Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | |
Dec. 31, 2023 | Feb. 05, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-25434 | |
Entity Registrant Name | AZENTA, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3040660 | |
Entity Address, Address Line One | 200 Summit Drive | |
Entity Address, Address Line Two | 6th Floor | |
Entity Address, City or Town | Burlington | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01803 | |
City Area Code | 978 | |
Local Phone Number | 262-2626 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | AZTA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Listing, Par Value Per Share | $ 0.01 | |
Entity Common Stock, Shares Outstanding | 55,765,135 | |
Entity Central Index Key | 0000933974 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Current assets | ||
Cash and cash equivalents | $ 702,923 | $ 678,910 |
Short-term marketable securities | 281,212 | 338,873 |
Accounts receivable, net of allowance for expected credit losses ($7,465 and $8,057, respectively) | 155,926 | 156,535 |
Inventories | 127,184 | 128,198 |
Derivative asset | 13,036 | |
Short-term restricted cash | 4,792 | 4,650 |
Prepaid expenses and other current assets | 110,764 | 98,754 |
Total current assets | 1,382,801 | 1,418,956 |
Property, plant and equipment, net | 210,628 | 205,744 |
Long-term marketable securities | 61,962 | 111,338 |
Long-term deferred tax assets | 1,341 | 571 |
Goodwill | 800,166 | 784,339 |
Intangible assets, net | 290,229 | 294,301 |
Other assets | 77,187 | 70,471 |
Total assets | 2,824,314 | 2,885,720 |
Current liabilities | ||
Accounts payable | 40,237 | 35,796 |
Deferred revenue | 34,813 | 34,614 |
Accrued warranty and retrofit costs | 10,047 | 10,223 |
Accrued compensation and benefits | 33,368 | 33,911 |
Accrued customer deposits | 23,432 | 17,707 |
Accrued VAT payable | 24,033 | 20,595 |
Accrued income taxes payable | 13,228 | 7,378 |
Accrued expenses and other current liabilities | 56,462 | 50,704 |
Total current liabilities | 235,620 | 210,928 |
Long-term tax accruals | 369 | 380 |
Long-term deferred tax liabilities | 65,865 | 67,301 |
Long-term operating lease liabilities | 66,479 | 60,436 |
Other long-term liabilities | 12,317 | 12,175 |
Total liabilities | 380,650 | 351,220 |
Stockholders' equity | ||
Preferred stock, $0.01 par value - 1,000,000 shares authorized, no shares issued or outstanding | ||
Common stock, $0.01 par value - 125,000,000 shares authorized, 69,180,281 shares issued and 55,718,412 shares outstanding at December 31, 2023, 71,294,247 shares issued and 57,832,378 shares outstanding at September 30, 2023 | 692 | 713 |
Additional paid-in capital | 1,045,427 | 1,156,160 |
Accumulated other comprehensive loss | (26,784) | (62,426) |
Treasury stock, at cost - 13,461,869 shares at December 31, 2023 and September 30, 2023 | (200,956) | (200,956) |
Retained earnings | 1,625,285 | 1,641,009 |
Total stockholders' equity | 2,443,664 | 2,534,500 |
Total liabilities and stockholders' equity | $ 2,824,314 | $ 2,885,720 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Allowance for expected credit losses | $ 7,465 | $ 8,057 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 69,180,281 | 71,294,247 |
Common stock, shares outstanding (in shares) | 55,718,412 | 57,832,378 |
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | ||
Treasury stock, shares (in shares) | 13,461,869 | 13,461,869 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | ||
Total revenue | $ 154,317 | $ 178,366 |
Cost of revenue | ||
Total cost of revenue | 92,805 | 104,501 |
Gross profit | 61,512 | 73,865 |
Operating expenses | ||
Research and development | 8,493 | 7,536 |
Selling, general and administrative | 78,576 | 92,552 |
Restructuring charges | 1,120 | 1,461 |
Total operating expenses | 88,189 | 101,549 |
Operating loss | (26,677) | (27,685) |
Other income | ||
Interest income, net | 10,081 | 10,665 |
Other, net | 682 | 1,145 |
Loss before income taxes | (15,914) | (15,875) |
Income tax benefit | (190) | (4,640) |
Net loss | $ (15,724) | $ (11,235) |
Basic net loss per share: | ||
Basic net loss per share (in dollars per share) | $ (0.28) | $ (0.15) |
Diluted net loss per share: | ||
Diluted net loss per share (in dollars per share) | $ (0.28) | $ (0.15) |
Weighted average shares used in computing net loss per share: | ||
Basic (in shares) | 56,709 | 72,543 |
Diluted (in shares) | 56,709 | 72,543 |
Products | ||
Revenue | ||
Total revenue | $ 53,393 | $ 85,798 |
Cost of revenue | ||
Total cost of revenue | 36,838 | 54,099 |
Services | ||
Revenue | ||
Total revenue | 100,924 | 92,568 |
Cost of revenue | ||
Total cost of revenue | $ 55,967 | $ 50,402 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ (15,724) | $ (11,235) |
Other comprehensive income (loss), net of tax | ||
Net investment hedge currency translation adjustment, net of tax effects of $4,576 and $19,708 for the three months ended December 31, 2023 and 2022, respectively | (13,368) | (57,127) |
Foreign currency translation adjustments | 46,494 | 77,414 |
Changes in unrealized gains on marketable securities, net of tax effects of $864 and $537 for the three months ended December 31, 2023 and 2022, respectively | 2,524 | 1,555 |
Actuarial loss in pension plans, net of tax effects of $2 and $0 for the three months ended December 31, 2023 and 2022, respectively | (8) | |
Total other comprehensive income, net of tax | 35,642 | 21,842 |
Comprehensive income | $ 19,918 | $ 10,607 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosure [Abstract] | ||
Net investment hedge currency translation adjustment, tax | $ 4,576 | $ 19,708 |
Changes in unrealized gains on marketable securities, tax | 864 | 537 |
Actuarial loss, tax | $ 2 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (15,724) | $ (11,235) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 21,866 | 20,181 |
Stock-based compensation | 3,202 | 2,105 |
Amortization and accretion on marketable securities | (704) | (3,104) |
Deferred income taxes | (7,317) | (6,325) |
Purchase accounting impact on inventory | 2,869 | |
Loss on disposals of property, plant and equipment | 266 | 17 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,830 | (12,141) |
Inventories | 4,542 | (5,923) |
Accounts payable | 3,457 | 4,952 |
Deferred revenue | (321) | (59) |
Accrued warranty and retrofit costs | (554) | 504 |
Accrued compensation and tax withholdings | (979) | (14,015) |
Accrued restructuring costs | (90) | 1,139 |
Other assets and liabilities | 15,957 | (5,985) |
Net cash provided by (used in) operating activities | 26,431 | (27,020) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (11,919) | (12,842) |
Purchases of marketable securities | (166,374) | |
Sales and maturities of marketable securities | 110,316 | 607,205 |
Acquisitions, net of cash acquired | (371,633) | |
Net cash provided by investing activities | 98,397 | 56,356 |
Cash flows from financing activities | ||
Payments of finance leases | (198) | (91) |
Withholding tax payments on net share settlements on equity awards | (2) | (4,629) |
Share repurchases | (112,953) | (500,000) |
Net cash used in financing activities | (113,153) | (504,720) |
Effects of exchange rate changes on cash and cash equivalents | 12,501 | 49,941 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 24,176 | (425,443) |
Cash, cash equivalents and restricted cash, beginning of period | 684,045 | 1,041,296 |
Cash, cash equivalents and restricted cash, end of period | 708,221 | 615,854 |
Supplemental disclosures: | ||
Cash paid for income taxes, net | $ 2,599 | $ 7,291 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||
Cash and cash equivalents of continuing operations | $ 702,923 | $ 678,910 |
Short-term restricted cash | 4,792 | 4,650 |
Long-term restricted cash included in other assets | 506 | 485 |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 708,221 | $ 684,045 |
Restricted Cash, Noncurrent, Statement of Financial Position | Other assets | Other assets |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Treasury Stock | Total |
Beginning Balance at Sep. 30, 2022 | $ 885 | $ 1,992,017 | $ (83,916) | $ 1,655,356 | $ (200,956) | $ 3,363,386 |
Beginning Balance (in shares) at Sep. 30, 2022 | 88,482,125 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Shares issued under restricted stock and purchase plans, net of shares withheld for employee taxes | (4,629) | (4,629) | ||||
Shares issued under restricted stock and purchase plans, net of shares withheld for employee taxes (in shares) | 123,926 | |||||
Share repurchases | (500,000) | (500,000) | ||||
Share repurchases (in shares) | (6,090,134) | |||||
Retirement of treasury shares | $ (61) | (504,568) | 504,629 | |||
Stock-based compensation | 2,105 | 2,105 | ||||
Net Income (Loss) | (11,235) | (11,235) | ||||
Net investment hedge currency translation adjustment, net of tax | (57,127) | (57,127) | ||||
Foreign currency translation adjustments | 77,414 | 77,414 | ||||
Changes in unrealized gains on marketable securities, net of tax | 1,555 | 1,555 | ||||
Other | (81) | (81) | ||||
Ending Balance at Dec. 31, 2022 | $ 824 | 1,489,554 | (62,074) | 1,644,041 | (200,956) | 2,871,389 |
Ending Balance (in shares) at Dec. 31, 2022 | 82,515,917 | |||||
Beginning Balance at Sep. 30, 2023 | $ 713 | 1,156,160 | (62,426) | 1,641,009 | (200,956) | $ 2,534,500 |
Beginning Balance (in shares) at Sep. 30, 2023 | 71,294,247 | 57,832,378 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Shares issued under restricted stock and purchase plans, net of shares withheld for employee taxes | $ 2 | (2) | ||||
Shares issued under restricted stock and purchase plans, net of shares withheld for employee taxes (in shares) | 144,894 | |||||
Share repurchases | (113,956) | $ (113,956) | ||||
Share repurchases (in shares) | (2,258,860) | |||||
Retirement of treasury shares | $ (23) | (113,933) | 113,956 | |||
Stock-based compensation | 3,202 | 3,202 | ||||
Net Income (Loss) | (15,724) | (15,724) | ||||
Net investment hedge currency translation adjustment, net of tax | (13,368) | (13,368) | ||||
Foreign currency translation adjustments | 46,494 | 46,494 | ||||
Changes in unrealized gains on marketable securities, net of tax | 2,524 | 2,524 | ||||
Actuarial loss on pension plans, net of tax | (8) | (8) | ||||
Ending Balance at Dec. 31, 2023 | $ 692 | $ 1,045,427 | $ (26,784) | $ 1,625,285 | $ (200,956) | $ 2,443,664 |
Ending Balance (in shares) at Dec. 31, 2023 | 69,180,281 | 55,718,412 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosure [Abstract] | ||
Net investment hedge currency translation adjustment, tax | $ 4,576 | $ 19,708 |
