Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000088790 | |
Entity Registrant Name | INTRICON CORP | |
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 | 1-5005 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-1069060 | |
Entity Address, Address Line One | 1260 Red Fox Road | |
Entity Address, City or Town | Arden Hills | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55112 | |
City Area Code | 651 | |
Local Phone Number | 636-9770 | |
Title of 12(b) Security | Common stock, par value $1.00 per share | |
Trading Symbol | IIN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,302,316 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue, net | $ 33,060 | $ 31,768 |
Cost of goods sold | 24,188 | 23,558 |
Gross profit | 8,872 | 8,210 |
Operating expenses: | ||
Sales and marketing | 2,318 | 1,982 |
General and administrative | 4,310 | 4,052 |
Research and development | 1,587 | 1,293 |
Merger-related costs | 1,032 | 0 |
Other operating expenses | 54 | 35 |
Total operating expenses | 9,301 | 7,362 |
Operating (loss) income | (429) | 848 |
Interest expense, net | (1) | (9) |
Other expense, net | (152) | (77) |
(Loss) income before income taxes | (582) | 762 |
Income tax expense | 15 | 90 |
Net (loss) income | (597) | 672 |
Less: Income (loss) allocated to non-controlling interest | 60 | (42) |
Net (loss) income attributable to Intricon shareholders | $ (657) | $ 714 |
(Loss) income per share attributable to Intricon shareholders: | ||
Basic (loss) income per share attributable to Intricon shareholders: (in dollars per share) | $ (0.07) | $ 0.08 |
Diluted (loss) income per share attributable to Intricon shareholders: (in dollars per share) | $ (0.07) | $ 0.07 |
Average shares outstanding: | ||
Basic (in shares) | 9,256 | 8,994 |
Diluted (in shares) | 9,256 | 9,607 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net (loss) income | $ (597) | $ 672 |
Net (loss) income | 714 | |
Unrealized foreign currency translation adjustment | (7) | 25 |
Realized pension and postretirement obligations | 11 | 12 |
Other | 26 | 115 |
Comprehensive (loss) income | $ (567) | $ 866 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 5,311 | $ 5,584 |
Restricted cash | 638 | 645 |
Short-term investment securities | 15,457 | 19,420 |
Accounts receivable, less provision for doubtful accounts of $65 at March 31, 2022 and $69 at December 31, 2021 | 11,089 | 8,257 |
Inventories | 28,438 | 24,456 |
Contract assets | 12,589 | 11,455 |
Other current assets | 3,094 | 4,564 |
Total current assets | 76,616 | 74,381 |
Property, plant and equipment | 49,779 | 48,208 |
Less: Accumulated depreciation | 34,940 | 34,371 |
Net property, plant and equipment | 14,839 | 13,837 |
Goodwill | 13,873 | 13,873 |
Intangible assets, net | 8,595 | 8,999 |
Operating lease right-of-use assets, net | 6,274 | 5,138 |
Investment in partnerships | 596 | 473 |
Long-term investment securities | 4,551 | 4,558 |
Other assets, net | 1,167 | 1,200 |
Total assets | 126,511 | 122,459 |
Current liabilities: | ||
Current financing leases | 1 | 4 |
Current operating leases | 1,928 | 1,807 |
Accounts payable | 13,323 | 9,398 |
Accrued salaries, wages and commissions | 4,486 | 5,185 |
Other accrued liabilities | 4,209 | 3,818 |
Total current liabilities | 23,947 | 20,212 |
Noncurrent operating leases | 4,426 | 3,431 |
Pension and postretirement benefit obligations | 1,049 | 1,093 |
Deferred tax liabilities, net | 873 | 873 |
Other long-term liabilities | 2,447 | 3,100 |
Total liabilities | 32,742 | 28,709 |
Commitments and contingencies (Note 11) | ||
Shareholders’ equity: | ||
Common stock, $1.00 par value per share; 20,000 shares authorized; 9,295 and 9,179 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 9,295 | 9,179 |
Additional paid-in capital | 92,255 | 91,785 |
Accumulated deficit | (7,573) | (6,916) |
Accumulated other comprehensive loss | (363) | (393) |
Total shareholders' equity | 93,614 | 93,655 |
Non-controlling interest | 155 | 95 |
Total equity | 93,769 | 93,750 |
Total liabilities and equity | $ 126,511 | $ 122,459 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Provision for doubtful accounts | $ 65 | $ 69 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 20,000 | 20,000 |
Common stock, issued (in shares) | 9,295 | 9,179 |
Common stock, outstanding (in shares) | 9,295 | 9,179 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (597) | $ 672 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,460 | 1,440 | |
Equity in loss of partnerships | 53 | 60 | |
Stock-based compensation | 481 | 453 | |
Change in fair value of contingent consideration | 38 | 35 | |
Change in allowance for doubtful accounts | (4) | (58) | |
Loss on disposal of assets | 10 | 0 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (2,816) | 726 | |
Inventories | (3,976) | (821) | |
Contract assets | (1,134) | 320 | |
Other assets | 1,489 | (410) | |
Accounts payable | 4,041 | 3,491 | |
Accrued expenses | (631) | 206 | |
Other liabilities | (72) | (249) | |
Net cash (used in) provided by operating activities | (1,658) | 5,865 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (2,001) | (851) | |
Purchase of investment securities | 0 | (5,412) | |
Purchases of intangible assets | (124) | 0 | |
Proceeds from maturities of investment securities | 3,940 | 3,752 | |
Investment in partnerships | (188) | 0 | |
Net cash provided by (used in) investing activities | 1,627 | (2,511) | |
Cash flows from financing activities: | |||
Payment of financing leases | 0 | (11) | |
Payments on liabilities for acquisition of intangible assets | (416) | (53) | |
Exercise of stock options and employee stock purchase plan shares | 331 | 60 | |
Withholding of common stock upon vesting of restricted stock units | (226) | (241) | |
Net cash used in financing activities | (311) | (245) | |
Effect of exchange rate changes on cash | 62 | 22 | |
Net (decrease) increase in cash | (280) | 3,131 | |
Cash, cash equivalents and restricted cash, beginning of period | 6,229 | 9,280 | $ 9,280 |
Cash, cash equivalents and restricted cash, end of period | 5,949 | 12,411 | $ 6,229 |
Non-cash investing and financing: | |||
Acquisition of property, plant and equipment in accounts payable | $ 130 | $ 122 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balances (in shares) at Dec. 31, 2020 | 8,951 | |||||
Balances at Dec. 31, 2020 | $ 8,951 | $ 89,702 | $ (6,810) | $ (679) | $ 35 | $ 91,199 |
Exercise of stock options, net (in shares) | 22 | |||||
Exercise of stock options, net | $ 22 | (15) | 0 | 0 | 0 | 7 |
Withholding of common stock upon vesting of restricted stock units (in shares) | 24 | |||||
Withholding of common stock upon vesting of restricted stock units | $ 24 | (265) | 0 | 0 | 0 | (241) |
Shares issued under the employee stock purchase plan (in shares) | 2 | |||||
Shares issued under the employee stock purchase plan | $ 2 | 51 | 0 | 0 | 0 | 53 |
Stock-based compensation | 0 | 453 | 0 | 0 | 0 | 453 |
Net (loss) income | 0 | 0 | 714 | 0 | (42) | 672 |
Other | $ 0 | 0 | 0 | 152 | (50) | 102 |
Balances (in shares) at Mar. 31, 2021 | 8,999 | |||||
Balances at Mar. 31, 2021 | $ 8,999 | 89,926 | (6,096) | (527) | (57) | 92,245 |
Balances (in shares) at Dec. 31, 2021 | 9,179 | |||||
Balances at Dec. 31, 2021 | $ 9,179 | 91,785 | (6,916) | (393) | 95 | $ 93,750 |
Exercise of stock options, net (in shares) | 74 | 91 | ||||
Exercise of stock options, net | $ 74 | 201 | 0 | 0 | 0 | $ 275 |
Withholding of common stock upon vesting of restricted stock units (in shares) | 40 | |||||
Withholding of common stock upon vesting of restricted stock units | $ 40 | (266) | 0 | 0 | 0 | (226) |
Shares issued under the employee stock purchase plan (in shares) | 2 | |||||
Shares issued under the employee stock purchase plan | $ 2 | 54 | 0 | 0 | 0 | 56 |
Stock-based compensation | 0 | 481 | 0 | 0 | 0 | 481 |
Net (loss) income | 0 | 0 | (657) | 0 | 60 | (597) |
Comprehensive Income | $ 0 | 0 | 0 | 30 | 0 | 30 |
Balances (in shares) at Mar. 31, 2022 | 9,295 | |||||
Balances at Mar. 31, 2022 | $ 9,295 | $ 92,255 | $ (7,573) | $ (363) | $ 155 | $ 93,769 |
Note 1 - Management's Statement
Note 1 - Management's Statement | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Management s Statement Intricon Corporation (together with its subsidiaries referred herein as the “Company”, or “Intricon”, “we”, “us” or “our”) is an international company and joint development manufacturer (“JDM”) of micromedical components, sub-assemblies and final devices. The Company serves as a JDM partner to leading medical device original equipment manufacturers (“OEMs”) by designing, developing, engineering, manufacturing, packaging and distributing micromedical products for high growth medical markets, such as diabetes, peripheral vascular, interventional pulmonology, electrophysiology and hearing healthcare. Our mission is to improve, extend and save lives by advancing innovative micromedical technologies through joint development and manufacturing partnerships with industry leading medical device companies. Basis of Presentation The interim condensed consolidated financial statements of the Company presented herein have been prepared by the Company and are unaudited. They have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with instructions to Form 10 10 X. The interim condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. The Company evaluates its voting and variable interests in entities on a qualitative and quantitative basis. The Company consolidates entities in which it concludes it has the power to direct the activities that most significantly impact an entity’s economic success and has the obligation to absorb losses or the right to receive benefits that could be significant to the entity. During the three March 31, 2022 one 10 December 31, 2021 Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2021 10 Use of Estimates The Company makes estimates and assumptions relating to the reporting of assets and liabilities, the recording of reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements. Actual results could differ from those estimates. Considerable management judgment is necessary in estimating future cash flows and other factors affecting the valuation of goodwill and intangible assets, including the operating and macroeconomic factors that may Summary of Significant Accounting Policies The Company’s significant accounting policies are detailed in “Note 1: 10 December 31, 2021 |
Note 2 - Pending Merger With Al
Note 2 - Pending Merger With Altaris Capital Partners LLC | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 2. Pending Merger with Altaris Capital Partners LLC On February 27, 2022, As a result of the Merger, each share of common stock of the Company ("Common Stock") issued and outstanding immediately prior to the effective time of the Merger (the “Effective Time”) (other than Rollover Shares (as defined below) or shares of Common Stock (a) held in treasury of the Company, (b) owned by any subsidiary of the Company, or owned by Parent, Merger Sub or any other subsidiary of Parent or (c) held by a holder who is entitled to, and who has perfected, appraisal rights for such shares under Pennsylvania law) automatically will be converted into the right to receive cash in an amount of $24.25 per share, without interest, subject to any required withholding of taxes. As permitted by the Merger Agreement, Intricon and certain members of Intricon’s management, or “Rollover Shareholders”, entered into a rollover agreement with IIN Holdings LLC, an affiliate of Parent (“IIN Holdings”), providing for the contribution, immediately prior to the effective time of the Merger, of an aggregate of 127,836 shares of Intricon common stock held by the Rollover Shareholders to IIN Holdings, in exchange for equity interests of IIN Holdings. The completion of the Merger is subject to customary closing conditions, including: (i) the approval of the Merger Agreement by the Company’s shareholders; (ii) the expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, second 2022, In connection with the negotiation and execution of the Merger Agreement, the Company has incurred legal, consulting and accounting fees of $1,032 through the quarter ended March 31, 2022. A special meeting of shareholders of the Company will be held at 8:00 May 24, 2022, |
Note 3 - New Accounting Pronoun
Note 3 - New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. New Accounting Pronouncements In June 2016, 2016 13, 326, 326 January 1, 2022 not |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. Revenue Recognition Revenue is measured based on consideration specified in the contract with a customer. Revenue from all customers is recognized when a performance obligation is satisfied by transferring control of a distinct good or service to a customer. For contractual arrangements in which an enforceable right to payment exists, control of these units is deemed to transfer to the customer over time during the manufacturing process. Consequently, the transaction price is recognized as revenue over time. The transaction price for contractual arrangements without an enforceable right to payment including a reasonable margin is recognized as revenue at a point in time. The Company’s revenue recognition policy is further detailed in “Note 1: 10 December 31, 2021 During the 2021 second first three March 31, 2021. Timing of revenue recognition for the three March 31, 2022 Products and services transferred at point in time Products and services transferred over time Total Diabetes $ - $ 20,323 $ 20,323 Interventional Catheters 3,271 - 3,271 Other Medical 2,363 1,336 3,699 Value Based DTEC 685 - 685 Value Based ITEC 1,144 - 1,144 Legacy OEM 2,726 - 2,726 Professional Audio Communications 1,212 - 1,212 Total Revenue, net $ 11,401 $ 21,659 $ 33,060 Timing of revenue recognition for the three March 31, 2021 Products and services transferred at point in time Products and services transferred over time Total Diabetes $ - $ 18,364 $ 18,364 Interventional Catheters 3,802 - 3,802 Other Medical 1,590 1,368 2,958 Value Based DTEC 937 - 937 Value Based ITEC 1,985 - 1,985 Legacy OEM 2,737 - 2,737 Professional Audio Communications 985 - 985 Total Revenue, net $ 12,036 $ 19,732 $ 31,768 Net revenue by geography is allocated based on shipment and set forth below: Three Months Ended Net Revenue by Geography March 31, 2022 March 31, 2021 United States $ 24,021 $ 23,701 Europe 1,963 1,264 Asia 2,042 3,468 All other countries 5,034 3,335 Consolidated $ 33,060 $ 31,768 Geographic net revenue is allocated based on the shipment location of the Company’s direct OEM customer. These customers then distribute products globally. For the three March 31, 2022 2021 one Two March 31, 2022 December 31, 2021 Two customers accounted for 100% of the Company’s consolidated contract assets at March 31, 2022 December 31, 2021 |
Note 5 - (Loss) Income Per Shar
Note 5 - (Loss) Income Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. (Loss) Income Per Share The following table presents a reconciliation between basic and diluted net (loss) income per share: Three Months Ended March 31, 2022 March 31, 2021 Net (loss) income $ (597 ) $ 672 Less: Income (loss) allocated to non-controlling interest 60 (42 ) Net (loss) income attributable to Intricon shareholders $ (657 ) $ 714 Basic – weighted shares outstanding 9,256 8,994 Weighted shares assumed upon exercise of stock awards - 613 Diluted – weighted shares outstanding 9,256 9,607 Basic (loss) income per share attributable to Intricon shareholders: $ (0.07 ) $ 0.08 Diluted (loss) income per share attributable to Intricon shareholders: $ (0.07 ) $ 0.07 Net (loss) income per common share was based on the weighted average number of common shares outstanding during the periods when computing basic net income per share. Stock options are dilutive when the average market price of Company stock exceeds the exercise price of the potentially dilutive options. When dilutive, stock options are included as equivalents using the treasury stock method when computing diluted net income per share. Unvested shares represented by RSUs are also included in the dilution calculation, net of assumed proceeds and equivalent share repurchases. The Company excluded all stock awards outstanding in 2022 |
Note 6 - Income Taxes
Note 6 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6. Income Taxes Income tax expense for the three March 31, 2022 2021 March 31, 2022 The following was the (loss) income before income taxes for each jurisdiction in which the Company has operations for the period: Three Months Ended March 31, 2022 March 31, 2021 United States $ (726 ) $ 585 Singapore 89 138 Indonesia 28 21 Germany 27 18 (Loss) income before income taxes $ (582 ) $ 762 |
Note 7 - Selected Balance Sheet
