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Business segment information (Tables)
3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Net Sales by Major Product Category by Reporting Segment

The table below presents net sales by major product category by reporting segment:

 

 

 

Three Months Ended March 31,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

 

Change

 

Bone Growth Therapies

 

$

52,477

 

 

$

47,714

 

 

 

10.0

%

Spinal Implants, Biologics, and Enabling Technologies

 

 

108,816

 

 

 

101,492

 

 

 

7.2

%

Global Spine

 

 

161,293

 

 

 

149,206

 

 

 

8.1

%

Global Orthopedics

 

 

27,315

 

 

 

25,998

 

 

 

5.1

%

Net sales

 

$

188,608

 

 

$

175,204

 

 

 

7.7

%

The table below presents net sales by major product category by reporting segment:

 

 

Three Months Ended March 31,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

 

Change

 

Bone Growth Therapies

 

$

52,477

 

 

$

47,714

 

 

 

10.0

%

Spinal Implants, Biologics, and Enabling Technologies

 

 

108,816

 

 

 

101,492

 

 

 

7.2

%

Global Spine

 

 

161,293

 

 

 

149,206

 

 

 

8.1

%

Global Orthopedics

 

 

27,315

 

 

 

25,998

 

 

 

5.1

%

Net sales

 

$

188,608

 

 

$

175,204

 

 

 

7.7

%

Summary of EBITDA by Reporting Segment

The following table presents adjusted EBITDA, the primary metric used in managing the Company, by reporting segment:

 

 

Three Months Ended March 31,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

Adjusted EBITDA by reporting segment

 

 

 

 

 

 

Global Spine

 

$

19,890

 

 

$

14,981

 

Global Orthopedics

 

 

(1,492

)

 

 

44

 

Corporate

 

 

(10,733

)

 

 

(11,821

)

Consolidated adjusted EBITDA

 

$

7,665

 

 

$

3,204

 

 

 

 

 

 

 

 

Reconciling items:

 

 

 

 

 

 

Interest expense, net

 

$

4,558

 

 

$

1,289

 

Depreciation and amortization

 

 

14,862

 

 

 

12,670

 

Share-based compensation expense

 

 

8,800

 

 

 

13,020

 

Foreign exchange impact

 

 

1,588

 

 

 

(583

)

SeaSpine merger-related costs

 

 

4,520

 

 

 

20,740

 

Strategic investments

 

 

120

 

 

 

661

 

Acquisition-related fair value adjustments

 

 

4,217

 

 

 

11,636

 

Interest and loss on investments

 

 

(260

)

 

 

 

Litigation and investigation costs

 

 

2,260

 

 

 

469

 

Succession charges

 

 

2,210

 

 

 

 

Medical device regulation

 

 

 

 

 

3,629

 

All other

 

 

(41

)

 

 

 

Loss before income taxes

 

$

(35,169

)

 

$

(60,327

)

Schedule of Depreciation and Amortization by Reporting Segment

The following table presents depreciation and amortization by reporting segment:

 

 

Three Months Ended March 31,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

Global Spine

 

$

11,929

 

 

$

9,599

 

Global Orthopedics

 

 

2,207

 

 

 

1,629

 

Corporate

 

 

726

 

 

 

1,442

 

Total

 

$

14,862

 

 

$

12,670

 

 

Summary of Net Sales by Geographic Destination

The table below presents net sales by geographic destination for each reporting segment and for the consolidated Company:

 

 

Three Months Ended
March 31,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

Global Spine

 

 

 

 

 

 

U.S.

 

$

151,865

 

 

$

139,457

 

International

 

 

9,428

 

 

 

9,749

 

Total Global Spine

 

 

161,293

 

 

 

149,206

 

 

 

 

 

 

 

 

Global Orthopedics

 

 

 

 

 

 

U.S.

 

 

8,154

 

 

 

6,636

 

International

 

 

19,161

 

 

 

19,362

 

Total Global Orthopedics

 

 

27,315

 

 

 

25,998

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

U.S.

 

 

160,019

 

 

 

146,093

 

International

 

 

28,589

 

 

 

29,111

 

Net sales

 

$

188,608

 

 

$

175,204

 

Summary of Property, Plant and Equipment of Reporting Segments by Geographic Area

The following data includes property, plant, and equipment by geographic area:

(U.S. Dollars, in thousands)

 

March 31,
2024

 

 

December 31,
2023

 

 

 

(Unaudited)

 

 

 

 

U.S.

 

$

142,355

 

 

$

142,727

 

Italy

 

 

10,033

 

 

 

10,187

 

Germany

 

 

2,620

 

 

 

3,030

 

Others

 

 

3,124

 

 

 

3,116

 

Total

 

$

158,132

 

 

$

159,060