6 paragraphs in Risk Factors of the 10-K filed Feb 17, 2026
with nothing like them in the 10-K filed Feb 18, 2025. Quoted exactly.
Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 59 Health care companies:
a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it.
A paragraph most of them have is marked boilerplate. No line means no other company has one like it.
This counts text; it does not say how serious a risk is.
In the normal course of business, we engage in discussions with third parties relating to possible divestitures, acquisitions and other strategic transactions.
With respect to divestitures or dispositions, we continually assess the strategic fit of our existing businesses and products and may divest or otherwise dispose of businesses or products for strategic, financial or other reasons. As a recent example, the Company entered into a definitive agreement to sell all manufacturing and supply rights for the SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. While divestitures and other dispositions can be beneficial to the Company and its shareholders, sometimes they can result in financial results that are different than expected. A successful divestiture depends on various factors, including our ability to effectively transfer liabilities, contracts, facilities and employees to the purchaser, identify and separate the intellectual property to be divested from the intellectual property that we wish to keep and reduce fixed costs previously associated with the divested assets or business. In exiting a business, we may still retain liabilities associated with the support and warranty of that business and other indemnification obligations. All of these efforts require varying levels of management resources, which may divert our attention from other business operations. If we do not realize the expected benefits or synergies of such transactions, our consolidated financial position, results of operations, cash flows and stock price could be negatively impacted.
Similar paragraph at 1 of 59 other Health care companies:
A
The concentration of our customer base could adversely affect our financial condition and operating results.
We derive a substantial portion of our revenue from a limited number of customers. The loss of, or a significant reduction in orders from, any of these customers could have a material adverse impact on our business, financial condition and operating results. Our dependence on a concentrated customer base could also expose us to further risks relating to contract negotiations, pricing pressures, and operational disruptions. While we continually strive to meet the needs of all of our customers, any adverse change in our relationships with one or more of our key customers could have a material adverse effect on our business, financial condition and operating results.
Read in the 10-K ↗
If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results, which could lead to a loss of investor confidence in our financial statements and have an adverse effect on our stock price.
Similar paragraph at 3 of 59 other Health care companies:
A,
DVA,
ISRGEffective internal controls are necessary for us to provide reliable and accurate financial statements and to effectively prevent fraud. We devote significant resources and time to comply with the internal control over financial reporting requirements of the Sarbanes Oxley Act of 2002 and continue to enhance our controls. However, we cannot be certain that we will be able to prevent future significant deficiencies or material weaknesses. Inadequate internal controls could cause investors to lose confidence in our reported financial information, which could have a negative effect on investor confidence in our financial statements, the trading price of our stock and our access to capital.
Similar paragraph at 2 of 59 other Health care companies:
A,
WAT
New in the latest 10-Q
15 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like
them in the 10-Q filed Jul 23, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
In accordance with ASC 470-10-45-14 and ASC 855, the Term Loan (due July 2, 2027) and the Series C Notes (due July 5, 2027) are classified as long-term debt in the accompanying balance sheet as of September 30, 2026, as the refinancing was completed prior to the issuance of these financial statements as described below.
Read in the 10-Q ↗
On October 26, 2026, the Company completed a refinancing of its senior unsecured credit facilities by entering into a new senior unsecured credit agreement with Bank of America, N.A., as administrative agent, swing line lender and an issuing lender, and the other lenders from time to time party thereto (as amended, restated, extended, supplemented or otherwise modified from time to time, the "New Credit Agreement").
Read in the 10-Q ↗
The New Credit Agreement (i) has a maturity date of October 26, 2031 (subject to certain extension mechanics therein by which the Company may request maturity date extensions of the revolving credit facility), (ii) provides for revolving advances up to an aggregate principal amount of $ 750 million at any one time outstanding (subject to satisfaction of certain conditions at the time advances are made) and (iii) provides for a term loan advance on the closing date in an aggregate principal amount of $ 200 million (which shall have quarterly amortization payments starting in March 31, 2028 ranging from $ 1.25 million to $ 2.5 million per quarter as set forth in the New Credit Agreement with the balance due at maturity) (such term loan, the "New Term Loan A").
Read in the 10-Q ↗
Revolving advances are available under the New Credit Agreement in U.S. dollars and certain optional currencies. The applicable margin used in connection with interest rates and the commitment fee is based on the Company’s net leverage ratio. The applicable margin for revolving advances that are term Secured Overnight Financing Rate loans and optional currency loans and for letter of credit fees ranges from 1.000 % to 1.500 %, and the applicable margin for revolving advances that are base rate loans ranges from 0.000 % to 0.500 %. The applicable margin for term loans that are term Secured Overnight Financing Rate loans ranges from 1.125 % to 1.750 %, and the applicable margin for term loans that are base rate loans ranges from 0.125 % to 0.750 %. The Company will also pay a commitment fee based on its net leverage ratio on the actual daily unused amount of the aggregate revolving commitments ranging from 0.125 % to 0.225 %.
