v3.26.1
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information
Note 14. 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 CODM.
During the six months ended June 30, 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 Surgical 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 Solutions 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 Solutions 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 six months ended June 30, 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 and six months ended June 30, 2026 and 2025 are as follows:
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Dollars in thousandsSpecialty SurgeryTissue ReconstructionCorporate and OtherTotalSpecialty SurgeryTissue ReconstructionCorporate and OtherTotal
Total revenue, net$309,269 $109,492 $— $418,761 $592,404 $218,275 $— $810,679 
Cost of goods sold130,212 41,989 26,816 199,017 240,687 79,448 53,818 373,953 
Research and development14,200 8,169 1,884 24,253 26,053 15,701 6,000 47,754 
Selling, general & administrative75,983 40,394 56,059 172,436 153,664 83,920 113,087 350,671 
Intangible asset amortization— — 3,770 3,770 — — 7,546 7,546 
Total cost and expenses220,395 90,552 88,529 399,476 420,404 179,069 180,451 779,924 
Operating income (loss)88,874 18,940 (88,529)19,285 172,000 39,206 (180,451)30,755 
Interest income4,267 8,372 
Interest expense(22,994)(45,459)
Other income, net4,186 8,665 
Income before income taxes$4,744 $2,333 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Dollars in thousandsSpecialty SurgeryTissue ReconstructionCorporate and OtherTotalSpecialty SurgeryTissue ReconstructionCorporate and OtherTotal
Total revenue, net$303,958 $111,647 $— $415,605 $584,622 $213,636 $— $798,258 
Cost of goods sold (1)
120,243 56,660 29,370 206,273 230,104 105,930 58,460 394,494 
Research and development (1)
14,627 6,770 5,600 26,997 29,423 12,741 9,561 51,725 
Selling, general & administrative (1)
83,174 44,310 52,406 179,890 166,962 86,614 107,811 361,387 
Intangible asset amortization— — 3,754 3,754 — — 7,458 7,458 
Goodwill impairment388,106 123,259 — 511,365 388,106 123,259 — 511,365 
Total cost and expenses606,150 230,999 91,130 928,279 814,595 328,544 183,290 1,326,429 
Operating loss$(302,192)$(119,352)(91,130)(512,674)$(229,973)$(114,908)$(183,290)(528,171)
Interest income4,710 9,130 
Interest expense(21,042)(39,857)
Other income, net(1,946)(2,090)
Loss before income taxes$(530,952)$(560,988)
(1) The amounts reported for the three and six months ended June 30, 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 June 30,Six Months Ended June 30,
Dollars in thousands2026202520262025
United States$307,099 $306,308 $596,479 $588,525 
Europe42,572 42,594 82,535 77,920 
Asia Pacific48,697 47,732 93,908 92,837 
Rest of World20,393 18,971 37,757 38,976 
Total Revenues$418,761 $415,605 $810,679 $798,258