Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 02, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001158895 | ||
Entity Registrant Name | LEMAITRE VASCULAR INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-33092 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-2825458 | ||
Entity Address, Address Line One | 63 Second Avenue | ||
Entity Address, City or Town | Burlington | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01803 | ||
City Area Code | 781 | ||
Local Phone Number | 221-2266 | ||
Title of 12(b) Security | Common stock, $0.01 par value per share | ||
Trading Symbol | LMAT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 729,212,310 | ||
Entity Common Stock, Shares Outstanding | 21,928,942 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Boston, Massachusetts | ||
Auditor Firm ID | 248 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 13,855 | $ 26,764 |
Short-term marketable securities | 56,104 | 214 |
Accounts receivable, net of allowances of $679 at December 31, 2021, and $623 at December 31, 2020 | 19,631 | 19,552 |
Inventory and other deferred costs | 46,104 | 45,115 |
Prepaid expenses and other current assets | 4,189 | 2,618 |
Total current assets | 139,883 | 94,263 |
Property and equipment, net | 17,059 | 15,036 |
Right-of-use leased assets | 15,071 | 16,066 |
Goodwill | 65,945 | 65,945 |
Other intangibles, net | 52,710 | 58,905 |
Deferred tax assets | 1,566 | 1,686 |
Other assets | 568 | 909 |
Total assets | 292,802 | 252,810 |
Liabilities and stockholders’ equity | ||
Current portion of long-term debt | 0 | 2,500 |
Accounts payable | 2,340 | 2,394 |
Accrued expenses | 16,332 | 17,525 |
Acquisition-related obligations | 1,271 | 772 |
Lease liabilities - short-term | 1,870 | 1,954 |
Total current liabilities | 21,813 | 25,145 |
Long-term debt, net | 0 | 35,532 |
Lease liabilities - long-term | 14,067 | 14,791 |
Deferred tax liabilities | 70 | 127 |
Other long-term liabilities | 2,701 | 4,643 |
Total liabilities | 38,651 | 80,238 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; authorized 3,000,000 shares; none outstanding | 0 | 0 |
Common stock, $0.01 par value; authorized 37,000,000 shares; issued 23,477,784 shares at December 31, 2021, and 22,061,554 shares at December 31, 2020 | 235 | 221 |
Additional paid-in capital | 181,630 | 114,924 |
Retained earnings | 88,125 | 70,554 |
Accumulated other comprehensive loss | (3,435) | (1,525) |
Treasury stock, at cost; 1,554,905 shares at December 31, 2021 and 1,538,572 shares at December 31, 2020 | (12,404) | (11,602) |
Total stockholders’ equity | 254,151 | 172,572 |
Total liabilities and stockholders’ equity | $ 292,802 | $ 252,810 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable, allowances | $ 679 | $ 623 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 37,000,000 | 37,000,000 |
Common stock, shares issued (in shares) | 23,477,784 | 22,061,554 |
Treasury stock, at cost (in shares) | 1,554,905 | 1,538,572 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales | $ 154,424 | $ 129,366 | $ 117,232 |
Cost of sales | 53,042 | 44,748 | 37,379 |
Gross profit | 101,382 | 84,618 | 79,853 |
Sales and marketing | 27,655 | 23,700 | 30,339 |
General and administrative | 25,501 | 22,501 | 19,055 |
Research and development | 11,801 | 10,099 | 9,276 |
Gains on sale of building, acquisitions and divestitures | 0 | (470) | 0 |
Total operating expenses | 64,957 | 55,830 | 58,670 |
Income from operations | 36,425 | 28,788 | 21,183 |
Other income (expense): | |||
Interest income | 197 | 207 | 698 |
Interest expense | (2,219) | (1,310) | 0 |
Foreign currency loss | (116) | (329) | (202) |
Income before income taxes | 34,287 | 27,356 | 21,679 |
Provision for income taxes | 7,380 | 6,136 | 3,745 |
Net income | $ 26,907 | $ 21,220 | $ 17,934 |
Earnings per share of common stock: | |||
Basic (in dollars per share) | $ 1.27 | $ 1.05 | $ 0.91 |
Diluted (in dollars per share) | $ 1.25 | $ 1.04 | $ 0.88 |
Weighted-average shares outstanding: | |||
Basic (in shares) | 21,157 | 20,246 | 19,813 |
Diluted (in shares) | 21,475 | 20,479 | 20,326 |
Cash dividends declared per common share (in dollars per share) | $ 0.44 | $ 0.38 | $ 0.34 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 26,907 | $ 21,220 | $ 17,934 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment, net | (1,604) | 2,468 | (234) |
Unrealized gain (loss) on short-term marketable securities | (306) | 14 | 127 |
Total other comprehensive income (loss) | (1,910) | 2,482 | (107) |
Comprehensive income | $ 24,997 | $ 23,702 | $ 17,827 |
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] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 21,110,224 | 1,501,511 | ||||
Balance at Dec. 31, 2018 | $ 211 | $ 98,442 | $ 45,831 | $ (3,900) | $ (10,349) | $ 130,235 |
Net income | 17,934 | 17,934 | ||||
Other comprehensive income (loss) | (107) | $ (107) | ||||
Issuance of common stock for stock options exercised (in shares) | 509,693 | 509,693 | ||||
Issuance of common stock for stock options exercised | $ 6 | 4,850 | $ 4,856 | |||
Vested restricted stock units (in shares) | 59,010 | |||||
Vested restricted stock units | $ 0 | 0 | 0 | |||
Stock-based compensation expense | 2,642 | 2,642 | ||||
Repurchase of common stock for net settlement of equity awards (in shares) | 20,524 | |||||
Repurchase of common stock for net settlement of equity awards | $ (683) | (683) | ||||
Common stock cash dividend paid | (6,736) | (6,736) | ||||
Repurchase of common stock for net settlement of equity awards | $ (683) | (683) | ||||
Balance (in shares) at Dec. 31, 2019 | 21,678,927 | 1,522,035 | ||||
Balance at Dec. 31, 2019 | $ 217 | 105,934 | 57,029 | (4,007) | $ (11,032) | 148,141 |
Net income | 21,220 | 21,220 | ||||
Other comprehensive income (loss) | 2,482 | $ 2,482 | ||||
Issuance of common stock for stock options exercised (in shares) | 331,958 | 331,958 | ||||
Issuance of common stock for stock options exercised | $ 3 | 5,968 | $ 5,971 | |||
Vested restricted stock units (in shares) | 50,669 | |||||
Vested restricted stock units | $ 1 | 0 | 1 | |||
Stock-based compensation expense | 3,022 | 3,022 | ||||
Repurchase of common stock for net settlement of equity awards (in shares) | 16,537 | |||||
Repurchase of common stock for net settlement of equity awards | $ (570) | (570) | ||||
Common stock cash dividend paid | (7,695) | (7,695) | ||||
Repurchase of common stock for net settlement of equity awards | $ (570) | (570) | ||||
Balance (in shares) at Dec. 31, 2020 | 22,061,554 | 1,538,572 | ||||
Balance at Dec. 31, 2020 | $ 221 | 114,924 | 70,554 | (1,525) | $ (11,602) | 172,572 |
Net income | 26,907 | 26,907 | ||||
Other comprehensive income (loss) | (1,910) | $ (1,910) | ||||
Issuance of common stock for stock options exercised (in shares) | 217,121 | 217,121 | ||||
Issuance of common stock for stock options exercised | $ 2 | 4,544 | $ 4,546 | |||
Vested restricted stock units (in shares) | 49,109 | |||||
Vested restricted stock units | $ 0 | 0 | 0 | |||
Stock-based compensation expense | 3,479 | 3,479 | ||||
Repurchase of common stock for net settlement of equity awards (in shares) | 16,333 | |||||
Repurchase of common stock for net settlement of equity awards | $ (802) | (802) | ||||
Common stock cash dividend paid | (9,336) | (9,336) | ||||
Issuance of common stock, net of issuance costs (in shares) | 1,150,000 | |||||
Issuance of common stock, net of issuance costs | $ 12 | 58,683 | 58,695 | |||
Repurchase of common stock for net settlement of equity awards | $ (802) | (802) | ||||
Balance (in shares) at Dec. 31, 2021 | 23,477,784 | 1,554,905 | ||||
Balance at Dec. 31, 2021 | $ 235 | $ 181,630 | $ 88,125 | $ (3,435) | $ (12,404) | $ 254,151 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income | $ 26,907 | $ 21,220 | $ 17,934 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 11,070 | 8,395 | 5,416 |
Stock-based compensation | 3,479 | 3,022 | 2,642 |
Fair value adjustments to contingent consideration obligations | (674) | 182 | 171 |
Provision for doubtful accounts and allowances | 263 | 293 | 388 |
Provision for inventory write-downs | 3,779 | 1,523 | 747 |
Provision (benefit) for deferred income taxes | 79 | (328) | 824 |
Gains on sale of building, acquisitions and divestitures | 0 | (470) | 0 |
Foreign currency transaction gain | 163 | 100 | (57) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (818) | (939) | (1,301) |
Inventory and other deferred costs | (5,485) | (2,609) | (11,335) |
Prepaid expenses and other assets | (1,927) | 89 | (654) |
Accounts payable and other liabilities | (1,734) | 4,322 | (596) |
Net cash provided by operating activities | 35,102 | 34,800 | 14,179 |
Investing activities | |||
Purchases of property and equipment | (4,882) | (2,982) | (3,761) |
Proceeds from sale of building | 0 | 2,023 | 0 |
Payments related to acquisitions | 0 | (72,627) | (21,240) |
Purchases of short-term marketable securities | (59,194) | (2,205) | (22,699) |
Proceeds from sales of marketable securities | 3,000 | 22,900 | 23,600 |
Net cash used in investing activities | (61,076) | (52,891) | (24,100) |
Financing activities | |||
Payment of deferred acquisition consideration | (401) | (2,800) | (2,059) |
Proceeds from revolving line of credit | 0 | 25,000 | 0 |
Proceeds from issuance of long-term debt | 0 | 40,000 | 0 |
Payments of revolving line of credit | 0 | (25,000) | 0 |
Payments of long-term debt | (39,000) | (1,000) | 0 |
Payment of deferred debt issuance costs | 0 | (1,751) | 0 |
Proceeds from issuance of common stock | 63,241 | 5,971 | 4,856 |
Purchase of treasury stock for net settlement of equity awards | (802) | (570) | (683) |
Common stock cash dividend paid | (9,336) | (7,695) | (6,736) |
Net cash provided by (used in) financing activities | 13,702 | 32,155 | (4,622) |
Effect of exchange rate changes on cash and cash equivalents | (637) | 914 | 11 |
Net increase (decrease) in cash and cash equivalents | (12,909) | 14,978 | (14,532) |
Cash and cash equivalents at beginning of year | 26,764 | 11,786 | 26,318 |
Cash and cash equivalents at end of year | $ 13,855 | $ 26,764 | $ 11,786 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies and Related Matters | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Description of Business Unless the context requires otherwise, references to LeMaitre, LeMaitre Vascular, we, our, and us refer to LeMaitre Vascular, Inc. and our subsidiaries. We develop, manufacture, and market medical devices and implants used primarily in the field of vascular surgery. We also derive revenues from the processing and cryopreservation of human tissues for implantation in patients. We operate in a single Consolidation and Basis of Presentation Our consolidated financial statements include the accounts of LeMaitre Vascular and the accounts of our wholly-owned subsidiaries, LeMaitre Vascular GmbH, LeMaitre Vascular GK, Vascutech Acquisition LLC, LeMaitre Acquisition LLC, LeMaitre Vascular SAS, LeMaitre Vascular S.r.l., LeMaitre Vascular Spain SL, LeMaitre Vascular Switzerland GmbH, LeMaitre Vascular ULC, LeMaitre Vascular AS, LeMaitre Vascular Pty Ltd, Bio Nova International Pty Ltd, LeMaitre Vascular, Ltd., LeMaitre Medical Technology (Shanghai) Co. Ltd, LeMaitre Cardial SAS and LeMaitre Pte Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation. Foreign Currency Translation Balance sheet accounts of foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. Operating accounts are translated at average exchange rates for each year. Net translation gains or losses are adjusted directly to a separate component of other comprehensive income (loss) within stockholders’ equity. Foreign exchange transaction gains (losses), substantially all of which relate to intercompany activity between us and our foreign subsidiaries, are included in other income (expense) in the accompanying consolidated statements of operations. Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in in our consolidated financial statements and accompanying notes. Due to the COVID- 19 19 not February 28, 2022, 10 19. Revenue Recognition Our revenue is derived primarily from the sale of disposable or implantable devices used during vascular surgery. We sell primarily directly to hospitals and to a lesser extent to distributors, as described below, and, during the periods presented in our consolidated financial statements, entered into consigned inventory arrangements with either hospitals or distributors on a limited basis. With the acquisition of the RestoreFlow allograft business, we also derive revenues from the processing and cryopreservation of human tissues for implantation in patients. These revenues are recognized when services have been provided and the tissue has been shipped to the customer, provided all other revenue recognition criteria discussed in the succeeding paragraph have been met. We record revenue under the provisions of ASU 2014 09, Revenue from Contracts with Customers (Topic 606 606 Step 1: Step 2: Step 3: Step 4: Step 5: Revenue is recognized when or as a company satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). In instances in which shipping and handling activities are performed after a customer takes control of the goods (such as when title passes upon shipment from our dock), we have made the policy election allowed under Topic 606 not We generally reference customer purchase orders to determine the existence of a contract. Orders that are not one not We record revenue, net of allowances for returns and discounts, fees paid to group purchasing organizations, and any sales and value added taxes required to be invoiced, which we have elected to exclude from the measurement of the transaction price as allowed by the standard, at the time of shipment (taking into consideration contractual shipping terms), or in the case of consigned inventory, when it is consumed. Shipment is the point at which control of the product and title passes to our customers, and at which LeMaitre has a present right to receive payment for the goods. Below is a disaggregation of our revenue by major geographic area, which is among the primary categorizations used by management in evaluating financial performance, for the periods indicated (in thousands): Year ended December 31, 2021 2020 Americas $ 102,265 $ 81,470 Europe, Middle East and Africa 42,132 39,193 Asia Pacific 10,027 8,703 Total $ 154,424 $ 129,366 We do not no not no Customers returning products may 18 twelve 30 not not Research and Development Expense Research and development costs, principally salaries, laboratory testing, and supplies, are expensed as incurred and also include royalty payments associated with licensed and acquired intellectual property. Shipping and Handling Costs Shipping and handling fees paid by customers are recorded within net sales, with the related expense recorded in cost of sales. Advertising Costs Advertising costs are expensed as incurred and are included as a component of sales and marketing expense in the accompanying consolidated statements of operations. Advertising costs are as follows: Year ended December 31, 2021 2020 2019 (in thousands) Advertising expense $ 236 $ 216 $ 286 Cash and Cash Equivalents We consider all highly liquid instruments purchased with maturity dates of 90 Short-term Marketable Securitie Our short-term marketable securities are available-for-sale securities carried at fair value, with unrealized gains and losses recorded in other comprehensive income. They include a managed income mutual fund investing mainly in short-term investment-grade, U.S. dollar denominated fixed and floating rate debt, and a short-duration bond fund. Concentrations of Credit Risk Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash equivalents represent highly liquid investments with maturities of 90 $250,000. December 31, 2021. Our accounts receivable are with customers based in the United States and internationally. Accounts receivable generally are due within 30 90 may 90 240 We closely monitor outstanding receivables for potential collection risks, including those that may may December 31, 2021 December 31, 2021, may not may We write off accounts receivable when they become uncollectible. Such credit losses have historically been within our expectations and allowances. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We review our allowance for doubtful accounts on a monthly basis and all past due balances are reviewed individually for collectability. The provision for the allowance for doubtful accounts is recorded in general and administrative expenses. The following is a summary of our allowance for doubtful accounts and sales returns: Balance at Additions Deductions Balance at Beginning (recoveries) charged from End of of Period to Income Reserves Period (in thousands) Allowance for doubtful accounts and sales returns: Year ended December 31, 2021 $ 623 $ 263 $ 207 $ 679 Year ended December 31, 2020 522 293 192 623 Year ended December 31, 2019 399 388 265 522 Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, short-term marketable securities, accounts receivable and trade payables. The fair value of these instruments approximates their carrying value based upon their short-term nature or variable rates of interest. Unrealized gains and losses on our short-term marketable securities are recorded in other comprehensive income and were not December 31, 2021. Inventory and Other Deferred Costs Inventory and Other Deferred Costs consists of finished products, work-in-process, raw materials and costs deferred in connection with human tissue cryopreservation services of our RestoreFlow allograft business. We value inventory and other deferred costs at the lower of cost or market value. Cost includes materials, labor and manufacturing overhead and is determined using the first first may not may Property and Equipment Property and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the related assets using straight-line method as follows: Description Useful Life (in years) Computers and equipment 3 – 5 Machinery and equipment 3 – 10 Leasehold improvements The shorter of its useful life or lease term Expenditures for maintenance and repairs are charged to operations when incurred, while additions and betterments are capitalized. When assets are retired or disposed, the asset’s original cost and related accumulated depreciation are eliminated from the accounts and any gain or loss is reflected in the statement of operations. Valuation of Business Combinations We assign the value of the consideration transferred to acquire a business to the tangible assets and identifiable intangible assets acquired and liabilities assumed on the basis of their fair values at the date of acquisition. We assess the fair value of assets, including intangible assets, using a variety of methods and are usually performed by an independent appraiser who measures fair value from the perspective of a market participant. Acquisitions have been accounted for using the acquisition method, and the acquired companies’ results have been included in the accompanying consolidated financial statements from their respective dates of acquisition. Acquisition transaction costs have been recorded in general and administrative expenses, and are expensed as incurred. Allocation of the purchase price for acquisitions is based on estimates of the fair value of the net assets acquired and, for acquisitions completed within the past year, is subject to adjustment upon finalization of the purchase price allocation. Our acquisitions have historically been made at prices above the fair value of the acquired assets, resulting in goodwill, due to expectations of synergies of combining the businesses. These synergies include use of our existing commercial infrastructure to expand sales of the acquired businesses’ products, use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of our products, and the elimination of redundant facilities, functions and staffing. Contingent Consideration Contingent consideration for acquisitions is recognized at the date of acquisition, based on the fair value at that date, and then re-measured periodically through adjustments to net income. Impairment of Long-lived Assets We review our long-lived assets (primarily property and equipment and intangible assets) subject to amortization quarterly to determine if any adverse conditions exist or a change in circumstances has occurred that would indicate impairment or a change in the remaining useful life. Conditions that may not Goodwill Goodwill represents the amount of consideration paid in connection with business acquisitions in excess of the fair value of assets acquired and liabilities assumed. Goodwill is evaluated for impairment annually, or more frequently if indicators of impairment are present or changes in circumstances suggest that an impairment may December 31 not” not” 50 not December 31, 2021, 2020 2019. Other Intangible Assets Other intangible assets consist primarily of patents, trademarks, technology licenses, and customer relationships acquired in connection with business acquisitions and asset acquisitions and are amortized over their estimated useful lives, ranging from 2 to 16 years. Stock-based Compensation We recognize, as expense, the estimated fair value of stock options to employees determined using the Black-Scholes option pricing model. Share-based compensation charges are recorded across the consolidated statement of operations based upon the grantee’s primary function. We have elected to recognize the compensation cost of all share-based awards on a straight-line basis over the vesting period of the award. In periods that we grant stock options, fair value assumptions are based on volatility, interest, dividend yield, and expected term over which the stock options will be outstanding. The computation of expected volatility is based on the historical volatility of the company’s stock. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. Historical data on exercise patterns is the basis for estimating the expected life of an option. The expected annual dividend rate was calculated by dividing our annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. We also issue restricted stock units (RSUs) and performance-based restricted stock units (PSUs) as additional forms of equity compensation to our employees, officers, and directors, pursuant to our stockholder-approved 2006 no 2021 2021 Commitments and Contingencies In the normal course of business, we are subject to proceedings, lawsuits, and other claims and assessments for matters related to, among other things, patent infringement, business acquisitions, employment, commercial matters and product recalls. We assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may December 31, 2021, 2020 2019, not Sales of medical devices outside the U.S. are subject to international regulatory requirements that vary from country to country. These requirements and the amount of time required for approval may no Income Taxes We account for income taxes under the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred taxes are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The provision for income taxes includes taxes currently payable and deferred taxes resulting from the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities. We maintain valuation allowances where it is more likely than not not We recognize, measure, present and disclose in our financial statements, uncertain tax positions that we have taken or expect to take on a tax return. We recognize in our financial statements the impact of tax positions that meet a “more likely than not” fifty Our policy is to classify interest and penalties related to unrecognized tax benefits as income tax expense. Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Other than reported net income, comprehensive income includes foreign currency translation adjustments and unrealized gains and losses on our marketable securities, which are disclosed in the accompanying consolidated statements of comprehensive income. There were no reclassifications out of comprehensive income for the years ended December 31, 2021, 2020 2019. Accumulated other comprehensive loss consisted primarily of foreign currency translation adjustment losses of $3.1 million and $1.6 million as of December 31, 2021 2020, Restructuring We record restructuring charges incurred in connection with consolidation or relocation of operations, exited business lines, reductions in force, or distributor terminations. These restructuring charges, which reflect our commitment to a termination or exit plan that will begin within twelve Earnings per Share We compute basic earnings per share by dividing net income available for common stockholders by the weighted average number of shares outstanding during the year. Except where the result would be anti-dilutive to net income per share, diluted earnings per share has been computed using the treasury stock method and reflects the potential vesting of restricted common stock and the potential exercise of stock options, as well as their related income tax effects. The computation of basic and diluted net income per share is as follows: Year ended December 31, 2021 2020 2019 (in thousands, except per share data) Basic: Net income available for common stockholders $ 26,907 $ 21,220 $ 17,934 Weighted average shares outstanding 21,157 20,246 19,813 Basic earnings per share $ 1.27 $ 1.05 $ 0.91 Net income available for common stockholders $ 26,907 $ 21,220 $ 17,934 Weighted-average shares outstanding 21,157 20,246 19,813 Common stock equivalents, if dilutive 318 233 513 Shares used in computing diluted earnings per common share 21,475 20,479 20,326 Diluted earnings per share $ 1.25 $ 1.04 $ 0.88 Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive 10 483 468 Recent Accounting Pronouncements In December 2019, 2019 12 740 740 740. January 1, 2021, not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Acquisitions are accounted for using the acquisition method and the acquired businesses’ results have been included in the accompanying consolidated financial statements from their respective dates of acquisition. In each case for the acquisitions disclosed below, pro forma information assuming the acquisition had occurred at the beginning of the earliest period presented is not Our acquisitions have historically been made at prices above the fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of synergies that will be realized by combining businesses. These synergies include the use of our existing sales channel to expand sales of the acquired businesses’ products, consolidation of manufacturing facilities, and the leveraging of our existing administrative infrastructure. The fair market valuations associated with these transactions fall within Level 3 13 Artegraft Biologic Grafts On June 22, 2020, December 31, 2021 Three earn-out payments of $5,833,333 ● $5.8 million upon final determination that 20,000 units of Product have been sold to third January 1, 2021 December 31, 2021 ( not no ● $5.8 million upon final determination that 24,000 units of Product have been sold to third January 1, 2022 December 31, 2022; ● $5.8 million upon final determination that 28,800 units of Product have been sold to third January 1, 2023 December 31, 2023. The Artegraft APA includes a catch-up feature on the earn-outs such that, at the end of the three three three On the date of acquisition, the Company allocated the consideration given to the individual assets acquired and the liabilities assumed based on a preliminary estimate of their fair values. During the three September 30, 2020, Allocated Fair Value (in thousands) Inventory $ 3,859 Accounts receivable 1,789 Equipment and supplies 1,140 Accounts payable and other (53 ) Intangible assets 39,056 Goodwill 27,115 Purchase price $ 72,906 The goodwill results from expected synergies of combining the acquired products and customer information to our existing operations, and is deductible for tax purposes over 15 years. The following table reflects the allocation of purchase consideration to the acquired intangible assets and related estimated useful lives: Allocated Estimated Fair Value Useful Life (in years) (in thousands) Customer relationships $ 20,310 15.0 Intellectual property 16,449 10.0 Non-compete agreement 104 5.0 Tradenames 2,193 10.0 Total intangible assets $ 39,056 The weighted-average amortization period of the acquired intangible assets was 12.6 years. CardioCel and VascuCel Biologic Patches On October 11, 2019 ( three August 2021, July 11, 2023. Under the Admedus APA we agreed to pay Admedus a total of up to $15.3 million for the purchase of substantially all of its biologic patch business assets, other than specifically identified excluded assets, plus $8.0 million for the technology license. The acquired assets (in combination with the license) included inventory, intellectual property, permits and approvals, data and records, and customer and supplier information, as well as a small amount of machinery and equipment. At closing, $14.2 million of the purchase price was paid to Admedus. Shortly thereafter another $0.3 million was paid in connection with delivery of audited financial statements of the acquired business to LeMaitre. Additional payments of $0.7 million are due within 15 first third first October 2020. may ● $2.5 million if revenues in the first 12 $20 first 12 $15 not no ● $2.5 million if revenues in the second 12 $30 second 12 $22.5 not no ● $0.5 million if, by the first 36 60 not no ● $2.0 million within 15 This contingent consideration of $7.5 million was initially valued in total at $2.0 million and is being re-measured each reporting period until the payment requirement ends, with any adjustments reported in income from operations. During the quarter ended September 30, 2021, 15 15 September 30, 2021 During the quarter ended September 30, 2020, The goodwill results from expected synergies of combining the acquired products and customer information to our existing operations, and is deductible for tax purposes over 15 The following table reflects the allocation of purchase consideration to the acquired intangible assets and related estimated useful lives: Allocated Fair Value (in thousands) Inventory and other $ 1,343 Deferred tax assets 1,345 Intangible assets 8,725 Goodwill 5,999 Purchase price $ 17,412 The weighted-average amortization period of the acquired intangible assets was 10.4 years. Tru-Incise Valve Cutter On July 12, 2019, The purchase price for the acquired assets, which included inventory, machinery and equipment, intellectual property, and customer and supplier information, was $8.0 million. Of this amount, $6.8 million was paid at closing, with three second third no may first second July 2020 July 2021, The following table summarizes the preliminary purchase price allocation: Allocated Fair Value (in thousands) Inventory $ 276 Equipmentand supplies 70 Intangible assets 4,844 Goodwill 2,748 Purchase price $ 7,938 The goodwill results from expected synergies of combining the acquired products and customer information to our existing operations, and is deductible for tax purposes over 15 The following table reflects the allocation of purchase consideration to the acquired intangible assets and related estimated useful lives: Weighted Average Allocated Fair Value Useful Life (in years) (in thousands) Customer relationships $ 3,945 13.0 Intellectual property 563 7.0 Non-compete agreement 233 5.0 Tradenames 103 7.0 Total intangible assets $ 4,844 The weighted-average amortization period of the acquired intangible assets was 11.8 years. |
