Business segment information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

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, 2025
(U.S. Dollars, in thousands)	Global Spine		Global Orthopedics			Total
Segment revenues	$	163,836	$	29,810		$	193,646
Less:
Non-GAAP Cost of sales		44,587		11,871			56,458
Non-GAAP Sales, general, and administrative		92,538		17,920			110,458
Non-GAAP Research and development		11,623		2,853			14,476
Other segment expenses (benefits)		4,444		(175	)		4,269
Add:
Non-GAAP Depreciation, amortization, and share-based compensation expense		8,872		2,632			11,504
Segment Adjusted EBITDA	$	19,516	$	(27	)	$	19,489
Reconciling items:
Corporate operating expenses						$	8,058
Interest expense, net							4,506
Depreciation and amortization							34,431
Share-based compensation expense							6,469
Foreign exchange impact							(1,044	)
SeaSpine merger-related costs							1,130
Restructuring costs and impairments related to M6 product lines							12,126
Strategic investments							3,514
Acquisition-related fair value adjustments							(610	)
Litigation and investigation costs							3,042
Loss before income taxes						$	(52,133	)

	Three Months Ended March 31, 2024
(U.S. Dollars, in thousands)	Global Spine		Global Orthopedics			Total
Segment Revenues	$	161,293	$	27,315		$	188,608
Less:
Non-GAAP Cost of sales		44,854		10,846			55,700
Non-GAAP Sales, general, and administrative		91,813		18,146			109,959
Non-GAAP Research and development		15,946		3,312			19,258
Other segment expenses (benefits)		32		(107	)		(75	)
Add:
Non-GAAP Depreciation, amortization, and share-based compensation expense		11,241		3,391			14,632
Segment Adjusted EBITDA	$	19,889	$	(1,491	)	$	18,398
Reconciling items:
Corporate operating expenses						$	10,733
Interest expense, net							4,558
Depreciation and amortization							14,862
Share-based compensation expense							8,800
Foreign exchange impact							1,588
SeaSpine merger-related costs							4,479
Strategic investments							120
Acquisition-related fair value adjustments							4,217
Interest and loss on investments							(260	)
Litigation and investigation costs							2,260
Succession charges							2,210
Loss before income taxes						$	(35,169	)

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)	2025		2024
Global Spine	$	31,902	$	11,929
Global Orthopedics		1,936		2,207
Corporate		593		726
Total	$	34,431	$	14,862

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)	2025		2024
Global Spine
U.S.	$	152,703	$	151,865
International		11,133		9,428
Total Global Spine		163,836		161,293
Global Orthopedics
U.S.		8,978		8,154
International		20,832		19,161
Total Global Orthopedics		29,810		27,315
Consolidated
U.S.		161,681		160,019
International		31,965		28,589
Net sales	$	193,646	$	188,608

The following data includes net sales by geographic area:

	Three Months Ended March 31,
(Unaudited, U.S. Dollars, in thousands)	2025		2024
U.S.	$	161,681	$	160,019
Italy		5,053		5,002
France		2,625		2,516
United Kingdom		3,037		2,631
Germany		2,208		2,105
Brazil		1,135		1,528
Others		17,907		14,807
Net Sales	$	193,646	$	188,608

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, 2025		December 31, 2024
	(Unaudited)
U.S.	$	116,396	$	125,541
Italy		9,514		9,472
Germany		1,784		1,904
Others		2,999		2,887
Total	$	130,693	$	139,804