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Note 13 - Segment Data
 6 Months Ended
Jun. 30, 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 June 30,

    

Six months ended June 30,

  
   

2025

    

2024

    

2025

    

2024

  

Net sales from external customers

   $ 151,176     $ 110,177     $ 299,324     $ 215,186  
                                 

Significant segment expenses:

                                

Materials

     62,510       48,721       123,876       96,443  

Salaries and Benefits

     42,911       27,796       86,873       55,186  

Depreciation and amortization

     4,719       3,032       9,353       6,031  

Interest expense, net

     2,671       577       5,480       1,208  

Other segment items (a)

     16,739       12,679       31,835       23,611  

Income before income tax provision

     21,626       17,372       41,907       32,707  

Income tax provision

     4,446       3,820       7,543       6,462  
                                 

Segment net income

   $ 17,180     $ 13,552     $ 34,364     $ 26,245  
                                 

Segment total assets (b)

   $ 634,659                          

 

 

(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 17.0%, and 17.1% of the Company’s consolidated net sales for the three and six months ended June 30, 2025, respectively. Net sales shipped to customers outside of the United States comprised approximately 18.8% and 18.6% of the Company’s consolidated net sales for the three and six months ended June 30, 2024, respectively. Approximately 36.6% of all long-lived assets are located outside of the United States.

 

Information about Major Customers

 

Net sales to two customers comprised approximately 27.4% and 20.3% of the Company’s consolidated net sales for the three months ended June 30, 2025, respectively. Net sales to two customers comprised approximately 24.4% and 22.1% of the Company’s consolidated net sales for the six months ended June 30, 2025, respectively. Net sales to one customer comprised approximately 33.9% and 33.1% of the Company’s consolidated net sales for the three and six months ended June 30, 2024, respectively.

 

On June 30, 2025, two customers represented approximately 20.7% and 19.1% of gross accounts receivable, respectively. On December 31, 2024, one customer represented approximately 34.0% 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 and six months ended June 30, 2025 and 2024 are as follows (in thousands):

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  
   

2025

    

2024 (a)

    

2025

    

2024 (a)

  

Market

  

Net Sales

    

%

    

Net Sales

    

%

    

Net Sales

    

%

    

Net Sales

    

%

  
                                                                 

Medical

   $ 139,335       92.2 %   $ 95,419       86.6 %   $ 274,749       91.8 %   $ 185,456       86.2 %

Non-medical

     11,841       7.8 %     14,758       13.4 %     24,575       8.2 %     29,730       13.8 %

Net Sales

   $ 151,176       100.0 %   $ 110,177       100.0 %   $ 299,324       100.0 %   $ 215,186       100.0 %

 

   

(a)    Note – This table has been updated to conform to the current year presentation.