Note 7 - Selected Balance Sheet Data | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 7. Selected Balance Sheet Data Inventories: Inventories consisted of the following at: Raw materials Work-in process Finished products and components Total March 31, 2022 Domestic $ 15,940 $ 1,478 $ 2,646 $ 20,064 Foreign 6,985 1,176 213 8,374 Total $ 22,925 $ 2,654 $ 2,859 $ 28,438 December 31, 2021 Domestic $ 15,201 $ 760 $ 1,892 $ 17,853 Foreign 5,579 747 277 6,603 Total $ 20,780 $ 1,507 $ 2,169 $ 24,456 Property, Plant and Equipment Geographic Information: The geographical distribution of long-lived assets net of accumulated depreciation, consisting of machinery and equipment is set forth below: March 31, December 31, 2022 2021 United States $ 12,603 $ 12,337 Singapore 1,273 1,346 Other 963 154 Consolidated $ 14,839 $ 13,837 Long-lived assets consist of machinery and equipment with useful lives from three twelve Intangible Assets: Definite-lived intangible assets consisted of the following at: March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer list $ 6,400 $ (1,467 ) $ 4,933 Technology intangibles 7,070 (3,408 ) 3,662 Total $ 13,470 $ (4,875 ) $ 8,595 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer list $ 6,400 $ (1,267 ) $ 5,133 Technology intangibles 6,946 (3,080 ) 3,866 Total $ 13,346 $ (4,347 ) $ 8,999 The customer list was established as a part of purchase accounting related to our EMS acquisition in 2020. eight The technology intangibles provide the Company with wireless and self-fitting hearing aid technology and are being amortized based on estimated useful lives between five seven Investment in Partnerships: Investment in partnerships consisted of the following: March 31, December 31, 2022 2021 Investment in Signison $ 361 $ 226 Other 235 247 Total $ 596 $ 473 The Company has a 50% ownership interest in Signison, a German based Company specializing in hearing health services. This is accounted for in the Company’s condensed consolidated financial statements using the equity method for all periods presented. Contingent Consideration Liabilities: Contingent consideration for the Emerald Medical Services earnout liability consisted of the following: Carrying amount at December 31, 2020 $ 3,574 Change in fair value (739 ) Less payments (1,052 ) Carrying amount at December 31, 2021 $ 1,783 Change in fair value 38 Carrying amount at March 31, 2022 $ 1,821 The total earnout liability is included in other accrued liabilities and other long-term liabilities proportionately to when the liability is due. Other Accrued Liabilities: Other accrued liabilities consisted of the following at: March 31, 2022 December 31, 2021 Pension and postretirement benefit obligations $ 177 $ 177 Deferred revenue 251 141 Current technology intangible liability 623 493 Current earn-out contingent consideration liability 161 148 Customer funded projects 728 340 TCPA litigation accrual (Note 11) - 1,300 Accrued corporate expenses 991 237 Other 1,278 982 Total $ 4,209 $ 3,818 The technology intangible liability, reflected above, relates to amounts owed in relation to the Company’s wireless and self-fitting hearing aid technologies. The earn-out liability is contingent on certain future events and is measured at fair value based on various level 3 twelve Other Long-Term Liabilities: Other long-term liabilities consisted of the following at: March 31, December 31, 2022 2021 Noncurrent technology intangible liability $ - $ 541 Noncurrent earn-out contingent consideration liability 1,660 1,635 Litigation liability 540 709 Other 247 215 Total $ 2,447 $ 3,100 As of March 31, 2022 no |
Note 8 - Investment Securities
Note 8 - Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 8. Investment Securities The Company invests in commercial paper, corporate notes and bonds with original maturities of less than two 2 The maturity dates of our investments as of March 31, 2022 Less than one year 1-5 years Total Commercial Paper Original Maturities of 91 Days or More $ 9,492 $ - $ 9,492 Corporate Notes and Bonds 5,965 4,551 10,516 Total Investments $ 15,457 $ 4,551 $ 20,008 The maturity dates of our investments as of December 31, 2021 Less than one year 1-5 years Total Commercial Paper Original Maturities of 91 Days or More $ 10,987 $ - $ 10,987 Corporate Notes and Bonds 8,433 4,558 12,991 Total Investments $ 19,420 $ 4,558 $ 23,978 The Company also maintains excess funds within level 1 March 31, 2022 December 31, 2021 |
Note 9 - Leases
Note 9 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 9. Leases The Company’s leases pertain primarily to engineering, manufacturing, sales and administrative facilities, with an initial term of one three one 2022, one 2023, one 2027, one 2024, one 2025, one 2027, one 2022. two one second Certain foreign leases allow for variable lease payments that depend on an index or a market rate adjustment for the respective country and are adjusted on an annual basis. The adjustment is recognized as incurred in the condensed consolidated statement of operations. The facility leases include options to extend for terms ranging from one five As of March 31, 2022, March 31, 2022, December 31, 2021, December 31, 2021, March 31, 2022 2021 The following tables summarizes lease costs by type: Three Months Ended March 31, 2022 March 31, 2021 Lease cost Finance lease cost: Amortization of right-of-use assets $ 2 $ 10 Interest on lease liabilities - 1 Operating lease cost 581 582 Variable lease cost 90 120 Total lease cost $ 673 $ 713 Maturities of lease liabilities are as follows as of March 31, 2022 Operating Leases Financing Leases Total 2022 $ 1,722 $ 1 $ 1,723 2023 1,783 - 1,783 2024 1,493 - 1,493 2025 1,331 - 1,331 2026 and thereafter 631 - 631 Total lease payments 6,960 1 6,961 Less: Interest (606 ) - (606 ) Present value of lease liabilities $ 6,354 $ 1 $ 6,355 |
Note 10 - Shareholders’ E
