v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Disclosure Segment Data
The Company has a single operating and reportable segment. The segment is organized by and derives revenues from the manufacture and sale of our medical products which are used in infusion therapy, vascular access, and vital care applications. Our product portfolio includes ambulatory, syringe, and large volume IV pumps and safety software; dedicated and non-dedicated IV sets, needlefree IV connectors, IV catheters, and sharps safety products; closed system transfer devices and pharmacy compounding systems; as well as a range of respiratory, anesthesia, patient monitoring, and temperature management products. We also offer IV Solutions products through a commercial relationship with the joint venture. Our product lines, as disclosed in Note 5: Revenue, were determined to be a single operating segment as discrete financial information by product-line is limited to revenue and standard cost. Other cost of sale expenses, which include above-site manufacturing costs, manufacturing variances and supply chain costs including freight and warehousing are not allocated to individual product lines. Similarly, quality, regulatory and other operating expenses are only provided to our chief operating decision maker ("CODM") at the consolidated level.

For information on disaggregation of revenues by product-line and geography, see Note 5: Revenue.

Our chief executive officer is our CODM. Our CODM uses net profit (loss) to manage our business activities on a consolidated basis and to evaluate and assess the performance of the Company when determining how to allocate capital resources. Our segment performance is monitored and resource allocation is determined during the consolidated annual budget/forecast processes. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. Expenditures for additions to long-lived assets were $20.2 million and $33.4 million for the three and six months ended June 30, 2026, respectively, and $22.0 million and $38.9 million for the three and six months ended June 30, 2025, respectively.

The following table presents information about our segment revenue, segment profit or loss, and significant segment expenses (in thousands):
Three months ended
June 30,		Six months ended
June 30,
2026202520262025
REVENUES$551,683 $548,866 $1,081,908 $1,153,568 
Less:
Standard COGS(1)
223,689 249,451 438,488 541,629 
Quality remediation/recall(2)
5,890 5,706 13,297 15,686 
Other COGS(3)
95,059 81,965 183,710 169,028 
Tariffs and duties (income) expense, net(4)
(8,008)3,680 5,134 9,052 
Selling, general and administrative151,922 159,392 306,488 316,625 
Research and development22,702 21,867 43,982 45,158 
Restructuring and integration21,302 16,218 38,103 32,915 
Other segment items(5)
(2,574)(46,157)(3,553)(47,626)
Interest expense18,557 23,065 37,090 48,328 
Income (benefit) tax provision7,070 1,178 (27,644)5,748 
Equity in earnings of unconsolidated affiliates(3,013)(2,837)(2,406)(2,837)
Net income$19,087 $35,338 $49,219 $19,862 
______________________________
(1)Represents the average annual budgeted cost of producing each good sold in the period.
(2) Represents significant labor and material costs to replace or repair a product outside the scope of standard warranty and compliance costs related to quality systems and manufacturing operations.
(3)Includes costs related to capitalized manufacturing variances to standard COGS, supply chain and logistics costs including freight, inventory management and reserves, hardware service, quality and regulatory, and operations and supply chain management costs.
(4)For the three and six months ended June 30, 2026, tariff and duties (income) expense, net of ($8.0) million and$5.1 million, respectively, included $0.8 million and $1.9 million, respectively, typically grouped within standard COGS, and $10.1 million and $22.1 million, respectively, typically grouped within other COGS. The amounts typically grouped within Other COGS were net of $18.9 million of tariff refunds recognized during the second quarter of 2026.
For the three and six months ended June 30, 2025, tariff and duties (income) expense, net included $0.4 million and $1.6 million, respectively, typically grouped within standard COGS, and $3.3 million and $7.5 million, respectively, typically grouped within other COGS.
(5)Includes interest income, gain/loss on disposition of assets, gain/loss on foreign exchange, and other miscellaneous income/expense.

For information on depreciation expense, see Note 14: Property, Plant, & Equipment. For information on amortization expense, see Note 15: Goodwill and Intangible Assets, Net.

Significant Customers
 
We sell products worldwide, on credit terms on an unsecured basis, as an OEM supplier, to independent medical supply distributors and directly to end customers. The manufacturers and distributors, in turn, sell our products to healthcare providers. For the three and six months ended June 30, 2026, our consolidated worldwide net sales to a single distributor were 19%, and 19%, respectively, and for the three and six months ended June 30, 2025, were 19% and 18%.

Geographic Information
The table below presents our gross long-lived assets, consisting of property, plant and equipment, by country or region (in thousands):
As of
June 30, 2026December 31, 2025
Costa Rica172,945 168,678 
Mexico133,424 127,389 
Other LATAM77,229 71,054 
Canada1,981 1,982 
Italy35,032 35,468 
Spain22,217 21,532 
Czech Republic2,123 14,111 
Other Europe11,420 11,485 
APAC27,781 28,239 
Total Foreign $484,152 $479,938 
United States638,254 617,792 
Worldwide Total$1,122,406 $1,097,730