XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.25.3

SEGMENT AND GEOGRAPHIC INFORMATION | 9 Months Ended
--- | ---
Sep. 30, 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; (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 consists of Wound Reconstruction and Care business, which sells offerings such as skin and wound repair, plastics and surgical reconstruction products and nerve and tendon repair products. The Tissue Technologies segment also 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 and nine months ended September 30, 2025 and 2024 are as follows:
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
Dollars in thousands | Codman Specialty Surgical |  | Tissue Technologies |  | Corporate and Other |  | Total |  | Codman Specialty Surgical |  | Tissue Technologies |  | Corporate and Other |  | Total
Total revenue, net | $ | 292,583 |  |  | $ | 109,479 |  |  | $ | — |  |  | $ | 402,062 |  |  | $ | 877,204 |  |  | $ | 323,116 |  |  | $ | — |  |  | $ | 1,200,320 |
Cost of goods sold | 93,289 |  |  | 42,668 |  |  | 59,114 |  |  | 195,071 |  |  | 288,070 |  |  | 138,499 |  |  | 162,996 |  |  | 589,565 |
Research and development | 6,632 |  |  | 4,189 |  |  | 11,635 |  |  | 22,456 |  |  | 22,276 |  |  | 12,243 |  |  | 39,662 |  |  | 74,181 |
Selling, general & administrative | 62,433 |  |  | 35,478 |  |  | 71,135 |  |  | 169,046 |  |  | 201,309 |  |  | 110,283 |  |  | 218,841 |  |  | 530,433 |
Intangible asset amortization | — |  |  | — |  |  | 3,728 |  |  | 3,728 |  |  | — |  |  | — |  |  | 11,186 |  |  | 11,186 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | 388,106 |  |  | 123,259 |  |  | — |  |  | 511,365 |
Total cost and expenses | 162,354 |  |  | 82,335 |  |  | 145,612 |  |  | 390,301 |  |  | 899,761 |  |  | 384,284 |  |  | 432,685 |  |  | 1,716,730 |
Operating income (loss) | $ | 130,229 |  |  | $ | 27,144 |  |  | $ | (145,612) |  |  | 11,761 |  |  | $ | (22,557) |  |  | $ | (61,168) |  |  | $ | (432,685) |  |  | (516,410) |
Interest income |  |  |  |  |  |  | 4,982 |  |  |  |  |  |  |  |  | 14,112 |
Interest expense |  |  |  |  |  |  | (22,725) |  |  |  |  |  |  |  |  | (62,582) |
Other income, net |  |  |  |  |  |  | (842) |  |  |  |  |  |  |  |  | (2,932) |
Loss before income taxes |  |  |  |  |  |  | $ | (6,824) |  |  |  |  |  |  |  |  | $ | (567,812) |
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
Dollars in thousands | Codman Specialty Surgical |  | Tissue Technologies |  | Corporate and Other |  | Total |  | Codman Specialty Surgical |  | Tissue Technologies |  | Corporate and Other |  | Total
Total revenue, net | $ | 270,782 |  |  | $ | 110,052 |  |  | $ | — |  |  | $ | 380,834 |  |  | $ | 828,977 |  |  | $ | 338,904 |  |  | $ | — |  |  | $ | 1,167,881 |
Cost of goods sold | 95,829 |  |  | 40,529 |  |  | 44,238 |  |  | 180,596 |  |  | 281,443 |  |  | 119,512 |  |  | 133,937 |  |  | 534,892 |
Research and development | 8,548 |  |  | 4,506 |  |  | 14,381 |  |  | 27,435 |  |  | 21,880 |  |  | 13,858 |  |  | 48,429 |  |  | 84,167 |
Selling, general & administrative | 65,867 |  |  | 36,535 |  |  | 74,791 |  |  | 177,193 |  |  | 157,483 |  |  | 109,199 |  |  | 271,781 |  |  | 538,463 |
Intangible asset amortization | — |  |  | — |  |  | 3,760 |  |  | 3,760 |  |  | — |  |  | — |  |  | 17,575 |  |  | 17,575 |
Total cost and expenses | 170,244 |  |  | 81,570 |  |  | 137,170 |  |  | 388,984 |  |  | 460,806 |  |  | 242,569 |  |  | 471,722 |  |  | 1,175,097 |
Operating income (loss) | $ | 100,538 |  |  | $ | 28,482 |  |  | $ | (137,170) |  |  | (8,150) |  |  | $ | 368,171 |  |  | $ | 96,335 |  |  | $ | (471,722) |  |  | (7,216) |
Interest income |  |  |  |  |  |  | 5,049 |  |  |  |  |  |  |  |  | 15,147 |
Interest expense |  |  |  |  |  |  | (19,373) |  |  |  |  |  |  |  |  | (51,648) |
Other income, net |  |  |  |  |  |  | 2,112 |  |  |  |  |  |  |  |  | 2,939 |
Loss before income taxes |  |  |  |  |  |  | $ | (20,362) |  |  |  |  |  |  |  |  | $ | (40,778) |
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 September 30, |  | Nine Months Ended September 30,
Dollars in thousands | 2025 |  | 2024 |  | 2025 |  | 2024
United States | $ | 295,846 |  |  | $ | 290,192 |  |  | $ | 884,371 |  |  | $ | 856,646 |
Europe | 42,893 |  |  | 34,368 |  |  | 120,813 |  |  | 116,653 |
Asia Pacific | 42,680 |  |  | 37,052 |  |  | 135,517 |  |  | 132,548 |
Rest of World | 20,643 |  |  | 19,222 |  |  | 59,619 |  |  | 62,034 |
Total Revenues | $ | 402,062 |  |  | $ | 380,834 |  |  | $ | 1,200,320 |  |  | $ | 1,167,881 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration