Segment Reporting and Foreign Operations

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting and Foreign Operations

13.SEGMENT REPORTING AND FOREIGN OPERATIONS

We report our operations in two operating segments: cardiovascular and endoscopy. Our cardiovascular segment consists of four product categories: peripheral intervention, cardiac intervention, custom procedural solutions, and OEM. Within these product categories, we sell a variety of products, including cardiology and radiology devices (which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other non-vascular diseases), as well as embolotherapeutic, cardiac rhythm management, electrophysiology, critical care, breast cancer localization and guidance, biopsy, and interventional oncology and spine devices. Our endoscopy segment consists of gastroenterology and pulmonology devices which assist in the palliative treatment of expanding esophageal, tracheobronchial and biliary strictures caused by malignant tumors. Our chief operating decision maker is our Chief Executive Officer. We evaluate the performance of our operating segments based on net sales and operating income. See Note 2 to our consolidated financial statements set forth in Item 8 of this report for a detailed breakout of our sales by operating segment and product category, disaggregated between domestic and international sales.

During the years ended December 31, 2023, 2022 and 2021, we had international sales of $530.4 million, $500.4 million and $465.9 million, respectively, or 42%, 43% and 43%, respectively, of net sales. Our largest international markets include China, Japan, Germany, France and the United Kingdom, with China representing our most significant international sales market with sales of $147.3 million, $149.3 million, and $138.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. International sales are attributed based on location of the customer receiving the product.

Our long-lived assets (which are comprised of our net property and equipment) by geographic area at December 31, 2023, 2022 and 2021, consisted of the following (in thousands):

	2023		2022		2021
United States	$	273,105	$	281,290	$	275,311
Ireland		42,333		40,749		39,863
Other foreign countries		68,085		60,937		56,484
Total	$	383,523	$	382,976	$	371,658

Financial information relating to our reportable operating segments and reconciliations to the consolidated totals for the years ended December 31, 2023, 2022 and 2021, are as follows (in thousands):

	2023		2022		2021
Net sales
Cardiovascular	$	1,220,560	$	1,118,224	$	1,043,227
Endoscopy		36,806		32,757		31,524
Total net sales		1,257,366		1,150,981		1,074,751
Income from operations
Cardiovascular		114,440		80,946		53,415
Endoscopy		9,504		6,617		7,501
Total income from operations		123,944		87,563		60,916
Total other expense — net		(11,855)		(4,934)		(6,999)
Income tax expense		17,678		8,113		5,463
Net income	$	94,411	$	74,516	$	48,454

Total assets by operating segment at December 31, 2023, 2022 and 2021, consisted of the following (in thousands):

	2023		2022		2021
Cardiovascular	$	2,308,217	$	1,652,145	$	1,635,676
Endoscopy		17,027		11,821		12,618
Total	$	2,325,244	$	1,663,966	$	1,648,294

Total depreciation and amortization by operating segment for the years ended December 31, 2023, 2022 and 2021, consisted of the following (in thousands):

	2023		2022		2021
Cardiovascular	$	88,960	$	80,777	$	83,000
Endoscopy		1,025		1,027		1,066
Total	$	89,985	$	81,804	$	84,066

Total capital expenditures for property and equipment by operating segment for the years ended December 31, 2023, 2022 and 2021, consisted of the following (in thousands):

	2023		2022		2021
Cardiovascular	$	33,985	$	44,925	$	27,557
Endoscopy		305		104		382
Total	$	34,290	$	45,029	$	27,939