XML 33 R22.htm IDEA: XBRL DOCUMENT v3.21.2
SEGMENT AND GEOGRAPHIC INFORMATION
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION SEGMENT AND GEOGRAPHIC INFORMATION
The Company internally manages two global reportable segments and reports the results of its businesses to its chief operating decision maker. The two reportable segments and their activities are described below.
The Codman Specialty Surgical segment includes (i) the Neurosurgery business, which sells a full line of products for neurosurgery and neuro critical care such as tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, and cranial stabilization equipment and (ii) the instruments business, which sells more than 40,000 instrument patterns and surgical and lighting products to hospitals, surgery centers, dental, podiatry, and veterinary offices.
The Tissue Technologies segment includes such offerings as skin and wound repair, bone grafts, and nerve and tendon repair products. In conjunction with the sale of the Extremity Orthopedics business, the Company rebranded the Orthopedics and Tissue Technologies segment as Tissue Technologies in the first quarter of 2021.
The Corporate and other category includes (i) various executive, finance, human resource, information systems and legal functions, (ii) brand management, and (iii) share-based compensation costs.
The operating results of the various reportable segments as presented are not comparable to one another because (i) certain operating segments are more dependent than others on corporate functions for unallocated general and administrative and/or operational manufacturing functions and (ii) the Company does not allocate certain manufacturing costs and general and administrative costs to the operating segment results. Net sales and profit by each reportable segment for the three and nine months ended September 30, 2021 and 2020 are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in thousands2021202020212020
Segment Net Sales
Codman Specialty Surgical$256,497 $239,323 $754,575 $640,541 
Tissue Technologies
130,364 130,909 382,349 342,680 
Total revenues$386,861 $370,232 $1,136,924 $983,221 
Segment Profit
Codman Specialty Surgical$110,686 $97,061 $331,460 $249,552 
Tissue Technologies
57,730 50,132 172,154110,091 
Segment profit168,416 147,193 503,614 359,643 
Amortization(4,113)(8,343)(12,838)(23,393)
Corporate and other(107,864)(81,308)(351,769)(237,525)
Operating income$56,439 $57,542 $139,007 $98,725 
The Company does not allocate any assets to the reportable segments. No asset information is reported to the chief operating decision maker and disclosed in the financial information for each segment.
The Company attributes revenues to geographic areas based on the location of the customer. Total revenue by major geographic area consisted of the following:
 Three Months Ended September 30,Nine Months Ended September 30,
Dollars in thousands2021202020212020
United States$275,775 $266,477 $801,754 $695,179 
Europe46,458 45,995 140,714 123,917 
Asia Pacific45,015 40,473 136,616 113,934 
Rest of World19,613 17,287 57,840 50,191 
Total Revenues$386,861 $370,232 $1,136,924 $983,221