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Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2024
Business Acquisition [Line Items]  
Schedule of Pro Forma Financial Statements The unaudited pro forma financial information was as follows (in millions):

 

 

Three months ended
June 30, 2024

 

 

Three months ended
June 30, 2023

 

 

 

Before Adjustments

 

 

Pro forma
Adjustments

 

 

After Adjustments

 

 

Before Adjustments

 

 

Pro forma
Adjustments

 

 

After Adjustments

 

Revenue

 

$

815.3

 

 

$

—

 

 

$

815.3

 

 

$

770.8

 

 

$

—

 

 

$

770.8

 

Net (loss) income

 

$

5.0

 

 

$

(17.6

)

 

$

(12.6

)

 

$

4.6

 

 

$

(29.9

)

 

$

(25.3

)

 

 

 

Six months ended
June 30, 2024

 

 

Six months ended
June 30, 2023

 

 

 

Before Adjustments

 

 

Pro forma
Adjustments

 

 

After Adjustments

 

 

Before Adjustments

 

 

Pro forma
Adjustments

 

 

After Adjustments

 

Revenue

 

$

1,581.7

 

 

$

—

 

 

$

1,581.7

 

 

$

1,539.6

 

 

$

—

 

 

$

1,539.6

 

Net (loss) income

 

$

47.2

 

 

$

(15.1

)

 

$

32.1

 

 

$

27.1

 

 

$

(55.8

)

 

$

(28.7

)
2024 Acquisitions  
Business Acquisition [Line Items]  
Schedule of Components and Fair Value Allocation of the Consideration Transferred in Connection with Acquisitions The following table reflects the consideration transferred and the respective reportable segment for certain of the 2024 acquisitions (in millions)

 

 

 

NanoString Technologies, Inc.

 

ELITechGroup

 

Chemspeed Technologies AG

 

Other

 

Total

 

Segment

 

BSI Nano

 

BSI CALID

 

BSI BBIO

 

Various

 

 

 

Consideration Transferred:

 

 

 

 

 

 

 

 

 

 

 

Cash paid

 

$

392.6

 

$

951.9

 

$

175.4

 

$

106.2

 

$

1,626.1

 

Cash acquired

 

 

(0.5

)

 

(43.4

)

 

(0.6

)

 

(7.6

)

 

(52.1

)

Fair value of contingent consideration

 

 

—

 

 

—

 

 

—

 

 

13.4

 

 

13.4

 

Working capital and other closing adjustments

 

 

—

 

 

23.5

 

 

—

 

 

2.1

 

 

25.6

 

Total consideration transferred, net of cash acquired

 

$

392.1

 

$

932.0

 

$

174.8

 

$

114.1

 

$

1,613.0

 

Allocation of Consideration Transferred:

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

16.8

 

$

30.6

 

$

7.0

 

$

2.9

 

$

57.3

 

Inventories

 

 

51.5

 

 

31.6

 

 

48.7

 

 

29.4

 

 

161.2

 

Other current assets

 

 

8.9

 

 

15.7

 

 

1.4

 

 

1.1

 

 

27.1

 

Property, plant and equipment

 

 

31.0

 

 

36.2

 

 

1.8

 

 

0.8

 

 

69.8

 

Other assets

 

 

20.3

 

 

41.3

 

 

17.3

 

 

3.4

 

 

82.3

 

Intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Technology

 

 

70.0

 

 

193.3

 

 

27.9

 

 

33.6

 

 

324.8

 

Customer relationships

 

 

71.0

 

 

236.3

 

 

51.5

 

 

5.7

 

 

364.5

 

Backlog

 

 

—

 

 

0.5

 

 

9.4

 

 

4.9

 

 

14.8

 

Trade name

 

 

20.0

 

 

12.3

 

 

4.8

 

 

2.2

 

 

39.3

 

Goodwill

 

 

187.8

 

 

500.8

 

 

123.5

 

 

64.0

 

 

876.1

 

Deferred taxes (net)

 

 

—

 

 

(99.8

)

 

(14.7

)

 

2.3

 

 

(112.2

)

Liabilities assumed

 

 

(85.2

)

 

(66.8

)

 

(103.8

)

 

(36.2

)

 

(292.0

)

Total consideration allocated

 

$

392.1

 

$

932.0

 

$

174.8

 

$

114.1

 

$

1,613.0

 
Other 2024 Acquisitions  
Business Acquisition [Line Items]  
Schedule of Consideration Transferred and the Respective Reportable Segment for Each Acquisition

The following table reflects the consideration transferred and the respective reportable segment for the acquisition (in millions):

 

Name of Acquisition

 

Date Acquired

 

Segment

 

Total
Consideration, net of Cash Acquired

 

 

Cash
Consideration

 

Phasefocus Holdings Limited

 

March 1, 2024

 

BSI Nano

 

$

6.3

 

 

$

6.4

 

Nanophoton Corporation

 

February 5, 2024

 

BSI CALID

 

$

13.3

 

 

$

10.8

 

Spectral Instruments Imaging LLC

 

February 1, 2024

 

BSI BBIO

 

$

29.3

 

 

$

29.0

 

Nion, LLC

 

January 2, 2024

 

BSI Nano

 

$

42.9

 

 

$

37.4

 

Tornado Spectral Systems, Inc.

