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Item 2. Management’s Discussion and Analysis

2026-05-06 compared with 2025-11-06 · 158 added, 193 removed, 172 unchanged (67% of the section changed)

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This Quarterly Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act.

These statements are any statement contained herein that is not strictly historical, including, but not limited to, certain statements under Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” including under “Outlook” and “Liquidity Outlook,” and statements located elsewhere herein regarding our commercial, integration and other strategic goals, our cost-savings and operational improvement initiatives, industry prospects, our expected results of operations or financial position, and other future plans, objectives, strategies, expectations and intentions.

These statements are any statement contained herein that is not strictly historical, including, but not limited to, certain statements under Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” including under “Outlook” and “Liquidity Outlook,” and statements located elsewhere herein regarding our commercial and other strategic goals, our cost-savings and operational improvement initiatives, industry prospects, our expected results of operations or financial position, and other future plans, objectives, strategies, expectations and intentions.

Without limiting the foregoing, the words “may,” “will,” “could,” “would,” “should,” “might,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “goal,” “project,” “strategy,” “future,” “continue,” “aim,” “strive,” “seek” or similar words, expressions or the negative of such terms or other comparable terminology are intended to identify forward-looking statements.

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supply chain, production, logistics, distribution and labor disruptions and challenges;

the challenges and costs of integrating, restructuring and achieving anticipated synergies as a result of the Combinations or other acquisitions;

failure to exercise the option to acquire or complete the proposed acquisition of LEX Diagnostics on the anticipated timeline, or at all, including risks and uncertainties related to LEX Diagnostics’ ability to secure FDA clearance and satisfy other customary closing conditions and provisions;

inability to realize the anticipated benefits of acquisitions, debt refinancings, discontinuances of certain business operations (such as the Savanna Exit) or the Optimization Plan on our anticipated timelines, or at all;

inability to successfully identify, consummate or realize the anticipated benefits of strategic transactions (such as the integration of LEX Diagnostics), strategic restructurings (such as the Optimization Plan), divestitures, spin-offs or discontinuances of certain business operations (such as the SAVANNA Exit), or debt financings, on our anticipated timelines, or at all;

delays in the development of or failures or delays in the receipt of approvals for new or enhanced products;

and other macroeconomic, geopolitical, market, business, competitive and/or regulatory factors affecting our business generally, including those arising from the effects of announced or future or amended tariffs, trade policies, investigations and global trade relations, as well as those discussed under Part II, Item 1A, “Risk Factors” of this Quarterly Report and Part I, Item 1A, “Risk Factors” of our Annual Report.

failure of new products and services to be commercially viable or accepted;

changes in reimbursement rates for our products, including reimbursement rate reductions proposed by the China National Health Security Administration;

disruptions and challenges related to the ongoing conflicts in the Middle East;

and other macroeconomic, geopolitical, market, business, competitive and/or regulatory factors affecting our business generally, including those arising from the effects of announced or future or amended tariffs, trade policies, investigations, global trade relations and other tariff-related developments, as well as those discussed under Part II, Item 1A, “Risk Factors” of this Quarterly Report and Part I, Item 1A, “Risk Factors” of our Annual Report.

Investors should not rely on forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature.

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Our global infrastructure and commercial reach support our customers across more than 140 countries and territories with quality diagnostics, a broad test portfolio and market-leading service.

We operate globally with manufacturing facilities in the U.S.

and with sales centers, administrative offices and warehouses located throughout the world.

We manage our business geographically to better align with the market dynamics of the specific geographic regions in which we operate, with our reportable segments being North America, EMEA and China.

Latin America and JPAC are immaterial operating segments that are not considered reportable segments and are included in “Other.” We generate our revenue in the following business units:

We operate globally with manufacturing facilities in the U.S., U.K.

and China and with sales centers, administrative offices and warehouses located throughout the world.

We generate our revenue in the following business units:

Labs, Transfusion Medicine (Immunohematology and Donor Screening product categories), Point of Care and Molecular Diagnostics.

We also generate non-core revenue, including through our contract manufacturing business and certain business collaborations, which accounted for $25.8 million and $85.6 million for the three and nine months ended

September 28, 2025, respectively, and $24.0 million and $75.0 million for the three and nine months ended September 29, 2024, respectively.

For the nine months ended September 28, 2025, Total revenues decreased by 3% to $2,006.6 million as compared to the same period in the prior year.

This decrease was primarily driven by variability of our U.S.

respiratory products, mainly due to a decrease in COVID-19 revenues, partially offset by an increase in flu revenues.

Currency exchange rates did not significantly impact our growth rate for the nine months ended September 28, 2025.

We also generate non-core revenue, including through our contract manufacturing business and certain business collaborations, which accounted for $24.7 million and $33.4 million for the three months ended March 29, 2026 and March 30, 2025, respectively.

For the three months ended March 29, 2026, Total revenues decreased by 11% to $619.8 million as compared to the same period in the prior year.

This decrease was primarily driven by (i) variability of our U.S.

respiratory products, mainly due to decreases in flu and COVID-19 revenues, and (ii) the termination of our Joint Business arrangement.

Currency exchange rates had a favorable impact of 210 basis points on our growth rate for the three months ended March 29, 2026.

Our revenues can be highly concentrated over a small number of products, including certain of our respiratory products.

