Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001123494 | ||
Entity Registrant Name | HARVARD BIOSCIENCE INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-33957 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-3306140 | ||
Entity Address, Address Line One | 84 October Hill Road | ||
Entity Address, City or Town | Holliston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01746 | ||
City Area Code | 508 | ||
Local Phone Number | 893-8999 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | HBIO | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 219,400,000 | ||
Entity Common Stock, Shares Outstanding | 43,399,291 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Hartford, Connecticut |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 4,283 | $ 4,508 |
Accounts receivable, net | 16,099 | 16,705 |
Inventories | 24,716 | 26,439 |
Other current assets | 3,940 | 3,472 |
Total current assets | 49,038 | 51,124 |
Property, plant and equipment, net | 3,981 | 3,366 |
Operating lease right-of-use assets | 4,773 | 5,816 |
Goodwill | 57,065 | 56,260 |
Intangible assets, net | 16,036 | 21,014 |
Other long-term assets | 6,473 | 7,780 |
Total assets | 137,366 | 145,360 |
Current liabilities: | ||
Current portion of long-term debt | 5,859 | 3,811 |
Current portion of operating lease liabilities | 1,416 | 2,135 |
Accounts payable | 5,554 | 6,447 |
Contract liabilities | 4,508 | 3,370 |
Other current liabilities | 9,205 | 7,486 |
Total current liabilities | 26,542 | 23,249 |
Long-term debt, net | 30,704 | 43,013 |
Deferred tax liability | 776 | 590 |
Operating lease liabilities | 4,794 | 5,282 |
Other long-term liabilities | 1,476 | 1,006 |
Total liabilities | 64,292 | 73,140 |
Commitments and contingencies - Note 15 | ||
Stockholders' equity: | ||
Preferred stock, par value $0.01 per share, 5,000,000 shares authorized | 0 | 0 |
Common stock, par value $0.01 per share, 80,000,000 shares authorized: 43,394,509 shares issued and outstanding at December 31, 2023; 42,081,707 shares issued and outstanding at December 31, 2022 | 434 | 454 |
Additional paid-in-capital | 232,435 | 229,008 |
Accumulated deficit | (145,605) | (142,190) |
Accumulated other comprehensive loss | (14,190) | (15,052) |
Total stockholders' equity | 73,074 | 72,220 |
Total liabilities and stockholders' equity | $ 137,366 | $ 145,360 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 43,394,509 | 42,081,707 |
Common stock, shares outstanding (in shares) | 43,394,509 | 42,081,707 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues | $ 112,250 | $ 113,335 |
Cost of revenues | 46,179 | 52,516 |
Gross profit | 66,071 | 60,819 |
Sales and marketing expenses | 24,108 | 25,041 |
General and administrative expenses | 22,780 | 24,493 |
Research and development expenses | 11,764 | 12,329 |
Amortization of intangible assets | 5,525 | 6,122 |
Litigation settlement - Note 16 | 0 | (233) |
Total operating expenses | 64,177 | 67,752 |
Operating income (loss) | 1,894 | (6,933) |
Other (expense) income: | ||
Interest expense | (3,591) | (2,548) |
Unrealized loss on equity securities - Note 16 | (632) | 0 |
Other (expense) income, net | (227) | 302 |
Total other expense | (4,450) | (2,246) |
Loss before income taxes | (2,556) | (9,179) |
Income tax expense | 859 | 337 |
Net loss | $ (3,415) | $ (9,516) |
Loss per share: | ||
Basic and diluted loss per share (in dollars per share) | $ (0.08) | $ (0.23) |
Weighted-average common shares: | ||
Basic and diluted (in shares) | 42,420 | 41,413 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net loss | $ (3,415) | $ (9,516) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 1,507 | (2,614) |
Defined benefit pension plans, net of tax benefit of $137 and $566, respectively | (446) | (2,411) |
Derivative instruments qualifying as cash flow hedges, net of tax of $-0- | (199) | 0 |
Other comprehensive income (loss) | 862 | (5,025) |
Comprehensive loss | $ (2,553) | $ (14,541) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Tax Benefit | $ 137 | $ 566 |
Tax | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) | 41,143,000 | ||||
Balance | $ 452 | $ 225,650 | $ (132,674) | $ (10,027) | $ 83,401 |
Balance (in shares) at Dec. 31, 2021 | 41,143,000 | ||||
Balance at Dec. 31, 2021 | $ 452 | 225,650 | (132,674) | (10,027) | $ 83,401 |
Stock option exercises (in shares) | 40,000 | 40,267 | |||
Stock option exercises | $ 2 | 106 | 0 | 0 | $ 108 |
Stock purchase plan (in shares) | 176,000 | ||||
Stock purchase plan | $ 0 | 469 | 0 | 0 | 469 |
Vesting of restricted stock units (in shares) | 1,135,000 | ||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (412,000) | ||||
Shares withheld for taxes | $ 0 | (1,628) | 0 | 0 | (1,628) |
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition | 0 | 4,411 | 0 | 0 | 4,411 |
Net loss | 0 | 0 | (9,516) | 0 | (9,516) |
Other comprehensive loss | $ 0 | 0 | 0 | (5,025) | (5,025) |
Balance (in shares) | 42,082,000 | ||||
Balance | $ 454 | 229,008 | (142,190) | (15,052) | 72,220 |
Balance (in shares) at Dec. 31, 2022 | 42,082,000 | ||||
Balance at Dec. 31, 2022 | $ 454 | 229,008 | (142,190) | (15,052) | $ 72,220 |
Stock option exercises (in shares) | 214,000 | 213,644 | |||
Stock option exercises | $ 0 | 506 | 0 | 0 | $ 506 |
Stock purchase plan (in shares) | 137,000 | ||||
Stock purchase plan | $ 0 | 424 | 0 | 0 | 424 |
Vesting of restricted stock units (in shares) | 1,460,000 | ||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (498,000) | ||||
Shares withheld for taxes | $ 0 | (2,523) | 0 | 0 | (2,523) |
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition | 0 | 5,000 | 0 | 0 | 5,000 |
Net loss | 0 | 0 | (3,415) | 0 | (3,415) |
Other comprehensive loss | 0 | 0 | 0 | 862 | 862 |
Other adjustments | $ (20) | 20 | 0 | 0 | 0 |
Balance (in shares) | 43,395,000 | ||||
Balance | $ 434 | $ 232,435 | $ (145,605) | $ (14,190) | $ 73,074 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (3,415) | $ (9,516) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 1,473 | 1,453 |
Amortization of intangible assets | 5,525 | 6,122 |
Amortization of deferred financing costs | 280 | 280 |
Stock-based compensation expense | 5,000 | 4,411 |
Deferred income taxes and other | 336 | (414) |
Unrealized loss on equity securities - Note 16 | 632 | 0 |
Convertible preferred stock received in litigation settlement - Note 16 | 0 | (3,900) |
Gain on sale of product line | (403) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 810 | 4,780 |
Inventories | 1,524 | 252 |
Other assets | 1,651 | 474 |
Accounts payable and other current liabilities | 555 | (1,399) |
Contract liabilities | 1,138 | (896) |
Other liabilities | (1,078) | (495) |
Net cash provided by operating activities | 14,028 | 1,152 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (1,788) | (1,590) |
Capitalized software development costs | (523) | 0 |
Proceeds from sale of product line | 512 | 0 |
Net cash used in investing activities | (1,799) | (1,590) |
Cash flows from financing activities: | ||
Borrowing from revolving line of credit | 4,500 | 7,800 |
Repayment of revolving line of credit | (10,950) | (6,400) |
Repayment of term debt | (4,091) | (3,186) |
Proceeds from exercise of stock options and employee stock purchase plan | 930 | 577 |
Taxes paid related to net share settlement of equity awards | (2,523) | (1,628) |
Net cash used in financing activities | (12,134) | (2,837) |
Effect of exchange rate changes on cash | (320) | (38) |
Decrease in cash and cash equivalents | (225) | (3,313) |
Cash and cash equivalents at beginning of period | 4,508 | 7,821 |
Cash and cash equivalents at end of period | 4,283 | 4,508 |
Cash paid for interest | 3,795 | 2,314 |
Cash paid for income taxes, net of refunds | $ 207 | $ 534 |
Insider Trading Arrangements
Insider Trading Arrangements | 1 Months Ended | 12 Months Ended |
Dec. 31, 2023 shares | Dec. 31, 2023 shares | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | Item 9B. Other Information. On November 23, 2023 James Green Chairman, President and Chief Executive Officer adopted 10b5 1 February 7, 2025. 240,000. terminated January 21, 2024 No | |
Trading Arrangement Adoption Date | November 23, 2023 | |
Trading Arrangement, Individual Name | James Green | |
Trading Arrangement, Individual Title | Chairman, President and Chief Executive Officer | |
Rule 10b5-1 Arrangement Adopted [Flag] | true | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Trading Arrangement, Securities Aggregate Available Amount (in shares) | 240,000 | 240,000 |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Trading Arrangement Termination Date | January 21, 2024 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Organization Harvard Bioscience, Inc., a Delaware corporation (the “Company”), is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, pharmaceutical and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. The Company’s products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world’s leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe and China, the Company sells through a combination of direct and distribution channels to customers around the world. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of Harvard Bioscience, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the use of management estimates. Such estimates include the determination and establishment of certain accruals and provisions, including those for income taxes, credit losses on receivables. and defined benefit pension obligations. Estimates are also required to evaluate the value for inventories reported at lower of cost or net realizable value, stock-based compensation expense, and the recoverability of long-lived and intangible assets, including goodwill. On an ongoing basis, the Company reviews its estimates based upon currently available information. Actual results could differ materially from those estimates. Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three Approximately 49% of the Company’s cash and cash equivalents at December 31, 2023 Marketable Equity Securities Equity securities traded in active markets are marked to market at each balance sheet date based on prices as quoted on the relevant stock exchange. Fair value mark-to-market adjustments are recorded as non-operating gains (losses) in the consolidated statement of operations. The Company’s investments in marketable equity securities are classified in the consolidated balance sheet based on the nature of the securities and their availability for use in current operations. Allowance for Expected Credit Losses on Receivables The allowance for expected credit losses on receivables is used to present accounts receivable, net, at an amount that represents the Company’s estimate of the receivables expected to be collected from customers. The allowance represents an estimate of expected credit losses over the lifetime of the receivables, even if the loss is considered remote, and reflects expected recoveries of amounts previously written off. The Company estimates the allowance on the basis of specifically identified receivables that are evaluated individually for impairment and an analysis of the remaining receivables determined by reference to past default experience. The Company considers the need to adjust historical information to reflect the extent to which current conditions and reasonable forecasts are expected to differ from the conditions that existed for the historical period considered. Losses on receivables have not Management judgments are used to determine when to charge off uncollectible trade accounts receivable. The Company bases these judgments on the age of the receivable, credit quality of the customer, current economic conditions, and other factors that may not Inventories The Company values inventories at the lower of cost (determined on a first first Property, Plant and Equipment Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets as follows: Machinery and equipment (years) 3 - 10 Computer equipment and software (years) 3 - 7 Furniture and fixtures (years) 5 - 10 Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset. Leases The Company leases office space, manufacturing facilities, automobiles and equipment. The Company concludes on whether an arrangement is a lease at inception. This determination as to whether an arrangement contains a lease is based on an assessment as to whether a contract conveys the right for the Company to control the use of the identified property, plant or equipment for a period of time in exchange for consideration. Leases with an initial term of 12 not The Company has assessed its contracts and concluded that its leases consist of operating leases. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and operating lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the leases’ commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company uses the flow-through method to account for investment tax credits. Under this method, the investment tax credits are recognized as a reduction of income tax expense. The Company recognizes the effect of income tax positions only if those positions are more likely than not 50% Foreign Currency The functional currency of the Company’s foreign subsidiaries is generally their local currency. All assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at period-end. Income and expenses are translated at rates which approximate those in effect on the transaction dates. The resulting translation adjustment is recorded as a separate component of stockholders’ equity in accumulated other comprehensive income (loss) (“AOCI”) in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in other expense (income), net, in the Company’s consolidated statements of operations. Earnings per Share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method unless the effect is antidilutive. The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, (in thousands, except per share data) 2023 2022 Net loss $ (3,415 ) $ (9,516 ) Weighted average shares outstanding - basic 42,420 41,413 Dilutive effect of equity awards - - Weighted average shares outstanding - diluted 42,420 41,413 Basic loss per share $ (0.08 ) $ (0.23 ) Diluted loss per share $ (0.08 ) $ (0.23 ) Shares excluded from diluted loss per share due to their anti-dilutive effect 3,868 3,661 Comprehensive Income (Loss) Comprehensive income (loss) represents the change in equity resulting from items other than shareholder investments and distributions. The Company’s foreign currency translation adjustments, interest rate swap - cash flow hedge and minimum pension liability adjustments are included in AOCI. The components of other comprehensive income are reclassified as net income, net of tax, when the underlying component impacts earnings. Comprehensive income (loss) and the components of AOCI are presented in the accompanying consolidated statements of comprehensive loss and consolidated statements of equity. Revenue Recognition Nature of contracts and customers The Company’s contracts are primarily of short duration and are mostly based on the receipt and fulfilment of purchase orders. The purchase orders are binding and include pricing and all other relevant terms and conditions. The Company’s customers are primarily research scientists at pharmaceutical and biotechnology companies, universities, hospitals, government laboratories and contract research organizations. The Company also has global and regional distribution partners, and original equipment manufacturer customers who incorporate its products into their products under their own brands. Performance obligations The Company’s performance obligations under its revenue contracts consist of its instruments, equipment, accessories, services, software licenses and enhancements, maintenance and extended warranties. Equipment also includes software that functions together with the tangible equipment to deliver its essential functionality. Contracts with customers may not one Instruments, equipment and accessories consist of a range of products that are used in life sciences research. Revenues from the sales of these items are recognized when transfer of control of these products to the customer occurs. Transfer of control occurs when the Company has a right to payment and the customer has legal title to the asset and the customer or their selected carrier has possession, which is typically upon shipment. Sales of these items are therefore generally recognized at a point in time. The Company’s equipment revenue also includes the sale of wireless implantable monitors that are used for life science research purposes. The Company sells these wireless implantable monitors to pharmaceutical companies, contract research organizations and academic laboratories. In addition to sales generated from new and existing customers, these implantable devices are also sold under a program called the “exchange program.” Under this program, customers may may, no may may not Service revenue consists of installation, training, data analysis and surgeries performed on research animals. Service revenue is recognized when the service is performed. Maintenance revenue consists of post-contract support provided in relation to software that is embedded within the equipment that is sold to the customer. The Company provides standard warranties that promise the customer that the product will work as promised and are not For sales for which transfer of control occurs upon shipment, the Company accounts for shipping and handling costs as fulfilment costs. As such, the Company records the amounts billed to the customer for shipping costs as revenue and the costs within cost of revenues upon shipment. For sales, for which control transfers to customers after shipment, the Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the goods to the customer. The Company therefore accrues for the costs of shipping undelivered items in the period of shipment. Variable Consideration The nature of the Company's contracts gives rise to certain types of variable consideration, including in limited cases volume and payment discounts. The Company analyzes sales that could include variable consideration and estimates the expected or most likely amount of revenue after returns, trade-ins, discounts, rebates, credits, and incentives. Product returns are estimated and accrued for, based on historical information. In making these estimates, the Company considers whether the amount of variable consideration is constrained and is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not not The Company’s payment terms are generally from zero sixty Sales taxes, value added taxes, and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and are therefore excluded from revenues. Contract Liabilities The Company records contract liabilities when cash is collected from customers prior to satisfaction of the Company’s performance obligation to the customer. Contract liabilities consist of amounts deferred related to service contracts and revenue deferred as a result of payments received in advance from customers. Contract liabilities are generally expected to be recognized within one The amounts included in contract liabilities from advanced payments relate to amounts that are prepaid for wireless implantable monitors under the exchange program. The Company has made the judgment that these payments do not Disaggregation of revenue Refer to Note 13 Software Development Software development costs for software products to be sold, leased or otherwise marketed that are incurred before establishing technological feasibility are charged to operations. Software development costs incurred after establishing technological feasibility are capitalized on a product-by-product basis until the product is available for general release to customers at which time amortization begins. Annual amortization, charged to cost of goods sold, is the amount computed using the ratio that current revenues for a product bear to the total current and anticipated future revenues for that product. In the event that future revenues are not Intangible Assets Intangible assets are comprised of existing technology, customer contracts and contractual relationships, and other definite-lived intangible assets. Identifiable intangible assets resulting from the acquisitions of entities accounted for using the purchase method of accounting are estimated by the Company based on the fair value of assets received. Identifiable definite-lived intangible assets are being amortized over the period of estimated benefit using the straight-line method and estimated useful lives ranging from four fifteen Goodwill Goodwill acquired in a business combination and determined to have an indefinite useful life is not For the purpose of its goodwill analysis, the Company has one fourth not The Company evaluated its goodwill for impairment as of October 1, 2023 not Impairment of Long-Lived Assets The Company assesses recoverability of its long-lived assets that are held for use, such as property, plant and equipment and amortizable intangible assets when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not The recoverability of assets or an asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or the asset group. Cash flow projections are based on trends of historical performance and management’s estimate of future performance. The Company’s estimate of future cash flows requires significant judgment based on historical and anticipated results and are subject to many factors. When the Company determines that the carrying value of the assets may not one not December 31, 2023 2022, no Derivatives The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company only enters into derivative contracts that it intends to designate as a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge) and does not The Company formally documents the hedging relationship and its risk-management objective and strategy for undertaking the hedge, the hedging instrument, the hedged transaction, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method used to measure ineffectiveness. For derivative instruments that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (loss) (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. By using derivative financial instruments to hedge exposure to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, the Company is not may Fair Value of Financial Instruments Financial reporting standards define a fair value hierarchy that consists of three ● Level 1 ● Level 2 not ● Level 3 The carrying values of the Company’s cash and cash equivalents, trade accounts receivable, trade accounts payable and short-term debt approximate their fair values because of the short maturities of those instruments. The fair value of the Company’s long-term debt approximates its carrying value and is based on the amount of future cash flows associated with the debt discounted using current borrowing rates for similar debt instruments of comparable maturity (Level 2 Stock-based Compensation The Company recognizes compensation expense for all stock-based payment awards made to employees and directors including stock options, restricted stock units, and restricted stock units with a market condition. The Company issues awards under the 2021 “2021 2000 “2000 2021 one four no The fair value of restricted stock units is based on the market price of the Company’s stock on the date of grant. The Company values restricted stock units with a market condition using a Monte-Carlo valuation simulation. The determination of fair value of stock-based payment awards on the date of grant using a Monte-Carlo valuation simulation is affected by the Company’s stock price as well as assumptions regarding certain variables including, but are not Preferred Stock The Company’s board of directors has the authority to issue up to 5.0 million shares of preferred stock and to determine the price privileges and other terms of the shares. The board of directors may December 31, 2023 2022, Business Segment Information The Company operates in one segment which involves the design, development, production and distribution of products and services that enable fundamental advances in life science applications, including research, pharmaceutical and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. The Company has a single, company-wide management team that administers all properties as a whole rather than as discrete operating segments. The chief operating decision maker, who is the Company's chief executive officer, measures financial performance as a single enterprise and allocates resources across the Company to maximize profitability, and not 13, 5, Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss. If a loss is probable and the loss or range of loss cannot be reasonably estimated, the Company discloses or states that such an estimate cannot be made. Refer to Note 15 Recent Accounting Pronouncements Accounting Pronouncements Adopted in 2023 In January 2017, 2017 04, Intangibles Goodwill and Other (Topic 350 2017 04 2 2017 04 January 1, 2023, no In September 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13 may 2016 13 2016 13 January 1, 2023, Accounting Pronouncements yet to be Adopted In December 2023, No. 2023 09, Income Taxes (Topic 740 December 31, 2025. 2023 09 Prior Period Financial Statement Reclassifications During the year ended December 31, 2023, December 31, 2022 2021. December 31, 2022 2021, no December 31, 2022, December 31, 2022, no 3 |
Note 3 - Accumulated Other Comp
Note 3 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 3. Accumulated Other Comprehensive Loss Changes in the components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2023 2022, Foreign Currency Derivatives Translation Defined Benefit Qualifying (in thousands) Adjustments Pension Plans as Hedges Total Balance at December 31, 2021* $ (8,778 ) $ (1,249 ) $ - $ (10,027 ) Other comprehensive loss, net (2,614 ) (2,411 ) - (5,025 ) Balance at December 31, 2022* (11,392 ) (3,660 ) - (15,052 ) Other comprehensive income (loss), net 1,507 (446 ) (199 ) 862 Balance at December 31, 2023 $ (9,885 ) $ (4,106 ) $ (199 ) $ (14,190 ) * 2 Prior Period Financial Statement Reclassifications |
Note 4 - Goodwill and Intangibl
Note 4 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 4. Goodwill and Intangible Assets The change in the carrying amount of goodwill is as follows: December 31, (in thousands) 2023 2022 Carrying amount at beginning of period $ 56,260 $ 57,689 Effect of change in currency translation 805 (1,429 ) Carrying amount at end of period $ 57,065 $ 56,260 Intangible assets at December 31, 2023 2022 December 31, 2023 December 31, 2022 (in thousands) Average Accumulated Accumulated Amortizable intangible assets: Life* Gross Amortization Net Gross Amortization Net Distribution agreements/customer relationships 6 $ 16,038 $ (9,706 ) $ 6,332 $ 16,124 $ (8,727 ) $ 7,397 Existing technology & software development 2 35,007 (27,029 ) 7,978 37,549 (26,482 ) 11,067 Trade names and patents 3 7,613 (6,094 ) 1,519 7,523 (5,197 ) 2,326 Total amortizable intangible assets $ 58,658 $ (42,829 ) $ 15,829 $ 61,196 $ (40,406 ) $ 20,790 Indefinite-lived intangible assets: 207 224 Total intangible assets $ 16,036 $ 21,014 * Weighted average life in years as of December 31, 2023 During the year ended December 31, 2023, December 31, 2023. Intangible asset amortization expense was $5.5 million and $6.1 million for the years ended December 31, 2023 2022, five (in thousands) 2024 $ 5,281 2025 4,027 2026 2,366 2027 1,269 2028 1,546 Thereafter 1,340 Total $ 15,829 |
Note 5 - Balance Sheet Informat
Note 5 - Balance Sheet Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 5. Balance Sheet Information The following tables provide details of selected balance sheet items as of the periods indicated: Inventories: December 31, (in thousands) 2023 2022 Finished goods $ 5,120 $ 5,223 Work in process 4,188 3,776 Raw materials 15,408 17,440 Total $ 24,716 $ 26,439 Property, Plant and Equipment: December 31, (in thousands) 2023 2022 Machinery and equipment $ 8,154 $ 7,500 Computer equipment and software 6,493 6,781 Leasehold improvements 2,417 2,507 Furniture and fixtures 1,244 1,386 Automobiles 58 38 18,366 18,212 Less: accumulated depreciation (14,385 ) (14,846 ) Property, plant and equipment, net $ 3,981 $ 3,366 Depreciation expense was $1.5 million for each of the years ended December 31, 2023 2022. December 31, 2023, Other Current Liabilities: December 31, (in thousands) 2023 2022 Compensation $ 3,929 $ 3,476 Customer credits 3,201 2,368 Professional fees 499 392 Warranty costs 336 268 Other 1,240 982 Total $ 9,205 $ 7,486 Long-lived Assets by Geographic Area: Long-lived assets by geographic area, which include operating lease right-of-use assets, property, plant and equipment, and amortizable intangible assets, are as follows: December 31, (in thousands) 2023 2022 United States $ 21,558 $ 26,051 Germany 1,703 2,432 Rest of the world 1,322 1,489 Total long-lived assets $ 24,583 $ 29,972 |
Note 6 - Restructuring and Othe
Note 6 - Restructuring and Other Exit Costs | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 6. Restructuring and Other Exit Costs On an ongoing basis, the Company reviews the global economy, the healthcare industry, and the markets in which it competes to identify operational efficiencies, enhance commercial capabilities and align its cost base and infrastructure with customer needs and its strategic plans. In order to realize these opportunities, the Company undertakes activities from time to time to transform its business. A portion of these transformation activities are considered restructuring costs under ASC 420, Exit or Disposal Cost Obligations During the year ended December 31, 2022, December 31, 2023 2022: (in thousands) Inventory Related Severance Other Total Balance at December 31, 2021 $ - $ - $ - $ - Restructuring and other exit costs 1,471 877 46 2,394 Non-cash charges (1,471 ) - - (1,471 ) Cash payments - (241 ) (46 ) (287 ) Balance at December 31, 2022 - 636 - 636 Restructuring and other exit costs 320 42 29 391 Non-cash charges (142 ) - - (142 ) Cash payments (94 ) (678 ) (29 ) (801 ) Balance at December 31, 2023 $ 84 $ - $ - $ 84 Substantially all of the severance and other costs detailed above have been included as a component of general and administrative expenses, and all inventory-related charges are included in cost of revenues. |
Note 7 - Employee Benefit Plans
Note 7 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 7. Employee Benefit Plans Employee Retirement Savings Plans The Company sponsors various qualified employee retirement savings plans and makes discretionary contributions to match a certain portion of employee contributions. The Company contributed $1.1 million to these plans for each of the years ended December 31, 2023 2022. Employee Pension Plans The Company’s subsidiary in the United Kingdom, Biochrom Ltd., maintains two 2014, December 31. The components of the Company’s net period benefit expense (credit) were as follows: Year Ended December 31, (in thousands) 2023 2022 Interest cost $ 670 $ 371 Expected return on plan assets (788 ) (818 ) Net amortization loss 328 27 Net periodic benefit expense (credit) $ 210 $ (420 ) The following provides a reconciliation of the changes in the plans’ fair value of assets and benefit obligations for the years ended December 31, 2023 2022, December 31, 2023 2022: December 31, (in thousands) 2023 2022 Change in fair value of plan assets: Balance at beginning of year $ 15,576 $ 27,252 Actual return on plan assets 351 (9,098 ) Employer contributions 622 619 Benefits paid (563 ) (592 ) Currency translation adjustment 954 (2,605 ) Balance at end of year $ 16,940 $ 15,576 December 31, (in thousands) 2023 2022 Change in benefit obligation: Balance at beginning of year $ 13,263 $ 22,562 Interest cost 665 371 Actuarial loss (gain) 479 (6,912 ) Benefits paid (563 ) (592 ) Currency translation adjustment 819 (2,166 ) Balance at end of year $ 14,663 $ 13,263 December 31, (in thousands) 2023 2022 Fair value of plan assets $ 16,940 $ 15,576 Benefit obligation 14,663 13,263 Net funded status $ 2,277 $ 2,313 Changes in the actuarial loss (gain) disclosed above are primarily the result of changes in the discount rate and inflation assumptions due to underlying market conditions. The amounts recognized in the consolidated balance sheets consist of: December 31, (in thousands) 2023 2022 Other long-term assets $ 2,277 $ 2,313 Accumulated other comprehensive loss 5,909 5,326 The weighted average assumptions used in determining the net pension cost for these plans follows: December 31, (in thousands) 2023 2022 Discount rate 4.6 % 5.0 % Expected return on assets 5.3 % 5.0 % The discount rate assumptions used for pension accounting reflect the prevailing rates available on high-quality, fixed-income debt instruments with terms that match the average expected duration of the Company’s defined benefit pension plan obligations. The Company’s mix of pension plan investments among asset classes also affects the long-term expected rate of return on plan assets. As of December 31, 2023, 7 The asset allocations and fair value of the Company’s pension benefits as of December 31, 2023 2022, (in thousands) 2023 2022 Asset category: Debt securities $ 11,761 69 % $ 11,714 75 % Equity securities 3,567 21 % 3,507 23 % Cash and cash equivalents 304 2 % 185 1 % Other 1,308 8 % 170 1 % Total $ 16,940 100 % $ 15,576 100 % (in thousands) 2023 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) $ 304 $ 185 Significant Other Observable Inputs (Level 2) 16,636 15,391 Significant Other Unobservable Inputs (Level 3) - - Total $ 16,940 $ 15,576 Level 1 2 not The Company expects to contribute approximately $0.6 million to its pension plans during 2024. 2024, 2025, 2026, 2027 2028. five 2029 2033 December 31, 2023. |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. Leases The Company has noncancelable operating leases for office space, manufacturing facilities, warehouse space, automobiles and equipment expiring at various dates through 2030. The components of lease expense for the years ended December 31, 2023 2022, Year Ended December 31, (in thousands) 2023 2022 Operating lease cost $ 2,013 $ 1,971 Short-term lease cost 199 233 Sublease income (102 ) (102 ) Total lease cost $ 2,110 $ 2,102 Supplemental balance sheet information related to the Company’s operating leases was as follows: (in thousands) December 31, 2023 2022 Operating lease right-of-use assets $ 4,773 $ 5,816 Current portion, operating lease liabilities 1,416 2,135 Operating lease liabilities, long-term 4,794 5,282 Total operating lease liabilities $ 6,210 $ 7,417 Weighted average remaining lease term (years) 5.7 6.2 Weighted average discount rate 9.5 % 9.4 % Supplemental cash flow information related to the Company’s operating leases was as follows: Year Ended December 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 2,367 $ 2,347 Right-of-use assets obtained in exchange for lease obligations 293 295 Future minimum lease payments for operating leases, with initial terms in excess of one December 31, 2023, Year Ending December 31, (in thousands) 2024 1,938 2025 1,166 2026 1,060 2027 1,047 2028 1,057 Thereafter 1,926 Total lease payments 8,194 Less imputed interest (1,984 ) Total operating lease liabilities $ 6,210 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 9. Long-Term Debt As of December 31, 2023 2022, (in thousands) December 31, 2023 December 31, 2022 Long-term debt: Term loan $ 30,723 $ 34,814 Revolving line 6,400 12,850 Less: unamortized deferred financing costs (560 ) (840 ) Total debt 36,563 46,824 Less: current portion of long-term debt (6,139 ) (4,091 ) Current unamortized deferred financing costs 280 280 Long-term debt $ 30,704 $ 43,013 The aggregate amounts of debt maturities are as follows: (in thousands) 2024 $ 6,139 2025 30,984 $ 37,123 On December 22, 2020, March 27, 2023, none December 22, 2025. December 31, 2023, April 2022 November 2022 Borrowings under the amended Credit Facility will, at the option of the Company, bear interest at either (i) a rate per annum based on the Secured Overnight Financing Rate (“SOFR”) for an interest period of one, two, three six no The effective interest rate on the Company’s borrowings for the years ended December 31, 2023 2022, December 31, 2023, As of December 31, 2023, ninety may December 31, 2023, March 31, 2024. December 31, 2022, March 31, 2023. The Credit Agreement, as amended, includes customary affirmative, negative, and financial covenants binding on the Company. The negative covenants limit the ability of the Company, among other things, to incur debt, incur liens, make investments, sell assets and pay dividends on its capital stock. The financial covenants include a maximum consolidated net leverage ratio and a minimum consolidated fixed charge coverage ratio. The Credit Agreement, as amended, also includes customary events of default. In April 2022, “April 2022 16 November 2022, “November 2022 December 31, 2023. |
Note 10 - Derivatives
Note 10 - Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | 10. Derivatives On February 28, 2023, December 31, 2023, December 22, 2025. not 9, The following table presents the notional amount and fair value of the Company’s derivative instrument as of December 31, 2023: (in thousands) December 31, 2023 Derivatives Instruments Balance Sheet Classification Notional Amount Fair Value (a) Interest rate swap Other long-term liabilities $ 27,375 $ (199 ) (a) See Note 11 The following table summarizes the effect of derivatives designated as cash flow hedging instruments for the year ended December 31, 2023: Year Ended Derivatives Qualifying as Hedges, net of tax December 31, 2023 Amount of loss recognized in OCI on derivatives (effective portion) $ 199 Amounts reclassified from accumulated other comprehensive loss to interest expense 120 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. Fair Value Measurements The following tables present the fair value hierarchy for those assets or liabilities measured at fair value on a recurring basis: Fair Value as of December 31, 2023 Assets (Liabilities) Level 1 Level 2 Level 3 Total Equity securities - common stock $ 3,511 $ - $ - $ 3,511 Interest rate swap agreements - (199 ) - (199 ) The Company uses the market approach technique to value its financial assets and liabilities. The Company’s financial assets and liabilities carried at fair value include, when applicable, investments in common stock and derivative instruments used to hedge the Company’s interest rate risks. The fair value of the Company’s investment in common stock of Harvard Apparatus Regenerative Technologies (“HRGN” formerly known as Biostage, Inc.) (see Note 16 |
Note 12 - Stock-Based Compensat
Note 12 - Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | 12. Stock-Based Compensation Stock-based compensation expense for the years ended December 31, 2023 2022, Year Ended December 31, (in thousands) 2023 2022 Cost of revenues $ 308 $ 121 Sales and marketing expenses 746 557 General and administrative expenses 3,560 3,487 Research and development expenses 386 246 Total stock-based compensation expenses $ 5,000 $ 4,411 As of December 31, 2023, not December 31, 2023 2022, not Equity Incentive Plans During 2021, 2021 December 31, 2023, 2021 Restricted Stock Units with a Market Condition The Company grants deferred awards of market condition restricted stock units (the “Market Condition RSUs”) to certain members of the Company’s management team. The vesting of the Market Condition RSUs is linked to the achievement of a relative total shareholder return (“TSR”) of the Company’s common stock measured from the earlier of (i) the measurement period as set out in the award agreement or (ii) upon a change of control (measured relative to the Nasdaq Biotechnology or Russell 2000 20 one For Market Condition RSUs with a measurement period that concluded during the years ended December 31, 2023, December 31, 2023 The weighted average assumptions used in the valuation of the Market Condition RSUs granted during the years ended December 31, 2023 2022, 2023 2022 Volatility 56.8 % 62.6 % Risk-free interest rate 4.6 % 2.1 % Correlation coefficient 41.7 % 41.5 % Dividend yield - % - % Liquidity discount 14.1 % 11.7 % The Company used historical volatility to calculate the expected volatility matching the expected holding period. The risk-free interest rate assumption is based upon observed U.S. Treasury bill interest rates (risk-free) appropriate for the term of the award. Additionally, the Company assumes a liquidity discount to adjust the fair value for the one Stock-Based Payment Awards RSU and Market Condition RSU activity for the years ended December 31, 2023 2022, Condition Restricted Grant Date Restricted Grant Date Stock Units Fair Value Stock Units Fair Value Balance at December 31, 2021 1,141,164 $ 3.57 860,155 $ 3.13 Granted 918,870 4.64 320,272 5.08 Vested (733,611 ) 4.08 (401,308 ) 2.11 Cancelled/Forfeited (232,622 ) 4.44 (132,884 ) 4.21 Balance at December 31, 2022 1,093,801 $ 3.94 646,235 $ 4.51 Granted 1,350,125 2.87 558,958 2.61 Vested (1,144,065 ) 3.38 (316,210 ) 4.01 Cancelled/Forfeited (134,865 ) 3.71 (87,138 ) 4.64 Balance at December 31, 2023 1,164,996 $ 3.28 801,845 $ 3.37 Stock option activity for the years ended December 31, 2023 2022, Number of Options Weighted-Average Exercise Price Weighted-Aveage Remaining Contractual Term (years) Average Intrinsic Value (in thousands) Outstanding at December 31, 2021 1,404,816 $ 3.10 Exercised (40,267 ) 2.64 Cancelled/Forfeited (125,773 ) 2.77 Outstanding at December 31, 2022 1,238,776 $ 3.15 Exercised (213,644 ) 2.38 Cancelled/Forfeited (101,065 ) 2.71 Outstanding and Exerciseable at December 31, 2023 924,067 $ 3.37 3.4 $ 1,836 The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $5.35 as of December 31, 2023, December 31, 2023 2022, Employee Stock Purchase Plan ( ESPP ) The Company has an employee stock purchase plan under which eligible employees may December 31, 2023 2022, December 31, 2023, |
