Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
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 | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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, $0.01 par value per share | |
Trading Symbol | LMAT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 21,951,998 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 15,560 | $ 13,855 |
Short-term marketable securities | 55,322 | 56,104 |
Accounts receivable, net of allowances of $777 at March 31, 2022 and $679 at December 31, 2021 | 21,386 | 19,631 |
Inventory and other deferred costs | 46,664 | 46,104 |
Prepaid expenses and other current assets | 2,479 | 4,189 |
Total current assets | 141,411 | 139,883 |
Property and equipment, net | 16,683 | 17,059 |
Right-of-use leased assets | 14,687 | 15,071 |
Goodwill | 65,945 | 65,945 |
Other intangibles, net | 51,194 | 52,710 |
Deferred tax assets | 1,977 | 1,566 |
Other assets | 556 | 568 |
Total assets | 292,453 | 292,802 |
Liabilities and stockholders’ equity | ||
Accounts payable | 2,194 | 2,340 |
Accrued expenses | 12,918 | 16,332 |
Acquisition-related obligations | 1,283 | 1,271 |
Lease liabilities - short-term | 1,872 | 1,870 |
Total current liabilities | 18,267 | 21,813 |
Lease liabilities - long-term | 13,705 | 14,067 |
Deferred tax liabilities | 68 | 70 |
Other long-term liabilities | 2,626 | 2,701 |
Total liabilities | 34,666 | 38,651 |
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 23,509,859 shares at March 31, 2022, and 23,477,784 shares at December 31, 2021 | 235 | 235 |
Additional paid-in capital | 183,305 | 181,630 |
Retained earnings | 91,420 | 88,125 |
Accumulated other comprehensive loss | (4,624) | (3,435) |
Treasury stock, at cost; 1,557,921 shares at March 31, 2022 and 1,554,905 shares at December 31, 2021 | (12,549) | (12,404) |
Total stockholders’ equity | 257,787 | 254,151 |
Total liabilities and stockholders’ equity | $ 292,453 | $ 292,802 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts receivable, allowances | $ 777 | $ 679 |
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) | 23,509,859 | 23,477,784 |
Treasury stock, at cost (in shares) | 1,557,921 | 1,554,905 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Sales | $ 39,561 | $ 35,883 |
Cost of sales | 13,599 | 12,084 |
Gross profit | 25,962 | 23,799 |
Sales and marketing | 7,850 | 6,466 |
General and administrative | 7,252 | 6,544 |
Research and development | 2,932 | 2,844 |
Total operating expenses | 18,034 | 15,854 |
Income from operations | 7,928 | 7,945 |
Other income (expense): | ||
Interest income | 108 | 1 |
Interest expense | 0 | (577) |
Foreign currency gain (loss) | (40) | 124 |
Income before income taxes | 7,996 | 7,493 |
Provision for income taxes | 1,958 | 1,564 |
Net income | $ 6,038 | $ 5,929 |
Earnings per share of common stock: | ||
Basic (in dollars per share) | $ 0.28 | $ 0.29 |
Diluted (in dollars per share) | $ 0.27 | $ 0.28 |
Weighted-average shares outstanding: | ||
Basic (in shares) | 21,935 | 20,546 |
Diluted (in shares) | 22,103 | 20,847 |
Cash dividends declared per common share (in dollars per share) | $ 0.125 | $ 0.110 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 6,038 | $ 5,929 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment, net | (300) | (937) |
Unrealized gain (loss) on short-term marketable securities | (889) | (1) |
Total other comprehensive income (loss) | (1,189) | (938) |
Comprehensive income | $ 4,849 | $ 4,991 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 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 | 5,929 | 5,929 | ||||
Other comprehensive income (loss) | (938) | (938) | ||||
Issuance of common stock for stock options exercised (in shares) | 63,895 | |||||
Issuance of common stock for stock options exercised | $ 0 | 1,385 | 1,385 | |||
Vested restricted stock units (in shares) | 5,974 | |||||
Vested restricted stock units | $ 0 | 0 | ||||
Repurchase of common stock for net settlement of equity awards (in shares) | 2,241 | |||||
Repurchase of common stock for net settlement of equity awards | $ (88) | (88) | ||||
Stock-based compensation expense | 927 | 927 | ||||
Common stock dividend paid | (2,262) | (2,262) | ||||
Balance (in shares) at Mar. 31, 2021 | 22,131,423 | 1,540,813 | ||||
Balance at Mar. 31, 2021 | $ 221 | 117,236 | 74,221 | (2,463) | $ (11,690) | 177,525 |
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 |
Net income | 6,038 | 6,038 | ||||
Other comprehensive income (loss) | (1,189) | (1,189) | ||||
Issuance of common stock for stock options exercised (in shares) | 24,917 | |||||
Issuance of common stock for stock options exercised | $ 0 | 508 | 508 | |||
Vested restricted stock units (in shares) | 7,158 | |||||
Vested restricted stock units | $ 0 | 0 | ||||
Repurchase of common stock for net settlement of equity awards (in shares) | 3,016 | |||||
Repurchase of common stock for net settlement of equity awards | $ (145) | (145) | ||||
Stock-based compensation expense | 1,167 | 1,167 | ||||
Common stock dividend paid | (2,743) | (2,743) | ||||
Balance (in shares) at Mar. 31, 2022 | 23,509,859 | 1,557,921 | ||||
Balance at Mar. 31, 2022 | $ 235 | $ 183,305 | $ 91,420 | $ (4,624) | $ (12,549) | $ 257,787 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities | ||
Net income | $ 6,038 | $ 5,929 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,373 | 2,624 |
Stock-based compensation | 1,167 | 927 |
Fair value adjustment to contingent consideration obligations | (32) | 47 |
Provision for doubtful accounts | 60 | 59 |
Provision for inventory write-downs | 498 | 1,005 |
Foreign currency transaction loss | (428) | 33 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,951) | (857) |
Inventory and other deferred costs | (1,267) | (1,346) |
Prepaid expenses and other assets | 1,692 | 638 |
Accounts payable and other liabilities | (3,439) | (2,985) |
Net cash provided by operating activities | 4,711 | 6,074 |
Investing activities | ||
Purchases of property and equipment and other assets | (536) | (1,059) |
Purchases of short-term marketable securities | 0 | (1) |
Net cash used in investing activities | (536) | (1,060) |
Financing activities | ||
Payments of long-term debt | 0 | (7,000) |
Proceeds from stock option exercises | 508 | 1,385 |
Purchase of treasury stock for net settlement of equity awards | (145) | (88) |
Common stock cash dividend paid | (2,743) | (2,262) |
Net cash used in financing activities | (2,380) | (7,965) |
Effect of exchange rate changes on cash and cash equivalents | (90) | (288) |
Net increase (decrease) in cash and cash equivalents | 1,705 | (3,239) |
Cash and cash equivalents at beginning of period | 13,855 | 26,764 |
Cash and cash equivalents at end of period | $ 15,560 | $ 23,525 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis for Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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 segment in which our principal product lines include the following: anastomotic clips, angioscopes, biologic vascular and dialysis grafts, biologic vascular and cardiac patches, carotid shunts, embolectomy catheters, occlusion catheters, radiopaque marking tape, synthetic vascular grafts and valvulotomes. Our offices and production facilities are located in Burlington, Massachusetts; Fox River Grove, Illinois; North Brunswick, New Jersey; Chandler, Arizona; Vaughan, Canada; Sulzbach, Germany; Milan, Italy; Madrid, Spain; Saint-Etienne, France; Hereford, England; Kensington, Australia; Tokyo, Japan; Shanghai, China; and Singapore. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10 10 X. not may three March 31, 2022 not December 31, 2021, 10 February 28, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Due to the COVID- 19 19 not May 10, 2022, 10 Consolidation Our consolidated financial statements include the accounts of LeMaitre Vascular and the accounts of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. 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. 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): Three months ended March 31, 2022 2021 ($ in thousands) Americas $ 26,543 $ 23,699 Europe, Middle East and Africa 10,494 9,862 Asia Pacific 2,524 2,322 Total $ 39,561 $ 35,883 We do not no not no Customers returning products may 18 twelve 30 not not Recent Accounting Pronouncements In December 2019, 2019 12 740 740, 740. January 1, 2021. not |
Note 2 - Income Tax Expense
Note 2 - Income Tax Expense | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 2. As part of the process of preparing our consolidated financial statements we are required to determine our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax expense together with assessing temporary differences resulting from recognition of items for income tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from taxable income during the carryback period or in the future; and to the extent we believe that recovery is not not, not We recognize, measure, present and disclose in our financial statements any uncertain tax positions that we have taken, or expect to take on a tax return. We operate in multiple taxing jurisdictions, both within and without the United States, and may Our policy is to classify interest and penalties related to unrecognized tax benefits as income tax expense. Our 2022 2021 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 March 31, 2022, 2030. Three months ended March 31, 2022 (in thousands) Unrecognized tax benefits as of December 31, 2021 $ 768 Additions/adjustments for tax positions of current year - Additions/adjustments for tax positions of prior years (19 ) Reductions for settlements with taxing authorities - Reductions for lapses of the applicable statutes of limitations - Unrecognized tax benefits as of March 31, 2022 $ 749 As of March 31, 2022, United States 2018 Foreign 2014 |