For the nine months ended September 28, 2025 and September 29, 2024, revenues related to our respiratory products accounted for 14% and 17% of our Total revenues, respectively.

The respiratory product revenue included revenue related to COVID-19 of $26.9 million and $59.8 million for the three and nine months ended September 28, 2025, respectively, and $72.3 million and $141.4 million for the three and nine months ended September 29, 2024, respectively.

Planned Wind-Down of U.S.

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

Wind-Down of U.S.

Donor Screening Portfolio

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donor screening portfolio.

Specifically, we plan to wind-down only the ORTHO VERSEIA ® Integrated Processor platform and microplate assays, which are only sold in the U.S.

Specifically, we are winding-down the ORTHO VERSEIA Integrated Processor platform and microplate assays, which are only sold in the U.S.

and have a lower growth and margin profile.

This wind-down will not affect any donor screening portfolio outside of the U.S.

While our goal is to wind-down this U.S.

While we wind-down this U.S.

donor screening portfolio, we will continue to support our existing customers and honor our contractual commitments.

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The wind-down of our U.S.

donor screening portfolio is expected to be substantially complete by the first half of 2026.

donor screening portfolio is expected to be substantially complete by mid-year 2026.

Restructuring and Other Charges

In the second quarter of 2025, we launched multi-year, enterprise-wide cost-reduction, strategic productivity and margin improvement initiatives (the “Optimization Plan”) that aim to (i) realign our costs with our long-term revenue expectations, (ii) drive operational efficiencies in manufacturing and distribution cost bases and (iii) support and align with our strategy to invest in key priorities.

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

In the second quarter of 2025, we launched the Optimization Plan that aims to (i) realign our costs with our long-term revenue expectations, (ii) drive operational efficiencies in manufacturing and distribution cost bases and (iii) support and align with our strategy to invest in key priorities.

The cumulative pre-tax charges to be incurred by us to implement the Optimization Plan are expected to be approximately $100 million through 2027, with charges of $20.4 million incurred to date.

The Optimization Plan is expected to deliver net cost savings of approximately $50 million to be achieved through 2027.

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We may expand our cost-reduction, strategic productivity and margin improvement initiatives in the future, the costs of which could be material.

Additionally, in the second quarter of 2025, we announced a strategic refocusing of our Molecular Diagnostics business, including our plan to discontinue the development of the Savanna platform, which exit we expect to be substantially complete by the first half of 2027, and our intent to acquire LEX Diagnostics.

Additionally, in the second quarter of 2025, we announced a strategic refocusing of our Molecular Diagnostics business, including our plan to discontinue the development of the SAVANNA platform, which exit we expect to be substantially complete by the first half of 2027.

Refer to Item 1, “Financial Statements—Note 12.

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In April 2025, the U.S.

announced tariffs on imports from most countries, including significant tariffs on imports from the U.K., Canada, Mexico and China, leading to increasing trade and political tensions.

In response to tariffs, other countries have implemented retaliatory tariffs on U.S.

In addition, in recent months, the U.S.

has announced potential new tariffs and related tariff actions affecting companies in the pharmaceutical and biotechnology industries, including a Section 232 national security investigation of imports of personal protective equipment, medical consumables, and medical equipment, including devices.

These actions and the related rising political tensions could negatively impact global macroeconomic conditions and the stability of global financial markets.

announced tariffs on imports from most countries, including significant tariffs on imports from the U.K., Canada, Mexico and China, leading to increasing political and trade tensions.

In response to tariffs, certain countries have implemented retaliatory tariffs on U.S.

Although certain tariffs imposed by the U.S.

were struck down by the Supreme Court in February 2026, the U.S.

has announced separate potential new tariffs and related tariff actions affecting companies in the pharmaceutical and biotechnology industries, including a Section 232 national security investigation initiated in September 2025 that could result in future tariffs on imports of personal protective equipment, medical consumables, and medical equipment, including devices.

Additionally, in February 2026, following the Supreme Court ruling, the U.S.

implemented a 10% ad valorem tariff on imports into the U.S.

for 150 days under Section 122 of the Trade Act of 1974.

These and other potential tariff actions as well as the related rising political tensions could negatively impact global macroeconomic conditions and the stability of global financial markets.

Currently, as a result of recently effected tariffs, we are incurring incremental costs of parts and materials that we use to produce products, as well as incremental costs to ship finished goods to customers.

Although the Company plans to, and we have thus far, substantially offset such incremental costs through operating measures, including supply chain adjustments, current and future tariffs could have a material adverse effect on our business, financial condition and

results of operations, including through increased supply chain costs.

While trade negotiations are ongoing and certain bilateral trade deals have been announced, there remains substantial uncertainty about the duration of existing tariffs, tariff levels, implementation of announced tariffs or imposition of additional tariffs, the potential implications of the Section 232 investigations, litigation challenging tariffs and whether additional tariffs or retaliatory actions may be imposed, modified or suspended.

While trade negotiations are ongoing and

certain bilateral trade deals have been announced, there remains substantial uncertainty about the duration of existing tariffs, tariff levels, implementation of announced tariffs or imposition of additional tariffs, the potential implications of the Section 232 investigations, litigation challenging tariffs, uncertainty around the availability, timing and amount of any potential tariff refunds, and whether additional tariffs or retaliatory actions may be imposed, modified or suspended.

We continue to closely monitor these events as they unfold and assess their potential impact on our operations to inform our response strategy.