Note 13 - Revenues
Note 13 - Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 13. Revenues The following table represents a disaggregation of revenue from contracts with customers for the years ended December 31, 2023 2022: Year Ended December 31, (in thousands) 2023 2022 Instruments, equipment, software and accessories $ 105,716 $ 108,165 Service, maintenance and warranty contracts 6,534 5,170 Total revenues $ 112,250 $ 113,335 Revenues by timing of recognition are as follows: Year Ended December 31, (in thousands) 2023 2022 Goods and services transferred at a point in time $ 108,558 $ 111,927 Goods and services transferred over time 3,692 1,408 Total revenues $ 112,250 $ 113,335 Revenues by geographic destination are as follows: Year Ended December 31, (in thousands) 2023 2022 United States $ 48,205 $ 49,912 Europe 32,801 30,687 Greater China 18,488 16,393 Rest of the world 12,756 16,343 Total revenues $ 112,250 $ 113,335 Contract Liabilities The following tables provide details of contract liabilities as of the periods indicated: December 31, December 31, (in thousands) 2023 2022 Change 2022 2021 Change Service contracts $ 2,849 $ 1,530 $ 1,319 1,530 $ 1,976 $ (446 ) Customer advances 1,659 1,840 (181 ) 1,840 2,290 (450 ) Total contract liabilities $ 4,508 $ 3,370 $ 1,138 3,370 $ 4,266 $ (896 ) Changes in the Company’s contract liabilities are primarily due to the timing of receipt of payments under service and warranty contracts. During the years ended December 31, 2023 2022, December 31, 2022 2021, Provision for Expected Credit Losses on Receivables Activity in the provision for expected losses on receivables is as follows: December 31, (in thousands) 2023 2022 Balance, beginning of period $ 191 $ 136 Provision for expected credit losses 29 62 Charge-offs and other (60 ) (7 ) Balance, end of period $ 160 $ 191 Concentrations No 10% December 31, 2023 2022, 10% December 31, 2023 2022. Warranties Activity in the product warranty accrual is as follows: Year Ended December 31, (in thousands) 2023 2022 Balance at December 31, 2022 $ 268 $ 240 Expense 381 408 Warranty claims (313 ) (380 ) Balance at December 31, 2023 $ 336 $ 268 |
Note 14 - Income Tax
Note 14 - Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Tax Income tax expense for the years ended December 31, 2023 2022, Year Ended December 31, (in thousands) 2023 2022 Current income tax expense: Federal and state $ 570 $ 641 Foreign 61 194 631 835 Deferred income tax expense (benefit): Federal and state 132 (468 ) Foreign 96 (30 ) 228 (498 ) Total income tax expense $ 859 $ 337 The effective tax rate for the year ended December 31, 2023 2022. Income tax expense for the years ended December 31, 2023 2022, 21% Year Ended December 31, (in thousands) 2023 2022 Income tax benefit computed at federal statutory tax rate $ (537 ) $ (1,927 ) Increase (decrease) in income taxes resulting from: Permanent differences, net (89 ) 375 Non-deductible executive compensation 324 346 Global Intangible Low-Taxed Income (GILTI) 537 552 State income taxes, net of federal income tax benefit (19 ) (295 ) Stock-based compensation (329 ) 69 Tax credits (51 ) 492 Net operating loss true-ups and expirations 1,140 431 Change in reserve for uncertain tax position 239 688 Impact of change to prior year tax accruals (171 ) (232 ) Change in valuation allowance allocated to income tax 631 (102 ) Other (816 ) (60 ) Total income tax expense $ 859 $ 337 Income tax expense is based on the following pre-tax (loss) income from operations: Year Ended December 31, (in thousands) 2023 2022 Domestic $ (2,951 ) $ (9,099 ) Foreign 395 (80 ) Total $ (2,556 ) $ (9,179 ) The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities at December 31, 2023 2022, Year Ended December 31, (in thousands) 2023 2022 Deferred income tax assets: Inventory $ 1,489 $ 1,696 Operating loss and credit carryforwards 11,550 14,883 Research and development 3,908 2,000 Employee retention credit 1,435 - Lease liabilities 1,317 1,538 Accrued expenses 818 621 Stock compensation 670 675 Deferred interest expense 386 881 Other assets 934 726 Total gross deferred assets 22,507 23,020 Less: valuation allowance (15,222 ) (14,506 ) Deferred tax assets $ 7,285 $ 8,514 Deferred income tax liabilities: Indefinite-lived intangible assets $ 1,964 $ 1,914 Definite-lived intangible assets 3,733 4,875 Lease right-of-use assets 959 1,148 Employee benefit plans 569 579 Other liabilities 400 255 Total deferred tax liabilities 7,625 8,771 Deferred income tax liabilities, net $ (340 ) $ (257 ) Deferred income tax assets and liabilities by classification on the consolidated balance sheets were as follows: Year Ended December 31, (in thousands) 2023 2022 Deferred tax assets (included in other long-term assets) $ 436 $ 333 Deferred income tax liabilities (776 ) (590 ) Deferred income tax liability, net $ (340 ) $ (257 ) At December 31, 2023, 2024 2043. may 2024, 2024. 2037. may one 382 383. As of December 31, 2023 2022, December 31, 2023 2022, December 31, 2023, As of December 31, 2023 2022, December 31, 2023, A summary of activity of unrecognized tax benefits is as follows: (in thousands) Balance at December 31, 2021 $ 1,332 Additions based on tax positions of prior years 534 Decreases based on tax positions of prior years (34 ) Additions based on tax positions of current year 237 Other decreases, net (86 ) Balance at December 31, 2022 1,983 Additions based on tax positions of prior years 13 Decreases based on tax positions of prior years 57 Additions based on tax positions of current year 245 Other decreases, net (76 ) Balance at December 31, 2023 $ 2,222 We expect the amount of unrecognized tax benefits to change within the next twelve not December 31, 2023 2022, With a few exceptions, the Company is no 2019. 2004 no |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. Commitments and Contingent Liabilities In April 2022, 16, The Company is involved in various other claims and legal proceedings arising in the ordinary course of business. After consultation with legal counsel, the Company has determined that the ultimate disposition of such proceedings is not not not one In addition, the Company has entered into indemnification agreements with its directors. It is not not December 31, 2023. The Company is subject to unclaimed property laws in the ordinary course of its business. State escheat laws generally require entities to report and remit abandoned and unclaimed property to the state. Failure to timely report and remit the property can result in assessments that could include interest and penalties, in addition to the payment of the escheat liability itself. The Company is currently undergoing an unclaimed property audit. Based on the current stage of the audits, the Company has not December 31, 2023. |
Note 16 - Litigation Settlement
Note 16 - Litigation Settlement | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 16. Litigation Settlement In April 2022, third In connection with the HRGN Settlement, in June 2022, December 31, 2022, In April 2023, As of December 31, 2023, December 31, 2023, |
Note 17 - Product Line Disposit
Note 17 - Product Line Disposition | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 17. Product Line Disposition On February 17, 2023, December 31, 2023. December 31, 2023 2022, not |
Note 18 - Government Assistance
Note 18 - Government Assistance | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Government Assistance [Text Block] | 18. Government Assistance As there is no 20, Accounting for Government Grants and Disclosure of Government 20 20, not For the years ended December 31, 2023 2022, 19 19 In February 2024, 2020 19 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Harvard Bioscience, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the use of management estimates. Such estimates include the determination and establishment of certain accruals and provisions, including those for income taxes, credit losses on receivables. and defined benefit pension obligations. Estimates are also required to evaluate the value for inventories reported at lower of cost or net realizable value, stock-based compensation expense, and the recoverability of long-lived and intangible assets, including goodwill. On an ongoing basis, the Company reviews its estimates based upon currently available information. Actual results could differ materially from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three Approximately 49% of the Company’s cash and cash equivalents at December 31, 2023 |
Marketable Securities, Policy [Policy Text Block] | Marketable Equity Securities Equity securities traded in active markets are marked to market at each balance sheet date based on prices as quoted on the relevant stock exchange. Fair value mark-to-market adjustments are recorded as non-operating gains (losses) in the consolidated statement of operations. The Company’s investments in marketable equity securities are classified in the consolidated balance sheet based on the nature of the securities and their availability for use in current operations. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Expected Credit Losses on Receivables The allowance for expected credit losses on receivables is used to present accounts receivable, net, at an amount that represents the Company’s estimate of the receivables expected to be collected from customers. The allowance represents an estimate of expected credit losses over the lifetime of the receivables, even if the loss is considered remote, and reflects expected recoveries of amounts previously written off. The Company estimates the allowance on the basis of specifically identified receivables that are evaluated individually for impairment and an analysis of the remaining receivables determined by reference to past default experience. The Company considers the need to adjust historical information to reflect the extent to which current conditions and reasonable forecasts are expected to differ from the conditions that existed for the historical period considered. Losses on receivables have not Management judgments are used to determine when to charge off uncollectible trade accounts receivable. The Company bases these judgments on the age of the receivable, credit quality of the customer, current economic conditions, and other factors that may not |
Inventory, Policy [Policy Text Block] | Inventories The Company values inventories at the lower of cost (determined on a first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets as follows: Machinery and equipment (years) 3 - 10 Computer equipment and software (years) 3 - 7 Furniture and fixtures (years) 5 - 10 Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset. |
Lessee, Leases [Policy Text Block] | Leases The Company leases office space, manufacturing facilities, automobiles and equipment. The Company concludes on whether an arrangement is a lease at inception. This determination as to whether an arrangement contains a lease is based on an assessment as to whether a contract conveys the right for the Company to control the use of the identified property, plant or equipment for a period of time in exchange for consideration. Leases with an initial term of 12 not The Company has assessed its contracts and concluded that its leases consist of operating leases. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and operating lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the leases’ commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company uses the flow-through method to account for investment tax credits. Under this method, the investment tax credits are recognized as a reduction of income tax expense. The Company recognizes the effect of income tax positions only if those positions are more likely than not 50% |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The functional currency of the Company’s foreign subsidiaries is generally their local currency. All assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at period-end. Income and expenses are translated at rates which approximate those in effect on the transaction dates. The resulting translation adjustment is recorded as a separate component of stockholders’ equity in accumulated other comprehensive income (loss) (“AOCI”) in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in other expense (income), net, in the Company’s consolidated statements of operations. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method unless the effect is antidilutive. The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, (in thousands, except per share data) 2023 2022 Net loss $ (3,415 ) $ (9,516 ) Weighted average shares outstanding - basic 42,420 41,413 Dilutive effect of equity awards - - Weighted average shares outstanding - diluted 42,420 41,413 Basic loss per share $ (0.08 ) $ (0.23 ) Diluted loss per share $ (0.08 ) $ (0.23 ) Shares excluded from diluted loss per share due to their anti-dilutive effect 3,868 3,661 |
