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Business Segment | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Business Segment | Business Segment We account and report for our business as a single operating segment entity engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. The Company derives revenue globally and manages the business on a consolidated basis due to shared infrastructure and resources. Our chief operating decision maker ("CODM"), the President and Chief Executive Officer, evaluates the various global product portfolios on a net sales basis and evaluates profitability, investment, cash flow metrics and allocates resources on a consolidated worldwide basis. Our product lines consist of orthopedic surgery and general surgery. Orthopedic surgery consists of sports medicine and lower extremities instrumentation and implants, small bone, large bone and specialty powered surgical instruments as well as imaging systems for use in minimally invasive surgical procedures and fees related to sales representation, promotion and marketing of sports medicine allograft tissue. General surgery consists of a complete line of endo-mechanical instrumentation for minimally invasive laparoscopic and gastrointestinal procedures, clinical insufflation, smoke evacuation devices, a line of cardiac monitoring products as well as electrosurgical generators and related instruments. These product lines' net sales are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Orthopedic surgery | $ | 140,734 |  |  | $ | 139,537 |  |  | $ | 279,024 |  |  | $ | 274,449 |
General surgery | 201,611 |  |  | 192,560 |  |  | 384,576 |  |  | 369,922 |
Consolidated net sales | $ | 342,345 |  |  | $ | 332,097 |  |  | $ | 663,600 |  |  | $ | 644,371 |
The following table includes significant segment expenses:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net sales | $ | 342,345 |  |  | $ | 332,097 |  |  | $ | 663,600 |  |  | $ | 644,371 |
Cost of sales | 154,025 |  |  | 148,368 |  |  | 297,529 |  |  | 288,677 |
Salesforce and commission expense | 58,923 |  |  | 57,320 |  |  | 116,355 |  |  | 112,595 |
Marketing expense | 16,992 |  |  | 16,428 |  |  | 32,867 |  |  | 31,950 |
Distribution expense | 13,152 |  |  | 12,825 |  |  | 25,185 |  |  | 24,792 |
General and administrative expense | 33,016 |  |  | 29,150 |  |  | 65,670 |  |  | 60,990 |
Stock-based compensation expense | 4,903 |  |  | 6,974 |  |  | 18,766 |  |  | 13,214 |
Amortization expense | 7,192 |  |  | 7,157 |  |  | 14,364 |  |  | 14,309 |
Non-cash adjustments to fair value of contingent consideration liability | (1,799) |  |  | (8,673) |  |  | 2,163 |  |  | (15,219) |
Research and development expense | 14,138 |  |  | 14,098 |  |  | 27,084 |  |  | 27,692 |
Interest expense | 7,824 |  |  | 9,593 |  |  | 16,110 |  |  | 19,188 |
Other expense | 418 |  |  | — |  |  | 418 |  |  | — |
Provision for income taxes | 8,498 |  |  | 7,538 |  |  | 10,134 |  |  | 13,248 |
Other segment items(a) | 3,642 |  |  | 1,343 |  |  | 9,498 |  |  | 3,250 |
Net income | $ | 21,421 |  |  | $ | 29,976 |  |  | $ | 27,457 |  |  | $ | 49,685 |
(a)Other segment items consist of (i) third party services pertaining to review of potential issues with certain royalty payments to surgeons involved in design teams during the three and six months ended June 30, 2025 and 2024; (ii) cash compensation costs related to advisory services provided by our former Chief Executive Officer during the six months ended June 30, 2025; (iii) consulting fees related to operational optimization during the three and six months ended June 30, 2025; (iv) gain on the sale of a product line during the six months ended June 30, 2025; and (v) restructuring related costs and income related to the termination of a distributor agreement during the six months ended June 30, 2024. Total assets for the Company's single operating segment are the same as presented on the Company's consolidated balance sheet, which is used to measure segment performance.

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