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Acquisitions | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions 2023 acquisition In the fourth quarter of 2023, we completed the acquisition of Palette Life Sciences AB (“Palette”), a privately held medical device company that sells a portfolio of hyaluronic acid gel-based products primarily utilized in the treatment of urology diseases including a rectal spacing product used in connection with radiation therapy treatment of prostate cancer. Under the terms of the agreement, we acquired Palette for an initial cash payment of $594.9 million, with the potential to make two milestone payments up to $50 million in the aggregate if certain commercial milestones are met. The milestone payments are based on net sales growth over the two-year period beginning January 1, 2024. The fair value of the assets acquired and the liabilities assumed resulted in the recognition of $355.1 million of goodwill, $264.0 million of intellectual property, $40.5 million of trade name assets and $29.0 million of customer relationship assets. The fair value of the asset acquired reflects a modification in the third quarter of 2024 to our allocation of the intangible assets acquired between our domestic and foreign entities as we identified new facts and circumstances that existed as of the acquisition date. As a result, we recorded a measurement period adjustment recognizing a $2.0 million decrease in the deferred tax liabilities and goodwill. The allocation change also impacted the currency translation of certain assets and liabilities and as a result, we reversed previously recorded foreign currency translation of $19.7 million, which decreased comprehensive income in the period. The adjustment did not have a significant impact on our results from operations. We have not reached an agreement on the closing statement adjustments with the seller. However, the measurement period related to this acquisition expired during the fourth quarter of 2024, and as a result, any subsequent adjustments to the consideration transferred will be recognized in the reporting period in which they are settled. The following unaudited pro forma combined financial presentation of Net income and Earnings per share for the years ended December 31, 2023 and 2022, respectively, gives effect to the Palette acquisition as if it was completed at the beginning of the earliest period presented. Revenues are not significant to the periods presented and have not been included. The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have occurred under our ownership and management.
|  | Year Ended December 31,
|  |  | 2023 |  | 2022
|  | (Unaudited)
Net income |  |  | $ | 310,356 |  |  | $ | 282,425 |
Basic earnings per share: |  |  |  |  |
Net income |  |  | $ | 6.61 |  |  | $ | 6.02 |
Diluted earnings per share: |  |  |  |  |
Net income |  |  | $ | 6.56 |  |  | $ | 5.97 |
The unaudited pro forma combined financial information presented above includes the accounting effects of the Palette acquisition, including, to the extent applicable, amortization charges from acquired intangible assets; interest expense associated with borrowings to finance the acquisition; the revaluation of inventory; and the related tax effects. The unaudited pro forma financial information also includes non-recurring charges specifically related to the Palette acquisition. Supplemental cash flow information
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Non cash investing and financing activities of continuing operations: |  |  |  |  |
Acquisition of businesses | $ | — |  |  | $ | 27,000 |  |  | $ | 43,168 |
Acquisition of BIOTRONIK Vascular Intervention business On February 24, 2025, we executed a definitive agreement to acquire substantially all of the Vascular Intervention business ("the VI Business") of privately-held BIOTRONIK SE & Co. KG (“BIOTRONIK”). See Note 20 for additional information related to this acquisition.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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