Changes in unrealized gains on marketable securities, tax | $ 864 | $ 537 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. Nature of Operations Azenta, Inc. (“Azenta”, or the “Company”) is a leading global provider of sample exploration and management solutions for the life sciences industry. The Company supports its customers from research and clinical development to commercialization with its sample management, automated storage, vaccine cold storage and transport, as well as genomic services expertise to help bring impactful therapies to market faster Organizational Structure As previously announced, effective October 1, 2023, the Company realigned its organizational structure to three principal business segments: Sample Management Solutions (“SMS”), Multiomics, and B Medical Systems. The segment realignment had no impact on the Company’s consolidated financial position, results of operations, or cash flows. All segment information included in this Form 10-Q is reflective of this new structure and prior period information has been recast to conform to the Company’s current period presentation. Refer to Segment and Geographic Information |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and all entities where it has a controlling financial interest and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying year-end balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for the periods presented. Certain information and disclosures normally included in the Company’s annual consolidated financial statements have been condensed or omitted and, accordingly, the accompanying financial information should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed with the U.S. Securities and Exchange Commission (“SEC”) on November 21, 2023 (the “2023 Annual Report on Form 10-K”). Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect amounts reported in the financial statements and notes thereto. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. Estimates are associated with recording accounts receivable, inventories, goodwill, intangible assets other than goodwill, long-lived assets, derivative financial instruments, deferred income taxes, warranty obligations, revenue over time, stock-based compensation expense, and other accounts. The Company assesses the estimates on an ongoing basis and records changes in estimates in the period they occur and become known. Foreign Currency Translation Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains (losses) generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within “Other income” in the Condensed Consolidated Statements of Operations. Net foreign currency transaction and remeasurement losses were $0.6 million and gains were $0.9 million for the three months ended December 31, 2023 and 2022, respectively. Recently Issued Accounting Pronouncements In October 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Other For further information regarding the Company’s significant accounting policies, please refer to Note 2, Summary of Significant Accounting Policies |
Business Combinations
Business Combinations | 3 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | 3. Business Combinations The Company recorded the assets acquired and liabilities assumed related to the following acquisitions at their fair values as of the acquisition date, from a market participant’s perspective. While the Company uses its best estimates and assumptions as part of the purchase price allocation process to value the assets acquired and liabilities assumed on the acquisition date, its estimates and assumptions are subject to refinement. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results of operations. The measurement period to finalize the fair values is completed within one year after the respective acquisition date. Acquisitions Completed in Fiscal Year 2023 Ziath, Ltd. On February 2, 2023, the Company acquired Ziath, Ltd. and its subsidiaries (“Ziath”). Based in Cambridge, United Kingdom, Ziath is a leading provider of 2D barcode readers for life science applications. Founded in 2005, Ziath’s innovative 2D barcode readers are a key component of the laboratory automation workflow serving pharmaceutical, biotechnology and academic customers worldwide. Ziath is expected to enhance the Company’s offerings, which support the entire lifecycle of sample management from specimen collection to sample registration, storage and processing. The acquisition was completed at a purchase price of $16.0 million, net of cash acquired. The acquired business is included in the Sample Management Solutions segment. The allocation of the consideration included $12.0 million of goodwill, $4.1 million of technology, $1.1 million of deferred tax liability, $0.6 million of customer relationships, $0.3 million of trademarks, and several other assets and liabilities. The weighted average life of completed technology is 10 years, customer relationships is 13 years, and trademarks is 13 years. The goodwill represents the Company’s ability to provide differentiated technology enabling high throughput scanning of varied formats of consumables. The goodwill is not expected to be deductible for income tax purposes. The Company did not present pro forma financial information for its consolidated results of operations for the acquisition because such results are immaterial. B Medical Systems S.á r.l. On October 3, 2022, the Company acquired B Medical Systems S.á r.l. and its subsidiaries ("B Medical") for a purchase price of $432.2 million. B Medical is a market leader in temperature-controlled storage and transportation solutions that enables the delivery of life-saving treatments to more than 150 countries worldwide. The consideration paid for B Medical was allocated to the assets acquired and liabilities assumed based on their fair values at the acquisitions date. The Company finalized purchase accounting for B Medical in the fourth quarter of fiscal year 2023 and there have been no adjustments to the purchase price allocation disclosed in Note 3, Business Combinations In performing the purchase price allocation, the Company considered, among other factors, the intended future use of acquired assets, and historical financial performance and estimates of future performance of B Medical’s business. As part of the purchase price allocations, the Company determined the identifiable intangible assets were completed technology value, trademarks, customer relationships and backlog. The fair value of the intangible assets was estimated using the income approach, specifically the multi-period excess earnings method, and the cash flow projections were discounted using a rate of 13%. The cash flows were based on estimates used to price the transaction, and the discount rate applied was benchmarked to the implied rate of return from the transaction and the weighted average cost of capital. The weighted average life of completed technology is 10 years, customer relationships is 16 years, trademarks is five years and backlog is one year. The intangible assets acquired are amortized over their respective weighted average life using methods that approximate the pattern in which the economic benefits are expected to be realized. The calculation of the excess of the purchase price over the estimated fair value of the tangible net assets and intangible assets acquired was recorded to goodwill. The goodwill recorded in connection with the transaction largely reflects the potential expansion of the Company's cold chain capabilities by adding differentiated solutions for reliable and traceable transport of temperature-controlled specimens. The goodwill is not deductible for income tax purposes. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities The Company had sales and maturities of marketable securities of $110.3 million and $607.2 million in the three months ended December 31, 2023 and 2022, respectively. There were immaterial and $0.3 million realized losses on the sale and maturities of marketable securities in the three months ended December 31, 2023 and 2022, respectively. The following is a summary of the amortized cost and the fair value, including accrued interest receivable as well as unrealized gains (losses) on the short-term and long-term marketable securities as of December 31, 2023 and September 30, 2023 (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Losses Gains Fair Value December 31, 2023: U.S. Treasury securities and obligations of U.S. government agencies $ 148,119 $ (1,200) $ — $ 146,919 Bank certificates of deposit 7,842 (94) — 7,748 Corporate securities 190,696 (2,189) — 188,507 $ 346,657 $ (3,483) $ — $ 343,174 September 30, 2023: U.S. Treasury securities and obligations of U.S. government agencies $ 227,804 $ (2,573) $ — $ 225,231 Bank certificates of deposit 8,122 (170) — 7,952 Corporate securities 221,155 (4,127) — 217,028 $ 457,081 $ (6,870) $ — $ 450,211 The fair values of the marketable securities by contractual maturities as of December 31, 2023 were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 283,849 $ 281,212 Due after one year through five years 59,486 58,640 Due after five years through ten years — — Due after ten years 3,322 3,322 Total marketable securities $ 346,657 $ 343,174 Expected maturities could differ from contractual maturities because the security issuers may have the right to prepay obligations without prepayment penalties. Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. The Company does not believe any unrealized losses represent impairments based on its evaluation of the available evidence. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 5. Derivative Instruments The Company has transactions and balances denominated in currencies other than the functional currency of the transacting entity. Most of these transactions carry foreign exchange risk in Germany, the United Kingdom and China. The Company enters into foreign exchange contracts to reduce its exposure to currency fluctuations. Net gains and losses related to foreign exchange contracts are recorded as a component of “Other income” in the Condensed Consolidated Statements of Operations and are as follows for the three months ended December 31, 2023 and 2022 (in thousands): Three Months Ended December 31, 2023 2022 Realized losses on derivatives not designated as hedging instruments $ (1,239) $ (1,580) The notional amounts of the Company’s derivative instruments as of December 31, 2023 and September 30, 2023 were as follows (in thousands): December 31, September 30, Hedge Designation 2023 2023 Cross-currency swap Net Investment Hedge $ 436,360 $ 436,360 Foreign exchange contracts Undesignated 65,703 184,800 The fair values of the foreign exchange contracts are recorded in the Condensed Consolidated Balance Sheets as “Prepaid expenses and other current assets” and “Accrued expenses and other current liabilities”. Foreign exchange contract assets and liabilities are measured and reported at fair value based on observable market inputs and classified within Level 2 of the fair value hierarchy described further in Note 2, Summary of Significant Accounting Policies Fair Value Measurements Hedging Activities On February 1, 2022, the Company entered into a cross-currency swap agreement to hedge the variability of exchange rate impacts between the U. S. dollar and the Euro. Under the terms of the cross-currency swap agreement, the Company notionally exchanged $1.0 billion for €915.0 million at a weighted average interest rate of 1.20% . The designated notional amount was $960.0 million, and the actual interest rate was 1.28% . The 1.28% rate was in the range of the market value for February 1, 2022 and was the true interest rate on the notional amount. The Company designated the cross-currency swap as a hedge of net investments against one of its Euro denominated subsidiaries requiring an exchange of the notional amounts at maturity. At the maturity of the cross currency-swap on February 1, 2023, the Company delivered a notional amount of €852.0 million and received a notional amount of $960.0 million at a Euro to U.S. dollar exchange rate of 1.13 , which included a gain of $29.3 million. On February 1, 2023, the Company entered into a cross-currency swap agreement to hedge the variability of exchange rate impacts between the U.S. dollar and the Euro. Under the terms of the cross-currency swap agreement, the Company notionally exchanged $436.0 million for €400.0 million at a weighted average interest rate of 1.66%. The Company designated the cross-currency swap as a hedge of net investments against one of its Euro denominated subsidiaries, which requires an exchange of the notional amounts at maturity on February 1, 2024. At the maturity of the cross currency-swap on February 1, 2024, the Company delivered a notional amount of €400 million and received a notional amount of $436.0 million at a Euro to U.S. dollar exchange rate of 1.09, which included a gain of $1.4 million. On February 1, 2024, the Company entered into another cross-currency swap agreement to hedge the variability of exchange rate impacts between the U.S. dollar and the Euro. Under the terms of the cross-currency swap agreement, the Company notionally exchanged $76.0 million for €70.0 million at a weighted average interest rate of 1.44%. The Company designated the cross-currency swap as a hedge of net investments against one of its Euro denominated subsidiaries, which requires an exchange of the notional amounts at maturity on February 3, 2025. The cross-currency swap is recorded as a component of “Accrued expenses and other current liabilities” as of December 31, 2023 and was recorded as a derivative asset as of September 30, 2023 in the Condensed Consolidated Balance Sheets. The cross-currency swap is marked to market at each reporting period, representing the fair value of the cross-currency swap, any changes in fair value are recognized as a component of “Accumulated other comprehensive loss” in the Condensed Consolidated Balance Sheets. The cross-currency swap is classified within Level 2 of the fair value hierarchy, described in Note 2, Summary of Significant Accounting Policies Fair Value Measurements Interest earned on the cross-currency swap is recorded within “Interest income, net” in the Condensed Consolidated Statements of Operations. For the three months ended December 31, 2023 and 2022, the Company recorded interest income of $1.8 million and $3.1 million, respectively, on these instruments. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets The Company conducts an impairment assessment annually, or more frequently if impairment indicators are present. Changes to the Company’s operating segments effective October 1, 2023 resulted in a change to the Company’s reporting units, which are aligned to the Company’s operating and reportable segments (as further described in Note 15 Segment and Geographic Information As a result of this segment realignment, the Company allocated goodwill to the reporting units existing under the new organizational structure on a relative fair value basis as of the first quarter of fiscal year 2024. The Company estimated the fair values of the affected businesses based upon the present value of their anticipated future cash flows. The Company’s determination of fair value involved judgment and the use of significant estimates and assumptions, as described 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 2023 Annual Report on Form 10-K and in the “Critical Accounting Policies and Estimates” included in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the 2023 Annual Report on Form 10-K. In conjunction with the goodwill allocation described above, the Company tested its reporting units for potential impairment immediately before and after the segment realignment and concluded that the estimated fair value of each reporting unit exceeded its respective carrying value. As of October 1, 2023, the fair value of the B Medical Systems reporting unit exceeded its carrying value by approximately 5 percent. The following table sets forth the changes in the carrying amount of goodwill by reportable segment since October 1, 2023 (in thousands). The Company has presented the October 1, 2023 balances to be consistent with the current segment structure. Sample Management Solutions Multiomics B Medical Systems Total Balance - October 1, 2023 $ 478,601 $ 196,760 $ 108,978 $ 784,339 Currency translation adjustments 10,925 — 4,902 15,827 Balance - December 31, 2023 $ 489,526 $ 196,760 $ 113,880 $ 800,166 The components of the Company’s identifiable intangible assets as of December 31, 2023 and September 30, 2023 are as follows (in thousands): December 31, 2023 September 30, 2023 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Patents $ 1,226 $ 1,180 $ 46 $ 1,226 $ 1,175 $ 51 Completed technology 222,259 62,712 159,547 215,430 56,021 159,409 Trademarks and trade names 6,902 1,900 5,002 6,630 1,445 5,185 Non-competition agreements 681 588 93 681 568 113 Customer relationships 295,879 170,338 125,541 290,800 161,257 129,543 Other intangibles 907 907 — 869 869 — Total $ 527,854 $ 237,625 $ 290,229 $ 515,636 $ 221,335 $ 294,301 Amortization expense for intangible assets was $12.5 million and $11.5 million, respectively, for the three months ended December 31, 2023 and 2022. Estimated future amortization expense for the intangible assets for the remainder of fiscal year 2024 and the subsequent five fiscal years is as follows (in thousands): Remainder of fiscal year 2024 $ 38,369 2025 49,645 2026 46,244 2027 37,977 2028 31,446 2029 25,590 |
Restructuring
Restructuring | 3 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 7. Restructuring Cost Reduction Initiatives In the second and third quarters of fiscal year 2023, the Company announced cost reduction initiatives to position itself to meet the needs of its customers and accelerate growth for the business. The majority of the restructuring expenses for the three months ended December 31, 2023 and 2022 are severance and related costs. The Company’s restructuring reserve activity is summarized as follows (in thousands): Three Months Ended December 31, 2023 2022 Balance at beginning of period $ 1,011 $ 462 Provisions 1,120 1,461 Payments (1,181) (321) Balance at end of period $ 950 $ 1,602 |
Supplementary Balance Sheet Inf
Supplementary Balance Sheet Information | 3 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Balance Sheet Information | 8. Supplementary Balance Sheet Information Inventories The following is a summary of inventories at December 31, 2023 and September 30, 2023 (in thousands): December 31, September 30, 2023 2023 Raw materials and purchased parts $ 57,984 $ 59,861 Work-in-process 12,460 11,400 Finished goods 56,740 56,937 Total inventories $ 127,184 $ 128,198 Reserves related to write downs of inventory to net realizable value were $5.1 million and $5.0 million, respectively, at December 31, 2023 and September 30, 2023. Warranty and Retrofit Costs The following is a summary of product and warranty retrofit activity for the three months ended December 31, 2023 and 2022 (in thousands): Three Months Ended December 31, 2023 2022 Balance at beginning of period $ 10,223 $ 2,890 Adjustment for acquisitions — 2,303 Accruals for warranties during the period 692 307 Costs incurred during the period (868) (321) Balance at end of period $ 10,047 $ 5,179 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity On November 4, 2022, the Company’s Board of Directors approved an authorization to repurchase up to $1.5 billion of shares of the Company’s common stock from time to time through open market purchases or through privately negotiated transactions (including under an accelerated share repurchase (“ASR”) agreement), or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, legal requirements, and other factors. The repurchase authorization can be discontinued at any time. As of October 1, 2023, $661.5 million of the share repurchase authorization remained. On November 13, 2023, the Company announced its intention to repurchase shares using all the remaining capacity available under the repurchase authorization during fiscal year 2024. All shares of common stock repurchased by the Company under the current authorization have been retired, accounted for as a reduction to stockholders’ equity in the Condensed Consolidated Balance Sheets and treated as a repurchase of common stock for purposes of calculating earnings per share as of the applicable settlement dates. During the three months ended December 31, 2023, the Company repurchased 2.3 million shares of common stock for $112.9 million (excluding fees, commissions, and excise tax). The Company accrued $1.0 million for excise tax related to the share repurchases, which is considered an additional cost of the share repurchases and a reduction to stockholders’ equity in the Condensed Consolidated Balance Sheets. Accumulated Other Comprehensive Income (Loss) The following is a summary of the components of accumulated other comprehensive income (loss), net of tax for the three months ended December 31, 2023 and 2022 (in thousands): Unrealized Gains (Losses) on Available- Currency for-Sale Gains (Losses) Pension Translation Securities on Derivative asset Liability Adjustments Net of tax Net of tax Adjustments Total Balance at September 30, 2022 $ (165,694) $ (10,909) $ 93,020 $ (333) $ (83,916) Other comprehensive income (loss) before reclassifications 77,414 1,555 (57,127) — 21,842 Balance at December 31, 2022 $ (88,280) $ (9,354) $ 35,893 $ (333) $ (62,074) Unrealized Gains (Losses) on Available- Currency for-Sale Gains (Losses) Pension Translation Securities on Derivative asset Liability Adjustments Net of tax Net of tax Adjustments Total Balance at September 30, 2023 $ (88,448) $ (5,135) $ 31,487 $ (330) $ (62,426) Other comprehensive income (loss) before reclassifications 46,494 2,524 (13,368) (35) 35,615 Amounts reclassified from accumulated other comprehensive income (loss) — — — 27 27 Balance at December 31, 2023 $ (41,954) $ (2,611) $ 18,119 $ (338) $ (26,784) Unrealized gains (losses) on available-for-sale marketable securities are reclassified from “Accumulated other comprehensive income (loss)” into results of operations at the time of the securities’ sale, as described in Note 2, Summary of Significant Accounting Policies |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 10. Revenue from Contracts with Customers Disaggregated Revenue The Company disaggregates revenue from contracts with customers in a manner that depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The following is revenue by significant business line for the three months ended December 31, 2023 and 2022 (in thousands): Three months ended December 31, 2023 2022 Significant Business Line Multiomics $ 62,720 $ 61,089 Core Products (1) 48,886 47,839 Sample & Repository Services 30,119 27,616 B Medical Systems 12,592 41,822 Total revenue $ 154,317 $ 178,366 (1) Core Products are Automated Stores, Cryogenic Systems, Automated Sample Tube, and Consumables and Instruments. Contract Balances Accounts Receivable, Net. The Company maintains an allowance for expected credit losses representing its best estimate of probable credit losses related to its existing accounts receivable. The Company determines the allowance for expected credit losses based on a number of factors, including an evaluation of customer credit worthiness, the age of the outstanding receivables, economic trends, historical experience, and other information through the payment periods. Contract Assets. Contract Liabilities. . Remaining Performance Obligations. As of December 31, 2023 Less than 1 Year Greater than 1 Year Total Remaining performance obligations $ 50,101 $ 20,354 $ 70,455 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Dec. 31, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation In accordance with the 2020 Equity Incentive Plan, the Company may issue to eligible employees options to purchase shares of the Company’s common stock, restricted stock units and other equity incentives, which vest upon the satisfaction of a performance condition and/or a service condition. In addition, the Company issues common stock to participating employees pursuant to an employee stock purchase plan, and may issue common stock awards and deferred restricted stock units to members of its board of directors in accordance with its board of director compensation program. 