Segment Reporting and Foreign Operations

12 Months Ended

Dec. 31, 2022

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 to our consolidated financial statements set forth in Item 8 of this report 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, 2022, 2021 and 2020, we had international sales of $500.4 million, $465.9 million and $413.8 million, respectively, or 43%, 43% and 43%, 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 $149.3 million, $138.2 million, and $113.2 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020, consisted of the following (in thousands):

	2022		2021		2020
United States	$	281,290	$	275,311	$	277,643
Ireland		40,749		39,863		42,951
Other foreign countries		60,937		56,484		62,134
Total	$	382,976	$	371,658	$	382,728

Financial information relating to our reportable operating segments and reconciliations to the consolidated totals for the years ended December 31, 2022, 2021 and 2020, are as follows (in thousands):

	2022		2021		2020
Net sales
Cardiovascular	$	1,118,224	$	1,043,227	$	934,202
Endoscopy		32,757		31,524		29,673
Total net sales		1,150,981		1,074,751		963,875
Income (loss) from operations
Cardiovascular		80,946		53,415		(7,042)
Endoscopy		6,617		7,501		5,480
Total income (loss) from operations		87,563		60,916		(1,562)
Total other expense — net		(4,934)		(6,999)		(11,669)
Income tax expense (benefit)		8,113		5,463		(3,388)
Net income (loss)	$	74,516	$	48,454	$	(9,843)

Total assets by operating segment at December 31, 2022, 2021 and 2020, consisted of the following (in thousands):

	2022		2021		2020
Cardiovascular	$	1,652,145	$	1,635,676	$	1,654,866
Endoscopy		11,821		12,618		9,530
Total	$	1,663,966	$	1,648,294	$	1,664,396

Total depreciation and amortization by operating segment for the years ended December 31, 2022, 2021 and 2020, consisted of the following (in thousands):

	2022		2021		2020
Cardiovascular	$	80,777	$	83,000	$	93,160
Endoscopy		1,027		1,066		910
Total	$	81,804	$	84,066	$	94,070

Total capital expenditures for property and equipment by operating segment for the years ended December 31, 2022, 2021 and 2020, consisted of the following (in thousands):

	2022		2021		2020
Cardiovascular	$	44,925	$	27,557	$	45,803
Endoscopy		104		382		185
Total	$	45,029	$	27,939	$	45,988