Segment Reporting and Foreign Operations

12 Months Ended

Dec. 31, 2014

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, 2014, 2013 and 2012 (in thousands):

	% Change		2014		% Change		2013		% Change		2012
Cardiovascular
Stand-alone devices	15	%	$	143,712	10	%	$	125,445	12	%	$	114,242
Custom kits and procedure trays	7	%	111,076		10	%	103,700		3	%	94,586
Inflation devices	10	%	72,538		(4	)%	66,182		2	%	68,979
Catheters	17	%	87,550		16	%	75,131		17	%	64,878
Embolization devices	31	%	43,855		(1	)%	33,395		8	%	33,870
CRM/EP	17	%	32,975		1,359	%	28,271		—	%	1,938
Total	14	%	491,706		14	%	432,124		9	%	378,493
Endoscopy
Endoscopy devices	6	%	17,983		7	%	16,925		31	%	15,795
Total	14	%	$	509,689	14	%	$	449,049	10	%	$	394,288

During the years ended December 31, 2014, 2013 and 2012, we had foreign sales of approximately $198.3 million, $165.8 million and $146.3 million, respectively, or approximately 39%, 37% and 37%, 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, 2014, 2013 and 2012, consisted of the following (in thousands):

	2014		2013		2012
United States	$	177,627	$	178,130	$	176,644
Ireland	49,708		50,274		48,182
Other foreign countries	16,836		14,866		9,977
Total	$	244,171	$	243,270	$	234,803

Financial information relating to our reportable operating segments and reconciliations to the consolidated totals for the years ended December 31, 2014, 2013 and 2012, are as follows (in thousands):

	2014			2013			2012
Revenues
Cardiovascular	$	491,706		$	432,124		$	378,493
Endoscopy	17,983			16,925			15,795
Total revenues	509,689			449,049			394,288
Operating expenses
Cardiovascular	175,152			157,479			142,089
Endoscopy	9,904			9,044			10,262
Total operating expenses	185,056			166,523			152,351
Operating income (loss)
Cardiovascular	38,601			26,597			30,411
Endoscopy	1,565			1,247			(770		)
Total operating income	40,166			27,844			29,641
Total other expense - net	(8,594		)	(8,005		)	(2,023		)
Income tax expense	8,598			3,269			7,908
Net income	$	22,974		$	16,570		$	19,710

Total assets by business segment at December 31, 2014, 2013 and 2012, consisted of the following (in thousands):

	2014		2013		2012
Cardiovascular	$	734,940	$	716,659	$	692,689
Endoscopy	12,225		11,624		12,620
Total	$	747,165	$	728,283	$	705,309

Total depreciation and amortization by business segment for the years ended December 31, 2014, 2013 and 2012, consisted of the following (in thousands):

	2014		2013		2012
Cardiovascular	$	34,975	$	31,594	$	21,441
Endoscopy	954		948		1,093
Total	$	35,929	$	32,542	$	22,534

Total capital expenditures by business segment for the years ended December 31, 2014, 2013 and 2012, consisted of the following (in thousands):

	2014		2013		2012
Cardiovascular	$	33,660	$	59,421	$	64,059
Endoscopy	521		84		584
Total	$	34,181	$	59,505	$	64,643