Notional Amount Notional Amount as of September 27, 2025

The Company held the following interest rate swaps as of December 27, 2025:

Hedged Item Original Notional Amount Notional Amount as of December 27, 2025

Designation Date Effective Date Termination Date Fixed Interest Rate Estimated Asset Fair Value

3 unchanged sentences

Total $ 219,800 $ 200,590 $ ( 86 )

For the six months ended September 27, 2025, the Company recognized a loss on the interest rate swaps to recognize the effective portion of the fair value of the swaps that qualify as cash flow hedges of $ 1.6 million, net of tax, in accumulated other comprehensive loss (“AOCL”) within the condensed consolidated balance sheets.

For the nine months ended December 27, 2025, the Company recognized a gain on the interest rate swaps to recognize the effective portion of the fair value of the swaps that qualify as cash flow hedges of $ 1.9 million, net of tax, in accumulated other comprehensive loss (“AOCL”) within the condensed consolidated balance sheets.

Trade Receivables

12 unchanged sentences

Recoveries ( 3,116 )

Balance as of September 27, 2025

Balance as of December 27, 2025

Other Fair Value Measurements

6 unchanged sentences

Fair Value of Derivative Instruments

The following table presents the effect of the Company’s derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in its condensed consolidated statements of income for the six months ended September 27, 2025:

Derivative Instruments Amount of Gain (Loss) Recognized

Derivative Instruments Amount of Gain Recognized

in AOCL Amount of (Loss) Gain Reclassified

6 unchanged sentences

Designated interest rate swaps, net of tax $ 1,907 $ 2 Interest and other expense, net $ —

The Company did not have fair value hedges or net investment hedges outstanding as of September 27, 2025 or March 29, 2025.

As of September 27, 2025, there were no material deferred taxes recognized for designated foreign currency hedges.

The Company did not have fair value hedges or net investment hedges outstanding as of December 27, 2025 or March 29, 2025.

As of December 27, 2025, there were no material deferred taxes recognized for designated foreign currency hedges.

ASC 815 requires all derivative instruments to be recognized at their fair values as either assets or liabilities on the balance sheet.

5 unchanged sentences

and inputs derived principally from, or corroborated by, observable market data by correlation or other means.

As of September 27, 2025, the Company has classified its derivative assets and liabilities within Level 2 of the fair value hierarchy prescribed by ASC 815, as discussed below, because these observable inputs are available for substantially the full term of its derivative instruments.

The following tables present the fair value of the Company’s derivative instruments as they appear in its condensed consolidated balance sheets as of September 27, 2025 and March 29, 2025:

Classification September 27, 2025 March 29, 2025

As of December 27, 2025, the Company has classified its derivative assets and liabilities within Level 2 of the fair value hierarchy prescribed by ASC 815, as discussed below, because these observable inputs are available for substantially the full term of its derivative instruments.

The following tables present the fair value of the Company’s derivative instruments as they appear in its condensed consolidated balance sheets as of December 27, 2025 and March 29, 2025:

Classification December 27, 2025 March 29, 2025

(Dollars in Thousands)

11 unchanged sentences

Fair Value Measured on a Recurring Basis

Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of September 27, 2025 and March 29, 2025.

September 27, 2025

Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of December 27, 2025 and March 29, 2025.

December 27, 2025

Level 1 Level 2 Level 3 Total

30 unchanged sentences

Fair Value as of

September 27, 2025 Valuation Technique Unobservable Input Range

December 27, 2025 Valuation Technique Unobservable Input Range

(Dollars in Thousands)

3 unchanged sentences

Projected fiscal year of payment 2026 - 2028

The fair value of contingent consideration associated with acquisitions was $ 2.1 million as of September 27, 2025 and the total was included in other long-term liabilities on the condensed consolidated balance sheets.

The fair value of contingent consideration associated with acquisitions was $ 3.2 million as of December 27, 2025 and the total was included in other long-term liabilities on the condensed consolidated balance sheets.

