Goodwill and Intangible Assets

The Company conducts an impairment assessment annually on April 1, or more frequently if impairment indicators are present. During the second quarter of fiscal year 2026, the Company assessed several events and circumstances that could affect the significant inputs used to determine the fair value of its reporting units, including updates to forecasted cash flows, increased uncertainty in the macroeconomic and geopolitical environment, and a sustained decline in its stock price. The Company concluded it was more likely than not the fair value of each of the SMS and Multiomics reporting units was less than their respective carrying amounts due to the combined impact of declining stock price and revised forecasts. As a result, the Company completed a quantitative goodwill impairment test for its reporting units in accordance with ASC 350, Intangibles – Goodwill (“ASC 350”) as of March 31, 2026.

For the quantitative goodwill impairment analysis performed, the Company compared the estimated fair values of each of its reporting units to their respective carrying amounts. The estimated fair value for each reporting unit was derived using the income approach and the market approach, weighted at 50% each as of March 31, 2026. The Discounted Cash Flow (“DCF”) Method was used in the income approach which reflected the Company’s assumptions regarding revenue growth rates, forecasted gross profit margins, operating expenses, capital expenditures, discount rates, terminal period growth rates, economic and market trends, and other expectations about the anticipated operating results of the SMS and Multiomics reporting units. The guideline company method was used in the market approach and publicly-traded companies in similar lines of business were identified and used in an analysis to estimate the fair value. Under the guideline company method, the Company made significant estimates and assumptions, primarily including the selection of appropriate peer group companies, control premiums appropriate for acquisitions in the industries in which the Company competes, and specific valuation multiples utilized to estimate the fair value of each reporting unit. Although the Company determined that estimates and assumptions used in the income approach and the market approach were reasonable, actual results may vary significantly and may expose it to material impairment charges in the future.

In the event the performance of any of the reporting units does not meet management expectations in the future, the Company experiences a prolonged macroeconomic or market downturn, or there are other negative revisions to key assumptions used in the analysis used to estimate fair value, the Company may be required to perform additional impairment analyses which could result in one or more additional impairment charges, any one of which could have a material and adverse effect on the Company's financial position and results of operations.

Based on the results of the Company's quantitative goodwill impairment analysis as of March 31, 2026, the carrying amounts of its Multiomics and SMS reporting units exceeded their respective fair values, resulting in non-cash impairment charges of $112.4 million for Multiomics and $36.6 million for SMS. The total goodwill impairment charge of $149.1

million was recorded within “Impairment of goodwill and intangible assets” in its Condensed Consolidated Statements of Operations during the three months ended March 31, 2026.

Prior to the quantitative goodwill impairment test, the Company tested the recoverability of long-lived assets and other assets of the SMS and Multiomics reporting units and concluded that such assets were not impaired as of March 31, 2026.

The following table sets forth the changes in the carrying amount of goodwill by operating and reportable segment since September 30, 2025 (in thousands).


	Sample Management Solutions		Multiomics		Total
Balance - September 30, 2025	$	505,635	$	196,760	$	702,395
Acquisition of UK Biocentre	5,116		—		5,116
Impairment	(36,647)		(112,436)		(149,083)
Currency translation adjustments	(5,358)		—		(5,358)
Balance - March 31, 2026	$	468,746	$	84,324	$	553,070

Accumulated goodwill impairments, March 31, 2026	$	(36,647)	(112,436)		$	(149,083)

The components of the Company’s identifiable intangible assets as of March 31, 2026 and September 30, 2025 are as follows (in thousands):


	March 31, 2026						September 30, 2025
	Cost		Accumulated Amortization		Net Book Value		Cost		Accumulated Amortization		Net Book Value
Patents	$	1,220	$	1,220	$	—	$	1,220	$	1,220	$	—
Completed technology	110,967		67,355		43,612		111,501		63,408		48,093
Trademarks and trade names	1,740		339		1,401		727		293		434
Customer relationships	249,155		202,735		46,420		248,846		195,559		53,287
Total	$	363,082	$	271,649	$	91,433	$	362,294	$	260,480	$	101,814

Amortization expenses for intangible assets were $5.6 million and $6.1 million, respectively, for the three months ended March 31, 2026 and 2025. Amortization expenses for intangible assets were $11.1 million and $12.2 million, respectively, for the six months ended March 31, 2026 and 2025.

Estimated future amortization expense for the intangible assets as of March 31, 2026 is as follows for the remainder of fiscal year 2026, the subsequent four fiscal years and thereafter (in thousands):


Remainder of fiscal year 2026	$	11,316
2027	17,978
2028	15,108
2029	12,480
2030	10,904
Thereafter	23,647
Total	91,433