Our financial performance and results of operations will depend on future developments and other factors that are highly uncertain, continuously evolving and unpredictable, including the occurrence, spread, severity, duration and emergence of new variants of respiratory diseases, including flu, strep, RSV and COVID-19.

We expect overall demand for our non-respiratory and respiratory products to continue to fluctuate and pricing pressures on certain products to persist as a result of a number of factors, including increased supply, emergence and spread of new variants, and the seasonal demands of the respiratory season, which are typically more prevalent during the fall and winter.

During the first quarter of 2026, we experienced lower demand for our influenza products, which was primarily driven by a weaker respiratory season, with influenza-like illness visits down by approximately 30% compared to the first quarter of 2025, as reported by the Centers for Disease Control and Prevention, April 3, 2026.

We expect overall demand for our non-respiratory and respiratory products to continue to fluctuate and pricing pressures on certain products to persist as a result of a number of factors, including increased supply, emergence and spread of new variants, and the demands of the respiratory season, which are variable and typically more prevalent during the fall and winter.

In January 2026, the Jiangxi, China provincial Health Security Administration announced its plan to pilot a Volume-Based Procurement program on dry chemistry test strips.

At this time, we have no indication that such a program will be implemented or if our products would be included in such a program.

Should this occur, we would seek to implement remediation efforts to offset potential costs.

Based on current information, we believe that any potential business impact would not likely be material to our total annualized revenue.

In March 2026, the China National Health Security Administration (“NHSA”) issued draft IVD pricing guidelines and completed a public comment period on March 25, 2026.

The updated guidelines have not yet been published.

We believe that uncertainty regarding the China NHSA pricing guidelines contributed to lower purchase volumes in our Labs business in China during the first quarter of 2026.

Until China issues final guidelines and there is greater clarity on the scope, applicability, and timing of pricing changes, we are not able to assess potential business impact.

In addition, during the first quarter of 2026, we experienced delays in certain EMEA orders due to the ongoing conflicts in the Middle East.

At this time, we are unable to assess potential business impact if the ongoing conflicts in the Middle East continue for a prolonged period.

Because our business environment is highly competitive, our long-term growth and profitability will depend in part on our ability to retain and grow our current customers and attract new customers through developing and delivering new and improved products and services that meet our customers’ needs and expectations, including with respect to product performance, product offerings, cost, automation and other work-flow efficiencies.

We expect to continue to evaluate strategic opportunities to (i) expand our product lines and services, production capabilities, technologies and geographic footprint and address other business challenges and opportunities, and (ii) rationalize and consolidate facilities with the goal to improve our long-term results.

While we expect the revenues and financial results from our non-respiratory and respiratory products to be affected by the highly competitive environment and our respiratory products to be affected by the seasonal demands of the respiratory season, we intend to continue our focus on prudently managing our business and delivering improved financial results, while at the same time striving to introduce new products and services into the market.

In April 2026, we completed the acquisition of LEX Diagnostics, which expanded our molecular diagnostics portfolio and marked a milestone in our plans to accelerate growth in point-of-care molecular diagnostics.

Refer to Item 1, “Financial Statements—Note 13.

Subsequent Event” for more information.

While we expect the revenues and financial results from our non-respiratory and respiratory products to be affected by the highly competitive environment and our respiratory products to be affected by the demands of the respiratory season, we intend to continue our focus on prudently managing our business and delivering improved financial results, while at the same time striving to introduce new products and services into the market.

Revenues from our respiratory products are subject to, and significantly affected by, the seasonal demands of the cold, flu and RSV seasons, which are typically more prevalent during the fall and winter.

Historically, revenues from our influenza products have varied from year to year based, in large part, on the severity, length and timing of the onset of the cold, flu and RSV seasons.

In addition, the SARS-CoV-2 virus may have similar seasonal demands and impacts on our revenues in the future.

In addition, the SARS-CoV-2 virus is expected to have similar seasonal demands and impacts on our revenues.

Results of Operations

The following table compares Total revenues by business unit for the three and nine months ended September 28, 2025 and September 29, 2024:

Three Months Ended Nine Months Ended

(Dollars in millions) September 28, 2025 September 29, 2024 % Change September 28, 2025 September 29, 2024 % Change

The following table compares Total revenues by business unit for the three months ended March 29, 2026 and March 30, 2025:

Three Months Ended

(Dollars in millions) March 29, 2026 March 30, 2025 (1)

Labs $ 353.1 $ 373.0 (5) %

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Total revenues $ 619.8 $ 692.8 (11) %

(1) Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

(2) As a result of the wind-down of the U.S.

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Immunohematology and Donor Screening.

For the three months ended September 28, 2025, Total revenues decreased to $699.9 million from $727.1 million for the same period in the prior year.

Labs revenue increased 5% compared to the prior year period, primarily due to growth in reagents, consumables and services, partially offset by a decline in instrument revenue.

Immunohematology revenue increased 8% compared to the prior year period, primarily due to reagent growth.

Donor Screening revenue decreased 47% compared to the prior year period, primarily due to the wind-down of the U.S.

donor screening business.

Point of Care revenue decreased 20%

compared to the prior year period, primarily due to decreases in sales of QuickVue and Sofia SARS Antigen assays.

Molecular Diagnostics revenue decreased slightly compared to the prior year period.

