For the quarterly period ended | Commission File Number | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
PART I FINANCIAL INFORMATION | ||||||||
Item Number | Page | |||||||
PART II OTHER INFORMATION | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling and administrative expense | |||||||||||||||||||||||
Research and development expense | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Other expense (See Note 11) | |||||||||||||||||||||||
Income (loss) before income taxes | ( | ( | |||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Per share data: | |||||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||
Basic | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Diluted | ( | ( | |||||||||||||||||||||
Weighted average common shares | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
June 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued compensation and benefits | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholders' equity: | |||||||||||
Preferred stock, par value $ | |||||||||||
authorized | |||||||||||
Common stock, par value $ issued in 2023 and 2022, respectively | |||||||||||
Paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Less: in treasury, at cost, in 2023 and 2022, respectively | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Shareholders’ Equity | ||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||
Common stock issued under employee plans | |||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Dividends on common stock ($ | ( | ( | |||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Cash flow hedging gain, net | |||||||||||||||||||||||
Pension liability, net | |||||||||||||||||||||||
Foreign currency translation adjustments | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||
Common stock issued under employee plans | |||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Dividends on common stock ($ | ( | ( | |||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Cash flow hedging gain, net | |||||||||||||||||||||||
Pension liability, net | |||||||||||||||||||||||
Foreign currency translation adjustments | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Shareholders’ Equity | ||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||
Common stock issued under employee plans | |||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Dividends on common stock ($ | ( | ( | |||||||||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||||||
Cash flow hedging gain, net | |||||||||||||||||||||||
Pension liability, net | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||
Common stock issued under employee plans | |||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Dividends on common stock ($ | ( | ( | |||||||||||||||||||||
Shares issued for the settlement of convertible notes | ( | ||||||||||||||||||||||
Convertible note premium on extinguishment | |||||||||||||||||||||||
Settlement of convertible notes hedge transactions | |||||||||||||||||||||||
Settlement of warrants | ( | ( | |||||||||||||||||||||
Issuance of convertible notes hedge transactions, net of tax | ( | ( | |||||||||||||||||||||
Issuance of warrants | |||||||||||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||||||
Cash flow hedging gains, net | |||||||||||||||||||||||
Pension liability, net | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ||||||||||||||||||||||
Net loss | ( | ||||||||||||||||||||||
Total comprehensive loss | ( | ||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||
Six Months Ended | |||||||||||
June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation | |||||||||||
Amortization of deferred debt issuance costs | |||||||||||
Amortization | |||||||||||
Stock-based compensation | |||||||||||
Deferred income taxes | ( | ||||||||||
Non-cash adjustment to fair value of contingent consideration liability | |||||||||||
Loss on early extinguishment of debt | |||||||||||
Loss on convertible notes conversion premium | |||||||||||
Loss on convertible notes hedge transactions settlement | |||||||||||
Increase (decrease) in cash flows from changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ||||||||||
Accounts payable | |||||||||||
Accrued compensation and benefits | ( | ( | |||||||||
Other assets | ( | ( | |||||||||
Other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Payments related to business acquisition, net of cash acquired | ( | ||||||||||
Other | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Payments on term loan | ( | ||||||||||
Payments on revolving line of credit | ( | ( | |||||||||
Proceeds from revolving line of credit | |||||||||||
Payments to redeem convertible notes | ( | ||||||||||
Proceeds from issuance of convertible notes | |||||||||||
Payments related to debt issuance costs | ( | ||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Purchases of convertible notes hedge transactions | ( | ||||||||||
Proceeds from issuance of warrants | |||||||||||
Proceeds from settlement of convertible notes hedge transactions | |||||||||||
Payment for settlement of warrants | ( | ||||||||||
Other, net | |||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Contingent consideration | $ | $ | |||||||||
Dividends payable | $ | $ |
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||
Orthopedic Surgery | General Surgery | Total | Orthopedic Surgery | General Surgery | Total | ||||||||||||||||||||||||||||||
Primary Geographic Markets | |||||||||||||||||||||||||||||||||||
United States | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Europe, Middle East & Africa | |||||||||||||||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||||||||||||||
Americas (excluding the United States) | |||||||||||||||||||||||||||||||||||
Total sales from contracts with customers | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||||||||||||||
Goods transferred at a point in time | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Services transferred over time | |||||||||||||||||||||||||||||||||||
Total sales from contracts with customers | $ | $ | $ | $ | $ | $ |
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||
Orthopedic Surgery | General Surgery | Total | Orthopedic Surgery | General Surgery | Total | ||||||||||||||||||||||||||||||
Primary Geographic Markets | |||||||||||||||||||||||||||||||||||
United States | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Europe, Middle East & Africa | |||||||||||||||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||||||||||||||
Americas (excluding the United States) | |||||||||||||||||||||||||||||||||||
Total sales from contracts with customers | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||||||||||||||
Goods transferred at a point in time | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Services transferred over time | |||||||||||||||||||||||||||||||||||
Total sales from contracts with customers | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Contract liability | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Cash flow hedging gain, net of income tax (income tax expense of $ | |||||||||||||||||||||||
Pension liability, net of income tax (income tax expense of $ | |||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | |||||||||||||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | $ | ( |
Cash Flow Hedging Gain (Loss) | Pension Liability | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive income before reclassifications, net of tax | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) before taxa | ( | ( | |||||||||||||||||||||
Income tax | ( | ||||||||||||||||||||||
Net current-period other comprehensive income | |||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | ( | $ | ( | $ | ( |
Cash Flow Hedging Gain (Loss) | Pension Liability | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | ( | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) before taxa | ( | ( | |||||||||||||||||||||
Income tax | ( | ||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | ( | $ | ( | $ | ( |
As of | |||||||||||||||||
FASB ASC Topic 815 Designation | June 30, 2023 | December 31, 2022 | |||||||||||||||
Forward exchange contracts | Cash flow hedge | $ | $ | ||||||||||||||
Forward exchange contracts | Non-designated |
Amount of Gain Recognized in AOCI | Consolidated Condensed Statements of Comprehensive Income (Loss) | Amount of Gain Reclassified from AOCI | |||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
Total Amount of Line Item Presented | |||||||||||||||||||||||||||||||||||||||||
Derivative Instrument | 2023 | 2022 | Location of amount reclassified | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | Net Sales | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||||||||||||||||||
Pre-tax gain | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Tax expense | |||||||||||||||||||||||||||||||||||||||||
Net gain | $ | $ | $ | $ |
Amount of Gain Recognized in AOCI | Consolidated Condensed Statements of Comprehensive Income (Loss) | Amount of Gain Reclassified from AOCI | |||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
Total Amount of Line Item Presented | |||||||||||||||||||||||||||||||||||||||||
Derivative Instrument | 2023 | 2022 | Location of amount reclassified | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | Net Sales | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||||||||||||||||||
Pre-tax gain | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Tax expense | |||||||||||||||||||||||||||||||||||||||||
Net gain | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
Derivative Instrument | Location on Consolidated Condensed Statements of Comprehensive Income (Loss) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Net gain on currency forward contracts | Selling and administrative expense | $ | $ | $ | $ | |||||||||||||||||||||||||||
Net loss on currency transaction exposures | Selling and administrative expense | $ | ( | $ | ( | $ | ( | $ | ( |
June 30, 2023 | Location on Consolidated Condensed Balance Sheet | Asset Fair Value | Liabilities Fair Value | Net Fair Value | |||||||||||||||||||
Derivatives designated as hedged instruments: | |||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | $ | ( | $ | ||||||||||||||||||
Foreign exchange contracts | Other assets | ( | |||||||||||||||||||||
$ | $ | ( | $ | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Foreign exchange contracts | Other current liabilities | ( | ( | ||||||||||||||||||||
Total derivatives | $ | $ | ( | $ |
December 31, 2022 | Location on Consolidated Condensed Balance Sheet | Asset Fair Value | Liabilities Fair Value | Net Fair Value | |||||||||||||||||||
Derivatives designated as hedged instruments: | |||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | $ | ( | $ | ||||||||||||||||||
Foreign exchange contracts | Other long-term liabilities | ( | ( | ||||||||||||||||||||
$ | $ | ( | $ | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Foreign exchange contracts | Other current liabilities | ( | ( | ||||||||||||||||||||
Total derivatives | $ | $ | ( | $ |
Assumptions | |||||||||||
Unobservable Input | In2Bones | Biorez | |||||||||
Discount rate | |||||||||||
Revenue volatility | |||||||||||
Projected year of payment | 2023-2026 | 2023-2026 |
In2Bones | Biorez | Location in Financial Statements | |||||||||||||||
Balance as of January 1, 2023 | $ | $ | |||||||||||||||
Changes in fair value of contingent consideration | Selling and administrative expense | ||||||||||||||||
Balance as of June 30, 2023 | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Total | $ | $ |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Basic EPS | Adjustments | Diluted EPS | Basic EPS | Adjustments | Diluted EPS | ||||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Weighted average shares outstanding | — | — | |||||||||||||||||||||||||||||||||
Stock compensation | — | — | |||||||||||||||||||||||||||||||||
Warrants | — | — | |||||||||||||||||||||||||||||||||
Convertible notes | — | — | |||||||||||||||||||||||||||||||||
EPS | $ | $ | $ | ( | $ | ( |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Basic EPS | Adjustments | Diluted EPS | Basic EPS | Adjustments | Diluted EPS | ||||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||
Weighted average shares outstanding | — | — | |||||||||||||||||||||||||||||||||
Stock compensation | — | — | |||||||||||||||||||||||||||||||||
Warrants | — | — | |||||||||||||||||||||||||||||||||
Convertible notes | — | — | |||||||||||||||||||||||||||||||||
EPS | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | ||||
Foreign currency translation | |||||
Balance as of June 30, 2023 | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||
Intangible assets with definite lives: | ||||||||||||||||||||||||||
Customer and distributor relationships | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Sales representation, marketing and promotional rights | ( | ( | ||||||||||||||||||||||||
Developed technology | ( | ( | ||||||||||||||||||||||||
Patents and other intangible assets | ( | ( | ||||||||||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||||||||
Trademarks and tradenames | — | — | ||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( |
Amortization included in expense | Amortization recorded as a reduction of revenue | Total | |||||||||||||||
Remaining, 2023 | $ | $ | $ | ||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 | |||||||||||||||||
2028 |
June 30, 2023 | December 31, 2022 | ||||||||||
Revolving line of credit | $ | $ | |||||||||
Term loan, net of deferred debt issuance costs of $ | |||||||||||
Financing leases | |||||||||||
Total debt | |||||||||||
Less: Current portion | |||||||||||
Total long-term debt | $ | $ |
Remaining, 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 |
2023 | 2022 | ||||||||||
Balance as of January 1, | $ | $ | |||||||||
Provision for warranties | |||||||||||
Claims made | ( | ( | |||||||||
Balance as of June 30, | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost on projected benefit obligation | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Net amortization and deferral | |||||||||||||||||||||||
Net periodic pension cost | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Orthopedic surgery | $ | $ | $ | $ | |||||||||||||||||||
General surgery | |||||||||||||||||||||||
Consolidated net sales | $ | $ | $ | $ | |||||||||||||||||||
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Orthopedic surgery | 44 | % | 43 | % | 44 | % | 44 | % | |||||||||||||||
General surgery | 56 | % | 57 | % | 56 | % | 56 | % | |||||||||||||||
Consolidated net sales | 100 | % | 100 | % | 100 | % | 100 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Cost of sales | 46.3 | 45.2 | 46.8 | 44.6 | |||||||||||||||||||
Gross profit | 53.7 | 54.8 | 53.2 | 55.4 | |||||||||||||||||||
Selling and administrative expense | 40.8 | 41.8 | 42.4 | 42.1 | |||||||||||||||||||
Research and development expense | 4.3 | 4.1 | 4.3 | 4.3 | |||||||||||||||||||
Income from operations | 8.6 | 8.8 | 6.5 | 9.0 | |||||||||||||||||||
Interest expense | 3.1 | 2.1 | 3.3 | 2.1 | |||||||||||||||||||
Other expense | — | 40.4 | — | 21.6 | |||||||||||||||||||
Income (loss) before income taxes | 5.5 | (33.7) | 3.2 | (14.6) | |||||||||||||||||||
Provision for income taxes | 1.2 | 27.0 | 0.7 | 14.9 | |||||||||||||||||||
Net income (loss) | 4.3 | % | (60.7) | % | 2.5 | % | (29.5) | % | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
% Change | |||||||||||||||||||||||||||||
2023 | 2022 | As Reported | Impact of Foreign Currency | Constant Currency | |||||||||||||||||||||||||
Orthopedic surgery | $ | 140.8 | $ | 120.2 | 17.1 | % | 2.7 | % | 19.8 | % | |||||||||||||||||||
General surgery | 176.9 | 157.0 | 12.6 | % | 1.5 | % | 14.1 | % | |||||||||||||||||||||
Net sales | $ | 317.7 | $ | 277.2 | 14.6 | % | 2.0 | % | 16.6 | % | |||||||||||||||||||
Single-use products | $ | 264.8 | $ | 230.3 | 14.9 | % | 2.0 | % | 16.9 | % | |||||||||||||||||||
Capital products | 52.9 | 46.9 | 12.9 | % | 2.2 | % | 15.1 | % | |||||||||||||||||||||
Net sales | $ | 317.7 | $ | 277.2 | 14.6 | % | 2.0 | % | 16.6 | % | |||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||
% Change | |||||||||||||||||||||||||||||
2023 | 2022 | As Reported | Impact of Foreign Currency | Constant Currency | |||||||||||||||||||||||||
Orthopedic surgery | $ | 272.0 | $ | 227.7 | 19.4 | % | 3.3 | % | 22.7 | % | |||||||||||||||||||
General surgery | 341.1 | 291.8 | 16.9 | % | 2.0 | % | 18.9 | % | |||||||||||||||||||||
Net sales | $ | 613.1 | $ | 519.5 | 18.0 | % | 2.6 | % | 20.6 | % | |||||||||||||||||||
Single-use products | $ | 514.0 | $ | 431.8 | 19.0 | % | 2.6 | % | 21.6 | % | |||||||||||||||||||
Capital products | 99.1 | 87.7 | 13.0 | % | 2.6 | % | 15.6 | % | |||||||||||||||||||||
Net sales | $ | 613.1 | $ | 519.5 | 18.0 | % | 2.6 | % | 20.6 | % |
Exhibit Index | |||||
Exhibit No. | Description of Exhibit | ||||
3.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page - Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101) |
CONMED CORPORATION | ||||||||
By: /s/ Todd W. Garner | ||||||||
Todd W. Garner | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer | ||||||||
Date: | ||||||||
July 27, 2023 |
By | /s/ Daniel S. Jonas | |||||||
Name: | Daniel S. Jonas | |||||||
Title: | Special Counsel & Corporate Secretary Legal Department |
/s/ Curt R. Hartman | |||||
Curt R. Hartman | |||||
Chair of the Board, President & Chief Executive Officer |
/s/ Todd W. Garner | |||||
Todd W. Garner | |||||
Executive Vice President and | |||||
Chief Financial Officer |
Date: | July 27, 2023 | /s/ Curt R. Hartman | ||||||
Curt R. Hartman | ||||||||
Chair of the Board, President & Chief Executive Officer | ||||||||
Date: | July 27, 2023 | /s/ Todd W. Garner | ||||||
Todd W. Garner | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer |
Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $ 317,652 | $ 277,190 | $ 613,121 | $ 519,516 |
Cost of sales | 146,962 | 125,413 | 287,110 | 231,748 |
Gross profit | 170,690 | 151,777 | 326,011 | 287,768 |
Selling and administrative expense | 129,700 | 115,826 | 259,784 | 218,701 |
Research and development expense | 13,572 | 11,493 | 26,110 | 22,165 |
Operating expenses | 143,272 | 127,319 | 285,894 | 240,866 |
Income from operations | 27,418 | 24,458 | 40,117 | 46,902 |
Interest expense | 9,997 | 5,928 | 20,252 | 10,926 |
Other expense (See Note 11) | 0 | 112,011 | 0 | 112,011 |
Income (loss) before income taxes | 17,421 | (93,481) | 19,865 | (76,035) |
Provision for income taxes | 3,689 | 74,810 | 4,314 | 77,281 |
Net income (loss) | 13,732 | (168,291) | 15,551 | (153,316) |
Comprehensive income (loss) | $ 15,767 | $ (172,636) | $ 20,462 | $ (156,221) |
Per share data: | ||||
Basic (in dollars per share) | $ 0.45 | $ (5.65) | $ 0.51 | $ (5.18) |
Diluted (in dollars per share) | $ 0.43 | $ (5.65) | $ 0.49 | $ (5.18) |
Weighted average common shares: | ||||
Basic (shares) | 30,662 | 29,775 | 30,587 | 29,601 |
Diluted (shares) | 31,795 | 29,775 | 31,499 | 29,601 |
Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 31,299,194 | 31,299,194 |
Treasury stock, shares (in shares) | 565,685 | 811,532 |
Consolidated Condensed Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per share of common stock (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 |
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Cash flows from operating activities: | ||
Net income (loss) | $ 15,551 | $ (153,316) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 8,222 | 8,090 |
Amortization of deferred debt issuance costs | 3,012 | 1,916 |
Amortization | 27,777 | 26,065 |
Stock-based compensation | 12,148 | 10,218 |
Deferred income taxes | (607) | 70,402 |
Non-cash adjustment to fair value of contingent consideration liability | 3,799 | 0 |
Loss on early extinguishment of debt | 0 | 3,426 |
Loss on convertible notes conversion premium | 0 | 103,125 |
Loss on convertible notes hedge transactions | 0 | 5,460 |
Increase (decrease) in cash flows from changes in assets and liabilities: | ||
Accounts receivable | (35,184) | (17,779) |
Inventories | 4,468 | (35,549) |
Accounts payable | 4,453 | 13,724 |
Accrued compensation and benefits | (253) | (12,260) |
Other assets | (11,907) | (11,388) |
Other liabilities | (8,653) | 6,936 |
Net cash provided by operating activities | 22,826 | 19,070 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (8,783) | (9,398) |
Payments related to business acquisition, net of cash acquired | 0 | (142,555) |
Other | (1,000) | 0 |
Net cash used in investing activities | (9,783) | (151,953) |
Cash flows from financing activities: | ||
Payments on term loan | 0 | (92,981) |
Payments on revolving line of credit | (347,000) | (312,000) |
Proceeds from revolving line of credit | 331,000 | 172,000 |
Payments to redeem convertible notes | 0 | (275,000) |
Proceeds from issuance of convertible notes | 0 | 800,000 |
Payments related to debt issuance costs | 0 | (21,187) |
Dividends paid on common stock | (12,208) | (11,773) |
Purchases of convertible notes hedge transactions | 0 | (187,600) |
Proceeds from issuance of warrants | 0 | 72,000 |
Proceeds from settlement of convertible notes hedge transactions | 0 | 86,228 |
Payment for settlement of warrants | 0 | (69,534) |
Other, net | 13,771 | 6,457 |
Net cash provided by (used in) financing activities | (14,437) | 166,610 |
Effect of exchange rate changes on cash and cash equivalents | 300 | (1,422) |
Net increase (decrease) in cash and cash equivalents | (1,094) | 32,305 |
Cash and cash equivalents at beginning of period | 28,942 | 20,847 |
Cash and cash equivalents at end of period | 27,848 | 53,152 |
Non-cash investing and financing activities: | ||
Contingent consideration | 0 | 69,402 |
Dividends payable | $ 6,145 | $ 6,092 |
Operations |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operations | OperationsCONMED Corporation (“CONMED”, the “Company”, “we” or “us”) is a medical technology company that provides devices and equipment for surgical procedures. The Company’s products are used by surgeons and other healthcare professionals in a variety of specialties including orthopedics, general surgery, gynecology, thoracic surgery and gastroenterology. |
Interim Financial Information |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Financial Information | Interim Financial Information The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for annual financial statements. The information herein reflects all normal recurring material adjustments, which are, in the opinion of management, necessary to fairly present the results for the periods presented. The consolidated condensed financial statements herein consist of all wholly-owned domestic and foreign subsidiaries with all significant intercompany transactions eliminated. Results for the period ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The consolidated condensed financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes for the year ended December 31, 2022 included in our Annual Report on Form 10-K. Use of Estimates Preparation of the consolidated condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenue and expenses during the reporting period. While there has been uncertainty and disruption in the global economy and financial markets, we are not aware of any specific event or circumstance that would require an update to our estimates or judgments or a revision of the carrying value of our assets or liabilities as of July 27, 2023, the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.
|
New Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently Issued Accounting Standards, Not Yet Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance if certain criteria are met for entities that have contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates expected to be discontinued as a result of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022 and was extended through December 31, 2024 by ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The Company has not adopted these ASUs as of June 30, 2023. Our seventh amended and restated senior credit agreement includes language to address the change from LIBOR to SOFR, an alternative base rate, therefore we do not believe reference rate reform will have a significant impact on our consolidated financial statements.
|
Business Combinations |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business CombinationsOn June 13, 2022, we acquired In2Bones Global, Inc. ("In2Bones") and all of its stock (the "In2Bones Acquisition") for an aggregate upfront payment of $145.2 million in cash. In addition, there are potential earn-out payments to In2Bones’ equity holders in an amount up to $110.0 million based on the achievement of certain revenue targets for In2Bones products during the sixteen (16) successive quarters commencing on July 1, 2022. In2Bones is a global developer, manufacturer and distributor of medical devices for the treatment of disorders and injuries of the lower extremities (foot and ankle). The In2Bones Acquisition was funded through a combination of cash on hand and long-term borrowings as further described in Note 11. Proforma information for In2Bones is immaterial for disclosure for the three and six months ended June 30, 2023 and 2022. We incurred costs for the amortization of inventory step-up to fair value of $2.2 million and $4.3 million during the three and six months ended June 30, 2023, respectively, and $0.3 million during both the three and six months ended June 30, 2022 related to the In2Bones acquisition, which were recorded in cost of sales. During the three and six months ended June 30, 2023, we recognized $0.2 million and $0.5 million, respectively, in integration costs and professional fees related to the acquisition that were included in selling and administrative expense. During the three and six months ended June 30, 2022, we recognized $2.6 million in consulting and legal related fees associated with the acquisition of In2Bones, which were included in selling and administrative expense. On August 9, 2022, we acquired Biorez, Inc. ("Biorez") and all of its stock (the "Biorez Acquisition") for an aggregate upfront payment of $85.5 million in cash. We paid $83.9 million as of June 30, 2023, with a $1.6 million holdback, pursuant to the merger agreement for the Biorez Acquisition. In addition, there are potential earn-out payments to Biorez’ equity holders in an amount up to $165.0 million based on the achievement of certain revenue targets for Biorez products during the sixteen (16) successive quarters commencing on October 1, 2022. Biorez is a medical device start-up focused on advancing the healing of soft tissue using its proprietary BioBrace® implant technology. The Biorez Acquisition was funded through a combination of cash on hand and long-term borrowings. Proforma information is immaterial for disclosure for the three and six months ended June 30, 2023 and 2022.
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Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues The following tables present revenue disaggregated by primary geographic market where the products are sold, by product line and timing of revenue recognition:
Contract liability balances related to the sale of extended warranties to customers are as follows:
Revenue recognized during the six months ended June 30, 2023 and June 30, 2022 from amounts included in contract liabilities at the beginning of the period were $7.6 million and $7.0 million, respectively. There were no material contract assets as of June 30, 2023 and December 31, 2022.
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Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive Income (Loss) Comprehensive income (loss) consists of the following:
Accumulated other comprehensive loss consists of the following:
(a) The cash flow hedging gain (loss) and pension liability accumulated other comprehensive loss components are included in sales or cost of sales and as a component of net periodic pension cost, respectively. Refer to Note 7 and Note 13, respectively, for further details.
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments We enter into derivative instruments for risk management purposes only. We operate internationally and, in the normal course of business, are exposed to fluctuations in interest rates, foreign exchange rates and commodity prices. These fluctuations can increase the costs of financing, investing and operating the business. We use forward contracts, a type of derivative instrument, to manage certain foreign currency exposures. By nature, all financial instruments involve market and credit risks. We enter into forward contracts with major investment grade financial institutions and have policies to monitor the credit risk of those counterparties. While there can be no assurance, we do not anticipate any material non-performance by any of these counterparties. Foreign Currency Forward Contracts. We hedge forecasted intercompany sales denominated in foreign currencies through the use of forward contracts. We account for these forward contracts as cash flow hedges. To the extent these forward contracts meet hedge accounting criteria, changes in their fair value are not included in current earnings (loss) but are included in accumulated other comprehensive loss. These changes in fair value will be recognized into earnings (loss) as a component of sales or cost of sales when the forecasted transaction occurs. We also enter into forward contracts to exchange foreign currencies for United States dollars in order to hedge our currency transaction exposures on intercompany receivables designated in foreign currencies. These forward contracts settle each month at month-end, at which time we enter into new forward contracts. We have not designated these forward contracts as hedges and have not applied hedge accounting to them. The following table presents the notional contract amounts for forward contracts outstanding:
The remaining time to maturity as of June 30, 2023 is within two years for hedge designated foreign exchange contracts and approximately one month for non-hedge designated forward exchange contracts. Statement of comprehensive income (loss) presentation Derivatives designated as cash flow hedges Foreign exchange contracts designated as cash flow hedges had the following effects on accumulated other comprehensive income (loss) ("AOCI") and net earnings on our consolidated condensed statements of comprehensive income (loss) and our consolidated condensed balance sheets:
At June 30, 2023, $3.5 million of net unrealized gains on forward contracts accounted for as cash flow hedges, and included in accumulated other comprehensive loss, are expected to be recognized in earnings in the next twelve months. Derivatives not designated as cash flow hedges Net gains from derivative instruments not accounted for as hedges and losses on our intercompany receivables on our consolidated condensed statements of comprehensive income (loss) were:
Balance sheet presentation We record these forward foreign exchange contracts at fair value. The following tables summarize the fair value for forward foreign exchange contracts outstanding at June 30, 2023 and December 31, 2022:
Our forward foreign exchange contracts are subject to a master netting agreement and qualify for netting in the consolidated condensed balance sheets. Fair Value Disclosure. FASB guidance defines fair value and establishes a framework for measuring fair value and related disclosure requirements. This guidance applies when fair value measurements are required or permitted. The guidance indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Fair value is defined based upon an exit price model. Valuation Hierarchy. A valuation hierarchy was established for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from or corroborated by observable market data through correlation. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no significant changes in the assumptions. Valuation Techniques. Assets and liabilities carried at fair value and measured on a recurring basis as of June 30, 2023 consist of forward foreign exchange contracts and contingent consideration. The Company values its forward foreign exchange contracts using quoted prices for similar assets. The most significant assumption is quoted currency rates. The value of the forward foreign exchange contract assets and liabilities were valued using Level 2 inputs and are listed in the table above. The Company values contingent consideration from the In2Bones and Biorez acquisitions using Level 3 inputs. The contingent consideration was recorded at fair value at the date of acquisition based on the consideration expected to be transferred, estimated as the probability-weighted future cash flows, discounted back to present value. The fair value of contingent consideration is measured using projected payment dates, discount rates, revenue volatilities and projected revenues. The recurring Level 3 fair value measurements of contingent consideration for which the liabilities are recorded include the following significant unobservable inputs as of June 30, 2023:
Adjustments to the fair value of contingent consideration relate to the passage of time and changes in market assumptions. Changes in the fair value of contingent consideration liabilities for the six months ended June 30, 2023 are as follows:
Contingent consideration of $73.1 million and $117.1 million is included in other current liabilities and other long-term liabilities, respectively, in the consolidated condensed balance sheet at June 30, 2023. Contingent consideration of $18.6 million and $167.8 million is included in other current liabilities and other long-term liabilities, respectively, in the consolidated condensed balance sheet at December 31, 2022. The carrying amounts reported in our consolidated condensed balance sheets for cash and cash equivalents, accounts receivable, accounts payable and variable long-term debt approximate fair value.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consist of the following:
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Earnings (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share (“basic EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share for the three and six months ended June 30, 2023 (“diluted EPS”) gives effect to all dilutive potential shares. As the Company was in a net loss position for the three and six months ended June 30, 2022, there were no dilutive potential shares included in the computation of diluted shares outstanding. The following tables set forth the computation of basic and diluted earnings (loss) per share, as applicable, for the three and six months ended June 30, 2023 and 2022:
The shares used in the calculation of diluted EPS exclude stock options and stock appreciation rights to purchase shares where the exercise price was greater than the average market price of common shares for the period and the effect of the inclusion would be anti-dilutive. Such shares aggregated approximately 1.8 million and 1.7 million for the three and six months ended June 30, 2023, respectively. As the Company was in a net loss position for the three and six months ended June 30, 2022, there were no anti-dilutive shares.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the net carrying amount of goodwill for the six months ended June 30, 2023 are as follows:
Assets and liabilities of acquired businesses are recorded at their estimated fair values as of the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. Other intangible assets consist of the following:
Customer and distributor relationships, trademarks and tradenames, developed technology and patents and other intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses. Sales representation, marketing and promotional rights represent intangible assets created under our agreement with Musculoskeletal Transplant Foundation (“MTF”). Amortization expense related to intangible assets which are subject to amortization totaled $8.8 million and $8.2 million for the three months ended June 30, 2023 and 2022, respectively, and $17.6 million and $16.2 million for the six months ended June 30, 2023 and 2022, respectively, and is included as a reduction of revenue (for amortization related to our sales representation, marketing and promotional rights) and in selling and administrative expense (for all other intangible assets) in the consolidated condensed statements of comprehensive income (loss). The estimated intangible asset amortization expense remaining for the year ending December 31, 2023 and for each of the five succeeding years is as follows:
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Long Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consists of the following:
Seventh Amended and Restated Senior Credit Agreement On July 16, 2021, we entered into a seventh amended and restated senior credit agreement consisting of: (a) a $233.5 million term loan facility and (b) a $585.0 million revolving credit facility. The revolving credit facility will terminate and the loans outstanding under the term loan facility will expire on July 16, 2026. The term loan was payable in quarterly installments increasing over the term of the facility. During 2022, we made a $90.0 million prepayment on the term loan facility resulting in the elimination of such quarterly payments with the remaining balance due upon the expiration of the term loan facility. The $90.0 million prepayment was accounted for as an extinguishment and resulted in a write-off to other expense of unamortized debt issuance costs of $0.5 million for the three and six months ended June 30, 2022. Proceeds from the term loan facility and borrowings under the revolving credit facility were used to repay the then existing senior credit agreement. Interest rates are at the term Secured Overnight Financing Rate plus 0.114% ("Adjusted Term SOFR") (5.239% at June 30, 2023) plus an interest rate margin of 1.125% (6.364% at June 30, 2023). For borrowings where we elect to use the alternate base rate, the initial base rate is the greatest of (i) the Prime Rate, (ii) the Federal Funds Rate plus 0.50% or (iii) the one-month Adjusted Term SOFR plus 1.00%, plus, in each case, an interest rate margin. There were $134.6 million in borrowings outstanding on the term loan facility as of June 30, 2023. There were $54.0 million in borrowings outstanding under the revolving credit facility as of June 30, 2023. Our available borrowings on the revolving credit facility at June 30, 2023 were $529.4 million with approximately $1.6 million of the facility set aside for outstanding letters of credit. The carrying amounts of the term loan and revolving credit facility approximate fair value. The seventh amended and restated senior credit agreement is collateralized by substantially all of our personal property and assets. The seventh amended and restated senior credit agreement contains covenants and restrictions which, among other things, require the maintenance of certain financial ratios and restrict dividend payments and the incurrence of certain indebtedness and other activities, including acquisitions and dispositions. We were in full compliance with these covenants and restrictions as of June 30, 2023. We are also required, under certain circumstances, to make mandatory prepayments from net cash proceeds from any issuance of equity and asset sales. 2.625% Convertible Notes On January 29, 2019, we issued $345.0 million aggregate principal amount of 2.625% convertible notes due in 2024 (the "2.625% Notes"). Interest is payable semi-annually in arrears on February 1 and August 1 of each year, commencing August 1, 2019. The 2.625% Notes will mature on February 1, 2024, unless earlier repurchased or converted. The 2.625% Notes represent subordinated unsecured obligations and are convertible under certain circumstances, as defined in the indenture, into a combination of cash and CONMED common stock. The 2.625% Notes may be converted at an initial conversion rate of 11.2608 shares of our common stock per $1,000 principal amount of 2.625% Notes (equivalent to an initial conversion price of approximately $88.80 per share of common stock). Holders of the 2.625% Notes may convert the 2.625% Notes at their option at any time on or after November 1, 2023 through the second scheduled trading day preceding the maturity date. Holders of the 2.625% Notes will also have the right to convert the 2.625% Notes prior to November 1, 2023, but only upon the occurrence of specified events. The conversion rate is subject to anti-dilution adjustments if certain events occur. A portion of the net proceeds from the offering of the 2.625% Notes were used as part of the financing for the Buffalo Filter acquisition and $21.0 million were used to pay the cost of certain convertible notes hedge transactions as further described below. On June 6, 2022, the Company repurchased and extinguished $275.0 million principal amount of the 2.625% Notes for aggregate consideration consisting of $275.0 million in cash and approximately 0.9 million shares of the Company's common stock. During the three and six months ended June 30, 2022, the Company recorded a loss on extinguishment of $103.1 million to other expense based on the fair value of the shares of the Company’s common stock issued in connection with the extinguishment. This loss was not deductible for tax purposes. We also recorded a write-off to other expense of unamortized debt issuance costs related to the 2.625% Notes of $2.9 million. Concurrently, the Company entered into a Supplemental Indenture related to the remaining $70.0 million in 2.625% Notes, in which the Company irrevocably elected to settle the principal value of those 2.625% Notes in cash. The $70.0 million in 2.625% Notes are reflected in the current portion of long-term debt at June 30, 2023. For the three months ended June 30, 2023 and 2022, we have recorded interest expense on the 2.625% Notes of $0.5 million and $1.7 million, respectively, and for the six months ended June 30, 2023 and 2022, we have recorded interest expense on the 2.625% Notes of $0.9 million and $3.9 million, respectively, at the contractual coupon rate of 2.625%. The estimated fair value of the 2.625% Notes was approximately $105.9 million as of June 30, 2023 based on a market approach which represents a Level 2 valuation in the fair value hierarchy. The estimated fair value was determined based on the estimated or actual bids and offers of the 2.625% Notes in an over-the-counter market transaction on the last business day of the period. 2.250% Convertible Notes On June 6, 2022, we issued $800.0 million aggregate principal amount of 2.250% Notes. Interest is payable semi-annually in arrears on June 15 and December 15 of each year, commencing December 15, 2022. The 2.250% Notes will mature on June 15, 2027, unless earlier repurchased or converted. The 2.250% Notes represent subordinated unsecured obligations and are convertible under certain circumstances, as defined in the indenture, into a combination of cash and CONMED common stock, with the principal required to be paid in cash. The 2.250% Notes may be converted at an initial conversion rate of 6.8810 shares of our common stock per $1,000 principal amount of the 2.250% Notes (equivalent to an initial conversion price of approximately $145.33 per share of common stock). Holders of the 2.250% Notes may convert the 2.250% Notes at their option at any time on or after March 15, 2027 through the second scheduled trading day preceding the maturity date. Holders of the 2.250% Notes will also have the right to convert the 2.250% Notes prior to March 15, 2027, but only upon the occurrence of specified events. The conversion rate is subject to anti-dilution adjustments if certain events occur. A portion of these proceeds were used to repurchase and extinguish a portion of the 2.625% Notes, pay off our then outstanding balance on our revolving line of credit, pay down of $90.0 million of our term loan and partially pay for the In2Bones Acquisition. In addition, approximately $115.6 million of the proceeds were used to pay the cost of certain convertible notes hedge transactions related to the 2.250% Notes. For the three months ended June 30, 2023 and 2022, we have recorded interest expense on the 2.250% Notes of $4.5 million and $1.3 million, respectively, and for the six months ended June 30, 2023 and 2022, we have recorded interest expense on the 2.250% Notes of $9.0 million and $1.3 million, respectively, at the contractual coupon rate of 2.250%. The estimated fair value of the 2.250% Notes was approximately $900.9 million as of June 30, 2023 based on a market approach which represents a Level 2 valuation in the fair value hierarchy. The estimated fair value was determined based on the estimated or actual bids and offers of the 2.250% Notes in an over-the-counter market transaction on the last business day of the period. Convertible Notes Hedge Transactions In connection with the offerings of the 2.625% and 2.250% Notes, we entered into convertible notes hedge transactions with a number of financial institutions (each, an “option counterparty”). The convertible notes hedge transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the respective Notes, the number of shares of our common stock underlying the 2.625% and 2.250% Notes. Concurrent with entering into the convertible notes hedge transactions, we also entered into separate warrant transactions with each option counterparty whereby we sold to such option counterparty warrants to purchase, subject to customary anti-dilution adjustments, the same number of shares of our common stock. In connection with the repurchase and extinguishment of $275.0 million principal amount of the 2.625% Notes, the Company entered into agreements with the option counterparties to terminate a corresponding portion of the hedges on the 2.625% Notes. The Company recorded a $5.5 million charge to other expense as a result of a subsequent decline in fair value between execution date and settlement date during the three and six months ended June 30, 2022. The convertible notes hedge transactions are expected generally to reduce the potential dilution upon conversion of the Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Notes, as the case may be, in the event that the market price per share of our common stock, as measured under the terms of the convertible notes hedge transactions, is greater than the strike price of the convertible notes hedge transactions, which initially corresponds to the conversion price of the Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Notes. If, however, the market price per share of our common stock, as measured under the terms of the warrant transactions, exceeds the strike price ($114.92 for the 2.625% Notes and $251.53 for the 2.250% Notes) of the warrants, there would nevertheless be dilution to the extent that such market price exceeds the strike price of the warrants, unless we elect to settle the warrants in cash. The scheduled maturities of long-term debt outstanding at June 30, 2023 are as follows:
The above amounts exclude deferred debt issuance costs and financing leases.
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Guarantees |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees | Guarantees We provide warranties on certain of our products at the time of sale and sell extended warranties. The standard warranty period for our capital equipment is generally one year and our extended warranties typically vary from one to three years. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. Changes in the liability for standard warranties for the six months ended June 30, are as follows:
Costs associated with extended warranty repairs are recorded as incurred and amounted to $2.6 million and $3.2 million for the six months ended June 30, 2023 and 2022, respectively.
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Pension Plan |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan | Pension Plan Net periodic pension cost consists of the following:
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Business Segment |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment | Business Segment We are accounting and reporting for our business as a single operating segment entity engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. Our chief operating decision maker (the CEO) evaluates the various global product portfolios on a net sales basis and evaluates profitability, investment, cash flow metrics and allocates resources on a consolidated worldwide basis due to shared infrastructure and resources. Our product lines consist of orthopedic surgery and general surgery. Orthopedic surgery consists of sports medicine and lower extremities instrumentation and implants, small bone, large bone and specialty powered surgical instruments as well as imaging systems for use in minimally invasive surgery procedures and fees related to the sales representation, promotion and marketing of sports medicine allograft tissue. General surgery consists of a complete line of endo-mechanical instrumentation for minimally invasive laparoscopic and gastrointestinal procedures, smoke evacuation devices, a line of cardiac monitoring products as well as electrosurgical generators and related instruments. These product lines' net sales are as follows:
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Legal Proceedings |
6 Months Ended |
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Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings From time to time, the Company may receive an information request, subpoena or warrant from a government agency such as the Securities and Exchange Commission, Department of Justice, Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, the United States Food and Drug Administration, the Department of Labor, the Treasury Department or other federal and state agencies or foreign governments or government agencies. These information requests, subpoenas or warrants may or may not be routine inquiries, or may begin as routine inquiries and over time develop into enforcement actions of various types. Likewise, if we receive reports of alleged misconduct from employees and third parties, we investigate as appropriate. Manufacturers of medical devices have been the subject of various enforcement actions relating to interactions with health care providers domestically or internationally whereby companies are claimed to have provided health care providers with inappropriate incentives to purchase their products. Similarly, the Foreign Corrupt Practices Act ("FCPA") imposes obligations on manufacturers with respect to interactions with health care providers who may be considered government officials based on their affiliation with public hospitals. The FCPA also requires publicly listed manufacturers to maintain accurate books and records, and maintain internal accounting controls sufficient to provide assurance that transactions are accurately recorded, lawful and in accordance with management's authorization. The FCPA poses unique challenges both because manufacturers operate in foreign cultures in which conduct illegal under the FCPA may not be illegal in local jurisdictions, and because, in some cases, a United States manufacturer may face risks under the FCPA based on the conduct of third parties over whom the manufacturer may not have complete control. While CONMED has not experienced any material enforcement action to date, there can be no assurance that the Company will not be subject to a material enforcement action in the future, or that the Company will not incur costs including, in the form of fees for lawyers and other consultants, that are material to the Company’s results of operations in the course of responding to a future inquiry or investigation. Manufacturers of medical products may face exposure to significant product liability claims, as well as patent infringement and other claims incurred in the ordinary course of business. To date, we have not experienced any claims that have been material to our financial statements or financial condition, but any such claims arising in the future could have a material adverse effect on our business, results of operations or cash flows. We currently maintain commercial product liability insurance of $35 million per incident and $35 million in the aggregate annually, which we believe is adequate. This coverage is on a claims-made basis. There can be no assurance that claims will not exceed insurance coverage, that the carriers will be solvent or that such insurance will be available to us in the future at a reasonable cost. Our operations are subject, and in the past have been subject, to a number of environmental laws and regulations governing, among other things, air emissions; wastewater discharges; the use, handling and disposal of hazardous substances and wastes; soil and groundwater remediation and employee health and safety. Likewise, the operations of our suppliers and sterilizers are subject to similar environmental laws and regulations. In some jurisdictions, environmental requirements may be expected to become more stringent in the future. In the United States, certain environmental laws can impose liability for the entire cost of site restoration upon each of the parties that may have contributed to conditions at the site regardless of fault or the lawfulness of the party’s activities. While we do not believe that the present costs of environmental compliance and remediation are material, there can be no assurance that future compliance or remedial obligations would not have a material adverse effect on our financial condition, results of operations or cash flows. CONMED is defending two Georgia State Court actions. The first action was filed in Cobb County by various employees, former employees, contract workers and others against CONMED and against a contract sterilizer (the "Cobb County Action"). The second action was filed in Douglas County against CONMED’s landlord and other allegedly related entities (the "Douglas County Action"). Plaintiffs in the lawsuits allege personal injury and related claims purportedly arising from or relating to exposure to Ethylene Oxide, a chemical used to sterilize certain products. CONMED is defending the claims asserted directly against it and is providing indemnification for certain other defendants based on contractual provisions. Both actions are in their early stages. The Company's motion to dismiss in the Cobb County action was heard on January 10, 2022, and the Court issued a ruling on June 15, 2022 dismissing 44 of the 51 plaintiffs' claims as precluded by the exclusive workers' compensation remedy, as well as one claim from a non-employee plaintiff. As to the remaining claims that were not the subject of the motion to dismiss, CONMED believes it has strong defenses and will vigorously defend itself and all parties it is indemnifying. As with any litigation, there are risks, including the risk that CONMED may not prevail with respect to the defense of the underlying claims, or with respect to securing adequate insurance coverage for the indemnification claims. The Company is unable to estimate a range of possible loss at this time, and has not recorded any expense related to potential damages in connection with this matter because the Company does not believe any potential loss is probable. CONMED submitted the foregoing claims for insurance coverage. One insurer is providing coverage for certain of the claims asserted directly against the Company. CONMED litigated two lawsuits in the United States District Court for the Northern District of New York ("the Northern District") with Federal Insurance Company (“Chubb”): one involving CONMED’s claim for coverage for the indemnification claims arising from the Cobb County Action, and the other concerning CONMED’s claim for coverage for the indemnification claims arising from the Douglas County Action. On March 10, 2022, the Court ruled in favor of CONMED with respect to coverage for the indemnification claims arising from the Cobb County Action. Chubb's motion for reconsideration was denied, and Chubb filed a notice of appeal. On August 9, 2022, CONMED won a similar ruling finding in its favor and against Chubb as to the coverage case concerning the Douglas County Action. Chubb appealed that decision as well. Chubb subsequently withdrew its appeal in connection with a settlement between the parties. Chubb disputes the amount it owes in fees incurred by the Company's attorneys defending the Douglas County action going forward. Accordingly, CONMED has commenced a third action against Chubb in the Northern District to enforce the terms of the settlement agreement, although there can be no assurance that CONMED will prevail. In addition, one of CONMED’s contract sterilizers, which is defending toxic tort claims asserted by various residents in the areas around its processing facility, has placed CONMED on notice of a claim for indemnification relating to some of those claims. CONMED is reviewing the notice, and has not at this time taken any position on the notice. The government of Italy passed a law in late 2015 to tax medical device companies on revenue derived from sales to public hospitals. The tax is calculated and based on provincial spending over and above certain thresholds. Since the law was enacted, the Italian government essentially made no effort to administer or collect the tax. A lack of interpretative guidance and complexity of the law resulted in uncertainty as to the actual amount of liability. In September 2022, the Italian government passed a further decree which, amongst other provisions, delegated administration and collection to the provincial level for the years 2015 – 2018. The Italy medical device tax represents variable consideration in the form of a retroactive discount potentially owed to the customer, which is ultimately the Italian government. The Company is challenging the imposition of the medical device tax in Italy, as have many other medical device companies, on the ground that the law was never implemented properly with regulations. While the Company is informed that its position is well-grounded in the law, there can be no assurance that the Company will prevail. No amounts have been remitted to date. From time to time, we are also subject to negligence and other claims arising out of the ordinary conduct of our business, including, for example, automobile or other accidents our employees may experience within the course of their employment or otherwise and which may, on occasion, involve potentially significant personal injuries or other exposures. We record reserves sufficient to cover probable and estimable losses associated with any such pending claims. We do not expect that the resolution of any pending claims, investigations or reports of alleged misconduct will have a material adverse effect on our financial condition, results of operations or cash flows. There can be no assurance, however, that future claims or investigations, or the costs associated with responding to such claims, investigations or reports of misconduct, especially claims and investigations not covered by insurance, will not have a material adverse effect on our financial condition, results of operations or cash flows.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net income (loss) | $ 13,732 | $ (168,291) | $ 15,551 | $ (153,316) |
Insider Trading Arrangements |
3 Months Ended | 6 Months Ended |
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Jun. 30, 2023
shares
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Jun. 30, 2023
shares
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Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On May 4, 2023, Heather Cohen, the Executive Vice President and Chief Human Resources and Legal Officer, adopted a trading plan with respect to 6,500 stock appreciation rights ("SARs") granted to Ms. Cohen as equity compensation (the "Cohen Plan"). The Cohen Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c), under the Securities Exchange Act of 1934, and terminates on May 17, 2024. | |
Name | Heather Cohen | |
Title | Executive Vice President and Chief Human Resources and Legal Officer, | |
Rule 10b5-1 Arrangement Adopted | true | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Adoption Date | May 4, 2023 | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Termination Date | May 17, 2024 | |
Aggregate Available | 6,500 | 6,500 |
Interim Reporting (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates Preparation of the consolidated condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenue and expenses during the reporting period.
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New Accounting Pronouncements (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently Issued Accounting Standards, Not Yet Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance if certain criteria are met for entities that have contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates expected to be discontinued as a result of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022 and was extended through December 31, 2024 by ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The Company has not adopted these ASUs as of June 30, 2023. Our seventh amended and restated senior credit agreement includes language to address the change from LIBOR to SOFR, an alternative base rate, therefore we do not believe reference rate reform will have a significant impact on our consolidated financial statements.
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Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present revenue disaggregated by primary geographic market where the products are sold, by product line and timing of revenue recognition:
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Contract with Customer, Asset and Liability | Contract liability balances related to the sale of extended warranties to customers are as follows:
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Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | Comprehensive income (loss) consists of the following:
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Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consists of the following:
(a) The cash flow hedging gain (loss) and pension liability accumulated other comprehensive loss components are included in sales or cost of sales and as a component of net periodic pension cost, respectively. Refer to Note 7 and Note 13, respectively, for further details.
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table presents the notional contract amounts for forward contracts outstanding:
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Foreign exchange contracts designated as cash flow hedges had the following effects on accumulated other comprehensive income (loss) ("AOCI") and net earnings on our consolidated condensed statements of comprehensive income (loss) and our consolidated condensed balance sheets:
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Derivatives Not Designated as Hedging Instruments | Net gains from derivative instruments not accounted for as hedges and losses on our intercompany receivables on our consolidated condensed statements of comprehensive income (loss) were:
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Schedule of Fair Value for Forward Foreign Exchange Contracts | The following tables summarize the fair value for forward foreign exchange contracts outstanding at June 30, 2023 and December 31, 2022:
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Fair Value Measurement Inputs and Valuation Techniques | The recurring Level 3 fair value measurements of contingent consideration for which the liabilities are recorded include the following significant unobservable inputs as of June 30, 2023:
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Schedule of Business Acquisitions by Acquisition, Contingent Consideration | Changes in the fair value of contingent consideration liabilities for the six months ended June 30, 2023 are as follows:
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories consist of the following:
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Earnings (Loss) Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Basic and Diluted Earnings (Loss) Per Share | The following tables set forth the computation of basic and diluted earnings (loss) per share, as applicable, for the three and six months ended June 30, 2023 and 2022:
|
Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The changes in the net carrying amount of goodwill for the six months ended June 30, 2023 are as follows:
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Schedule of Finite-Lived Intangible Assets | Other intangible assets consist of the following:
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Schedule of Indefinite-Lived Intangible Assets | Other intangible assets consist of the following:
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Schedule of Estimated Amortization Expense | The estimated intangible asset amortization expense remaining for the year ending December 31, 2023 and for each of the five succeeding years is as follows:
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Long Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt | Long-term debt consists of the following:
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Schedule of Maturities of Long-Term Debt | The scheduled maturities of long-term debt outstanding at June 30, 2023 are as follows:
The above amounts exclude deferred debt issuance costs and financing leases.
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Guarantees (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the Carrying Amount of Service and Product Warranties | Changes in the liability for standard warranties for the six months ended June 30, are as follows:
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Pension Plan (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Cost | Net periodic pension cost consists of the following:
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Business Segment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Sales Information by Product Line | These product lines' net sales are as follows:
|
Business Combinations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 09, 2022 |
Jun. 13, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
In2Bones Global Inc | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 145.2 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 110.0 | |||||
In2Bones Global Inc | Cost of Sales | ||||||
Business Acquisition [Line Items] | ||||||
Amortization of inventory step-up adjustments | $ 2.2 | $ 0.3 | $ 4.3 | $ 0.3 | ||
In2Bones Global Inc | Selling and Administrative Expenses | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition and integration costs | $ 0.2 | $ 2.6 | $ 0.5 | $ 2.6 | ||
Biorez Inc | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 85.5 | |||||
Payments to acquire businesses, gross | 83.9 | |||||
Purchase Price Adjustment Holdback | 1.6 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 165.0 |
Revenues (Disaggregated Revenues) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 317,652 | $ 277,190 | $ 613,121 | $ 519,516 |
Goods transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 305,299 | 265,511 | 589,011 | 497,037 |
Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 12,353 | 11,679 | 24,110 | 22,479 |
Orthopedic Surgery | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 140,790 | 120,182 | 271,966 | 227,698 |
Orthopedic Surgery | Goods transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 130,274 | 110,060 | 251,397 | 208,264 |
Orthopedic Surgery | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 10,516 | 10,122 | 20,569 | 19,434 |
General Surgery | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 176,862 | 157,008 | 341,155 | 291,818 |
General Surgery | Goods transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 175,025 | 155,451 | 337,614 | 288,773 |
General Surgery | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,837 | 1,557 | 3,541 | 3,045 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 174,667 | 149,182 | 339,257 | 280,409 |
United States | Orthopedic Surgery | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 52,339 | 40,461 | 101,284 | 78,408 |
United States | General Surgery | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 122,328 | 108,721 | 237,973 | 202,001 |
Americas (excluding the United States) | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 32,097 | 29,605 | 60,853 | 54,026 |
Americas (excluding the United States) | Orthopedic Surgery | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 22,620 | 19,987 | 41,610 | 36,158 |
Americas (excluding the United States) | General Surgery | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 9,477 | 9,618 | 19,243 | 17,868 |
Europe, Middle East & Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 58,282 | 54,528 | 114,298 | 104,835 |
Europe, Middle East & Africa | Orthopedic Surgery | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 32,582 | 32,060 | 65,702 | 62,041 |
Europe, Middle East & Africa | General Surgery | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 25,700 | 22,468 | 48,596 | 42,794 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 52,606 | 43,875 | 98,713 | 80,246 |
Asia Pacific | Orthopedic Surgery | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 33,249 | 27,674 | 63,370 | 51,091 |
Asia Pacific | General Surgery | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 19,357 | $ 16,201 | $ 35,343 | $ 29,155 |
Revenues (Customer Liability) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Revenue from Contract with Customer [Abstract] | |||
Contract liability | $ 18,604 | $ 19,114 | |
Revenue recognized | $ 7,600 | $ 7,000 |
Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Equity [Abstract] | ||||||
Net income (loss) | $ 13,732 | $ (168,291) | $ 15,551 | $ (153,316) | ||
Cash flow hedging gain, net | 503 | 4,662 | 1,381 | 5,744 | ||
Pension liability, net of income tax | 403 | 490 | 806 | 1,012 | ||
Foreign currency translation adjustments | 1,129 | (9,497) | 2,724 | (9,661) | ||
Comprehensive income (loss) | 15,767 | $ 4,695 | (172,636) | $ 16,415 | 20,462 | (156,221) |
Cash flow hedging gain, tax | 161 | 1,491 | 442 | 1,838 | ||
Pension liability, tax | $ 129 | $ 158 | $ 258 | $ 284 |
Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (57,858) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (52,947) | |||
Accumulated Other Comprehensive Loss | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (57,858) | $ (54,203) | ||
Other comprehensive income (loss) before reclassifications, net of tax | 6,734 | 190 | ||
Amounts reclassified from other accumulated comprehensive income (loss) before tax | [1] | (2,407) | (4,125) | |
Reclassification from AOCI, Current Period, Tax | 584 | 1,030 | ||
Net current-period other comprehensive income (loss) | 4,911 | (2,905) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (52,947) | (57,108) | ||
Cash Flow Hedging Gain (Loss) | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,497 | 3,656 | ||
Other comprehensive income (loss) before reclassifications, net of tax | 4,010 | 9,851 | ||
Amounts reclassified from other accumulated comprehensive income (loss) before tax | [1] | (3,471) | (5,421) | |
Reclassification from AOCI, Current Period, Tax | 842 | 1,314 | ||
Net current-period other comprehensive income (loss) | 1,381 | 5,744 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 3,878 | 9,400 | ||
Pension Liability | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (23,749) | (29,671) | ||
Other comprehensive income (loss) before reclassifications, net of tax | 0 | 0 | ||
Amounts reclassified from other accumulated comprehensive income (loss) before tax | [1] | 1,064 | 1,296 | |
Reclassification from AOCI, Current Period, Tax | (258) | (284) | ||
Net current-period other comprehensive income (loss) | 806 | 1,012 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (22,943) | (28,659) | ||
Cumulative Translation Adjustments | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (36,606) | (28,188) | ||
Other comprehensive income (loss) before reclassifications, net of tax | 2,724 | (9,661) | ||
Amounts reclassified from other accumulated comprehensive income (loss) before tax | [1] | 0 | 0 | |
Reclassification from AOCI, Current Period, Tax | 0 | 0 | ||
Net current-period other comprehensive income (loss) | 2,724 | (9,661) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (33,882) | $ (37,849) | ||
|
Fair Value of Financial Instruments (Amounts Recorded In and Reclassified From AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net sales | $ 317,652 | $ 277,190 | $ 613,121 | $ 519,516 |
Cost of sales | 146,962 | 125,413 | 287,110 | 231,748 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 2,753 | 9,756 | 5,291 | 13,003 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 667 | 2,365 | 1,281 | 3,152 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 2,086 | 7,391 | 4,010 | 9,851 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 2,090 | 3,602 | 3,471 | 5,421 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 507 | 873 | 842 | 1,314 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 1,583 | 2,729 | 2,629 | 4,107 |
Revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 915 | 3,403 | 1,490 | 5,147 |
Cost of Sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 1,175 | $ 199 | $ 1,981 | $ 274 |
Fair Value of Financial Instruments (Foreign Currency Forward Contracts) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Derivative [Line Items] | |||||
Net loss on currency transaction exposures | $ (1,355) | $ (2,178) | $ (1,279) | $ (1,764) | |
Derivative Assets and Liabilities at Fair Value [Abstract] | |||||
Asset Fair Value | 8,100 | 8,100 | $ 6,865 | ||
Liabilities Fair Value | (3,191) | (3,191) | (3,916) | ||
Net Fair Value | 4,909 | 4,909 | 2,949 | ||
Foreign Currency Forward Contracts | |||||
Derivative [Line Items] | |||||
Net gain on currency forward contracts | 768 | $ 1,155 | 403 | $ 196 | |
Derivatives designated as hedged instruments: | Foreign Currency Forward Contracts | |||||
Derivative Assets and Liabilities at Fair Value [Abstract] | |||||
Asset Fair Value | 8,085 | 8,085 | 6,817 | ||
Liabilities Fair Value | (2,967) | (2,967) | (3,521) | ||
Net Fair Value | 5,118 | 5,118 | 3,296 | ||
Derivatives designated as hedged instruments: | Foreign Currency Forward Contracts | Prepaid Expenses and Other Current Assets [Member] | |||||
Derivative Assets and Liabilities at Fair Value [Abstract] | |||||
Asset Fair Value | 6,845 | 6,845 | 6,757 | ||
Liabilities Fair Value | (2,283) | (2,283) | (3,121) | ||
Net Fair Value | 4,562 | 4,562 | 3,636 | ||
Derivatives designated as hedged instruments: | Foreign Currency Forward Contracts | Other Noncurrent Liabilities [Member] | |||||
Derivative Assets and Liabilities at Fair Value [Abstract] | |||||
Asset Fair Value | 60 | ||||
Liabilities Fair Value | (400) | ||||
Net Fair Value | (340) | ||||
Derivatives designated as hedged instruments: | Foreign Currency Forward Contracts | Other Noncurrent Assets [Member] | |||||
Derivative Assets and Liabilities at Fair Value [Abstract] | |||||
Asset Fair Value | 1,240 | 1,240 | |||
Liabilities Fair Value | (684) | (684) | |||
Net Fair Value | 556 | $ 556 | |||
Derivatives not designated as hedging instruments: | Foreign Currency Forward Contracts | |||||
Derivative [Line Items] | |||||
Maximum Length of Time Hedged in Cash Flow Hedge | 1 month | ||||
Notional amount of cash flow hedges | 80,528 | $ 80,528 | 81,929 | ||
Derivatives not designated as hedging instruments: | Foreign Currency Forward Contracts | Other Current Liabilities [Member] | |||||
Derivative Assets and Liabilities at Fair Value [Abstract] | |||||
Asset Fair Value | 15 | 15 | 48 | ||
Liabilities Fair Value | (224) | (224) | (395) | ||
Net Fair Value | (209) | $ (209) | (347) | ||
Cash flow hedge | Foreign Currency Forward Contracts | |||||
Derivative [Line Items] | |||||
Maximum Length of Time Hedged in Cash Flow Hedge | 2 years | ||||
Notional amount of cash flow hedges | 214,933 | $ 214,933 | $ 198,473 | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 3,500 | $ 3,500 |
Fair Value of Financial Instruments (Contingent Consideration) (Details) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract] | |||
Non-cash adjustment to fair value of contingent consideration liability | $ 3,799 | $ 0 | |
Business Combination, Contingent Consideration, Liability, Current | 73,100 | $ 18,600 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 117,100 | $ 167,800 | |
In2Bones Global Inc | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract] | |||
Balance as of January 1, 2023 | 70,198 | ||
Non-cash adjustment to fair value of contingent consideration liability | 136 | ||
Balance as of June 30, 2023 | $ 70,334 | ||
In2Bones Global Inc | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Discount Rate | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.0741 | ||
In2Bones Global Inc | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Revenue Volatility | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.1356 | ||
Biorez Inc | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract] | |||
Balance as of January 1, 2023 | $ 116,234 | ||
Non-cash adjustment to fair value of contingent consideration liability | 3,663 | ||
Balance as of June 30, 2023 | $ 119,897 | ||
Biorez Inc | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Discount Rate | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.1202 | ||
Biorez Inc | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Revenue Volatility | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.2062 |
Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 123,951 | $ 110,677 |
Work-in-process | 27,797 | 26,166 |
Finished goods | 175,561 | 195,477 |
Total inventory | $ 327,309 | $ 332,320 |
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 13,732 | $ (168,291) | $ 15,551 | $ (153,316) |
Interest on Convertible Debt, Net of Tax | 0 | 0 | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 13,732 | $ (168,291) | $ 15,551 | $ (153,316) |
Basic-weighted average shares outstanding (in shares) | 30,662 | 29,775 | 30,587 | 29,601 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) | 874 | 0 | 751 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) | 45 | 0 | 22 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares) | 214 | 0 | 139 | 0 |
Effect of dilutive potential securities (in shares) | 1,133 | 0 | 912 | 0 |
Diluted- weighted average shares outstanding (in shares) | 31,795 | 29,775 | 31,499 | 29,601 |
Basic (in dollars per share) | $ 0.45 | $ (5.65) | $ 0.51 | $ (5.18) |
Diluted (in dollars per share) | $ 0.43 | $ (5.65) | $ 0.49 | $ (5.18) |
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,800 | 0 | 1,700 | 0 |
Goodwill and Other Intangible Assets (Goodwill) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 815,429 |
Foreign currency translation | 205 |
Ending balance | 815,634 |
Goodwill [Line Items] | |
Goodwill | $ 815,634 |
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items] | |||||
Intangible assets, Gross carrying amount | $ 1,007,151 | $ 1,007,151 | $ 1,005,816 | ||
Intangible assets, Accumulated amortization | (341,567) | (341,567) | (324,017) | ||
Amortization expense | 8,800 | $ 8,200 | 17,600 | $ 16,200 | |
Future amortization expense [Abstract] | |||||
Remaining, 2023 | 17,671 | 17,671 | |||
2024 | 34,810 | 34,810 | |||
2025 | 35,632 | 35,632 | |||
2026 | 35,396 | 35,396 | |||
2027 | 36,436 | 36,436 | |||
2028 | 39,568 | 39,568 | |||
Amortization included in expense | |||||
Future amortization expense [Abstract] | |||||
Remaining, 2023 | 14,671 | 14,671 | |||
2024 | 28,810 | 28,810 | |||
2025 | 29,632 | 29,632 | |||
2026 | 29,396 | 29,396 | |||
2027 | 30,436 | 30,436 | |||
2028 | 33,568 | 33,568 | |||
Amortization recorded as a reduction of revenue | |||||
Future amortization expense [Abstract] | |||||
Remaining, 2023 | 3,000 | 3,000 | |||
2024 | 6,000 | 6,000 | |||
2025 | 6,000 | 6,000 | |||
2026 | 6,000 | 6,000 | |||
2027 | 6,000 | 6,000 | |||
2028 | 6,000 | 6,000 | |||
Trademarks & tradenames | |||||
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items] | |||||
Unamortized intangible assets, Gross carrying amount | 86,544 | 86,544 | 86,544 | ||
Customer and distributor relationships | |||||
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items] | |||||
Amortized intangible assets, Gross carrying amount | 369,888 | 369,888 | 369,854 | ||
Intangible assets, Accumulated amortization | (179,698) | (179,698) | (170,870) | ||
Sales representation, marketing and promotional rights | |||||
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items] | |||||
Amortized intangible assets, Gross carrying amount | 149,376 | 149,376 | 149,376 | ||
Intangible assets, Accumulated amortization | (69,000) | (69,000) | (66,000) | ||
Developed technology | |||||
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items] | |||||
Amortized intangible assets, Gross carrying amount | 320,204 | 320,204 | 320,204 | ||
Intangible assets, Accumulated amortization | (39,616) | (39,616) | (34,675) | ||
Patents and other intangible assets | |||||
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items] | |||||
Amortized intangible assets, Gross carrying amount | 81,139 | 81,139 | 79,838 | ||
Intangible assets, Accumulated amortization | $ (53,253) | $ (53,253) | $ (52,472) | ||
Weighted Average | |||||
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items] | |||||
Finite-lived intangible asset useful life (in years) | 22 years | 22 years | |||
Weighted Average | Customer and distributor relationships | |||||
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items] | |||||
Finite-lived intangible asset useful life (in years) | 24 years | 24 years | |||
Weighted Average | Sales representation, marketing and promotional rights | |||||
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items] | |||||
Finite-lived intangible asset useful life (in years) | 25 years | 25 years | |||
Weighted Average | Developed technology | |||||
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items] | |||||
Finite-lived intangible asset useful life (in years) | 18 years | 18 years | |||
Weighted Average | Patents and other intangible assets | |||||
Schedule of Finite-Lived and Indefinite-Lived Assets [Line Items] | |||||
Finite-lived intangible asset useful life (in years) | 16 years | 16 years |
Long Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Finance Lease, Liability | $ 86 | $ 230 |
Long-term Debt and Lease Obligation, Including Current Maturities | 1,041,107 | 1,054,822 |
Current portion of long-term debt | 69,632 | 69,746 |
Long-term debt | 971,475 | 985,076 |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 54,000 | 70,000 |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 133,961 | 133,858 |
Unamortized Debt Issuance Expense | 627 | 729 |
2.625 Percent Convertible Notes Due 2024 | Convertible Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Convertible Debt | 69,768 | 69,568 |
Unamortized Debt Issuance Expense | 232 | 432 |
2.250 Percent Convertible Notes Due 2027 | Convertible Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Convertible Debt | 783,292 | 781,166 |
Unamortized Debt Issuance Expense | $ 16,708 | $ 18,834 |
Long Term Debt Additional Information (Details) $ / shares in Units, shares in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 06, 2022
USD ($)
$ / shares
shares
|
Jan. 29, 2019
USD ($)
$ / shares
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jul. 16, 2021
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||
Repayments of Senior Debt | $ 0 | $ 92,981,000 | ||||||
Loss on early extinguishment of debt | 0 | 3,426,000 | ||||||
Payments to redeem convertible notes | 0 | 275,000,000 | ||||||
Loss on convertible notes conversion premium | 0 | 103,125,000 | ||||||
Loss on convertible notes hedge transactions | 0 | 5,460,000 | ||||||
Other Expense | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on convertible notes hedge transactions | $ 5,500,000 | 5,500,000 | ||||||
Term Loan Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 133,961,000 | 133,961,000 | $ 133,858,000 | |||||
Term Loan Facility [Member] | Amended and Restated Senior Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 233,500,000 | |||||||
Repayments of Senior Debt | $ 90,000,000 | |||||||
Loss on early extinguishment of debt | 500,000 | 500,000 | ||||||
Long-term Debt, Gross | 134,600,000 | 134,600,000 | ||||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 54,000,000 | 54,000,000 | $ 70,000,000 | |||||
Line of Credit [Member] | Amended and Restated Senior Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 585,000,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 529,400,000 | 529,400,000 | ||||||
Letters of Credit Outstanding, Amount | 1,600,000 | 1,600,000 | ||||||
Convertible Notes Payable [Member] | 2.625 Percent Convertible Notes Due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 345,000,000 | 70,000,000 | 70,000,000 | |||||
Loss on early extinguishment of debt | 2,900,000 | 2,900,000 | ||||||
Interest rate, stated percentage | 2.625% | |||||||
Debt Instrument, Convertible, Conversion Ratio | 11.2608 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 88.80 | |||||||
Payments to redeem convertible notes | $ 275,000,000 | |||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 0.9 | |||||||
Loss on convertible notes conversion premium | 103,100,000 | 103,100,000 | ||||||
Interest Expense, Debt | 500,000 | 1,700,000 | 900,000 | 3,900,000 | ||||
Debt Instrument, Fair Value Disclosure | 105,900,000 | 105,900,000 | ||||||
Convertible Notes Payable [Member] | 2.625 Percent Convertible Notes Due 2024 | Warrant | ||||||||
Debt Instrument [Line Items] | ||||||||
Option indexed to issuer's equity, strike price (in dollars per share) | $ / shares | $ 114.92 | |||||||
Convertible Notes Payable [Member] | 2.250 Percent Convertible Notes Due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 800,000,000 | |||||||
Interest rate, stated percentage | 2.25% | |||||||
Debt Instrument, Convertible, Conversion Ratio | 6.8810 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 145.33 | |||||||
Interest Expense, Debt | 4,500,000 | $ 1,300,000 | 9,000,000 | $ 1,300,000 | ||||
Debt Instrument, Fair Value Disclosure | $ 900,900,000 | $ 900,900,000 | ||||||
Convertible Notes Payable [Member] | 2.250 Percent Convertible Notes Due 2027 | Warrant | ||||||||
Debt Instrument [Line Items] | ||||||||
Option indexed to issuer's equity, strike price (in dollars per share) | $ / shares | $ 251.53 | |||||||
Long-term Debt [Member] | Amended and Restated Senior Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term SOFR Interest Rate Spread Adjustment | 0.114% | 0.114% | ||||||
Adjusted Term SOFR Interest Rate | 5.239% | 5.239% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.364% | 6.364% | ||||||
Long-term Debt [Member] | Amended and Restated Senior Credit Agreement [Member] | Adjusted Term SOFR Interest Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | |||||||
Long-term Debt [Member] | Amended and Restated Senior Credit Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
Long-term Debt [Member] | Amended and Restated Senior Credit Agreement [Member] | Adjusted Term SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
Call Option [Member] | Convertible Notes Payable [Member] | 2.625 Percent Convertible Notes Due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Hedge and warrant transactions, net cash paid | $ 21,000,000 | |||||||
Call Option [Member] | Convertible Notes Payable [Member] | 2.250 Percent Convertible Notes Due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Hedge and warrant transactions, net cash paid | $ 115,600,000 |
Long Term Debt Maturities of Long Term Debt (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Maturities of Long-term Debt [Abstract] | |
Remaining, 2023 | $ 70,000 |
2024 | 0 |
2025 | 0 |
2026 | 188,588 |
2027 | 800,000 |
2028 | $ 0 |
Guarantees (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Guarantees [Abstract] | ||
Standard warranty period (in years) | 1 year | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance as of January 1, | $ 1,944 | $ 2,344 |
Provision for warranties | 304 | 113 |
Claims made | (377) | (369) |
Balance as of June 30, | 1,871 | 2,088 |
Extended Product Warranty Disclosure [Abstract] | ||
Product extended warranty expense | $ 2,600 | $ 3,200 |
Pension Plan (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Retirement Benefits [Abstract] | ||||
Service cost | $ 194 | $ 269 | $ 388 | $ 538 |
Interest cost on projected benefit obligation | 911 | 537 | 1,822 | 1,074 |
Expected return on plan assets | (1,032) | (1,324) | (2,064) | (2,648) |
Net amortization and deferral | 532 | 648 | 1,064 | 1,296 |
Net periodic pension cost | $ 605 | $ 130 | $ 1,210 | $ 260 |
Business Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Net sales | $ 317,652 | $ 277,190 | $ 613,121 | $ 519,516 |
Orthopedic Surgery | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 140,790 | 120,182 | 271,966 | 227,698 |
General Surgery | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 176,862 | $ 157,008 | $ 341,155 | $ 291,818 |
Legal Proceedings (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Product liability insurance, aggregate annual amount | $ 35 |
Product liability insurance, amount per incident | $ 35 |
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