Note 10 - Shareholders’ Equity and Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. Shareholders Equity and Stock-based Compensation The Company has a 2006 2015 2015 April 24, 2015, 2006 may not 2006 2006 March 31, 2022 Under the 2015 may 2015 2020 2015 May 4, 2021. For the three March 31, 2022 RSUs and 38 PRSUs at a weighted average closing price of $16.51 on the date of the grant three first 2023 2024 no The Company has also historically granted stock options under the plans. For the three March 31, 2022 2021 not three first three March 31, 2022 1 5 Stock award activity as of and during the three March 31, 2022 Outstanding Awards Stock Options RSUs Total Stock Option Weighted-Average Exercise Price (a) Aggregate Intrinsic Value Outstanding at December 31, 2021 547 217 764 $ 6.69 Awards granted - 141 141 - Awards exercised or released (91 ) (50 ) (141 ) 6.40 Outstanding at March 31, 2022 456 308 764 $ 6.75 $ 15,159 Exercisable at March 31, 2022 456 456 $ 6.75 $ 7,800 Available for future grant at December 31, 2021 497 Available for future grant at March 31, 2022 352 (a) The weighted average exercise price calculation does not The number of shares available for future grants at March 31, 2022 not 139 shares 2006 2015 2006 The Company recorded $481 of non-cash stock compensation expense for the three March 31, 2022 2021 March 31, 2022 of 2.0 years. three March 31, 2022 The Company also has an Employee Stock Purchase Plan (the “Purchase Plan”). The Purchase Plan, as amended, through March 31, 2022 may three March 31, 2022 2021 |
Note 11 - Legal Proceedings
Note 11 - Legal Proceedings | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 11. Legal Proceedings Asbestos Litigation The Company is a defendant along with a number of other parties in lawsuits alleging that plaintiffs have or may one March 2005. not August 1, 1970- 1978 no not 1970 1984 not not 1970 1978 not March 31, 2022 March 31, 2022 TCPA Litigation On October 9, 2019, third not not Not four On July 26, 2021, no July 28, 2021, January 5, 2022. Pursuant to the Settlement Agreement, among other things, (a) the Company agreed to pay total cash consideration of $1.3 million into a settlement fund, and (b) Hoffman and the settlement class members agreed to a release of claims against the Company, Intricon, Inc. and HHE relating to any claim or potential claim relating to the marketing activities described in the complaint. The class members releasing claims include any person who received, on or after October 9, 2015, one On January 5, 2022, February 4, 2022; no not Litigation Related to the Merger Between April 14, 2022 May 5, 2022, six 1 22 03099 2:22 01512 2:22 01541 1:22 02261 . 1:22 03638 1:22 03648 The complaints generally allege that the Company’s Preliminary Proxy Statement filed with the SEC on April 12, 2022 14 1934, 14a 9 20 The Company believes that the lawsuits are without merit and intends to defend them vigorously. In addition, between May 4, 2022 May 6, 2022, three 15 §1308 Other Litigation Matters The Company is also involved from time to time in other lawsuits arising in the normal course of business. While it is not not |
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 interim condensed consolidated financial statements of the Company presented herein have been prepared by the Company and are unaudited. They have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with instructions to Form 10 10 X. The interim condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. The Company evaluates its voting and variable interests in entities on a qualitative and quantitative basis. The Company consolidates entities in which it concludes it has the power to direct the activities that most significantly impact an entity’s economic success and has the obligation to absorb losses or the right to receive benefits that could be significant to the entity. During the three March 31, 2022 one 10 December 31, 2021 Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2021 10 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The Company makes estimates and assumptions relating to the reporting of assets and liabilities, the recording of reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements. Actual results could differ from those estimates. Considerable management judgment is necessary in estimating future cash flows and other factors affecting the valuation of goodwill and intangible assets, including the operating and macroeconomic factors that may |
New Accounting Pronouncements, Policy [Policy Text Block] | Summary of Significant Accounting Policies The Company’s significant accounting policies are detailed in “Note 1: 10 December 31, 2021 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Products and services transferred at point in time Products and services transferred over time Total Diabetes $ - $ 20,323 $ 20,323 Interventional Catheters 3,271 - 3,271 Other Medical 2,363 1,336 3,699 Value Based DTEC 685 - 685 Value Based ITEC 1,144 - 1,144 Legacy OEM 2,726 - 2,726 Professional Audio Communications 1,212 - 1,212 Total Revenue, net $ 11,401 $ 21,659 $ 33,060 Products and services transferred at point in time Products and services transferred over time Total Diabetes $ - $ 18,364 $ 18,364 Interventional Catheters 3,802 - 3,802 Other Medical 1,590 1,368 2,958 Value Based DTEC 937 - 937 Value Based ITEC 1,985 - 1,985 Legacy OEM 2,737 - 2,737 Professional Audio Communications 985 - 985 Total Revenue, net $ 12,036 $ 19,732 $ 31,768 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Net Revenue by Geography March 31, 2022 March 31, 2021 United States $ 24,021 $ 23,701 Europe 1,963 1,264 Asia 2,042 3,468 All other countries 5,034 3,335 Consolidated $ 33,060 $ 31,768 |
Note 5 - (Loss) Income Per Sh_2
Note 5 - (Loss) 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 March 31, 2021 Net (loss) income $ (597 ) $ 672 Less: Income (loss) allocated to non-controlling interest 60 (42 ) Net (loss) income attributable to Intricon shareholders $ (657 ) $ 714 Basic – weighted shares outstanding 9,256 8,994 Weighted shares assumed upon exercise of stock awards - 613 Diluted – weighted shares outstanding 9,256 9,607 Basic (loss) income per share attributable to Intricon shareholders: $ (0.07 ) $ 0.08 Diluted (loss) income per share attributable to Intricon shareholders: $ (0.07 ) $ 0.07 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Three Months Ended March 31, 2022 March 31, 2021 United States $ (726 ) $ 585 Singapore 89 138 Indonesia 28 21 Germany 27 18 (Loss) income before income taxes $ (582 ) $ 762 |