Currency exchange rates had a favorable impact of approximately 90 basis points on our growth rate for the three months ended September 28, 2025.

For the nine months ended September 28, 2025, Total revenues decreased to $2,006.6 million from $2,075.1 million for the same period in the prior year.

Labs revenue increased 5% compared to the prior year period, primarily due to growth in reagents, consumables and services, partially offset by a decline in instrument revenue.

For the three months ended March 29, 2026, Total revenues decreased to $619.8 million from $692.8 million for the same period in the prior year.

Labs revenue decreased 5% compared to the prior year period, primarily due to the termination of our Joint Business arrangement, which contributed to a $13.3 million decrease, and slower distributor sales related to pending changes to IVD pricing guidelines in China, partially offset by an increase in reagents, consumables and services in other regions.

Immunohematology revenue increased 8% compared to the prior year period, primarily due to reagent growth.

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donor screening business.

The Point of Care business unit contributed to revenue decline, driven by a decrease of $81.7 million, or 23% in sales of QuickVue SARS and Sofia SARS Antigen assays.

Molecular Diagnostics revenue increased 5% compared to the prior year period, driven by higher Savanna revenue.

Currency exchange rates did not significantly impact our growth rate for the nine months ended September 28, 2025.

Point of Care revenue decreased 34% compared to the prior year period, primarily due to decreases in sales of SOFIA SARS and QUICKVUE SARS Antigen assays.

Molecular Diagnostics revenue increased 3% compared to the prior year period.

Currency exchange rates had a favorable impact of 210 basis points on our growth rate for the three months ended March 29, 2026.

Cost of Sales, Excluding Amortization of Intangible Assets

Cost of sales, excluding amortization of intangible assets, decreased to $364.3 million, or 52.1% of Total revenues, for the three months ended September 28, 2025, compared to $374.8 million, or 51.5% of Total revenues, for the three months ended September 29, 2024.

The decrease in cost of sales, excluding amortization of intangible assets, was driven primarily by procurement-related cost-savings initiatives actioned in 2024.

Cost of sales, excluding amortization of intangible assets, decreased to $1,052.8 million, or 52.5% of Total revenues, for the nine months ended September 28, 2025, compared to $1,114.7 million, or 53.7% of Total revenues, for the nine months ended September 29, 2024.

The decrease in cost of sales, excluding amortization of intangible assets, was driven primarily by procurement-related cost-savings initiatives actioned in 2024.

Cost of sales, excluding amortization of intangible assets, increased to $356.0 million, or 57.4% of Total revenues, for the three months ended March 29, 2026, compared to $349.5 million, or 50.4% of Total revenues, for the three months ended March 30, 2025.

The increase in cost of sales, excluding amortization of intangible assets, was driven primarily by employee compensation costs.

Operating Expenses

The following table summarizes operating expenses for the three and nine months ended September 28, 2025 and September 29, 2024:

Three Months Ended Nine Months Ended

(Dollars in millions) September 28, 2025 % of

Total Revenues September 29, 2024 % of

Total Revenues September 28, 2025 % of

Total Revenues September 29, 2024 % of

The following table summarizes operating expenses for the three months ended March 29, 2026 and March 30, 2025:

Three Months Ended

(Dollars in millions) March 29, 2026 % of

Total Revenues March 30, 2025 % of

Total Revenues

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Restructuring, integration and other charges 4.4 0.7 % 16.1 2.3 %

Goodwill impairment charge 700.7 N/M — N/M 700.7 N/M 1,743.9 N/M

Asset impairment charge 9.7 N/M — N/M 9.7 N/M 56.9 N/M

Other operating expenses 0.2 — % 6.4 0.9 %

* N/M - Not meaningful

Selling, Marketing and Administrative Expenses

Selling, marketing and administrative expenses for the three months ended September 28, 2025 increased by $0.5 million, or 0.3%, to $186.9 million from $186.4 million for the same period in the prior year.

Selling, marketing and administrative expenses for the nine months ended September 28, 2025 decreased by $27.4 million, or 4.7%, to $551.9 million from $579.3 million for the same period in the prior year, primarily due to lower compensation costs related to cost-savings initiatives actioned in 2024 and lower outside services.

Selling, marketing and administrative expenses for the three months ended March 29, 2026 increased by $12.3 million, or 6.6%, to $199.3 million from $187.0 million for the same period in the prior year, primarily due to higher employee compensation costs, including severance, and an increase of $3.3 million in cloud computing amortization.

Research and Development Expense

Research and development expense for the three months ended September 28, 2025 decreased by $14.4 million, or 25.8%, to $41.5 million from $55.9 million for the same period in the prior year, primarily due to lower clinical costs.

Research and development expense for the nine months ended September 28, 2025 decreased by $31.0 million, or 18.1%, to $140.4 million from $171.4 million for the same period in the prior year, primarily due to lower clinical costs and compensation costs related to cost-savings initiatives actioned in 2024.

Research and development expense for the three months ended March 29, 2026 decreased by $8.3 million, or 15.6%, to $44.9 million from $53.2 million for the same period in the prior year, primarily due to lower third-party material and clinical costs, partially offset by higher costs of outside services.

Amortization of Intangible Assets

Amortization of intangible assets was $47.7 million and $143.6 million for the three and nine months ended September 28, 2025, respectively, and $51.9 million and $155.5 million for the three and nine months ended September 29, 2024, respectively.

