Note 7 - Restructuring

6 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

7. Restructuring

2024 Restructuring Plan

In the second quarter of fiscal year 2024, the Company launched initiatives designed to optimize resources for future growth and improve efficiency across its organization. The focus of the initiatives is to improve the Company’s profitability, which includes facilities consolidation, portfolio optimization, and organization structure simplification. The Company had additional restructuring actions during the three months ended March 31, 2025 under these initiatives and expects to complete the activities included in these initiatives by the end of fiscal year 2025. As of the date of issuance of the accompanying Condensed Consolidated Financial Statements, the Company has not identified restructuring actions related to these initiatives that will result in additional material charges. The Company expects to identify additional actions as it further refines its plan, and the related initiatives in future periods will be recorded when specified criteria are met, including but not limited to, communication of benefit arrangements or when the costs have been incurred.

The majority of the restructuring expenses associated with the initiatives described above for the three and six months ended March 31, 2025 are severance and other related costs. Of the total restructuring expenses in the six months ended March 31, 2025, $1.6 million is related to the SMS segment, $1.6 million is related to the Multiomics segment, and $0.8 million is related to Corporate.

2023 Cost Savings Plans

In the second and third quarters of fiscal year 2023, the Company announced cost savings plans designed to position the Company to meet the needs of its customers and accelerate growth of the business. The cost savings plans were completed and costs from the actions were fully realized by the end of the first quarter of fiscal year 2024.  

The restructuring expenses associated with the 2023 cost savings plans for the three and six months ended March 31, 2024 are severance and related costs.

The following table presents restructuring charges recognized for the three and six months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Severance and related costs	$	3,449	$	1,987	$	3,769	$	2,773
Right of use asset abandonment		—		901		—		901
Other		131		540		242		540
Total restructuring charges	$	3,580	$	3,428	$	4,011	$	4,214

The following table presents activity in the severance and related costs accruals for the six months ended March 31, 2025 and 2024 (in thousands):

	Six Months Ended March 31,
	2025			2024
Balance at beginning of period	$	755		$	665
Provisions		3,769			2,773
Payments		(3,260	)		(1,231	)
Balance at end of period	$	1,264		$	2,207