Comprehensive Income (Loss) [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) represents the change in equity resulting from items other than shareholder investments and distributions. The Company’s foreign currency translation adjustments, interest rate swap - cash flow hedge and minimum pension liability adjustments are included in AOCI. The components of other comprehensive income are reclassified as net income, net of tax, when the underlying component impacts earnings. Comprehensive income (loss) and the components of AOCI are presented in the accompanying consolidated statements of comprehensive loss and consolidated statements of equity. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Nature of contracts and customers The Company’s contracts are primarily of short duration and are mostly based on the receipt and fulfilment of purchase orders. The purchase orders are binding and include pricing and all other relevant terms and conditions. The Company’s customers are primarily research scientists at pharmaceutical and biotechnology companies, universities, hospitals, government laboratories and contract research organizations. The Company also has global and regional distribution partners, and original equipment manufacturer customers who incorporate its products into their products under their own brands. Performance obligations The Company’s performance obligations under its revenue contracts consist of its instruments, equipment, accessories, services, software licenses and enhancements, maintenance and extended warranties. Equipment also includes software that functions together with the tangible equipment to deliver its essential functionality. Contracts with customers may not one Instruments, equipment and accessories consist of a range of products that are used in life sciences research. Revenues from the sales of these items are recognized when transfer of control of these products to the customer occurs. Transfer of control occurs when the Company has a right to payment and the customer has legal title to the asset and the customer or their selected carrier has possession, which is typically upon shipment. Sales of these items are therefore generally recognized at a point in time. The Company’s equipment revenue also includes the sale of wireless implantable monitors that are used for life science research purposes. The Company sells these wireless implantable monitors to pharmaceutical companies, contract research organizations and academic laboratories. In addition to sales generated from new and existing customers, these implantable devices are also sold under a program called the “exchange program.” Under this program, customers may may, no may may not Service revenue consists of installation, training, data analysis and surgeries performed on research animals. Service revenue is recognized when the service is performed. Maintenance revenue consists of post-contract support provided in relation to software that is embedded within the equipment that is sold to the customer. The Company provides standard warranties that promise the customer that the product will work as promised and are not For sales for which transfer of control occurs upon shipment, the Company accounts for shipping and handling costs as fulfilment costs. As such, the Company records the amounts billed to the customer for shipping costs as revenue and the costs within cost of revenues upon shipment. For sales, for which control transfers to customers after shipment, the Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the goods to the customer. The Company therefore accrues for the costs of shipping undelivered items in the period of shipment. Variable Consideration The nature of the Company's contracts gives rise to certain types of variable consideration, including in limited cases volume and payment discounts. The Company analyzes sales that could include variable consideration and estimates the expected or most likely amount of revenue after returns, trade-ins, discounts, rebates, credits, and incentives. Product returns are estimated and accrued for, based on historical information. In making these estimates, the Company considers whether the amount of variable consideration is constrained and is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not not The Company’s payment terms are generally from zero sixty Sales taxes, value added taxes, and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and are therefore excluded from revenues. Contract Liabilities The Company records contract liabilities when cash is collected from customers prior to satisfaction of the Company’s performance obligation to the customer. Contract liabilities consist of amounts deferred related to service contracts and revenue deferred as a result of payments received in advance from customers. Contract liabilities are generally expected to be recognized within one The amounts included in contract liabilities from advanced payments relate to amounts that are prepaid for wireless implantable monitors under the exchange program. The Company has made the judgment that these payments do not Disaggregation of revenue Refer to Note 13 |
Internal Use Software, Policy [Policy Text Block] | Software Development Software development costs for software products to be sold, leased or otherwise marketed that are incurred before establishing technological feasibility are charged to operations. Software development costs incurred after establishing technological feasibility are capitalized on a product-by-product basis until the product is available for general release to customers at which time amortization begins. Annual amortization, charged to cost of goods sold, is the amount computed using the ratio that current revenues for a product bear to the total current and anticipated future revenues for that product. In the event that future revenues are not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Intangible assets are comprised of existing technology, customer contracts and contractual relationships, and other definite-lived intangible assets. Identifiable intangible assets resulting from the acquisitions of entities accounted for using the purchase method of accounting are estimated by the Company based on the fair value of assets received. Identifiable definite-lived intangible assets are being amortized over the period of estimated benefit using the straight-line method and estimated useful lives ranging from four fifteen |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill acquired in a business combination and determined to have an indefinite useful life is not For the purpose of its goodwill analysis, the Company has one fourth not The Company evaluated its goodwill for impairment as of October 1, 2023 not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company assesses recoverability of its long-lived assets that are held for use, such as property, plant and equipment and amortizable intangible assets when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not The recoverability of assets or an asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or the asset group. Cash flow projections are based on trends of historical performance and management’s estimate of future performance. The Company’s estimate of future cash flows requires significant judgment based on historical and anticipated results and are subject to many factors. When the Company determines that the carrying value of the assets may not one not December 31, 2023 2022, no |
Derivatives, Policy [Policy Text Block] | Derivatives The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company only enters into derivative contracts that it intends to designate as a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge) and does not The Company formally documents the hedging relationship and its risk-management objective and strategy for undertaking the hedge, the hedging instrument, the hedged transaction, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method used to measure ineffectiveness. For derivative instruments that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (loss) (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. By using derivative financial instruments to hedge exposure to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, the Company is not may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Financial reporting standards define a fair value hierarchy that consists of three ● Level 1 ● Level 2 not ● Level 3 The carrying values of the Company’s cash and cash equivalents, trade accounts receivable, trade accounts payable and short-term debt approximate their fair values because of the short maturities of those instruments. The fair value of the Company’s long-term debt approximates its carrying value and is based on the amount of future cash flows associated with the debt discounted using current borrowing rates for similar debt instruments of comparable maturity (Level 2 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation The Company recognizes compensation expense for all stock-based payment awards made to employees and directors including stock options, restricted stock units, and restricted stock units with a market condition. The Company issues awards under the 2021 “2021 2000 “2000 2021 one four no The fair value of restricted stock units is based on the market price of the Company’s stock on the date of grant. The Company values restricted stock units with a market condition using a Monte-Carlo valuation simulation. The determination of fair value of stock-based payment awards on the date of grant using a Monte-Carlo valuation simulation is affected by the Company’s stock price as well as assumptions regarding certain variables including, but are not |
Stockholders' Equity, Policy [Policy Text Block] | Preferred Stock The Company’s board of directors has the authority to issue up to 5.0 million shares of preferred stock and to determine the price privileges and other terms of the shares. The board of directors may December 31, 2023 2022, |
Segment Reporting, Policy [Policy Text Block] | Business Segment Information The Company operates in one segment which involves the design, development, production and distribution of products and services that enable fundamental advances in life science applications, including research, pharmaceutical and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. The Company has a single, company-wide management team that administers all properties as a whole rather than as discrete operating segments. The chief operating decision maker, who is the Company's chief executive officer, measures financial performance as a single enterprise and allocates resources across the Company to maximize profitability, and not 13, 5, |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss. If a loss is probable and the loss or range of loss cannot be reasonably estimated, the Company discloses or states that such an estimate cannot be made. Refer to Note 15 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Pronouncements Adopted in 2023 In January 2017, 2017 04, Intangibles Goodwill and Other (Topic 350 2017 04 2 2017 04 January 1, 2023, no In September 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13 may 2016 13 2016 13 January 1, 2023, Accounting Pronouncements yet to be Adopted In December 2023, No. 2023 09, Income Taxes (Topic 740 December 31, 2025. 2023 09 |
Reclassification, Comparability Adjustment [Policy Text Block] | Prior Period Financial Statement Reclassifications During the year ended December 31, 2023, December 31, 2022 2021. December 31, 2022 2021, no December 31, 2022, December 31, 2022, no 3 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment, Useful Lives [Table Text Block] | Machinery and equipment (years) 3 - 10 Computer equipment and software (years) 3 - 7 Furniture and fixtures (years) 5 - 10 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, (in thousands, except per share data) 2023 2022 Net loss $ (3,415 ) $ (9,516 ) Weighted average shares outstanding - basic 42,420 41,413 Dilutive effect of equity awards - - Weighted average shares outstanding - diluted 42,420 41,413 Basic loss per share $ (0.08 ) $ (0.23 ) Diluted loss per share $ (0.08 ) $ (0.23 ) Shares excluded from diluted loss per share due to their anti-dilutive effect 3,868 3,661 |
Note 3 - Accumulated Other Co_2
Note 3 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Derivatives Translation Defined Benefit Qualifying (in thousands) Adjustments Pension Plans as Hedges Total Balance at December 31, 2021* $ (8,778 ) $ (1,249 ) $ - $ (10,027 ) Other comprehensive loss, net (2,614 ) (2,411 ) - (5,025 ) Balance at December 31, 2022* (11,392 ) (3,660 ) - (15,052 ) Other comprehensive income (loss), net 1,507 (446 ) (199 ) 862 Balance at December 31, 2023 $ (9,885 ) $ (4,106 ) $ (199 ) $ (14,190 ) |
Note 4 - Goodwill and Intangi_2
Note 4 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | December 31, (in thousands) 2023 2022 Carrying amount at beginning of period $ 56,260 $ 57,689 Effect of change in currency translation 805 (1,429 ) Carrying amount at end of period $ 57,065 $ 56,260 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2023 December 31, 2022 (in thousands) Average Accumulated Accumulated Amortizable intangible assets: Life* Gross Amortization Net Gross Amortization Net Distribution agreements/customer relationships 6 $ 16,038 $ (9,706 ) $ 6,332 $ 16,124 $ (8,727 ) $ 7,397 Existing technology & software development 2 35,007 (27,029 ) 7,978 37,549 (26,482 ) 11,067 Trade names and patents 3 7,613 (6,094 ) 1,519 7,523 (5,197 ) 2,326 Total amortizable intangible assets $ 58,658 $ (42,829 ) $ 15,829 $ 61,196 $ (40,406 ) $ 20,790 Indefinite-lived intangible assets: 207 224 Total intangible assets $ 16,036 $ 21,014 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2024 $ 5,281 2025 4,027 2026 2,366 2027 1,269 2028 1,546 Thereafter 1,340 Total $ 15,829 |