Note 3 - Inventories and Other
Note 3 - Inventories and Other Deferred Costs | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory and Other Deferred Costs Disclosure [Text Block] | 3. Inventories and other deferred costs consist of the following: March 31, 2022 December 31, 2021 (in thousands) Raw materials $ 12,451 $ 5,945 Work-in-process 3,273 9,416 Finished products 25,624 25,286 Other deferred costs 5,316 5,457 Total inventory and other deferred costs $ 46,664 $ 46,104 We had inventory on consignment at customer sites of $2.0 million and $2.1 million at March 31, 2022 December 31, 2021, In connection with our RestoreFlow allograft business, other deferred costs include costs incurred for the preservation of human tissues available for shipment, tissues currently in active processing, and tissues held in quarantine pending release to implantable status. By U.S. federal law, human tissues cannot be bought or sold. Therefore, the tissues we preserve are not |
Note 4 - Acquisitions
Note 4 - Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. Our 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 the 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 the Product have been sold to third January 1, 2022 December 31, 2022; ● $5.8 million upon final determination that 28,800 units of the 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: Estimated Allocated Useful Life Fair Value (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 (less a deduction described below) following LeMaitre’s receipt of a CE mark under MDR regulations on all acquired products (the Third Holdback Amount) on a schedule described below. 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, 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 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 Allocated Average Fair Value Useful Life (years) (in thousands) Customer relationships $ 5,562 12.0 Intellectual property 2,335 8.0 Non-compete agreement 361 5.0 Tradenames 467 8.0 Total intangible assets $ 8,725 The weighted-average amortization period of the acquired intangible assets was 10.4 years. |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. There was no three March 31, 2022. March 31, 2022 December 31, 2021 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 $ 11,180 $ 18,369 $ 29,549 $ 10,473 $ 19,076 Trademarks, tradenames and licenses 3,647 1,233 2,414 3,647 1,139 2,508 Customer relationships 36,197 6,324 29,873 36,197 5,674 30,523 Other intangible assets 1,461 923 538 1,461 858 603 Total identifiable intangible assets $ 70,854 $ 19,660 $ 51,194 $ 70,854 $ 18,144 $ 52,710 These assets are being amortized over useful lives ranging from 2 March 31, 2022 Three months ended March 31, 2022 2021 (in thousands) Amortization expense $ 1,516 $ 1,566 We estimate that amortization expense for the remainder of 2022 five Year ended December 31, 2022 2023 2024 2025 2026 2027 (in thousands) Amortization expense $ 4,500 $ 5,884 $ 5,702 $ 5,464 $ 4,997 $ 4,720 |
Note 6 - Revolving Line of Cred
Note 6 - Revolving Line of Credit and Long-term Debt | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021, three March 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 was 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. At March 31, 2021, 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 March 31, 2021, $6.5 three March 31, 2021 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. 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 March 31, 2022. 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 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: Three Months Ended March 31, 2022 2021 Lease cost Operating lease cost 525 607 Short-term lease cost 163 64 Total lease cost $ 688 $ 671 Other information Cash paid for amounts included in the measurement of operating lease liabilities $ 674 $ 748 Right-of-use assets obtained in exchange for new operating lease liabilities $ 141 $ 16 Weighted average remaining lease term in years - operating leases 7.6 8.0 Weighted average discount rate - operating leases 4.90 % 5.02 % At March 31, 2022, one Remainder of 2022 $ 2,061 Year ending March 31, 2023 2,349 2024 2,092 2025 2,141 2026 2,143 2027 2,124 Thereafter 6,049 Adjustment to net present value as of March 31, 2022 (3,382 ) Minimum noncancelable lease liability $ 15,577 |
Note 8 - Accrued Expenses and O