The decreases were primarily driven by intangible assets that became fully amortized by the end of 2024.

Amortization of intangible assets was $46.8 million and $48.0 million for the three months ended March 29, 2026 and March 30, 2025, respectively.

Restructuring, integration and other charges

Restructuring, integration and other charges were $39.6 million and $234.6 million for the three and nine months ended September 28, 2025, respectively, and $36.8 million and $90.3 million for the three and nine months ended September 29, 2024, respectively.

Restructuring, integration and other charges were $4.4 million and $16.1 million for the three months ended March 29, 2026 and March 30, 2025, respectively.

Refer to Item 1, “Financial Statements—Note 12.

Restructuring, Integration and Other Charges” for more information.

Goodwill Impairment Charge

During the three months ended September 28, 2025, we recognized a non-cash goodwill impairment charge of $700.7 million for our reporting units.

Refer to Item 1, “Financial Statements—Note 7.

Goodwill and Intangible Assets, Net” for more information.

We recognized a non-cash goodwill impairment charge of $1.7 billion for the nine months ended September 29, 2024.

Asset Impairment Charge

We recognized an impairment charge of $9.7 million as a result of the latest fair value assessment for the three and nine months ended September 28, 2025, and $56.9 million for the nine months ended September 29, 2024, related to the long-lived assets classified as assets held for sale.

Other Operating Expenses

Other operating expenses were $14.3 million and $25.8 million for the three and nine months ended September 28, 2025, respectively, and $6.3 million and $23.6 million for the three and nine months ended September 29, 2024, respectively.

The increases were primarily driven by the legal accrual, partially offset by decreases related to profit sharing for our Joint Business.

Other operating expenses were $0.2 million and $6.4 million for the three months ended March 29, 2026 and March 30, 2025, respectively.

The decrease was primarily driven by the termination of our Joint Business arrangement.

Refer to Item 1, “Financial Statements—Note 3.

Segment and Geographic Information” and “—Note 10.

Commitments and Contingencies” for more information on the legal accrual.

Revenue” for more information.

Non-operating Expenses

The following table summarizes non-operating expenses, net for the three and nine months ended September 28, 2025 and September 29, 2024:

Three Months Ended Nine Months Ended

(Dollars in millions) September 28, 2025 September 29, 2024 % Change September 28, 2025 September 29, 2024 % Change

Interest Expense, Net

Loss on extinguishment of debt 5.1 — N/M 5.1 — N/M

Other expense, net 0.9 0.9 — % 10.7 7.2 48.6 %

* N/M - Not meaningful

Interest Expense, Net

Interest expense, net was $46.1 million and $126.6 million for the three and nine months ended September 28, 2025, respectively, and $42.9 million and $122.9 million for the three and nine months ended September 29, 2024, respectively.

Refer to Item 1, “Financial Statements—Note 8.

Borrowings” for more information.

Loss on Extinguishment of Debt

Loss on extinguishment of debt was $5.1 million for the three and nine months ended September 28, 2025, and was related to the termination of the Prior Credit Agreement.

Interest expense, net was $51.1 million and $40.0 million for the three months ended March 29, 2026 and March 30, 2025, respectively.

Refer to Item 1, “Financial Statements—Note 7.

Borrowings” for more information.

Other Expense, Net

Other expense, net was $0.9 million and $10.7 million for the three and nine months ended September 28, 2025, respectively, and $0.9 million and $7.2 million for the three and nine months ended September 29, 2024, respectively.

The increase for the nine months ended September 28, 2025 was primarily related to net foreign currency losses, partially offset by Prior Credit Agreement amendment fees in the prior year period.

For the three months ended September 28, 2025, we 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, we 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, we 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, we 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.

Other (Income) Expense, Net

Other income, net was $3.4 million for the three months ended March 29, 2026 compared to Other expense, net of $1.4 million for the three months ended March 30, 2025.

The increase was primarily related to net foreign currency gains for the three months ended March 29, 2026.

For the three months ended March 29, 2026, we 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, we 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.

On July 4, 2025, the OBBBA was enacted in the U.S.

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The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

Our results for the nine months ended September 28, 2025 include the impacts of OBBBA on our Consolidated Financial Statements.

Our results for the three months ended March 29, 2026 include the impacts of OBBBA on our Consolidated Financial Statements.

Segment Results

We operate under three geographically-based reportable segments:

North America, EMEA and China.

Our operations in Latin America and JPAC are immaterial operating segments that are not considered reportable segments and are included in “Other.” In the fourth quarter of 2024, we revised the internal allocation of certain global costs primarily between the North America segment and Corporate to better align costs that impact us as a whole.

We operate under five geographically-based reportable segments:

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

Beginning in the fourth quarter of 2025, we 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 our previously reported Consolidated Financial Statements.

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

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We believe that this measurement is useful to investors as a way to analyze the underlying trends in our core business, including at the segment level, consistently across the periods presented and to evaluate performance under management incentive compensation programs.

Adjusted EBITDA consists of Net loss before Interest expense, net, (Benefit from) provision for income taxes and depreciation and amortization and eliminates (i) certain non-operating income or expense items, and (ii) impacts of certain non-cash, unusual or other items that are included in Net loss and that we do not consider indicative of our ongoing operating performance.