Note 5 - Balance Sheet Inform_2
Note 5 - Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories: December 31, (in thousands) 2023 2022 Finished goods $ 5,120 $ 5,223 Work in process 4,188 3,776 Raw materials 15,408 17,440 Total $ 24,716 $ 26,439 |
Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment: December 31, (in thousands) 2023 2022 Machinery and equipment $ 8,154 $ 7,500 Computer equipment and software 6,493 6,781 Leasehold improvements 2,417 2,507 Furniture and fixtures 1,244 1,386 Automobiles 58 38 18,366 18,212 Less: accumulated depreciation (14,385 ) (14,846 ) Property, plant and equipment, net $ 3,981 $ 3,366 |
Other Current Liabilities [Table Text Block] | Other Current Liabilities: December 31, (in thousands) 2023 2022 Compensation $ 3,929 $ 3,476 Customer credits 3,201 2,368 Professional fees 499 392 Warranty costs 336 268 Other 1,240 982 Total $ 9,205 $ 7,486 |
Long-Lived Assets by Geographic Areas [Table Text Block] | December 31, (in thousands) 2023 2022 United States $ 21,558 $ 26,051 Germany 1,703 2,432 Rest of the world 1,322 1,489 Total long-lived assets $ 24,583 $ 29,972 |
Note 6 - Restructuring and Ot_2
Note 6 - Restructuring and Other Exit Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | (in thousands) Inventory Related Severance Other Total Balance at December 31, 2021 $ - $ - $ - $ - Restructuring and other exit costs 1,471 877 46 2,394 Non-cash charges (1,471 ) - - (1,471 ) Cash payments - (241 ) (46 ) (287 ) Balance at December 31, 2022 - 636 - 636 Restructuring and other exit costs 320 42 29 391 Non-cash charges (142 ) - - (142 ) Cash payments (94 ) (678 ) (29 ) (801 ) Balance at December 31, 2023 $ 84 $ - $ - $ 84 |
Note 7 - Employee Benefit Pla_2
Note 7 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Costs of Retirement Plans [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 Interest cost $ 670 $ 371 Expected return on plan assets (788 ) (818 ) Net amortization loss 328 27 Net periodic benefit expense (credit) $ 210 $ (420 ) |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | December 31, (in thousands) 2023 2022 Change in fair value of plan assets: Balance at beginning of year $ 15,576 $ 27,252 Actual return on plan assets 351 (9,098 ) Employer contributions 622 619 Benefits paid (563 ) (592 ) Currency translation adjustment 954 (2,605 ) Balance at end of year $ 16,940 $ 15,576 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | December 31, (in thousands) 2023 2022 Change in benefit obligation: Balance at beginning of year $ 13,263 $ 22,562 Interest cost 665 371 Actuarial loss (gain) 479 (6,912 ) Benefits paid (563 ) (592 ) Currency translation adjustment 819 (2,166 ) Balance at end of year $ 14,663 $ 13,263 December 31, (in thousands) 2023 2022 Fair value of plan assets $ 16,940 $ 15,576 Benefit obligation 14,663 13,263 Net funded status $ 2,277 $ 2,313 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, (in thousands) 2023 2022 Other long-term assets $ 2,277 $ 2,313 Accumulated other comprehensive loss 5,909 5,326 |
Defined Benefit Plan, Assumptions [Table Text Block] | December 31, (in thousands) 2023 2022 Discount rate 4.6 % 5.0 % Expected return on assets 5.3 % 5.0 % |
Schedule of Allocation of Plan Assets [Table Text Block] | (in thousands) 2023 2022 Asset category: Debt securities $ 11,761 69 % $ 11,714 75 % Equity securities 3,567 21 % 3,507 23 % Cash and cash equivalents 304 2 % 185 1 % Other 1,308 8 % 170 1 % Total $ 16,940 100 % $ 15,576 100 % |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | (in thousands) 2023 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) $ 304 $ 185 Significant Other Observable Inputs (Level 2) 16,636 15,391 Significant Other Unobservable Inputs (Level 3) - - Total $ 16,940 $ 15,576 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 Operating lease cost $ 2,013 $ 1,971 Short-term lease cost 199 233 Sublease income (102 ) (102 ) Total lease cost $ 2,110 $ 2,102 |
Supplemental Balance Sheet Informaton Related to Operating Leases [Table Text Block] | (in thousands) December 31, 2023 2022 Operating lease right-of-use assets $ 4,773 $ 5,816 Current portion, operating lease liabilities 1,416 2,135 Operating lease liabilities, long-term 4,794 5,282 Total operating lease liabilities $ 6,210 $ 7,417 Weighted average remaining lease term (years) 5.7 6.2 Weighted average discount rate 9.5 % 9.4 % |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 2,367 $ 2,347 Right-of-use assets obtained in exchange for lease obligations 293 295 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending December 31, (in thousands) 2024 1,938 2025 1,166 2026 1,060 2027 1,047 2028 1,057 Thereafter 1,926 Total lease payments 8,194 Less imputed interest (1,984 ) Total operating lease liabilities $ 6,210 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) December 31, 2023 December 31, 2022 Long-term debt: Term loan $ 30,723 $ 34,814 Revolving line 6,400 12,850 Less: unamortized deferred financing costs (560 ) (840 ) Total debt 36,563 46,824 Less: current portion of long-term debt (6,139 ) (4,091 ) Current unamortized deferred financing costs 280 280 Long-term debt $ 30,704 $ 43,013 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | (in thousands) 2024 $ 6,139 2025 30,984 $ 37,123 |
Note 10 - Derivatives (Tables)
Note 10 - Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | (in thousands) December 31, 2023 Derivatives Instruments Balance Sheet Classification Notional Amount Fair Value (a) Interest rate swap Other long-term liabilities $ 27,375 $ (199 ) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year Ended Derivatives Qualifying as Hedges, net of tax December 31, 2023 Amount of loss recognized in OCI on derivatives (effective portion) $ 199 Amounts reclassified from accumulated other comprehensive loss to interest expense 120 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value as of December 31, 2023 Assets (Liabilities) Level 1 Level 2 Level 3 Total Equity securities - common stock $ 3,511 $ - $ - $ 3,511 Interest rate swap agreements - (199 ) - (199 ) |
Note 12 - Stock-Based Compens_2
Note 12 - Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 Cost of revenues $ 308 $ 121 Sales and marketing expenses 746 557 General and administrative expenses 3,560 3,487 Research and development expenses 386 246 Total stock-based compensation expenses $ 5,000 $ 4,411 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Condition Restricted Grant Date Restricted Grant Date Stock Units Fair Value Stock Units Fair Value Balance at December 31, 2021 1,141,164 $ 3.57 860,155 $ 3.13 Granted 918,870 4.64 320,272 5.08 Vested (733,611 ) 4.08 (401,308 ) 2.11 Cancelled/Forfeited (232,622 ) 4.44 (132,884 ) 4.21 Balance at December 31, 2022 1,093,801 $ 3.94 646,235 $ 4.51 Granted 1,350,125 2.87 558,958 2.61 Vested (1,144,065 ) 3.38 (316,210 ) 4.01 Cancelled/Forfeited (134,865 ) 3.71 (87,138 ) 4.64 Balance at December 31, 2023 1,164,996 $ 3.28 801,845 $ 3.37 |
Schedule of Stock Options Roll Forward [Table Text Block] | Number of Options Weighted-Average Exercise Price Weighted-Aveage Remaining Contractual Term (years) Average Intrinsic Value (in thousands) Outstanding at December 31, 2021 1,404,816 $ 3.10 Exercised (40,267 ) 2.64 Cancelled/Forfeited (125,773 ) 2.77 Outstanding at December 31, 2022 1,238,776 $ 3.15 Exercised (213,644 ) 2.38 Cancelled/Forfeited (101,065 ) 2.71 Outstanding and Exerciseable at December 31, 2023 924,067 $ 3.37 3.4 $ 1,836 |
Black Scholes Option Pricing Model [Member] | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 2022 Volatility 56.8 % 62.6 % Risk-free interest rate 4.6 % 2.1 % Correlation coefficient 41.7 % 41.5 % Dividend yield - % - % Liquidity discount 14.1 % 11.7 % |
Note 13 - Revenues (Tables)
Note 13 - Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 Instruments, equipment, software and accessories $ 105,716 $ 108,165 Service, maintenance and warranty contracts 6,534 5,170 Total revenues $ 112,250 $ 113,335 Year Ended December 31, (in thousands) 2023 2022 Goods and services transferred at a point in time $ 108,558 $ 111,927 Goods and services transferred over time 3,692 1,408 Total revenues $ 112,250 $ 113,335 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 United States $ 48,205 $ 49,912 Europe 32,801 30,687 Greater China 18,488 16,393 Rest of the world 12,756 16,343 Total revenues $ 112,250 $ 113,335 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, December 31, (in thousands) 2023 2022 Change 2022 2021 Change Service contracts $ 2,849 $ 1,530 $ 1,319 1,530 $ 1,976 $ (446 ) Customer advances 1,659 1,840 (181 ) 1,840 2,290 (450 ) Total contract liabilities $ 4,508 $ 3,370 $ 1,138 3,370 $ 4,266 $ (896 ) |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | December 31, (in thousands) 2023 2022 Balance, beginning of period $ 191 $ 136 Provision for expected credit losses 29 62 Charge-offs and other (60 ) (7 ) Balance, end of period $ 160 $ 191 |
Schedule of Product Warranty Liability [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 Balance at December 31, 2022 $ 268 $ 240 Expense 381 408 Warranty claims (313 ) (380 ) Balance at December 31, 2023 $ 336 $ 268 |
Note 14 - Income Tax (Tables)
Note 14 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 Current income tax expense: Federal and state $ 570 $ 641 Foreign 61 194 631 835 Deferred income tax expense (benefit): Federal and state 132 (468 ) Foreign 96 (30 ) 228 (498 ) Total income tax expense $ 859 $ 337 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 Income tax benefit computed at federal statutory tax rate $ (537 ) $ (1,927 ) Increase (decrease) in income taxes resulting from: Permanent differences, net (89 ) 375 Non-deductible executive compensation 324 346 Global Intangible Low-Taxed Income (GILTI) 537 552 State income taxes, net of federal income tax benefit (19 ) (295 ) Stock-based compensation (329 ) 69 Tax credits (51 ) 492 Net operating loss true-ups and expirations 1,140 431 Change in reserve for uncertain tax position 239 688 Impact of change to prior year tax accruals (171 ) (232 ) Change in valuation allowance allocated to income tax 631 (102 ) Other (816 ) (60 ) Total income tax expense $ 859 $ 337 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 Domestic $ (2,951 ) $ (9,099 ) Foreign 395 (80 ) Total $ (2,556 ) $ (9,179 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 Deferred income tax assets: Inventory $ 1,489 $ 1,696 Operating loss and credit carryforwards 11,550 14,883 Research and development 3,908 2,000 Employee retention credit 1,435 - Lease liabilities 1,317 1,538 Accrued expenses 818 621 Stock compensation 670 675 Deferred interest expense 386 881 Other assets 934 726 Total gross deferred assets 22,507 23,020 Less: valuation allowance (15,222 ) (14,506 ) Deferred tax assets $ 7,285 $ 8,514 Deferred income tax liabilities: Indefinite-lived intangible assets $ 1,964 $ 1,914 Definite-lived intangible assets 3,733 4,875 Lease right-of-use assets 959 1,148 Employee benefit plans 569 579 Other liabilities 400 255 Total deferred tax liabilities 7,625 8,771 Deferred income tax liabilities, net $ (340 ) $ (257 ) Year Ended December 31, (in thousands) 2023 2022 Deferred tax assets (included in other long-term assets) $ 436 $ 333 Deferred income tax liabilities (776 ) (590 ) Deferred income tax liability, net $ (340 ) $ (257 ) |
Summary of Income Tax Contingencies [Table Text Block] | (in thousands) Balance at December 31, 2021 $ 1,332 Additions based on tax positions of prior years 534 Decreases based on tax positions of prior years (34 ) Additions based on tax positions of current year 237 Other decreases, net (86 ) Balance at December 31, 2022 1,983 Additions based on tax positions of prior years 13 Decreases based on tax positions of prior years 57 Additions based on tax positions of current year 245 Other decreases, net (76 ) Balance at December 31, 2023 $ 2,222 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Percentage of Cash and Cash Equivalents Held by Foreign Subsidiaries | 49% | ||
Goodwill, Impairment Loss | $ 0 | ||
Impairment of Long-Lived Assets Held-for-use | $ 0 | ||
Preferred Stock, Shares Authorized (in shares) | shares | 5,000,000 | 5,000,000 | |
Preferred Stock, Shares Issued (in shares) | shares | 0 | 0 | |
Preferred Stock, Shares Outstanding (in shares) | shares | 0 | ||
Number of Operating Segments | 1 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ 446 | $ 2,411 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 1,507 | (2,614) | |
Other Comprehensive Income (Loss), Net of Tax | 862 | (5,025) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (14,190) | (15,052) | |
Revision of Prior Period, Adjustment [Member] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 5,400 | $ 5,100 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 5,400 | $ 5,100 | |
Other Comprehensive Income (Loss), Net of Tax | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 0 | ||
Minimum [Member] | |||
Customer Payments Term (Day) | 0 days | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | ||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 1 year | ||
Maximum [Member] | |||
Customer Payments Term (Day) | 60 days | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 4 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | Dec. 31, 2023 |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, plant and equipment useful life (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, plant and equipment useful life (Year) | 10 years |
Computer Equipment and Software [member] | Minimum [Member] | |
Property, plant and equipment useful life (Year) | 3 years |
Computer Equipment and Software [member] | Maximum [Member] | |
