Segment Reporting (Notes)

12 Months Ended

Dec. 31, 2024

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Segment Reporting Disclosure

SEGMENT DATA

The Company has a single operating and reportable segment. The segment is organized by and derives revenues from the manufacture and sale of our medical products which are used in infusion therapy, vascular access, and vital care applications. Our product portfolio includes ambulatory, syringe, and large volume IV pumps and safety software; dedicated and non-dedicated IV sets, needlefree IV connectors, IV catheters, sharps safety products, and sterile IV solutions; closed system transfer devices and pharmacy compounding systems; as well as a range of respiratory, anesthesia, patient monitoring, and temperature management products. Our product lines, as disclosed in Note 5: Revenue, were determined to be a single operating segment as discrete financial information by product-line is limited to revenue and standard cost. Other cost of sale expenses, which include above-site manufacturing costs, manufacturing variances and supply chain costs including freight and warehousing are not allocated to individual product lines. Similarly, quality, regulatory and other operating expenses are only provided to our chief operating decision maker ("CODM") at the consolidated level.

The accounting policies of our single reportable segment are the same as those described in Note 1: Basis of Presentation and Significant Accounting Policies.

For information on disaggregation of revenues by product-line and geography, see Note 5: Revenue.

Our chief executive officer is our CODM. Our CODM uses net profit (loss) to manage our business activities on a consolidated basis and to evaluate and assess the performance of the Company when determining how to allocate capital resources. Our segment performance is monitored and resource allocation is determined during the annual budget/forecast processes. The measure of segment assets is reported on the consolidated balance sheets as total assets. In 2024, 2023 and 2022, expenditures for additions to long-lived assets were $90.2 million, $93.7 million, and $99.3 million, respectively.

The following table presents information about our segment revenue, segment profit or loss, and significant segment expenses (in thousands):

	Year ended December 31,
	2024		2023		2022
REVENUES	$	2,382,046	$	2,259,126	$	2,279,997
Less:
Standard COGS(1)	1,193,994		1,114,294		1,052,455
Quality remediation/recall(2)	19,126		58,243		70,036
Other COGS(3)	344,144		346,716		459,745
Selling, general and administrative	638,762		606,693		608,345
Research and development	88,615		85,344		92,984
Restructuring and integration	59,840		41,258		71,421
Other segment items(4)	(2,964)		(17,850)		(31,385)
Interest expense	106,541		102,727		70,805
Income tax provision (benefit)	51,676		(48,644)		(40,123)
Consolidated net loss	$	(117,688)	$	(29,655)	$	(74,286)

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(1) Represents the average annual budgeted cost of producing each good sold in the period.

(2) Represents significant labor and material costs to replace or repair a product outside the scope of standard warranty and compliance costs related to quality systems and manufacturing operations.

(3) Includes costs related to capitalized manufacturing variances to standard COGS, supply chain and logistics costs including freight, inventory management and reserves, hardware service, quality and regulatory, and operations and supply chain management costs.

(4) Includes changes in fair value of contingent earn-out, interest income, gain/loss on disposition of assets, gain/loss on foreign exchange, other miscellaneous income/expense and equity in the income of equity method investees.

For information on depreciation and amortization expense, see Note 1: Basis of Presentation and Significant Accounting Policies.

Significant Customers

We sell products worldwide, on credit terms on an unsecured basis, as an OEM supplier, to independent medical supply distributors and directly to end customers. The manufacturers and distributors, in turn, sell our products to healthcare providers. In 2024, 2023 and 2022, we had net sales to a single distributor of 18%, 16% and 15%, respectively of consolidated worldwide net sales.

Geographic Information

The table below presents our gross long-lived assets, consisting of property, plant and equipment, by country or region (in thousands):

	As of December 31,
	2024		2023
Costa Rica	$	156,149	$	143,380
Mexico	111,043		110,124
Other LATAM	55,451		47,564
Canada	5,284		5,694
Italy	29,124		28,201
Spain	17,141		21,921
Czech Republic	11,909		12,256
Other Europe	11,445		11,440
APAC	27,550		22,966
Total Foreign	$	425,096	$	403,546
United States*	610,547		833,251
Worldwide Total	$	1,035,643	$	1,236,797

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*During the fourth quarter of 2024, we presented within the assets held for sale line item in our consolidated balance sheet, the gross long-lived assets that were part of a disposal group that met the criteria as held for sale during the fourth quarter (See Note 4: Assets Held For Sale).