v3.25.1
Note 13 - Segment Data
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

(13)

Segment Data

 

The Company consists of a single operating and reportable segment and uses consolidated net income as its measure of segment profit and loss. The chief operating decision maker of the Company is the Chairman and Chief Executive Officer (CEO). The Chairman and CEO reviews consolidated operating results to make decisions about how to allocate resources to the segment and assess its performance as a whole. The Company has identified the following significant segment expenses (SSEs) due to their relevance to the overall consolidated operating results (in thousands):

 

   

Three months ended March 31,

  
   

2025

    

2024

  

Net sales from external customers

   $ 148,148     $ 105,009  
                 

Significant segment expenses:

                

Materials

     61,366       47,722  

Salaries and Benefits

     43,962       27,390  

Depreciation and amortization

     4,634       2,999  

Interest expense, net

     2,809       631  

Other segment items (a)

     15,096       10,932  

Income before income tax provision

     20,281       15,335  

Income tax provision

     3,097       2,642  
                 

Segment net income

   $ 17,184     $ 12,693  
                 

Segment total assets (b)

   $ 642,642          

 

 

(a)

Other segment items include (production overhead, stock compensation, professional fees, and other SG&A expenses)
 

(b)

See Condensed Consolidated Balance Sheet for details

 

Information about Geographic Areas

 

Net sales shipped to customers outside of the United States comprised approximately 17.3%, and 18.4% of the Company’s consolidated net sales for the three months ended March 31, 2025 and 2024, respectively. Approximately 22.1% of all long-lived assets are located outside of the United States.

 

Information about Major Customers

 

Net sales to two customers comprised approximately 24.0% and 21.4%, respectively, of the Company’s consolidated net sales for the three months ended March 31, 2025. Net sales to one customer comprised approximately 32.2% of the Company’s consolidated net sales for the three months ended March 31, 2024.

 

On March 31, 2025, two customers represented approximately 25.4% and 12.9% of gross accounts receivable, respectively. On March 31, 2024, one customer represented approximately 18.4% of gross accounts receivable.

 

The Company’s products are primarily sold to customers within the Medical and Non-medical markets. Sales by market for the three months ended March 31, 2025 and 2024 are as follows (in thousands):

 

   

Three Months Ended March 31,

  
   

2025

    

2024 (a)

  

Market

  

Net Sales

    

%

    

Net Sales

    

%

  
                                 

Medical

   $ 135,416       91.4 %   $ 90,037       85.7 %

Non-medical

     12,732       8.6 %     14,972       14.3 %

Net Sales

   $ 148,148       100.0 %   $ 105,009       100.0 %

 

(a)    Note – This table has been updated to conform to the current year presentation.