What changed in this filing

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Item 1. Financial Statements

2026-05-06 compared with 2025-11-06 · 150 added, 334 removed, 444 unchanged (52% of the section changed)

3 unchanged sentences

(In millions, except par value)

September 28, 2025 December 29, 2024

March 29, 2026 December 28, 2025

Current assets:

5 unchanged sentences

Total current assets 1,377.0 1,447.3

Property, plant and equipment, less accumulated depreciation and amortization of $ 878.9 and $ 726.2 at September 28, 2025 and December 29, 2024, respectively

Property, plant and equipment, less accumulated depreciation and amortization of $ 1,000.0 and $ 944.8 at March 29, 2026 and December 28, 2025, respectively

1,339.3 1,358.3

Right-of-use assets 158.0 155.5

Goodwill — 649.5

Intangible assets, less accumulated amortization of $ 863.7 and $ 718.1 at September 28, 2025 and December 29, 2024, respectively

Intangible assets, less accumulated amortization of $ 942.0 and $ 896.1 at March 29, 2026 and December 28, 2025, respectively

2,520.2 2,563.8

18 unchanged sentences

5.0 shares authorized;

none issued or outstanding at September 28, 2025 and December 29, 2024

none issued or outstanding at March 29, 2026 and December 28, 2025

Common stock, $ 0.001 par value per share;

126.2 shares authorized;

67.9 and 67.3 shares issued and outstanding at September 28, 2025 and December 29, 2024, respectively

68.1 and 67.9 shares issued and outstanding at March 29, 2026 and December 28, 2025, respectively

Additional paid-in capital 2,943.2 2,931.8

7 unchanged sentences

(In millions, except per share data)

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

March 29, 2026 March 30, 2025

Total revenues $ 619.8 $ 692.8

4 unchanged sentences

Restructuring, integration and other charges 4.4 16.1

Goodwill impairment charge 700.7 — 700.7 1,743.9

Asset impairment charge 9.7 — 9.7 56.9

Other operating expenses 0.2 6.4

1 unchanged sentence

Interest expense, net 51.1 40.0

Loss on extinguishment of debt 5.1 — 5.1 —

Other expense, net 0.9 0.9 10.7 7.2

Other (income) expense, net ( 3.4 ) 1.4

Loss before income taxes ( 79.5 ) ( 8.8 )

(Benefit from) provision for income taxes ( 23.9 ) ( 8.9 ) 5.8 ( 117.0 )

Provision for income taxes 12.3 3.9

Net loss $ ( 91.8 ) $ ( 12.7 )

5 unchanged sentences

QUIDELORTHO CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In millions)

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

March 29, 2026 March 30, 2025

Net loss $ ( 91.8 ) $ ( 12.7 )

1 unchanged sentence

Changes in cumulative translation adjustment, net of tax ( 11.2 ) 32.3

Changes in unrealized (losses) gains from cash flow hedges, net of tax:

Net unrealized (losses) gains on derivative instruments ( 9.1 ) ( 33.7 ) ( 31.6 ) 9.9

Reclassification of net realized gains on derivative instruments included in net income ( 2.9 ) ( 6.8 ) ( 10.2 ) ( 18.9 )

Total change in unrealized (losses) gains from cash flow hedges, net of tax ( 12.0 ) ( 40.5 ) ( 41.8 ) ( 9.0 )

Comprehensive (loss) income $ ( 768.9 ) $ 1.2 $ ( 984.6 ) $ ( 1,847.1 )

Changes in unrealized gains (losses) from cash flow hedges, net of tax:

Net unrealized gains (losses) on derivative instruments 21.8 ( 16.2 )

Reclassification of net realized losses (gains) on derivative instruments included in net income 0.7 ( 3.7 )

Total change in unrealized gains (losses) from cash flow hedges, net of tax 22.5 ( 19.9 )

Comprehensive loss $ ( 80.5 ) $ ( 0.3 )

See accompanying notes.

15 unchanged sentences

Balance at March 29, 2026 68.1 $ 0.1 $ 2,943.2 $ ( 4.1 ) $ ( 1,087.8 ) $ 1,851.4

Issuance of common stock under equity compensation plans 0.3 — 0.9 — — 0.9

Stock-based compensation expense — — 12.7 — — 12.7

Tax withholdings related to vesting of stock-based awards ( 0.1 ) — ( 2.7 ) — — ( 2.7 )

Other comprehensive income, net of tax — — — 40.0 — 40.0

Net loss — — — — ( 255.4 ) ( 255.4 )

Balance at June 29, 2025 67.7 0.1 2,908.7 16.2 ( 132.3 ) 2,792.7

Issuance of common stock under equity compensation plans 0.2 — 2.9 — — 2.9

Stock-based compensation expense — — 10.6 — — 10.6

Tax withholdings related to vesting of stock-based awards — — ( 0.9 ) — — ( 0.9 )

Other comprehensive loss, net of tax — — — ( 35.9 ) — ( 35.9 )

Net loss — — — — ( 733.0 ) ( 733.0 )

Balance at September 28, 2025 67.9 $ 0.1 $ 2,921.3 $ ( 19.7 ) $ ( 865.3 ) $ 2,036.4

Common Stock Additional

11 unchanged sentences

Balance at March 30, 2025 67.5 $ 0.1 $ 2,897.8 $ ( 23.8 ) $ 123.1 $ 2,997.2

Issuance of common stock under equity compensation plans 0.4 — 4.1 — — 4.1

Stock-based compensation expense — — 10.3 — — 10.3

Tax withholdings related to vesting of stock-based awards ( 0.1 ) — ( 2.5 ) — — ( 2.5 )

Other comprehensive income, net of tax — — — 1.6 — 1.6

Net loss — — — — ( 147.7 ) ( 147.7 )

Balance at June 30, 2024 67.1 0.1 2,863.9 ( 24.6 ) 334.1 3,173.5

Issuance of common stock under equity compensation plans 0.1 — 0.4 — — 0.4

Stock-based compensation expense — — 12.0 — — 12.0

Tax withholdings related to vesting of stock-based awards — — ( 0.4 ) — — ( 0.4 )

Other comprehensive income, net of tax — — — 21.1 — 21.1

Net loss — — — — ( 19.9 ) ( 19.9 )

Balance at September 29, 2024 67.2 $ 0.1 $ 2,875.9 $ ( 3.5 ) $ 314.2 $ 3,186.7

See accompanying notes.

2 unchanged sentences

(In millions)

Nine Months Ended

September 28, 2025 September 29, 2024

Three Months Ended

March 29, 2026 March 30, 2025

OPERATING ACTIVITIES

2 unchanged sentences

Depreciation and amortization 112.9 107.1

Goodwill impairment charge 700.7 1,743.9

Asset impairment charge 9.7 56.9

Stock-based compensation expense 10.7 11.6

Change in deferred tax assets and liabilities ( 1.8 ) ( 0.1 )

Loss on extinguishment of debt 5.1 —

Asset write off related to restructuring, integration and other charges 152.2 —

Other non-cash, net 4.9 5.1

5 unchanged sentences

Accrued payroll and related expenses 15.7 17.0

Income taxes payable 31.2 ( 80.5 )

Income tax receivable and payable 13.0 3.6

Other current and non-current liabilities ( 69.0 ) ( 16.9 )

2 unchanged sentences

Acquisitions of property, plant, equipment, investments and intangibles ( 34.0 ) ( 56.2 )

Proceeds from government assistance allocated to fixed assets 6.5 —

Purchases of marketable securities — ( 7.2 )

Proceeds from sale of marketable securities — 63.1

Loan to LEX Diagnostics ( 6.7 ) ( 20.0 )

Net cash used for investing activities ( 34.0 ) ( 56.2 )

3 unchanged sentences

Revolving credit facility, net 50.0 52.0

Proceeds from long-term borrowings, net of discount and debt issuance costs 2,546.2 —

Proceeds from long-term borrowings 12.6 —

Payments on long-term borrowings ( 22.4 ) ( 36.0 )

Payments on finance lease obligation ( 1.6 ) —

Payments of tax withholdings related to vesting of stock-based awards ( 1.1 ) ( 1.4 )

7 unchanged sentences

Transfer of instrument inventories to fixed assets $ 32.0 $ 29.9

Reduction of accrued payroll and related expenses upon issuance of restricted share units $ 0.8 $ 0.3

Initial recognition of finance lease right-of-use asset and liability $ — $ 12.5

See accompanying notes.

