Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

(4) Segment Information

Effective January 1, 2021, we identified two operating segments, Healthcare and Industrial.

This change in reportable segments was necessitated as a result of changes to our enterprise wide financial reporting to reflect the re-organization of the business into the Healthcare and Industrial verticals that were launched January 1, 2021 at the request of our CODM. These changes resulted in revisions to the financial information provided to the CODM on a recurring basis in his evaluation of financial performance of the Company and in the decision-making process driving future operating performance.

The following tables set forth our operating results by segment:

	Three Months Ended June 30,
	2022						2021
	Healthcare		Industrial		Consolidated		Healthcare		Industrial		Consolidated
(in thousands)
Revenue(a)	$	71,746	$	68,299	$	140,045	$	82,826	$	79,731	$	162,557
Cost of sales	45,130		41,777		86,907		44,207		49,345		93,552
Gross profit	26,616		26,522		$	53,138	38,619		30,386		69,005
Less:
Segment operating expenses	17,747		24,058		41,805		16,366		20,528		36,894
Segment operating income	8,869		2,464		11,333		22,253		9,858		32,111
General corporate expense, net(b)					43,371						42,171
Operating (loss)					$	(32,038)					$	(10,060)

	Six Months Ended June 30,
	2022						2021
	Healthcare		Industrial		Consolidated		Healthcare		Industrial		Consolidated
(in thousands)
Revenue(a)	$	136,091	$	136,955	$	273,046	$	155,347	$	153,326	$	308,673
Cost of sales	84,762		81,351		166,113		82,865		92,563		175,428
Gross profit	51,329		55,604		$	106,933	72,482		60,763		133,245
Less:
Segment operating expenses	34,757		46,854		81,611		30,436		38,283		68,719
Segment operating income	$	16,572	$	8,750	25,322		$	42,046	$	22,480	64,526
General corporate expense, net(b)					80,592						76,545
Operating (loss)					$	(55,270)					$	(12,019)

a.Approximately 43.6% and 43.9% of sales for the three months ended June 30, 2022 and 2021, respectively, and 44.1% and 43.8% of sales for the six months ended June 30, 2022 and 2021, respectively, were located outside of the U.S.

b.General corporate expense, net includes expenses not specifically attributable to our segments for functions such as human resources, finance, legal, information technology, including salaries, benefits, and other related costs, company wide incentive compensation and stock-compensation.