2020 Equity Incentive Plan The following table reflects the total stock-based compensation expense recorded during the three months ended December 31, 2023 and 2022 (in thousands): Three Months Ended December 31, 2023 2022 Restricted stock units $ 2,850 $ 1,759 Employee stock purchase plan 352 346 Total stock-based compensation expense $ 3,202 $ 2,105 Restricted Stock Unit Activity The following table summarizes restricted stock unit activity for the three months ended December 31, 2023: Weighted Average Grant-Date Shares Fair Value Outstanding as of September 30, 2023 718,954 $ 67.40 Granted 587,848 $ 55.33 Vested (144,394) $ 69.23 Forfeited (226,395) $ 62.53 Outstanding as of December 31, 2023 936,013 $ 60.71 The fair value of restricted stock units vested during the three months ended December 31, 2023 and 2022 was $7.8 million and $7.0 million, respectively. As of December 31, 2023, the future unrecognized stock-based compensation expense related to restricted stock units expected to vest is $31.6 million and is expected to be recognized over an estimated weighted average amortization period of 2.1 years. Restricted stock units granted with performance goals may also have a required service period following the achievement of all or a portion of the performance goals. The following table reflects restricted stock units granted during the three months ended December 31, 2023 and 2022: Three Months Ended December 31, 2023 2022 Time-based restricted stock units 199,316 225,139 Performance-based restricted stock units 388,532 260,741 Total units 587,848 485,880 Time-Based Restricted Stock Unit Grants Restricted stock units granted with a required service period typically have three-year vesting schedules in which one-third Performance-Based Restricted Stock Unit Grants Performance-based restricted stock units are earned based on the achievement of performance criteria established by the Human Resources and Compensation Committee and approved by the Board of Directors. The criteria for performance-based awards are weighted and have threshold, target, and maximum performance goals. Performance-based restricted stock unit awards granted allow participants to earn 100% of restricted stock units if the Company’s performance meets or exceeds its target goal for each applicable financial metric, and up to a maximum of 200% if the Company’s performance for such metrics meets or exceeds the maximum or stretch goal. Performance below the minimum threshold for each financial metric results in award forfeiture. Performance goals are measured over a three-year period for each year’s restricted stock unit awards and at the end of the period to determine the number of restricted stock units earned, if any, by recipients who continue to meet the service requirement. Upon the third anniversary of each year’s restricted stock unit awards’ grant date, the Company’s Board of Directors approves the number of restricted stock units earned for participants who continue to meet the service requirements on the vest date. In October 2023, the Company’s Board of Directors approved an amendment to the performance goals associated with the previously issued performance-based restricted stock units for all impacted employees, excluding members of the executive team. The performance goals, as amended, are more reflective of the current macro-economic environment and consideration toward employee retention in the competitive life sciences industry. Before the amendment, the original performance goals were not expected to be satisfied. Subsequent to the amendment, vesting became probable based on the forecasted achievement of the amended performance goals. The amendment of these restricted stock units is treated as a modification with the total compensation cost of $5.5 million recognized over the service period through November 2025. The Company recorded expense of $0.2 million for the three months ended December 31, 2023, related to the modified awards. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements See Note 2, Summary of Significant Accounting Policies Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables summarize assets and liabilities measured and recorded at fair value on a recurring basis in the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023 (in thousands): As of December 31, 2023 Description Total Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 557,641 $ 557,641 $ — $ — Available-for-sale securities 343,174 61,797 281,377 — Foreign exchange contracts 77 — 77 — Total assets $ 900,892 $ 619,438 $ 281,454 $ — Liabilities: Net investment hedge $ 4,993 $ — $ 4,993 $ — Foreign exchange contracts 350 — 350 — Total liabilities $ 5,343 $ — $ 5,343 $ — As of September 30, 2023 Description Total Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 525,952 $ 525,952 $ — $ — Available-for-sale securities 450,211 85,949 364,262 — Foreign exchange contracts 44 — 44 — Net investment hedge 13,036 — 13,036 — Total assets $ 989,243 $ 611,901 $ 377,342 $ — Liabilities: Foreign exchange contracts $ 421 $ — $ 421 $ — Total liabilities $ 421 $ — $ 421 $ — Cash Equivalents Cash equivalents consist of money market funds and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. The Company considers all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. The fair values of these investments approximate their carrying values. Available-For-Sale Securities Available-for-sale securities primarily consist of highly rated corporate debt securities, and U.S. government backed securities, which are classified as Level 1. Investments classified as Level 2 consist of debt securities that are valued using matrix pricing and benchmarking because they are not actively traded, and bank certificates of deposit. Matrix pricing is a mathematical technique used to value securities by relying on the securities’ relationship to other benchmark quoted prices. Foreign Exchange Contracts & Net Investment Hedge The Company’s foreign exchange contract assets and liabilities, and its net investment hedge assets are measured and reported at fair value using the market method valuation technique. The inputs to this technique utilize current foreign currency exchange forward market rates published by third-party leading financial news and data providers. These are observable data that represent the rates that the financial institution uses for contracts entered into at that date; however, they are not based on actual transactions, so they are classified as Level 2. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis During the three months ended December 31, 2023 and 2022, the Company did not record any material fair value measurements for assets or liabilities on a nonrecurring basis. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company recorded an income tax benefit of $0.2 million during the three months ended December 31, 2023. The tax benefit for the three months ended December 31, 2023 was primarily driven by the pre-tax loss from operations during the period. The pre-tax loss benefit is offset by a $0.5 million stock compensation shortfall expense for tax deductions that are lower than the associated book compensation expense and a $0.7 million expense related to a valuation allowance on beginning of year U.S. state deferred tax assets. Additionally, the tax benefit for the three months ended December 31, 2023 was reduced by $2.6 million due to a partial valuation allowance recorded against the current year U.S. federal and state deferred tax assets. The Company’s tax rate on the loss from operations is lower than statutory rates because the Company is not providing a full tax benefit on U.S. losses due to a partial valuation allowance being recorded against U.S. federal and state deferred tax assets during the current year. The Company recorded an income tax benefit of $4.6 million during the three months ended December 31, 2022. The tax benefit for the three months ended December 31, 2022 was primarily driven by a pre-tax loss from continuing operations and a $1.3 million deferred tax benefit resulting from the extension of a tax incentive in China. The in the course of The Company has generated U.S. pre-tax losses in recent years but has been in an overall deferred tax liability position where future taxable temporary differences were considered sufficient to offset future deductible temporary differences. During fiscal year 2024, the Company expects to generate a U.S. loss which will result in a partial valuation allowance against U.S. federal and state deferred tax assets. In addition to the U.S. federal and state partial valuation allowance being recorded against deferred tax assets through the estimated annual effective tax rate, the Company has also recorded $0.7 million of valuation allowances against U.S. state deferred tax assets which related to beginning of year. The Company also maintains a The Company has recorded net deferred tax assets in the amount of $0.9 million related to its outside basis difference in a German subsidiary as of December 31, 2023 as it is apparent that the outside basis difference will reverse within fiscal year 2024. The benefit includes $2.9 million related to deductible U.S. foreign exchange losses on the repatriation measured at the foreign exchange rate as of the balance sheet date. This benefit is offset by $2.0 million of state income taxes, net of federal benefit. During the first quarter of fiscal year 2024, the deferred tax asset decreased $5.2 million due to changes in foreign exchange rates. As a result, the impact was recorded against other comprehensive income. The Company has not provided deferred income taxes on the outside basis difference of any other foreign subsidiary and maintains its general assertion of indefinite reinvestment regarding those subsidiaries and the remaining earnings of its German subsidiary as of December 31, 2023. The Company maintains liabilities for unrecognized tax benefits. These liabilities involve judgment and estimation, and they are monitored based on the best information available. The Company recognizes interest related to unrecognized tax benefits as unrecognized benefits The In on those benefits will not be reduced in the next twelve months |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 14. Net Loss per Share The calculations of basic and diluted net loss per share and basic and diluted weighted average shares outstanding are as follows for the three months ended December 31, 2023 and 2022 (in thousands, except per share data): Three Months Ended December 31, 2023 2022 Net loss (15,724) (11,235) Weighted average common shares outstanding used in computing basic loss per share 56,709 72,543 Weighted average common shares outstanding used in computing diluted loss per share 56,709 72,543 Basic net loss per share $ (0.28) $ (0.15) Diluted net loss per share $ (0.28) $ (0.15) As a result of incurring a net loss from continuing operations for the three months ended December 31, 2023 and 2022, outstanding restricted stock units and shares issued by the Company under the employee stock purchase plan were excluded from the computation of diluted loss per share as their effect would be antidilutive to earnings per share for continuing operations based on the treasury stock method. |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 15. Segment and Geographic Information Operating segments are defined as components of an enterprise that engage in business activities 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 chief operating decision maker. As previously announced, effective October 1, 2023, the Company realigned its organizational structure to three principal business segments to enhance its commercial strategy for accelerating growth and to enable additional profitability initiatives. These segments align with changes in how the Company’s chief operating decision maker manages the business, allocates resources, and assesses performance. The Company’s operating and reportable segments consist of the following: ● Sample Management Solutions (“SMS”) . Sample Management Solutions operates 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, and Consumables and Instruments). ● Multiomics . The Multiomics business resources operate under a single business unit that provides genomic and other sample analysis services, including gene sequencing and gene synthesis. ● B Medical Systems . B Medical Systems business resources operate as a single business unit focused on the manufacturing and distribution of temperature-controlled storage and transportation solutions in international markets to governments, health institutions, and non-government organizations. The segment realignment had no impact on the Company’s consolidated financial position, results of operations, or cash flows. All segment information is reflective of this new structure, and prior period information has been recast to