7 unchanged sentences

Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report for definitions of terms used throughout this Quarterly Report.

The information at September 28, 2025, and for the three and nine months ended September 28, 2025 and September 29, 2024, is unaudited.

The information at March 29, 2026, and for the three months ended March 29, 2026 and March 30, 2025, is unaudited.

For further information, refer to the Company’s Consolidated Financial Statements and notes thereto for fiscal year ended December 28, 2025 included in QuidelOrtho’s Annual Report.

1 unchanged sentence

The Company follows the concept of a fiscal year that ends on the Sunday nearest to the end of the month of December, and fiscal quarters that end on the Sunday nearest to the end of the months of March, June and September.

For 2025 and 2024, the Company’s fiscal year will end or has ended on December 28, 2025 (“fiscal year ended 2025”) and December 29, 2024 (“fiscal year ended 2024”), respectively.

For fiscal years ended 2025 and 2024, the Company’s third quarter ended on September 28, 2025 and September 29, 2024, respectively.

The three and nine months ended September 28, 2025 and September 29, 2024 each included 13 and 39 weeks, respectively.

For 2026 and 2025, the Company’s fiscal year will end or has ended on January 3, 2027 (“fiscal year ended 2026”) and December 28, 2025 (“fiscal year ended 2025”), respectively.

For fiscal years ended 2026 and 2025, the Company’s first quarter ended on March 29, 2026 and March 30, 2025, respectively.

The three months ended March 29, 2026 and March 30, 2025 each included 13 weeks.

Use of Estimates

1 unchanged sentence

Actual results could differ from those estimates.

Restructuring, Integration and Other Charges

The Company incurs restructuring, integration and other charges in connection with its cost-reduction, strategic productivity and margin improvement initiatives or in connection with acquisitions when it implements plans to restructure and integrate the acquired operations.

• In connection with the cost-reduction, strategic productivity and margin improvement initiatives, the Company typically incurs implementation costs and charges for site closings and other facility rationalization actions, workforce reductions and procurement-related actions;

• In connection with acquisition and integration activity, the Company typically incurs costs associated with executing the transactions, integrating the acquired operations (which may include expenditures for consulting and the integration of systems and processes), and restructuring the combined company (which may include charges related to employees, assets and activities that will not continue in the combined company).

If the restructuring action results in a change in the estimated useful life of an asset, that incremental impact is classified in Cost of sales, excluding amortization of intangibles, Selling, marketing and administrative and/or Research and development expenses, as appropriate.

Employee termination charges are generally recorded when the actions are probable and estimable and include accrued severance benefits, pension and postretirement benefits, most of which may be paid out during periods after termination.

Estimating the impact of restructuring plans, including future termination benefits, integration expenses and other exit charges, requires judgment.

Actual results could vary from these estimates.

The Company’s business and its functions may be impacted by these actions, including sales and marketing, manufacturing and R&D, as well as its corporate enabling functions.

Recent Accounting Pronouncements

Recently Issued Accounting Standards Not Yet Adopted

Recently Adopted Pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides entities with a practical expedient to assume that current

conditions as of the balance sheet date do not change for the remaining life of the asset when developing forecasts for estimating expected credit losses.

The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods.

The Company is currently evaluating this guidance and does not expect this ASU to have a material impact on its Consolidated Financial Statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software .

Under the guidance, an entity is required to start capitalizing software costs when both of the following occur:

(i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended.

The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods.

The Company is currently evaluating this guidance and does not expect this ASU to have a material impact on its Consolidated Financial Statements.

Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing forecasts for estimating expected credit losses.

This ASU was adopted in the first quarter of 2026.

The adoption of this ASU did not impact the Company’s Consolidated Financial Statements.

Computation of Earnings Per Share

The following table presents the calculation of the weighted-average shares used in computing basic and diluted EPS in the respective periods:

Three Months Ended Nine Months Ended

(In millions) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

(In millions) March 29, 2026 March 30, 2025

Basic weighted-average shares of common stock outstanding 68.2 67.5

1 unchanged sentence

Diluted weighted-average shares of common stock outstanding 68.2 67.5

(1) In the three and nine months ended September 28, 2025 and September 29, 2024, all potential shares of common stock issuable for stock options and RSUs were excluded from the dilutive calculations above because the effect of including them would have been anti-dilutive.

(1) In the three months ended March 29, 2026 and March 30, 2025, all potential shares of common stock issuable for stock options and RSUs were excluded from the dilutive calculations above because the effect of including them would have been anti-dilutive.

The dilutive effect of potential shares of common stock issuable for stock options and RSUs on the weighted-average number of shares of common stock outstanding would have been as follows:

Three Months Ended Nine Months Ended

(In millions) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

(In millions) March 29,

2026 March 30,

Basic weighted-average shares of common stock outstanding 68.2 67.5

2 unchanged sentences

Stock options and RSUs where the combined exercise price and unrecognized stock-based compensation was greater than the average market price for the Company’s common stock were not included in the computations of diluted weighted-average shares because the effect would have been anti-dilutive under the treasury stock method.

These stock options and RSUs represented 2.1 million and 1.6 million shares of common stock for the three and nine months ended September 28, 2025, respectively, and 1.9 million and 2.0 million shares of common stock for the three and nine months ended September 29, 2024, respectively .

These stock options and RSUs represented 2.2 million and 1.5 million shares of common stock for the three months ended March 29, 2026 and March 30, 2025, respectively.

Contract Balances

6 unchanged sentences

The Company records the revenue upon shipment and an associated contract asset, and relieves the contract asset upon completion of the invoicing.

The balance of the

contract asset related to these arrangements was $ 35.5 million and $ 32.5 million as of September 28, 2025 and December 29, 2024, respectively.

The balance of the contract asset related to these arrangements was $ 30.8 million and $ 34.7 million as of March 29, 2026 and December 28, 2025, respectively.

The Company reviews contract assets for expected credit losses resulting from the collectability of customer accounts.

Expected losses are established based on historical losses, customer mix and credit policies, current economic conditions in customers’ country or industry, and expectations associated with reasonable and supportable forecasts.

No credit losses related to contract assets were recognized during the three and nine months ended September 28, 2025 and September 29, 2024.

No credit losses related to contract assets were recognized during the three months ended March 29, 2026 and March 30, 2025.

The Company recognizes a contract liability when a customer pays an invoice prior to the Company transferring control of the goods or services (“contract liabilities”).

1 unchanged sentence

The Company classifies deferred revenue as current or non-current based on the timing of the transfer of control or performance of the service.