Note 3 - Inventories and Other
Note 3 - Inventories and Other Deferred Costs | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Inventory and Other Deferred Costs Disclosure [Text Block] | 3. Inventory and other deferred costs consists of the following: December 31, 2021 December 31, 2020 (in thousands) Raw materials $ 5,945 $ 5,044 Work-in-process 9,416 6,004 Finished products 25,286 28,117 Other deferred costs 5,457 5,950 Total inventory and other deferred costs $ 46,104 $ 45,115 We had inventory on consignment at customer sites of $2.1 million as of both December 31, 2021 2020. In connection with our RestoreFlow allograft business, other deferred costs include costs incurred for the preservation of human vascular tissues available for shipment, tissues currently in active processing, and tissues held in quarantine pending release to implantable status. By federal law, human tissues cannot be bought or sold. Therefore, the tissues we preserve are not |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and equipment consists of the following: As of December 31, 2021 2020 (in thousands) Computers and equipment $ 5,667 $ 5,046 Machinery and equipment 18,439 17,266 Building and leasehold improvements 15,884 12,809 Gross property and equipment 39,990 35,121 Less accumulated depreciation (22,931 ) (20,085 ) Property and equipment, net $ 17,059 $ 15,036 During the years ended December 31, 2021, 2020 2019 Depreciation expense is as follows: Year ended December 31, 2021 2020 2019 (in thousands) Depreciation expense $ 3,280 $ 3,181 $ 2,979 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Goodwill consists of the following: As of December 31, 2021 2020 Balance at beginning of year $ 65,945 $ 39,951 Additions for acquisitions - 27,115 Purchase accounting adjustments - (1,345 ) Effects of currency exchange - 224 Balance at end of year $ 65,945 $ 65,945 During 2020, Other intangibles consist of the following: December 31, 2021 December 31, 2020 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Value Amortization Value Value Amortization Value (in thousands) Product technology and intellectual property $ 29,549 $ 10,473 $ 19,076 $ 29,951 $ 7,947 $ 22,004 Trademarks, tradenames and licenses 3,647 1,139 2,508 4,000 1,094 2,906 Customer relationships 36,197 5,674 30,523 38,525 5,424 33,101 Other intangible assets 1,461 858 603 1,767 873 894 Total identifiable intangible assets $ 70,854 $ 18,144 $ 52,710 $ 74,243 $ 15,338 $ 58,905 These assets are being amortized over useful lives ranging from 2 December 31, 2021, Year ended December 31, 2021 2020 2019 (in thousands) Amortization expense $ 6,195 $ 5,043 $ 2,437 During the years ended December 31, 2021 2019, five December 31, 2021, Year ended December 31, 2022 2023 2024 2025 2026 (in thousands) Amortization expense $ 6,016 $ 5,884 $ 5,702 $ 5,464 $ 4,997 |
Note 6 - Revolving Line of Cred
Note 6 - Revolving Line of Credit and Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. In connection with the acquisition of the Artegraft biologic graft business, we incurred debt in the amount of $65 million under a senior secured credit facility with a group of banks. This credit arrangement included a $25 million revolving credit line that was fully drawn at inception, as well as a $40 million five December 31, 2020, December 31, 2021, Under the terms of the agreement, the loans bore interest at a rate per annum of, at our option, either (i) the Base Rate plus an applicable margin of from 1.25% to 1.75% depending on our consolidated leverage ratio, or (ii) the Eurodollar Rate plus an applicable margin of from 2.25% to 2.75% depending on our consolidated leverage ratio. Base Rate is defined in the credit agreement as a fluctuating rate per annum of the Federal Funds rate plus 0.5% or the prime rate of interest established from time to time by KeyBank National Association. Cash paid for interest during both of the years ended December 31, 2021 2020 We incurred debt issuance costs in connection with this credit arrangement of approximately $1.8 million. These costs were allocated between the revolving line of credit and the term loans, with the portion related to the revolving line of credit of $0.7 million recorded in other assets on our balance sheet, and the portion allocated to the term loan recorded as a deduction from the amount of the debt. All of these transaction costs were being amortized into interest expense on a straight-line basis as the result would not five During the three September 30, 2021, five June 22, 2025. November 2021 |
Note 7 - Accrued Expenses and O
Note 7 - Accrued Expenses and Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block] | 7. Accrued expenses consist of the following: December 31, 2021 December 31, 2020 (in thousands) Compensation and related taxes $ 10,236 $ 8,675 Income and other taxes 551 2,394 Professional fees 129 39 Other 5,416 6,417 Total $ 16,332 $ 17,525 Other long-term liabilities consist of the following: December 31, 2021 December 31, 2020 (in thousands) Acquisition-related liabilities $ 1,761 $ 3,700 Income taxes 799 813 Other 141 130 Total $ 2,701 $ 4,643 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Leases We conduct the majority of our operations in leased facilities, all of which are accounted for as operating leases, as they do not five five December 2030. August 2023. two five June 30, 2021 October 2029. June 2021 six six five February 2023. twelve None no no December 31, 2021. We also lease automobiles under operating leases in the United States as well as certain of our international subsidiaries. The terms of these leases are generally three June 30, 2021 five We account for leases under the provisions of ASU No. 2016 02, Leases (Topic 842 2018 11, Leases (Topic 842 Our most significant judgment involved in determining the amounts to initially record as lease liabilities and right-of-use assets upon initial adoption of this standard, and for leases entered into subsequently, was the selection of a discount rate; because we had no no Additional information with respect to our leases is as follows: Year ended Year ended December 31, December 31, 2021 2020 (in thousands) (in thousands) Lease cost Operating lease cost $ 2,275 $ 1,912 Short-term lease cost 458 192 Total lease cost $ 2,733 $ 2,104 Other information Cash paid for amounts included in the measurement of operating lease liabilities $ 2,859 $ 2,404 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,277 $ 2,770 Weighted average remaining lease term - operating leases (in years) 7.3 7.8 Weighted average discount rate - operating leases 4.86 % 5.02 % At December 31, 2021, one Year ending December 31, 2022 $ 2,666 2023 2,300 2024 2,104 2025 2,151 2026 2,153 Thereafter 8,198 Adjustment to net present value as of December 31, 2021 (3,635 ) Minimum noncancelable lease liability $ 15,937 Purchase Commitments As part of our normal course of business, we have commitments to purchase approximately $6.2 million of inventory through 2022. not |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income (loss) before income taxes is as follows: Year ended December 31, 2021 2020 2019 (in thousands) United States $ 34,153 $ 25,308 $ 17,989 Foreign 134 2,048 3,690 Total $ 34,287 $ 27,356 $ 21,679 Certain of our foreign subsidiaries are included in the U.S. tax return as branches but are included as foreign for purposes of the table above. The provision (benefit) for income taxes is as follows: Year ended December 31, 2021 2020 2019 (in thousands) Current: Federal $ 5,024 $ 4,594 $ 1,501 State 990 806 304 Foreign 1,287 1,064 1,116 7,301 6,464 2,921 Deferred: Federal 63 (397 ) 538 State (9 ) (48 ) 144 Foreign 25 117 142 79 (328 ) 824 Provision for income taxes $ 7,380 $ 6,136 $ 3,745 We have reviewed the tax positions taken, or to be taken, in our tax returns for all tax years currently open to examination by a taxing authority. As of December 31, 2021, may twelve December 31, 2022. 2030. 2021 2020 2019 (in thousands) Unrecognized tax benefits at the beginning of year $ 820 $ 848 $ 711 Additions/adjustments for tax positions of current year - - 74 Additions/adjustments for tax positions of prior years (52 ) 37 63 Reductions for settlements with taxing authorities. - (65 ) - Reductions for lapses of the applicable statutes of limitations - - - Unrecognized tax benefits at the end of the year $ 768 $ 820 $ 848 Deferred taxes are attributable to the following temporary differences: As of December 31, 2021 2020 (in thousands) Deferred tax assets: Inventory $ 2,231 $ 1,629 Net operating loss carryforwards 1,153 1,348 Tax credit carryforwards 1,033 1,019 Capital loss carryforwards 492 521 Reserves and accruals 712 994 Operating lease liabilities 3,562 3,664 Intangible assets 4,426 4,386 Stock options 440 359 Other 140 105 Total deferred tax assets 14,189 14,025 Deferred tax liabilities: Property and equipment (1,713 ) (1,831 ) Goodwill (4,825 ) (4,055 ) Operating lease right-of-use assets (3,355 ) (3,503 ) Foreign branch deferred offset (843 ) (954 ) Other (213 ) (299 ) Total deferred tax liabilities (10,949 ) (10,642 ) Net deferred tax assets before valuation allowance 3,240 3,383 Valuation allowance (1,744 ) (1,824 ) Net deferred tax liabiltity $ 1,496 $ 1,559 Deferred tax classification Long-term deferred tax asset $ 1,566 $ 1,686 Long-term deferred tax liability (70 ) (127 ) Net long-term deferred tax asset $ 1,496 $ 1,559 In 2020, 2021, As of December 31, 2021, not may Realization of our deferred tax assets is dependent on our generating sufficient taxable income in future periods. Although we believe it is more likely than not not may As of December 31, 2021, not not not not not 2030, In December 2018, no no not A reconciliation of the U.S. federal statutory rate to our effective tax rate is as follows: 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % State tax, net of federal benefit 2.7 % 2.2 % 1.9 % Effect of foreign taxes 3.7 % 1.1 % 2.1 % Federal tax on foreign income 0.2 % 0.4 % 0.8 % Valuation allowance (0.1 %) 1.4 % 0.6 % Foreign deferred tax liability offset (0.1 %) (0.2 %) (0.4 %) Research & development tax credits (0.4 %) (0.6 %) (1.2 %) Stock options (3.1 %) (2.3 %) (8.8 %) Uncertain tax positions 0.2 % 0.3 % 1.0 % Other permanent differences (2.4 %) (0.6 %) 0.5 % Other (0.2 %) (0.3 %) (0.2 %) Effective tax rate 21.5 % 22.4 % 17.3 % We are not As of December 31, 2021, United States 2018 Foreign 2014 Supplemental disclosures of cash flow information are as follows: Year ended December 31, 2021 2020 2019 (in thousands) Cash paid for income taxes, net $ 10,147 $ 4,470 $ 4,817 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Equity Authorized Shares Our certificate of incorporation, as amended and restated from time to time, authorizes the issuance of up to 37,000,000 shares of common stock and up to 3,000,000 shares of undesignated preferred stock. Under the terms of our certificate of incorporation, our board of directors is authorized to issue shares of the preferred stock in one Equity Offering On July 16, 2021, On August 4, 2021, Stock Award Plans In May 2006 2006 2006 2006 not four five no ten 2006 no 2006 may 2006 December 31, 2021. We have computed the fair value of employee stock options granted each year using the following weighted average assumptions: 2021 2020 2019 Dividend yield 0.91 % 1.02 % 0.96 % Volatility 46.0 % 47.3 % 42.8 % Risk-free interest rate 1.1 % 0.3 % 1.7 % Weighted average expected option term (in years) 4.6 4.9 4.7 Weighted average fair value per share of options granted $ 17.64 $ 13.24 $ 12.51 A summary of option activity as of December 31, 2021 three Weighted Weighted Average Aggregate Number Average Remaining Intrinsic of Shares Exercise Price Contractual Term Value (in years) (in thousands) Balance outstanding at December 31, 2018 1,462,575 $ 16.41 4.54 $ 12,214 Granted 195,379 $ 35.53 Exercised (509,693 ) $ 9.53 $ 11,488 Canceled / Expired (101,167 ) $ 17.90 Balance outstanding at December 31, 2019 1,047,094 $ 28.22 4.31 $ 13,367 Granted 222,110 $ 36.67 Exercised (331,958 ) $ 17.99 $ 5,413 Canceled / Expired (5,406 ) $ 27.49 Balance outstanding at December 31, 2020 931,840 $ 28.22 4.49 $ 11,442 Granted 151,161 $ 48.60 Exercised (217,121 ) $ 20.95 $ 6,975 Canceled / Expired (19,126 ) $ 23.18 Balance outstanding at December 31, 2021 846,754 $ 33.83 4.50 $ 13,888 Exercisable at: December 31, 2019 309,501 $ 19.64 3.50 $ 5,047 December 31, 2020 274,411 $ 23.08 3.50 $ 4,781 December 31, 2021 301,692 $ 27.40 3.30 $ 6,886 Expected to vest at: December 31, 2019 737,593 $ 24.68 4.65 December 31, 2020 657,429 $ 30.37 4.93 December 31, 2021 545,062 $ 37.38 5.16 Cash received from stock options exercised during the years ended December 31, 2021, 2020 2019 Restricted Stock Units and Performance-based Restricted Stock Units The fair value of restricted stock unit awards with time-based vesting is based on the intrinsic