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SEGMENT AND GEOGRAPHIC INFORMATION | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHIC INFORMATION The Company is organized primarily on the basis of products and operates two global reportable segments. Resources are allocated and performance is assessed by the Company’s President and Chief Executive Officer, which the Company has determined to be the Chief Operating Decision Maker (“CODM”). The two reportable segments and their activities are described below. •The Codman Specialty Surgical segment operations consist of (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, and cranial stabilization equipment 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; and (iii) the ENT business, which includes instrumentation, balloon technologies for sinus dilation and eustachian tube dilation, as well as surgical navigation systems. •The Tissue Technologies segment operations consist of such offerings as skin and wound repair, plastics and surgical reconstruction products, bone grafts, and nerve and tendon repair products. The Tissue Technologies segment includes the Company’s private label business. 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, which are not allocated to the reportable segments. The accounting policies of both segments are the same as those described in Note 2. Summary of Significant Accounting Policies. For both segments, the CODM uses segment revenue and segment operating income to assess the performance for each segment and in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis for segment revenue and segment operating income when making decisions about allocating capital and personnel to the segments. 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 segments. The table below presents information about reported segments for the years ended December 31, 2024, 2023, and 2022 are as follows:
Dollars in thousands | Codman Specialty Surgical |  | Tissue Technologies |  | Corporate and Other |  | Total
2024 Total revenue, net | $ | 1,143,636 |  |  | $ | 466,891 |  |  | $ | — |  |  | $ | 1,610,527 |
Cost of goods sold | 384,422 |  |  | 162,535 |  |  | 181,509 |  |  | 728,466 |
Research and development | 30,770 |  |  | 18,140 |  |  | 66,467 |  |  | 115,377 |
Selling, general and administrative | 224,370 |  |  | 147,047 |  |  | 345,566 |  |  | 716,983 |
Intangible asset amortization | — |  |  | — |  |  | 21,290 |  |  | 21,290 |
2024 Total cost and expenses | 639,562 |  |  | 327,722 |  |  | 614,832 |  |  | 1,582,116 |
2024 Operating income (loss) | $ | 504,074 |  |  | $ | 139,169 |  |  | $ | (614,832) |  |  | 28,411 |
Interest income |  |  |  |  |  |  | 20,040 |
Interest expense |  |  |  |  |  |  | (70,632) |
Other income, net |  |  |  |  |  |  | 3,944 |
(Loss) before income taxes |  |  |  |  |  |  | $ | (18,237) |
| Codman Specialty Surgical |  | Tissue Technologies |  | Corporate and Other |  | Total
2023 Total revenue, net | $ | 1,058,993 |  |  | $ | 482,580 |  |  | $ | — |  |  | $ | 1,541,573 |
Cost of goods sold | 364,144 |  |  | 164,966 |  |  | 127,728 |  |  | 656,838 |
Research and development | 29,984 |  |  | 24,202 |  |  | 50,006 |  |  | 104,192 |
Selling, general and administrative | 214,335 |  |  | 159,364 |  |  | 282,942 |  |  | 656,641 |
Intangible asset amortization | — |  |  | — |  |  | 12,376 |  |  | 12,376 |
2023 Total cost and expenses | 608,463 |  |  | 348,532 |  |  | 473,052 |  |  | 1,430,047 |
2023 Operating income (loss) | $ | 450,530 |  |  | $ | 134,048 |  |  | $ | (473,052) |  |  | 111,526 |
Interest income |  |  |  |  |  |  | 17,202 |
Interest expense |  |  |  |  |  |  | (51,377) |
Other income, net |  |  |  |  |  |  | 3,718 |
Income before income taxes |  |  |  |  |  |  | $ | 81,069 |
| Codman Specialty Surgical |  | Tissue Technologies |  | Corporate and Other |  | Total
2022 Total revenue, net | $ | 1,019,564 |  |  | $ | 538,102 |  |  | $ | — |  |  | $ | 1,557,666 |
Cost of goods sold | 345,742 |  |  | 120,937 |  |  | 120,676 |  |  | 587,355 |
Research and development | 35,902 |  |  | 28,936 |  |  | 36,355 |  |  | 101,193 |
Selling, general and administrative | 220,047 |  |  | 154,427 |  |  | 241,842 |  |  | 616,316 |
Intangible asset amortization | — |  |  | — |  |  | 13,882 |  |  | 13,882 |
2022 Total cost and expenses | 601,691 |  |  | 304,300 |  |  | 412,755 |  |  | 1,318,746 |
2022 Operating income (loss) | $ | 417,873 |  |  | $ | 233,802 |  |  | $ | (412,755) |  |  | 238,920 |
Interest income |  |  |  |  |  |  | 11,917 |
Interest expense |  |  |  |  |  |  | (49,594) |
Gain on sale of business |  |  |  |  |  |  | 644 |
Other income, net |  |  |  |  |  |  | 12,007 |
Income before income taxes |  |  |  |  |  |  | $ | 213,894 |
The Company does not allocate any long-lived assets to the reportable segments. Asset information by segment is not reported internally or otherwise regularly reviewed by the Chief Operating Decision Maker. The Company attributes revenue to geographic areas based on the location of the customer. Total revenue, net and tangible long-lived assets by major geographic area are summarized below:
Dollars in thousands | United States |  | Europe |  | Asia Pacific |  | Rest of the World |  | Consolidated
Total revenue, net: |  |  |  |  |  |  |  |  |
2024 | $ | 1,192,675 |  |  | $ | 158,496 |  |  | $ | 176,614 |  |  | $ | 82,742 |  |  | $ | 1,610,527 |
2023 | 1,100,730 |  |  | 165,221 |  |  | 193,096 |  |  | 82,526 |  |  | 1,541,573 |
2022 | 1,126,810 |  |  | 170,903 |  |  | 176,477 |  |  | 83,476 |  |  | 1,557,666 |
Total long-lived assets: |  |  |  |  |  |  |  |  |
2024 | 534,336 |  |  | 52,385 |  |  | 28,264 |  |  | 1,295 |  |  | 616,280 |
2023 | 481,508 |  |  | 51,730 |  |  | 19,842 |  |  | 1,497 |  |  | 554,577 |
2022 | 440,223 |  |  | 60,857 |  |  | 12,975 |  |  | 2,721 |  |  | 516,776 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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