Property, plant and equipment useful life (Year) | 7 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant and equipment useful life (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant and equipment useful life (Year) | 10 years |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net loss | $ (3,415) | $ (9,516) |
Weighted average shares outstanding - basic (in shares) | 42,420 | 41,413 |
Dilutive effect of equity awards (in shares) | 0 | 0 |
Weighted average shares outstanding - diluted (in shares) | 42,420 | 41,413 |
Basic loss per share (in dollars per share) | $ (0.08) | $ (0.23) |
Diluted loss per share (in dollars per share) | $ (0.08) | $ (0.23) |
Shares excluded from diluted loss per share due to their anti-dilutive effect (in shares) | 3,868 | 3,661 |
Note 3 - Accumulated Other Co_3
Note 3 - Accumulated Other Comprehensive Loss - Changes in Each Component of Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 72,220 | $ 83,401 |
Other Comprehensive Income (Loss), Net of Tax | 862 | (5,025) |
Balance | 73,074 | 72,220 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (11,392) | (8,778) |
Other Comprehensive Income (Loss), Net of Tax | 1,507 | (2,614) |
Balance | (9,885) | (11,392) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (3,660) | (1,249) |
Other Comprehensive Income (Loss), Net of Tax | (446) | (2,411) |
Balance | (4,106) | (3,660) |
AOCI Attributable to Parent [Member] | ||
Balance | (15,052) | (10,027) |
Other Comprehensive Income (Loss), Net of Tax | 862 | (5,025) |
Balance | (14,190) | $ (15,052) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Other Comprehensive Income (Loss), Net of Tax | (199) | |
Balance | $ (199) |
Note 4 - Goodwill and Intangi_3
Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Write-off of Fully Amortized Intangible Assets Related to Existing Technology and Discontinued Product Lines | $ 3,700 | |
Capitalized Computer Software, Net | 500 | |
Amortization of Intangible Assets | $ 5,525 | $ 6,122 |
Note 4 - Goodwill and Intangi_4
Note 4 - Goodwill and Intangible Assets - Change in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Carrying amount | $ 56,260 | $ 57,689 |
Effect of change in currency translation | 805 | (1,429) |
Carrying amount | $ 57,065 | $ 56,260 |
Note 4 - Goodwill and Intangi_5
Note 4 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Gross | $ 58,658 | $ 61,196 | |
Total amortizable intangible assets | (42,829) | (40,406) | |
Finite-Lived Intangible Assets, Net | 15,829 | 20,790 | |
Indefinite-lived intangible assets: | 207 | 224 | |
Total intangible assets, Net | $ 16,036 | 21,014 | |
Distribution Agreements/Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 6 years | |
Finite-Lived Intangible Assets, Gross | $ 16,038 | 16,124 | |
Total amortizable intangible assets | (9,706) | (8,727) | |
Finite-Lived Intangible Assets, Net | $ 6,332 | 7,397 | |
Existing Technology and Software Development [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 2 years | ||
Finite-Lived Intangible Assets, Gross | $ 35,007 | 37,549 | |
Total amortizable intangible assets | (27,029) | (26,482) | |
Finite-Lived Intangible Assets, Net | $ 7,978 | 11,067 | |
Trade Names and Patents [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 3 years | |
Finite-Lived Intangible Assets, Gross | $ 7,613 | 7,523 | |
Total amortizable intangible assets | (6,094) | (5,197) | |
Finite-Lived Intangible Assets, Net | $ 1,519 | $ 2,326 | |
[1]Weighted average life in years as of September 30, 2022 |
Note 4 - Goodwill and Intangi_6
Note 4 - Goodwill and Intangible Assets - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 5,281 | |
2025 | 4,027 | |
2026 | 2,366 | |
2027 | 1,269 | |
2028 | 1,546 | |
Thereafter | 1,340 | |
Total | $ 15,829 | $ 20,790 |
Note 5 - Balance Sheet Inform_3
Note 5 - Balance Sheet Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 1,473 | $ 1,453 |
Fully Depreciated and Disposed of Property and Equipment Removed From Fixed Asset Records | $ 2,000 |
Note 5 - Balance Sheet Inform_4
Note 5 - Balance Sheet Information - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finished goods | $ 5,120 | $ 5,223 |
Work in process | 4,188 | 3,776 |
Raw materials | 15,408 | 17,440 |
Total | $ 24,716 | $ 26,439 |
Note 5 - Balance Sheet Inform_5
Note 5 - Balance Sheet Information - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment, Gross | $ 18,366 | $ 18,212 |
Less: accumulated depreciation | (14,385) | (14,846) |
Property, plant and equipment, net | 3,981 | 3,366 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 8,154 | 7,500 |
Computer Equipment and Software [member] | ||
Property, Plant and Equipment, Gross | 6,493 | 6,781 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Gross | 2,417 | 2,507 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | 1,244 | 1,386 |
Automobiles [Member] | ||
Property, Plant and Equipment, Gross | $ 58 | $ 38 |
Note 5 - Balance Sheet Inform_6
Note 5 - Balance Sheet Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Compensation | $ 3,929 | $ 3,476 |
Customer credits | 3,201 | 2,368 |
Professional fees | 499 | 392 |
Warranty costs | 336 | 268 |
Other | 1,240 | 982 |
Total | $ 9,205 | $ 7,486 |
Note 5 - Balance Sheet Inform_7
Note 5 - Balance Sheet Information - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Long-Lived Assets | $ 24,583 | $ 29,972 |
UNITED STATES | ||
Long-Lived Assets | 21,558 | 26,051 |
GERMANY | ||
Long-Lived Assets | 1,703 | 2,432 |
Rest of the World [Member] | ||
Long-Lived Assets | $ 1,322 | $ 1,489 |
Note 6 - Restructuring and Ot_3
Note 6 - Restructuring and Other Exit Costs - Restructuring and Other Exit Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 636 | $ 0 |
Restructuring and other exit costs | 391 | 2,394 |
Non-cash charges | (142) | (1,471) |
Cash payments | (801) | (287) |
Balance | 84 | 636 |
Cost of Revenues [Member] | ||
Balance | 0 | 0 |
Restructuring and other exit costs | 320 | 1,471 |
Non-cash charges | (142) | (1,471) |
Cash payments | (94) | 0 |
Balance | 84 | 0 |
Employee Severance [Member] | ||
Balance | 636 | 0 |
Restructuring and other exit costs | 42 | 877 |
Non-cash charges | 0 | 0 |
Cash payments | (678) | (241) |
Balance | 0 | 636 |
Other Restructuring [Member] | ||
Balance | 0 | 0 |
Restructuring and other exit costs | 29 | 46 |
Non-cash charges | 0 | 0 |
Cash payments | (29) | (46) |
Balance | $ 0 | $ 0 |
Note 7 - Employee Benefit Pla_3
Note 7 - Employee Benefit Plans (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Defined Contribution Plan, Cost | $ 1.1 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 0.6 |
Defined Benefit Plan, Expected Future Benefit Payment, Year One | 0.9 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 0.7 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 0.8 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 0.8 |
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | $ 5 |
Note 7 - Employee Benefit Pla_4
Note 7 - Employee Benefit Plans - Defined Benefit Pension Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest cost | $ 665 | $ 371 |
Expected return on plan assets | (788) | (818) |
Net amortization loss | 328 | 27 |
Net periodic benefit expense (credit) | $ 210 | $ (420) |
Note 7 - Employee Benefit Pla_5
Note 7 - Employee Benefit Plans - Change in Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan, Fair Value of Plan Assets, Balance | $ 15,576 | $ 27,252 |
Actual return on plan assets | 351 | (9,098) |
Employer contributions | 622 | 619 |
Benefits paid | (563) | (592) |
Currency translation adjustment | 954 | (2,605) |
Defined Benefit Plan, Fair Value of Plan Assets, Balance | $ 16,940 | $ 15,576 |
Note 7 - Employee Benefit Pla_6
Note 7 - Employee Benefit Plans - Change in Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Benefit Obligation, Balance | $ 13,263 | $ 22,562 | |
Interest cost | 665 | 371 | |
Actuarial loss (gain) | 479 | (6,912) | |
Benefits paid | (563) | (592) | |
Currency translation adjustment | 819 | (2,166) | |
Defined Benefit Plan, Benefit Obligation, Balance | 14,663 | 13,263 | |
Defined Benefit Plan, Fair Value of Plan Assets | 16,940 | 15,576 | $ 27,252 |
Benefit obligation | 14,663 | 13,263 | $ 22,562 |
Net funded status | 5,909 | 5,326 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Benefit Obligation, Balance | 13,263 | ||
Defined Benefit Plan, Benefit Obligation, Balance | 14,663 | 13,263 | |
Defined Benefit Plan, Fair Value of Plan Assets | 16,940 | 15,576 | |
Benefit obligation | 14,663 | 13,263 | |
Net funded status | $ 2,277 | $ 2,313 |
Note 7 - Employee Benefit Pla_7
Note 7 - Employee Benefit Plans - Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other long-term assets | $ 5,909 | $ 5,326 |
Other Noncurrent Liabilities [Member] | ||
Other long-term assets | $ 2,277 | $ 2,313 |
Note 7 - Employee Benefit Pla_8
Note 7 - Employee Benefit Plans - Weighted Average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Discount rate | 4.60% | 5% |
Expected return on assets | 5.30% | 5% |
Note 7 - Employee Benefit Pla_9
Note 7 - Employee Benefit Plans - Fair Value and Asset Allocations of Pension Benefits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Fair Value of Plan Assets | $ 16,940 | $ 15,576 | $ 27,252 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 100% | 100% | ||
Debt Security, Corporate, US [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | $ 11,761 | $ 11,714 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 69% | 75% | ||
Defined Benefit Plan, Equity Securities [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 3,567 | $ 3,507 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 21% | 23% | ||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 304 | $ 185 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 2% | 1% | ||
Other Plan Assets [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,308 | $ 170 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 8% | 1% | ||
[1]Updated dimension from: "Debt Securities [Member]". |
Note 7 - Employee Benefit Pl_10
Note 7 - Employee Benefit Plans - Fair Value of Plan Assets By Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 16,940 | $ 15,576 | $ 27,252 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 304 | 185 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 16,636 | 15,391 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease cost | $ 2,013 | $ 1,971 |
Short-term lease cost | 199 | 233 |
Sublease income | (102) | (102) |
Total lease cost | $ 2,110 | $ 2,102 |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets | $ 4,773 | $ 5,816 |
Current portion, operating lease liabilities | 1,416 | 2,135 |
Operating lease liabilities, long-term | 4,794 | 5,282 |
Total operating lease liabilities | $ 6,210 | $ 7,417 |
Weighted average remaining lease term (years) (Year) | 5 years 8 months 12 days | 6 years 2 months 12 days |
Weighted average discount rate | 9.50% | 9.40% |
Note 8 - Leases - Supplementa_2
Note 8 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 2,367 | $ 2,347 |
Right-of-use assets obtained in exchange for lease obligations | $ 293 | $ 295 |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 1,938 | |
2025 | 1,166 | |
2026 | 1,060 | |
2027 | 1,047 | |
2028 | 1,057 | |
Thereafter | 1,926 | |
Total lease payments | 8,194 | |
Less imputed interest | (1,984) | |
Total operating lease liabilities | $ 6,210 | $ 7,417 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 22, 2020 | |
Long-term Debt, Gross | $ 37,123 | ||
Debt Issuance Costs, Net, Total | $ 560 | $ 840 | |
The Credit Agreement [Member] | |||
Debt Issuance Costs, Net, Total | $ 1,400 | ||
Line of Credit Facility, Interest Rate During Period | 8.10% | 5% | |
Line of Credit Facility, Interest Rate During Period | 7.40% | ||
Debt Instrument, Quarterly Payment, Thereafter | $ 1,000 | ||
Debt Instrument, Current Maturities, Excess Cash Flow Sweep | $ 2,100 | $ 1,100 | |
The Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Debt Instrument, Interest Rate, State Floor Percentage | 0.50% | ||
The Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||
The Credit Agreement [Member] | Base Rate [Member] | |||
Debt Instrument, Interest Rate, State Floor Percentage | 1% | ||
The Credit Agreement [Member] | The ABR Loan [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
The Credit Agreement [Member] | The ABR Loan [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3% | ||
The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 10,800 | ||
Term Loan [Member] | |||
Long-term Debt, Gross | $ 30,723 | $ 34,814 | |
The SOFR Loan and Pricing Grid Credit Agreement [Member] | The Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||
The Lenders [Member] | The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | ||
The Lenders [Member] | The Credit Agreement [Member] | Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 | ||
The Lenders [Member] | The Credit Agreement [Member] | Swingline Loan Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 | ||
The Lenders [Member] | Term Loan [Member] | The Credit Agreement [Member] | |||
Long-term Debt, Gross | $ 40,000 |
Note 9 - Long-term Debt - Break
Note 9 - Long-term Debt - Breakdown of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term debt, gross | $ 37,123 | |
Less: unamortized deferred financing costs | (560) | $ (840) |
Total debt | 36,563 | 46,824 |
Less: current portion of long-term debt | (6,139) | (4,091) |
Current unamortized deferred financing costs | 280 | 280 |
Long-term debt | 30,704 | 43,013 |
Term Loan [Member] | ||
Long-term debt, gross | 30,723 | 34,814 |
Line of Credit [Member] | ||
Long-term debt, gross | $ 6,400 | $ 12,850 |
Note 9 - Long Term Debt - Debt
Note 9 - Long Term Debt - Debt Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 6,139 |
2025 | 30,984 |
Total | $ 37,123 |
Note 10 - Derivatives (Details
Note 10 - Derivatives (Details Textual) $ in Thousands | Dec. 31, 2023 USD ($) |