conform to our current period presentation. Management considers adjusted operating income, which excludes charges related to amortization of intangible assets, purchase accounting impact on inventory, restructuring charges, merger and acquisition costs and costs related to share repurchase, governance-related matters, and other unallocated corporate expenses, as the primary performance metric when evaluating the segments’ operations. The following is the summary of the financial information for the Company’s reportable segments for the three months ended December 31, 2023 and 2022 (in thousands): Three Months Ended December 31, 2023 2022 Revenue: Sample Management Solutions $ 79,005 $ 75,455 Multiomics 62,720 61,089 B Medical Systems 12,592 41,822 Total revenue $ 154,317 $ 178,366 Adjusted operating (loss) income: Sample Management Solutions $ (856) $ (2,998) Multiomics (3,451) (3,265) B Medical Systems (4,409) 6,303 Segment adjusted operating (loss) income (8,716) 40 Amortization of completed technology 5,627 4,168 Purchase accounting impact on inventory — 2,869 Amortization of intangible assets other than completed technology 6,862 7,372 Restructuring charges 1,120 1,461 Merger and acquisition costs and costs related to share repurchase (1) 4,321 11,838 Other unallocated corporate expenses 31 17 Total operating loss (26,677) (27,685) Interest income, net 10,081 10,665 Other, net 682 1,145 Loss before income taxes $ (15,914) $ (15,875) (1) Includes expenses related to governance-related matters. The Company has corrected the segment adjusted operating (loss) income for the three-month period ended December 31, 2022 as certain corporate expenses that are not part of the Company’s CODM’s review of operating segment performance were improperly included in the previously disclosed segment adjusted operating (loss) income. The previously disclosed amount of total segment adjusted operating (loss) income for the reportable segments was understated by $8.5 million. The total net loss before income taxes remained unchanged. The following is the summary of the asset information for the Company’s reportable segments for the three months ended December 31, 2023 and 2022 (in thousands): Assets: December 31, 2023 September 30, 2023 Sample Management Solutions $ 874,037 $ 675,708 Multiomics 490,898 534,437 B Medical Systems 376,613 511,640 Total assets $ 1,741,548 $ 1,721,785 The following is a reconciliation of the segment assets to the corresponding amounts presented in the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023 (in thousands): December 31, September 30, 2023 2023 Segment assets $ 1,741,548 $ 1,721,785 Cash and cash equivalents, restricted cash, and marketable securities 1,051,395 1,134,256 Deferred tax assets 1,341 571 Other assets 30,030 29,108 Total assets $ 2,824,314 $ 2,885,720 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 months ended December 31, 2023 and 2022 are as follows (in thousands): Three Months Ended December 31, 2023 2022 Geographic Location: United States $ 90,592 $ 87,717 Africa 7,511 17,210 China 14,898 13,408 United Kingdom 5,699 5,413 Rest of Europe 24,832 39,422 Asia Pacific/Other 10,785 15,196 Total revenue $ 154,317 $ 178,366 The Company had no individual customer that accounted for 10% or more of its consolidated revenue or accounts receivable for the three months ended December 31, 2023. The Company had one individual customer that accounted for 10% or more of its consolidated revenue and accounts receivable for the three months ended December 31, 2022. This individual customer is a distributor shipping to end users in 17 countries. This customer accounted for 20% and 12% of revenue and accounts receivable, respectively, during and as of the three months ended December 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Contingencies The Company is subject to various legal proceedings, both asserted and unasserted, that arise in the ordinary course of business. The Company cannot predict the ultimate outcome of such legal proceedings or, in certain instances, provide reasonable ranges of potential losses. The Company may also have certain indemnification obligations pursuant to claims made under the definitive agreement it entered into with Edwards Vacuum LLC (a member of the Atlas Copco Group) in connection with the Company’s sale of its semiconductor cryogenics business in the fourth quarter of fiscal year 2018. In the third quarter of fiscal year 2020, Edwards asserted claims for indemnification under the definitive agreement relating to alleged breaches of representations and warranties relating to customer warranty claims and inventory (the “2020 Claim”). In addition, in January 2023, Edwards filed a lawsuit against the Company in the Supreme Court of the State of New York in the County of New York seeking indemnification from the Company under such definitive agreement for $1.0 million and other related damages, including interest and attorney’s fees, arising from a third-party claim that was included as part of their initial claims (the “2023 Claim”). In April 2023, the Company responded to and filed a counterclaim against Edwards for the 2023 Claim alleging breach of the definitive agreements by Edwards and seeking a declaratory judgment. During the third quarter of fiscal year 2023, the Company and Edwards entered into a settlement agreement related to the 2023 Claim to avoid the costs and uncertainties of potential litigation. Under the settlement agreement, the Company paid Edwards $0.8 million from one of the indemnification escrows established at closing of the sale in return for the release of the 2023 Claim and the release to the Company of any residual funds in this escrow. The Company accrued a liability of $2.5 million for the 2020 Claim and 2023 Claim of which $0.8 million was paid during the third quarter of fiscal year 2023. The 2020 Claim remains outstanding and $1.7 million remains in the balance of the accrued liability as of December 31, 2023. The Company cannot determine the probability of any losses or outcome of the 2020 Claim including the amount of any indemnifiable losses, if any, resulting from these claims. However, the Company does not believe that this claim will have a material adverse effect on its consolidated financial position or results of operations. If the resolution of the 2020 Claim results in indemnifiable losses in excess of the applicable indemnification deductibles established under the definitive agreement, Edwards would be required to seek recovery under the representation and warranty insurance Edwards obtained in connection with the closing of the sale of the semiconductor cryogenics business. Management believes that any indemnifiable losses in excess of the applicable deductibles established in the definitive agreement would be covered by such insurance. For indemnifiable claims other than those arising from breaches of representations and warranties and for indemnifiable claims arising from breaches of representations and warranties exceeding the maximum coverage of the representations and warranties insurance policy, Edwards could seek recovery of such indemnifiable losses, if any, directly from the Company. In the event of unexpected subsequent developments and given the inherent unpredictability of these matters, there can be no assurance that the Company’s assessment of any claim will reflect the ultimate outcome, and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s consolidated financial position or results of operations in particular quarterly or annual periods. Tariff Matter With the assistance of a third-party consultant, during the first quarter of fiscal year 2021, the Company initiated a review of the value of transactions it used for intercompany imports into the United States from its GENEWIZ business. As a result of this review and a new interpretation surrounding the valuation method used to calculate the estimated transaction value, the Company revised its estimate of the tariffs owed and paid $5.9 million to the U.S. customs authorities during fiscal year 2022, related to November 2021 and prior periods. The U.S. customs authorities are in process of reviewing the Company’s calculation of tariffs for these periods to determine if any further tariffs are owed by the Company. The Company is currently in process of revising its tariff calculation methodology to align with the new interpretation provided to it by U.S. customs authorities. The estimated amount owed to the U.S. customs authorities under this revised methodology is immaterial and has been accrued in the Condensed Consolidated Balance Sheets. Purchase Commitments As of December 31, 2023, the Company had non-cancellable commitments of $78.1 million, comprised of purchase orders for inventory of $58.2 million and information technology related commitments of $19.9 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and all entities where it has a controlling financial interest and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying year-end balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for the periods presented. Certain information and disclosures normally included in the Company’s annual consolidated financial statements have been condensed or omitted and, accordingly, the accompanying financial information should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed with the U.S. Securities and Exchange Commission (“SEC”) on November 21, 2023 (the “2023 Annual Report on Form 10-K”). |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect amounts reported in the financial statements and notes thereto. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. Estimates are associated with recording accounts receivable, inventories, goodwill, intangible assets other than goodwill, long-lived assets, derivative financial instruments, deferred income taxes, warranty obligations, revenue over time, stock-based compensation expense, and other accounts. The Company assesses the estimates on an ongoing basis and records changes in estimates in the period they occur and become known. |
Foreign Currency Translation | Foreign Currency Translation Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains (losses) generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within “Other income” in the Condensed Consolidated Statements of Operations. Net foreign currency transaction and remeasurement losses were $0.6 million and gains were $0.9 million for the three months ended December 31, 2023 and 2022, respectively. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In October 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Other | Other For further information regarding the Company’s significant accounting policies, please refer to Note 2, Summary of Significant Accounting Policies |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of amortized cost and fair value | Gross Gross Amortized Unrealized Unrealized Cost Losses Gains Fair Value December 31, 2023: U.S. Treasury securities and obligations of U.S. government agencies $ 148,119 $ (1,200) $ — $ 146,919 Bank certificates of deposit 7,842 (94) — 7,748 Corporate securities 190,696 (2,189) — 188,507 $ 346,657 $ (3,483) $ — $ 343,174 September 30, 2023: U.S. Treasury securities and obligations of U.S. government agencies $ 227,804 $ (2,573) $ — $ 225,231 Bank certificates of deposit 8,122 (170) — 7,952 Corporate securities 221,155 (4,127) — 217,028 $ 457,081 $ (6,870) $ — $ 450,211 |
Schedule of fair values of marketable securities by contractual maturities | Amortized Cost Fair Value Due in one year or less $ 283,849 $ 281,212 Due after one year through five years 59,486 58,640 Due after five years through ten years — — Due after ten years 3,322 3,322 Total marketable securities $ 346,657 $ 343,174 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of realized gains (losses) on derivatives not designated as hedging instruments | Three Months Ended December 31, 2023 2022 Realized losses on derivatives not designated as hedging instruments $ (1,239) $ (1,580) |