Note 8 - Accrued Expenses and Other Long-term Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block] | 8. Accrued expenses consist of the following: March 31, 2022 December 31, 2021 (in thousands) Compensation and related taxes $ 6,705 $ 10,236 Income and other taxes 1,211 551 Professional fees 202 129 Other 4,800 5,416 Total $ 12,918 $ 16,332 Other long-term liabilities consist of the following: March 31, 2022 December 31, 2021 (in thousands) Aquisition-related liabilities $ 1,712 $ 1,761 Income taxes 766 799 Other 148 141 Total $ 2,626 $ 2,701 |
Note 9 - Segment and Enterprise
Note 9 - Segment and Enterprise-wide Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9. 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: Three months ended March 31, 2022 2021 (in thousands) United States $ 24,264 $ 21,968 Germany 2,991 3,063 Other countries 12,306 10,852 Net Sales $ 39,561 $ 35,883 |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. Our Third Amended and Restated 2006 Three months ended March 31, 2022 2021 (in thousands) Stock option awards $ 619 $ 594 Restricted stock units 408 333 Performance-based restricted stock units 140 - Total share-based compensation $ 1,167 $ 927 Stock-based compensation is included in our statements of operations as follows: Three months ended March 31, 2022 2021 (in thousands) Cost of sales $ 138 $ 100 Sales and marketing 209 169 General and administrative 712 561 Research and development 108 97 Total stock-based compensation $ 1,167 $ 927 We did not three March 31, 2022 2021. three March 31, 2022 2021, three March 31, 2022 2021, |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. The computation of basic and diluted net income per share was as follows: Three months ended March 31, 2022 2021 (in thousands, except per share data) Basic: Net income available for common stockholders $ 6,038 $ 5,929 Weighted average shares outstanding 21,935 20,546 Basic earnings per share $ 0.28 $ 0.29 Diluted: Net income available for common stockholders $ 6,038 $ 5,929 Weighted-average shares outstanding 21,935 20,546 Common stock equivalents, if dilutive 168 301 Shares used in computing diluted earnings per common share 22,103 20,847 Diluted earnings per share $ 0.27 $ 0.28 Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive 430 256 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 12. Equity Share Repurchase Program 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 2022 March 8, 2022 March 24, 2022 $ 0.125 $ 2,743 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 On April 26, 2022, June 2, 2022 May 17, 2022 |
Note 13 - Supplemental Cash Flo
Note 13 - Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 13. For the three months ended March 31, 2022 2021 (in thousands) Cash paid for income taxes, net $ 731 $ 337 |
Note 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 14. 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 March 31, 2022 We had no 2 March 31, 2022. As discussed in Note 4, 3 2020 first three During 2019, first 12 24 November 2019 first 12 24 not August 2021 may The following table provides a rollforward of the fair value of these liabilities, as determined by Level 3 Three months ended March 31, 2022 2021 (in thousands) Beginning balance $ 1,492 $ 2,240 Additions - - Payments - - Change in fair value included in earnings 14 30 Ending balance $ 1,506 $ 2,270 |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. Changes to our accumulated other comprehensive loss for the three March 31, 2022 2021 Three months ended March 31, 2022 2021 (in thousands) Beginning balance $ (3,435 ) $ (1,525 ) Other comprehensive income (loss) before reclassifications (1,189 ) (938 ) Amounts reclassified from accumulated other comprehensive loss - - Ending Balance $ (4,624 ) $ (2,463 ) |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. On April 26, 2022, June 30, 2022. 2022. In April 2022, January 2023. In April 2022, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10 10 X. not may three March 31, 2022 not December 31, 2021, 10 February 28, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Due to the COVID- 19 19 not May 10, 2022, 10 |
Consolidation, Policy [Policy Text Block] | Consolidation Our consolidated financial statements include the accounts of LeMaitre Vascular and the accounts of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
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. 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): Three months ended March 31, 2022 2021 ($ in thousands) Americas $ 26,543 $ 23,699 Europe, Middle East and Africa 10,494 9,862 Asia Pacific 2,524 2,322 Total $ 39,561 $ 35,883 We do not no not no Customers returning products may 18 twelve 30 not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In December 2019, 2019 12 740 740, 740. January 1, 2021. not |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis for Presentation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended March 31, 2022 2021 ($ in thousands) Americas $ 26,543 $ 23,699 Europe, Middle East and Africa 10,494 9,862 Asia Pacific 2,524 2,322 Total $ 39,561 $ 35,883 |
