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SEGMENT AND GEOGRAPHIC INFORMATION | 3 Months Ended
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Mar. 31, 2025
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. 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 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 reportable segments. Net sales and profit by each reportable segment for the three months ended March 31, 2025 and 2024 are as follows:
| Three Months Ended March 31, 2025
Dollars in thousands | Codman Specialty Surgical |  | Tissue Technologies |  | Corporate and Other |  | Total
Total revenue, net | $ | 280,664 |  |  | $ | 101,989 |  |  | $ | — |  |  | $ | 382,653 |
Cost of goods sold | 92,682 |  |  | 45,063 |  |  | 50,476 |  |  | 188,221 |
Research and development | 7,945 |  |  | 3,719 |  |  | 13,064 |  |  | 24,728 |
Selling, general and administrative | 69,674 |  |  | 37,161 |  |  | 74,662 |  |  | 181,497 |
Intangible asset amortization | — |  |  | — |  |  | 3,704 |  |  | 3,704 |
Total cost and expenses | 170,301 |  |  | 85,943 |  |  | 141,906 |  |  | 398,150 |
Operating income (loss) | $ | 110,363 |  |  | $ | 16,046 |  |  | $ | (141,906) |  |  | (15,497) |
Interest income |  |  |  |  |  |  | 4,420 |
Interest expense |  |  |  |  |  |  | (18,815) |
Other income, net |  |  |  |  |  |  | (144) |
Loss before income taxes |  |  |  |  |  |  | $ | (30,036) |
| Three Months Ended March 31, 2024
Dollars in thousands | Codman Specialty Surgical |  | Tissue Technologies |  | Corporate and Other |  | Total
Total revenue, net | $ | 256,434 |  |  | $ | 112,438 |  |  | $ | — |  |  | $ | 368,872 |
Cost of goods sold | 92,973 |  |  | 37,538 |  |  | 31,527 |  |  | 162,038 |
Research and development | 5,765 |  |  | 4,901 |  |  | 16,299 |  |  | 26,965 |
Selling, general and administrative | 54,204 |  |  | 39,333 |  |  | 72,261 |  |  | 165,798 |
Intangible asset amortization | — |  |  | — |  |  | 10,107 |  |  | 10,107 |
Total cost and expenses | 152,942 |  |  | 81,772 |  |  | 130,194 |  |  | 364,908 |
Operating income (loss) | $ | 103,492 |  |  | $ | 30,666 |  |  | $ | (130,194) |  |  | 3,964 |
Interest income |  |  |  |  |  |  | 5,040 |
Interest expense |  |  |  |  |  |  | (13,624) |
Other income, net |  |  |  |  |  |  | (610) |
Loss before income taxes |  |  |  |  |  |  | $ | (5,230) |
The Company does not allocate any assets to the reportable segments. No asset information is reported to the CODM 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 March 31, |  |
Dollars in thousands | 2025 |  | 2024 |  |  |  |
United States | $ | 282,217 |  |  | $ | 256,229 |  |  |  |  |
Europe | 35,326 |  |  | 41,596 |  |  |  |  |
Asia Pacific | 45,105 |  |  | 49,545 |  |  |  |  |
Rest of World | 20,005 |  |  | 21,502 |  |  |  |  |
Total Revenues | $ | 382,653 |  |  | $ | 368,872 |  |  |  |  |

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