The balance of the Company’s current deferred revenue was $ 34.1 million and $ 33.5 million as of September 28, 2025 and December 29, 2024, respectively, and was included in Other current liabilities in the Consolidated Balance Sheets.

The balance of the Company’s current deferred revenue was $ 33.4 million and $ 37.8 million as of March 29, 2026 and December 28, 2025, respectively, and was included in Other current liabilities in the Consolidated Balance Sheets.

The Company has one arrangement with a customer where the revenue is expected to be recognized beyond one year.

The balance of the deferred revenue included in long-term liabilities was $ 16.9 million and $ 17.3 million as of September 28, 2025 and December 29, 2024, respectively, and was included in Other liabilities in the Consolidated Balance Sheets.

The amount of deferred revenue as of December 29, 2024 that was recorded in Total revenues during the nine months ended September 28, 2025 was $ 29.1 million.

The balance of the deferred revenue included in long-term liabilities was $ 16.7 million and $ 16.9 million as of March 29, 2026 and December 28, 2025, respectively, and was included in Other liabilities in the Consolidated Balance Sheets.

The amount of deferred revenue as of December 28, 2025 that was recorded in Total revenues during the three months ended March 29, 2026 was $ 19.0 million.

Joint Business with Grifols

The Company has an ongoing Joint Business between Ortho and Grifols, under which Ortho and Grifols agreed to pursue a collaboration relating to Ortho’s Hepatitis and HIV diagnostics business.

The governance of the Joint Business is shared through a supervisory board made up of equal representation by Ortho and Grifols, which is responsible for all significant decisions relating to the Joint Business that are not exclusively assigned to either Ortho or Grifols, as defined in the Joint Business agreement.

The Company’s portion of the pre-tax net profit shared under the Joint Business was $ 4.7 million and $ 25.6 million during the three and nine months ended September 28, 2025, respectively, and $ 7.3 million and $ 24.3 million during the three and nine months ended September 29, 2024, respectively.

These amounts included the Company’s portion of the pre-tax net profit of $ 2.6 million and $ 8.3 million during the three and nine months ended September 28, 2025, respectively, and $ 5.3 million and $ 16.8 million during the three and nine months ended September 29, 2024, respectively, on sales transactions with third parties where the Company is the principal.

Effective January 1, 2026, the Company terminated the Joint Business arrangement.

As a result of the termination, no revenue was recognized for the three months ended March 29, 2026.

The Company recorded a charge of $ 65.0 million payable to Grifols over a three-year period in Other operating expenses in the Consolidated Financial Statements for fiscal year ended 2025 to reflect the mutually agreed terms.

Under the Joint Business arrangement, Ortho and Grifols agreed to pursue a collaboration relating to Ortho’s Hepatitis and HIV diagnostics business.

The governance of the Joint Business was shared through a supervisory board made up of equal representation by Ortho and Grifols, which was responsible for all significant decisions relating to the Joint Business that were not exclusively assigned to either Ortho or Grifols, as defined in the Joint Business agreement.

The Company’s portion of the pre-tax net profit shared under the Joint Business was $ 15.9 million during the three months ended March 30, 2025.

These amounts included the Company’s portion of the pre-tax net profit of $ 2.6 million during the three months ended March 30, 2025, on sales transactions with third parties where the Company is the principal.

The Company recognized revenues, cost of sales, excluding amortization of intangibles, and operating expenses, on a gross basis on these sales transactions in their respective lines in the Consolidated Statements of Loss.

The Company’s portion of the pre-tax net profit also included revenue from collaboration and royalty agreements of $ 2.1 million and $ 17.3 million during the three and nine months ended September 28, 2025, respectively, and $ 2.0 million and $ 7.5 million during the three and nine months ended September 29, 2024, respectively, which is presented on a net basis within Total revenues.

The Company’s portion of the pre-tax net profit also included revenue

from collaboration and royalty agreements of $ 13.3 million during the three months ended March 30, 2025, which is presented on a net basis within Total revenues.

Disaggregation of Revenue

The following table summarizes Total revenues by business unit:

Three Months Ended Nine Months Ended

(In millions) September 28, 2025 September 29, 2024 (1)

September 28, 2025 September 29, 2024 (1)

Three Months Ended

(In millions) March 29, 2026 March 30, 2025 (1)

Labs $ 353.1 $ 373.0

Immunohematology (2)

142.0 131.9 402.8 385.6

Donor Screening (2)

14.7 27.9 40.8 95.4

Point of Care 112.8 170.9

6 unchanged sentences

Concentration of Revenue and Credit Risk

For both the nine months ended September 28, 2025 and September 29, 2024, one customer represented 11 % of Total revenues.

Revenues related to the Company’s respiratory products accounted for 16 % and 14 % of Total revenues for the three and nine months ended September 28, 2025, respectively, and 23 % and 17 % for the three and nine months ended September 29, 2024, respectively.

As of September 28, 2025, no customers had a balance due in excess of 10% of Accounts receivable, net.

As of December 29, 2024, customers with a balance due in excess of 10% of Accounts receivable, net totaled $ 33.7 million.

For the three months ended March 29, 2026 and March 30, 2025, one customer represented 11 % and 13 % of Total revenues, respectively.

Revenues related to the Company’s respiratory products accounted for 11 % and 17 % of Total revenues for the three months ended March 29, 2026 and March 30, 2025, respectively.

As of March 29, 2026 and December 28, 2025, no customers had a balance due in excess of 10% of Accounts receivable, net.

Segment and Geographic Information

In the fourth quarter of 2024, the Company revised the internal allocation of certain global costs primarily between the North America segment and Corporate to better align costs that impact the Company as a whole.

The Company operates under five geographically-based reportable segments:

North America, EMEA, China, JPAC and Latin America.

Although all five segments are engaged in the marketing, distribution and sale of diagnostic instruments and assays for hospitals, retailers, distributors, laboratories and/or blood and plasma centers worldwide, each region is managed separately to better align with the market dynamics of the specific geographic region.

Beginning in the fourth quarter of 2025, the Company determined that the JPAC segment, previously included in “Other,” meets the quantitative thresholds for separate reporting under ASC 280.

This determination was based on JPAC’s segment revenue exceeding 10% of the combined reported segment revenue.

As Latin America is the only remaining immaterial operating segment, results are reported separately.

This change in segment reporting did not have an impact on the Company’s previously reported Consolidated Financial Statements.

Prior periods have been revised to align with the current period presentation.

The following table presents the results of operations of the Company’s reportable segments for the three and nine months ended September 28, 2025 and September 29, 2024:

Three Months Ended September 28, 2025

(In millions) North America EMEA China Other Total

Total revenues $ 381.4 $ 91.8 $ 84.6 $ 142.1 $ 699.9

Cost of sales, excluding amortization of intangibles 129.0 41.2 36.4 74.5 281.1

Selling, marketing and administrative 41.1 24.6 10.6 22.7 99.0

Research and development 0.4 0.7 0.7 0.7 2.5

Other expense, net 0.1 0.9 0.1 — 1.1

Total segment Adjusted EBITDA $ 210.8 $ 24.4 $ 36.8 $ 44.2 316.2

Reconciliation of segment Adjusted EBITDA

Corporate (2)

Depreciation and amortization ( 112.1 )

Interest expense, net ( 46.1 )

Restructuring, integration and other charges ( 39.6 )

Goodwill impairment charge ( 700.7 )

Asset impairment charge ( 9.7 )

Loss on extinguishment of debt ( 5.1 )

Legal accrual (3)

Amortization of deferred cloud computing implementation costs ( 7.9 )

EU medical device regulation transition costs (4)

Other adjustments ( 3.2 )

Loss before income taxes $ ( 756.9 )

Nine Months Ended September 28, 2025

(In millions) North America EMEA China Other Total

Total revenues $ 1,098.8 $ 268.0 $ 243.0 $ 396.8 $ 2,006.6

Cost of sales, excluding amortization of intangibles 368.0 132.4 101.4 215.3 817.1

Selling, marketing and administrative 124.7 71.1 32.0 67.4 295.2

Research and development 1.2 2.0 2.4 2.4 8.0

Other expense, net 0.1 3.3 ( 1.0 ) — 2.4

Total segment Adjusted EBITDA $ 604.8 $ 59.2 $ 108.2 $ 111.7 883.9

Reconciliation of segment Adjusted EBITDA

Corporate (2)

Depreciation and amortization ( 329.5 )

Interest expense, net ( 126.6 )

Restructuring, integration and other charges ( 234.6 )

Goodwill impairment charge ( 700.7 )

Asset impairment charge ( 9.7 )

Loss on extinguishment of debt ( 5.1 )

Legal accrual (3)

Amortization of deferred cloud computing implementation costs ( 19.0 )

EU medical device regulation transition costs (4)

Other adjustments ( 3.9 )

Loss before income taxes $ ( 995.3 )

Three Months Ended September 29, 2024

(In millions) North America EMEA China Other Total

The following table presents the results of operations of the Company’s reportable segments for the three months ended March 29, 2026 and March 30, 2025:

Three Months Ended March 29, 2026

(In millions) North America EMEA China JPAC Latin America Total

Total revenues $ 328.9 $ 92.5 $ 63.5 $ 70.0 $ 64.9 $ 619.8

2 unchanged sentences

Research and development 0.4 0.4 0.7 0.3 0.5 2.3

Other expense, net — 0.7 ( 1.0 ) ( 0.5 ) ( 0.8 )

Other (income) expense, net 0.2 0.8 ( 0.2 ) ( 0.7 ) ( 0.1 ) —

Total segment Adjusted EBITDA $ 169.4 $ 20.1 $ 20.5 $ 16.5 $ 15.8 242.3

5 unchanged sentences

Amortization of deferred cloud computing implementation costs ( 8.0 )

Employee compensation charges ( 5.5 )

Loss on investments ( 0.9 )

EU medical device regulation transition costs (3)

1 unchanged sentence

Loss before income taxes $ ( 79.5 )

Nine Months Ended September 29, 2024

(In millions) North America EMEA China Other Total

Three Months Ended March 30, 2025

(In millions) North America EMEA China JPAC Latin America Total

Total revenues $ 406.7 $ 88.9 $ 75.0 $ 68.1 $ 54.1 $ 692.8

2 unchanged sentences

Research and development 0.4 0.6 0.9 0.4 0.4 2.7

Other expense, net ( 0.4 ) 0.5 ( 2.4 ) ( 2.3 ) ( 4.6 )

Other (income) expense, net — 1.6 — — ( 0.2 ) 1.4

Total segment Adjusted EBITDA $ 234.3 $ 16.5 $ 29.3 $ 17.6 $ 12.0 309.7

4 unchanged sentences

Restructuring, integration and other charges ( 16.1 )

Goodwill impairment charge ( 1,743.9 )

Asset impairment charge ( 56.9 )

Amortization of deferred cloud computing implementation costs ( 4.3 )

Employee compensation charges ( 5.6 )

Prior Credit Agreement amendment fees ( 4.0 )

Gain on investments 0.3

EU medical device regulation transition costs (3)

5 unchanged sentences

The Company’s corporate function also includes debt and stock-based compensation associated with all employee stock-based awards.

(3) Represents reserves accrued in connection with the resolution of a contractual dispute.

Refer to “—Note 10.

Commitments and Contingencies” for additional information.

(3) Represents incremental consulting costs and R&D manufacturing site costs to align compliance of the Company’s existing, on-market products that were previously registered under the European In Vitro Diagnostics Directive regulatory framework with the requirements under the EU’s In Vitro Diagnostic Regulation, which generally apply from May 2022 onwards.

4 unchanged sentences

The tax effects for other items that are excluded from ordinary income are discretely calculated and recognized in the period in which they occur.

For the three months ended September 28, 2025, the Company recognized an income tax benefit of $ 23.9 million in relation to loss before income taxes of $ 756.9 million, resulting in an effective tax rate of 3.2 %.

For the three months ended September 29, 2024, the Company recognized an income tax benefit of $ 8.9 million in relation to loss before income taxes of $ 28.8 million, resulting in an effective tax rate of 30.9 %.

For the three months ended September 28, 2025, the effective tax rate differed from the U.S.

federal statutory rate primarily due to goodwill impairment charges that were nondeductible for tax purposes.

For the three months ended September 29, 2024, the effective tax rate differed from the U.S.

federal statutory rate primarily due to the utilization of net operating losses previously not benefited due to valuation allowances.

For the nine months ended September 28, 2025, the Company recognized a provision for income taxes of $ 5.8 million in relation to loss before income taxes of $ 995.3 million, resulting in a negative effective tax rate of 0.6 %.

For the nine months ended September 29, 2024, the Company recognized an income tax benefit of $ 117.0 million in relation to loss before income taxes of $ 1,990.6 million, resulting in an effective tax rate of 5.9 %.

For the nine months ended September 28, 2025, the effective tax rate differed from the U.S.

federal statutory rate primarily due to goodwill impairment charges that were nondeductible for tax purposes and the impacts of operating losses in certain subsidiaries not being benefited due to the establishment of valuation allowances.

For the nine months ended September 29, 2024, the effective tax rate differed from the U.S.

federal statutory rate primarily due to goodwill impairment charges that were nondeductible for tax purposes.

The balance of unrecognized tax benefits at September 28, 2025, not including interest and penalties, was $ 184.9 million, of which $ 17.8 million could affect the effective income tax rate in future periods, if recognized.

For the three months ended March 29, 2026, the Company recognized a provision for income taxes of $ 12.3 million in relation to loss before income taxes of $ 79.5 million, resulting in a negative effective tax rate of 15.5 %.

For the three months ended March 30, 2025, the Company recognized a provision for income taxes of $ 3.9 million in relation to loss before income taxes of $ 8.8 million, resulting in a negative effective tax rate of 44.3 %.

For the three months ended March 29, 2026, the effective tax rate differed from the U.S.

federal statutory rate primarily due to the impacts of operating losses in certain subsidiaries not being benefited due to the establishment of valuation allowances and Global Intangible Low-Taxed Income.

For the three months ended March 30, 2025, the effective tax rate differed from the U.S.

federal statutory rate primarily due to the impacts of operating losses in certain subsidiaries not being benefited due to the establishment of valuation allowances.

The balance of unrecognized tax benefits at March 29, 2026, not including interest and penalties, was $ 197.0 million, of which $ 20.2 million could affect the effective income tax rate in future periods, if recognized.

The Company also recognizes interest and penalties related to unrecognized tax benefits in income tax expense.

At September 28, 2025, the Company had approximately $ 1.8 million of interest and penalties accrued related to unrecognized tax benefits.

The Company estimates that within the next 12 months, its uncertain tax positions, excluding interest, should decrease by $ 3.2 million.

At March 29, 2026, the Company had approximately $ 2.4 million of interest and penalties accrued related to unrecognized tax benefits.

The Company is subject to periodic audits by domestic and foreign tax authorities.

