v3.26.1
Segment and Geographic Information
 3 Months Ended
Mar. 29, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company operates under five geographically-based reportable segments: North America, EMEA, China, JPAC and Latin America. Although all five segments are engaged in the marketing, distribution and sale of diagnostic instruments and assays for hospitals, retailers, distributors, laboratories and/or blood and plasma centers worldwide, each region is managed separately to better align with the market dynamics of the specific geographic region.
Beginning in the fourth quarter of 2025, the Company 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 the Company’s previously reported Consolidated Financial Statements. Prior periods have been revised to align with the current period presentation.
The following table presents the results of operations of the Company’s reportable segments for the three months ended March 29, 2026 and March 30, 2025:
Three Months Ended March 29, 2026
(In millions)North AmericaEMEAChinaJPACLatin AmericaTotal
Total revenues$328.9 $92.5 $63.5 $70.0 $64.9 $619.8 
Less (1):
Cost of sales, excluding amortization of intangibles114.5 44.6 32.0 41.5 36.7 269.3 
Selling, marketing and administrative44.4 26.6 10.5 12.4 12.0 105.9 
Research and development0.4 0.4 0.7 0.3 0.5 2.3 
Other (income) expense, net0.2 0.8 (0.2)(0.7)(0.1)— 
Total segment Adjusted EBITDA$169.4 $20.1 $20.5 $16.5 $15.8 242.3 
Reconciliation of segment Adjusted EBITDA
Corporate (2)
(133.6)
Depreciation and amortization(112.9)
Interest expense, net(51.1)
Restructuring, integration and other charges(4.4)
Amortization of deferred cloud computing implementation costs(8.0)
Employee compensation charges(5.5)
Loss on investments(0.9)
EU medical device regulation transition costs (3)
(0.7)
Other adjustments(4.7)
Loss before income taxes$(79.5)
Three Months Ended March 30, 2025
(In millions)North AmericaEMEAChinaJPACLatin AmericaTotal
Total revenues$406.7 $88.9 $75.0 $68.1 $54.1 $692.8 
Less (1):
Cost of sales, excluding amortization of intangibles128.4 47.3 34.2 37.9 32.1 279.9 
Selling, marketing and administrative43.6 22.9 10.6 12.2 9.8 99.1 
Research and development0.4 0.6 0.9 0.4 0.4 2.7 
Other (income) expense, net— 1.6 — — (0.2)1.4 
Total segment Adjusted EBITDA$234.3 $16.5 $29.3 $17.6 $12.0 309.7 
Reconciliation of segment Adjusted EBITDA
Corporate (2)
(149.9)
Depreciation and amortization(107.1)
Interest expense, net(40.0)
Restructuring, integration and other charges(16.1)
Amortization of deferred cloud computing implementation costs(4.3)
Gain on investments0.3 
EU medical device regulation transition costs (3)
(0.2)
Other adjustments(1.2)
Loss before income taxes$(8.8)
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Primarily consists of costs related to executive and staff functions, including certain finance, human resources, manufacturing and IT functions, which benefit the Company as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Company’s corporate function also includes debt and stock-based compensation associated with all employee stock-based awards.
(3) Represents incremental consulting costs and R&D manufacturing site costs to align compliance of the Company’s existing, on-market products that were previously registered under the European In Vitro Diagnostics Directive regulatory framework with the requirements under the EU’s In Vitro Diagnostic Regulation, which generally apply from May 2022 onwards.
The CODM reviews the segment adjusted EBITDA results against the forecast to assess segment performance and determine how to allocate resources. The CODM does not review and is not provided capital expenditures, total depreciation and amortization or assets by segment, and therefore this information has been excluded as it does not comprise part of management’s key performance metrics.