Segment Reporting and Foreign Operations

12 Months Ended

Dec. 31, 2024

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. Our chief operating decision maker is our Chief Executive Officer. Our CODM uses segment profit or loss to assess performance and allocate resources to each segment, primarily through periodic budgeting and segment performance reviews. See Note 2, Revenues 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. Total assets by segment are not used by the CODM to assess performance or allocate resources to the Company’s segments; therefore, total assets by segment are not disclosed.

During the years ended December 31, 2024, 2023 and 2022, we had international sales of $555.7 million, $530.4 million and $500.4 million, respectively, or 41.0%, 42.2% and 43.5%, 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 $149.8 million, $147.3 million, and $149.3 million for the years ended December 31, 2024, 2023 and 2022, 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, 2024, 2023 and 2022, consisted of the following (in thousands):

	2024		2023		2022
United States	$	271,734	$	273,105	$	281,290
Ireland		45,325		42,333		40,749
Other foreign countries		69,106		68,085		60,937
Total	$	386,165	$	383,523	$	382,976

Financial information relating to our reportable operating segments and reconciliations to the consolidated totals for the years ended December 31, 2024, 2023 and 2022, are as follows (in thousands):

	Year Ended						Year Ended						Year Ended
	December 31, 2024						December 31, 2023						December 31, 2022
	Cardiovascular		Endoscopy		Consolidated		Cardiovascular		Endoscopy		Consolidated		Cardiovascular		Endoscopy		Consolidated
Net sales	$	1,301,744	$	54,770	$	1,356,514	$	1,220,560	$	36,806	$	1,257,366	$	1,118,224	$	32,757	$	1,150,981
Cost of sales standard(1)		549,657		15,746				534,826		12,987				496,678		12,739
Cost of sales other(2)		140,948		6,830				125,388		293				121,045		1,420
Selling, general and administrative expenses		376,734		22,997				362,082		11,594				332,012		10,513
Research and development expenses		83,812		3,654				80,300		2,428				74,042		1,468
Other operating expenses(3)		443		—				3,524		—				13,501		—
Income from operations	$	150,150	$	5,543	$	155,693	$	114,440	$	9,504	$	123,944	$	80,946	$	6,617	$	87,563
Total other expense — net						(5,700)						(11,855)						(4,934)
Income before income taxes					$	149,993					$	112,089					$	82,629

(1) Cost of sales standard represents costs of goods sold measured at the internal standard cost for production of inventory. Inventory standard costs include material, labor and manufacturing overhead.

(2) Cost of sales other for all segments include amortization expense associated with our developed technology and license agreement intangible assets, freight and handling associated with shipments to customers, provisions based on estimated excess, slow moving and obsolete inventories, manufacturing and price variances, and royalties.

(3) Other operating expenses include impairment charges, contingent consideration (benefit expense) related to the changes in fair value of contingent payments associated with acquisitions, acquired in-process research and development expense, and certain legal settlements.

	2024		2023		2022
Cardiovascular	$	97,749	$	88,960	$	80,777
Endoscopy		4,960		1,025		1,027
Total	$	102,709	$	89,985	$	81,804

Total depreciation and amortization by operating segment for the years ended December 31, 2024, 2023 and 2022, consisted of the following (in thousands):