value of the awards at the date of grant. We also issue restricted stock unit awards with vesting based on performance conditions. Performance-based restricted stock units awarded in 2021 A summary of our restricted stock unit activity as of December 31, 2021 three Weighted Average Number Grant Date of Shares Fair Value Balance outstanding at December 31, 2018 217,895 $ 21.21 Granted 56,567 $ 35.41 Vested (61,058 ) $ 18.46 Canceled (24,723 ) $ 22.19 Balance outstanding at December 31, 2019 188,681 $ 26.14 Granted 46,146 $ 36.86 Vested (50,669 ) $ 22.76 Canceled (37,143 ) $ 27.88 Balance outstanding at December 31, 2020 147,015 $ 30.24 Granted 48,298 $ 48.65 Vested (51,414 ) $ 26.32 Canceled (10,068 ) $ 30.70 Balance outstanding at December 31, 2021 133,831 $ 38.26 A summary of our performance-based restricted stock unit activity as of December 31, 2021 three Weighted Average Number Grant Date of Shares Fair Value Balance outstanding at December 31, 2020 - $ - Granted 31,181 $ 48.60 Vested - $ - Canceled - $ - Balance outstanding at December 31, 2021 31,181 $ 48.60 The number of RSUs vested includes the shares that we withheld on behalf of employees to satisfy minimum statutory tax withholding requirements. The fair values of the RSUs that vested during 2021, 2020 2019 We repurchase shares of our common stock in order to cover any minimum tax withholding liability associated with RSU vestings. A summary of our repurchases is as follows: 2021 2020 2019 Shares of common stock repurchased for net settlement of equity awards 16,333 16,537 20,524 Average per share repurchase price $ 49.10 $ 34.47 $ 33.28 Aggregage purchase price (in thousands) $ 802 $ 570 $ 683 Stock-based Compensation The components of stock-based compensation expense included in the consolidated statements of operations are as follows: 2021 2020 2019 (in thousands) Stock option awards $ 2,199 $ 1,938 $ 1,580 Restricted stock units 1,247 1,084 1,062 Performance-based restricted stock units 33 - - Total stock-based compensation $ 3,479 $ 3,022 $ 2,642 Stock-based compensation is included in our statements of operations as follows: 2021 2020 2019 (in thousands) Cost of sales $ 407 $ 333 $ 310 Sales and marketing 527 516 544 General and administrative 2,185 1,883 1,509 Research and development 360 290 279 Total stock-based compensation $ 3,479 $ 3,022 $ 2,642 We expect to record the unamortized portion of share-based compensation expense of $13.1 million for existing stock options and RSUs outstanding at December 31, 2021, Stock Repurchase Plans On February 22, 2022, February 22, 2023. may not Dividends In February 2011, Record Date Payment Date Per Share Amount Dividend Payment (in thousands) Fiscal Year 2021 March 9, 2021 March 25, 2021 $ 0.110 $ 2,262 May 19, 2021 June 3, 2021 $ 0.110 $ 2,267 August 26, 2021 September 9, 2021 $ 0.110 $ 2,401 November 19, 2021 December 2, 2021 $ 0.110 $ 2,405 Fiscal Year 2020 March 3, 2020 March 19, 2020 $ 0.095 $ 1,917 May 20, 2020 June 4, 2020 $ 0.095 $ 1,917 August 27, 2020 September 10, 2020 $ 0.095 $ 1,925 November 19, 2020 December 3, 2020 $ 0.095 $ 1,936 On February 22, 2022, March 24, 2022 March 8, 2022 , |
Note 11 - Profit-sharing Plan
Note 11 - Profit-sharing Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 11. We offer a 401 may six 2021, 2020 2019, |
Note 12 - Segment and Enterpris
Note 12 - Segment and Enterprise-wide Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. The FASB establishes standards for reporting information regarding operating segments in financial statements. Operating segments are identified as components of an enterprise that engage in business activities for which separate, discrete financial information is available and is regularly reviewed by the chief operating decision-maker in making decisions on how to allocate resources and assess performance. We view our operations and manage our business as one operating segment. No Most of our revenues are generated in the United States, Germany, and other European countries, Canada, the United Kingdom and Japan, and substantially all of our assets are located in the United States, Germany and France. Net sales to unaffiliated customers by country were as follows: Year ended December 31, 2021 2020 2019 (in thousands) United States $ 93,866 $ 75,222 $ 63,130 Germany 12,968 12,365 12,400 Other countries 47,590 41,779 41,702 Net sales $ 154,424 $ 129,366 $ 117,232 Long-term assets by country, including property and equipment, net and right-of-use leased assets were as follows: As of December 31, 2021 2020 (in thousands) United States $ 28,402 $ 27,660 France 1,038 1,140 Germany 781 1,138 Other countries 1,909 1,164 Total long-term assets $ 32,130 $ 31,102 |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one three • Level 1 • Level 2 1, not • Level 3 no Level 1 December 31, 2021 We had no 2 December 31, 2021. As discussed in Notes 1 2, 3 2020 2, first three December 31, 2021 During 2019, first 12 24 November 2019 first 12 24 not August 2021 may September 30, 2021 The following table provides a rollforward of the fair value of these liabilities, as determined by Level 3 Year ended December 31, 2021 2020 2019 (in thousands) Beginning balance $ 2,240 $ 1,764 $ 72 Additions - 406 1,989 Payments - - (309 ) Change in fair value included in earnings (748 ) 70 12 Ending balance $ 1,492 $ 2,240 $ 1,764 |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. Year ended December 31, 2021 2020 2019 (in thousands) Beginning balance $ (1,525 ) $ (4,007 ) $ (3,900 ) Other comprehensive income (loss) before reclassifications (1,910 ) 2,482 (107 ) Amounts reclassified from accumulated other comprehensive loss - - - Ending Balance $ (3,435 ) $ (1,525 ) $ (4,007 ) Changes to our accumulated other comprehensive loss consisted primarily of foreign currency translation for the years ended December 31, 2021, 2020 2019. |
Note 15 - Quarterly Financial D
Note 15 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 15. Three months ended 2021 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total net sales $ 35,883 $ 40,670 $ 38,368 $ 39,503 Gross profit 23,799 26,761 24,866 25,956 Income from operations 7,945 11,106 9,073 8,301 Net income 5,929 8,299 6,504 6,175 Earnings per share Basic $ 0.29 $ 0.40 $ 0.30 $ 0.28 Diluted $ 0.28 $ 0.40 $ 0.30 $ 0.28 Three months ended 2020 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total net sales $ 30,551 $ 24,851 $ 36,416 $ 37,548 Gross profit 20,483 17,029 22,704 24,402 Income from operations 4,353 4,872 10,018 9,545 Net income 3,174 3,500 7,513 7,033 Earnings per share Basic $ 0.16 $ 0.17 $ 0.37 $ 0.35 Diluted $ 0.16 $ 0.17 $ 0.37 $ 0.34 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Description of Business Unless the context requires otherwise, references to LeMaitre, LeMaitre Vascular, we, our, and us refer to LeMaitre Vascular, Inc. and our subsidiaries. We develop, manufacture, and market medical devices and implants used primarily in the field of vascular surgery. We also derive revenues from the processing and cryopreservation of human tissues for implantation in patients. We operate in a single |
Consolidation, Policy [Policy Text Block] | Consolidation and Basis of Presentation Our consolidated financial statements include the accounts of LeMaitre Vascular and the accounts of our wholly-owned subsidiaries, LeMaitre Vascular GmbH, LeMaitre Vascular GK, Vascutech Acquisition LLC, LeMaitre Acquisition LLC, LeMaitre Vascular SAS, LeMaitre Vascular S.r.l., LeMaitre Vascular Spain SL, LeMaitre Vascular Switzerland GmbH, LeMaitre Vascular ULC, LeMaitre Vascular AS, LeMaitre Vascular Pty Ltd, Bio Nova International Pty Ltd, LeMaitre Vascular, Ltd., LeMaitre Medical Technology (Shanghai) Co. Ltd, LeMaitre Cardial SAS and LeMaitre Pte Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Balance sheet accounts of foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. Operating accounts are translated at average exchange rates for each year. Net translation gains or losses are adjusted directly to a separate component of other comprehensive income (loss) within stockholders’ equity. Foreign exchange transaction gains (losses), substantially all of which relate to intercompany activity between us and our foreign subsidiaries, are included in other income (expense) in the accompanying consolidated statements of operations. |
Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in in our consolidated financial statements and accompanying notes. Due to the COVID- 19 19 not February 28, 2022, 10 19. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Our revenue is derived primarily from the sale of disposable or implantable devices used during vascular surgery. We sell primarily directly to hospitals and to a lesser extent to distributors, as described below, and, during the periods presented in our consolidated financial statements, entered into consigned inventory arrangements with either hospitals or distributors on a limited basis. With the acquisition of the RestoreFlow allograft business, we also derive revenues from the processing and cryopreservation of human tissues for implantation in patients. These revenues are recognized when services have been provided and the tissue has been shipped to the customer, provided all other revenue recognition criteria discussed in the succeeding paragraph have been met. We record revenue under the provisions of ASU 2014 09, Revenue from Contracts with Customers (Topic 606 606 Step 1: Step 2: Step 3: Step 4: Step 5: Revenue is recognized when or as a company satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). In instances in which shipping and handling activities are performed after a customer takes control of the goods (such as when title passes upon shipment from our dock), we have made the policy election allowed under Topic 606 not We generally reference customer purchase orders to determine the existence of a contract. Orders that are not one not We record revenue, net of allowances for returns and discounts, fees paid to group purchasing organizations, and any sales and value added taxes required to be invoiced, which we have elected to exclude from the measurement of the transaction price as allowed by the standard, at the time of shipment (taking into consideration contractual shipping terms), or in the case of consigned inventory, when it is consumed. Shipment is the point at which control of the product and title passes to our customers, and at which LeMaitre has a present right to receive payment for the goods. Below is a disaggregation of our revenue by major geographic area, which is among the primary categorizations used by management in evaluating financial performance, for the periods indicated (in thousands): Year ended December 31, 2021 2020 Americas $ 102,265 $ 81,470 Europe, Middle East and Africa 42,132 39,193 Asia Pacific 10,027 8,703 Total $ 154,424 $ 129,366 We do not no not no Customers returning products may 18 twelve 30 not not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Research and development costs, principally salaries, laboratory testing, and supplies, are expensed as incurred and also include royalty payments associated with licensed and acquired intellectual property. |
Shipping and Handling [Policy Text Block] | Shipping and Handling Costs Shipping and handling fees paid by customers are recorded within net sales, with the related expense recorded in cost of sales. |
Advertising Cost [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred and are included as a component of sales and marketing expense in the accompanying consolidated statements of operations. Advertising costs are as follows: Year ended December 31, 2021 2020 2019 (in thousands) Advertising expense $ 236 $ 216 $ 286 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid instruments purchased with maturity dates of 90 |
Marketable Securities, Policy [Policy Text Block] | Short-term Marketable Securitie Our short-term marketable securities are available-for-sale securities carried at fair value, with unrealized gains and losses recorded in other comprehensive income. They include a managed income mutual fund investing mainly in short-term investment-grade, U.S. dollar denominated fixed and floating rate debt, and a short-duration bond fund. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash equivalents represent highly liquid investments with maturities of 90 $250,000. December 31, 2021. Our accounts receivable are with customers based in the United States and internationally. Accounts receivable generally are due within 30 90 may 90 240 We closely monitor outstanding receivables for potential collection risks, including those that may may December 31, 2021 December 31, 2021, may not may We write off accounts receivable when they become uncollectible. Such credit losses have historically been within our expectations and allowances. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We review our allowance for doubtful accounts on a monthly basis and all past due balances are reviewed individually for collectability. The provision for the allowance for doubtful accounts is recorded in general and administrative expenses. The following is a summary of our allowance for doubtful accounts and sales returns: Balance at Additions Deductions Balance at Beginning (recoveries) charged from End of of Period to Income Reserves Period (in thousands) Allowance for doubtful accounts and sales returns: Year ended December 31, 2021 $ 623 $ 263 $ 207 $ 679 Year ended December 31, 2020 522 293 192 623 Year ended December 31, 2019 399 388 265 522 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, short-term marketable securities, accounts receivable and trade payables. The fair value of these instruments approximates their carrying value based upon their short-term nature or variable rates of interest. Unrealized gains and losses on our short-term marketable securities are recorded in other comprehensive income and were not December 31, 2021. |
Inventory and Other Deferred Costs [Policy Text Block] | Inventory and Other Deferred Costs Inventory and Other Deferred Costs consists of finished products, work-in-process, raw materials and costs deferred in connection with human tissue cryopreservation services of our RestoreFlow allograft business. We value inventory and other deferred costs at the lower of cost or market value. Cost includes materials, labor and manufacturing overhead and is determined using the first first may not may |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the related assets using straight-line method as follows: Description Useful Life (in years) Computers and equipment 3 – 5 Machinery and equipment 3 – 10 Leasehold improvements The shorter of its useful life or lease term Expenditures for maintenance and repairs are charged to operations when incurred, while additions and betterments are capitalized. When assets are retired or disposed, the asset’s original cost and related accumulated depreciation are eliminated from the accounts and any gain or loss is reflected in the statement of operations. |
