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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, 2025Nine Months Ended September 30, 2025
Dollars in thousandsCodman Specialty SurgicalTissue TechnologiesCorporate and OtherTotalCodman Specialty SurgicalTissue TechnologiesCorporate and OtherTotal
Total revenue, net$292,583 $109,479 $— $402,062 $877,204 $323,116 $— $1,200,320 
Cost of goods sold93,289 42,668 59,114 195,071 288,070 138,499 162,996 589,565 
Research and development6,632 4,189 11,635 22,456 22,276 12,243 39,662 74,181 
Selling, general & administrative62,433 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 expenses162,354 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)$(432,685)(516,410)
Interest income4,982 14,112 
Interest expense(22,725)(62,582)
Other income, net(842)(2,932)
Loss before income taxes$(6,824)$(567,812)
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
Dollars in thousandsCodman Specialty SurgicalTissue TechnologiesCorporate and OtherTotalCodman Specialty SurgicalTissue TechnologiesCorporate and OtherTotal
Total revenue, net$270,782 $110,052 $— $380,834 $828,977 $338,904 $— $1,167,881 
Cost of goods sold95,829 40,529 44,238 180,596 281,443 119,512 133,937 534,892 
Research and development8,548 4,506 14,381 27,435 21,880 13,858 48,429 84,167 
Selling, general & administrative65,867 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 expenses170,244 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 $(471,722)(7,216)
Interest income5,049 15,147 
Interest expense(19,373)(51,648)
Other income, net2,112 2,939 
Loss before income taxes$(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 thousands2025202420252024
United States$295,846 $290,192 $884,371 $856,646 
Europe42,893 34,368 120,813 116,653 
Asia Pacific42,680 37,052 135,517 132,548 
Rest of World20,643 19,222 59,619 62,034 
Total Revenues$402,062 $380,834 $1,200,320 $1,167,881