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Business segment information (Tables) | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Adjusted EBITDA by reporting segment |  |  |  |  |  |  |  |  |  |  |  |
Global Spine |  | $ | 26,795 |  |  | $ | 22,593 |  |  | $ | 74,373 |  |  | $ | 58,832 |
Global Orthopedics |  |  | 3,271 |  |  |  | 477 |  |  |  | 1,958 |  |  |  | 386 |
Adjusted EBITDA |  | $ | 30,066 |  |  | $ | 23,070 |  |  | $ | 76,331 |  |  | $ | 59,218 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
Corporate operating expenses |  | $ | 10,886 |  |  | $ | 9,549 |  |  | $ | 32,853 |  |  | $ | 32,574 |
Interest expense, net |  |  | 5,210 |  |  |  | 1,576 |  |  |  | 14,711 |  |  |  | 4,131 |
Depreciation and amortization |  |  | 15,173 |  |  |  | 13,097 |  |  |  | 44,067 |  |  |  | 39,094 |
Share-based compensation expense |  |  | 6,531 |  |  |  | 6,274 |  |  |  | 25,290 |  |  |  | 32,540 |
Foreign exchange impact |  |  | (1,176 | ) |  |  | 1,909 |  |  |  | 1,263 |  |  |  | 1,057 |
SeaSpine merger-related costs |  |  | 2,616 |  |  |  | 5,416 |  |  |  | 12,992 |  |  |  | 34,362 |
Strategic investments |  |  | 39 |  |  |  | 484 |  |  |  | 470 |  |  |  | 1,454 |
Acquisition-related fair value adjustments |  |  | 5,017 |  |  |  | 7,122 |  |  |  | 15,351 |  |  |  | 26,907 |
Interest and loss on investments |  |  | 3,567 |  |  |  | 429 |  |  |  | 5,120 |  |  |  | 429 |
Litigation and investigation costs |  |  | 8,335 |  |  |  | 3,851 |  |  |  | 10,318 |  |  |  | 5,611 |
Succession charges |  |  | 505 |  |  |  | (92 | ) |  |  | 8,061 |  |  |  | 170 |
Medical device regulation |  |  | — |  |  |  | 1,840 |  |  |  | — |  |  |  | 7,519 |
Loss before income taxes |  | $ | (26,637 | ) |  | $ | (28,385 | ) |  | $ | (94,165 | ) |  | $ | (126,630 | )
Schedule of Depreciation and Amortization by Reporting Segment | The following table presents depreciation and amortization by reporting segment:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Global Spine |  | $ | 11,512 |  |  | $ | 10,255 |  |  | $ | 34,484 |  |  | $ | 30,222 |
Global Orthopedics |  |  | 2,964 |  |  |  | 1,823 |  |  |  | 7,363 |  |  |  | 5,171 |
Corporate |  |  | 697 |  |  |  | 1,019 |  |  |  | 2,220 |  |  |  | 3,701 |
Total |  | $ | 15,173 |  |  | $ | 13,097 |  |  | $ | 44,067 |  |  | $ | 39,094 |
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 September 30, |  |  | Nine Months Ended September 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Global Spine |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 158,036 |  |  | $ | 145,764 |  |  | $ | 469,092 |  |  | $ | 432,581 |
International |  |  | 8,068 |  |  |  | 8,588 |  |  |  | 26,339 |  |  |  | 28,953 |
Total Global Spine |  |  | 166,104 |  |  |  | 154,352 |  |  |  | 495,431 |  |  |  | 461,534 |
Global Orthopedics |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 8,604 |  |  |  | 7,482 |  |  |  | 24,500 |  |  |  | 21,341 |
International |  |  | 21,898 |  |  |  | 22,172 |  |  |  | 63,903 |  |  |  | 63,351 |
Total Global Orthopedics |  |  | 30,502 |  |  |  | 29,654 |  |  |  | 88,403 |  |  |  | 84,692 |
Consolidated |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 166,640 |  |  |  | 153,246 |  |  |  | 493,592 |  |  |  | 453,922 |
International |  |  | 29,966 |  |  |  | 30,760 |  |  |  | 90,242 |  |  |  | 92,304 |
Net sales |  | $ | 196,606 |  |  | $ | 184,006 |  |  | $ | 583,834 |  |  | $ | 546,226 |
The following data includes net sales by geographic area:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(Unaudited, U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
U.S. |  | $ | 166,640 |  |  | $ | 153,246 |  |  | $ | 493,592 |  |  | $ | 453,922 |
Italy |  |  | 5,142 |  |  |  | 4,552 |  |  |  | 15,401 |  |  |  | 14,669 |
France |  |  | 2,996 |  |  |  | 2,934 |  |  |  | 9,022 |  |  |  | 8,205 |
United Kingdom |  |  | 2,937 |  |  |  | 2,932 |  |  |  | 8,191 |  |  |  | 8,252 |
Germany |  |  | 2,165 |  |  |  | 3,268 |  |  |  | 6,663 |  |  |  | 8,627 |
Brazil |  |  | 1,096 |  |  |  | 1,842 |  |  |  | 4,332 |  |  |  | 4,607 |
Others |  |  | 15,630 |  |  |  | 15,232 |  |  |  | 46,633 |  |  |  | 47,944 |
Net Sales |  | $ | 196,606 |  |  | $ | 184,006 |  |  | $ | 583,834 |  |  | $ | 546,226 |
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) |  | September 30, 2024 |  |  | December 31, 2023 |
|  | (Unaudited) |  |  |  |
U.S. |  | $ | 131,653 |  |  | $ | 142,727 |
Italy |  |  | 9,636 |  |  |  | 10,187 |
Germany |  |  | 2,197 |  |  |  | 3,030 |
Others |  |  | 3,199 |  |  |  | 3,116 |
Total |  | $ | 146,685 |  |  | $ | 159,060 |

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