Note 2 - Income Tax Expense (Ta
Note 2 - Income Tax Expense (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Three months ended March 31, 2022 (in thousands) Unrecognized tax benefits as of December 31, 2021 $ 768 Additions/adjustments for tax positions of current year - Additions/adjustments for tax positions of prior years (19 ) Reductions for settlements with taxing authorities - Reductions for lapses of the applicable statutes of limitations - Unrecognized tax benefits as of March 31, 2022 $ 749 |
Note 3 - Inventories and Othe_2
Note 3 - Inventories and Other Deferred Costs (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2022 December 31, 2021 (in thousands) Raw materials $ 12,451 $ 5,945 Work-in-process 3,273 9,416 Finished products 25,624 25,286 Other deferred costs 5,316 5,457 Total inventory and other deferred costs $ 46,664 $ 46,104 |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Estimated Allocated Useful Life Fair Value (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 Allocated Average Fair Value Useful Life (years) (in thousands) Customer relationships $ 5,562 12.0 Intellectual property 2,335 8.0 Non-compete agreement 361 5.0 Tradenames 467 8.0 Total intangible assets $ 8,725 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2022 December 31, 2021 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 $ 11,180 $ 18,369 $ 29,549 $ 10,473 $ 19,076 Trademarks, tradenames and licenses 3,647 1,233 2,414 3,647 1,139 2,508 Customer relationships 36,197 6,324 29,873 36,197 5,674 30,523 Other intangible assets 1,461 923 538 1,461 858 603 Total identifiable intangible assets $ 70,854 $ 19,660 $ 51,194 $ 70,854 $ 18,144 $ 52,710 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Three months ended March 31, 2022 2021 (in thousands) Amortization expense $ 1,516 $ 1,566 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ended December 31, 2022 2023 2024 2025 2026 2027 (in thousands) Amortization expense $ 4,500 $ 5,884 $ 5,702 $ 5,464 $ 4,997 $ 4,720 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2022 2021 Lease cost Operating lease cost 525 607 Short-term lease cost 163 64 Total lease cost $ 688 $ 671 Other information Cash paid for amounts included in the measurement of operating lease liabilities $ 674 $ 748 Right-of-use assets obtained in exchange for new operating lease liabilities $ 141 $ 16 Weighted average remaining lease term in years - operating leases 7.6 8.0 Weighted average discount rate - operating leases 4.90 % 5.02 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Remainder of 2022 $ 2,061 Year ending March 31, 2023 2,349 2024 2,092 2025 2,141 2026 2,143 2027 2,124 Thereafter 6,049 Adjustment to net present value as of March 31, 2022 (3,382 ) Minimum noncancelable lease liability $ 15,577 |
Note 8 - Accrued Expenses and_2
Note 8 - Accrued Expenses and Other Long-term Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2022 December 31, 2021 (in thousands) Compensation and related taxes $ 6,705 $ 10,236 Income and other taxes 1,211 551 Professional fees 202 129 Other 4,800 5,416 Total $ 12,918 $ 16,332 |
Other Noncurrent Liabilities [Table Text Block] | March 31, 2022 December 31, 2021 (in thousands) Aquisition-related liabilities $ 1,712 $ 1,761 Income taxes 766 799 Other 148 141 Total $ 2,626 $ 2,701 |
Note 9 - Segment and Enterpri_2
Note 9 - Segment and Enterprise-wide Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three months ended March 31, 2022 2021 (in thousands) United States $ 24,264 $ 21,968 Germany 2,991 3,063 Other countries 12,306 10,852 Net Sales $ 39,561 $ 35,883 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Three months ended March 31, 2022 2021 (in thousands) Stock option awards $ 619 $ 594 Restricted stock units 408 333 Performance-based restricted stock units 140 - Total share-based compensation $ 1,167 $ 927 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended March 31, 2022 2021 (in thousands) Cost of sales $ 138 $ 100 Sales and marketing 209 169 General and administrative 712 561 Research and development 108 97 Total stock-based compensation $ 1,167 $ 927 |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2022 2021 (in thousands, except per share data) Basic: Net income available for common stockholders $ 6,038 $ 5,929 Weighted average shares outstanding 21,935 20,546 Basic earnings per share $ 0.28 $ 0.29 Diluted: Net income available for common stockholders $ 6,038 $ 5,929 Weighted-average shares outstanding 21,935 20,546 Common stock equivalents, if dilutive 168 301 Shares used in computing diluted earnings per common share 22,103 20,847 Diluted earnings per share $ 0.27 $ 0.28 Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive 430 256 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Dividends Payable [Table Text Block] | Record Date Payment Date Per Share Amount Dividend Payment (in thousands) Fiscal Year 2022 March 8, 2022 March 24, 2022 $ 0.125 $ 2,743 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 |