Note 7 - Selected Balance She_2
Note 7 - Selected Balance Sheet Data (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Raw materials Work-in process Finished products and components Total March 31, 2022 Domestic $ 15,940 $ 1,478 $ 2,646 $ 20,064 Foreign 6,985 1,176 213 8,374 Total $ 22,925 $ 2,654 $ 2,859 $ 28,438 December 31, 2021 Domestic $ 15,201 $ 760 $ 1,892 $ 17,853 Foreign 5,579 747 277 6,603 Total $ 20,780 $ 1,507 $ 2,169 $ 24,456 |
Long-Lived Assets by Geographic Areas [Table Text Block] | March 31, December 31, 2022 2021 United States $ 12,603 $ 12,337 Singapore 1,273 1,346 Other 963 154 Consolidated $ 14,839 $ 13,837 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer list $ 6,400 $ (1,467 ) $ 4,933 Technology intangibles 7,070 (3,408 ) 3,662 Total $ 13,470 $ (4,875 ) $ 8,595 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer list $ 6,400 $ (1,267 ) $ 5,133 Technology intangibles 6,946 (3,080 ) 3,866 Total $ 13,346 $ (4,347 ) $ 8,999 |
Equity Method Investments [Table Text Block] | March 31, December 31, 2022 2021 Investment in Signison $ 361 $ 226 Other 235 247 Total $ 596 $ 473 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Carrying amount at December 31, 2020 $ 3,574 Change in fair value (739 ) Less payments (1,052 ) Carrying amount at December 31, 2021 $ 1,783 Change in fair value 38 Carrying amount at March 31, 2022 $ 1,821 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2022 December 31, 2021 Pension and postretirement benefit obligations $ 177 $ 177 Deferred revenue 251 141 Current technology intangible liability 623 493 Current earn-out contingent consideration liability 161 148 Customer funded projects 728 340 TCPA litigation accrual (Note 11) - 1,300 Accrued corporate expenses 991 237 Other 1,278 982 Total $ 4,209 $ 3,818 |
Other Noncurrent Liabilities [Table Text Block] | March 31, December 31, 2022 2021 Noncurrent technology intangible liability $ - $ 541 Noncurrent earn-out contingent consideration liability 1,660 1,635 Litigation liability 540 709 Other 247 215 Total $ 2,447 $ 3,100 |
Note 8 - Investment Securities
Note 8 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Less than one year 1-5 years Total Commercial Paper Original Maturities of 91 Days or More $ 9,492 $ - $ 9,492 Corporate Notes and Bonds 5,965 4,551 10,516 Total Investments $ 15,457 $ 4,551 $ 20,008 Less than one year 1-5 years Total Commercial Paper Original Maturities of 91 Days or More $ 10,987 $ - $ 10,987 Corporate Notes and Bonds 8,433 4,558 12,991 Total Investments $ 19,420 $ 4,558 $ 23,978 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2022 March 31, 2021 Lease cost Finance lease cost: Amortization of right-of-use assets $ 2 $ 10 Interest on lease liabilities - 1 Operating lease cost 581 582 Variable lease cost 90 120 Total lease cost $ 673 $ 713 |
Leases Liability Maturity [Table Text Block] | Operating Leases Financing Leases Total 2022 $ 1,722 $ 1 $ 1,723 2023 1,783 - 1,783 2024 1,493 - 1,493 2025 1,331 - 1,331 2026 and thereafter 631 - 631 Total lease payments 6,960 1 6,961 Less: Interest (606 ) - (606 ) Present value of lease liabilities $ 6,354 $ 1 $ 6,355 |
Note 10 - Shareholders’_2
Note 10 - Shareholders’ Equity and Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Outstanding Awards Stock Options RSUs Total Stock Option Weighted-Average Exercise Price (a) Aggregate Intrinsic Value Outstanding at December 31, 2021 547 217 764 $ 6.69 Awards granted - 141 141 - Awards exercised or released (91 ) (50 ) (141 ) 6.40 Outstanding at March 31, 2022 456 308 764 $ 6.75 $ 15,159 Exercisable at March 31, 2022 456 456 $ 6.75 $ 7,800 Available for future grant at December 31, 2021 497 Available for future grant at March 31, 2022 352 |
Note 1 - Management's Stateme_2
Note 1 - Management's Statement (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Operating Segments | 1 |
Note 2 - Pending Merger With _2
Note 2 - Pending Merger With Altaris Capital Partners LLC (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Feb. 27, 2022 | |
Business Combination, Acquisition Related Costs | $ 1,032,000 | $ 0 | |
Altaris Capital Partners, LLC [Member] | Intricon Corporation [Member] | |||
Business Acquisition, Share Price (in dollars per share) | $ 24.25 | ||
Rollover Shares Agreed to Be Contributed by Members of Management (in shares) | 127,836 | ||
Business Combination, Acquisition Related Costs | $ 1,032 |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Jun. 30, 2021USD ($) | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Number of Customers | 1 | 1 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||||
Concentration Risk, Percentage | 68.00% | 68.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | ||||
Number of Customers | 2 | 2 | ||
Concentration Risk, Percentage | 56.00% | 44.00% | ||
Contract Assets [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | ||
Revision of Prior Period, Adjustment [Member] | Revenue Reclassified From Legacy OEM to Value Based ITEC [Member] | Legacy OEM [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 682 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Total Revenue, net | $ 33,060 | $ 31,768 | |
Diabetes [Member] | |||
Total Revenue, net | 20,323 | 18,364 | |
Interventional Catheters [Member] | |||
Total Revenue, net | 3,271 | 3,802 | |
Medical Biotelemetry Other [Member] | |||
Total Revenue, net | 3,699 | 2,958 | [1] |
Hearing Health Direct To Consumer DTC Market [Member] | |||
Total Revenue, net | 685 | 937 | |
Hearing Health Value Based ITEC [Member] | |||
Total Revenue, net | 1,144 | 1,985 | |
Legacy OEM [Member] | |||
Total Revenue, net | 2,726 | 2,737 | |
Professional Audio Communications [Member] | |||
Total Revenue, net | 1,212 | 985 | |
Transferred at Point in Time [Member] | |||
Total Revenue, net | 11,401 | 12,036 | |
Transferred at Point in Time [Member] | Diabetes [Member] | |||
