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Business segment information (Tables) | 6 Months Ended
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Jun. 30, 2025
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, 2025 |  | Six Months Ended June 30, 2025 |
(U.S. Dollars, in thousands) |  | Global Spine |  |  | Global Orthopedics |  |  | Total |  | Global Spine |  |  | Global Orthopedics |  |  | Total |
Segment revenues |  | $ | 169,824 |  |  | $ | 33,297 |  |  | $ | 203,121 |  | $ | 333,660 |  |  | $ | 63,107 |  |  | $ | 396,767 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-GAAP Cost of sales |  |  | 42,811 |  |  |  | 12,266 |  |  |  | 55,077 |  |  | 87,398 |  |  |  | 24,137 |  |  |  | 111,535 |
Non-GAAP Sales, general, and administrative |  |  | 97,169 |  |  |  | 17,990 |  |  |  | 115,159 |  |  | 189,708 |  |  |  | 35,911 |  |  |  | 225,619 |
Non-GAAP Research and development |  |  | 11,761 |  |  |  | 2,674 |  |  |  | 14,435 |  |  | 23,384 |  |  |  | 5,526 |  |  |  | 28,910 |
Other segment expenses (benefits) |  |  | 2,464 |  |  |  | 6 |  |  |  | 2,470 |  |  | 6,907 |  |  |  | (169 | ) |  |  | 6,738 |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-GAAP Depreciation, amortization, and share-based compensation expense |  |  | 10,814 |  |  |  | 2,124 |  |  |  | 12,938 |  |  | 19,686 |  |  |  | 4,756 |  |  |  | 24,442 |
Segment Adjusted EBITDA |  | $ | 26,433 |  |  | $ | 2,485 |  |  | $ | 28,918 |  | $ | 45,949 |  |  | $ | 2,458 |  |  | $ | 48,407 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate operating expenses |  |  |  |  |  |  |  |  | 8,273 |  |  |  |  |  |  |  |  | 16,331 |
Interest expense, net |  |  |  |  |  |  |  |  | 3,950 |  |  |  |  |  |  |  |  | 8,456 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 16,871 |  |  |  |  |  |  |  |  | 51,302 |
Share-based compensation expense |  |  |  |  |  |  |  |  | 7,824 |  |  |  |  |  |  |  |  | 14,293 |
Foreign exchange impact |  |  |  |  |  |  |  |  | (2,751 | ) |  |  |  |  |  |  |  | (3,795 | )
SeaSpine merger-related costs |  |  |  |  |  |  |  |  | 4,886 |  |  |  |  |  |  |  |  | 6,016 |
Restructuring costs and impairments related to M6 product lines |  |  |  |  |  |  |  |  | 3,354 |  |  |  |  |  |  |  |  | 15,480 |
Strategic investments |  |  |  |  |  |  |  |  | 353 |  |  |  |  |  |  |  |  | 3,867 |
Acquisition-related fair value adjustments |  |  |  |  |  |  |  |  | (763 | ) |  |  |  |  |  |  |  | (1,373 | )
Interest and loss on investments |  |  |  |  |  |  |  |  | (31 | ) |  |  |  |  |  |  |  | (31 | )
Litigation and investigation costs |  |  |  |  |  |  |  |  | 4,029 |  |  |  |  |  |  |  |  | 7,071 |
Employee retention credit |  |  |  |  |  |  |  |  | (2,854 | ) |  |  |  |  |  |  |  | (2,854 | )
Loss before income taxes |  |  |  |  |  |  |  | $ | (14,223 | ) |  |  |  |  |  |  | $ | (66,356 | )
|  | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024 |
(U.S. Dollars, in thousands) |  | Global Spine |  |  | Global Orthopedics |  |  | Total |  | Global Spine |  |  | Global Orthopedics |  |  | Total |
Segment Revenues |  | $ | 168,034 |  |  | $ | 30,586 |  |  | $ | 198,620 |  | $ | 329,327 |  |  | $ | 57,901 |  |  | $ | 387,228 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-GAAP Cost of sales |  |  | 43,958 |  |  |  | 12,469 |  |  |  | 56,427 |  |  | 88,812 |  |  |  | 23,316 |  |  |  | 112,128 |
Non-GAAP Sales, general, and administrative |  |  | 92,542 |  |  |  | 19,375 |  |  |  | 111,917 |  |  | 184,354 |  |  |  | 37,522 |  |  |  | 221,876 |
Non-GAAP Research and development |  |  | 14,118 |  |  |  | 3,542 |  |  |  | 17,660 |  |  | 30,063 |  |  |  | 6,854 |  |  |  | 36,917 |
Other segment expenses (benefits) |  |  | (170 | ) |  |  | 36 |  |  |  | (134 | ) |  | (137 | ) |  |  | (72 | ) |  |  | (209 | )
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-GAAP Depreciation, amortization, and share-based compensation expense |  |  | 10,102 |  |  |  | 5,015 |  |  |  | 15,117 |  |  | 21,343 |  |  |  | 8,406 |  |  |  | 29,749 |
Segment Adjusted EBITDA |  | $ | 27,688 |  |  | $ | 179 |  |  | $ | 27,867 |  | $ | 47,578 |  |  | $ | (1,313 | ) |  | $ | 46,265 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate operating expenses |  |  |  |  |  |  |  |  | 11,234 |  |  |  |  |  |  |  |  | 21,967 |
Interest expense, net |  |  |  |  |  |  |  |  | 4,943 |  |  |  |  |  |  |  |  | 9,501 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 14,032 |  |  |  |  |  |  |  |  | 28,894 |
Share-based compensation expense |  |  |  |  |  |  |  |  | 9,959 |  |  |  |  |  |  |  |  | 18,759 |
Foreign exchange impact |  |  |  |  |  |  |  |  | 851 |  |  |  |  |  |  |  |  | 2,439 |
SeaSpine merger-related costs |  |  |  |  |  |  |  |  | 5,897 |  |  |  |  |  |  |  |  | 10,376 |
Strategic investments |  |  |  |  |  |  |  |  | 311 |  |  |  |  |  |  |  |  | 431 |
Acquisition-related fair value adjustments |  |  |  |  |  |  |  |  | 6,117 |  |  |  |  |  |  |  |  | 10,334 |
Interest and loss on investments |  |  |  |  |  |  |  |  | 1,813 |  |  |  |  |  |  |  |  | 1,553 |
Litigation and investigation costs |  |  |  |  |  |  |  |  | (277 | ) |  |  |  |  |  |  |  | 1,983 |
Succession charges |  |  |  |  |  |  |  |  | 5,346 |  |  |  |  |  |  |  |  | 7,556 |
Loss before income taxes |  |  |  |  |  |  |  | $ | (32,359 | ) |  |  |  |  |  |  | $ | (67,528 | )
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) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Global Spine |  | $ | 14,851 |  |  | $ | 11,044 |  |  | $ | 46,753 |  |  | $ | 22,973 |
Global Orthopedics |  |  | 1,419 |  |  |  | 2,191 |  |  |  | 3,355 |  |  |  | 4,398 |
Corporate |  |  | 601 |  |  |  | 797 |  |  |  | 1,194 |  |  |  | 1,523 |
Total |  | $ | 16,871 |  |  | $ | 14,032 |  |  | $ | 51,302 |  |  | $ | 28,894 |
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) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Global Spine |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 161,850 |  |  | $ | 159,191 |  |  | $ | 314,553 |  |  | $ | 311,056 |
International |  |  | 7,974 |  |  |  | 8,843 |  |  |  | 19,107 |  |  |  | 18,271 |
Total Global Spine |  |  | 169,824 |  |  |  | 168,034 |  |  |  | 333,660 |  |  |  | 329,327 |
Global Orthopedics |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 9,888 |  |  |  | 7,742 |  |  |  | 18,866 |  |  |  | 15,896 |
International |  |  | 23,409 |  |  |  | 22,844 |  |  |  | 44,241 |  |  |  | 42,005 |
Total Global Orthopedics |  |  | 33,297 |  |  |  | 30,586 |  |  |  | 63,107 |  |  |  | 57,901 |
Consolidated |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 171,738 |  |  |  | 166,933 |  |  |  | 333,419 |  |  |  | 326,952 |
International |  |  | 31,383 |  |  |  | 31,687 |  |  |  | 63,348 |  |  |  | 60,276 |
Net sales |  | $ | 203,121 |  |  | $ | 198,620 |  |  | $ | 396,767 |  |  | $ | 387,228 |
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) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
U.S. |  | $ | 171,738 |  |  | $ | 166,933 |  |  | $ | 333,419 |  |  | $ | 326,952 |
Italy |  |  | 5,646 |  |  |  | 5,257 |  |  |  | 10,699 |  |  |  | 10,259 |
France |  |  | 3,184 |  |  |  | 3,510 |  |  |  | 5,809 |  |  |  | 6,026 |
United Kingdom |  |  | 3,118 |  |  |  | 2,623 |  |  |  | 6,155 |  |  |  | 5,254 |
Germany |  |  | 2,265 |  |  |  | 2,393 |  |  |  | 4,473 |  |  |  | 4,498 |
Brazil |  |  | 988 |  |  |  | 1,708 |  |  |  | 2,123 |  |  |  | 3,236 |
Others |  |  | 16,182 |  |  |  | 16,196 |  |  |  | 34,089 |  |  |  | 31,003 |
Net Sales |  | $ | 203,121 |  |  | $ | 198,620 |  |  | $ | 396,767 |  |  | $ | 387,228 |
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, 2025 |  |  | December 31, 2024 |
|  | (Unaudited) |  |  |  |
U.S. |  | $ | 114,012 |  |  | $ | 125,541 |
Italy |  |  | 10,085 |  |  |  | 9,472 |
Germany |  |  | 1,794 |  |  |  | 1,904 |
Others |  |  | 3,309 |  |  |  | 2,887 |
Total |  | $ | 129,200 |  |  | $ | 139,804 |

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