3 unchanged sentences

Balance Sheet Account Details

Cash, Cash Equivalents and Restricted Cash

(In millions) September 28, 2025 December 29, 2024

Cash and cash equivalents $ 98.1 $ 98.3

Restricted cash included in Other assets — 0.2

Cash, cash equivalents and restricted cash $ 98.1 $ 98.5

Accounts Receivable, Net

Accounts receivables primarily consist of trade accounts receivables with maturities of one year or less and are presented net of reserves:

(In millions) September 28, 2025 December 29, 2024

(In millions) March 29, 2026 December 28, 2025

Accounts receivable $ 452.0 $ 514.1

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Inventories consisted of the following:

(In millions) September 28, 2025 December 29, 2024

(In millions) March 29, 2026 December 28, 2025

Raw materials $ 193.2 $ 189.9

8 unchanged sentences

Prepaid expenses and other current assets consisted of the following:

(In millions) September 28, 2025 December 29, 2024

Prepaid expenses $ 71.8 $ 73.2

(In millions) March 29, 2026 December 28, 2025

Income taxes and other tax receivables $ 65.2 $ 79.8

Prepaid expenses 56.1 53.9

Cloud computing 35.1 27.5

Contract assets 30.8 34.7

1 unchanged sentence

Derivatives 14.3 13.7

Other 0.5 0.7

Total prepaid expenses and other current assets $ 232.8 $ 250.5

(1) Primarily relates to cloud computing.

Other Current Liabilities

Other current liabilities consisted of the following:

(In millions) September 28, 2025 December 29, 2024

(In millions) March 29, 2026 December 28, 2025

Accrued commissions, rebates and returns $ 60.9 $ 70.8

Contract termination cost 50.0 25.0

Deferred revenue 33.4 37.8

Professional services 30.4 21.4

Operating lease liabilities 31.3 29.3

Derivatives 28.1 32.1

Accrued other taxes payable 26.6 26.3

Accrued interest 16.7 48.1

Derivatives 10.7 4.0

Professional services 12.1 25.8

Other 83.5 81.4

Total other current liabilities $ 342.6 $ 376.6

Goodwill and Intangible Assets, Net

Changes in goodwill were as follows:

(In millions) North America EMEA China Other Total

Balance at December 29, 2024 $ — $ 566.0 $ 66.6 $ 16.9 $ 649.5

Impairment charge — ( 614.8 ) ( 68.1 ) ( 17.8 ) ( 700.7 )

Foreign currency translation — 48.8 1.5 0.9 51.2

Balance at September 28, 2025 $ — $ — $ — $ — $ —

The gross goodwill balance was $ 2,523.3 million and $ 2,472.1 million as of September 28, 2025 and December 29, 2024, respectively.

Accumulated goodwill impairment losses were $ 2,523.3 million and $ 1,822.6 million as of September 28, 2025 and December 29, 2024, respectively.

During the third quarter of 2025, the Company concluded that the sustained decline in the Company’s stock price and market capitalization was a triggering event requiring an interim goodwill impairment assessment for all reporting units.

Based on the Company’s interim goodwill impairment assessment in the third quarter of 2025, the Company concluded that the EMEA, China and Latin America reporting unit’s carrying values exceeded their respective fair values.

As a result, the Company recorded a non-cash goodwill impairment charge of $ 614.8 million, $ 68.1 million and $ 17.8 million in the third quarter of 2025 for the EMEA, China, and Latin America reporting units, respectively, which represented a full impairment of the goodwill allocated to these reporting units.

The quantitative goodwill assessment for all reporting units consisted of a fair value calculation that combines an income approach, using a discounted cash flow method, and a market approach, using the guideline public company method.

The quantitative goodwill impairment assessment requires the application of a number of significant assumptions, including estimates of future revenue growth rates, EBITDA margins, discount rates and market multiples.

The projected future revenue growth rates and EBITDA margins, and the resulting projected cash flows are based on historical experience and internal annual operating plans reviewed by management, extrapolated over the forecast period.

Discount rates are determined using a weighted average cost of capital adjusted for risk factors specific to the reporting units.

Market multiples are based on the guideline public company method using comparable publicly traded company multiples of revenue and EBITDA for a group of benchmark companies.

The Company believes the assumptions that were used in the quantitative goodwill impairment assessment are reasonable and consistent with assumptions that would be used by other marketplace participants.

The Company reviews long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate the carrying value of an asset group may not be recoverable.

Given the indications of possible impairment that occurred during the third quarter of 2025, the Company tested its EMEA, China and Latin America long-lived asset group for recoverability and impairment as of September 28, 2025.

Recoverability of long-lived assets is measured by a comparison of the carrying value of an asset group to future undiscounted net cash flows expected to be generated by the asset group.

The undiscounted cash flows for the EMEA, China and Latin America long-lived asset group were above the carrying value and the Company determined that the long-lived asset group was recoverable, and no impairment existed as of September 28, 2025.

The components of borrowings were as follows:

(In millions) September 28, 2025 December 29, 2024

(In millions) March 29, 2026 December 28, 2025

Term Loan A $ 1,135.6 $ 1,150.0

3 unchanged sentences

Other short-term borrowings 1.3 3.0

Other long-term borrowings (1)

Unamortized deferred financing costs ( 18.8 ) ( 19.6 )

3 unchanged sentences

Long-term borrowings $ 2,459.8 $ 2,471.9

On August 21, 2025 (the “Closing Date”), the Company entered into a credit agreement (the “Credit Agreement”) by and among the Company, as borrower, Bank of America, N.A., as administrative agent and swing line lender (“Bank of America”), and the other lenders and L/C issuers party thereto (together with Bank of America, the “Lenders”).

Pursuant to the Credit Agreement, the Lenders provided the Company with (i) a $ 1.15 billion senior secured term loan A facility (the “Term Loan A”), (ii) a $ 100.0 million senior secured delayed draw term loan A facility (the “DDTL Term Loan A”;

together with the Term Loan A, the “Term Loan A Facilities”), (iii) a $ 1.45 billion senior secured term loan B facility (the “Term Loan B”;

collectively with the Term Loan A Facilities, the “Term Loans”) and (iv) a $ 700.0 million revolving credit facility (the “Revolving Credit Facility”;

together with the Term Loans, the “Financing”).

The Financing is guaranteed by certain material domestic subsidiaries of the Company (the “Guarantors”) and is secured by liens on substantially all of the assets of the Company and the Guarantors, excluding real property and certain other types of excluded assets.

Loans under the Credit Agreement will bear interest at a rate equal to the Term SOFR, plus the Applicable Rate, or Base Rate, plus the Applicable Rate (each as defined in the Credit Agreement).

On the Closing Date, the Company borrowed the entire amount of the Term Loan A and the Term Loan B, and the effective interest rates as of September 28, 2025 were 6.86 % and 8.43 %, respectively.

The weighted average effective interest rate on aggregate Term Loans, net of interest rate swaps, as of September 28, 2025 was 7.16 %.

During the three and nine months ended September 28, 2025, the Company recorded a $ 5.1 million loss on extinguishment in connection with the Financing, representing the difference between the reacquisition value and the net carrying value of the extinguished debt.

The Company used the proceeds of the Term Loan A and the Term Loan B, along with its cash on hand, to (i) repay the remaining $ 2,213.9 million and $ 490.0 million owed under the previous term loan and previous revolving credit facility, respectively, under the Prior Credit Agreement, which was terminated upon such repayment, including principal, accrued interest and outstanding fees and (ii) pay the fees and expenses incurred in connection with the Financing.