Total Revenue, net | 0 | 0 | |
Transferred at Point in Time [Member] | Interventional Catheters [Member] | |||
Total Revenue, net | 3,271 | 3,802 | |
Transferred at Point in Time [Member] | Medical Biotelemetry Other [Member] | |||
Total Revenue, net | 2,363 | 1,590 | [1] |
Transferred at Point in Time [Member] | Hearing Health Direct To Consumer DTC Market [Member] | |||
Total Revenue, net | 685 | 937 | |
Transferred at Point in Time [Member] | Hearing Health Value Based ITEC [Member] | |||
Total Revenue, net | 1,144 | 1,985 | |
Transferred at Point in Time [Member] | Legacy OEM [Member] | |||
Total Revenue, net | 2,726 | 2,737 | |
Transferred at Point in Time [Member] | Professional Audio Communications [Member] | |||
Total Revenue, net | 1,212 | 985 | |
Transferred over Time [Member] | |||
Total Revenue, net | 21,659 | 19,732 | |
Transferred over Time [Member] | Diabetes [Member] | |||
Total Revenue, net | 20,323 | 18,364 | |
Transferred over Time [Member] | Interventional Catheters [Member] | |||
Total Revenue, net | 0 | 0 | |
Transferred over Time [Member] | Medical Biotelemetry Other [Member] | |||
Total Revenue, net | 1,336 | 1,368 | [1] |
Transferred over Time [Member] | Hearing Health Direct To Consumer DTC Market [Member] | |||
Total Revenue, net | 0 | 0 | |
Transferred over Time [Member] | Hearing Health Value Based ITEC [Member] | |||
Total Revenue, net | 0 | 0 | |
Transferred over Time [Member] | Legacy OEM [Member] | |||
Total Revenue, net | 0 | 0 | |
Transferred over Time [Member] | Professional Audio Communications [Member] | |||
Total Revenue, net | $ 0 | $ 0 | |
[1] | During the quarter ended March 31, 2020, we recorded a cumulative adjustment of $1.2 million to reduce revenue within our other medical market to correct an error related to prior periods as a result of our determination that a portion of our sales being recognized over time needed to be recognized at a point in time. The adjustment included a reduction to the related cost of goods sold of $0.8 million and related impacts to reduce the contract asset and increase to inventory. The adjustment was not material to our Consolidated Financial Statements for any quarterly or annual period. |
Note 4 - Revenue Recognition _2
Note 4 - Revenue Recognition - Revenue By Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total Revenue, net | $ 33,060 | $ 31,768 |
UNITED STATES | ||
Total Revenue, net | 24,021 | 23,701 |
Europe [Member] | ||
Total Revenue, net | 1,963 | 1,264 |
Asia [Member] | ||
Total Revenue, net | 2,042 | 3,468 |
All Other Countries [Member] | ||
Total Revenue, net | $ 5,034 | $ 3,335 |
Note 5 - (Loss) Income Per Sh_3
Note 5 - (Loss) Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net (loss) income | $ (597) | $ 672 |
Less: Income (loss) allocated to non-controlling interest | 60 | (42) |
Net (loss) income attributable to Intricon shareholders | $ (657) | $ 714 |
Basic – weighted shares outstanding (in shares) | 9,256 | 8,994 |
Weighted shares assumed upon exercise of stock awards (in shares) | 0 | 613 |
Diluted – weighted shares outstanding (in shares) | 9,256 | 9,607 |
Basic (loss) income per share attributable to Intricon shareholders: (in dollars per share) | $ (0.07) | $ 0.08 |
Diluted (loss) income per share attributable to Intricon shareholders: (in dollars per share) | $ (0.07) | $ 0.07 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 15 | $ 90 |
Note 5 - Income Taxes - Schedul
Note 5 - Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income (loss) before income taxes | $ (582) | $ 762 |
Internal Revenue Service (IRS) [Member] | ||
Income (loss) before income taxes | (726) | 585 |
Inland Revenue, Singapore (IRAS) [Member] | ||
Income (loss) before income taxes | 89 | 138 |
Indonesian Tax Authority [Member] | ||
Income (loss) before income taxes | 28 | 21 |
Federal Ministry of Finance, Germany [Member] | ||
Income (loss) before income taxes | $ 27 | $ 18 |
Note 7 - Selected Balance She_3
Note 7 - Selected Balance Sheet Data (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Long-term Line of Credit, Total | $ 0 |
Signison [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Customer Lists [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 8 years |
Technology-Based Intangible Assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Technology-Based Intangible Assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years |
Note 7 - Selected Balance She_4
Note 7 - Selected Balance Sheet Data - Schedule Of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 22,925 | $ 20,780 |
Work-in process | 2,654 | 1,507 |
Finished products | 2,859 | 2,169 |
Inventories | 28,438 | 24,456 |
Domestic Inventories [Member] | ||
Raw materials | 15,940 | 15,201 |
Work-in process | 1,478 | 760 |
Finished products | 2,646 | 1,892 |
Inventories | 20,064 | 17,853 |
Foreign Inventories [Member] | ||
Raw materials | 6,985 | 5,579 |
Work-in process | 1,176 | 747 |
Finished products | 213 | 277 |
Inventories | $ 8,374 | $ 6,603 |
Note 7 - Selected Balance She_5
Note 7 - Selected Balance Sheet Data - Disclosure on Geographic Areas, Long-lived Assets in Individual Foreign Countries by Country (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment, net | $ 14,839 | $ 13,837 |
UNITED STATES | ||
Property, plant and equipment, net | 12,603 | 12,337 |
SINGAPORE | ||
Property, plant and equipment, net | 1,273 | 1,346 |
Geographical Segments, Other [Member] | ||
Property, plant and equipment, net | $ 963 | $ 154 |
Note 7 - Selected Balance She_6
Note 7 - Selected Balance Sheet Data - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Carrying amount, gross | $ 13,470 | $ 13,346 | |
Accumulated amortization | (4,875) | (4,347) | |
Carrying amount, net | 8,595 | $ 8,999 | 8,999 |
Customer Lists [Member] | |||
Carrying amount, gross | 6,400 | 6,400 | |