Schedule of notional amounts of derivative instruments | December 31, September 30, Hedge Designation 2023 2023 Cross-currency swap Net Investment Hedge $ 436,360 $ 436,360 Foreign exchange contracts Undesignated 65,703 184,800 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of goodwill by business segment | Sample Management Solutions Multiomics B Medical Systems Total Balance - October 1, 2023 $ 478,601 $ 196,760 $ 108,978 $ 784,339 Currency translation adjustments 10,925 — 4,902 15,827 Balance - December 31, 2023 $ 489,526 $ 196,760 $ 113,880 $ 800,166 |
Schedule of intangible assets | December 31, 2023 September 30, 2023 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Patents $ 1,226 $ 1,180 $ 46 $ 1,226 $ 1,175 $ 51 Completed technology 222,259 62,712 159,547 215,430 56,021 159,409 Trademarks and trade names 6,902 1,900 5,002 6,630 1,445 5,185 Non-competition agreements 681 588 93 681 568 113 Customer relationships 295,879 170,338 125,541 290,800 161,257 129,543 Other intangibles 907 907 — 869 869 — Total $ 527,854 $ 237,625 $ 290,229 $ 515,636 $ 221,335 $ 294,301 |
Schedule of future amortization expense | Remainder of fiscal year 2024 $ 38,369 2025 49,645 2026 46,244 2027 37,977 2028 31,446 2029 25,590 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring reserve | Three Months Ended December 31, 2023 2022 Balance at beginning of period $ 1,011 $ 462 Provisions 1,120 1,461 Payments (1,181) (321) Balance at end of period $ 950 $ 1,602 |
Supplementary Balance Sheet I_2
Supplementary Balance Sheet Information (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of inventories | December 31, September 30, 2023 2023 Raw materials and purchased parts $ 57,984 $ 59,861 Work-in-process 12,460 11,400 Finished goods 56,740 56,937 Total inventories $ 127,184 $ 128,198 |
Summary of product warranty and retrofit activity | Three Months Ended December 31, 2023 2022 Balance at beginning of period $ 10,223 $ 2,890 Adjustment for acquisitions — 2,303 Accruals for warranties during the period 692 307 Costs incurred during the period (868) (321) Balance at end of period $ 10,047 $ 5,179 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of accumulated other comprehensive income (loss) | Unrealized Gains (Losses) on Available- Currency for-Sale Gains (Losses) Pension Translation Securities on Derivative asset Liability Adjustments Net of tax Net of tax Adjustments Total Balance at September 30, 2022 $ (165,694) $ (10,909) $ 93,020 $ (333) $ (83,916) Other comprehensive income (loss) before reclassifications 77,414 1,555 (57,127) — 21,842 Balance at December 31, 2022 $ (88,280) $ (9,354) $ 35,893 $ (333) $ (62,074) Unrealized Gains (Losses) on Available- Currency for-Sale Gains (Losses) Pension Translation Securities on Derivative asset Liability Adjustments Net of tax Net of tax Adjustments Total Balance at September 30, 2023 $ (88,448) $ (5,135) $ 31,487 $ (330) $ (62,426) Other comprehensive income (loss) before reclassifications 46,494 2,524 (13,368) (35) 35,615 Amounts reclassified from accumulated other comprehensive income (loss) — — — 27 27 Balance at December 31, 2023 $ (41,954) $ (2,611) $ 18,119 $ (338) $ (26,784) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregated revenue by significant business line | Three months ended December 31, 2023 2022 Significant Business Line Multiomics $ 62,720 $ 61,089 Core Products (1) 48,886 47,839 Sample & Repository Services 30,119 27,616 B Medical Systems 12,592 41,822 Total revenue $ 154,317 $ 178,366 (1) Core Products are Automated Stores, Cryogenic Systems, Automated Sample Tube, and Consumables and Instruments. |
Schedule of remaining performance obligations | As of December 31, 2023 Less than 1 Year Greater than 1 Year Total Remaining performance obligations $ 50,101 $ 20,354 $ 70,455 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock-based compensation expense | Three Months Ended December 31, 2023 2022 Restricted stock units $ 2,850 $ 1,759 Employee stock purchase plan 352 346 Total stock-based compensation expense $ 3,202 $ 2,105 |
Summary of restricted stock unit activity | Weighted Average Grant-Date Shares Fair Value Outstanding as of September 30, 2023 718,954 $ 67.40 Granted 587,848 $ 55.33 Vested (144,394) $ 69.23 Forfeited (226,395) $ 62.53 Outstanding as of December 31, 2023 936,013 $ 60.71 Three Months Ended December 31, 2023 2022 Time-based restricted stock units 199,316 225,139 Performance-based restricted stock units 388,532 260,741 Total units 587,848 485,880 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of assets and liabilities measured and recorded at fair value on a recurring basis | As of December 31, 2023 Description Total Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 557,641 $ 557,641 $ — $ — Available-for-sale securities 343,174 61,797 281,377 — Foreign exchange contracts 77 — 77 — Total assets $ 900,892 $ 619,438 $ 281,454 $ — Liabilities: Net investment hedge $ 4,993 $ — $ 4,993 $ — Foreign exchange contracts 350 — 350 — Total liabilities $ 5,343 $ — $ 5,343 $ — As of September 30, 2023 Description Total Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 525,952 $ 525,952 $ — $ — Available-for-sale securities 450,211 85,949 364,262 — Foreign exchange contracts 44 — 44 — Net investment hedge 13,036 — 13,036 — Total assets $ 989,243 $ 611,901 $ 377,342 $ — Liabilities: Foreign exchange contracts $ 421 $ — $ 421 $ — Total liabilities $ 421 $ — $ 421 $ — |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of the calculations of basic and diluted net income (loss) per share and basic and diluted weighted average shares outstanding | Three Months Ended December 31, 2023 2022 Net loss (15,724) (11,235) Weighted average common shares outstanding used in computing basic loss per share 56,709 72,543 Weighted average common shares outstanding used in computing diluted loss per share 56,709 72,543 Basic net loss per share $ (0.28) $ (0.15) Diluted net loss per share $ (0.28) $ (0.15) |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of financial information for reportable segments | Three Months Ended December 31, 2023 2022 Revenue: Sample Management Solutions $ 79,005 $ 75,455 Multiomics 62,720 61,089 B Medical Systems 12,592 41,822 Total revenue $ 154,317 $ 178,366 Adjusted operating (loss) income: Sample Management Solutions $ (856) $ (2,998) Multiomics (3,451) (3,265) B Medical Systems (4,409) 6,303 Segment adjusted operating (loss) income (8,716) 40 Amortization of completed technology 5,627 4,168 Purchase accounting impact on inventory — 2,869 Amortization of intangible assets other than completed technology 6,862 7,372 Restructuring charges 1,120 1,461 Merger and acquisition costs and costs related to share repurchase (1) 4,321 11,838 Other unallocated corporate expenses 31 17 Total operating loss (26,677) (27,685) Interest income, net 10,081 10,665 Other, net 682 1,145 Loss before income taxes $ (15,914) $ (15,875) (1) Includes expenses related to governance-related matters. |
Schedule of reconciliation of reportable segment assets to corresponding consolidated amounts | Assets: December 31, 2023 September 30, 2023 Sample Management Solutions $ 874,037 $ 675,708 Multiomics 490,898 534,437 B Medical Systems 376,613 511,640 Total assets $ 1,741,548 $ 1,721,785 December 31, September 30, 2023 2023 Segment assets $ 1,741,548 $ 1,721,785 Cash and cash equivalents, restricted cash, and marketable securities 1,051,395 1,134,256 Deferred tax assets 1,341 571 Other assets 30,030 29,108 Total assets $ 2,824,314 $ 2,885,720 |
Schedule of revenue from external customers attributed to geographic areas | Three Months Ended December 31, 2023 2022 Geographic Location: United States $ 90,592 $ 87,717 Africa 7,511 17,210 China 14,898 13,408 United Kingdom 5,699 5,413 Rest of Europe 24,832 39,422 Asia Pacific/Other 10,785 15,196 Total revenue $ 154,317 $ 178,366 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Gain (Loss), Foreign Currency Transaction, before Tax [Abstract] | ||
Foreign currency transaction and remeasurement gains (losses) | $ 0.6 | $ 0.9 |
Business Combinations - General
Business Combinations - General Information (Details) - country | Feb. 03, 2023 | Oct. 03, 2022 |
Ziath Ltd and Subsidiaries | ||
Business Acquisition, Date of Acquisition [Abstract] | ||
Business Acquisition, Effective Date of Acquisition | Feb. 02, 2023 | |
B Medical Systems S.a.r.l and Subsidiaries | ||
Business Acquisition, Date of Acquisition [Abstract] | ||
Business Acquisition, Effective Date of Acquisition | Oct. 03, 2022 | |
B Medical Systems S.a.r.l and Subsidiaries | Minimum | ||
Business Acquisition, Date of Acquisition [Abstract] | ||
Number of countries in which entity operates | 150 |
Business Combinations - Purchas
Business Combinations - Purchase Consideration (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Feb. 03, 2023 | Oct. 03, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | |
Business Acquisition [Line Items] | |||||
Aggregate purchase price, net of cash acquired | $ 371,633 | ||||
Short-term restricted cash | $ 4,792 | $ 4,650 | |||
Ziath Ltd and Subsidiaries | |||||
Business Acquisition [Line Items] | |||||
Aggregate purchase price, net of cash acquired | $ 16,000 | ||||
B Medical Systems S.a.r.l and Subsidiaries | |||||
Business Acquisition [Line Items] | |||||
Total purchase price | $ 432,200 |
Business Combinations - Amounts
Business Combinations - Amounts of Assets and Liabilities at Fair Value as of Acquisition Date (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Feb. 03, 2023 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Goodwill | $ 800,166 | $ 784,339 | |
Ziath Ltd and Subsidiaries | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Deferred income taxes, net | $ 1,100 | ||
Goodwill | 12,000 | ||
Ziath Ltd and Subsidiaries | Completed Technology | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Intangible assets | 4,100 | ||
Ziath Ltd and Subsidiaries | Trademarks | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Intangible assets | 300 | ||
Ziath Ltd and Subsidiaries | Customer Relationships | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Intangible assets | $ 600 |
Business Combinations - Intangi
Business Combinations - Intangible Assets Acquired (Details) | Feb. 03, 2023 | Oct. 03, 2022 |
Ziath Ltd and Subsidiaries | Completed Technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life of intangible assets | 10 years | |
Ziath Ltd and Subsidiaries | Customer Relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life of intangible assets | 13 years | |
Ziath Ltd and Subsidiaries | Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life of intangible assets | 13 years | |
B Medical Systems S.a.r.l and Subsidiaries | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, valuation technique, discounted cash flow, measurement input, discount rate, percentage (as a percent) | 13% | |
B Medical Systems S.a.r.l and Subsidiaries | Completed Technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life of intangible assets | 10 years | |
B Medical Systems S.a.r.l and Subsidiaries | Customer Relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life of intangible assets | 16 years | |
B Medical Systems S.a.r.l and Subsidiaries | Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life of intangible assets | 5 years | |
B Medical Systems S.a.r.l and Subsidiaries | Order or Production Backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life of intangible assets | 1 year |
Business Combinations - Goodwil
Business Combinations - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Feb. 03, 2023 | Oct. 03, 2022 |
Business Combination, Goodwill [Abstract] | ||||
Goodwill | $ 800,166 | $ 784,339 | ||
Ziath Ltd and Subsidiaries | ||||
Business Combination, Goodwill [Abstract] | ||||
Goodwill | $ 12,000 | |||
Goodwill deductible for tax purposes | $ 0 | |||
B Medical Systems S.a.r.l and Subsidiaries | ||||
Business Combination, Goodwill [Abstract] | ||||
