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Segment Information
9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We have two reportable segments organized according to our products and services: Medical Devices and Preservation Services. The Medical Devices segment includes external revenues from product sales of aortic stent grafts, On-X, surgical sealants, and other product revenues. Aortic stent grafts include aortic arch stent grafts, abdominal stent grafts, and synthetic vascular grafts. Aortic arch stent grafts include our E-vita® Open NEO, E-vita Open Plus, AMDSTM, NEXUS®, NEXUS DUOTM, E-vita Thoracic 3G, and ArtivexTM. Abdominal stent grafts include our E-xtra Design Engineering, E-nsideTM, E-tegraTM, E-ventusTM BX, and E-liacTM products. Surgical sealants include BioGlue® Surgical Adhesive products. The Preservation Services segment includes external services revenues from the preservation of cardiac and vascular tissues. There are no intersegment revenues.
The primary measure of segment performance, as viewed by our management, is segment gross margin or net external revenues less cost of products and preservation services. We do not segregate assets by segment; therefore, asset information is excluded from the segment disclosures below.
The following table summarizes revenues, cost of products and preservation services, and gross margins for our operating segments (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Revenues:
Medical devices$71,244 $63,747 $215,568 $192,041 
Preservation services24,535 24,107 75,661 68,293 
Total revenues95,779 87,854 291,229 260,334 
Cost of products and preservation services:
Medical devices24,412 21,574 72,707 62,084 
Preservation services10,358 10,010 31,243 30,169 
Total cost of products and preservation services34,770 31,584 103,950 92,253 
Gross margin:
Medical devices46,832 42,173 142,861 129,957 
Preservation services14,177 14,097 44,418 38,124 
Total gross margin$61,009 $56,270 $187,279 $168,081 
The following table summarizes net revenues by product and service (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Products:
Aortic stent grafts$28,643$25,523$92,936$80,032
On-X21,47818,74461,80454,346
Surgical sealants18,43716,23453,96349,503
Other2,6863,2466,8658,160
Total products71,24463,747215,568192,041
Preservation services 24,53524,10775,66168,293
Total revenues$95,779$87,854$291,229$260,334