Read in the 10-Q ↗
The New Credit Agreement contains a financial covenant limiting, as of the last day of each fiscal quarter, the Company's net leverage ratio, measured for the preceding four fiscal quarters, to not more than 3.50 to 1.0 (or 4.00 to 1.0 during material acquisition periods, subject to certain limitations), all as calculated in accordance with the terms of the New Credit Agreement.
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The New Term Loan A advance of $ 200 million refinanced and replaced the Company's existing $ 130.0 million Term Loan A, which was due July 2, 2027.
Read in the 10-Q ↗
Unamortized debt issuance costs associated with the prior term loan were written off in connection with the extinguishment and new debt issuance costs will be capitalized and amortized over the life of the New Term Loan A.
Read in the 10-Q ↗
Extinguishment of Series C Senior Notes: The Company has delivered a notice to noteholders to repay and extinguish its outstanding Series C senior notes in an outstanding principal amount of $ 73.0 million, with an expected repayment date to occur on or about November 2, 2026, using, among other available cash, proceeds from the New Term Loan A. The Series C senior notes bore interest at 4.02 % and were originally due July 5, 2027. No prepayment make-whole premium is incurred in connection with the extinguishment.
Read in the 10-Q ↗
Additionally, on October 26, 2026, the Company completed a refinancing of its senior unsecured credit facilities. See Note 8, Debt, within Item 1 of this report.
Read in the 10-Q ↗
Item 6
10.1(2)(3) Amended and Restated Technology Exchange and CrossLicense Agreement, dated and effective July 14, 2026, between Daikyo Seiko, Ltd. and us.
Read in the 10-Q ↗
10.2(2)(3) Distributorship Agreement, dated and effective July 14, 2026, between Daikyo Seiko, Ltd. and us.
Read in the 10-Q ↗
10.3(2)(3) Distributorship Agreement, dated and effective July 14, 2026, between us and Daikyo Seiko, Ltd.
Read in the 10-Q ↗
(2) Certain information has been excluded from this exhibit pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both (i) not material and (ii) is the type of information that the registrant treats as private or confidential.
Read in the 10-Q ↗
(3) Pursuant to Item 601(a)(5) of Regulation S-K, schedules have been omitted and will be furnished on a supplemental basis to the Securities and Exchange Commission upon request.
Read in the 10-Q ↗
Certain portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment order of the SEC.
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Feb 17, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Other than the risk factor listed below, there have been no material changes to the risk factors disclosed in Part I, Item 1A of our 2025 Annual Report.
Read in the 10-Q ↗
Added10-Q 2026-10-29 vs 10-K 2026-02-17
For example, in May 2026, we experienced a material cybersecurity attack in which certain data was exfiltrated by an unauthorized party and certain systems were encrypted. Upon initial detection of an intrusion, we promptly activated our incident response protocols (including proactively taking systems offline globally for containment purposes), notified law enforcement, and engaged external cyber-forensic experts. The incident and our response temporarily disrupted our global operations. We have taken steps intended to mitigate the risk of dissemination of the exfiltrated data. This incident has been contained and our operations have fully recovered.
Read it in the 10-Q at sec.gov ↗
Added10-Q 2026-10-29 vs 10-K 2026-02-17
Techniques used to gain unauthorized access to or to acquire data and systems, disable or degrade service, or sabotage systems, are constantly evolving (including through the use of artificial intelligence), and we are unable to anticipate all techniques or comprehensively avoid unauthorized access, acquisition of, or other adverse impacts to our data or our systems or the networks and systems of third parties upon which we rely. We may not discover all such incidents or activities or be able to respond or otherwise address them promptly, in sufficient respects or at all.
Read it in the 10-Q at sec.gov ↗
Added10-Q 2026-10-29 vs 10-K 2026-02-17
The costs of mitigating data security risks could be significant and are likely to increase in the future. Although we carry cybersecurity insurance, there can be no assurance that our limits are sufficient to cover us against all potential losses for damages or fines in an amount exceeding our policy limits, or that applicable insurance will be available to us in the future on economically reasonable terms or at all.
Read it in the 10-Q at sec.gov ↗
Reworded10-Q 2026-10-29 vs 10-K 2026-02-17
We may also be required An adverse impact to the availability, integrity, or confidentiality of our information technology systems or data, or the information technology systems or data of third parties upon which we rely, could require us to incur additional costs to modify or enhance our systems, or to try to prevent or remediate any such attacks.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
