On an ongoing basis, the Company reviews the global economy, the healthcare industry, and the markets in which it competes to identify opportunities for efficiencies, enhance commercial capabilities, align its resources and offer its customers better solutions. In order to realize these opportunities, the Company undertakes restructuring-type activities to transform its business.

In July 2019, the Board of Directors of the Company (the “Board”) approved the Operational Excellence Program (the “2020 Program”) and delegated authority to the Company’s management to determine the details of the initiatives that will comprise the 2020 Program. During fiscal 2022, the Company revised the 2020 Program to improve product and service quality, reduce cost principally in its manufacturing and supply chain operations and ensure sustainability while helping to offset impacts from a previously announced customer loss, rising inflationary pressures and effects of the COVID-19 pandemic. The 2020 Program is closed as of March 29, 2025. During the three months ended June 28, 2025, the Company recognized reversals of previously incurred costs of $0.1 million, as compared with $2.4 million of restructuring and restructuring related costs incurred under the 2020 Program during the three months ended June 29, 2024. Total cumulative charges under the 2020 Program were $84.7 million through March 29, 2025.

In November 2023, the Company announced its plans to end of life the ClotPro analyzer system within the Hospital business unit and certain products within the Blood Center business unit, primarily in Whole Blood, including the associated manufacturing operations and closure of certain other facilities. These portfolio rationalization initiatives are closed as of March 29, 2025. During the three months ended June 28, 2025, the Company recognized reversals of previously incurred costs of $1.5 million related to the divestiture of the Whole Blood product line, as compared with $4.8 million of restructuring and restructuring related costs incurred under these initiatives during the three months ended June 29, 2024. Total cumulative charges under the portfolio rationalization initiatives are $25.6 million through June 28, 2025.

In May 2025, the Board approved a new market and regional alignment initiative and delegated authority to the Company’s management to determine the details of the specific actions that will comprise the initiative. This strategic initiative is designed to improve operational performance and reduce costs by directing the Company’s resources toward the markets and geographies that offer the greatest growth and portfolio advancement opportunities. The amounts and timing of estimated costs and savings are subject to change until finalized. The actual amounts and timing may vary materially based on various factors. Initial actions related to this initiative were approved by the Board in January 2025, resulting in restructuring related costs during the fourth quarter of fiscal 2025. During the three months ended June 28, 2025, the Company incurred $2.8 million of restructuring related costs under this initiative. Total cumulative charges under the market and regional alignment initiative are $3.4 million as of June 28, 2025.

The following table summarizes the activity for restructuring reserves related to the 2020 Program, the portfolio rationalization initiatives and the market and regional alignment initiative for the three months ended June 28, 2025, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:


	2020 Program		Portfolio Rationalization		Market and Regional Alignment		Total

	(Dollars in Thousands)
Balance at March 29, 2025	$	290	$	2,735	$	—	$	3,025
Costs incurred, net of reversals	(67)		(1,431)		2,764		1,266
Payments	(158)		(204)		(865)		(1,227)

Balance at June 28, 2025	$	65	$	1,100	$	1,899	$	3,064


	Three Months Ended
	June 28, 2025		June 29, 2024

	(Dollars in Thousands)
Cost of goods sold	$	(385)	$	4,366
Research and development	685		(12)
Selling, general and administrative expenses	966		268
Total	$	1,266	$	4,622

In addition to the restructuring expenses included in the table above, the Company also incurred costs that do not constitute restructuring costs under FASB ASC Topic 420, Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs. These costs consist primarily of expenditures directly related to the restructuring actions.


	Three Months Ended
	June 28, 2025		June 29, 2024

	(Dollars in Thousands)
Restructuring costs
Plasma	$	568	$	63
Blood Center	(1,020)		1,163
Hospital	576		297
Corporate	1,142		3,099
Total	$	1,266	$	4,622

Restructuring related costs
Plasma	$	9	$	175
Blood Center	—		43
Hospital	—		108
Corporate	49		2,192
Total	$	58	$	2,518

Total restructuring and restructuring related costs	$	1,324	$	7,140