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Revenue recognition and accounts receivable | 9 Months Ended
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Sep. 30, 2023
Revenue Recognition And Accounts Receivable [Abstract] |
Revenue recognition and accounts receivable | 10. Revenue recognition and accounts receivable Revenue Recognition The Company has two reporting segments: Global Spine and Global Orthopedics. Within the Global Spine reporting segment, there are two product categories: (i) Bone Growth Therapies, and (ii) Spinal Implants, Biologics, and Enabling Technologies. The table below presents net sales by major product category by reporting segment:
|  | Three Months Ended September 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2023 |  |  | 2022 |  |  | Change |
Bone Growth Therapies |  | $ | 53,359 |  |  | $ | 46,531 |  |  |  | 14.7 | %
Spinal Implants, Biologics, and Enabling Technologies |  |  | 100,993 |  |  |  | 39,655 |  |  |  | 154.7 | %
Global Spine |  |  | 154,352 |  |  |  | 86,186 |  |  |  | 79.1 | %
Global Orthopedics |  |  | 29,654 |  |  |  | 27,810 |  |  |  | 6.6 | %
Net sales |  | $ | 184,006 |  |  | $ | 113,996 |  |  |  | 61.4 | %
|  | Nine Months Ended September 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2023 |  |  | 2022 |  |  | Change |
Bone Growth Therapies |  | $ | 153,735 |  |  | $ | 136,244 |  |  |  | 12.8 | %
Spinal Implants, Biologics, and Enabling Technologies |  |  | 307,799 |  |  |  | 123,379 |  |  |  | 149.5 | %
Global Spine |  |  | 461,534 |  |  |  | 259,623 |  |  |  | 77.8 | %
Global Orthopedics |  |  | 84,692 |  |  |  | 78,861 |  |  |  | 7.4 | %
Net sales |  | $ | 546,226 |  |  | $ | 338,484 |  |  |  | 61.4 | %
Product Sales and Marketing Service Fees The table below presents product sales and marketing service fees, which are both components of net sales:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Product sales |  | $ | 170,666 |  |  | $ | 100,485 |  |  | $ | 506,992 |  |  | $ | 296,652 |
Marketing service fees |  |  | 13,340 |  |  |  | 13,511 |  |  |  | 39,234 |  |  |  | 41,832 |
Net sales |  | $ | 184,006 |  |  | $ | 113,996 |  |  | $ | 546,226 |  |  | $ | 338,484 |
Product sales primarily consist of the sale of bone growth therapies devices, spinal implants, certain biologics, enabling technologies, and orthopedics products. Marketing service fees are received from MTF Biologics based on total sales of biologics tissues sourced from MTF Biologics and relate solely to the Global Spine reporting segment. The Company partners with MTF Biologics to provide certain allograft solutions (HCT/Ps) for various spine, orthopedic and other bone repair needs, with this partnership allowing us to exclusively market certain biologic offerings. Accounts receivable and related allowances The following table provides a detail of changes in the Company’s allowance for expected credit losses for the three and nine months ended September 30, 2023 and 2022:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Allowance for expected credit losses beginning balance |  | $ | 7,015 |  |  | $ | 5,589 |  |  | $ | 6,419 |  |  | $ | 4,944 |
Addition resulting from the Merger with SeaSpine |  |  | — |  |  |  | — |  |  |  | 137 |  |  |  | — |
Current period provision for expected credit losses |  |  | 415 |  |  |  | 574 |  |  |  | 905 |  |  |  | 1,713 |
Write-offs charged against the allowance and other |  |  | (214 | ) |  |  | 10 |  |  |  | (334 | ) |  |  | (236 | )
Effect of changes in foreign exchange rates |  |  | (126 | ) |  |  | (225 | ) |  |  | (37 | ) |  |  | (473 | )
Allowance for expected credit losses ending balance |  | $ | 7,090 |  |  | $ | 5,948 |  |  | $ | 7,090 |  |  | $ | 5,948 |

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