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Business segment information | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Business segment information | 11. Business segment information The Company has two reporting segments: Global Spine and Global Orthopedics. The primary metric used in managing the Company is adjusted earnings before interest, tax, depreciation, and amortization (“Adjusted EBITDA”). Adjusted EBITDA represents earnings before interest income (expense), income taxes, depreciation, and amortization and excludes the impact of share-based compensation, gains and losses related to foreign currency translation, charges related to strategic investments, acquisition-related fair value adjustments, amortization of acquired intangibles, gains or losses recognized on disposition of investment securities, legal judgments and settlements, charges related to compliance with regulations set forth by the European Union Medical Device Regulation, and long-term income tax rate adjustment. Corporate activities comprise operating expenses and activities not directly identifiable within the two reporting segments, such as human resources, finance, legal, and information technology functions. The table below presents adjusted EBITDA by reporting segment:
|  | Three Months Ended March 31, |
(Unaudited, U.S. Dollars, in thousands) |  |  | 2023 |  |  | 2022 |
Adjusted EBITDA by reporting segment |  |  |  |  |  |  |
Global Spine |  |  |  | 14,981 |  |  |  | 14,033 |
Global Orthopedics |  |  |  | 44 |  |  |  | (804 | )
Corporate |  |  |  | (11,821 | ) |  |  | (6,120 | )
Consolidated adjusted EBITDA |  |  | $ | 3,204 |  |  | $ | 7,109 |
Reconciling items: |  |  |  |  |  |  |
Interest expense, net |  |  |  | 1,289 |  |  |  | 375 |
Depreciation and amortization |  |  |  | 12,670 |  |  |  | 7,516 |
Share-based compensation expense |  |  |  | 13,020 |  |  |  | 4,332 |
Foreign exchange impact |  |  |  | (583 | ) |  |  | 1,242 |
SeaSpine merger-related costs |  |  |  | 20,740 |  |  |  | — |
Strategic investments |  |  |  | 661 |  |  |  | 970 |
Acquisition-related fair value adjustments |  |  |  | 11,636 |  |  |  | (5,500 | )
Legal judgments/settlements |  |  |  | 469 |  |  |  | 193 |
Medical device regulation |  |  |  | 3,629 |  |  |  | 1,952 |
Business interruption - COVID-19 |  |  |  | — |  |  |  | 343 |
All other |  |  |  | — |  |  |  | 75 |
Loss before income taxes |  |  | $ | (60,327 | ) |  | $ | (4,389 | )
Geographical information The table below presents net sales by geographic destination for each reporting segment and for the consolidated Company:
|  | Three Months Ended March 31, |
(Unaudited, U.S. Dollars, in thousands) |  | 2023 |  |  | 2022 |
Global Spine |  |  |  |  |  |
U.S. |  | $ | 139,457 |  |  | $ | 77,066 |
International |  |  | 9,749 |  |  |  | 5,589 |
Total Global Spine |  |  | 149,206 |  |  |  | 82,655 |
Global Orthopedics |  |  |  |  |  |
U.S. |  |  | 6,636 |  |  |  | 5,327 |
International |  |  | 19,362 |  |  |  | 18,436 |
Total Global Orthopedics |  |  | 25,998 |  |  |  | 23,763 |
Consolidated |  |  |  |  |  |
U.S. |  |  | 146,093 |  |  |  | 82,393 |
International |  |  | 29,111 |  |  |  | 24,025 |
Net sales |  | $ | 175,204 |  |  | $ | 106,418 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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