XML 32 R22.htm IDEA: XBRL DOCUMENT v3.22.2
SEGMENT AND GEOGRAPHIC INFORMATION
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION SEGMENT AND GEOGRAPHIC INFORMATION
The Company internally manages two global reportable segments and reports the results of its businesses to its chief operating decision maker. The two reportable segments and their activities are described below.
•The Codman Specialty Surgical segment includes (i) the Neurosurgery business, which sells a full line of products for neurosurgery and neuro critical care such as tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, cranial stabilization equipment, and solutions for use in minimally invasive neurosurgery and in the management of intracerebral hemorrhages, and (ii) the Instruments business, which sells more than 40,000 instrument patterns and surgical and lighting products to hospitals, surgery centers, dental, podiatry, and veterinary offices.
•The Tissue Technologies segment includes a large, complementary portfolio of products to address plastic and surgical reconstructive procedures such as complex and traumatic wounds, hernia and abdominal wall repair, breast reconstruction, and peripheral nerve repair. The Tissue Technologies segment has four unique technology platforms, including bovine engineered collagen matrix, bovine dermal matrix, amniotic technology and porcine bladder matrix technology, to address regenerative soft tissue reconstruction procedures.
The Corporate and other category includes (i) various executive, finance, human resource, information systems and legal functions, (ii) brand management, and (iii) share-based compensation costs.
The operating results of the various reportable segments as presented are not comparable to one another because (i) certain operating segments are more dependent than others on corporate functions for unallocated general and administrative and/or operational manufacturing functions, and (ii) the Company does not allocate certain manufacturing costs and general and administrative costs to the operating segment results. Net sales and profit by each reportable segment for the three and six months ended June 30, 2022 and 2021 are as follows:
Three Months Ended June 30,Six Months Ended June 30,
Dollars in thousands2022202120222021
Segment Net Sales
Codman Specialty Surgical$257,863 $256,837 $505,171 $498,078 
Tissue Technologies
139,952 133,155 269,282 251,985 
Total revenues$397,815 $389,992 $774,453 $750,063 
Segment Profit
Codman Specialty Surgical$92,196 $113,996 $202,356 $220,774 
Tissue Technologies
61,626 64,413 115,519114,424 
Segment profit153,822 178,409 317,875 335,198 
Amortization(3,304)(4,198)(7,198)(8,725)
Corporate and other(90,651)(122,357)(204,646)(243,905)
Operating income$59,867 $51,854 $106,031 $82,568 
The Company does not allocate any assets to the reportable segments. No asset information is reported to the chief operating decision maker and disclosed in the financial information for each segment. The Company attributes revenues to geographic areas based on the location of the customer. Total revenue by major geographic area consisted of the following:
 Three Months Ended June 30,Six Months Ended June 30,
Dollars in thousands2022202120222021
United States$287,347 $278,186 $550,698 $525,979 
Europe46,862 48,437 90,606 94,256 
Asia Pacific43,365 44,306 91,082 91,601 
Rest of World20,241 19,063 42,067 38,227 
Total Revenues$397,815 $389,992 $774,453 $750,063