Note 13 - Supplemental Cash F_2
Note 13 - Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the three months ended March 31, 2022 2021 (in thousands) Cash paid for income taxes, net $ 731 $ 337 |
Note 14 - Fair Value Measurem_2
Note 14 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three months ended March 31, 2022 2021 (in thousands) Beginning balance $ 1,492 $ 2,240 Additions - - Payments - - Change in fair value included in earnings 14 30 Ending balance $ 1,506 $ 2,270 |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three months ended March 31, 2022 2021 (in thousands) Beginning balance $ (3,435 ) $ (1,525 ) Other comprehensive income (loss) before reclassifications (1,189 ) (938 ) Amounts reclassified from accumulated other comprehensive loss - - Ending Balance $ (4,624 ) $ (2,463 ) |
Note 1 - Organization and Bas_3
Note 1 - Organization and Basis for Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Minimum [Member] | |
Period of Payments Received from Customers (Day) | 30 days |
Maximum [Member] | |
Period of Payments Received from Customers (Day) | 60 days |
Note 1 - Organization and Bas_4
Note 1 - Organization and Basis for Presentation - Disaggregation of Revenue by Major Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 39,561 | $ 35,883 |
Americas [Member] | ||
Revenue | 26,543 | 23,699 |
EMEA [Member] | ||
Revenue | 10,494 | 9,862 |
Asia Pacific [Member] | ||
Revenue | $ 2,524 | $ 2,322 |
Note 2 - Income Tax Expense (De
Note 2 - Income Tax Expense (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Unrecognized Tax Benefits, Ending Balance | $ 749,000 | $ 768,000 |
Domestic Tax Authority [Member] | ||
Open Tax Year | 2018 2019 2020 2021 | |
Foreign Tax Authority [Member] | ||
Open Tax Year | 2014 2015 2016 2017 2018 2019 2020 2021 |
Note 2 - Income Tax Expense - R
Note 2 - Income Tax Expense - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Unrecognized tax benefits | $ 768,000 |
Additions/adjustments for tax positions of current year | 0 |
Additions/adjustments for tax positions of prior years | (19,000) |
Reductions for settlements with taxing authorities | 0 |
Reductions for lapses of the applicable statutes of limitations | 0 |
Unrecognized tax benefits | $ 749,000 |
Note 3 - Inventories and Othe_3
Note 3 - Inventories and Other Deferred Costs (Details Textual) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross | $ 2 | $ 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 12,451 | $ 5,945 |
Work-in-process | 3,273 | 9,416 |
Finished products | 25,624 | 25,286 |
Other deferred costs | 5,316 | 5,457 |
Total inventory and other deferred costs | $ 46,664 | $ 46,104 |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) | Jun. 22, 2020USD ($) | Oct. 11, 2019USD ($) | Mar. 31, 2022USD ($) | Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (32,000) | $ 47,000 | |||||
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) | ||||||
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% | 75.00% | |||||
CardioCel and VascuCel Biologic Patches [Member] | Third Holdback [Member] | VascuCel Product [Member] | |||||||
Business Combination, Contingent Consideration, Liability, Percent | 25.00% | 25.00% | |||||
CardioCel and VascuCel Biologic Patches [Member] | Maximum [Member] | Biological Patch Business Assets [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 15,300,000 |
Note 4 - Acquisitions - Assets
Note 4 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 22, 2020 | Oct. 11, 2019 |
Goodwill | $ 65,945 | $ 65,945 | ||
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 | |||
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 |
Note 4 - Acquisitions - Acquire
Note 4 - 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 | $ 8,725 | |
Applied Medical [Member] | Customer Relationships [Member] | ||
Allocated Fair Value | $ 5,562 | |
Weighted Average Useful Life (Year) | 12 years | |
Applied Medical [Member] | Intellectual Property [Member] | ||
Allocated Fair Value | $ 2,335 | |
Weighted Average Useful Life (Year) | 8 years | |
Applied Medical [Member] | Noncompete Agreements [Member] | ||
Allocated Fair Value | $ 361 | |
Weighted Average Useful Life (Year) | 5 years | |
Applied Medical [Member] | Trade Names [Member] | ||
Allocated Fair Value | $ 467 | |
Weighted Average Useful Life (Year) | 8 years |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
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 1 month 6 days |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Gross carrying value | $ 70,854 | $ 70,854 |
Accumulated amortization | 19,660 | 18,144 |
Net carrying value | 51,194 | 52,710 |
Product Technology and Intellectual Property [Member] | ||
