Segment Reporting and Foreign Operations

12 Months Ended

Dec. 31, 2015

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 CRM/EP devices. 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, 2015, 2014 and 2013 (in thousands):

	% Change		2015		% Change		2014		% Change		2013
Cardiovascular
Stand-alone devices	8	%	$	155,414	15	%	$	143,712	10	%	$	125,445
Custom kits and procedure trays	5	%	116,368		7	%	111,076		10	%	103,700
Inflation devices	1	%	73,373		10	%	72,538		(4	)%	66,182
Catheters	11	%	96,833		17	%	87,550		16	%	75,131
Embolization devices	3	%	45,025		31	%	43,855		(1	)%	33,395
CRM/EP	3	%	33,902		17	%	32,975		1,359	%	28,271
Total	6	%	520,915		14	%	491,706		14	%	432,124
Endoscopy
Endoscopy devices	18	%	21,234		6	%	17,983		7	%	16,925
Total	6	%	$	542,149	14	%	$	509,689	14	%	$	449,049

During the years ended December 31, 2015, 2014 and 2013, we had foreign sales of approximately $214.0 million, $198.3 million and $165.8 million, respectively, or approximately 39%, 39% 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, 2015, 2014 and 2013, consisted of the following (in thousands):

	2015		2014		2013
United States	$	186,389	$	177,627	$	178,130
Ireland	48,896		49,708		50,274
Other foreign countries	32,493		16,836		14,866
Total	$	267,778	$	244,171	$	243,270

Financial information relating to our reportable operating segments and reconciliations to the consolidated totals for the years ended December 31, 2015, 2014 and 2013, are as follows (in thousands):

	2015			2014			2013
Revenues
Cardiovascular	$	520,915		$	491,706		$	432,124
Endoscopy	21,234			17,983			16,925
Total revenues	542,149			509,689			449,049
Operating expenses
Cardiovascular	187,492			175,152			157,479
Endoscopy	10,746			9,904			9,044
Total operating expenses	198,238			185,056			166,523
Operating income (loss)
Cardiovascular	34,052			38,601			26,597
Endoscopy	3,491			1,565			1,247
Total operating income	37,543			40,166			27,844
Total other expense - net	(6,343		)	(8,594		)	(8,005		)
Income tax expense	7,398			8,598			3,269
Net income	$	23,802		$	22,974		$	16,570

Total assets by business segment at December 31, 2015, 2014 and 2013, consisted of the following (in thousands):

	2015		2014		2013
Cardiovascular	$	767,952	$	734,940	$	716,659
Endoscopy	10,776		12,225		11,624
Total	$	778,728	$	747,165	$	728,283

Total depreciation and amortization by business segment for the years ended December 31, 2015, 2014 and 2013, consisted of the following (in thousands):

	2015		2014		2013
Cardiovascular	$	36,474	$	34,975	$	31,594
Endoscopy	951		954		948
Total	$	37,425	$	35,929	$	32,542

Total capital expenditures for property and equipment by business segment for the years ended December 31, 2015, 2014 and 2013, consisted of the following (in thousands):

	2015		2014		2013
Cardiovascular	$	50,927	$	33,660	$	59,421
Endoscopy	32		521		84
Total	$	50,959	$	34,181	$	59,505