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Segment Information | 6 Months Ended
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Jun. 30, 2025
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, AMDS TM, the NEXUS ONE TM, NEXUS DUO TM, and NEXUS TRE TM aortic arch stent graft systems (the “NEXUS family of products”), and E-vita Thoracic 3G. Abdominal stent grafts include our E-xtra Design Engineering, E-nside TM, Artivex TM, E-tegra TM, E-ventus TM BX, Tuva TM BX, and E-liac TM 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. Our Chief Operating Decision Maker (“CODM”) is the Company’s Chairman, President, and CEO. The CODM reviews financial information to assess segment performance and determine how to allocate resources across segments. The primary measure of segment performance, as assessed by our management, is segment gross margin or net external revenues less cost of products and preservation services. The CODM regularly reviews these costs, recognizing them as significant segment expenses. 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 reportable segments (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Medical devices | $ | 87,444 |  |  | $ | 73,210 |  |  | $ | 166,242 |  |  | $ | 144,324 |
Preservation services | 25,528 |  |  | 24,809 |  |  | 45,708 |  |  | 51,126 |
Total revenues | 112,972 |  |  | 98,019 |  |  | 211,950 |  |  | 195,450 |
Cost of products and preservation services: |  |  |  |  |  |  |
Medical devices | 28,315 |  |  | 24,545 |  |  | 53,578 |  |  | 48,295 |
Preservation services | 11,545 |  |  | 10,150 |  |  | 21,683 |  |  | 20,885 |
Total cost of products and preservation services | 39,860 |  |  | 34,695 |  |  | 75,261 |  |  | 69,180 |
Gross margin: |  |  |  |  |  |  |
Medical devices | 59,129 |  |  | 48,665 |  |  | 112,664 |  |  | 96,029 |
Preservation services | 13,983 |  |  | 14,659 |  |  | 24,025 |  |  | 30,241 |
Total gross margin | $ | 73,112 |  |  | $ | 63,324 |  |  | $ | 136,689 |  |  | $ | 126,270 |
Net revenues by product were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Products: |  |  |  |  |  |  |
Aortic stent grafts | $ | 39,841 |  | $ | 32,190 |  | $ | 76,443 |  | $ | 64,293
On-X | 25,572 |  | 20,645 |  | 47,146 |  | 40,326
Surgical sealants | 19,288 |  | 18,545 |  | 37,394 |  | 35,526
Other | 2,743 |  | 1,830 |  | 5,259 |  | 4,179
Total products | 87,444 |  | 73,210 |  | 166,242 |  | 144,324
Preservation services | 25,528 |  | 24,809 |  | 45,708 |  | 51,126
Total revenues | $ | 112,972 |  | $ | 98,019 |  | $ | 211,950 |  | $ | 195,450

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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