Adjusted EBITDA consists of Net loss before Interest expense, net, Provision for income taxes and depreciation and amortization and eliminates (i) certain non-operating income or expense items, and (ii) impacts of certain non-cash, unusual or other items that are included in Net loss and that we do not consider indicative of our ongoing operating performance.

Refer to Item 1, “Financial Statements—Note 4.

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Total revenues and Adjusted EBITDA for North America were as follows:

Three Months Ended Nine Months Ended

(Dollars in millions) September 28, 2025 September 29, 2024 % Change September 28, 2025 September 29, 2024 % Change

Three Months Ended

(Dollars in millions) March 29, 2026 March 30, 2025 % Change

Total revenues $ 328.9 $ 406.7 (19) %

Adjusted EBITDA $ 169.4 $ 234.3 (28) %

Total revenues were $381.4 million for the three months ended September 28, 2025, compared to $436.2 million for the three months ended September 29, 2024.

The decrease was primarily driven by decreases in sales of QuickVue and Sofia SARS Antigen assays and the wind-down of the U.S.

donor screening business.

Total revenues were $1,098.8 million for the nine months ended September 28, 2025, compared to $1,220.2 million for the nine months ended September 29, 2024.

The decrease was primarily driven by decreases in sales of QuickVue and Sofia SARS Antigen assays and the wind-down of the U.S.

donor screening business, partially offset by an increase in Labs revenues.

Adjusted EBITDA was $210.8 million for the three months ended September 28, 2025, compared to $248.0 million for the three months ended September 29, 2024.

The decrease was primarily driven by decreases in sales of QuickVue and Sofia SARS Antigen assays and the wind-down of the U.S.

donor screening business.

Adjusted EBITDA was $604.8 million for the nine months ended September 28, 2025, compared to $670.2 million for the nine months ended September 29, 2024.

The decrease was primarily driven by decreases in sales of QuickVue and Sofia SARS Antigen assays and the wind-down of the U.S.

donor screening business, partially offset by an increase in Labs revenues and lower operating expenses due to cost-savings initiatives.

Total revenues were $328.9 million for the three months ended March 29, 2026, compared to $406.7 million for the three months ended March 30, 2025.

The decrease was primarily driven by (i) decreases in sales of SOFIA SARS and QUICKVUE SARS Antigen assays and (ii) a decrease in Labs revenues, primarily due to the termination of our Joint Business arrangement.

Adjusted EBITDA was $169.4 million for the three months ended March 29, 2026, compared to $234.3 million for the three months ended March 30, 2025.

The decrease was primarily driven by decreases in revenues.

Total revenues and Adjusted EBITDA for EMEA were as follows:

Three Months Ended Nine Months Ended

(Dollars in millions) September 28, 2025 September 29, 2024 % Change September 28, 2025 September 29, 2024 % Change

Three Months Ended

(Dollars in millions) March 29, 2026 March 30, 2025 % Change

Total revenues $ 92.5 $ 88.9 4 %

Adjusted EBITDA $ 20.1 $ 16.5 22 %

Total revenues were $91.8 million for the three months ended September 28, 2025, compared to $84.0 million for the three months ended September 29, 2024, primarily driven by an increase in Immunohematology revenues.

Total revenues were $268.0 million for the nine months ended September 28, 2025, compared to $249.9 million for the nine months ended September 29, 2024, primarily driven by increases in Immunohematology and Point of Care revenues.

Adjusted EBITDA was $24.4 million for the three months ended September 28, 2025, compared to $12.9 million for the three months ended September 29, 2024.

The increase was primarily driven by an increase in revenues, product mix and lower operating expenses.

Adjusted EBITDA was $59.2 million for the nine months ended September 28, 2025, compared to $36.6 million for the nine months ended September 29, 2024, primarily driven by increases in revenues and lower distribution costs and other operating expenses due to cost-savings initiatives.

Total revenues were $92.5 million for the three months ended March 29, 2026, compared to $88.9 million for the three months ended March 30, 2025.

The increase was primarily driven by an increase in Immunohematology revenues.

Adjusted EBITDA was $20.1 million for the three months ended March 29, 2026, compared to $16.5 million for the three months ended March 30, 2025.

The increase was primarily driven by an increase in Immunohematology revenues.

Total revenues and Adjusted EBITDA for China were as follows:

Three Months Ended Nine Months Ended

(Dollars in millions) September 28, 2025 September 29, 2024 % Change September 28, 2025 September 29, 2024 % Change

Three Months Ended

(Dollars in millions) March 29, 2026 March 30, 2025 % Change

Total revenues $ 63.5 $ 75.0 (15) %

Adjusted EBITDA $ 20.5 $ 29.3 (30) %

Total revenues were $84.6 million for the three months ended September 28, 2025, compared to $80.4 million for the three months ended September 29, 2024, driven by an increase of 7% in Labs revenues.

Total revenues were $243.0 million for the nine months ended September 28, 2025, compared to $238.1 million for the nine months ended September 29, 2024, driven by an increase of 6% in Labs revenues, partially offset by a decrease in Point of Care revenues.

Adjusted EBITDA was $36.8 million for both the three months ended September 28, 2025 and September 29, 2024, primarily driven by higher Labs revenues offset by the impact from changes in product mix.

Adjusted EBITDA was $108.2 million for the nine months ended September 28, 2025, compared to $98.6 million for the nine months ended September 29, 2024.

The increase was primarily driven by higher Labs revenues and the impact from changes in product mix.