A reconciliation of the change in the fair value of contingent consideration is included in the following table:

4 unchanged sentences

Change in fair value 895

Balance as of September 27, 2025

Balance as of December 27, 2025

Other Fair Value Disclosures

The fair values of the 2026 Notes and 2029 No tes were $ 293.6 million and $ 645.1 million, respectively, as o f September 27, 2025, and $ 286.3 million and $ 668.4 million, respectively, as of March 29, 2025, which were determined by using the market price on the last trading day of the reporting period and are considered as level 2 in the fair value hierarchy.

The fair values of the 2026 Notes and 2029 No tes were $ 297.0 million and $ 727.9 million, respectively, as o f December 27, 2025, and $ 286.3 million and $ 668.4 million, respectively, as of March 29, 2025, which were determined by using the market price on the last trading day of the reporting period and are considered as level 2 in the fair value hierarchy.

The senior unsecured term loan (which is carried at amortized cost), accounts receivable and accounts payable approximate fa ir value.

4 unchanged sentences

Legal costs are expensed as incurred.

Sensor-Guided Technologies Patent Litigation

During the fourth quarter of fiscal 2024, a complaint was filed in the U.S.

5 unchanged sentences

In the second quarter of fiscal 2026, the parties entered into a final confidential settlement agreement to resolve the matter, which the court approved, and the Company recorded an immaterial additional loss contingency relating to final settlement of the matter.

Plasma Patent Litigation

During the first quarter of fiscal 2026, the Company filed a complaint against Terumo BCT in U.S.

1 unchanged sentence

The complaint alleges that Terumo BCT infringes the Company’s intellectual property rights with respect to its donor-centric blood plasma collection patents, as embodied in the Company’s NexSys PCS ® with YES ® technology and NexSys PCS with Persona ® technology.

While the Company will incur costs in the course of pursuing this claim, and the outcome of litigation is inherently uncertain, the Company believes this is a necessary and appropriate action to safeguard its innovations, protect its intellectual property, and further the growth and development of its business.

On June 26, 2025, Terumo filed a motion to dismiss.

On July 17, 2025 and August 12, 2025, the Company filed amended complaints, which added recently issued patents.

On September 2, 2025, Terumo filed a partial motion to dismiss the Company’s complaint with prejudice claiming that the Company’s asserted patents were invalid under 35 U.S.C.

section 101 for claiming non-patentable subject matter.

Terumo has also filed inter partes review petitions with the U.S.

Patent and Trademark Office (PTO) seeking to invalidate certain asserted patents and has also initiated post grant review proceedings against certain other asserted patents.

The petitions have not yet been acted upon by the PTO.

On July 17, 2025 and August 12, 2025, the Company filed amended complaints adding recently issued patents.

On September 2, 2025, Terumo filed a partial motion to dismiss with prejudice claiming that the Company’s asserted patents were invalid under 35 U.S.C.

Terumo has also filed inter partes and post-grant review petitions with the U.S.

Patent and Trademark Office (PTO) seeking to invalidate the asserted patents.

In October 2025, Terumo filed a motion to stay the district court proceedings pending resolution of the PTO petitions.

The Company filed responses opposing Terumo’s motions in November 2025.

Two of the pending petitions have been instituted for further review.

During the second quarter of fiscal 2026, the Company filed a complaint against Fresenius Kabi USA LLC in U.S.

3 unchanged sentences

and Fresenius Kabi AG as parties to the matter.

In December 2025, the Fenwal filed its answer and counterclaims, alleging non-infringement and invalidity of the Company’s asserted patents and alleging infringement by the Company of certain of Fenwal’s U.S.

While the Company will incur costs in the course of pursuing these claims, and the outcome of litigation is inherently uncertain, the Company believes this is a necessary and appropriate action to safeguard its innovations, protect its intellectual property, and further the growth and development of its business.

