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Note 13 - Segment Data | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
(13) | 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):
|  | Three months ended March 31, |
|  | 2025 |  |  | 2024 |
Net sales from external customers |  | $ | 148,148 |  |  | $ | 105,009 |
Significant segment expenses: |  |  |  |  |  |  |  |
Materials |  |  | 61,366 |  |  |  | 47,722 |
Salaries and Benefits |  |  | 43,962 |  |  |  | 27,390 |
Depreciation and amortization |  |  | 4,634 |  |  |  | 2,999 |
Interest expense, net |  |  | 2,809 |  |  |  | 631 |
Other segment items (a) |  |  | 15,096 |  |  |  | 10,932 |
Income before income tax provision |  |  | 20,281 |  |  |  | 15,335 |
Income tax provision |  |  | 3,097 |  |  |  | 2,642 |
Segment net income |  | $ | 17,184 |  |  | $ | 12,693 |
Segment total assets (b) |  | $ | 642,642 |  |  |  |  |
| (a) | Other segment items include (production overhead, stock compensation, professional fees, and other SG&A expenses)
| (b) | See Condensed Consolidated Balance Sheet for details
Information about Geographic Areas Net sales shipped to customers outside of the United States comprised approximately 17.3%, and 18.4% of the Company’s consolidated net sales for the three months ended March 31, 2025 and 2024, respectively. Approximately 22.1% of all long-lived assets are located outside of the United States. Information about Major Customers Net sales to two customers comprised approximately 24.0% and 21.4%, respectively, of the Company’s consolidated net sales for the three months ended March 31, 2025. Net sales to one customer comprised approximately 32.2% of the Company’s consolidated net sales for the three months ended March 31, 2024. On March 31, 2025, two customers represented approximately 25.4% and 12.9% of gross accounts receivable, respectively. On March 31, 2024, one customer represented approximately 18.4% of gross accounts receivable. The Company’s products are primarily sold to customers within the Medical and Non-medical markets. Sales by market for the three months ended March 31, 2025 and 2024 are as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 (a) |
Market |  | Net Sales |  |  | % |  |  | Net Sales |  |  | % |
Medical |  | $ | 135,416 |  |  |  | 91.4 | % |  | $ | 90,037 |  |  |  | 85.7 | %
Non-medical |  |  | 12,732 |  |  |  | 8.6 | % |  |  | 14,972 |  |  |  | 14.3 | %
Net Sales |  | $ | 148,148 |  |  |  | 100.0 | % |  | $ | 105,009 |  |  |  | 100.0 | %
(a) Note – This table has been updated to conform to the current year presentation.

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- Definition The entire disclosure for reporting segments including data and tables. 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