The Credit Agreement [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% |
Interest Rate Swap [Member] | |
Derivative, Notional Amount | $ 27,375 |
Note 10 - Derivatives - Derivat
Note 10 - Derivatives - Derivative Instruments (Details) - Interest Rate Swap [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
Interest rate swap | $ 27,375 |
Interest rate swap | $ (199) |
Note 10 - Derivatives - The Eff
Note 10 - Derivatives - The Effect of Derivatives Designated as Cash Flow Hedging Instruments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Amount of loss recognized in OCI on derivatives (effective portion) | $ 199 |
Amounts reclassified from accumulated other comprehensive loss to interest expense | $ 120 |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
Equity securities - common stock | $ 3,511 |
Interest Rate Swap [Member] | |
Derivative liabilities | (199) |
Fair Value, Inputs, Level 1 [Member] | |
Equity securities - common stock | 3,511 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |
Derivative liabilities | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Equity securities - common stock | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |
Derivative liabilities | (199) |
Fair Value, Inputs, Level 3 [Member] | |
Equity securities - common stock | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |
Derivative liabilities | $ 0 |
Note 12 - Stock-Based Compens_3
Note 12 - Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 4.7 | $ 4.7 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | |||
Vesting Rate of the Targeted Shareholder Return | 100% | |||
Minimum Vesting Rate of the Targeted Shareholder Return, Percentage | 0% | |||
Maximum Vesting Rate of the Targeted Shareholder Return, Percentage | 150% | |||
Share Price (in dollars per share) | $ 5.35 | $ 5.35 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.6 | $ 0.1 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Discount from Market Price, Offering Date | 15% | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 0.1 | 0.2 | ||
2021 Incentive Plan [Member] | ||||
Employee Stock Ownership Plan, Shares Available for Issuance (in shares) | 3.1 | 3.1 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 0.3 | 0.3 |
Note 12 - Stock-Based Compens_4
Note 12 - Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based compensation | $ 5,000 | $ 4,411 |
Continuing Operations [Member] | Cost of Sales [Member] | ||
Share-based compensation | 308 | 121 |
Continuing Operations [Member] | Selling and Marketing Expense [Member] | ||
Share-based compensation | 746 | 557 |
Continuing Operations [Member] | General and Administrative Expense [Member] | ||
Share-based compensation | 3,560 | 3,487 |
Continuing Operations [Member] | Research and Development Expense [Member] | ||
Share-based compensation | $ 386 | $ 246 |
Note 12 - Stock-Based Compens_5
Note 12 - Stock-Based Compensation - Black Scholes Assumptions (Details) - Black Scholes Option Pricing Model [Member] - Share-Based Payment Arrangement, Option [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Volatility | 56.80% | 62.60% |
Risk-free interest rate | 4.60% | 2.10% |
Correlation coefficient | 41.70% | 41.50% |
Dividend yield | 0% | 0% |
Liquidity discount | 14.10% | 11.70% |
Note 12 - Stock-Based Compens_6
Note 12 - Stock-Based Compensation - Activity of Restricted Stock and Restricted Stock Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Outstanding at December 31, 2021 (in shares) | 1,238,776 | 1,404,816 |
Outstanding at December 31, 2021 (in dollars per share) | $ 3.15 | $ 3.1 |
Outstanding at December 31, 2022 (in shares) | 924,067 | 1,238,776 |
Outstanding at December 31, 2022 (in dollars per share) | $ 3.37 | $ 3.15 |
Restricted Stock Units (RSUs) [Member] | ||
Outstanding at December 31, 2021 (in shares) | 1,093,801 | 1,141,164 |
Outstanding at December 31, 2021 (in dollars per share) | $ 3.94 | $ 3.57 |
Options, Granted in Period (in shares) | 1,350,125 | 918,870 |
Options, Granted in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.87 | $ 4.64 |
Restricted Stock Units, Vested in Period (in shares) | (1,144,065) | (733,611) |
Restricted Stock Units, Vested, Grant Date Fair Value, Balance (in dollars per share) | $ 3.38 | $ 4.08 |
Options, Cancelled / Forfeited in Period (in shares) | (134,865) | (232,622) |
Options, Cancelled / Forfeited, Weighted Average Exercise Price (in dollars per share) | $ 3.71 | $ 4.44 |
Outstanding at December 31, 2022 (in shares) | 1,164,996 | 1,093,801 |
Outstanding at December 31, 2022 (in dollars per share) | $ 3.28 | $ 3.94 |
Market Condition Restricted Stock Units [Member] | ||
Restricted Stock Units Outstanding , Balance (in shares) | 646,235 | 860,155 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ 4.51 | $ 3.13 |
Restricted Stock Units, Granted in Period (in shares) | 558,958 | 320,272 |
Restricted Stock Units Granted , Grant Date Fair Value, Balance (in dollars per share) | $ 2.61 | $ 5.08 |
Restricted Stock Units, Vested in Period (in shares) | (316,210) | (401,308) |
Restricted Stock Units, Vested, Grant Date Fair Value, Balance (in dollars per share) | $ 4.01 | $ 2.11 |
Restricted Stock Units, Cancelled / Forfeited in Period (in shares) | (87,138) | (132,884) |
Restricted Stock Units, Cancelled/ Forfeited , Grant Date Fair Value, Balance (in dollars per share) | $ 4.64 | $ 4.21 |
Restricted Stock Units Outstanding , Balance (in shares) | 801,845 | 646,235 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ 3.37 | $ 4.51 |
Note 12 - Stock-Based Compens_7
Note 12 - Stock-Based Compensation - Stock-Based Payment Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Outstanding at December 31, 2021 (in shares) | 1,238,776 | 1,404,816 |
Outstanding at December 31, 2021 (in dollars per share) | $ 3.15 | $ 3.1 |
Exercised (in shares) | (213,644) | (40,267) |
Exercised (in dollars per share) | $ 2.38 | $ 2.64 |
Cancelled/Forfeited (in shares) | (101,065) | (125,773) |
Cancelled/Forfeited (in dollars per share) | $ 2.71 | $ 2.77 |
Outstanding at December 31, 2022 (in shares) | 924,067 | 1,238,776 |
Outstanding at December 31, 2022 (in dollars per share) | $ 3.37 | $ 3.15 |
Outstanding and Exerciseable at December 31, 2023 (Year) | 3 years 4 months 24 days | |
Outstanding and Exerciseable at December 31, 2023 | $ 1,836 |
Note 13 - Revenues (Details Tex
Note 13 - Revenues (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contract with Customer, Liability, Revenue Recognized | $ 2.1 | $ 2.5 |
Note 13 - Revenues - Disaggrega
Note 13 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues | $ 112,250 | $ 113,335 |
Transferred at Point in Time [Member] | ||
Revenues | 108,558 | 111,927 |
Transferred over Time [Member] | ||
Revenues | 3,692 | 1,408 |
Instruments, Equipment, Software, and Accessories [Member] | ||
Revenues | 105,716 | 108,165 |
Service, Maintenance, and Warranty Contracts [Member] | ||
Revenues | $ 6,534 | $ 5,170 |
Note 13 - Revenues - Revenue by
Note 13 - Revenues - Revenue by Geographic Destination (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total revenues | $ 112,250 | $ 113,335 |
UNITED STATES | ||
Total revenues | 48,205 | 49,912 |
Europe [Member] | ||
Total revenues | 32,801 | 30,687 |
Greater China [Member] | ||
Total revenues | 18,488 | 16,393 |
Rest of the World [Member] | ||
Total revenues | $ 12,756 | $ 16,343 |
Note 13 - Revenues - Deferred R
Note 13 - Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred revenue | $ 4,508 | $ 3,370 | $ 4,266 |
Deferred Revenue, change | 1,138 | (896) | |
Service [Member] | |||
Deferred revenue | 2,849 | 1,530 | 1,976 |
Deferred Revenue, change | 1,319 | (446) | |
Customer Advances [Member] | |||
Deferred revenue | 1,659 | 1,840 | $ 2,290 |
Deferred Revenue, change | $ (181) | $ (450) |
Note 13 - Revenues - Allowance
Note 13 - Revenues - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, beginning of period | $ 191 | $ 136 |
Provision for expected credit losses | 29 | 62 |
Charge-offs and other | (60) | (7) |
Balance, end of period | $ 160 | $ 191 |
Note 13 - Revenues - Warranties
Note 13 - Revenues - Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 268 | $ 240 |
Expense | 381 | 408 |
Warranty claims | (313) | (380) |
Balance | $ 336 | $ 268 |
Note 14 - Income Tax (Details T
Note 14 - Income Tax (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (33.50%) | (3.70%) |
Research and Development Tax Credit Carryforwards Offset by Reserve for Uncertain Tax Positions | $ 800 | |
Deferred Tax Assets, Tax Credit Carryforwards, Total | 2,700 | |
Deferred Tax Assets, Valuation Allowance | 15,222 | $ 14,506 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 700 | 200 |
Cash and Cash Equivalents, at Carrying Value, Total | 4,283 | 4,508 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 400 | |
Non-US [Member] | Subsidiaries [Member] | ||
Cash and Cash Equivalents, at Carrying Value, Total | 2,100 | $ 2,600 |
Expire 2024 [Member] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 7,800 | |
State and Local Jurisdiction [Member] | Expire between 2024 and 2043 [Member] | ||
Operating Loss Carryforwards | 6,300 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | 7,800 | |
Foreign Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | $ 400 |
Note 14 - Income Tax - Income T
Note 14 - Income Tax - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal and state | $ 570 | $ 641 |
Foreign | 61 | 194 |
current income tax (benefit) expense | 631 | 835 |
Federal and state | 132 | (468) |
Foreign | 96 | (30) |
deferred income tax (benefit) expense | 228 | (498) |
Total income tax expense (benefit) | $ 859 | $ 337 |
Note 14 - Income Tax - Income_2
Note 14 - Income Tax - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income tax benefit computed at federal statutory tax rate | $ (537) | $ (1,927) |
Permanent differences, net, amount | (89) | 375 |
Non-deductible executive compensation | 324 | 346 |
Global Intangible Low-Taxed Income (GILTI) | 537 | 552 |
State income taxes, net of federal income tax benefit, amount | (19) | (295) |
Stock-based compensation | (329) | 69 |
Tax credits | (51) | 492 |
Net operating loss true-ups and expirations | 1,140 | 431 |
Change in reserve for uncertain tax position | 239 | 688 |
Impact of change to prior year tax accruals | (171) | (232) |
Change in valuation allowance allocated to income tax | 631 | (102) |
Other | (816) | (60) |
Total income tax expense (benefit) | $ 859 | $ 337 |
Note 14 - Income Tax - Pre-tax
Note 14 - Income Tax - Pre-tax Income From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Domestic | $ (2,951) | $ (9,099) |
Foreign | 395 | (80) |
Total | $ (2,556) | $ (9,179) |
Note 14 - Income Tax - Deferred
Note 14 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory | $ 1,489 | $ 1,696 |
Operating loss and credit carryforwards | 11,550 | 14,883 |
Research and development | 3,908 | 2,000 |
Employee retention credit | 1,435 | 0 |
Lease liabilities | 1,317 | 1,538 |
Accrued expenses | 818 | 621 |
Stock compensation | 670 | 675 |
Deferred interest expense | 386 | 881 |
Other assets | 934 | 726 |
Total gross deferred assets | 22,507 | 23,020 |
Less: valuation allowance | (15,222) | (14,506) |
Deferred tax assets | 7,285 | 8,514 |
Indefinite-lived intangible assets | 1,964 | 1,914 |
Definite-lived intangible assets | 3,733 | 4,875 |
Lease right-of-use assets | 959 | 1,148 |
Employee benefit plans | 569 | 579 |
Other liabilities | 400 | 255 |
Total deferred tax liabilities | 7,625 | 8,771 |
Deferred income tax liabilities, net | (340) | (257) |
Deferred tax assets (included in other long-term assets) | 436 | 333 |
Deferred income tax liabilities | $ (776) | $ (590) |
Note 14 - Income Tax - Unrecogn
Note 14 - Income Tax - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 1,983 | $ 1,332 |
Additions based on tax positions of prior years | 13 | 534 |
Decreases based on tax positions of prior years | (57) | (34) |
Additions based on tax positions of current year | 245 | 237 |
Other decreases, net | (76) | 86 |
Decreases based on tax positions of prior years | 57 | 34 |
Balance | $ 2,222 | $ 1,983 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingent Liabilities (Details Textual) $ in Thousands | Dec. 31, 2023 USD ($) |
Director [Member] | Indemnification Agreements [Member] | |
Liability for Contingent Indemnification Obligations | $ 0 |
Note 16 - Litigation Settleme_2
Note 16 - Litigation Settlement (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 10, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 3.9 | ||
Preferred Stock, Book Value, Inclusive of Accrued Dividends | $ 4.1 | ||
Harvard Apparatus Regenerative Technology, Inc. (“HART”) [Member] | |||
Investment Owned, Fair Value | $ 3.5 | ||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 0.6 | ||
Case in Suffolk Superior Court [Member] | Convertible Preferred Stock [Member] | |||
Stock Issued During Period, Shares, Issued For Settlement (in shares) | 4,000 | ||
Stock Issued During Period, Value, Issued for Settlement | $ 4 |
Note 17 - Product Line Dispos_2
Note 17 - Product Line Disposition (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 17, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Gain (Loss) on Disposition of Business | $ 403 | $ 0 | |
Hoefer Product Line [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 500 | ||
Disposal Group, Including Discontinued Operation, Assets | 100 | ||
Gain (Loss) on Disposition of Business | $ 400 |
Note 18 - Government Assistan_2
Note 18 - Government Assistance (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 29, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Programs Established to Offset the Impact of COVID [Member] | |||
Government Assistance, Amount | $ 0.2 | $ 0.7 | |
Paycheck Protection Program CARES Act [Member] | Subsequent Event [Member] | |||
Government Assistance, Amount | $ 3.1 |