 

January 1, 2024

 

BSI CALID

 

$

22.3

 

 

$

22.6

 

 

 

 

 

 

 

$

114.1

 

 

$

106.2

 

2024 Minority and Equity-method Investments

In the quarter ended March 31, 2024, the Company also completed a minority investment. The investment is accounted for under the measurement alternative, at cost less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments, if any. The investment carrying value of this minority investment at, June 30, 2024 remains at cost. The following table reflects the consideration transferred for the investments (in millions):

 

Name

 

Financial
Statement
Classification

 

Date Acquired

 

Total
Consideration

 

 

Cash
Consideration

 

Other minority investments

 

Other long-term assets

 

February 22, 2024

 

$

10.0

 

 

$

10.0

 

 

 

 

 

 

$

10.0

 

 

$

10.0

 
2023 Acquisitions  
Business Acquisition [Line Items]  
Schedule of Components and Fair Value Allocation of the Consideration Transferred in Connection with Acquisitions The following table reflects the consideration transferred and the reportable segment for these acquisitions (in millions):

 

 

 

Biognosys, AG

 

 

Zontal, Inc.

 

Segment

 

BSI CALID

 

 

BSI BioSpin

 

Consideration Transferred:

 

 

 

 

 

 

Cash paid

 

$

73.6

 

 

$

14.8

 

Cash acquired

 

 

(9.5

)

 

 

(0.3

)

Holdback

 

 

0.2

 

 

 

—

 

Fair value of hybrid financial instruments - founders

 

 

—

 

 

 

18.5

 

Fair value of redeemable noncontrolling interest - other shareholders

 

 

2.5

 

 

 

—

 

Fair value of contingent consideration

 

 

—

 

 

 

0.5

 

Total consideration transferred

 

$

66.8

 

 

$

33.5

 

Allocation of Consideration Transferred:

 

 

 

 

 

 

Accounts receivable

 

$

3.6

 

 

$

0.7

 

Inventories

 

 

0.4

 

 

 

—

 

Other current assets

 

 

0.9

 

 

 

0.3

 

Property, plant and equipment

 

 

8.0

 

 

 

—

 

Other assets

 

 

4.3

 

 

 

2.5

 

Intangible assets:

 

 

 

 

 

 

Technology

 

 

10.2

 

 

 

5.8

 

Customer relationships

 

 

13.8

 

 

 

4.0

 

Trade name

 

 

2.7

 

 

 

1.1

 

Backlog

 

 

0.8

 

 

 

0.2

 

Goodwill

 

 

47.5

 

 

 

25.9

 

Liabilities assumed

 

 

(25.4

)

(a)

 

(7.0

)

Total consideration allocated

 

$

66.8

 

 

$

33.5

 

(a) This amount includes assumed liability for employee awards of $6.3 million on acquisition date and was settled in the period ended March 31, 2023.
Other 2023 Acquisitions  
Business Acquisition [Line Items]  
Schedule of Consideration Transferred and the Respective Reportable Segment for Each Acquisition The following table reflects the consideration transferred and the respective reportable segment for these acquisitions (in millions):

 

Name of Acquisition

 

Date Acquired

 

Segment

 

Total
Consideration

 

 

Cash
Consideration

 

Acquifer Imaging GmbH and Deltabyte GmbH

 

January 4, 2023

 

BSI NANO

 

$

7.6

 

 

$

7.6

 

Other majority owned acquisitions

 

Various

 

BSI CALID

 

 

19.1

 

 

 

12.2

 

 

 

 

 

 

 

$

26.7

 

 

$

19.8

 

 

2023 Minority and Equity-method Investments

During the six months ended June 30, 2023, the Company also completed several minority investments. These investments are accounted for under the alternative measurement, and as such, the investment values also represent the carrying value at June 30, 2023. The following table reflects the consideration transferred and the respective reportable segment for the investments (in millions):

 

Name

 

Acquisition /
Investment

 

Financial
Statement
Classification

 

Date Acquired

 

Segment

 

Total
Consideration

 

 

Cash
Consideration

 

Other Investments

 

Investment

 

Other long-term assets

 

Various

 

Various

 

$

9.2

 

 

$

9.2

 

 

 

 

 

 

 

 

 

 

$

9.2

 

 

$

9.2