v3.25.1
Segment and Geographic Information
 3 Months Ended
Mar. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
In the fourth quarter of 2024, the Company revised the internal allocation of certain global costs primarily between the North America segment and Corporate to better align costs that impact the Company as a whole. Prior periods have been revised to align with the current period presentation. The following table presents the results of operations of the Company’s reportable segments for the three months ended March 30, 2025 and March 31, 2024:
Three Months Ended March 30, 2025
(In millions)North AmericaEMEAChinaOtherTotal
Total revenues$406.7 $88.9 $75.0 $122.2 $692.8 
Less (1):
Cost of sales, excluding amortization of intangibles128.4 47.3 34.2 70.0 279.9 
Selling, marketing and administrative43.6 22.9 10.6 22.0 99.1 
Research and development0.4 0.6 0.9 0.8 2.7 
Other expense, net— 1.6 — (0.2)1.4 
Total segment Adjusted EBITDA$234.3 $16.5 $29.3 $29.6 309.7 
Reconciliation of segment Adjusted EBITDA
Corporate (2)
(149.9)
Depreciation and amortization(107.1)
Interest expense, net(40.0)
Integration related costs(16.1)
Amortization of deferred cloud computing implementation costs(4.3)
EU medical device regulation transition costs (3)
(0.2)
Other adjustments(0.9)
Loss before income taxes$(8.8)
Three Months Ended March 31, 2024
(In millions)North AmericaEMEAChinaOtherTotal
Total revenues$433.9 $84.8 $76.1 $116.2 $711.0 
Less (1):
Cost of sales, excluding amortization of intangibles147.7 44.4 38.5 59.9 290.5 
Selling, marketing and administrative49.1 27.7 10.4 23.9 111.1 
Research and development0.4 0.6 1.1 0.8 2.9 
Other expense, net0.1 0.5 — 0.1 0.7 
Total segment Adjusted EBITDA$236.6 $11.6 $26.1 $31.5 305.8 
Reconciliation of segment Adjusted EBITDA
Corporate (2)
(173.8)
Depreciation and amortization(114.9)
Interest expense, net(39.0)
Integration related costs(22.6)
Goodwill impairment charge(1,743.9)
Employee compensation charges(5.6)
Amortization of deferred cloud computing implementation costs(2.9)
EU medical device regulation transition costs (3)
(0.6)
Other adjustments(1.4)
Loss before income taxes$(1,798.9)
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Primarily consists of costs related to executive and staff functions, including certain finance, human resources, manufacturing and IT functions, which benefit the Company as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Company’s corporate function also includes debt and stock-based compensation associated with all employee stock-based awards.
(3) Represents incremental consulting costs and R&D manufacturing site costs to align compliance of the Company’s existing, on-market products that were previously registered under the European In Vitro Diagnostics Directive regulatory framework with the requirements under the EU’s In Vitro Diagnostic Regulation, which generally apply from May 2022 onwards.
The CODM reviews the segment adjusted EBITDA results against the forecast to assess segment performance and determine how to allocate resources. The CODM does not review and is not provided capital expenditures, total depreciation and amortization or assets by segment, and therefore this information has been excluded as it does not comprise part of management’s key performance metrics.