CAPITAL STOCK

2 unchanged sentences

The total amount of share-based compensation expense, which is recorded on a straight-line basis, is as follows:

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

(Dollars in Thousands)

2 unchanged sentences

Cost of goods sold ( 103 ) 530 980 1,357

$ 7,589 $ 6,857 $ 16,901 $ 14,485

Total share-based compensation $ 7,799 $ 8,214 $ 24,700 $ 22,699

Stock Options

4 unchanged sentences

Forfeitures are estimated based on historical experience.

A summary of stock option activity for the six months ended September 27, 2025 is as follows:

A summary of stock option activity for the nine months ended December 27, 2025 is as follows:

Outstanding Weighted

7 unchanged sentences

Forfeited/Canceled ( 156,212 ) $ 89.26

Outstanding as of September 27, 2025 1,077,734 $ 78.66 3.9 $ —

Exercisable as of September 27, 2025 643,092 $ 79.34 2.6 $ —

Vested or expected to vest as of September 27, 2025 974,285 $ 78.80 4.2 $ —

As of September 27, 2025, there was $ 13.4 million of total unrecognized compensation cost related to non-vested stock options.

Outstanding as of December 27, 2025 1,027,527 $ 78.87 3.9 $ 9,499

Exercisable as of December 27, 2025 610,067 $ 79.80 2.4 $ 6,300

Vested or expected to vest as of December 27, 2025 942,147 $ 79.02 3.9 $ 8,874

As of December 27, 2025, there was $ 11.5 million of total unrecognized compensation cost related to non-vested stock options.

This cost is expected to be recognized over a weighted average period of 2.7 years.

Restricted Stock Units

Restricted Stock Units (“RSUs”) generally vest in equal installments over a three or four period for employees and one year from grant for non-employee directors.

Restricted Stock Units (“RSUs”) generally vest in equal installments over a three or four-year period for employees and one year from grant for non-employee directors.

The grant-date fair value of RSUs, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period.

The fair market value of RSUs is determined based on the market value of the Company’s shares on the date of grant.

A summary of RSU activity for the six months ended September 27, 2025 is as follows:

A summary of RSU activity for the nine months ended December 27, 2025 is as follows:

Shares Weighted

4 unchanged sentences

Forfeited ( 38,142 ) $ 78.11

Unvested as of September 27, 2025 354,419 $ 76.08

As of September 27, 2025, there was $ 21.7 million of total unrecognized compensation cost related to non-vested restricted stock units.

Unvested as of December 27, 2025 332,292 $ 75.76

As of December 27, 2025, there was $ 17.5 million of total unrecognized compensation cost related to non-vested restricted stock units.

This cost is expected to be recognized over a weighted average period of 1.8 years.

7 unchanged sentences

As a result, the Company may issue up to 715,262 shares related to outstanding performance-based awards.

A summary of PSU activity for the six months ended September 27, 2025 is as follows:

A summary of PSU activity for the nine months ended December 27, 2025 is as follows:

Shares Weighted

4 unchanged sentences

Forfeited ( 36,495 ) $ 114.24

Unvested as of September 27, 2025 371,095 $ 108.59

Unvested as of December 27, 2025 357,631 $ 108.86

(1) Includes 35,443 shares issued for awards vested during fiscal 2026 based on achievement of performance metrics.

(2) Includes the vesting of 162,066 shares that were earned for rTSR-based PSU awards granted in fiscal 2023 for performance periods ending during fiscal 2026, based on actual rTSR of 128 %.

As of September 27, 2025, there was $ 26.2 million of total unrecognized compensation cost related to non-vested performance share units.

(2) Includes the vesting of 162,066 shares that were earned for rTSR-based PSU awards granted in fiscal 2023 for performance periods ending during fiscal 2026, representing 128 % of the target award.

As of December 27, 2025, there was $ 22.1 million of total unrecognized compensation cost related to non-vested performance share units deemed probable of vesting.

This cost is expected to be recognized over a weighted average period of 1.9 years.

