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Note 20 - Segment Data
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
(20)

Segment Data

 

The Company consists of a single operating and reportable segment and uses consolidated net income as its measure of segment profit and loss. The chief operating decision maker of the Company is the Chairman and Chief Executive Officer (CEO). The Chairman and CEO reviews consolidated operating results to make decisions about how to allocate resources to the segment and assess its performance as a whole. The Company has identified the following significant segment expenses (SSEs) due to their relevance to the overall consolidated operating results (in thousands):

 

   

Years Ended December 31,

  
   

2024

    

2023

    

2022

  

Net sales from external customers

   $ 504,421     $ 400,072     $ 353,792  
                         

Significant segment expenses:

                        

Materials

     219,755       181,434       160,314  

Salaries and Benefits

     133,984       103,387       96,386  

Depreciation and amortization

     14,715       11,407       11,886  

Interest expense, net

     8,061       3,645       2,763  

Other segment items (a)

     54,881       46,297       29,725  

Income before income tax provision

     73,025       53,902       52,718  

Income tax provision

     14,044       8,978       10,929  
                         

Segment net income

   $ 58,981     $ 44,924     $ 41,789  
                         

Segment total assets (b)

   $ 628,995     $ 404,136          

 

 

(a)

Other segment items include (production overhead, stock compensation, professional fees, and other SG&A expenses)
 

(b)

See Consolidated Balance Sheet for details

 

Information about Geographic Areas

 

Net sales shipped to customers outside of the United States comprised approximately 16.7%, 20.8%, and 17.5% of the Company’s consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. Approximately 21.3% of all long-lived assets are located outside of the United States.

 

Information about Major Customers

 

Net sales to two customers comprised approximately 28.8% and 15.4%, respectively, of the Company’s consolidated net sales for the year ended December 31, 2024. Net sales to one customer comprised approximately 28.1% of the Company’s consolidated net sales for the year ended December 31, 2023. Net sales to one customer comprised approximately 21.5% of the Company’s consolidated net sales for the year ended December 31, 2022.

 

On December 31, 2024, one customer represented approximately 34.0% of gross accounts receivable. On December 31, 2023, two customers represented approximately 16.5% and 12.2%, respectively, of gross accounts receivable.

 

The Company’s products are primarily sold to customers within the Medical, Aerospace & Defense, Industrial/Other markets, and Automotive markets. Net sales by market for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):

 

   

2024

    

2023

    

2022

  

Market

  

Net Sales

    

%

    

Net Sales

    

%

    

Net Sales

    

%

  
                                                 

Medical

   $ 450,767       89.4 %   $ 346,355       86.6 %   $ 286,180       80.9 %

Aerospace & Defense

     20,419       4.0 %     16,990       4.2 %     15,328       4.3 %

Industrial/Other

     18,138       3.6 %     20,027       5.0 %     34,797       9.9 %

Automotive

     15,097       3.0 %     16,700       4.2 %     17,487       4.9 %

Net Sales

   $ 504,421       100.0 %   $ 400,072       100.0 %   $ 353,792       100.0 %