Financial Instruments and Fair Value Measurements

12 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

Note 16 — Financial Instruments and Fair Value Measurements

The following reconciles Cash and equivalents and Restricted cash reported within the Consolidated Balance Sheets as of September 30, 2025 and September 30, 2024, to the total amounts shown in the Consolidated Statements of Cash Flows:

	September 30, 2025		September 30, 2024
Cash and equivalents	$	225.5	$	267.5
Restricted cash	3.1		6.7
Cash and equivalents and restricted cash	$	228.6	$	274.2

Cash and equivalents includes cash held in money market funds and other cash equivalents. All cash and equivalents are Level 1 in the fair value hierarchy. Interest income on Cash and equivalents was $6.0 million, $12.0 million, and $9.4 million for the fiscal years ended September 30, 2025, 2024, and 2023 respectively, and is included as a component of Interest expense, net. Restricted cash consists of cash not readily available for use in the Company's operating activities. The Company's restricted cash balance is primarily pledged as collateral for bank guarantees related to certain customer performance guarantees and property leases internationally.

Foreign Currency Risks and Related Strategies

The Company has foreign currency exposures throughout Europe, Asia, Canada, and Latin America. Transactional currency exposures that arise from entering into transactions, generally on an intercompany basis, in non-hyperinflationary countries that are denominated in currencies other than the functional currency are mitigated primarily through the use of forward contracts.

The notional amounts of the Company’s foreign currency-related derivative instruments were as follows:

	Hedge Designation	September 30, 2025		September 30, 2024
Foreign exchange contracts (a)	Undesignated	$	9.7	$	4.5

a.Represent hedges of transactional foreign exchange exposures resulting primarily from intercompany and third-party transactions. Gains and losses on these instruments are recognized immediately in Other income (expense), net. These gains and losses are largely offset by gains and losses on the underlying hedged items, as well as the hedging costs associated with the derivative instruments. Gains and losses recognized to date on these instruments were not material to the Company's Consolidated Financial Statements.

Nonrecurring Fair Value Measurements

Non-financial assets, including property, plant and equipment as well as intangible assets, are measured at fair value when there are indicators of impairment and these assets are recorded at fair value only when an impairment is recognized. These measurements of fair value are generally based upon Level 3 inputs, including values estimated using the income approach.

In the fiscal year ended September 30, 2025, the Company recorded non-cash asset impairment charges of $10.6 million to write down the carrying value of certain property and equipment as a result of the Company's plan to discontinue the patch pump program. $6.3 million was recorded to Cost of products sold and $4.3 million was recorded to Research and development expense. The amount recognized was recorded to adjust the carrying amount of assets to the assets' fair values, which were estimated, based upon a market participant's perspective, using Level 3 measurements, including values estimated using the income approach.

During the fiscal year ended September 30, 2023, the Company recorded impairment charges of $2.5 million related to the abandonment of certain manufacturing equipment in China that is no longer in use that was inherited as part of the Separation from BD. These assets were previously included as a component of Machinery, equipment and fixtures within Property, Plant and Equipment. The impairment charges are recognized within Impairment expense in the Consolidated Statements of Income.

Concentration of Credit Risk

Three of the Company’s customers represented at least 10.0% of total gross revenues individually and, in the aggregate, represented approximately 41.5%, 41.3% and 40.2% for the fiscal years ended September 30, 2025, 2024 and 2023 respectively.

One of the Company's customers represented at least 10.0% of total gross trade receivables individually and represented approximately 11.2% as of September 30, 2025.

Substantially all of the Company’s trade receivables are due from public and private entities involved in the healthcare industry. The Company does not normally require collateral from its customers.