Goodwill deductible for tax purposes | $ 0 |
Marketable Securities - General
Marketable Securities - General Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Sales and maturities of marketable securities | $ 110,316 | $ 607,205 |
Debt securities realized losses | $ 300 |
Marketable Securities - Summary
Marketable Securities - Summary of Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 346,657 | $ 457,081 |
Gross Unrealized Losses | (3,483) | (6,870) |
Fair Value | 343,174 | 450,211 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 148,119 | 227,804 |
Gross Unrealized Losses | (1,200) | (2,573) |
Fair Value | 146,919 | 225,231 |
Bank certificates of deposits | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,842 | 8,122 |
Gross Unrealized Losses | (94) | (170) |
Fair Value | 7,748 | 7,952 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 190,696 | 221,155 |
Gross Unrealized Losses | (2,189) | (4,127) |
Fair Value | $ 188,507 | $ 217,028 |
Marketable Securities - Fair Va
Marketable Securities - Fair Value of Marketable Securities by Contractual Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | |
Amortized cost, due in one year or less, remainder of fiscal year | $ 283,849 |
Amortized cost, due in one year or less | 0 |
Amortized cost, due after one year through five years | 59,486 |
Amortized cost, due after ten years | 3,322 |
Amortized cost | 346,657 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | |
Fair value, due in one year or less, remainder of fiscal year | 281,212 |
Fair value, due in one year or less | 0 |
Fair value, due after one year through five years | 58,640 |
Fair value, due after ten years | 3,322 |
Fair value | $ 343,174 |
Derivative Instruments - Realiz
Derivative Instruments - Realized Gains (Losses) on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Realized gains (losses) on derivatives not designated as hedging instruments | $ (1,239) | $ (1,580) |
Derivative Instruments - Notion
Derivative Instruments - Notional Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Feb. 01, 2022 |
Foreign Exchange Contract | Not Designated as Hedging Instrument | |||
Notional Disclosures [Abstract] | |||
Derivative, notional amount | $ 65,703 | $ 184,800 | |
Currency Swap | Designated as Hedging Instrument | |||
Notional Disclosures [Abstract] | |||
Derivative, notional amount | $ 436,360 | $ 436,360 | $ 960,000 |
Derivative Instruments - Hedgin
Derivative Instruments - Hedging Activities (Details) - Currency Swap - Designated as Hedging Instrument $ in Thousands, € in Millions | 3 Months Ended | ||||||||
Feb. 01, 2024 USD ($) $ / € | Feb. 01, 2023 USD ($) $ / € | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Feb. 01, 2024 EUR (€) $ / € | Sep. 30, 2023 USD ($) | Feb. 01, 2023 EUR (€) $ / € | Feb. 01, 2022 USD ($) | Feb. 01, 2022 EUR (€) | |
Derivative [Line Items] | |||||||||
Derivative, notional amount, cross-currency swap, exchanged | $ 436,000 | $ 1,000,000 | |||||||
Derivative, notional amount, cross-currency swap, received | € | € 400 | € 915 | |||||||
Derivative, notional amount | $ 436,360 | $ 436,360 | $ 960,000 | ||||||
Derivative, fixed interest rate (as a percent) | 1.28% | 1.28% | |||||||
Derivative, notional amount, cross-currency swap, maturity, deliver | € | € 852 | ||||||||
Derivative, notional amount, cross-currency swap, maturity, receive | $ 960,000 | ||||||||
Derivative, forward exchange rate | $ / € | 1.13 | 1.13 | |||||||
Gain on derivative | $ 29,300 | ||||||||
Interest income | $ 1,800 | $ 3,100 | |||||||
Subsequent Event | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount, cross-currency swap, exchanged | $ 76,000 | ||||||||
Derivative, notional amount, cross-currency swap, received | € | € 70 | ||||||||
Derivative, notional amount, cross-currency swap, maturity, deliver | € | € 400 | ||||||||
Derivative, notional amount, cross-currency swap, maturity, receive | $ 436,000 | ||||||||
Derivative, forward exchange rate | $ / € | 1.09 | 1.09 | |||||||
Gain on derivative | $ 1,400 | ||||||||
Weighted Average | |||||||||
Derivative [Line Items] | |||||||||
Derivative, variable interest rate | 1.66% | 1.66% | 1.20% | 1.20% | |||||
Weighted Average | Subsequent Event | |||||||||
Derivative [Line Items] | |||||||||
Derivative, variable interest rate | 1.44% | 1.44% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Reporting Units (Details) | Oct. 01, 2023 |
B Medical Systems | |
Goodwill [Line Items] | |
Reporting unit, fair value exceeded carrying value, percentage (as a percent) | 5% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Goodwill Roll Forward (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 784,339 |
Currency translation adjustments | 15,827 |
Goodwill, ending balance | 800,166 |
Sample Management Solutions | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 478,601 |
Currency translation adjustments | 10,925 |
Goodwill, ending balance | 489,526 |
Multiomics | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 196,760 |
Goodwill, ending balance | 196,760 |
B Medical Systems | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 108,978 |
Currency translation adjustments | 4,902 |
Goodwill, ending balance | $ 113,880 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 527,854 | $ 515,636 |
Accumulated Amortization | 237,625 | 221,335 |
Net Book Value | 290,229 | 294,301 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,226 | 1,226 |
Accumulated Amortization | 1,180 | 1,175 |
Net Book Value | 46 | 51 |
Completed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 222,259 | 215,430 |
Accumulated Amortization | 62,712 | 56,021 |
Net Book Value | 159,547 | 159,409 |
Trademarks and Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 6,902 | 6,630 |
Accumulated Amortization | 1,900 | 1,445 |
Net Book Value | 5,002 | 5,185 |
Non-competition agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 681 | 681 |
Accumulated Amortization | 588 | 568 |
Net Book Value | 93 | 113 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 295,879 | 290,800 |
Accumulated Amortization | 170,338 | 161,257 |
Net Book Value | 125,541 | 129,543 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 907 | 869 |
Accumulated Amortization | $ 907 | $ 869 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 12.5 | $ 11.5 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Estimated Future Amortization Expense of Intangible Assets (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of fiscal year 2024 | $ 38,369 |
2025 | 49,645 |
2026 | 46,244 |
2027 | 37,977 |
2028 | 31,446 |
2029 | $ 25,590 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 1,011 | $ 462 |
Provisions | 1,120 | 1,461 |
Payments | (1,181) | (321) |
Balance at end of period | $ 950 | $ 1,602 |
Supplementary Balance Sheet I_3
Supplementary Balance Sheet Information - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials and purchased parts | $ 57,984 | $ 59,861 |
Work-in-process | 12,460 | 11,400 |
Finished goods | 56,740 | 56,937 |
Total inventories | $ 127,184 | $ 128,198 |
Supplementary Balance Sheet I_4
Supplementary Balance Sheet Information - Inventories - Inventory Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Reserves related to write downs of inventory to net realizable value | $ 5.1 | $ 5 |
Supplementary Balance Sheet I_5
Supplementary Balance Sheet Information - Product Warranty and Retrofit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Balance at beginning of period | $ 10,223 | $ 2,890 |
Adjustment for acquisitions | 2,303 | |
Accruals for warranties during the year | 692 | 307 |
Costs incurred during the year | (868) | (321) |
Balance at end of period | $ 10,047 | $ 5,179 |
Stockholders' Equity - Share Re
Stockholders' Equity - Share Repurchase (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Dec. 31, 2023 | Oct. 01, 2023 | Nov. 04, 2022 | |
Stockholders' Equity Note [Abstract] | |||
Stock repurchase program, authorized amount | $ 1,500 | ||
Stock repurchased and retired during period, shares (in shares) | 2.3 | ||
Payments for repurchase of common stock, excluding fees, commissions, and excise tax | $ 112.9 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 661.5 | ||
Exercise tax related to share repurchases | $ 1 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | $ 2,534,500 | $ 3,363,386 |
Ending Balance | 2,443,664 | 2,871,389 |
Accumulated Other Comprehensive Income (Loss) | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (62,426) | (83,916) |
Other comprehensive income (loss) before reclassifications | 35,615 | 21,842 |
Amounts reclassified from accumulated other comprehensive income (loss) | 27 | |
Ending Balance | (26,784) | (62,074) |
Currency Translation Adjustments | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (88,448) | (165,694) |
Other comprehensive income (loss) before reclassifications | 46,494 | 77,414 |
Ending Balance | (41,954) | (88,280) |
Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (5,135) | (10,909) |
Other comprehensive income (loss) before reclassifications | 2,524 | 1,555 |
Ending Balance | (2,611) | (9,354) |
Unrealized Gain on Derivative Asset, Net of Tax | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | 31,487 | 93,020 |
Other comprehensive income (loss) before reclassifications | (13,368) | (57,127) |
Ending Balance | 18,119 | 35,893 |
Pension Liability Adjustments | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (330) | (333) |
Other comprehensive income (loss) before reclassifications | (35) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 27 | |
Ending Balance | $ (338) | $ (333) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregated By Reporting Unit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 154,317 | $ 178,366 |
Multiomics | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 62,720 | 61,089 |
Core Products | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 48,886 | 47,839 |
Sample and Repository Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 30,119 | 27,616 |
B Medical Systems | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 12,592 | $ 41,822 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | |||
Accounts receivable, net | $ 155,926 | $ 156,535 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract] | |||
Contract assets | 32,300 | 24,200 | |
Contract with Customer, Liability [Abstract] | |||
Contract liabilities | 34,800 | $ 34,600 | |
Revenue recognized | $ 22,000 | $ 11,100 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Remaining Performance Obligations (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 70,455 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 50,101 |
Unsatisfied performance obligation, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 20,354 |
Unsatisfied performance obligation, period |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 3,202 | $ 2,105 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 2,850 | 1,759 |
Employee Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 352 | $ 346 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Unit Activity - Tabular Disclosure (Details) - Restricted Stock Units (RSUs) - $ / shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Outstanding at beginning of period (in shares) | 718,954 | |
Restricted stocks granted (in shares) | 587,848 | 485,880 |
Vested (in shares) | (144,394) | |
Forfeited (in shares) | (226,395) | |
Outstanding at end of period (in shares) | 936,013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Outstanding at beginning of period (in dollars per share) | $ 67.40 | |
Granted (in dollars per share) | 55.33 | |
Vested (in dollars per share) | 69.23 | |
Forfeited (in dollars per share) | 62.53 | |
Outstanding at end of period (in dollars per share) | $ 60.71 |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock Unit Activity - Additional Information (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of restricted stock awards vested | $ 7.8 | $ 7 |
Restricted stocks granted (in shares) | 587,848 | 485,880 |
Stock-Based Compensation - Re_3
