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 approved the Operational Excellence Program (the “2020 Program”) and delegated authority to the Company’s management to determine the detail of the initiatives that will comprise the 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 closed as of March 29, 2025. During fiscal 2025 and 2024, the Company incurred $7.7 million and $9.8 million of restructuring and restructuring related costs under this program, respectively. 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 closed as of March 29, 2025. Under these initiatives, during fiscal 2026 the Company recognized reversals of previously incurred costs of $1.9 million, as compared with restructuring and restructuring related costs incurred of $13.0 million and $14.0 million, respectively, during fiscal 2025 and fiscal 2024. Total cumulative charges under these portfolio rationalization initiatives are $25.1 million as of March 28, 2026.

In May 2025, the Board approved the currently ongoing 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. 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. Under this initiative, during fiscal 2026 and 2025, the Company incurred restructuring and restructuring related costs of $5.1 million and $0.6 million, respectively, under this initiative. Total cumulative charges under the market and regional alignment initiative are $5.6 million as of March 28, 2026.

The following table summarizes the activity for restructuring reserves related to prior programs, the 2020 Program, portfolio rationalization initiatives, and market and regional alignment initiatives for the fiscal years 2026, 2025 and 2024, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:


	Prior Programs		2020 Program		Portfolio Rationalization Initiatives		Market and Regional Alignment Initiatives		Total
	(Dollars in Thousands)
Balance as of April 1, 2023	$	340	$	1,810	$	—	$	—	$	2,150
Costs incurred, net of reversals	(276)		450		13,915		—		14,089
Payments	(64)		(1,775)		(2,606)		—		(4,445)

Balance as of March 30, 2024	$	—	$	485	$	11,309	$	—	$	11,794
Costs incurred, net of reversals	—		566		12,797		550		13,913
Payments	—		(761)		(12,755)		(550)		(14,066)
Non-cash adjustments	—		—		(8,616)		—		(8,616)
Balance as of March 29, 2025	$	—	$	290	$	2,735	$	—	$	3,025
Costs incurred, net of reversals	—		(62)		(1,919)		5,095		3,114
Payments	—		(205)		(100)		(4,527)		(4,832)

Balance as of March 28, 2026	$	—	$	23	$	716	$	568	$	1,307

The following presents the restructuring costs by line item during fiscal 2026, 2025 and 2024 within the Company’s accompanying consolidated statements of income and consolidated statements of comprehensive income:


	Year Ended
	2026		2025		2024
	(Dollars in Thousands)
Cost of goods sold	$	(496)	$	11,328	$	11,286
Research and development	960		(61)		456
Selling, general and administrative expenses	2,650		2,646		2,347
Total	$	3,114	$	13,913	$	14,089

In addition to the restructuring expenses included in the table above, the Company also incurred costs of $0.1 million, $7.2 million and $9.5 million in fiscal 2026, 2025 and 2024, respectively, that do not constitute restructuring costs under ASC 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.

The following presents the restructuring related costs by line item during fiscal 2026, 2025 and 2024 within the Company’s accompanying consolidated statements of income and consolidated statements of comprehensive income:


	Year Ended
	2026		2025		2024
	(Dollars in Thousands)
Cost of goods sold	$	(33)	$	3,304	$	5,734
Research and development	11		1,649		1,750
Selling, general and administrative expenses	127		2,292		2,015
Total	$	105	$	7,245	$	9,499


	Year Ended
	2026		2025		2024
	(Dollars in Thousands)
Restructuring costs
Plasma	$	447	$	258	$	1,015
Blood Center	(558)		4,742		5,606
Hospital	1,326		1,664		3,863
Corporate	1,899		7,249		3,605
Total	$	3,114	$	13,913	$	14,089

Restructuring related costs
Plasma	$	9	$	281	$	1,050
Blood Center	(1)		154		286
Hospital	—		143		408
Corporate	97		6,667		7,755
Total	$	105	$	7,245	$	9,499

Total restructuring and restructuring related costs	$	3,219	$	21,158	$	23,588