Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting Disclosure

Segment Data

The Company has a single operating and reportable segment. The Company 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.

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 consolidated annual budget/forecast processes. The measure of segment assets is reported on the consolidated balance sheets as total assets. Expenditures for additions to long-lived assets were $22.0 million and $38.9 million for the three and six months ended June 30, 2025 and $21.9 million and $40.7 million for the three and six months ended June 30, 2024, respectively.

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

	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
REVENUES	$	548,866	$	596,455	$	1,153,568	$	1,163,110
Less:
Standard COGS(1)	249,816		298,429		543,224		581,430
Quality remediation/recall(2)	5,706		3,924		15,686		11,422
Other COGS(3)	85,280		86,674		176,485		177,586
Selling, general and administrative	159,392		159,549		316,625		317,206
Research and development	21,867		23,390		45,158		45,232
Restructuring and integration	16,218		17,136		32,915		33,241
Other segment items(4)	(46,157)		238		(47,626)		228
Interest expense	23,065		26,648		48,328		53,066
Income tax provision	1,178		1,873		5,748		4,576
Equity in earnings of unconsolidated affiliates	(2,837)		—		(2,837)		—
Consolidated net income (loss)	$	35,338	$	(21,406)	$	19,862	$	(60,877)

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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 gain on sale of business.

For information on depreciation expense, see Note 14: Property, Plant, & Equipment. For information on amortization expense, see Note 15: Goodwill and Intangible Assets, Net.

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. For the three and six months ended June 30, 2025, our consolidated worldwide net sales to a single distributor were 19%, and 18%, respectively, and for the three and six months ended June 30, 2024, were 17%.

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
	June 30, 2025		December 31, 2024
Costa Rica	160,676		156,149
Mexico	117,835		111,043
Other LATAM	64,060		55,451
Canada	1,918		5,284
Italy	34,560		29,124
Spain	19,914		17,141
Czech Republic	13,804		11,909
Other Europe	11,580		11,445
APAC	29,754		27,550
Total Foreign	$	454,101	$	425,096
United States*	628,671		610,547
Worldwide Total	$	1,082,772	$	1,035,643

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*As of December 31, 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 of 2024 (See Note 4: Assets Held For Sale and Disposal of Business).