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Business segment information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Net Sales by Major Product Category by Reporting Segment | The table below presents net sales by major product category by reporting segment:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
(U.S. Dollars, in thousands) |  | Net Sales |  |  | Percent of Total Net Sales |  |  | Net Sales |  |  | Percent of Total Net Sales |  |  | Net Sales |  |  | Percent of Total Net Sales |
Bone Growth Therapies |  | $ | 233,405 |  |  |  | 29.2 | % |  | $ | 212,530 |  |  |  | 28.5 | % |  | $ | 187,247 |  |  |  | 40.7 | %
Spinal Implants, Biologics, and Enabling Technologies |  |  | 441,909 |  |  |  | 55.3 | % |  |  | 418,789 |  |  |  | 56.1 | % |  |  | 165,927 |  |  |  | 36.0 | %
Global Spine |  |  | 675,314 |  |  |  | 84.5 | % |  |  | 631,319 |  |  |  | 84.6 | % |  |  | 353,174 |  |  |  | 76.7 | %
Global Orthopedics |  |  | 124,177 |  |  |  | 15.5 | % |  |  | 115,322 |  |  |  | 15.4 | % |  |  | 107,539 |  |  |  | 23.3 | %
Net sales |  | $ | 799,491 |  |  |  | 100.0 | % |  | $ | 746,641 |  |  |  | 100.0 | % |  | $ | 460,713 |  |  |  | 100.0 | %
Summary of EBITDA by Reporting Segment | The following table presents adjusted EBITDA, the primary metric used in managing the Company, by reporting segment:
|  | Year Ended December 31, 2024 |
(U.S. Dollars, in thousands) |  | Global Spine |  |  | Global Orthopedics |  |  | Total |
Segment revenues |  | $ | 675,314 |  |  | $ | 124,177 |  |  | $ | 799,491 |
Less: |  |  |  |  |  |  |  |  |
Non-GAAP Cost of sales |  |  | 183,064 |  |  |  | 48,638 |  |  |  | 231,702 |
Non-GAAP Sales, general, and administrative |  |  | 368,817 |  |  |  | 70,185 |  |  |  | 439,002 |
Non-GAAP Research and development |  |  | 58,262 |  |  |  | 13,154 |  |  |  | 71,416 |
Other segment benefits |  |  | (22 | ) |  |  | (54 | ) |  |  | (76 | )
Add: |  |  |  |  |  |  |  |  |
Non-GAAP Depreciation, amortization, and share-based compensation expense |  |  | 42,193 |  |  |  | 12,367 |  |  |  | 54,560 |
Segment Adjusted EBITDA |  | $ | 107,386 |  |  | $ | 4,621 |  |  | $ | 112,007 |
Reconciling items: |  |  |  |  |  |  |  |  |
Corporate operating expenses |  |  |  |  |  |  |  | $ | 44,591 |
Interest expense, net |  |  |  |  |  |  |  |  | 29,631 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 60,061 |
Share-based compensation expense |  |  |  |  |  |  |  |  | 32,455 |
Foreign exchange impact |  |  |  |  |  |  |  |  | 4,395 |
SeaSpine merger-related costs |  |  |  |  |  |  |  |  | 14,485 |
Strategic investments |  |  |  |  |  |  |  |  | 910 |
Acquisition-related fair value adjustments |  |  |  |  |  |  |  |  | 19,088 |
Interest and loss on investments |  |  |  |  |  |  |  |  | 5,120 |
Litigation and investigation costs |  |  |  |  |  |  |  |  | 15,770 |
Succession charges |  |  |  |  |  |  |  |  | 9,376 |
Medical device regulation |  |  |  |  |  |  |  |  | — |
Business interruption - COVID-19 |  |  |  |  |  |  |  |  | — |
Loss before income taxes |  |  |  |  |  |  |  | $ | (123,875 | )
|  | Year Ended December 31, 2023 |
(U.S. Dollars, in thousands) |  | Global Spine |  |  | Global Orthopedics |  |  | Total |
Segment Revenues |  | $ | 631,319 |  |  | $ | 115,322 |  |  | $ | 746,641 |
Less: |  |  |  |  |  |  |  |  |
Non-GAAP Cost of sales |  |  | 166,885 |  |  |  | 47,928 |  |  |  | 214,813 |
Non-GAAP Sales, general, and administrative |  |  | 355,827 |  |  |  | 67,815 |  |  |  | 423,642 |
Non-GAAP Research and development |  |  | 56,512 |  |  |  | 10,726 |  |  |  | 67,238 |
Other segment expenses (benefits) |  |  | 45 |  |  |  | (82 | ) |  |  | (37 | )
Add: |  |  |  |  |  |  |  |  |
Non-GAAP Depreciation, amortization, and share-based compensation expense |  |  | 39,065 |  |  |  | 11,507 |  |  |  | 50,572 |
Segment Adjusted EBITDA |  | $ | 91,115 |  |  | $ | 442 |  |  | $ | 91,557 |
Reconciling items: |  |  |  |  |  |  |  |  |
Corporate operating expenses |  |  |  |  |  |  |  | $ | 45,272 |
Interest expense, net |  |  |  |  |  |  |  |  | 8,631 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 53,063 |
Share-based compensation expense |  |  |  |  |  |  |  |  | 35,707 |
Foreign exchange impact |  |  |  |  |  |  |  |  | (1,581 | )
SeaSpine merger-related costs |  |  |  |  |  |  |  |  | 36,577 |
Strategic investments |  |  |  |  |  |  |  |  | 2,272 |
Acquisition-related fair value adjustments |  |  |  |  |  |  |  |  | 33,393 |
Interest and loss on investments |  |  |  |  |  |  |  |  | 1,781 |
Litigation and investigation costs |  |  |  |  |  |  |  |  | 14,453 |
Succession charges |  |  |  |  |  |  |  |  | 1,176 |
Medical device regulation |  |  |  |  |  |  |  |  | 9,492 |
Business interruption - COVID-19 |  |  |  |  |  |  |  |  | — |
Loss before income taxes |  |  |  |  |  |  |  | $ | (148,679 | )
|  | Year Ended December 31, 2022 |
(U.S. Dollars, in thousands) |  | Global Spine |  |  | Global Orthopedics |  |  | Total |
Segment Revenues |  | $ | 353,174 |  |  | $ | 107,539 |  |  | $ | 460,713 |
Less: |  |  |  |  |  |  |  |  |
Non-GAAP Cost of sales |  |  | 74,573 |  |  |  | 44,784 |  |  |  | 119,357 |
Non-GAAP Sales, general, and administrative |  |  | 204,840 |  |  |  | 56,760 |  |  |  | 261,600 |
Non-GAAP Research and development |  |  | 29,220 |  |  |  | 8,364 |  |  |  | 37,584 |
Other segment benefits |  |  | (183 | ) |  |  | (49 | ) |  |  | (232 | )
Add: |  |  |  |  |  |  |  |  |
Non-GAAP Depreciation, amortization, and share-based compensation expense |  |  | 17,969 |  |  |  | 7,587 |  |  |  | 25,556 |
Segment Adjusted EBITDA |  | $ | 62,693 |  |  | $ | 5,267 |  |  | $ | 67,960 |
Reconciling items: |  |  |  |  |  |  |  |  |
Corporate operating expenses |  |  |  |  |  |  |  | $ | 19,406 |
Interest expense, net |  |  |  |  |  |  |  |  | 1,288 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 29,019 |
Share-based compensation expense |  |  |  |  |  |  |  |  | 18,443 |
Foreign exchange impact |  |  |  |  |  |  |  |  | 3,291 |
SeaSpine merger-related costs |  |  |  |  |  |  |  |  | 11,902 |
Strategic investments |  |  |  |  |  |  |  |  | 4,018 |
Acquisition-related fair value adjustments |  |  |  |  |  |  |  |  | (15,595 | )
Interest and loss on investments |  |  |  |  |  |  |  |  | 187 |
Litigation and investigation costs |  |  |  |  |  |  |  |  | 803 |
Succession charges |  |  |  |  |  |  |  |  | 147 |
Medical device regulation |  |  |  |  |  |  |  |  | 10,370 |
Business interruption - COVID-19 |  |  |  |  |  |  |  |  | 2,387 |
Loss before income taxes |  |  |  |  |  |  |  | $ | (17,706 | )
Schedule of Depreciation and Amortization by Reporting Segment | The following table presents depreciation and amortization by reporting segment:
|  | Year Ended December 31, |
(U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Global Spine |  | $ | 49,507 |  |  | $ | 41,213 |  |  | $ | 18,213 |
Global Orthopedics |  |  | 7,748 |  |  |  | 7,158 |  |  |  | 6,696 |
Corporate |  |  | 2,806 |  |  |  | 4,692 |  |  |  | 4,110 |
Total |  | $ | 60,061 |  |  | $ | 53,063 |  |  | $ | 29,019 |
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:
|  | Year Ended December 31, |
(U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Global Spine |  |  |  |  |  |  |  |  |
U.S. |  | $ | 639,196 |  |  | $ | 591,937 |  |  | $ | 332,846 |
International |  |  | 36,118 |  |  |  | 39,382 |  |  |  | 20,328 |
Total Global Spine |  |  | 675,314 |  |  |  | 631,319 |  |  |  | 353,174 |
Global Orthopedics |  |  |  |  |  |  |  |  |
U.S. |  | $ | 33,620 |  |  | $ | 28,892 |  |  | $ | 25,997 |
International |  |  | 90,557 |  |  |  | 86,430 |  |  |  | 81,542 |
Total Global Orthopedics |  |  | 124,177 |  |  |  | 115,322 |  |  |  | 107,539 |
Consolidated |  |  |  |  |  |  |  |  |
U.S. |  | $ | 672,816 |  |  | $ | 620,829 |  |  | $ | 358,843 |
International |  |  | 126,675 |  |  |  | 125,812 |  |  |  | 101,870 |
Net sales |  | $ | 799,491 |  |  | $ | 746,641 |  |  | $ | 460,713 |
The following data includes net sales by geographic destination:
|  | Year Ended December 31, |
(U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. |  | $ | 672,816 |  |  | $ | 620,829 |  |  | $ | 358,843 |
Italy |  |  | 21,001 |  |  |  | 20,060 |  |  |  | 19,098 |
Germany |  |  | 9,004 |  |  |  | 11,467 |  |  |  | 11,569 |
United Kingdom |  |  | 11,183 |  |  |  | 10,910 |  |  |  | 10,171 |
France |  |  | 13,385 |  |  |  | 11,096 |  |  |  | 10,377 |
Brazil |  |  | 5,707 |  |  |  | 6,452 |  |  |  | 5,668 |
Others |  |  | 66,395 |  |  |  | 65,827 |  |  |  | 44,987 |
Net sales |  | $ | 799,491 |  |  | $ | 746,641 |  |  | $ | 460,713 |
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) |  | 2024 |  |  | 2023 |
U.S. |  | $ | 125,541 |  |  | $ | 142,727 |
Italy |  |  | 9,472 |  |  |  | 10,187 |
Germany |  |  | 1,904 |  |  |  | 3,030 |
Others |  |  | 2,887 |  |  |  | 3,116 |
Total |  | $ | 139,804 |  |  | $ | 159,060 |

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