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SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
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 thousandsCodman Specialty SurgicalTissue TechnologiesCorporate and OtherTotal
 2024 Total revenue, net$1,143,636 $466,891 $— $1,610,527 
Cost of goods sold384,422 162,535 181,509 728,466 
Research and development30,770 18,140 66,467 115,377 
Selling, general and administrative224,370 147,047 345,566 716,983 
Intangible asset amortization— — 21,290 21,290 
2024 Total cost and expenses639,562 327,722 614,832 1,582,116 
2024 Operating income (loss)$504,074 $139,169 $(614,832)28,411 
Interest income20,040 
Interest expense(70,632)
Other income, net3,944 
(Loss) before income taxes$(18,237)
Codman Specialty SurgicalTissue TechnologiesCorporate and OtherTotal
2023 Total revenue, net$1,058,993 $482,580 $— $1,541,573 
Cost of goods sold364,144 164,966 127,728 656,838 
Research and development29,984 24,202 50,006 104,192 
Selling, general and administrative214,335 159,364 282,942 656,641 
Intangible asset amortization— — 12,376 12,376 
2023 Total cost and expenses608,463 348,532 473,052 1,430,047 
2023 Operating income (loss)$450,530 $134,048 $(473,052)111,526 
Interest income17,202 
Interest expense(51,377)
Other income, net3,718 
Income before income taxes$81,069 
Codman Specialty SurgicalTissue TechnologiesCorporate and OtherTotal
2022 Total revenue, net$1,019,564 $538,102 $— $1,557,666 
Cost of goods sold345,742 120,937 120,676 587,355 
Research and development35,902 28,936 36,355 101,193 
Selling, general and administrative220,047 154,427 241,842 616,316 
Intangible asset amortization— — 13,882 13,882 
2022 Total cost and expenses601,691 304,300 412,755 1,318,746 
2022 Operating income (loss)$417,873 $233,802 $(412,755)238,920 
Interest income11,917 
Interest expense(49,594)
Gain on sale of business644 
Other income, net12,007 
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 thousandsUnited StatesEuropeAsia PacificRest of the WorldConsolidated
Total revenue, net:
2024$1,192,675 $158,496 $176,614 $82,742 $1,610,527 
20231,100,730 165,221 193,096 82,526 1,541,573 
20221,126,810 170,903 176,477 83,476 1,557,666 
Total long-lived assets:
2024534,336 52,385 28,264 1,295 616,280 
2023481,508 51,730 19,842 1,497 554,577 
2022440,223 60,857 12,975 2,721 516,776