NOTE 19 - SEGMENT INFORMATION

Our chief operating decision maker ("CODM"), who is our President and Chief Executive Officer, is responsible for reviewing segment performance and making decisions regarding resource allocation. Our CODM regularly reviews the results of our business through two reportable segments: Healthcare Solutions and Industrial Solutions, which are based on the industry verticals they serve. For Healthcare Solutions, those industry verticals include dental, medical devices, personalized health services and regenerative medicine. For Industrial Solutions, those industry verticals include aerospace, defense, transportation and general manufacturing.

The CODM evaluates the operating results of each segment based upon gross profit, which is used during the annual budget and forecasting process, as well as on a quarterly basis when reviewing budget-to-actual and period-over-period variances. All internal segment reporting and discussions of results with our CODM are now based on segment gross profit. Prior year segment results have been revised to conform with current year presentation in connection with the changes referenced above.

The CODM does not review disaggregated asset information on the basis of the Company's segments; therefore, such information is not presented.
Revenue, cost of sales and gross profit for each of our reportable segments were as follows:

Year Ended December 31,
(in thousands)202520242023
Revenue:
Healthcare Solutions$179,589 $189,736 $213,216 
Industrial Solutions207,313 250,385 274,853 
Total revenue
386,902 440,121 488,069 
Cost of sales:
Healthcare Solutions
107,783 116,237 128,066 
Industrial Solutions
148,074 159,706 163,582 
Total cost of sales
255,857 275,943 291,648 
Gross profit:
Healthcare Solutions
71,806 73,499 85,150 
Industrial Solutions
59,239 90,679 111,271 
Total gross profit
131,045 164,178 196,421 
Selling, general and administrative(161,331)(210,132)(210,172)
Research and development(65,037)(86,479)(89,466)
Asset impairment charges
(760)(144,967)(302,787)
Foreign exchange gain (loss), net
3,637 2,452 (4,825)
Interest income
3,956 7,302 19,511 
Interest expense
(5,162)(2,564)(3,301)
Gain on disposition139,590 — — 
Other income, net
3,654 20,214 32,307 
Income (loss) before income taxes
$49,592 $(249,996)$(362,312)

Depreciation and amortization included in the measurement of gross profit by segment were as follows:
Year Ended December 31,
(in thousands)202520242023
Depreciation and amortization:
Healthcare Solutions
$5,431 $5,389 $4,593 
Industrial Solutions
$2,378 $2,947 $2,801 

The following table summarizes long-lived assets by geographic region as of December 31, 2025 and 2024:

Year Ended December 31,
(in thousands)20252024
United States
$68,893 $76,829 
Belgium
18,893 19,598 
Other foreign entities
14,501 14,058 
Total$102,287 $110,485 

Historical Timeline

Fiscal YearFiled
2025Mar 9, 2026Showing above
2024Mar 27, 2025
2023Aug 13, 2024
2022Mar 16, 2023
2021Mar 1, 2022
2019Feb 26, 2020
2018Feb 28, 2019
2017Mar 14, 2018
2016Feb 28, 2017
2015Mar 14, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.