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Business segment information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Summary of EBITDA by Reporting Segment | The following table presents adjusted EBITDA, the primary metric used in managing the Company, by reporting segment:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Adjusted EBITDA by reporting segment |  |  |  |  |  |  |  |  |  |  |  |
Global Spine |  | $ | 27,688 |  |  | $ | 21,258 |  |  | $ | 47,578 |  |  | $ | 36,239 |
Global Orthopedics |  |  | 179 |  |  |  | (135 | ) |  |  | (1,313 | ) |  |  | (91 | )
Adjusted EBITDA |  | $ | 27,867 |  |  | $ | 21,123 |  |  | $ | 46,265 |  |  | $ | 36,148 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
Corporate operating expenses |  | $ | 11,234 |  |  | $ | 11,204 |  |  | $ | 21,967 |  |  | $ | 23,025 |
Interest expense, net |  |  | 4,943 |  |  |  | 1,266 |  |  |  | 9,501 |  |  |  | 2,555 |
Depreciation and amortization |  |  | 14,032 |  |  |  | 13,327 |  |  |  | 28,894 |  |  |  | 25,997 |
Share-based compensation expense |  |  | 9,959 |  |  |  | 13,246 |  |  |  | 18,759 |  |  |  | 26,266 |
Foreign exchange impact |  |  | 851 |  |  |  | (269 | ) |  |  | 2,439 |  |  |  | (852 | )
SeaSpine merger-related costs |  |  | 5,897 |  |  |  | 8,206 |  |  |  | 10,376 |  |  |  | 28,946 |
Strategic investments |  |  | 311 |  |  |  | 309 |  |  |  | 431 |  |  |  | 970 |
Acquisition-related fair value adjustments |  |  | 6,117 |  |  |  | 8,149 |  |  |  | 10,334 |  |  |  | 19,785 |
Interest and loss on investments |  |  | 1,813 |  |  |  | — |  |  |  | 1,553 |  |  |  | — |
Litigation and investigation costs |  |  | (277 | ) |  |  | 1,291 |  |  |  | 1,983 |  |  |  | 1,760 |
Succession charges |  |  | 5,346 |  |  |  | 262 |  |  |  | 7,556 |  |  |  | 262 |
Medical device regulation |  |  | — |  |  |  | 2,050 |  |  |  | — |  |  |  | 5,679 |
Loss before income taxes |  | $ | (32,359 | ) |  | $ | (37,918 | ) |  | $ | (67,528 | ) |  | $ | (98,245 | )
Schedule of Depreciation and Amortization by Reporting Segment | The following table presents depreciation and amortization by reporting segment:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Global Spine |  | $ | 11,044 |  |  | $ | 10,368 |  |  | $ | 22,973 |  |  | $ | 19,967 |
Global Orthopedics |  |  | 2,191 |  |  |  | 1,719 |  |  |  | 4,398 |  |  |  | 3,348 |
Corporate |  |  | 797 |  |  |  | 1,240 |  |  |  | 1,523 |  |  |  | 2,682 |
Total |  | $ | 14,032 |  |  | $ | 13,327 |  |  | $ | 28,894 |  |  | $ | 25,997 |
Summary of Net Sales by Geographic Destination | The table below presents net sales by geographic destination for each reporting segment and for the consolidated Company:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Global Spine |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 159,191 |  |  | $ | 147,360 |  |  | $ | 311,056 |  |  | $ | 286,817 |
International |  |  | 8,843 |  |  |  | 10,616 |  |  |  | 18,271 |  |  |  | 20,365 |
Total Global Spine |  |  | 168,034 |  |  |  | 157,976 |  |  |  | 329,327 |  |  |  | 307,182 |
Global Orthopedics |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 7,742 |  |  |  | 7,223 |  |  |  | 15,896 |  |  |  | 13,859 |
International |  |  | 22,844 |  |  |  | 21,817 |  |  |  | 42,005 |  |  |  | 41,179 |
Total Global Orthopedics |  |  | 30,586 |  |  |  | 29,040 |  |  |  | 57,901 |  |  |  | 55,038 |
Consolidated |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 166,933 |  |  |  | 154,583 |  |  |  | 326,952 |  |  |  | 300,676 |
International |  |  | 31,687 |  |  |  | 32,433 |  |  |  | 60,276 |  |  |  | 61,544 |
Net sales |  | $ | 198,620 |  |  | $ | 187,016 |  |  | $ | 387,228 |  |  | $ | 362,220 |
The following data includes net sales by geographic area:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
U.S. |  | $ | 166,933 |  |  | $ | 154,583 |  |  | $ | 326,952 |  |  | $ | 300,676 |
Italy |  |  | 5,257 |  |  |  | 5,262 |  |  |  | 10,259 |  |  |  | 10,117 |
France |  |  | 3,510 |  |  |  | 2,811 |  |  |  | 6,026 |  |  |  | 5,271 |
United Kingdom |  |  | 2,623 |  |  |  | 2,540 |  |  |  | 5,254 |  |  |  | 5,320 |
Germany |  |  | 2,393 |  |  |  | 2,721 |  |  |  | 4,498 |  |  |  | 5,359 |
Brazil |  |  | 1,708 |  |  |  | 1,882 |  |  |  | 3,236 |  |  |  | 2,765 |
Others |  |  | 16,196 |  |  |  | 17,217 |  |  |  | 31,003 |  |  |  | 32,712 |
Net Sales |  | $ | 198,620 |  |  | $ | 187,016 |  |  | $ | 387,228 |  |  | $ | 362,220 |
Summary of Property, Plant and Equipment of Reporting Segments by Geographic Area | The following data includes property, plant, and equipment by geographic area:
(U.S. Dollars, in thousands) |  | June 30, 2024 |  |  | December 31, 2023 |
|  | (Unaudited) |  |  |  |
U.S. |  | $ | 138,757 |  |  | $ | 142,727 |
Italy |  |  | 9,571 |  |  |  | 10,187 |
Germany |  |  | 2,388 |  |  |  | 3,030 |
Others |  |  | 3,395 |  |  |  | 3,116 |
Total |  | $ | 154,111 |  |  | $ | 159,060 |

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