Business Combinations Policy [Policy Text Block] | Valuation of Business Combinations We assign the value of the consideration transferred to acquire a business to the tangible assets and identifiable intangible assets acquired and liabilities assumed on the basis of their fair values at the date of acquisition. We assess the fair value of assets, including intangible assets, using a variety of methods and are usually performed by an independent appraiser who measures fair value from the perspective of a market participant. Acquisitions have been accounted for using the acquisition method, and the acquired companies’ results have been included in the accompanying consolidated financial statements from their respective dates of acquisition. Acquisition transaction costs have been recorded in general and administrative expenses, and are expensed as incurred. Allocation of the purchase price for acquisitions is based on estimates of the fair value of the net assets acquired and, for acquisitions completed within the past year, is subject to adjustment upon finalization of the purchase price allocation. Our acquisitions have historically been made at prices above the fair value of the acquired assets, resulting in goodwill, due to expectations of synergies of combining the businesses. These synergies include use of our existing commercial infrastructure to expand sales of the acquired businesses’ products, use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of our products, and the elimination of redundant facilities, functions and staffing. |
Contingent Consideration [Policy Text Block] | Contingent Consideration Contingent consideration for acquisitions is recognized at the date of acquisition, based on the fair value at that date, and then re-measured periodically through adjustments to net income. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets We review our long-lived assets (primarily property and equipment and intangible assets) subject to amortization quarterly to determine if any adverse conditions exist or a change in circumstances has occurred that would indicate impairment or a change in the remaining useful life. Conditions that may not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the amount of consideration paid in connection with business acquisitions in excess of the fair value of assets acquired and liabilities assumed. Goodwill is evaluated for impairment annually, or more frequently if indicators of impairment are present or changes in circumstances suggest that an impairment may December 31 not” not” 50 not December 31, 2021, 2020 2019. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangible Assets Other intangible assets consist primarily of patents, trademarks, technology licenses, and customer relationships acquired in connection with business acquisitions and asset acquisitions and are amortized over their estimated useful lives, ranging from 2 to 16 years. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based Compensation We recognize, as expense, the estimated fair value of stock options to employees determined using the Black-Scholes option pricing model. Share-based compensation charges are recorded across the consolidated statement of operations based upon the grantee’s primary function. We have elected to recognize the compensation cost of all share-based awards on a straight-line basis over the vesting period of the award. In periods that we grant stock options, fair value assumptions are based on volatility, interest, dividend yield, and expected term over which the stock options will be outstanding. The computation of expected volatility is based on the historical volatility of the company’s stock. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. Historical data on exercise patterns is the basis for estimating the expected life of an option. The expected annual dividend rate was calculated by dividing our annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. We also issue restricted stock units (RSUs) and performance-based restricted stock units (PSUs) as additional forms of equity compensation to our employees, officers, and directors, pursuant to our stockholder-approved 2006 no 2021 2021 |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and Contingencies In the normal course of business, we are subject to proceedings, lawsuits, and other claims and assessments for matters related to, among other things, patent infringement, business acquisitions, employment, commercial matters and product recalls. We assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may December 31, 2021, 2020 2019, not Sales of medical devices outside the U.S. are subject to international regulatory requirements that vary from country to country. These requirements and the amount of time required for approval may no |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes under the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred taxes are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The provision for income taxes includes taxes currently payable and deferred taxes resulting from the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities. We maintain valuation allowances where it is more likely than not not We recognize, measure, present and disclose in our financial statements, uncertain tax positions that we have taken or expect to take on a tax return. We recognize in our financial statements the impact of tax positions that meet a “more likely than not” fifty Our policy is to classify interest and penalties related to unrecognized tax benefits as income tax expense. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Other than reported net income, comprehensive income includes foreign currency translation adjustments and unrealized gains and losses on our marketable securities, which are disclosed in the accompanying consolidated statements of comprehensive income. There were no reclassifications out of comprehensive income for the years ended December 31, 2021, 2020 2019. Accumulated other comprehensive loss consisted primarily of foreign currency translation adjustment losses of $3.1 million and $1.6 million as of December 31, 2021 2020, |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring We record restructuring charges incurred in connection with consolidation or relocation of operations, exited business lines, reductions in force, or distributor terminations. These restructuring charges, which reflect our commitment to a termination or exit plan that will begin within twelve |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share We compute basic earnings per share by dividing net income available for common stockholders by the weighted average number of shares outstanding during the year. Except where the result would be anti-dilutive to net income per share, diluted earnings per share has been computed using the treasury stock method and reflects the potential vesting of restricted common stock and the potential exercise of stock options, as well as their related income tax effects. The computation of basic and diluted net income per share is as follows: Year ended December 31, 2021 2020 2019 (in thousands, except per share data) Basic: Net income available for common stockholders $ 26,907 $ 21,220 $ 17,934 Weighted average shares outstanding 21,157 20,246 19,813 Basic earnings per share $ 1.27 $ 1.05 $ 0.91 Net income available for common stockholders $ 26,907 $ 21,220 $ 17,934 Weighted-average shares outstanding 21,157 20,246 19,813 Common stock equivalents, if dilutive 318 233 513 Shares used in computing diluted earnings per common share 21,475 20,479 20,326 Diluted earnings per share $ 1.25 $ 1.04 $ 0.88 Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive 10 483 468 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In December 2019, 2019 12 740 740 740. January 1, 2021, not |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies and Related Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year ended December 31, 2021 2020 Americas $ 102,265 $ 81,470 Europe, Middle East and Africa 42,132 39,193 Asia Pacific 10,027 8,703 Total $ 154,424 $ 129,366 |
Schedule of Advertising Expenses [Table Text Block] | Year ended December 31, 2021 2020 2019 (in thousands) Advertising expense $ 236 $ 216 $ 286 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Balance at Additions Deductions Balance at Beginning (recoveries) charged from End of of Period to Income Reserves Period (in thousands) Allowance for doubtful accounts and sales returns: Year ended December 31, 2021 $ 623 $ 263 $ 207 $ 679 Year ended December 31, 2020 522 293 192 623 Year ended December 31, 2019 399 388 265 522 |
Schedule of Property, Plant and Equipment Estimated Useful Lives [Table Text Block] | Description Useful Life (in years) Computers and equipment 3 – 5 Machinery and equipment 3 – 10 Leasehold improvements The shorter of its useful life or lease term |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, 2021 2020 2019 (in thousands, except per share data) Basic: Net income available for common stockholders $ 26,907 $ 21,220 $ 17,934 Weighted average shares outstanding 21,157 20,246 19,813 Basic earnings per share $ 1.27 $ 1.05 $ 0.91 Net income available for common stockholders $ 26,907 $ 21,220 $ 17,934 Weighted-average shares outstanding 21,157 20,246 19,813 Common stock equivalents, if dilutive 318 233 513 Shares used in computing diluted earnings per common share 21,475 20,479 20,326 Diluted earnings per share $ 1.25 $ 1.04 $ 0.88 Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive 10 483 468 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Allocated Fair Value (in thousands) Inventory $ 3,859 Accounts receivable 1,789 Equipment and supplies 1,140 Accounts payable and other (53 ) Intangible assets 39,056 Goodwill 27,115 Purchase price $ 72,906 Allocated Fair Value (in thousands) Inventory and other $ 1,343 Deferred tax assets 1,345 Intangible assets 8,725 Goodwill 5,999 Purchase price $ 17,412 Allocated Fair Value (in thousands) Inventory $ 276 Equipmentand supplies 70 Intangible assets 4,844 Goodwill 2,748 Purchase price $ 7,938 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Allocated Estimated Fair Value Useful Life (in years) (in thousands) Customer relationships $ 20,310 15.0 Intellectual property 16,449 10.0 Non-compete agreement 104 5.0 Tradenames 2,193 10.0 Total intangible assets $ 39,056 Weighted Average Allocated Fair Value Useful Life (in years) (in thousands) Customer relationships $ 3,945 13.0 Intellectual property 563 7.0 Non-compete agreement 233 5.0 Tradenames 103 7.0 Total intangible assets $ 4,844 |
Note 3 - Inventories and Othe_2
Note 3 - Inventories and Other Deferred Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 December 31, 2020 (in thousands) Raw materials $ 5,945 $ 5,044 Work-in-process 9,416 6,004 Finished products 25,286 28,117 Other deferred costs 5,457 5,950 Total inventory and other deferred costs $ 46,104 $ 45,115 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2021 2020 (in thousands) Computers and equipment $ 5,667 $ 5,046 Machinery and equipment 18,439 17,266 Building and leasehold improvements 15,884 12,809 Gross property and equipment 39,990 35,121 Less accumulated depreciation (22,931 ) (20,085 ) Property and equipment, net $ 17,059 $ 15,036 |
Depreciation Expense [Table Text Block] | Year ended December 31, 2021 2020 2019 (in thousands) Depreciation expense $ 3,280 $ 3,181 $ 2,979 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | As of December 31, 2021 2020 Balance at beginning of year $ 65,945 $ 39,951 Additions for acquisitions - 27,115 Purchase accounting adjustments - (1,345 ) Effects of currency exchange - 224 Balance at end of year $ 65,945 $ 65,945 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2021 December 31, 2020 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Value Amortization Value Value Amortization Value (in thousands) Product technology and intellectual property $ 29,549 $ 10,473 $ 19,076 $ 29,951 $ 7,947 $ 22,004 Trademarks, tradenames and licenses 3,647 1,139 2,508 4,000 1,094 2,906 Customer relationships 36,197 5,674 30,523 38,525 5,424 33,101 Other intangible assets 1,461 858 603 1,767 873 894 Total identifiable intangible assets $ 70,854 $ 18,144 $ 52,710 $ 74,243 $ 15,338 $ 58,905 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Year ended December 31, 2021 2020 2019 (in thousands) Amortization expense $ 6,195 $ 5,043 $ 2,437 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ended December 31, 2022 2023 2024 2025 2026 (in thousands) Amortization expense $ 6,016 $ 5,884 $ 5,702 $ 5,464 $ 4,997 |
Note 7 - Accrued Expenses and_2
Note 7 - Accrued Expenses and Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2021 December 31, 2020 (in thousands) Compensation and related taxes $ 10,236 $ 8,675 Income and other taxes 551 2,394 Professional fees 129 39 Other 5,416 6,417 Total $ 16,332 $ 17,525 |
