On an ongoing basis, the Company assesses 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. The 2020 Program 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.

In November 2023, the Company announced its plans to end of life the ClotPro analyzer system within the previously named Hospital business unit and certain products within the previously named 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. 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.

In May 2025, the Board approved a 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. Under this initiative the Company incurred restructuring and restructuring related costs of $2.3 million and $2.8 million during the three months ended June 27, 2026 and June 28, 2025, respectively. Total cumulative charges under the market and regional alignment initiative are $7.9 million as of June 27, 2026.

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 27, 2026, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:


	2020 Program		Portfolio Rationalization Initiatives		Market and Regional Alignment		Total


Balance as of March 28, 2026	$	23	$	716	$	568	$	1,307
Costs incurred, net of reversals	—		—		2,298		2,298
Payments	(23)		(329)		(2,091)		(2,443)

Balance as of June 27, 2026	$	—	$	387	$	775	$	1,162


	Three Months Ended
	June 27, 2026		June 28, 2025

	(Dollars in Thousands)
Cost of goods sold	$	783	$	(385)
Research and development	(8)		685
Selling, general and administrative expenses	1,523		966
Total	$	2,298	$	1,266

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 27, 2026		June 28, 2025

	(Dollars in Thousands)
Restructuring costs
Apheresis	$	13	$	(452)
MedSurg	2,309		576
Corporate	(24)		1,142
Total	$	2,298	$	1,266

Restructuring related costs
Apheresis	$	—	$	9
MedSurg	—		—
Corporate	(40)		49
Total	$	(40)	$	58

Total restructuring and restructuring related costs	$	2,258	$	1,324