Total revenues and Adjusted EBITDA for Other were as follows:

Three Months Ended Nine Months Ended

(Dollars in millions) September 28, 2025 September 29, 2024 % Change September 28, 2025 September 29, 2024 % Change

Total revenues were $63.5 million for the three months ended March 29, 2026, compared to $75.0 million for the three months ended March 30, 2025.

The decrease was primarily driven by a decrease in Labs revenues due to slower distributor sales related to pending changes to IVD pricing guidelines in China.

Adjusted EBITDA was $20.5 million for the three months ended March 29, 2026, compared to $29.3 million for the three months ended March 30, 2025.

The decrease was primarily driven by a decrease in Labs revenues due to slower distributor sales related to pending changes to IVD pricing guidelines in China.

Total revenues and Adjusted EBITDA for JPAC were as follows:

Three Months Ended

(Dollars in millions) March 29, 2026 March 30, 2025 % Change

Total revenues $ 70.0 $ 68.1 3 %

Adjusted EBITDA $ 16.5 $ 17.6 (6) %

Total revenues were $142.1 million for the three months ended September 28, 2025, compared to $126.5 million for the three months ended September 29, 2024, primarily driven by an increase in Labs revenues.

Total revenues were $396.8 million for the nine months ended September 28, 2025, compared to $366.9 million for the nine months ended September 29, 2024, primarily driven by an increase in Labs revenues.

Adjusted EBITDA was $44.2 million for the three months ended September 28, 2025, compared to $32.4 million for the three months ended September 29, 2024.

The increase was primarily driven by an increase in Labs revenues and the impact from changes in product mix.

Adjusted EBITDA was $111.7 million for the nine months ended September 28, 2025, compared to $97.9 million for the nine months ended September 29, 2024, primarily driven by an increase in Labs revenues and the impact from changes in product mix.

Total revenues were $70.0 million for the three months ended March 29, 2026, compared to $68.1 million for the three months ended March 30, 2025.

The increase was primarily driven by an increase in Labs revenues.

Adjusted EBITDA was $16.5 million for the three months ended March 29, 2026, compared to $17.6 million for the three months ended March 30, 2025.

The decrease was primarily driven by higher service costs, partially offset by an increase in Labs revenues.

Latin America

Total revenues and Adjusted EBITDA for Latin America were as follows:

Three Months Ended

(Dollars in millions) March 29, 2026 March 30, 2025 % Change

Total revenues $ 64.9 $ 54.1 20 %

Adjusted EBITDA $ 15.8 $ 12.0 32 %

Total revenues were $64.9 million for the three months ended March 29, 2026, compared to $54.1 million for the three months ended March 30, 2025.

The increase was primarily driven by an increase in Labs revenues.

Adjusted EBITDA was $15.8 million for the three months ended March 29, 2026, compared to $12.0 million for the three months ended March 30, 2025.

The increase was primarily driven by an increase in Labs revenues and the impact from changes in product mix, partially offset by higher operating expenses.

Liquidity and Capital Resources

As of September 28, 2025 and December 29, 2024, our principal sources of liquidity consisted of the following:

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

As of March 29, 2026 and December 28, 2025, our principal sources of liquidity consisted of the following:

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

Cash and cash equivalents $ 140.4 $ 169.8

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Working capital including cash and cash equivalents $ 414.6 $ 481.2

As of September 28, 2025, we had $98.1 million in Cash and cash equivalents, a $0.2 million decrease from December 29, 2024.

As of March 29, 2026, we had $140.4 million in Cash and cash equivalents, a $29.4 million decrease from December 28, 2025.

Our cash requirements fluctuate as a result of numerous factors, including cash generated from operations, progress in R&D, capital expansion projects and acquisition, restructuring and business development activities.

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Debt Capitalization

On August 21, 2025, we entered into the Credit Agreement by and among us, as borrower, Bank of America, and the other lenders and L/C issuers party thereto.

Pursuant to the Credit Agreement, the Lenders provided us with (i) a $1.15 billion Term Loan A, (ii) a $100.0 million DDTL Term Loan A, (iii) a $1.45 billion Term Loan B and (iv) a $700.0 million Revolving Credit Facility.

The Financing is guaranteed by certain of our material domestic subsidiaries and is secured by liens on substantially all of our assets and the Guarantors’ assets, excluding real property and certain other types of excluded assets.

Our Credit Agreement consists of (i) a $1.15 billion Term Loan A, (ii) a $100.0 million DDTL Term Loan A, (iii) a $1.45 billion Term Loan B and (iv) a $700.0 million Revolving Credit Facility.

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, we 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.

We 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.

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

The effective interest rates as of March 29, 2026 were 6.87% and 8.43%, respectively.

The weighted average effective interest rate on aggregate Term Loans, net of interest rate swaps, as of March 29, 2026 was 6.91%.

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.

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.

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.

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

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

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

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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;

(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 of the Credit Agreement 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.

We were in compliance with the financial covenants as of September 28, 2025.

We were in compliance with the financial covenants as of March 29, 2026.

Capital Expenditures

Capital expenditures, including investments, were $136.4 million for the nine months ended September 28, 2025.

Capital expenditures, including investments, were $34.0 million for the three months ended March 29, 2026.

We continue to make capital expenditures in connection with the expansion of our manufacturing capabilities and other facility-related activities.