Other Noncurrent Liabilities [Table Text Block] | December 31, 2021 December 31, 2020 (in thousands) Acquisition-related liabilities $ 1,761 $ 3,700 Income taxes 799 813 Other 141 130 Total $ 2,701 $ 4,643 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended Year ended December 31, December 31, 2021 2020 (in thousands) (in thousands) Lease cost Operating lease cost $ 2,275 $ 1,912 Short-term lease cost 458 192 Total lease cost $ 2,733 $ 2,104 Other information Cash paid for amounts included in the measurement of operating lease liabilities $ 2,859 $ 2,404 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,277 $ 2,770 Weighted average remaining lease term - operating leases (in years) 7.3 7.8 Weighted average discount rate - operating leases 4.86 % 5.02 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending December 31, 2022 $ 2,666 2023 2,300 2024 2,104 2025 2,151 2026 2,153 Thereafter 8,198 Adjustment to net present value as of December 31, 2021 (3,635 ) Minimum noncancelable lease liability $ 15,937 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year ended December 31, 2021 2020 2019 (in thousands) United States $ 34,153 $ 25,308 $ 17,989 Foreign 134 2,048 3,690 Total $ 34,287 $ 27,356 $ 21,679 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2021 2020 2019 (in thousands) Current: Federal $ 5,024 $ 4,594 $ 1,501 State 990 806 304 Foreign 1,287 1,064 1,116 7,301 6,464 2,921 Deferred: Federal 63 (397 ) 538 State (9 ) (48 ) 144 Foreign 25 117 142 79 (328 ) 824 Provision for income taxes $ 7,380 $ 6,136 $ 3,745 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2021 2020 2019 (in thousands) Unrecognized tax benefits at the beginning of year $ 820 $ 848 $ 711 Additions/adjustments for tax positions of current year - - 74 Additions/adjustments for tax positions of prior years (52 ) 37 63 Reductions for settlements with taxing authorities. - (65 ) - Reductions for lapses of the applicable statutes of limitations - - - Unrecognized tax benefits at the end of the year $ 768 $ 820 $ 848 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2021 2020 (in thousands) Deferred tax assets: Inventory $ 2,231 $ 1,629 Net operating loss carryforwards 1,153 1,348 Tax credit carryforwards 1,033 1,019 Capital loss carryforwards 492 521 Reserves and accruals 712 994 Operating lease liabilities 3,562 3,664 Intangible assets 4,426 4,386 Stock options 440 359 Other 140 105 Total deferred tax assets 14,189 14,025 Deferred tax liabilities: Property and equipment (1,713 ) (1,831 ) Goodwill (4,825 ) (4,055 ) Operating lease right-of-use assets (3,355 ) (3,503 ) Foreign branch deferred offset (843 ) (954 ) Other (213 ) (299 ) Total deferred tax liabilities (10,949 ) (10,642 ) Net deferred tax assets before valuation allowance 3,240 3,383 Valuation allowance (1,744 ) (1,824 ) Net deferred tax liabiltity $ 1,496 $ 1,559 Deferred tax classification Long-term deferred tax asset $ 1,566 $ 1,686 Long-term deferred tax liability (70 ) (127 ) Net long-term deferred tax asset $ 1,496 $ 1,559 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % State tax, net of federal benefit 2.7 % 2.2 % 1.9 % Effect of foreign taxes 3.7 % 1.1 % 2.1 % Federal tax on foreign income 0.2 % 0.4 % 0.8 % Valuation allowance (0.1 %) 1.4 % 0.6 % Foreign deferred tax liability offset (0.1 %) (0.2 %) (0.4 %) Research & development tax credits (0.4 %) (0.6 %) (1.2 %) Stock options (3.1 %) (2.3 %) (8.8 %) Uncertain tax positions 0.2 % 0.3 % 1.0 % Other permanent differences (2.4 %) (0.6 %) 0.5 % Other (0.2 %) (0.3 %) (0.2 %) Effective tax rate 21.5 % 22.4 % 17.3 % |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year ended December 31, 2021 2020 2019 (in thousands) Cash paid for income taxes, net $ 10,147 $ 4,470 $ 4,817 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 2020 2019 Dividend yield 0.91 % 1.02 % 0.96 % Volatility 46.0 % 47.3 % 42.8 % Risk-free interest rate 1.1 % 0.3 % 1.7 % Weighted average expected option term (in years) 4.6 4.9 4.7 Weighted average fair value per share of options granted $ 17.64 $ 13.24 $ 12.51 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Aggregate Number Average Remaining Intrinsic of Shares Exercise Price Contractual Term Value (in years) (in thousands) Balance outstanding at December 31, 2018 1,462,575 $ 16.41 4.54 $ 12,214 Granted 195,379 $ 35.53 Exercised (509,693 ) $ 9.53 $ 11,488 Canceled / Expired (101,167 ) $ 17.90 Balance outstanding at December 31, 2019 1,047,094 $ 28.22 4.31 $ 13,367 Granted 222,110 $ 36.67 Exercised (331,958 ) $ 17.99 $ 5,413 Canceled / Expired (5,406 ) $ 27.49 Balance outstanding at December 31, 2020 931,840 $ 28.22 4.49 $ 11,442 Granted 151,161 $ 48.60 Exercised (217,121 ) $ 20.95 $ 6,975 Canceled / Expired (19,126 ) $ 23.18 Balance outstanding at December 31, 2021 846,754 $ 33.83 4.50 $ 13,888 Exercisable at: December 31, 2019 309,501 $ 19.64 3.50 $ 5,047 December 31, 2020 274,411 $ 23.08 3.50 $ 4,781 December 31, 2021 301,692 $ 27.40 3.30 $ 6,886 Expected to vest at: December 31, 2019 737,593 $ 24.68 4.65 December 31, 2020 657,429 $ 30.37 4.93 December 31, 2021 545,062 $ 37.38 5.16 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Number Grant Date of Shares Fair Value Balance outstanding at December 31, 2018 217,895 $ 21.21 Granted 56,567 $ 35.41 Vested (61,058 ) $ 18.46 Canceled (24,723 ) $ 22.19 Balance outstanding at December 31, 2019 188,681 $ 26.14 Granted 46,146 $ 36.86 Vested (50,669 ) $ 22.76 Canceled (37,143 ) $ 27.88 Balance outstanding at December 31, 2020 147,015 $ 30.24 Granted 48,298 $ 48.65 Vested (51,414 ) $ 26.32 Canceled (10,068 ) $ 30.70 Balance outstanding at December 31, 2021 133,831 $ 38.26 |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Weighted Average Number Grant Date of Shares Fair Value Balance outstanding at December 31, 2020 - $ - Granted 31,181 $ 48.60 Vested - $ - Canceled - $ - Balance outstanding at December 31, 2021 31,181 $ 48.60 |
Accelerated Share Repurchases [Table Text Block] | 2021 2020 2019 Shares of common stock repurchased for net settlement of equity awards 16,333 16,537 20,524 Average per share repurchase price $ 49.10 $ 34.47 $ 33.28 Aggregage purchase price (in thousands) $ 802 $ 570 $ 683 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | 2021 2020 2019 (in thousands) Stock option awards $ 2,199 $ 1,938 $ 1,580 Restricted stock units 1,247 1,084 1,062 Performance-based restricted stock units 33 - - Total stock-based compensation $ 3,479 $ 3,022 $ 2,642 2021 2020 2019 (in thousands) Cost of sales $ 407 $ 333 $ 310 Sales and marketing 527 516 544 General and administrative 2,185 1,883 1,509 Research and development 360 290 279 Total stock-based compensation $ 3,479 $ 3,022 $ 2,642 |
Schedule of Dividends Payable [Table Text Block] | Record Date Payment Date Per Share Amount Dividend Payment (in thousands) Fiscal Year 2021 March 9, 2021 March 25, 2021 $ 0.110 $ 2,262 May 19, 2021 June 3, 2021 $ 0.110 $ 2,267 August 26, 2021 September 9, 2021 $ 0.110 $ 2,401 November 19, 2021 December 2, 2021 $ 0.110 $ 2,405 Fiscal Year 2020 March 3, 2020 March 19, 2020 $ 0.095 $ 1,917 May 20, 2020 June 4, 2020 $ 0.095 $ 1,917 August 27, 2020 September 10, 2020 $ 0.095 $ 1,925 November 19, 2020 December 3, 2020 $ 0.095 $ 1,936 |
Note 12 - Segment and Enterpr_2
Note 12 - Segment and Enterprise-wide Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Year ended December 31, 2021 2020 2019 (in thousands) United States $ 93,866 $ 75,222 $ 63,130 Germany 12,968 12,365 12,400 Other countries 47,590 41,779 41,702 Net sales $ 154,424 $ 129,366 $ 117,232 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | As of December 31, 2021 2020 (in thousands) United States $ 28,402 $ 27,660 France 1,038 1,140 Germany 781 1,138 Other countries 1,909 1,164 Total long-term assets $ 32,130 $ 31,102 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year ended December 31, 2021 2020 2019 (in thousands) Beginning balance $ 2,240 $ 1,764 $ 72 Additions - 406 1,989 Payments - - (309 ) Change in fair value included in earnings (748 ) 70 12 Ending balance $ 1,492 $ 2,240 $ 1,764 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year ended December 31, 2021 2020 2019 (in thousands) Beginning balance $ (1,525 ) $ (4,007 ) $ (3,900 ) Other comprehensive income (loss) before reclassifications (1,910 ) 2,482 (107 ) Amounts reclassified from accumulated other comprehensive loss - - - Ending Balance $ (3,435 ) $ (1,525 ) $ (4,007 ) |
Note 15 - Quarterly Financial_2
Note 15 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Three months ended 2021 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total net sales $ 35,883 $ 40,670 $ 38,368 $ 39,503 Gross profit 23,799 26,761 24,866 25,956 Income from operations 7,945 11,106 9,073 8,301 Net income 5,929 8,299 6,504 6,175 Earnings per share Basic $ 0.29 $ 0.40 $ 0.30 $ 0.28 Diluted $ 0.28 $ 0.40 $ 0.30 $ 0.28 Three months ended 2020 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total net sales $ 30,551 $ 24,851 $ 36,416 $ 37,548 Gross profit 20,483 17,029 22,704 24,402 Income from operations 4,353 4,872 10,018 9,545 Net income 3,174 3,500 7,513 7,033 Earnings per share Basic $ 0.16 $ 0.17 $ 0.37 $ 0.35 Diluted $ 0.16 $ 0.17 $ 0.37 $ 0.34 |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies and Related Matters (Details Textual) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Sep. 30, 2021 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Operating Segments | 1 | 1 | |||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 19,631 | $ 19,631 | $ 19,552 | ||
Goodwill, Impairment Loss | 0 | 0 | $ 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | $ 0 | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | 3,100 | 3,100 | $ 1,600 | ||
ITALY | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 1,000 | 1,000 | |||
SPAIN | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 700 | 700 | |||
Geographic Distribution, Foreign [Member] | |||||
Cash, Ending Balance | $ 9,400 | $ 9,400 | |||
Minimum [Member] | |||||
Period of Payments Received from Customers (Day) | 30 days | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||
Maximum [Member] | |||||
Period of Payments Received from Customers (Day) | 60 days | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 16 years |
Note 1 - Significant Accounti_4
Note 1 - Significant Accounting Policies and Related Matters - Disaggregation of Revenue by Major Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 154,424 | $ 129,366 |
Americas [Member] | ||
Revenue | 102,265 | 81,470 |
EMEA [Member] | ||
Revenue | 42,132 | 39,193 |
Asia Pacific [Member] | ||
Revenue | $ 10,027 | $ 8,703 |
Note 1 - Significant Accounti_5
Note 1 - Significant Accounting Policies and Related Matters - Summary of Advertising Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Advertising expense | $ 236 | $ 216 | $ 286 |
Note 1 - Significant Accounti_6
Note 1 - Significant Accounting Policies and Related Matters - Allowance for Doubtful Accounts and Sales Returns (Details) - Allowance for Doubtful Accounts and Sales Returns [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 623 | $ 522 | $ 399 |
Additions (recoveries) charged to income | 263 | 293 | 388 |
Deductions from reserves | 207 | 192 | 265 |
Balance | $ 679 | $ 623 | $ 522 |
Note 1 - Significant Accounti_7
Note 1 - Significant Accounting Policies and Related Matters - Summary of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Computers and Equipment [Member] | Minimum [Member] | |
Useful life (Year) | 3 years |
Computers and Equipment [Member] | Maximum [Member] | |
Useful life (Year) | 5 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Useful life (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Useful life (Year) | 10 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Estimated useful life | The shorter of its useful life or lease term |
Leasehold Improvements [Member] | Maximum [Member] | |
Estimated useful life | The shorter of its useful life or lease term |
Note 1 - Significant Accounti_8
Note 1 - Significant Accounting Policies and Related Matters - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic: | |||||||||||
Net income available for common stockholders | $ 6,175 | $ 6,504 | $ 8,299 | $ 5,929 | $ 7,033 | $ 7,513 | $ 3,500 | $ 3,174 | $ 26,907 | $ 21,220 | $ 17,934 |
Weighted average shares outstanding (in shares) | 21,157 | 20,246 | 19,813 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.28 | $ 0.30 | $ 0.40 | $ 0.29 | $ 0.35 | $ 0.37 | $ 0.17 | $ 0.16 | $ 1.27 | $ 1.05 | $ 0.91 |
Common stock equivalents, if dilutive (in shares) | 318 | 233 | 513 | ||||||||
Shares used in computing diluted earnings per common share (in shares) | 21,475 | 20,479 | 20,326 | ||||||||
Diluted earnings per share (in dollars per share) | $ 0.28 | $ 0.30 | $ 0.40 | $ 0.28 | $ 0.34 | $ 0.37 | $ 0.17 | $ 0.16 | $ 1.25 | $ 1.04 | $ 0.88 |
Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive (in shares) | 10 | 483 | 468 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) | Jun. 22, 2020USD ($) | Oct. 11, 2019USD ($) | Jul. 12, 2019USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2021USD ($) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (674,000) | $ 182,000 | $ 171,000 | ||||||
Goodwill, Purchase Accounting Adjustments | 0 | (1,345,000) | |||||||
Artegraft Inc [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 72,500,000 | ||||||||
Escrow Deposit Disbursements Related to Property Acquisition | $ 7,500,000 | ||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 400,000 | ||||||||
Business Acquisition, Purchase Price Allocation, Goodwill Expected Tax Deductible, Period (Year) | 15 years | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 12 years 7 months 6 days | ||||||||
Artegraft Inc [Member] | First Earn-out [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 5,800,000 | ||||||||
Business Combination, Contingent Consideration, Unit Sales | 20,000 | ||||||||
Artegraft Inc [Member] | Second Earn-out [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 5,800,000 | ||||||||
Business Combination, Contingent Consideration, Unit Sales | 24,000 | ||||||||
Artegraft Inc [Member] | Third Earn-out [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 5,800,000 | ||||||||
Business Combination, Contingent Consideration, Unit Sales | 28,800 | ||||||||
Artegraft Inc [Member] | Catch-Up Payment [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 400,000 | ||||||||
Business Combination, Contingent Consideration, Minimum Unit Sales in Three Years | 58,240 | ||||||||
Business Combination, Contingent Consideration, Minimum Unit Sales in Three Years, Percent of Combined Individual Year Targets | 80.00% | ||||||||
Business Combination, Contingent Consideration, Before Multiplied by Fraction | $ 17,500,000 | ||||||||
Business Combination, Contingent Consideration, Denominator, Less Amount Paid | 72,800 | ||||||||
Artegraft Inc [Member] | Maximum [Member] | |||||||||
Business Combination, Consideration Transferred, Total | $ 90,000,000 | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 14,200,000 | ||||||||
Business Combination, Contingent Consideration, Liability, Total | 7,500,000 | $ 2,000,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years 4 months 24 days | ||||||||
Goodwill, Purchase Accounting Adjustments | $ (1,300,000) | $ 1,300,000 | |||||||
CardioCel and VascuCel Biologic Patches [Member] | Technology Licenses [Member] | |||||||||
Business Combination, Consideration Transferred, Total | 8,000,000 | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | Achieving Audited Financial Statements of Acquired Business [Member] | |||||||||
Payments to Acquire Businesses, Gross | 300,000 | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | First Holdback [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Total | 700,000 | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | Revenues Exceeding Twenty Million in the First Twelve Month Period After Closing Date [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Total | 2,500,000 | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | Revenues Exceeding Fifteen Million in the First Twelve Month Period After Closing Date [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Total | 1,200,000 | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | Revenues Exceeding Thirty Million in the Second Twelve Month Period After Closing Date [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Total | 2,500,000 | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | Revenues Exceeding Twenty-Two and a Half Million in the First Twelve Month Period After Closing Date [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Total | 1,200,000 | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | Extension of Product Shelf Life from 36 Months to 60 Months in the First Anniversary of Closing Date [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Total | 500,000 | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | Third Holdback [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Total | 2,000,000 | ||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (500,000) | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | Third Holdback [Member] | CardioCel Product [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Percent | 75.00% | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | Third Holdback [Member] | VascuCel Product [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Percent | 25.00% | ||||||||
CardioCel and VascuCel Biologic Patches [Member] | Maximum [Member] | Biological Patch Business Assets [Member] | |||||||||
Business Combination, Consideration Transferred, Total | $ 15,300,000 | ||||||||
Tru-Incise Valve Cutter [Member] | |||||||||
Business Combination, Consideration Transferred, Total | $ 8,000,000 | ||||||||
Payments to Acquire Businesses, Gross | $ 6,800,000 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 11 years 9 months 18 days | ||||||||
Business Combination, Deferred Purchase Consideration, Installment Payment | $ 400,000 | ||||||||
Business Combination, Deferred Purchase Consideration | 1,200,000 | ||||||||
Acquisition Date Fair Value | $ 1,100,000 | ||||||||
Business Combination ,Fair Value Inputs, Discount Rate | 4.19% |
Note 2 - Acquisitions - Assets
Note 2 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 22, 2020 | Dec. 31, 2019 | Oct. 11, 2019 | Jul. 12, 2019 |
Goodwill | $ 65,945 | $ 65,945 | $ 39,951 | |||
Artegraft Inc [Member] | ||||||
Inventory | $ 3,859 | |||||
Accounts receivable | 1,789 | |||||
Equipment and supplies | 1,140 | |||||
Accounts payable and other | 53 | |||||
Intangible assets | 39,056 | |||||
Goodwill | 27,115 | |||||
Purchase price | 72,906 | |||||
Equipmentand supplies | $ 1,140 | |||||
CardioCel and VascuCel Biologic Patches [Member] | ||||||
Intangible assets | $ 8,725 | |||||
Goodwill | 5,999 | |||||
Purchase price | 17,412 | |||||
Inventory and other | 1,343 | |||||
Deferred tax assets | $ 1,345 | |||||
Tru-Incise Valve Cutter [Member] | ||||||
Inventory | $ 276 | |||||
Equipment and supplies | 70 | |||||
Intangible assets | 4,844 | |||||
Goodwill | 2,748 | |||||
Purchase price | 7,938 | |||||
Equipmentand supplies | $ 70 |
Note 2 - Acquisitions - Acquire
Note 2 - Acquisitions - Acquired Intangible Assets and Related Estimated Useful Lives (Details) - USD ($) $ in Thousands | Jun. 22, 2020 | Sep. 20, 2018 |
Artegraft Inc [Member] | ||
Allocated Fair Value | $ 39,056 | |
Weighted Average Useful Life (Year) | 12 years 7 months 6 days | |
Artegraft Inc [Member] | Customer Relationships [Member] | ||
Allocated Fair Value | $ 20,310 | |
Weighted Average Useful Life (Year) | 15 years | |
Artegraft Inc [Member] | Intellectual Property [Member] | ||
Allocated Fair Value | $ 16,449 | |
Weighted Average Useful Life (Year) | 10 years | |
Artegraft Inc [Member] | Noncompete Agreements [Member] | ||
Allocated Fair Value | $ 104 | |
Weighted Average Useful Life (Year) | 5 years | |
Artegraft Inc [Member] | Trade Names [Member] | ||
Allocated Fair Value | $ 2,193 | |
Weighted Average Useful Life (Year) | 10 years | |
Applied Medical [Member] | ||
Allocated Fair Value | $ 4,844 | |
Applied Medical [Member] | Customer Relationships [Member] | ||
Allocated Fair Value | $ 3,945 | |
Weighted Average Useful Life (Year) | 13 years | |
Applied Medical [Member] | Intellectual Property [Member] | ||
Allocated Fair Value | $ 563 | |
Weighted Average Useful Life (Year) | 7 years | |
Applied Medical [Member] | Noncompete Agreements [Member] | ||
Allocated Fair Value | $ 233 | |
Weighted Average Useful Life (Year) | 5 years | |
Applied Medical [Member] | Trade Names [Member] | ||
Allocated Fair Value | $ 103 | |
Weighted Average Useful Life (Year) | 7 years |
Note 3 - Inventories and Othe_3
Note 3 - Inventories and Other Deferred Costs (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross | $ 2.1 | $ 2.1 |
Note 3 - Inventories and Othe_4
Note 3 - Inventories and Other Deferred Costs - Summary of Inventories and Other Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Raw materials | $ 5,945 | $ 5,044 |
Work-in-process | 9,416 | 6,004 |
Finished products | 25,286 | 28,117 |
Other deferred costs | 5,457 | 5,950 |
Total inventory and other deferred costs | $ 46,104 | $ 45,115 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 0.1 | $ 0.6 | $ 0.5 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Gross property and equipment | $ 39,990 | $ 35,121 |
Less accumulated depreciation | (22,931) | (20,085) |
Property and equipment, net | 17,059 | 15,036 |
Computers and Equipment [Member] | ||
Gross property and equipment | 5,667 | 5,046 |
Machinery and Equipment [Member] | ||
Gross property and equipment | 18,439 | 17,266 |
Building and Leasehold Improvements [Member] | ||
Gross property and equipment | $ 15,884 | $ 12,809 |
Note 4 - Property and Equipme_5
Note 4 - Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation expense | $ 3,280 | $ 3,181 | $ 2,979 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill, Purchase Accounting Adjustments | $ 0 | $ (1,345) | ||
Impairment of Intangible Assets, Finite-lived | $ 3,400 | $ 4,500 | ||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 16 years | |||
Weighted Average [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 11 years | |||
CardioCel and VascuCel Biologic Patches [Member] | ||||
Goodwill, Purchase Accounting Adjustments | $ (1,300) | $ 1,300 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangibles - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at beginning of year | $ 65,945 | $ 39,951 |
Additions for acquisitions | 0 | 27,115 |
Purchase accounting adjustments | 0 | (1,345) |
Effects of currency exchange | 0 | 224 |
Balance at end of year | $ 65,945 | $ 65,945 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Gross carrying value | $ 70,854 | $ 74,243 |
Accumulated amortization | 18,144 | 15,338 |
Net carrying value | 52,710 | 58,905 |
Product Technology and Intellectual Property [Member] | ||
Gross carrying value | 29,549 | 29,951 |
Accumulated amortization | 10,473 | 7,947 |
Net carrying value | 19,076 | 22,004 |
Trademarks, Tradenames and Licenses [Member] | ||
Gross carrying value | 3,647 | 4,000 |
Accumulated amortization | 1,139 | 1,094 |
Net carrying value | 2,508 | 2,906 |
Customer Relationships [Member] | ||
Gross carrying value | 36,197 | 38,525 |
Accumulated amortization | 5,674 | 5,424 |
Net carrying value | 30,523 | 33,101 |
Other Intangible Assets [Member] | ||
Gross carrying value | 1,461 | 1,767 |
Accumulated amortization | 858 | 873 |
Net carrying value | $ 603 | $ 894 |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Amortization Expense Included in General and Administrative Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization expense | $ 6,195 | $ 5,043 | $ 2,437 |
Note 5 - Goodwill and Other I_7
Note 5 - Goodwill and Other Intangible Assets - Estimated Amortization Expense for Each of Five Succeeding Fiscal Years (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 6,016 |
2023 | 5,884 |
2024 | 5,702 |
2025 | 5,464 |
2026 | $ 4,997 |
Note 6 - Revolving Line of Cr_2
Note 6 - Revolving Line of Credit and Long-term Debt (Details Textual) - Senior Secured Credit Facility [Member] - USD ($) $ in Millions | Jun. 22, 2020 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2021 |
Debt Instrument, Face Amount | $ 65 | ||||
Debt Issuance Costs, Net, Total | 1.8 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.20% | 4.20% | |||
Term Loan [Member] | |||||
Debt Instrument, Face Amount | $ 40 | ||||
Debt Instrument, Term (Year) | 5 years | ||||
Repayments of Long-term Debt, Total | $ 1 | $ 1 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 0.9 | ||||
Amortization of Debt Issuance Costs | $ 0.6 | ||||
Term Loan [Member] | Base Rate [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
Term Loan [Member] | Base Rate [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||
Term Loan [Member] | Eurodollar [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
Term Loan [Member] | Eurodollar [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Term Loan [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 0.9 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25 | ||||
Debt Instrument, Term (Year) | 5 years | ||||
Unamortized Debt Issuance Expense | $ 0.5 | ||||
Revolving Credit Facility [Member] | Other Assets [Member] | |||||
Debt Issuance Costs, Line of Credit Arrangements, Net, Total | $ 0.7 |
Note 7 - Accrued Expenses and_3
Note 7 - Accrued Expenses and Other Long-term Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Compensation and related taxes | $ 10,236 | $ 8,675 |
Income and other taxes | 551 | 2,394 |
Professional fees | 129 | 39 |
Other | 5,416 | 6,417 |
Total | $ 16,332 | $ 17,525 |
Note 7 - Accrued Expenses and_4
Note 7 - Accrued Expenses and Other Long-term Liabilities - Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Acquisition-related liabilities | $ 1,761 | $ 3,700 |
Income taxes | 799 | 813 |
Other | 141 | 130 |
Total | $ 2,701 | $ 4,643 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands | Dec. 31, 2021USD ($) | Jun. 30, 2021 | Dec. 31, 2020ft² |
Finance Lease, Right-of-Use Asset | $ | $ 0 | ||
Lessee, Operating Lease, Discount Rate | 5.25% | ||
Purchase Obligation, Total | $ | $ 6,200 | ||
Senior Secured Credit Facility [Member] | Term Loan [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||
Leased Automobiles [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | ||
Leased Printing Equipment [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
North Brunswick, New Jersey [Member] | Artegraft Inc [Member] | |||
Area of Real Estate Property (Square Foot) | 16,732 | ||
ITALY | Customer Service and Warehouse Facility [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 6 years | ||
Lessee, Operating Lease, Term of Contract (Year) | 6 years | ||
CANADA | |||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | ||
Principal Worldwide Executive, Distribution, and Manufacturing Operations Facilities [Member] | Massachusetts [Member] | |||
Area of Real Estate Property (Square Foot) | 109,354 | ||
International Operations Headquarter Facility [Member] | GERMANY | |||
Area of Real Estate Property (Square Foot) | 16,470 | ||
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Additional Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease cost | $ 2,275 | $ 1,912 |
Short-term lease cost | 458 | 192 |
Total lease cost | 2,733 | 2,104 |
Cash paid for amounts included in the measurement of operating lease liabilities | 2,859 | 2,404 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,277 | $ 2,770 |
Weighted average remaining lease term - operating leases (in years) (Year) | 7 years 3 months 18 days | 7 years 9 months 18 days |
Weighted average discount rate - operating leases | 4.86% | 5.02% |
Note 8 - Commitments and Cont_5
Note 8 - Commitments and Contingencies - Minimum Rental Commitments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 2,666 |
2023 | 2,300 |
2024 | 2,104 |
2025 | 2,151 |
2026 | 2,153 |
Thereafter | 8,198 |
Adjustment to net present value as of December 31, 2021 | (3,635) |
Minimum noncancelable lease liability | $ 15,937 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized Tax Benefits, Ending Balance | $ 768 | $ 820 | $ 848 | $ 711 |
Deferred Tax Assets, Valuation Allowance, Total | 1,744 | 1,824 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 1,153 | 1,348 | ||
Deferred Tax Assets, Capital Loss Carryforwards | 492 | 521 | ||
Foreign Tax Authority [Member] | AUSTRALIA | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (100) | $ 400 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 1,400 | |||
Deferred Tax Assets, Capital Loss Carryforwards | 1,600 | |||
Foreign Tax Authority [Member] | FRANCE | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 2,100 | |||
Foreign Tax Authority [Member] | SPAIN | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 800 | |||
Foreign Tax Authority [Member] | NORWAY | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 100 | |||
State and Local Jurisdiction [Member] | ||||
Tax Credit Carryforward, Amount | $ 1,600 |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
United States | $ 34,153 | $ 25,308 | $ 17,989 |
Foreign | 134 | 2,048 | 3,690 |
Income before income taxes | $ 34,287 | $ 27,356 | $ 21,679 |
Note 9 - Income Taxes - The Pro
Note 9 - Income Taxes - The Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 5,024 | $ 4,594 | $ 1,501 |
State | 990 | 806 | 304 |
Foreign | 1,287 | 1,064 | 1,116 |
Current Income Tax Expense (Benefit), Total | 7,301 | 6,464 | 2,921 |
Deferred: | |||
Federal | 63 | (397) | 538 |
State | (9) | (48) | 144 |
Foreign | 25 | 117 | 142 |
Deferred Income Tax Expense (Benefit), Total | 79 | (328) | 824 |
Provision for income taxes | $ 7,380 | $ 6,136 | $ 3,745 |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unrecognized tax benefits at the beginning of year | $ 820 | $ 848 | $ 711 |
Additions/adjustments for tax positions of current year | 0 | 0 | 74 |
Additions/adjustments for tax positions of prior years | (52) | ||
Additions/adjustments for tax positions of prior years | 37 | 63 | |
Reductions for settlements with taxing authorities. | 0 | (65) | 0 |
Reductions for lapses of the applicable statutes of limitations | 0 | 0 | 0 |
Unrecognized tax benefits at the end of the year | $ 768 | $ 820 | $ 848 |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Inventory | $ 2,231 | $ 1,629 |
Net operating loss carryforwards | 1,153 | 1,348 |
Tax credit carryforwards | 1,033 | 1,019 |
Capital loss carryforwards | 492 | 521 |
Reserves and accruals | 712 | 994 |
Operating lease liabilities | 3,562 | 3,664 |
Intangible assets | 4,426 | 4,386 |
Stock options | 440 | 359 |
Other | 140 | 105 |
Total deferred tax assets | 14,189 | 14,025 |
Deferred tax liabilities: | ||
Property and equipment | (1,713) | (1,831) |
Goodwill | (4,825) | (4,055) |
Operating lease right-of-use assets | (3,355) | (3,503) |
Foreign branch deferred offset | (843) | (954) |
Other | (213) | (299) |
Total deferred tax liabilities | (10,949) | (10,642) |
Net deferred tax assets before valuation allowance | 3,240 | 3,383 |
Valuation allowance | (1,744) | (1,824) |
Net deferred tax liabiltity | 1,496 | 1,559 |
Deferred tax classification | ||
Deferred tax assets | 1,566 | 1,686 |
Long-term deferred tax liability | (70) | (127) |
Net long-term deferred tax asset | $ (1,496) | $ (1,559) |
Note 9 - Income Taxes - Recon_2
Note 9 - Income Taxes - Reconciliation of the Federal Statutory Rate to Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal statutory rate | 21.00% | 21.00% | 21.00% |
State tax, net of federal benefit | 2.70% | 2.20% | 1.90% |
Effect of foreign taxes | 3.70% | 1.10% | 2.10% |
Federal tax on foreign income | 0.20% | 0.40% | 0.80% |
Valuation allowance | (0.10%) | 1.40% | 0.60% |
Foreign deferred tax liability offset | (0.10%) | (0.20%) | (0.40%) |
Research & development tax credits | (0.40%) | (0.60%) | (1.20%) |
Stock options | (3.10%) | (2.30%) | (8.80%) |
Uncertain tax positions | 0.20% | 0.30% | 1.00% |
Other permanent differences | (2.40%) | (0.60%) | 0.50% |
Other | (0.20%) | (0.30%) | (0.20%) |
Effective tax rate | 21.50% | 22.40% | 17.30% |
Note 9 - Income Taxes - Schedul
Note 9 - Income Taxes - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for income taxes, net | $ 10,147 | $ 4,470 | $ 4,817 |
Note 10 - Stockholders' Equit_2
Note 10 - Stockholders' Equity (Details Textual) - USD ($) | Feb. 22, 2022 | Aug. 04, 2021 | Jul. 16, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Common Stock, Shares Authorized (in shares) | 37,000,000 | 37,000,000 | ||||
Preferred Stock, Shares Authorized (in shares) | 3,000,000 | 3,000,000 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 54.50 | |||||
Stock Issued During Period, Value, New Issues | $ 51,000,000 | $ 58,695,000 | ||||
Proceeds from Issuance of Common Stock | $ 63,241,000 | $ 5,971,000 | $ 4,856,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 5,500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 7,118,003 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 658,935 | |||||
Proceeds from Stock Options Exercised | $ 4,500,000 | $ 6,000,000 | $ 4,900,000 | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.44 | $ 0.38 | $ 0.34 | |||
Subsequent Event [Member] | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.125 | |||||
Dividends Payable | $ 2,700,000 | |||||
Dividends Payable, Date to be Paid | Mar. 24, 2022 | |||||
Dividends Payable, Date of Record | Mar. 8, 2022 | |||||
Common Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,150,000 | |||||
Stock Issued During Period, Value, New Issues | $ 12,000 | |||||
Treasury Stock, Shares, Acquired (in shares) | ||||||
Stock Repurchase Program [Member] | Common Stock [Member] | ||||||
Treasury Stock, Shares, Acquired (in shares) | 0 | |||||
Stock Repurchase Program [Member] | Common Stock [Member] | Subsequent Event [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 20,000,000 | |||||
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,500,000 | $ 1,800,000 | $ 2,100,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 13,100,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 3 months 18 days | |||||
Underwriters [Member] | ||||||
Stock Issued During Period, Value, New Issues | $ 150,000 | |||||
Proceeds from Issuance of Common Stock | $ 7,600,000 |
Note 10 - Stockholders' Equit_3
Note 10 - Stockholders' Equity - Weighted Average Assumptions (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividend yield | 0.91% | 1.02% | 0.96% |
Volatility | 46.00% | 47.30% | 42.80% |
Risk-free interest rate | 1.10% | 0.30% | 1.70% |
Weighted average expected option term (Year) | 4 years 7 months 6 days | 4 years 10 months 24 days | 4 years 8 months 12 days |
Weighted average fair value per share of options granted (in dollars per share) | $ 17.64 | $ 13.24 | $ 12.51 |
Note 10 - Stockholders' Equit_4
Note 10 - Stockholders' Equity - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding (in shares) | 931,840 | 1,047,094 | 1,462,575 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 28.22 | $ 28.22 | $ 16.41 | |
Outstanding, weighted average contractual term (Year) | 4 years 6 months | 4 years 5 months 26 days | 4 years 3 months 21 days | 4 years 6 months 14 days |
Outstanding, aggregate intrinsic value | $ 13,888 | $ 11,442 | $ 13,367 | $ 12,214 |
Granted (in shares) | 151,161 | 222,110 | 195,379 | |
Granted, weighted average exercise price (in dollars per share) | $ 48.60 | $ 36.67 | $ 35.53 | |
Exercised (in shares) | (217,121) | (331,958) | (509,693) | |
Exercised, weighted average exercise price (in dollars per share) | $ 20.95 | $ 17.99 | $ 9.53 | |
Exercised, aggregate intrinsic value | $ 6,975 | $ 5,413 | $ 11,488 | |
Canceled / Expired (in shares) | (19,126) | (5,406) | (101,167) | |
Canceled / Expired, weighted average exercise price (in dollars per share) | $ 23.18 | $ 27.49 | $ 17.90 | |
Outstanding (in shares) | 846,754 | 931,840 | 1,047,094 | 1,462,575 |
Outstanding, weighted average exercise price (in dollars per share) | $ 33.83 | $ 28.22 | $ 28.22 | $ 16.41 |
Exercisable (in shares) | 301,692 | 274,411 | 309,501 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 27.40 | $ 23.08 | $ 19.64 | |
Exercisable, weighted average contractual term (Year) | 3 years 3 months 18 days | 3 years 6 months | 3 years 6 months | |
Exercisable, aggregate intrinsic value | $ 6,886 | $ 4,781 | $ 5,047 | |
Expected to vest (in shares) | 545,062 | 657,429 | 737,593 | |
Expected to vest, weighted average exercise price (in dollars per share) | $ 37.38 | $ 30.37 | $ 24.68 | |
Expected to vest, weighted average contractual term (Year) | 5 years 1 month 28 days | 4 years 11 months 4 days | 4 years 7 months 24 days |
Note 10 - Stockholders' Equit_5
Note 10 - Stockholders' Equity - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Outstanding (in shares) | 147,015 | 188,681 | 217,895 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 30.24 | $ 26.14 | $ 21.21 | |
Granted (in shares) | 48,298 | 46,146 | 56,567 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 48.65 | $ 36.86 | $ 35.41 | |
Vested (in shares) | (51,414) | (50,669) | (61,058) | [1] |
Vested, weighted average grant date fair value (in dollars per share) | $ 26.32 | $ 22.76 | $ 18.46 | [1] |
Canceled (in shares) | (10,068) | (37,143) | (24,723) | |
Canceled, weighted average grant date fair value (in dollars per share) | $ 30.70 | $ 27.88 | $ 22.19 | |
Outstanding (in shares) | 133,831 | 147,015 | 188,681 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 38.26 | $ 30.24 | $ 26.14 | |
[1] | The number of RSUs vested includes the shares that we withheld on behalf of employees to satisfy minimum statutory tax withholding requirements. The fair values of the RSUs that vested during 2020, 2019 and 2018 were $1.8 million, $2.1 million, and $1.9 million, respectively. |
Note 10 - Stockholders' Equit_6
Note 10 - Stockholders' Equity - Summary of PBS Activity (Details) - Performance Shares [Member] | 12 Months Ended | |
Dec. 31, 2021$ / sharesshares | ||
Outstanding (in shares) | shares | 0 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | |
Granted (in shares) | shares | 31,181 | |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 48.60 | |
Vested (in shares) | shares | 0 | [1] |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | [1] |
Canceled (in shares) | shares | 0 | |
Canceled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | |
Outstanding (in shares) | shares | 31,181 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 48.60 | |
[1] | The number of RSUs vested includes the shares that we withheld on behalf of employees to satisfy minimum statutory tax withholding requirements. The fair values of the RSUs that vested during 2020, 2019 and 2018 were $1.8 million, $2.1 million, and $1.9 million, respectively. |
Note 10 - Stockholders' Equit_7
Note 10 - Stockholders' Equity - Summary of Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares of common stock repurchased for net settlement of equity awards (in shares) | 16,333 | 16,537 | 20,524 |
Restricted Stock Units (RSUs) [Member] | |||
Average per share repurchase price (in dollars per share) | $ 49.10 | $ 34.47 | $ 33.28 |
Aggregage purchase price (in thousands) | $ 802 | $ 570 | $ 683 |
Note 10 - Stockholders' Equit_8
Note 10 - Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock-based compensation | $ 3,479 | $ 3,022 | $ 2,642 |
Cost of Sales [Member] | |||
Stock-based compensation | 407 | 333 | 310 |
Sales [Member] | |||
Stock-based compensation | 527 | 516 | 544 |
General and Administrative Expense [Member] | |||
Stock-based compensation | 2,185 | 1,883 | 1,509 |
Research and Development Expense [Member] | |||
Stock-based compensation | 360 | 290 | 279 |
Share-based Payment Arrangement, Option [Member] | |||
Stock-based compensation | 2,199 | 1,938 | 1,580 |
Restricted Stock Units (RSUs) [Member] | |||
Stock-based compensation | 1,247 | 1,084 | 1,062 |
Performance Shares [Member] | |||
Stock-based compensation | $ 33 | $ 0 | $ 0 |
Note 10 - Stockholders' Equit_9
Note 10 - Stockholders' Equity - Dividend Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Per share amount (in dollars per share) | $ 0.44 | $ 0.38 | $ 0.34 |
Quarterly Dividends 1 [Member] | |||
Payment date | Mar. 25, 2021 | Mar. 19, 2020 | |
Per share amount (in dollars per share) | $ 0.110 | $ 0.095 | |
Dividend payment | $ 2,262 | $ 1,917 | |
Quarterly Dividends 2 [Member] | |||
Payment date | Jun. 3, 2021 | Jun. 4, 2020 | |
Per share amount (in dollars per share) | $ 0.110 | $ 0.095 | |
Dividend payment | $ 2,267 | $ 1,917 | |
Quarterly Dividends 3 [Member] | |||
Payment date | Sep. 9, 2021 | Sep. 10, 2020 | |
Per share amount (in dollars per share) | $ 0.110 | $ 0.095 | |
Dividend payment | $ 2,401 | $ 1,925 | |
Quarterly Dividends 4 [Member] | |||
Payment date | Dec. 2, 2021 | Dec. 3, 2020 | |
Per share amount (in dollars per share) | $ 0.110 | $ 0.095 | |
Dividend payment | $ 2,405 | $ 1,936 |
Note 11 - Profit-sharing Plan (
Note 11 - Profit-sharing Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution, Plan Employers Matching Contribution, Annual Vesting Period (Year) | 6 years | ||
Deferred Profit Sharing [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.5 | $ 0.3 | $ 0.4 |
Note 12 - Segment and Enterpr_3
Note 12 - Segment and Enterprise-wide Disclosures (Details Textual) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2021 | |
Number of Operating Segments | 1 | 1 |
Note 12 - Segment and Enterpr_4
Note 12 - Segment and Enterprise-wide Disclosures - Net Sales to Unaffiliated Customers by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales | $ 39,503 | $ 38,368 | $ 40,670 | $ 35,883 | $ 37,548 | $ 36,416 | $ 24,851 | $ 30,551 | $ 154,424 | $ 129,366 | $ 117,232 |
UNITED STATES | |||||||||||
Net sales | 93,866 | 75,222 | 63,130 | ||||||||
GERMANY | |||||||||||
Net sales | 12,968 | 12,365 | 12,400 | ||||||||
Other Countries [Member] | |||||||||||
Net sales | $ 47,590 | $ 41,779 | $ 41,702 |
Note 12 - Segment and Enterpr_5
Note 12 - Segment and Enterprise-wide Disclosures - Long-term Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term Assets | $ 32,130 | $ 31,102 |
UNITED STATES | ||
Long-term Assets | 28,402 | 27,660 |
FRANCE | ||
Long-term Assets | 1,038 | 1,140 |
GERMANY | ||
Long-term Assets | 781 | 1,138 |
Other Countries [Member] | ||
Long-term Assets | $ 1,909 | $ 1,164 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | Oct. 11, 2019 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (674) | $ 182 | $ 171 | |||
Artegraft Inc [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 17,500 | |||||
Business Combination, Contingent Consideration, Liability, Total | 400 | |||||
CardioCel and VascuCel Biologic Patches [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 7,800 | |||||
Business Combination, Contingent Consideration, Liability, Total | $ 2,000 | $ 7,500 | ||||
CardioCel and VascuCel Biologic Patches [Member] | Audited Carve-Out Financial Statements of the Acquired Business [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 300 | |||||
CardioCel and VascuCel Biologic Patches [Member] | Third Holdback [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 2,000 | |||||
Business Combination, Contingent Consideration, Liability, Total | 2,000 | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (500) | |||||
CardioCel and VascuCel Biologic Patches [Member] | Extension of Product Shelf Life from 36 Months to 60 Months in the First Anniversary of Closing Date [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 500 | |||||
Business Combination, Contingent Consideration, Liability, Total | 500 | |||||
CardioCel and VascuCel Biologic Patches [Member] | Achievement of Specified Levels of Revenues [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 5,000 | |||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||||
Assets, Fair Value Disclosure | $ 0 | |||||
Fair Value, Inputs, Level 3 [Member] | CardioCel and VascuCel Biologic Patches [Member] | ||||||
Business Combination, Contingent Consideration, Liability, Total | $ 2,300 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Rollforward of the Fair Value as Determined by Level 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning balance | $ 2,240 | $ 1,764 | $ 72 |
Additions | 0 | 406 | 1,989 |
Payments | 0 | 0 | (309) |
Change in fair value included in earnings | (748) | 70 | 12 |
Ending balance | $ 1,492 | $ 2,240 | $ 1,764 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 172,572 | $ 148,141 | $ 130,235 |
Balance | 254,151 | 172,572 | 148,141 |
AOCI Attributable to Parent [Member] | |||
Balance | (1,525) | (4,007) | (3,900) |
Other comprehensive income (loss) before reclassifications | (1,910) | 2,482 | (107) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Balance | $ (3,435) | $ (1,525) | $ (4,007) |
Note 15 - Quarterly Financial_3
Note 15 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total net sales | $ 39,503 | $ 38,368 | $ 40,670 | $ 35,883 | $ 37,548 | $ 36,416 | $ 24,851 | $ 30,551 | $ 154,424 | $ 129,366 | $ 117,232 |
Gross profit | 25,956 | 24,866 | 26,761 | 23,799 | 24,402 | 22,704 | 17,029 | 20,483 | 101,382 | 84,618 | 79,853 |
Income from operations | 8,301 | 9,073 | 11,106 | 7,945 | 9,545 | 10,018 | 4,872 | 4,353 | 36,425 | 28,788 | 21,183 |
Net income | $ 6,175 | $ 6,504 | $ 8,299 | $ 5,929 | $ 7,033 | $ 7,513 | $ 3,500 | $ 3,174 | $ 26,907 | $ 21,220 | $ 17,934 |
Basic: | |||||||||||
Basic (in dollars per share) | $ 0.28 | $ 0.30 | $ 0.40 | $ 0.29 | $ 0.35 | $ 0.37 | $ 0.17 | $ 0.16 | $ 1.27 | $ 1.05 | $ 0.91 |
Diluted (in dollars per share) | $ 0.28 | $ 0.30 | $ 0.40 | $ 0.28 | $ 0.34 | $ 0.37 | $ 0.17 | $ 0.16 | $ 1.25 | $ 1.04 | $ 0.88 |
Total net sales | $ 39,503 | $ 38,368 | $ 40,670 | $ 35,883 | $ 37,548 | $ 36,416 | $ 24,851 | $ 30,551 | $ 154,424 | $ 129,366 | $ 117,232 |
Gross profit | 25,956 | 24,866 | 26,761 | 23,799 | 24,402 | 22,704 | 17,029 | 20,483 | 101,382 | 84,618 | 79,853 |
Income from operations | 8,301 | 9,073 | 11,106 | 7,945 | 9,545 | 10,018 | 4,872 | 4,353 | 36,425 | 28,788 | 21,183 |
Net income | $ 6,175 | $ 6,504 | $ 8,299 | $ 5,929 | $ 7,033 | $ 7,513 | $ 3,500 | $ 3,174 | $ 26,907 | $ 21,220 | $ 17,934 |