v3.24.0.1

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The Company’s segment results were as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Net sales: |  |  |  |  |
Prevention & Recovery | $ | 1,076,776 |  |  | $ | 1,027,628 |  |  | $ | 1,026,029 |
Reconstructive | 630,421 |  |  | 535,473 |  |  | 400,159 |
Total Net sales | $ | 1,707,197 |  |  | $ | 1,563,101 |  |  | $ | 1,426,188 |
Segment Adjusted EBITDA(1): |  |  |  |  |
Prevention & Recovery | $ | 152,501 |  |  | $ | 141,344 |  |  | $ | 133,500 |
Reconstructive | 116,726 |  |  | 94,726 |  |  | 72,496 |
Total Adjusted EBITDA(1) | $ | 269,227 |  |  | $ | 236,070 |  |  | $ | 205,996 |
Depreciation, amortization and impairment |  |  |  |  |
Prevention & Recovery | $ | 115,752 |  |  | $ | 104,458 |  |  | $ | 97,898 |
Reconstructive | 101,357 |  |  | 98,507 |  |  | 89,091 |
Total depreciation, amortization and impairment | $ | 217,109 |  |  | $ | 202,965 |  |  | $ | 186,989 |
Capital expenditures: |  |  |  |  |
Prevention & Recovery | $ | 26,356 |  |  | $ | 25,140 |  |  | $ | 19,514 |
Reconstructive | 95,867 |  |  | 74,407 |  |  | 49,077 |
Total capital expenditures | $ | 122,223 |  |  | $ | 99,547 |  |  | $ | 68,591 |
(1) The following is a reconciliation of Income from continuing operations before income taxes to Adjusted EBITDA:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Loss from continuing operations before income taxes | $ | (67,128) |  |  | $ | (2,069) |  |  | $ | (121,781) |
Restructuring and other charges(1) | 19,950 |  |  | 18,960 |  |  | 13,914 |
MDR and other costs(2) | 27,400 |  |  | 16,709 |  |  | 7,949 |
Strategic transaction costs | 38,250 |  |  | 61,024 |  |  | 23,448 |
Stock-based compensation | 32,079 |  |  | 31,493 |  |  | 25,737 |
Depreciation and other amortization | 83,592 |  |  | 76,664 |  |  | 70,069 |
Amortization of acquired intangibles | 133,517 |  |  | 126,301 |  |  | 116,920 |
Insurance settlement gain(3) | — |  |  | (36,705) |  |  | — |
Inventory step-up | 148 |  |  | 12,802 |  |  | 10,758 |
Interest expense, net | 19,749 |  |  | 24,052 |  |  | 29,112 |
Debt extinguishment charges | 7,333 |  |  | 20,396 |  |  | 29,870 |
Gain on investment in ESAB Corporation | — |  |  | (102,669) |  |  | — |
Gain on cost basis investment | — |  |  | (8,800) |  |  | — |
Other income, net | (25,663) |  |  | (2,088) |  |  | — |
Adjusted EBITDA (non-GAAP) | 269,227 |  |  | 236,070 |  |  | 205,996 |
(1) Restructuring and other charges includes $2.6 million, $1.7 million and $5.2 million of expense classified as Cost of sales on the Company’s Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021, respectively. (2) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union MDR. These costs are classified as Selling, general and administrative expense on our Consolidated Statements of Operations. (3) Insurance settlement gain is related to the 2019 acquisition of DJO.
| December 31,
| 2023 |  | 2022
| (In thousands)
Total assets(1): |  |  |
Prevention & Recovery | $ | 2,414,014 |  |  | $ | 2,470,917 |
Reconstructive | 2,095,320 |  |  | 1,802,331 |
Total | $ | 4,509,334 |  |  | $ | 4,273,248 |
(1) Includes allocation of certain centrally managed assets, including cash and cash equivalents.
Revenue from External Customers by Products and Services | The detail of the Company’s operations by geography is as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Net sales by origin(1): |  |  |  |  |
United States | $ | 1,152,360 |  |  | $ | 1,062,765 |  |  | $ | 1,030,440 |
Foreign locations | 554,837 |  |  | 500,336 |  |  | 395,748 |
Total | $ | 1,707,197 |  |  | $ | 1,563,101 |  |  | $ | 1,426,188 |
(1) The Company attributes revenues from external customers to individual countries based upon the country in which the sale was originated.
Long-Lived Assets, by Geographical Areas |
| December 31,
| 2023 |  | 2022
| (In thousands)
Property, plant and equipment, net(1): |  |  |
United States | $ | 179,146 |  |  | $ | 157,897 |
Switzerland | 45,995 |  |  | 41,113 |
Germany | 20,147 |  |  | 16,450 |
Mexico | 8,006 |  |  | 6,605 |
France | 5,529 |  |  | 3,058 |
Other foreign locations | 11,975 |  |  | 11,618 |
Total | $ | 270,798 |  |  | $ | 236,741 |
(1) As the Company does not allocate all long-lived assets (specifically intangible assets) to each individual country, evaluation of long-lived assets in total is impracticable.

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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