4 unchanged sentences

Balance as of March 29, 2025 $ ( 56,248 ) $ 1,149 $ 15 $ ( 55,084 )

Other comprehensive income (loss) before reclassifications (1)

Other comprehensive income before reclassifications (1)

20,711 — 456 21,167

1 unchanged sentence

— — ( 693 ) ( 693 )

Balance as of September 27, 2025 $ ( 41,360 ) $ 1,149 $ ( 320 ) $ ( 40,531 )

Balance as of December 27, 2025 $ ( 35,537 ) $ 1,149 $ ( 222 ) $ ( 34,610 )

(1) Presented net of income taxes, the amounts of which are insignificant.

6 unchanged sentences

Certain corporate expenses and amounts considered to be non-recurring or non-operational are excluded from segment operating income.

These items include acquisition, integration and divestiture related costs, amortization of acquired assets, restructuring costs, restructuring related costs, digital transformation costs related to the upgrade of the Company’s enterprise resource planning system, impairments and write downs, accelerated device depreciation and related costs, costs related to compliance with the European Union Medical Device Regulation (“MDR”) and In Vitro Diagnostic Regulation (“IVDR”), unusual or infrequent and material litigation-related charges and gains, losses on dispositions and sale of assets, remeasurement of the contingent consideration liability and unusual or infrequent gains such as on repurchases of convertible notes or divestitures.

These items include acquisition, integration and divestiture related costs , amortization of acquired assets, restructuring costs, restructuring related costs, digital transformation costs related to the upgrade of the Company’s enterprise resource planning system, impairments and write downs, costs related to compliance with the European Union Medical Device Regulation (“MDR”) and In Vitro Diagnostic Regulation (“IVDR”), unusual or infrequent and material litigation-related charges and gains, losses on dispositions and sale of assets, remeasurement of the contingent consideration and unusual or infrequent gains such as on repurchases of convertible notes or divestitures.

Although these amounts are excluded from segment operating income, as applicable, they are included in the reconciliations that follow.

4 unchanged sentences

Selected information by reportable segment is presented below:

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

(Dollars in Thousands)

18 unchanged sentences

Corporate and unallocated expenses

Amortization of acquired intangible assets $ ( 13,237 ) $ ( 16,003 ) $ ( 27,065 ) $ ( 33,713 )

Acquisition, integration and divestiture related costs ( 1,520 ) ( 882 ) ( 4,202 ) ( 13,205 )

Amortization of acquired assets $ ( 12,256 ) $ ( 15,571 ) $ ( 39,321 ) $ ( 49,284 )

Integration and transaction costs ( 1,655 ) ( 244 ) ( 5,677 ) ( 13,449 )

Restructuring and restructuring related costs ( 1,484 ) ( 4,983 ) ( 3,066 ) ( 18,486 )

4 unchanged sentences

Income before provision for income taxes $ 59,975 $ 49,917 $ 156,429 $ 141,334

(1) Comprised of litigation-related charges, impairment of intangible assets, and remeasurement of contingent consideration for the three and six months ended September 27, 2025.

Comprised of MDR and IVDR costs, litigation-related charges, gains on sale of property, plant and equipment, and impairment of intangible assets for the three and six months ended September 28, 2024.

(1) Comprised of litigation-related charges, impairment of intangible assets, and the write downs of certain assets for the three and nine months ended December 27, 2025.

Comprised of MDR and IVDR costs, litigation-related charges, gains on sale of property, plant and equipment, impairment of intangible assets, and the write downs of certain assets for the three and nine months ended December 28, 2024.

Net revenues by business unit are as follows:

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

(Dollars in Thousands)

8 unchanged sentences

Depreciation and amortization, excluding impairment charges, by business unit are as follows:

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

(Dollars in Thousands)

4 unchanged sentences

Long-lived assets, comprised of property, plant and equipment, by business unit are as follows:

September 27, 2025 March 29, 2025

December 27, 2025 March 29, 2025

(Dollars in Thousands)

4 unchanged sentences

Long-lived assets, comprised of property, plant and equipment, by operating regions are as follows:

September 27, 2025 March 29, 2025

December 27, 2025 March 29, 2025

(Dollars in Thousands)

6 unchanged sentences

Net revenues by operating regions are as follows:

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

(Dollars in Thousands)

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements