Segment Reporting and Foreign Operations

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Reporting and Foreign Operations

SEGMENT REPORTING AND FOREIGN OPERATIONS

We report our operations in two operating segments: cardiovascular and endoscopy. Our cardiovascular segment consists of cardiology and radiology medical device products which assist in diagnosing and treating coronary artery disease, peripheral vascular disease and other non-vascular diseases and includes embolization devices and the CRM/EP devices we acquired through our acquisition of Thomas Medical. Our endoscopy segment consists of gastroenterology and pulmonology medical device products which assist in the palliative treatment of expanding esophageal, tracheobronchial and biliary strictures caused by malignant tumors. We evaluate the performance of our operating segments based on operating income (loss). Listed below are the sales by business segment for the years ended December 31, 2013, 2012 and 2011 (in thousands):

	% Change		2013		% Change		2012		% Change		2011
Cardiovascular
Stand-alone devices	10	%	$	125,445	12	%	$	114,242	15	%	$	101,959
Custom kits and procedure trays	10	%	103,700		3	%	94,586		11	%	91,532
Inflation devices	(4	)%	66,182		2	%	68,979		8	%	67,353
Catheters	16	%	75,131		17	%	64,878		23	%	55,357
Embolization devices	(1	)%	33,395		8	%	33,870		247	%	31,229
CRM/EP	1,359	%	28,271		—	%	1,938		—	%	—
Total	14	%	432,124		9	%	378,493		21	%	347,430
Endoscopy
Endoscopy devices	7	%	16,925		31	%	15,795		33	%	12,019
Total	14	%	$	449,049	10	%	$	394,288	21	%	$	359,449

During the years ended December 31, 2013, 2012 and 2011, we had foreign sales of approximately $165.8 million, $146.3 million and $125.9 million, respectively, or approximately 37%, 37% and 35%, respectively, of total sales, primarily in China, Japan, Germany, France, the United Kingdom and Russia. Foreign sales are attributed based on location of the customer receiving the product.

Our long-lived assets by geographic area at December 31, 2013, 2012 and 2011, consisted of the following (in thousands):

	2013		2012		2011
United States	$	178,130	$	176,644	$	134,393
Ireland	50,274		48,182		36,008
Other foreign countries	14,866		9,977		8,739
Total	$	243,270	$	234,803	$	179,140

Financial information relating to our reportable operating segments and reconciliations to the consolidated totals for the years ended December 31, 2013, 2012 and 2011, are as follows (in thousands):

	2013			2012			2011
Revenues
Cardiovascular	$	432,124		$	378,493		$	347,430
Endoscopy	16,925			15,795			12,019
Total revenues	449,049			394,288			359,449
Operating expenses
Cardiovascular	157,479			142,089			122,600
Endoscopy	9,044			10,262			9,678
Total operating expenses	166,523			152,351			132,278
Operating income (loss)
Cardiovascular	26,597			30,411			38,010
Endoscopy	1,247			(770		)	(4,820		)
Total operating income	27,844			29,641			33,190
Total other expense - net	(8,005		)	(2,023		)	(315		)
Income tax expense	3,269			7,908			9,831
Net income	$	16,570		$	19,710		$	23,044

Total assets by business segment at December 31, 2013, 2012 and 2011, consisted of the following (in thousands):

	2013		2012		2011
Cardiovascular	$	716,659	$	692,689	$	434,747
Endoscopy	11,624		12,620		12,270
Total	$	728,283	$	705,309	$	447,017

Total depreciation and amortization by business segment for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands):

	2013		2012		2011
Cardiovascular	$	31,594	$	21,441	$	18,219
Endoscopy	948		1,093		975
Total	$	32,542	$	22,534	$	19,194

Total capital expenditures by business segment for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands):

	2013		2012		2011
Cardiovascular	$	59,421	$	64,059	$	58,775
Endoscopy	84		584		420
Total	$	59,505	$	64,643	$	59,195