Gross carrying value | 29,549 | 29,549 |
Accumulated amortization | 11,180 | 10,473 |
Net carrying value | 18,369 | 19,076 |
Trademarks, Tradenames and Licenses [Member] | ||
Gross carrying value | 3,647 | 3,647 |
Accumulated amortization | 1,233 | 1,139 |
Net carrying value | 2,414 | 2,508 |
Customer Relationships [Member] | ||
Gross carrying value | 36,197 | 36,197 |
Accumulated amortization | 6,324 | 5,674 |
Net carrying value | 29,873 | 30,523 |
Other Intangible Assets [Member] | ||
Gross carrying value | 1,461 | 1,461 |
Accumulated amortization | 923 | 858 |
Net carrying value | $ 538 | $ 603 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Amortization Expense Included in General and Administrative Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization expense | $ 1,516 | $ 1,566 |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Estimated Amortization Expense for Each of Five Succeeding Fiscal Years (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2022 | $ 4,500 |
2023 | 5,884 |
2024 | 5,702 |
2025 | 5,464 |
2026 | 4,997 |
2027 | $ 4,720 |
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 | Mar. 31, 2021 | Dec. 31, 2021 |
Debt Instrument, Face Amount | $ 65 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.20% | ||
Debt Issuance Costs, Net, Total | 1.8 | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 0.3 | ||
Term Loan [Member] | |||
Debt Instrument, Face Amount | $ 40 | ||
Debt Instrument, Term (Year) | 5 years | ||
Repayments of Long-Term Debt, Total | 0.5 | $ 1 | |
Repayments of Long-Term Lines of Credit | $ 6.5 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | ||
Amortization of Debt Issuance Costs | $ 0.1 | ||
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% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25 | ||
Revolving Credit Facility [Member] | Other Assets [Member] | |||
Debt Issuance Costs, Line of Credit Arrangements, Net, Total | $ 0.7 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) $ in Thousands | Mar. 31, 2022USD ($)ft² | Jun. 30, 2021 |
Finance Lease, Right-of-Use Asset | $ | $ 0 | |
Lessee, Operating Lease, Discount Rate | 5.25% | |
Senior Secured Credit Facility [Member] | Term Loan [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |
North Brunswick, New Jersey [Member] | Artegraft Inc [Member] | ||
Area of Real Estate Property (Square Foot) | 16,732 | |
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 | |
Customer Service and Warehouse Facility [Member] | ITALY | ||
Lessee, Operating Lease, Renewal Term (Year) | 6 years | |
Lessee, Operating Lease, Term of Contract (Year) | 6 years | |
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 |
Note 7 - Leases - Additional Le
Note 7 - Leases - Additional Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating lease cost | $ 525 | $ 607 |
Short-term lease cost | 163 | 64 |
Total lease cost | 688 | 671 |
Cash paid for amounts included in the measurement of operating lease liabilities | 674 | 748 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 141 | $ 16 |
Weighted average remaining lease term in years - operating leases (Year) | 7 years 7 months 6 days | 8 years |
Weighted average discount rate - operating leases | 4.90% | 5.02% |
Note 7 - Leases - Minimum Renta
Note 7 - Leases - Minimum Rental Commitments (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Remainder of 2022 | $ 2,061 |
2023 | 2,349 |
2024 | 2,092 |
2025 | 2,141 |
2026 | 2,143 |
2027 | 2,124 |
Thereafter | 6,049 |
Adjustment to net present value as of March 31, 2022 | (3,382) |
Minimum noncancelable lease liability | $ 15,577 |
Note 8 - Accrued Expenses and_3
Note 8 - Accrued Expenses and Other Long-term Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Compensation and related taxes | $ 6,705 | $ 10,236 |
Income and other taxes | 1,211 | 551 |
Professional fees | 202 | 129 |
Other | 4,800 | 5,416 |
Total | $ 12,918 | $ 16,332 |
Note 8 - Accrued Expenses and_4
Note 8 - Accrued Expenses and Other Long-term Liabilities - Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Aquisition-related liabilities | $ 1,712 | $ 1,761 |
Income taxes | 766 | 799 |
Other | 148 | 141 |
Total | $ 2,626 | $ 2,701 |
Note 9 - Segment and Enterpri_3
Note 9 - Segment and Enterprise-wide Disclosures (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Operating Segments | 1 |
Note 9 - Segment and Enterpri_4
Note 9 - Segment and Enterprise-wide Disclosures - Net Sales to Unaffiliated Customers by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Sales | $ 39,561 | $ 35,883 |
UNITED STATES | ||
Net Sales | 24,264 | 21,968 |
GERMANY | ||
Net Sales | 2,991 | 3,063 |
Other Countries [Member] | ||
Net Sales | $ 12,306 | $ 10,852 |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 112 | 694 |