In connection with the Credit Agreement, the Company incurred (i) $ 24.8 million of debt issuance costs, of which $ 6.1 million was related to Term Loan A, $ 15.0 million was related to the Term Loan B and $ 3.7 million was related to the Revolving Credit Facility and (ii) $ 29.0 million of an original issue discount on the Term Loan B.

Issuance costs and the discount were recorded as a reduction of the principal amount of the borrowings and are amortized using the effective interest method as a component of Interest expense, net over the life of the Term Loans.

Debt issuance costs related to the Revolving Credit Facility were recorded as Other assets and are amortized on a straight-line basis over the term of the Revolving Credit Facility.

Availability under the Revolving Credit Facility, after deducting letters of credit of $ 12.8 million and $ 100.0 million borrowings outstanding, was $ 587.2 million as of September 28, 2025.

During the nine months ended September 28, 2025, the Company borrowed $ 474.0 million and made $ 572.0 million in payments on the Revolving Credit Facility.

The Term Loans are subject to quarterly amortization at a quarterly rate of 1.25 % and 0.25 % of the aggregate initial principal amount of the Term A Loan and the Term B loan, respectively, as are set forth in the Credit Agreement.

The Term Loan A Facilities and the Revolving Credit Facility will mature on August 21, 2030, and the Term Loan B will mature on August 21, 2032.

The Company must prepay loans outstanding under the Credit Agreement in an amount equal to the Net Cash Proceeds (as defined in the Credit Agreement) from (i) certain property dispositions and (ii) the receipt of certain other amounts not in the ordinary course of business, such as certain insurance proceeds and condemnation awards, in each case, if not reinvested within a specified time period as contemplated in the Credit Agreement.

(1) Relates to a three-year lease arrangement in India, whereby the Company will sell its instruments placed at customer locations under a reagent rental agreement.

The transaction did not qualify as a sale and is accounted for as a financing arrangement.

The Credit Agreement consists of (i) a $ 1.15 billion Term Loan A, (ii) a $ 100.0 million DDTL Term Loan A (together with the Term Loan A, the “Term Loan A Facilities”), (iii) a $ 1.45 billion Term Loan B (collectively with the Term Loan A Facilities, the “Term Loans”) and (iv) a $ 700.0 million Revolving Credit Facility.

Availability under the Revolving Credit Facility, after deducting letters of credit of $ 23.6 million and $ 130.0 million borrowings outstanding, was $ 546.4 million as of March 29, 2026.

During the three months ended March 29, 2026, the Company (i) made $ 18.0 million in payments on the Term Loans and (ii) borrowed $ 95.0 million and made $ 45.0 million in payments on the Revolving Credit Facility.

The Credit Agreement contains affirmative and negative covenants that are customary for credit agreements of this nature.

The negative covenants include, among other matters, limitations on asset sales, mergers, indebtedness, liens, investments and transactions with affiliates.

The Credit Agreement contains two financial covenants:

(i) a maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) as of the last day of each fiscal quarter of (a) 4.50 to 1.00 for each fiscal quarter in the first three years following the Closing Date and (b) 4.25 to 1.00 for each fiscal quarter thereafter;

and (ii) a minimum Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of 3.00 to 1.00 as of the end of any fiscal quarter for the most recently completed four fiscal quarters.

The Company was in compliance with the financial covenants as of September 28, 2025.

The following table provides the detailed amounts within Interest expense, net for the three and nine months ended September 28, 2025 and September 29, 2024:

Three Months Ended Nine Months Ended

(In millions) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

The Company was in compliance with the financial covenants as of March 29, 2026.

The estimated fair value of the Company’s borrowings under the Term Loans was $ 2,537.5 million at March 29, 2026, compared to the carrying amount, excluding debt issuance costs, of $ 2,582.0 million.

The estimated fair value of the Company’s borrowings under the Term Loans was $ 2,563.5 million at December 28, 2025, compared to the carrying amount, excluding debt issuance costs, of $ 2,600.0 million.

The estimate of fair value is generally based on the quoted market prices for similar issuances of long-term debt with the same maturities, which is classified as a Level 2 input.

On April 9, 2026, the Company signed a committed loan notice with Bank of America, N.A., as administrative agent, requesting borrowing under the DDTL Term Loan A.

On April 13, 2026, the Company borrowed $ 100.0 million comprised of Term SOFR loan to fund the acquisition of LEX Diagnostics and for general corporate purposes.

The following table provides the detailed amounts within Interest expense, net for the three months ended March 29, 2026 and March 30, 2025:

Three Months Ended

(In millions) March 29, 2026 March 30, 2025

Term Loan A $ 17.2 $ 37.0

8 unchanged sentences

Stock-based compensation expense was as follows:

Three Months Ended Nine Months Ended

(In millions) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

(In millions) March 29, 2026 March 30, 2025

Cost of sales, excluding amortization of intangibles $ 1.0 $ 1.4

4 unchanged sentences

The table above includes compensation expense related to liability-classified awards, which has been or is expected to be settled in cash.

Amounts related to the three and nine months ended September 28, 2025 and September 29, 2024 were not material.

Amounts related to the three months ended March 29, 2026 and March 30, 2025 were not material.

Commitments and Contingencies

6 unchanged sentences

Teamsters Funds filed an amended complaint on February 7, 2025, and added as additional defendants three current and former executives of the Company not previously named in the Bristol County Complaint.

On April 4, 2025, defendants filed a motion to dismiss the amended complaint.

On April 4, 2025, the defendants filed a motion to dismiss the amended complaint.

On April 25, 2024, and June 21, 2024, two purported stockholders of the Company filed separate stockholder derivative complaints, purportedly on behalf of the Company, against the current and certain former members of the Board and three of the Company’s current and former executives.

The complaints, which are captioned Matthew Whitfield v.

Ph.D., et al., Case No.

Buechler, Ph.D., et al., Case No.

1:24-cv-03176-JAV (S.D.N.Y.) (the “Whitfield Complaint”), and Steven Pinkney v.

2 unchanged sentences

The Whitfield and Pinkney Complaints seek judgments awarding compensatory and punitive damages against the individual defendants, directing an accounting by the individual defendants, directing the Company and the individual defendants to take actions to improve the Company’s governance and procedures, and awarding the costs and disbursements of the action, including attorneys’ fees, accountants’ and experts’ fees, costs, and expenses.

On December 16, 2024, the court consolidated the Whitfield and Pinkney Complaints into a single action and stayed the consolidated derivative action.

On December 16,

2024, the court consolidated the Whitfield and Pinkney Complaints into a single action and stayed the consolidated derivative action.

The Company disputes the allegations of wrongdoing and intends to defend itself vigorously in these matters.

7 unchanged sentences

For those matters as to which the Company is not able to estimate a possible loss or range of loss, the Company is not able to determine whether the loss will have a material adverse effect on its business, financial condition, results of operations or liquidity.

During the third quarter of 2025, a final judgment was entered relating to a dispute with a potential supplier for COVID-19 pandemic raw materials and services, which required the Company to pay monetary damages of $ 10.8 million, which was paid in the fourth quarter of 2025.

Consistent with ASC 450, for the three months ended April 2, 2023, the Company accrued reserves of $ 1.4 million for this matter, representing the minimum amount in the then-estimable range of loss.

The Company accrued additional reserves of $ 9.4 million for this matter in the third quarter of 2025.

Management believes that all current legal actions, to which the Company is able to estimate a possible loss or range of loss, in the aggregate, are not expected to have a material adverse effect on the Company.

