v3.26.1
Segment and Geographic Information
 9 Months Ended
Jun. 30, 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 Chief Executive Officer is the Company’s CODM. The Company’s operations are organized and managed by type of products and services and segment information is reported accordingly. 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, tariffs 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 nine months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Nine Months Ended June 30,
2026202520262025
Revenue:
Sample Management Solutions$88,289 $77,620 $250,804 $238,575 
Multiomics72,889 66,235 203,811 196,054 
Total revenue$161,178 $143,855 $454,615 $434,629 
Adjusted operating income (loss):
Sample Management Solutions$4,944 $10,737 $13,035 $18,318 
Multiomics(348)(3,958)(14,777)(11,801)
Segment adjusted operating income (loss)$4,596 $6,779 $(1,742)$6,517 
Amortization of completed technology2,082 2,068 6,017 5,876 
Amortization of other intangible assets3,616 4,123 10,730 12,499 
Transformation costs(1)
272 1,542 1,913 9,771 
Restructuring charges513 754 3,078 4,765 
Impairment of goodwill and intangible assets— — 149,083 — 
Merger and acquisition costs(2)
2,248 58 4,436 2,316 
Purchase accounting and other adjustments43 84 206 35 
Total operating loss(4,178)(1,850)(177,205)(28,745)
Interest income, net3,825 4,973 13,310 13,760 
Other income (expenses), net1,199 (820)5,337 1,542 
Income (loss) from continuing operations before income taxes$846 $2,303 $(158,558)$(13,443)
(1)Transformation costs represent expenses associated with discrete strategic initiatives undertaken to simplify, standardize, streamline, and optimize the Company's operations, processes, and systems. These initiatives are intended to generate long-term operational efficiencies and productivity improvements and do not meet the definition of restructuring charges. Transformation costs primarily include asset write-downs associated with technology changes, inventory write-downs related to restructuring activities, and third-party consulting costs incurred to support process and systems redesign efforts.
(2)Merger and acquisition costs consist primarily of legal, accounting, valuation, and strategic advisory fees incurred in connection with acquisition and integration activities.
Adjusted operating income (loss) excludes charges related to amortization of intangible assets, transformation costs, restructuring charges, merger and acquisition costs, purchase accounting adjustments, 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.
The following is the summary of the adjusted operating income information for the Company’s reportable segments for the three and nine months ended June 30, 2026 and 2025 (in thousands):

Sample Management SolutionsThree Months Ended June 30,Nine Months Ended June 30,
2026202520262025
Total revenue$88,289 $77,620 $250,804 $238,575 
Less: Adjusted cost of revenue47,770 36,207 134,853 119,732 
Less: Adjusted operating expenses35,575 30,676 102,916 100,525 
Adjusted operating income$4,944 $10,737 $13,035 $18,318 
Other Information
Depreciation Expense$4,155 $2,939 $10,603 $8,491 
MultiomicsThree Months Ended June 30,Nine Months Ended June 30,
2026202520262025
Total revenue$72,889 $66,235 $203,811 $196,054 
Less: Adjusted cost of revenue38,970 39,151 115,648 110,939 
Less: Adjusted operating expenses34,267 31,042 102,940 96,916 
Adjusted operating loss$(348)$(3,958)$(14,777)$(11,801)
Other Information
Depreciation Expense$2,647 $4,024 $10,588 $11,346 
The following is the summary of the asset information for the Company’s reportable segments as of June 30, 2026 and September 30, 2025 (in thousands):
Assets:June 30, 2026September 30, 2025
Sample Management Solutions$822,668 $854,402 
Multiomics324,984 445,212 
Total assets$1,147,652 $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 June 30, 2026 and September 30, 2025 (in thousands):
June 30,
2026		September 30,
2025
Segment assets$1,147,652 $1,299,614 
Cash and cash equivalents, restricted cash and marketable securities528,538 546,201 
Deferred tax assets494 726 
General corporate assets51,451 54,500 
Current and noncurrent assets held for sale148,076 158,541 
Total assets$1,876,211 $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 nine months ended June 30, 2026 and 2025 are as follows (in thousands):
Three Months Ended June 30,Nine Months Ended June 30,
2026202520262025
Geographic Location:
United States$91,516 $87,819 $261,953 $271,220 
China18,791 14,321 53,615 41,947 
United Kingdom12,095 9,297 32,481 25,036 
Rest of Europe29,986 25,430 82,356 75,009 
Asia Pacific (Excluding China)6,903 5,762 20,113 17,839 
Other1,887 1,226 4,097 3,578 
Total revenue$161,178 $143,855 $454,615 $434,629 
Net long-lived assets, excluding goodwill and other intangible assets, by geographic area as of June 30, 2026 and September 30, 2025 (in thousands):
June 30,
2026		September 30,
2025
United States$113,695 $116,681 
China59,301 56,715 
United Kingdom43,122 14,338 
Rest of Europe14,676 16,674 
Asia Pacific (Excluding China)2,885 3,505 
Other169 89 
Total long-lived assets, net$233,848 $208,002 
For the three and nine months ended June 30, 2026 and 2025, the Company did not have any individual customers that accounted for 10% or more of its consolidated revenue. As of June 30, 2026 and September 30, 2025, there were no customers that accounted for more than 10% of the Company’s accounts receivable balance.