Segment Reporting and Foreign Operations

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Reporting and Foreign Operations

13.SEGMENT REPORTING AND FOREIGN OPERATIONS

We report our operations in two operating segments: cardiovascular and endoscopy. Our cardiovascular segment consists of four product categories: peripheral intervention, cardiac intervention, custom procedural solutions, and OEM. Within these product categories, we sell a variety of products, including cardiology and radiology devices (which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other non-vascular diseases), as well as embolotherapeutic, cardiac rhythm management, electrophysiology, critical care, breast cancer localization and guidance, biopsy, and interventional oncology and spine devices. Our endoscopy segment consists of gastroenterology and pulmonology devices 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 net sales and operating income (loss). See Note 2 for a detailed breakout of our sales by operating segment and product category, disaggregated between domestic and international sales.

During the years ended December 31, 2021, 2020 and 2019, we had international sales of $465.9 million, $413.8 million and $419.1 million, respectively, or 43%, 43% and 42%, respectively, of net sales. Our largest international markets include China, Japan, Germany, France and the United Kingdom, with China representing our most significant international sales market with sales of $138.2 million, $113.2 million, and $113.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. International sales are attributed based on location of the customer receiving the product.

Our long-lived assets (which are comprised of our net property and equipment) by geographic area at December 31, 2021, 2020 and 2019, consisted of the following (in thousands):

	2021		2020		2019
United States	$	275,311	$	277,643	$	273,816
Ireland		39,863		42,951		44,912
Other foreign countries		56,484		62,134		60,057
Total	$	371,658	$	382,728	$	378,785

Financial information relating to our reportable operating segments and reconciliations to the consolidated totals for the years ended December 31, 2021, 2020 and 2019, are as follows (in thousands):

	2021		2020		2019
Net Sales
Cardiovascular	$	1,043,227	$	934,202	$	960,981
Endoscopy		31,524		29,673		33,871
Total net sales		1,074,751		963,875		994,852
Operating Income (Loss)
Cardiovascular		53,415		(7,042)		25,780
Endoscopy		7,501		5,480		(10,346)
Total operating income (loss)		60,916		(1,562)		15,434
Total other expense - net		(6,999)		(11,669)		(13,241)
Income tax expense (benefit)		5,463		(3,388)		(3,258)
Net income (loss)	$	48,454	$	(9,843)	$	5,451

Total assets by operating segment at December 31, 2021, 2020 and 2019, consisted of the following (in thousands):

	2021		2020		2019
Cardiovascular	$	1,635,676	$	1,654,866	$	1,745,057
Endoscopy		12,618		9,530		12,264
Total	$	1,648,294	$	1,664,396	$	1,757,321

Total depreciation and amortization by operating segment for the years ended December 31, 2021, 2020 and 2019, consisted of the following (in thousands):

	2021		2020		2019
Cardiovascular	$	83,000	$	93,160	$	91,151
Endoscopy		1,066		910		949
Total	$	84,066	$	94,070	$	92,100

Total capital expenditures for property and equipment by operating segment for the years ended December 31, 2021, 2020 and 2019, consisted of the following (in thousands):

	2021		2020		2019
Cardiovascular	$	27,557	$	45,803	$	77,631
Endoscopy		382		185		542
Total	$	27,939	$	45,988	$	78,173