However, the resolution of, or increase in any accruals for, one or more matters may have a material adverse effect on the Company’s results of operations and cash flows.

Fair Value Measurements

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods:

September 28, 2025 December 29, 2024

(In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

Derivative assets $ — $ 20.5 $ — $ 20.5 $ — $ 36.6 $ — $ 36.6

Derivative liabilities $ — $ 84.1 $ — $ 84.1 $ — $ 5.4 $ — $ 5.4

Financial Instruments Not Measured at Fair Value

The estimated fair value of the Company’s borrowings under the Term Loans were $ 2,594.4 million at September 28, 2025, compared to the carrying amount, excluding debt issuance costs, of $ 2,600.0 million.

The estimated fair value of the Company’s borrowings under the previous term loan under the Prior Credit Agreement was $ 2,254.2 million at December 29, 2024, compared to the carrying amount, excluding debt issuance costs, of $ 2,282.7 million.

The estimate of fair value is generally based on the quoted market prices for similar issuances of long-term debt with the same maturities, which is classified as a Level 2 input.

Derivative Instruments and Hedging Activities

12 unchanged sentences

In the event the Company determines the hedged transaction is no longer probable to occur or concludes the hedge relationship is no longer effective, the hedge is prospectively de-designated.

Pre-tax unrealized loss of $ 4.0 million as of September 28, 2025 is expected to be reclassified from OCI to earnings in the next 12 months.

The following table summarizes the Company’s interest rate derivative agreements as of September 28, 2025, all of which were interest rate swaps:

Pre-tax unrealized loss of $ 2.3 million as of March 29, 2026 is expected to be reclassified from OCI to earnings in the next 12 months.

The following table summarizes the Company’s interest rate derivative agreements as of March 29, 2026, all of which were interest rate swaps:

Notional Amount

20 unchanged sentences

Designated cash flow hedge August 22, 2025 August 16, 2032

On December 30, 2022, the Company entered into five interest rate swaps with an aggregate notional amount of $ 1.8 billion to hedge part of the variable rate interest payments under the previous term loan under the Prior Credit Agreement.

The interest rate swaps became effective December 30, 2022 and terminated on August 21, 2025.

For each of the five interest rate swaps, the Company received floating interest payments monthly based on one-month SOFR and paid fixed rates of 3.7650 %, 3.7725 %, 3.7675 %, 3.7575 % and 3.7725 % to the respective counterparties.

For the three and nine months ended September 28, 2025, unrealized gains of $ 3.5 million and losses of $ 12.9 million, respectively, were recorded in OCI, and unrealized gains of $ 1.1 million and $ 6.2 million, respectively, were reclassified out of AOCI to Interest expense, net.

On August 22, 2025, the Company entered into ten interest rate swaps with an aggregate notional amount of $ 1.6 billion as part of the variable rate interest payments under the Term Loans.

Refer to the table above for a breakdown of the respective expiration dates by specific interest rate swap.

For the three months ended September 28, 2025, unrealized losses of $ 13.1 million were recorded in OCI, and $ 1.2 million of realized gains were reclassified out of AOCI to Interest expense, net.

Currency Hedging Instruments

1 unchanged sentence

The Company uses foreign currency forward contracts and may use option contracts and cross currency swaps to manage its currency risk exposures.

The Company’s foreign currency forward contracts are denominated primarily in Australian Dollar, Brazilian Real, British Pound, Canadian Dollar, Chilean Peso, Chinese Yuan/Renminbi, Colombian Peso, Czech Koruna, Danish Krone, Euro, Indian Rupee, Japanese Yen, Mexican Peso, Philippine Peso, Singapore Dollar, South Korean Won, Swedish Krona, Swiss Franc and Thai Baht.

The Company’s foreign currency forward contracts are denominated primarily in Australian Dollar, Brazilian Real, British Pound, Canadian Dollar, Chilean Peso, Chinese Yuan/Renminbi, Colombian Peso, Czech Koruna, Euro, Indian Rupee, Japanese Yen, Mexican Peso, Philippine Peso, Singapore Dollar, South Korean Won, Swiss Franc and Thai Baht.

The Company designates certain foreign currency forward contracts as cash flow hedges.

1 unchanged sentence

In the event the Company determines the hedged transaction is no longer probable to occur or concludes the hedge relationship is no longer effective, the hedge is prospectively de-designated.

Pre-tax unrealized loss expected to be reclassified from OCI to earnings in the next 12 months is $ 0.1 million.

Pre-tax unrealized loss of $ 0.7 million as of March 29, 2026 is expected to be reclassified from OCI to earnings in the next 12 months.

The Company also enters into foreign currency forward contracts that are not part of designated hedging relationships and which are intended to mitigate exchange rate risk of monetary assets and liabilities and related forecasted transactions.

The Company records these non-designated derivatives at mark-to-market with gains and losses recognized in earnings within Other expense, net.

The following table provides details of the currency hedging instruments outstanding as of September 28, 2025:

The Company records these non-designated derivatives at mark-to-market with gains and losses recognized in earnings within Other (income) expense, net.

The following table provides details of the currency hedging instruments outstanding as of March 29, 2026:

Description Notional Amount

2 unchanged sentences

Foreign currency forward contracts $ 897.3 Non-designated

The following table summarizes pre-tax gains and losses from designated derivative and non-derivative instruments within AOCI for the three and nine months ended September 28, 2025 and September 29, 2024:

The following table summarizes pre-tax gains and losses from designated derivative and non-derivative instruments within AOCI for the three months ended March 29, 2026 and March 30, 2025:

Designated Hedging Instruments

(In millions) Amount of (Gain) Loss Recognized in OCI on Hedges Location of Amounts Reclassified from AOCI into Loss Amount of (Gain) Loss Reclassified from AOCI into Loss

Three Months Ended September 28, 2025

Foreign currency forward contracts (sales) $ ( 0.5 ) Total revenues $ ( 0.6 )

Foreign currency forward contracts (purchases) $ — Cost of sales, excluding amortization of intangibles $ —

Interest rate derivatives $ 9.6 Interest expense, net $ ( 2.3 )

Nine Months Ended September 28, 2025

Foreign currency forward contracts (sales) $ 5.6 Total revenues $ ( 2.9 )

Foreign currency forward contracts (purchases) $ 0.2 Cost of sales, excluding amortization of intangibles $ 0.1

Interest rate derivatives $ 26.0 Interest expense, net $ ( 7.4 )

Three Months Ended September 29, 2024

Three Months Ended March 29, 2026

Foreign currency forward contracts (sales) $ ( 0.7 ) Total revenues $ ( 0.1 )

1 unchanged sentence

Interest rate derivatives $ ( 21.0 ) Interest expense, net $ 0.7

Nine Months Ended September 29, 2024

Three Months Ended March 30, 2025

Foreign currency forward contracts (sales) $ 2.6 Total revenues $ ( 1.1 )

10 unchanged sentences

(In millions) Amount of Pre-tax (Gain) Loss Recognized in OCI Amount of Pre-tax (Gain) Loss Recognized in Other Expense, Net for Amounts Excluded from Effectiveness Testing

Three Months Ended September 28, 2025

Foreign exchange contracts $ ( 6.5 ) $ ( 2.8 )

Nine Months Ended September 28, 2025

Foreign exchange contracts $ 40.4 $ ( 8.9 )

Three Months Ended September 29, 2024

Three Months Ended March 29, 2026

Foreign exchange contracts $ ( 7.2 ) $ ( 1.7 )

Nine Months Ended September 29, 2024

Three Months Ended March 30, 2025

Foreign exchange contracts $ 12.3 $ ( 3.1 )

Fair value losses on foreign currency forward contracts, as determined using Level 2 inputs, that do not qualify for hedge accounting treatment are recorded in Other expense, net and were $ 7.8 million and $ 7.2 million for the three and nine months ended September 28, 2025, respectively.