Stock-Based Compensation - Restricted Stock Unit Activity - Unrecognized Compensation Cost (Details) - Restricted Stock Units (RSUs) $ in Millions | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 31.6 |
Unrecognized compensation cost, estimated weighted average amortization period | 2 years 1 month 6 days |
Stock-Based Compensation - Re_4
Stock-Based Compensation - Restricted Stock Units Granted (Details) - shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stocks granted (in shares) | 587,848 | 485,880 |
Restricted Stock, Time Based Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stocks granted (in shares) | 199,316 | 225,139 |
Restricted Stock, Performance Based Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stocks granted (in shares) | 388,532 | 260,741 |
Stock-Based Compensation - Time
Stock-Based Compensation - Time-Based Restricted Stock Unit Grants (Details) - Restricted Stock, Time Based Shares | 3 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 3 years |
Award vesting percentage (as a percent) | 33.33% |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance-Based Restricted Stock Unit Grants (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Oct. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 3,202 | $ 2,105 | ||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | 31,600 | |||
Stock-based compensation expense | $ 2,850 | $ 1,759 | ||
Restricted Stock, Performance Based Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance-based awards granted, percentage (as a percent) | 200% | 200% | ||
Performance-based awards granted, percentage, maximum threshold met (as a percent) | 100% | 100% | ||
Performance goal measurement period (in years) | 3 years | |||
Restricted Stock, Performance Based Shares, Modified Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 5,500 | |||
Stock-based compensation expense | $ 200 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | $ 343,174 | $ 450,211 |
Derivative Asset, Statement of Financial Position | Prepaid expenses and other current assets | |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative Liability, Statement of Financial Position | Accrued expenses and other current liabilities | |
Fair Value, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | $ 343,174 | $ 450,211 |
Foreign exchange contracts | 77 | 44 |
Net investment hedge | 13,036 | |
Total Assets | 900,892 | 989,243 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Net investment hedge | 4,993 | |
Foreign exchange contracts | 350 | 421 |
Total Liabilities | 5,343 | 421 |
Fair Value, Recurring | Cash Equivalents | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 557,641 | 525,952 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | 61,797 | 85,949 |
Total Assets | 619,438 | 611,901 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Cash Equivalents | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 557,641 | 525,952 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | 281,377 | 364,262 |
Foreign exchange contracts | 77 | 44 |
Net investment hedge | 13,036 | |
Total Assets | 281,454 | 377,342 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Net investment hedge | 4,993 | |
Foreign exchange contracts | 350 | 421 |
Total Liabilities | $ 5,343 | $ 421 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Income tax expense (benefit) | $ (190) | $ (4,640) |
Income tax expense for tax deductions that are lower than the associated book compensation expense | 500 | |
Income tax expense related to a valuation allowance on beginning of year deferred tax assets | 700 | |
Income tax expense related to a valuation allowance recorded against the current year deferred tax assets | $ 2,600 | |
Deferred tax benefit resulting from the extension of a tax incentive in China | $ 1,300 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets Valuation Allowance (Details) $ in Millions | Dec. 31, 2023 USD ($) |
State and Local Jurisdiction | |
Valuation Allowance [Line Items] | |
Deferred tax assets, valuation allowance | $ 0.7 |
Income Taxes - Deferred Tax A_2
Income Taxes - Deferred Tax Assets, Net (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Deferred Tax Assets, Net [Abstract] | |
Deferred tax assets, net, outside basis difference in foreign subsidiary | $ 0.9 |
Deferred tax assets, net, benefit, deductible foreign exchange losses on repatriation measured at foreign exchange rate | 2.9 |
Deferred tax liabilities, net, state income taxes, net of domestic benefit | 2 |
Deferred tax assets, net, increase (decrease), amount, changes in foreign exchange rates | $ (5.2) |
Net Loss per Share (Details)
Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||
Net Income (Loss) | $ (15,724) | $ (11,235) |
Net (loss) income - basic | (15,724) | (11,235) |
Net (loss) income - diluted | $ (15,724) | $ (11,235) |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||
Weighted average common shares outstanding used in computing basic loss per share (in shares) | 56,709 | 72,543 |
Weighted average common shares outstanding used in computing diluted loss per share (in shares) | 56,709 | 72,543 |
Earnings Per Share, Basic [Abstract] | ||
Basic net loss per share (in dollars per share) | $ (0.28) | $ (0.15) |
Earnings Per Share, Diluted [Abstract] | ||
Diluted net loss per share (in dollars per share) | $ (0.28) | $ (0.15) |
Segment and Geographic Inform_3
Segment and Geographic Information - General Information (Details) - segment | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||
Number of reportable segments | 3 | 3 |
Segment and Geographic Inform_4
Segment and Geographic Information - Reconciliation of Reportable Segment Operating Income (Loss) to Corresponding Consolidated Amounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ 154,317 | $ 178,366 |
Amortization of other intangible assets | 12,500 | 11,500 |
Purchase accounting impact on inventory | 2,869 | |
Restructuring charges | 1,120 | 1,461 |
Merger and acquisition costs and costs related to share repurchase | 4,321 | 11,838 |
Total operating loss | (26,677) | (27,685) |
Interest income, net | 10,081 | 10,665 |
Other, net | 682 | 1,145 |
Loss before income taxes | (15,914) | (15,875) |
Completed Technology | ||
Segment Reporting Information [Line Items] | ||
Amortization of other intangible assets | 5,627 | 4,168 |
Intangible Assets Excluding Completed Technology | ||
Segment Reporting Information [Line Items] | ||
Amortization of other intangible assets | 6,862 | 7,372 |
Sample Management Solutions | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 79,005 | 75,455 |
Multiomics | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 62,720 | 61,089 |
B Medical Systems | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 12,592 | 41,822 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total operating loss | (8,716) | 40 |
Operating Segments | Revision of Prior Period, Adjustment | ||
Segment Reporting Information [Line Items] | ||
Total operating loss | 8,500 | |
Operating Segments | Sample Management Solutions | ||
Segment Reporting Information [Line Items] | ||
Total operating loss | (856) | (2,998) |
Operating Segments | Multiomics | ||
Segment Reporting Information [Line Items] | ||
Total operating loss | (3,451) | (3,265) |
Operating Segments | B Medical Systems | ||
Segment Reporting Information [Line Items] | ||
Total operating loss | (4,409) | 6,303 |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Other unallocated corporate expense | $ 31 | $ 17 |
Segment and Geographic Inform_5
Segment and Geographic Information - Financial Information for Business Segments - Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,824,314 | $ 2,885,720 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,741,548 | 1,721,785 |
Operating Segments | Sample Management Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 874,037 | 675,708 |
Operating Segments | Multiomics | ||
Segment Reporting Information [Line Items] | ||
Total assets | 490,898 | 534,437 |
Operating Segments | B Medical Systems | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 376,613 | $ 511,640 |
Segment and Geographic Inform_6
Segment and Geographic Information - Reconciliation of Reportable Segment Assets to Corresponding Consolidated Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents, restricted cash, and marketable securities | $ 1,051,395 | $ 1,134,256 |
Deferred tax asset | 1,341 | 571 |
Other assets | 30,030 | 29,108 |
Assets | 2,824,314 | 2,885,720 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 1,741,548 | $ 1,721,785 |
Segment and Geographic Inform_7
Segment and Geographic Information - Net Revenues Based upon Source of Order by Geographic Area - Tabular Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 154,317 | $ 178,366 |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 90,592 | 87,717 |
Rest of Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 24,832 | 39,422 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 5,699 | 5,413 |
Africa | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 7,511 | 17,210 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 14,898 | 13,408 |
Asia / Pacific / Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 10,785 | $ 15,196 |
Segment and Geographic Inform_8
Segment and Geographic Information - Net Revenues Based upon Source of Order by Geographic Area - Additional Information (Details) | 3 Months Ended |
Dec. 31, 2022 country | |
Top Individual Customer | |
Concentration Risk [Line Items] | |
Number of countries in which entity operates | 17 |
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Top Individual Customer | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 20% |
Accounts Receivable | Credit Concentration Risk | Top Individual Customer | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 12% |
Commitments and Contingencies -
Commitments and Contingencies - Contingencies (Details) - Edwards Vacuum LLC, Indemnification, Definitive Agreement, Third-party Warranty Claim - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2023 | Jan. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |||||
Loss contingency, damages sought, value | $ 1 | ||||
Loss Contingency Accrual, Disclosures [Abstract] | |||||
Loss contingency accrual | $ 2.5 | ||||
Settled Litigation | |||||
Loss Contingency Accrual, Disclosures [Abstract] | |||||
Loss contingency accrual | $ 1.7 | ||||
Loss contingency payment | $ 0.8 | $ 0.8 |
Commitments and Contingencies_2
Commitments and Contingencies - Tariff Matter (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2022 USD ($) | |
Tariffs | |
Loss Contingency Accrual, Disclosures [Abstract] | |
Loss contingency payment | $ 5.9 |
Commitments and Contingencies_3
Commitments and Contingencies - Purchase Commitments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Non-cancelable Commitments | |
Other Commitments [Line Items] | |
Other commitment | $ 78.1 |
Non-cancellable Contracts and Purchase Orders for Inventory | |
Other Commitments [Line Items] | |
Other commitment | 58.2 |
Non-cancelable Information Technology-related Commitments | |
Other Commitments [Line Items] | |
Other commitment | $ 19.9 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (15,724) | $ (11,235) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Item 5. Other Information Rule 10b5-1 Trading Arrangements During the three months ended December 31, 2023, the On December 7, 2023, Jason W. Joseph, our Senior Vice President, General Counsel and Secretary, adopted a Rule 10b5-1 trading arrangement (as defined in Item 408(a) of Regulation S-K) for the period commencing three months from such date and ending on August 30, 2024 for the sale of up to 30,000 shares of common stock of the Company. |
Jason Joseph | |
Trading Arrangements, by Individual | |
Name | Jason W. Joseph |
Title | Senior Vice President, General Counsel and Secretary |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 7, 2023 |
Aggregate Available | 30,000 |
Trd Arr Expiration Date | Aug. 30, 2024 |