Life Sciences segment revenue was $303.0 million for the three months ended March 31, 2024, as compared to $328.4 million for the three months ended April 2, 2023, a decrease of $25.4 million, or 8%. This was driven by a decrease in instruments and reagents revenue.

Diagnostics segment revenue was $347.1 million for the three months ended March 31, 2024, as compared to $346.6 million for the three months ended April 2, 2023, an increase of $0.5 million, or less than 1%. The increase was driven by immunodiagnostics and reproductive health revenue, partially offset by a decrease in applied genomics revenue.

The company expects to use proceeds from the sale of the Business for a combination of funding upcoming debt maturities, opportunistic share repurchases and continued strategic and value creating acquisitions.

Rebranding costs added an incremental expense of $4.5 million to cost of revenue for the three months ended March 31, 2024.

Segment operating margin increased 26 basis points in the three months ended March 31, 2024 for the Diagnostics segment, as compared to the three months ended April 2, 2023, primarily due to cost containment and productivity initiatives, partially offset by unfavorable shift in product mix.

During the three months ended March 31, 2024, the Company repurchased 63,170 shares of common stock under the Repurchase Program for an aggregate cost of $6.6 million.

Negative fluctuations in our customers' markets, the inability of our customers to secure credit or funding, restrictions in capital expenditures, general economic conditions, cuts in government funding or unfavorable changes in government regulations would likely result in a reduction in demand for our products and services.

Our business is affected by global economic and political conditions as well as the state of the financial markets, particularly as the United States and other countries balance concerns around debt, inflation, growth and budget allocations in their policy initiatives.

We sell many of our products in industries characterized by rapid technological change, frequent new product and service introductions, and evolving customer needs and industry standards.

We encounter aggressive competition from numerous competitors in many areas of our business. We may not be able to compete effectively with all of these competitors. To remain competitive, we must develop new products and periodically enhance our existing products.

Our competitors' announcement or introduction of new products, services or technological innovations, may affect our quarterly operating results.

The success of our new product offerings will depend upon several factors, including our ability to differentiate our offerings from our competitors' offerings.

A high proportion of our costs are fixed in the short term, due in part to our research and development and manufacturing costs. As a result, small declines in sales could disproportionately affect our operating results in a quarter.

Our ability to realize the benefit of ongoing productivity initiatives, may affect our quarterly operating results.

For the first quarter of fiscal year 2024 and in the same period last year, supply chain disruptions and inflation did not materially impact our results of operations as the effects of our initiatives to reduce transportation costs more than offset the impact of inflation on our raw materials purchases.

The success of our new product offerings will depend upon several factors, including our ability to innovate and develop new reliable technologies and applications.

The success of our new product offerings will depend upon several factors, including our ability to accurately anticipate customer needs.

The success of our new product offerings will depend upon several factors, including our ability to successfully commercialize new technologies in a timely manner.

As of March 31, 2024, we may have to pay contingent consideration related to acquisitions with open contingency periods of up to $80.9 million.

However, we expect to use external sources to satisfy the balance of our debt when due, any larger acquisitions and other long-term liabilities, such as contributions to our postretirement benefit plans.

In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

Expenses incurred in connection with claims related to environmental conditions at locations where we conduct or formerly conducted operations, may affect our quarterly operating results.

We are subject to stringent data privacy and information security laws and regulations and changes in such laws or regulations, or our failure to comply with such requirements, could subject us to significant fines and penalties, which may have a material adverse effect on our business, financial condition or results of operations.

We believe that our business will continue to be subject to increasing regulation as the federal government continues to strengthen its position on healthcare matters, the scope and effect of which we cannot predict.

Our business is also affected by local economic environments, including inflation, recession, financial liquidity, interest rates and currency volatility or devaluation.

Environmental events and political changes, including war or other conflicts, such as the current conflicts in Ukraine and the Middle East, some of which may be disruptive, could interfere with our supply chain, our customers and all of our activities in a particular location.

We compete in markets in which we or our customers must comply with federal, state, local and foreign regulations, such as environmental, health and safety, data privacy and food and drug regulations.