Cash Flow Summary

Nine Months Ended

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

Three Months Ended

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

Net cash (used for) provided by operating activities $ (33.0) $ 65.6

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Net (decrease) increase in cash, cash equivalents and restricted cash $ (29.4) $ 28.7

Nine Months Ended September 28, 2025

Cash used for operating activities was $26.7 million for the nine months ended September 28, 2025 and reflected a net loss of $1,001.1 million and non-cash adjustments of $1,229.3 million, primarily associated with a goodwill impairment charge, depreciation and amortization, stock-based compensation expense, and asset write off related to restructuring, integration and other charges, partially offset by $141.7 million in cash outflows for inventories.

Cash used for investing activities of $143.1 million for the nine months ended September 28, 2025 was primarily related to purchases of property, plant, equipment, investments and intangibles.

Cash provided by financing activities was $166.9 million for the nine months ended September 28, 2025 and was primarily related to proceeds from long-term borrowings, net of discount and debt issuance costs of $2,546.2 million, offset by payments on long-term borrowings of $2,287.6 million and net payments from the Revolving Credit Facility of $98.0 million.

Nine Months Ended September 29, 2024

Cash provided by operating activities was $19.3 million for the nine months ended September 29, 2024 and reflected a net loss of $1,873.6 million and non-cash adjustments of $2,099.8 million, primarily associated with a goodwill impairment charge and change in deferred tax assets and liabilities as well as depreciation and amortization, asset impairment charge and stock-based compensation expense.

Cash provided by operating activities was also driven by $110.9 million cash outflows for inventories.

Cash used for investing activities was $112.0 million for the nine months ended September 29, 2024 and was primarily related to $147.9 million in purchases of property, plant, equipment, investments and intangibles.

We also sold $63.1 million of marketable securities.

Cash provided by financing activities was $117.7 million for the nine months ended September 29, 2024 and was primarily related to net proceeds from the Revolving Credit Facility of $230.0 million, partially offset by payments on long-term borrowings of $107.0 million.

Three Months Ended March 29, 2026

Cash used for operating activities was $33.0 million for the three months ended March 29, 2026 and reflected a net loss of $91.8 million, non-cash adjustments of $126.7 million, primarily associated with depreciation and amortization and stock-based compensation expense, and changes in working capital, including cash outflows of $72.6 million for inventories, partially offset by cash inflows of $54.0 million from collections on accounts receivables.

Cash used for investing activities of $34.0 million for the three months ended March 29, 2026 was related to purchases of property, plant, equipment, investments and intangibles.

Cash provided by financing activities was $37.6 million for the three months ended March 29, 2026 and was primarily related to net proceeds from the Revolving Credit Facility of $50.0 million, partially offset by net payments on long-term borrowings of $9.8 million.

Three Months Ended March 30, 2025

Cash provided by operating activities was $65.6 million for the three months ended March 30, 2025 and reflected a net loss of $12.7 million and non-cash adjustments of $123.7 million, primarily associated with depreciation and amortization and stock-based compensation expense, partially offset by $53.1 million in cash outflows for inventories.

Cash used for investing activities of $56.2 million for the three months ended March 30, 2025 was related to purchases of property, plant, equipment, investments and intangibles.

Cash provided by financing activities was $17.6 million for the three months ended March 30, 2025 and was primarily related to net proceeds from the Revolving Credit Facility of $52.0 million, partially offset by payments on long-term borrowings of $36.0 million.

Liquidity Outlook

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• interest on and repayments of our long-term borrowings and lease obligations;

• acquisitions of property, equipment and other fixed assets in support of our manufacturing facility expansions;

• acquisitions of property, equipment and other fixed assets in support of our manufacturing footprint;

• the continued advancement of R&D efforts;

• our integration of the Ortho business arising from the Combinations;

• support of commercialization efforts related to our current and future products, including support of our direct sales force and field support resources;

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Our R&D costs may be substantial as we move product candidates into preclinical and clinical trials and advance our existing product candidates into later stages of development.

The primary purposes of our capital expenditures are to invest in manufacturing capacity expansion, acquire certain of our instruments, acquire scientific equipment, purchase or develop IT and implement facility improvements.

The primary purposes of our capital expenditures are to invest in our manufacturing footprint, acquire certain of our instruments, acquire scientific equipment, purchase or develop IT and implement facility improvements.

We plan to fund the capital expenditures with the cash on our balance sheet.

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Information about recent accounting pronouncements is included in Item 1, “Financial Statements—Note 1.

Summary of Significant Accounting Policies.”

Basis of Presentation and Summary of Significant Accounting Policies.”

Critical Accounting Estimates

Our discussion and analysis of our financial condition and results of operations are based on our Consolidated Financial Statements, which have been prepared in accordance with GAAP.

The preparation of these financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses.

The preparation of these financial statements requires the use

of estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses.

Our critical accounting estimates are those that significantly affect our financial condition and results of operations and require the most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain.

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A comprehensive discussion of our critical accounting estimates is included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report.

Other than the following, there have been no significant changes to our critical accounting policies and estimates during the nine months ended September 28, 2025:

Goodwill Impairment

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

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

As a result, we 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.

We believe 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.

There have been no significant changes to our critical accounting policies and estimates during the three months ended March 29, 2026.

Quantitative and Qualitative Disclosures About Market Risk

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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 2. Management’s Discussion and Analysis