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 32,000 | 70,000 |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based compensation | $ 1,167 | $ 927 |
Share-Based Payment Arrangement, Option [Member] | ||
Stock-based compensation | 619 | 594 |
Restricted Stock Units (RSUs) [Member] | ||
Stock-based compensation | 408 | 333 |
Performance-based Restricted Units [Member] | ||
Stock-based compensation | $ 140 | $ 0 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total stock-based compensation | $ 1,167 | $ 927 |
Cost of Sales [Member] | ||
Total stock-based compensation | 138 | 100 |
Selling and Marketing Expense [Member] | ||
Total stock-based compensation | 209 | 169 |
General and Administrative Expense [Member] | ||
Total stock-based compensation | 712 | 561 |
Research and Development Expense [Member] | ||
Total stock-based compensation | $ 108 | $ 97 |
Note 11 - Net Income per Shar_2
Note 11 - Net Income per Share - Computation of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 6,038 | $ 5,929 |
Weighted average shares outstanding (in shares) | 21,935 | 20,546 |
Basic earnings per share (in dollars per share) | $ 0.28 | $ 0.29 |
Common stock equivalents, if dilutive (in shares) | 168 | 301 |
Shares used in computing diluted earnings per common share (in shares) | 22,103 | 20,847 |
Diluted earnings per share (in dollars per share) | $ 0.27 | $ 0.28 |
Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive (in shares) | 430 | 256 |
Note 12 - Stockholders' Equit_2
Note 12 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Apr. 26, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Feb. 22, 2022 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.125 | $ 0.110 | ||
Subsequent Event [Member] | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.125 | |||
Dividends Payable, Date to be Paid | Jun. 2, 2022 | |||
Dividends Payable, Date of Record | May 17, 2022 | |||
Common Stock [Member] | ||||
Treasury Stock, Shares, Acquired (in shares) | ||||
Stock Repurchase Program [Member] | Common Stock [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 20 | |||
Treasury Stock, Shares, Acquired (in shares) | 0 |
Note 12 - Stockholders' Equit_3
Note 12 - Stockholders' Equity - Dividend Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Per share amount (in dollars per share) | $ 0.125 | $ 0.110 | |
Quarterly Dividends 1 [Member] | |||
Payment date | Mar. 24, 2022 | Dec. 2, 2021 | |
Per share amount (in dollars per share) | $ 0.125 | $ 0.110 | |
Dividend payment | $ 2,743 | $ 2,405 | |
Quarterly Dividends 2 [Member] | |||
Payment date | Mar. 25, 2021 | ||
Per share amount (in dollars per share) | $ 0.110 | ||
Dividend payment | $ 2,262 | ||
Quarterly Dividends 3 [Member] | |||
Payment date | Jun. 3, 2021 | ||
Per share amount (in dollars per share) | $ 0.110 | ||
Dividend payment | $ 2,267 | ||
Quarterly Dividends 4 [Member] | |||
Payment date | Sep. 9, 2021 | ||
Per share amount (in dollars per share) | $ 0.110 | ||
Dividend payment | $ 2,401 |
Note 13 - Supplemental Cash F_3
Note 13 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid for income taxes, net | $ 731 | $ 337 |
Note 14 - Fair Value Measurem_3
Note 14 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2019 | Oct. 11, 2019 |
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 | |||
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 14 - Fair Value Measurem_4
Note 14 - Fair Value Measurements - Roll-forward of the Fair Value as Determined by Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Beginning balance | $ 1,492 | $ 2,240 |
Additions | 0 | 0 |
Payments | 0 | 0 |
Change in fair value included in earnings | 14 | 30 |
Ending balance | $ 1,506 | $ 2,270 |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Balance | $ 254,151 | $ 172,572 |
Balance | 257,787 | 177,525 |
AOCI Attributable to Parent [Member] | ||
Balance | (3,435) | (1,525) |
Other comprehensive income (loss) before reclassifications | (1,189) | (938) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Balance | $ (4,624) | $ (2,463) |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) | 1 Months Ended | 2 Months Ended | 6 Months Ended |
Apr. 30, 2022USD ($)ft² | Jun. 30, 2022USD ($) | Dec. 31, 2022USD ($) | |
Subsequent Event [Member] | Office/Warehouse Lease in Sulzbach, Germany [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 9 years | ||
Area of Real Estate Property (Square Foot) | ft² | 21,410 | ||
Area of Real Estate Property, Increase Area (Square Foot) | ft² | 4,940 | ||
JiSang [Member] | Subsequent Event [Member] | |||
Business Combination, Consideration Transferred, Total | $ 540,000 | ||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
Area of Real Estate Property (Square Foot) | ft² | 2,300 | ||
Forecast [Member] | |||
Severance Costs | $ 2,700,000 | ||
Asset Impairment Charges, Total | 500,000 | ||
Business Exit Costs | $ 3,200,000 | $ 3,100,000 |