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Segment Data
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Data 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 September 30,Nine months ended September 30,
2025202420252024
Net sales from external customers$154,558 $145,165 $453,882 $360,351 
Significant segment expenses:
Materials62,581 61,503 186,457 157,946 
Salaries and Benefits46,984 38,936 133,857 94,122 
Depreciation and amortization4,874 4,027 14,227 10,058 
Interest expense, net2,393 3,475 7,873 4,683 
Other segment items (a)16,662 16,005 48,497 39,616 
Income before income tax provision21,064 21,219 62,971 53,926 
Income tax provision4,681 4,858 12,224 11,320 
Segment net income$16,383 $16,361 $50,747 $42,606 
Segment total assets (b)$652,821 
(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 15.0% and 16.4% of the Company’s consolidated net sales for the three and nine months ended September 30, 2025, respectively. Net sales shipped to customers outside of the United States comprised approximately 14.7% and 17.1% of the Company’s consolidated net sales for the three and nine months ended September 30, 2024, respectively. Approximately 36.9% of all long-lived assets are located outside of the United States.
Information about Major Customers
Net sales to two customers comprised approximately 27.1% and 17.1% of the Company’s consolidated net sales for the three months ended September 30, 2025, respectively. Net sales to two customers comprised approximately 25.3% and 20.4% of the Company’s consolidated net sales for the nine months ended September 30, 2025, respectively. Net sales to two customers comprised approximately 26.7% and 24.0%, respectively, of the Company’s consolidated net sales for the three months ended September 30, 2024. Net sales to two customers comprised approximately 30.3% and 12.4%, respectively, of the Company’s consolidated net sales for the nine months ended September 30, 2024.
On September 30, 2025, two customers represented approximately 21.3% and 14.9% 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 nine months ended September 30, 2025 and 2024 are as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
20252024 (a)20252024 (a)
MarketNet Sales%Net Sales%Net Sales%Net Sales%
Medical$142,358 92.1%$132,623 91.4%$417,107 91.9%$318,079 88.3%
Non-medical12,200 7.9%12,542 8.6%36,775 8.1%42,272 11.7%
Net Sales$154,558 100.0%$145,165 100.0%$453,882 100.0%$360,351 100.0%
(a)Note – This table has been updated to conform to the current year presentation.