v3.26.1
Segment and Geographic Information
 6 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment and Geographical Information Segment and Geographic Information
Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which discrete financial information is available and regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and to assess performance. The Company’s operations are organized and managed by type of products and services and segment information is reported accordingly. The Company’s Chief Executive Officer is the Company’s CODM. There have been no operating segments aggregated to arrive at the Company’s reportable segments. Revenues for all operating segments include only transactions with unaffiliated customers and include no intersegment revenues. The accounting policies of the reportable segments are the same as those described in Note 2, Summary of Significant Accounting Policies, in the notes to the audited consolidated financial statements included in the section titled “Financial Statements and Supplementary Data” in Part II, Item 8 of the 2025 Annual Report on Form 10-K.
As of November 12, 2024, the Company’s B Medical Systems business met the “held for sale” criteria and “discontinued operations” criteria in accordance with FASB ASC 205 and the results of the B Medical Systems business are included within discontinued operations. As a result, the Company’s continuing operations includes the following two operating and reportable segments:
•Sample Management Solutions. The SMS business resources operate as a single business unit offering end-to-end sample management products and services, including: Sample Repository Services and Core Products (Automated Stores, Cryogenic Systems, Automated Sample Tube, Consumables and Instruments and Controlled Rate Thawing Devices).
•Multiomics. The Multiomics business resources operate as a single business unit offering genomic and other sample analysis services, including gene sequencing, gene synthesis and related services.
Management considers adjusted operating income (loss) as the performance metric when evaluating each segment’s operations. The Company uses this measure because it enables the CODM and management to understand and evaluate the segments’ core operating results and facilitates comparison of performance for determining compensation.
The CODM regularly uses segment adjusted operating income (loss) in the monthly and quarterly business review processes, and this measure serves as the basis for the CODM’s evaluation of segment performance and related resource allocation considerations. During these processes, the CODM considers budget-to-actual variances in adjusted operating income (loss) to evaluate both internal factors (for example, changes in selling prices, strategic growth investments, productivity and business mix) and external factors (for example, inflation and foreign currency), events and conditions.
The following is the summary of the financial information for the Company’s reportable segments for the three and six months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31,Six Months Ended March 31,
2026202520262025
Revenue:
Sample Management Solutions$81,091 $79,816 $162,515 $160,954 
Multiomics63,704 63,522 130,922 129,820 
Total revenue$144,795 $143,338 $293,437 $290,774 
Adjusted operating income (loss):
Sample Management Solutions$3,115 $2,809 $8,092 $7,580 
Multiomics(10,067)(5,536)(14,427)(7,843)
Segment adjusted operating loss$(6,952)$(2,727)$(6,335)$(263)
Amortization of completed technology2,076 2,308 3,935 3,808 
Amortization of other intangible assets3,563 3,803 7,113 8,376 
Transformation costs (1)
440 5,183 1,642 8,229 
Restructuring charges1,422 3,580 2,565 4,011 
Impairment of goodwill and intangible assets149,083 — 149,083 — 
Merger and acquisition costs (2)
2,175 688 2,188 2,258 
Other miscellaneous expenses79 (95)166 (50)
Total operating loss(165,790)(18,194)(173,027)(26,895)
Interest income, net4,387 4,489 9,485 8,787 
Other income, net4,059 1,158 4,138 2,362 
Loss from continuing operations before income taxes$(157,344)$(12,547)$(159,404)$(15,746)
(1)Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company’s operations, processes and systems to permanently alter the Company’s operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs primarily relate to one time asset write downs associated with changes in technology, one-time inventory write downs relating to restructuring actions, and third-party consulting costs associated with process and systems re-design.
(2)Includes expenses related to governance-related matters.
Adjusted operating income (loss) excludes charges related to amortization of intangible assets, transformation costs, restructuring charges, merger and acquisition costs, costs related to governance-related matters, and other miscellaneous expenses.
The segment expenses regularly provided to the CODM are adjusted cost of revenues which primarily consist of costs of direct materials and direct labor, freight, warranty, depreciation expenses, and facilities costs and adjusted operating expenses which primarily consists of employee salaries and benefits for research and development, selling, marketing, and administrative personnel, commissions, advertising and promotional expenses, audit, legal and strategic consulting fees,
depreciation expenses, facilities costs, insurance, and information systems costs. Centrally incurred costs are primarily allocated to segments using a percentage of budgeted segment revenue over total revenue.
Sample Management SolutionsThree Months Ended March 31,Six Months Ended March 31,
2026202520262025
Total revenue$81,091 $79,816 $162,515 $160,954 
Less: Adjusted cost of revenue42,618 42,229 87,083 83,524 
Less: Adjusted operating expenses35,358 34,778 67,340 69,850 
Adjusted operating income$3,115 $2,809 $8,092 $7,580 
Other Information
Depreciation Expense$3,317 $2,914 $6,448 $5,552 
MultiomicsThree Months Ended March 31,Six Months Ended March 31,
2026202520262025
Total revenue$63,704 $63,522 $130,922 $129,820 
Less: Adjusted cost of revenue38,066 36,027 76,678 71,788 
Less: Adjusted operating expenses35,705 33,031 68,671 65,875 
Adjusted operating loss$(10,067)$(5,536)$(14,427)$(7,843)
Other Information
Depreciation Expense$3,955 $3,649 $7,940 $7,322 
The following is the summary of the asset information for the Company’s reportable segments as of March 31, 2026 and September 30, 2025 (in thousands):
Assets:March 31, 2026September 30, 2025
Sample Management Solutions$817,808 $854,402 
Multiomics322,731 445,212 
Total assets$1,140,539 $1,299,614 
The following is a reconciliation of the segment assets to the corresponding amounts presented in the Condensed Consolidated Balance Sheets as of March 31, 2026 and September 30, 2025 (in thousands):
March 31,
2026		September 30,
2025
Segment assets$1,140,539 $1,299,614 
Cash and cash equivalents, restricted cash and marketable securities564,840 546,201 
Deferred tax assets501 726 
General corporate assets52,459 54,500 
Current and noncurrent assets held for sale145,550 158,541 
Total assets$1,903,889 $2,059,582 
Revenue from external customers is attributed to geographic areas based on locations in which the product is shipped. Net revenue by geographic area for the three and six months ended March 31, 2026 and 2025 are as follows (in thousands):
Three Months Ended March 31,Six Months Ended March 31,
2026202520262025
Geographic Location:
United States$83,024 $89,937 $170,437 $183,403 
China16,892 12,739 34,824 27,626 
United Kingdom10,397 8,011 20,386 15,738 
Rest of Europe25,869 25,259 52,370 49,578 
Asia Pacific (Excluding China)7,528 6,371 13,210 12,077 
Other1,085 1,021 2,210 2,352 
Total revenue$144,795 $143,338 $293,437 $290,774 
Net long-lived assets, excluding goodwill and other intangible assets, by geographic area as of March 31, 2026 and September 30, 2025 (in thousands):
March 31,
2026		September 30,
2025
United States$116,187 $116,681 
China57,681 56,715 
Europe15,272 16,674 
United Kingdom38,943 14,338 
Asia Pacific (Excluding China)3,146 3,505 
Other54 89 
Total long-lived assets, net$231,283 $208,002 
For the three and six months ended March 31, 2026 and 2025, the Company did not have any individual customers that accounted for 10% or more of its consolidated revenue. As of March 31, 2026 and September 30, 2025, there were no customers that accounted for more than 10% of the Company's accounts receivable balance.