Fair value gains on foreign currency forward contracts that do not qualify for hedge accounting treatment were $ 4.4 million and $ 10.1 million for the three and nine months ended September 29, 2024, respectively.

The following table summarizes the fair value of designated and non-designated hedging instruments recognized within the Consolidated Balance Sheets as of September 28, 2025 and December 29, 2024:

(In millions) September 28, 2025 December 29, 2024

Fair value gains on foreign currency forward contracts, as determined using Level 2 inputs, that do not qualify for hedge accounting treatment are recorded in Other (income) expense, net and were $ 0.7 million for the three months ended March 29, 2026.

Fair value losses on foreign currency forward contracts that do not qualify for hedge accounting treatment were $ 1.2 million for the three months ended March 30, 2025.

The following table summarizes the fair value of designated and non-designated hedging instruments recognized within the Consolidated Balance Sheets as of March 29, 2026 and December 28, 2025:

(In millions) March 29, 2026 December 28, 2025

Designated cash flow hedges

12 unchanged sentences

Other current liabilities 4.4 4.4

Fair Value of Derivative Instruments

The Company has classified its derivative instruments within Level 2 of the fair value hierarchy, as the fair values were determined using valuation models that use market observable inputs.

Accumulated Other Comprehensive Loss

The following table summarizes the changes in AOCI by component:

Three Months Ended September 28, 2025

(In millions) Foreign Currency Translation Adjustments Pension and Other Post-

Employment Benefits Cash Flow Hedges Accumulated Other Comprehensive Income (Loss)

Balance at June 29, 2025 $ 24.9 $ 1.5 $ ( 10.2 ) $ 16.2

Current period deferrals (1)

( 21.1 ) — ( 9.1 ) ( 30.2 )

Amounts reclassified to Net loss

( 2.8 ) — ( 2.9 ) ( 5.7 )

Net change ( 23.9 ) — ( 12.0 ) ( 35.9 )

Balance at September 28, 2025 $ 1.0 $ 1.5 $ ( 22.2 ) $ ( 19.7 )

Nine Months Ended September 28, 2025

Three Months Ended March 29, 2026

(In millions) Foreign Currency Translation Adjustments Pension and Other Post-

2 unchanged sentences

Current period deferrals ( 9.5 ) — 21.8 12.3

67.2 — ( 31.6 ) 35.6

Amounts reclassified to Net loss

1 unchanged sentence

Net change ( 11.2 ) — 22.5 11.3

Balance at September 28, 2025 $ 1.0 $ 1.5 $ ( 22.2 ) $ ( 19.7 )

Three Months Ended September 29, 2024

(In millions) Foreign Currency Translation Adjustments Pension and Other Post-

Employment Benefits Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income

Balance at June 30, 2024 $ ( 45.0 ) $ ( 1.3 ) $ 21.7 $ ( 24.6 )

Current period deferrals (2)

64.9 — ( 33.7 ) 31.2

Amounts reclassified to Net loss

( 3.3 ) — ( 6.8 ) ( 10.1 )

Net change 61.6 — ( 40.5 ) 21.1

Balance at September 29, 2024 $ 16.6 $ ( 1.3 ) $ ( 18.8 ) $ ( 3.5 )

Nine Months Ended September 29, 2024

Balance at March 29, 2026 $ ( 6.6 ) $ 2.8 $ ( 0.3 ) $ ( 4.1 )

Three Months Ended March 30, 2025

(In millions) Foreign Currency Translation Adjustments Pension and Other Post-

6 unchanged sentences

Net change 32.3 — ( 19.9 ) 12.4

Balance at September 29, 2024 $ 16.6 $ ( 1.3 ) $ ( 18.8 ) $ ( 3.5 )

(1) Includes tax impact of (i) $ 0.2 million related to cash flow hedges for the nine months ended September 28, 2025, and (ii) $ 0.7 million related to foreign currency translation adjustments for the nine months ended September 28, 2025.

(2) Includes tax impact of (i) $ 11.1 million and $ 3.7 million related to cash flow hedges for the three and nine months ended September 29, 2024, respectively, and (ii) $ 4.9 million and $ 2.0 million related to foreign currency translation adjustments for the three and nine months ended September 29, 2024, respectively.

Balance at March 30, 2025 $ ( 25.0 ) $ 1.5 $ ( 0.3 ) $ ( 23.8 )

(1) Includes tax impact of $ 0.2 million related to cash flow hedges for the three months ended March 30, 2025.

Restructuring, Integration and Other Charges

Restructuring and other charges primarily include costs incurred in the three and nine months ended September 28, 2025, in connection with the (i) implementation of cost-reduction, strategic productivity and margin improvement initiatives under the

Optimization Plan and (ii) discontinuation of the development of the Savanna platform (the “Savanna Exit”).

The cumulative pre-tax charges to be incurred by the Company to implement the Optimization Plan are expected to be approximately $ 100 million through 2027.

Restructuring and other charges primarily include costs incurred in the three months ended March 29, 2026, in connection with the (i) implementation of cost-reduction, strategic productivity and margin improvement initiatives under the Optimization Plan

and (ii) the SAVANNA Exit.

The cumulative pre-tax charges to be incurred by the Company to implement the Optimization Plan are expected to be approximately $ 100.0 million through 2027, with charges of $ 20.4 million incurred to date.

The SAVANNA Exit is expected to be substantially complete by the first half of 2027.

There were no restructuring or other charges recorded in the three and nine months ended September 29, 2024.

Integration expenses include costs incurred in connection with the Combinations, which are expected to be substantially complete by the end of 2025.

The integration expenses amounted to $ 36.8 million and $ 90.3 million for the three and nine months ended September 29, 2024, respectively.

There were no restructuring or other charges recorded in the three months ended March 30, 2025.

Integration expenses include costs incurred in connection with the Combinations, which have been completed at the end of 2025.

The integration expenses amounted to $ 16.1 million for the three months ended March 30, 2025.

The following summarizes Restructuring, integration and other charges:

Three Months Ended Nine Months Ended

(In millions) September 28, 2025 September 28, 2025

Three Months Ended

(In millions) March 29, 2026

Restructuring charges:

9 unchanged sentences

Accelerated depreciation 2.0

Integration expenses (2)

Total charges $ 6.4

11 unchanged sentences

Utilization and other — ( 0.7 ) ( 0.7 )

Balance at September 28, 2025 (1)

Balance at March 29, 2026 (1)

$ 8.2 $ — $ 8.2

(1) Included in Other liabilities .

(1) Included in Other current liabilities ($ 0.8 million) and Other liabilities ($ 7.4 million)

Subsequent Event

On April 17, 2026, the Company acquired all of the issued share capital of LEX Diagnostics Limited (“LEX Diagnostics”), a privately held company, for cash consideration of approximately $ 100 million.

The purchase price is subject to certain adjustments, including (i) indebtedness, (ii) working capital, and (iii) potential earn-out payments of up to $ 35 million, equal to 5 % of the net revenue during the earn-out period from April 1, 2029 to March 31, 2035.

LEX Diagnostics is a molecular diagnostics company developing products designed to enhance patient care by delivering clinical insights within minutes and at the time they are most valuable.

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