v3.26.3
RESTRUCTURING
 6 Months Ended
Sep. 26, 2026
Restructuring and Related Activities [Abstract]  
RESTRUCTURING
5. RESTRUCTURING
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.
Market and Regional Alignment Initiative
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 recognized de minimis reversals of previously incurred costs during the three months ended September 26, 2026 and incurred restructuring and restructuring related costs of $2.2 million during the six months ended September 26, 2026, as compared to restructuring and restructuring related costs of $0.7 million and $3.4 million during the three and six months ended September 27, 2025, respectively. Total cumulative charges under the market and regional alignment initiative are $7.9 million as of September 26, 2026.
The following table summarizes the activity for restructuring reserves related to the market and regional alignment initiative as well as certain previously completed programs for the six months ended September 26, 2026, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:
Market and Regional Alignment Initiative
Previously Completed Programs(1)
Total
Balance as of March 28, 2026
$568 $739 $1,307 
Costs incurred, net of reversals2,292 (221)2,071 
Payments(2,519)(479)(2,998)
Balance as of September 26, 2026
$341 $39 $380 
__________
(1)    Reflects the Company’s Operational Excellence Program and portfolio rationalization initiatives, each of which closed as of March 29, 2025.
The following presents the net restructuring costs by line item within the Company’s accompanying unaudited condensed consolidated statements of income:
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(Dollars in Thousands)
Cost of goods sold$(219)$(141)$564 $(526)
Research and development— 349 (8)1,034 
Selling, general and administrative expenses(8)(4)1,515 962 
Total$(227)$204 $2,071 $1,470 
As of September 26, 2026, the Company had a restructuring liability of $0.4 million, all of which is payable within the next twelve months.
In addition to the restructuring expenses included in the table above, the Company also incurred costs that do not constitute restructuring costs under FASB ASC Topic 420, Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs. These costs consist primarily of expenditures directly related to the restructuring actions.
The tables below present restructuring and restructuring related costs by reportable segment:
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(Dollars in Thousands)
Restructuring costs
Apheresis$(197)$(415)$(184)$(867)
MedSurg(7)540 2,302 1,116 
Corporate(23)79 (47)1,221 
Total$(227)$204 $2,071 $1,470 
Restructuring related costs
Apheresis$— $— $— $9 
MedSurg— — — — 
Corporate11 54 (29)103 
Total$11 $54 $(29)$112 
Total restructuring and restructuring related costs$(216)$258 $2,042 $1,582