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SEGMENT AND GEOGRAPHIC INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION SEGMENT AND GEOGRAPHIC INFORMATION
The Company is organized primarily on the basis of products and operates two global reportable segments. Resources are allocated and performance is assessed by the Company’s President and Chief Executive Officer, which the Company has determined to be the Chief Operating Decision Maker (“CODM”).
During the three months ended March 31, 2026, the Company renamed its two reportable segments to better align with the reportable segments’ business activities, structures, and strategies. The reportable segment name change did not result in any change to the composition of the reportable segments and has no impact on previously reported financial information. The two reportable segments and their activities are described below.
•The Specialty Surgery reportable segment operations consist of (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; (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; and (iii) the ENT business, which includes instrumentation, balloon technologies for sinus dilation and eustachian tube dilation, as well as surgical navigation systems.
•The Tissue Reconstruction reportable segment operations consists of the Wound Reconstruction business, which sells offerings such as skin and wound repair, plastics and surgical reconstruction products and nerve and tendon repair products. The Tissue Reconstruction segment also includes the Company’s private label business which performs contract manufacturing for third parties.
The Corporate and Other category includes a portion of various executive, finance, human resource, information systems and legal functions which are not allocated to the reportable segments. During the three months ended March 31, 2026, the Company updated the allocation of certain cost and expense information that the CODM regularly reviews to evaluate performance for decision-making purposes from the Corporate and Other category to the Company’s reportable segments to align with how the CODM reviews and manages the business. As a result of this update, the Company retrospectively recast prior period results, by reportable segment, to conform to the current period presentation. This update had no impact on the Company’s consolidated results of operations.
For both reportable segments, the CODM uses segment revenue and segment operating income to assess the performance for each segment and in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis for segment revenue and segment operating income when making decisions about allocating capital and personnel to the reportable segments.
The operating results of the 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 reportable segments.
Net sales and profit by each reportable segment for the three months ended March 31, 2026 and 2025 are as follows:
Three Months Ended March 31, 2026
Dollars in thousandsSpecialty SurgeryTissue ReconstructionCorporate and OtherTotal
Total revenue, net$283,135 $108,783 $— $391,918 
Cost of goods sold110,475 37,459 27,002 174,936 
Research and development11,853 7,532 4,116 23,501 
Selling, general & administrative77,681 43,526 57,028 178,235 
Intangible asset amortization— — 3,776 3,776 
Total cost and expenses200,009 88,517 91,922 380,448 
Operating income (loss)$83,126 $20,266 $(91,922)11,470 
Interest income4,106 
Interest expense(22,465)
Other income, net4,480 
Loss before income taxes$(2,409)
Three Months Ended March 31, 2025
Dollars in thousandsSpecialty SurgeryTissue ReconstructionCorporate and OtherTotal
Total revenue, net$280,664 $101,989 $— $382,653 
Cost of goods sold (1)
109,861 49,270 29,090 188,221 
Research and development (1)
14,795 5,972 3,961 24,728 
Selling, general & administrative (1)
83,787 42,304 55,406 181,497 
Intangible asset amortization— — 3,704 3,704 
Total cost and expenses208,443 97,546 92,161 398,150 
Operating income (loss)$72,221 $4,443 $(92,161)(15,497)
Interest income4,420 
Interest expense(18,815)
Other income, net(144)
Loss before income taxes$(30,036)
(1) The amounts reported for the three months ended March 31, 2025 have been retrospectively recast to reflect the realignment of certain cost and expense information as discussed in Note 1. Basis of Presentation.
The Company does not allocate any assets to the reportable segments. No asset information is reported to the CODM 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 March 31,
Dollars in thousands20262025
United States$289,380 $282,217 
Europe39,962 35,326 
Asia Pacific45,212 45,105 
Rest of World17,364 20,005 
Total Revenues$391,918 $382,653