Accumulated amortization | (1,467) | (1,267) | |
Carrying amount, net | 4,933 | 5,133 | |
Technology-Based Intangible Assets [Member] | |||
Carrying amount, gross | 7,070 | 6,946 | |
Accumulated amortization | (3,408) | (3,080) | |
Carrying amount, net | $ 3,662 | $ 3,866 |
Note 7 - Selected Balance She_7
Note 7 - Selected Balance Sheet Data - Equity Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investment in partnerships | $ 596 | $ 473 |
Signison [Member] | ||
Investment in partnerships | 361 | 226 |
Other Investment [Member] | ||
Investment in partnerships | $ 235 | $ 247 |
Note 7 - Selected Balance She_8
Note 7 - Selected Balance Sheet Data - Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Balance | $ 709 | ||
Change in fair value | 38 | $ 35 | |
Balance | 540 | $ 709 | |
Emerald Medical Services Pte. Ltd [Member] | |||
Balance | 1,783 | $ 3,574 | 3,574 |
Change in fair value | 38 | (739) | |
Less payments | (1,052) | ||
Balance | $ 1,821 | $ 1,783 |
Note 7 - Selected Balance She_9
Note 7 - Selected Balance Sheet Data - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Pension and postretirement benefit obligations | $ 177 | $ 177 |
Deferred revenue | 251 | 141 |
Current technology intangible liability | 623 | 493 |
Current earn-out contingent consideration liability | 161 | 148 |
Customer funded projects | 728 | 340 |
TCPA litigation accrual (Note 11) | 0 | 1,300 |
Accrued corporate expenses | 991 | 237 |
Other | 1,278 | 982 |
Total | $ 4,209 | $ 3,818 |
Note 7 - Selected Balance Sh_10
Note 7 - Selected Balance Sheet Data - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Noncurrent technology intangible liability | $ 0 | $ 541 |
Noncurrent earn-out contingent consideration liability | 1,660 | 1,635 |
Litigation liability | 540 | 709 |
Other | 247 | 215 |
Total | $ 2,447 | $ 3,100 |
Note 8 - Investment Securitie_2
Note 8 - Investment Securities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash | $ 1,882 | $ 2,943 |
Maximum [Member] | Held-to-Maturity Securities [Member] | ||
Debt Securities, Available-for-sale, Term (Year) | 2 years |
Note 8 - Investment Securitie_3
Note 8 - Investment Securities - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Held to maturity investments, less than one year | $ 15,457 | $ 19,420 |
Held to maturity investments for one to five years | 4,551 | 4,558 |
Held to maturity, total | 20,008 | 23,978 |
Commercial Paper Original Maturities of 91 Days or More [Member] | ||
Held to maturity investments, less than one year | 9,492 | 10,987 |
Held to maturity investments for one to five years | 0 | 0 |
Held to maturity, total | 9,492 | 10,987 |
Corporate Notes And Bonds [Member] | ||
Held to maturity investments, less than one year | 5,965 | 8,433 |
Held to maturity investments for one to five years | 4,551 | 4,558 |
Held to maturity, total | $ 10,516 | $ 12,991 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 months 12 days | 4 months 24 days | |
Finance Lease, Weighted Average Remaining Lease Term (Year) | 3 years 8 months 12 days | 3 years 3 months 18 days | |
Finance Lease, Weighted Average Discount Rate, Percent | 5.56% | 5.56% | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.82% | 4.98% | |
Operating Lease, Payments | $ 585 | $ 609 | |
Minnesota 1 [Member] | |||
Number of Leased Facilities | 3 | ||
Minnesota 1 [Member] | Lease Expiration in 2022 [Member] | |||
Number of Leased Facilities | 1 | ||
Minnesota 1 [Member] | Lease Expiration in 2023 [Member] | |||
Number of Leased Facilities | 1 | ||
Minnesota 1 [Member] | Lease Expiration in 2027 [Member] | |||
Number of Leased Facilities | 1 | ||
California 1 [Member] | Lease Expiration in 2024 [Member] | |||
Number of Leased Facilities | 1 | ||
SINGAPORE | Lease Expiration in 2025 [Member] | |||
Number of Leased Facilities | 1 | ||
INDONESIA | Lease Expiration in 2027 [Member] | |||
Number of Leased Facilities | 1 | ||
GERMANY | Lease Expiration in 2022 [Member] | |||
Number of Leased Facilities | 1 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | ||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of right-of-use assets | $ 2 | $ 10 |
Interest on lease liabilities | 0 | 1 |
Operating lease cost | 581 | 582 |
Variable lease cost | 90 | 120 |
Total lease cost | $ 673 | $ 713 |
Note 9 - Leases - Schedule of L
Note 9 - Leases - Schedule of Lease Liabilities Maturity (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2022, operating lease | $ 1,722 |
2022, finance leases | 1 |
2022 | 1,723 |
2023, operating lease | 1,783 |
2023, finance leases | 0 |
2023 | 1,783 |
2024, operating lease | 1,493 |
2024, finance leases | 0 |
2024 | 1,493 |
2025, operating lease | 1,331 |
2025, finance leases | 0 |
2025 | 1,331 |
2026, and thereafter, operating lease | 631 |
2026 and thereafter, finance lease | 0 |
2026 and thereafter | 631 |
Total operating lease payments | 6,960 |
Total finance lease payments | 1 |
Total lease payments | 6,961 |
Less: Interest, operating lease | (606) |
Less: Interest, finance leases | 0 |
Less: Interest | (606) |
Present value of operating lease liabilities | 6,354 |
Present value of finance lease liabilities | 1 |
Present value of lease liabilities | $ 6,355 |
Note 10 - Shareholders’_3
Note 10 - Shareholders’ Equity and Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 352 | 497,000 | ||
Share-Based Payment Arrangement, Expense | $ 481 | $ 453 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,984 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,045 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Purchased for Award (in shares) | 2,000 | |||
Restricted Stock Units Other than Performance Restricted Stock Units [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 103,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 16.51 | |||
Performance Restricted Stock Units [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 38,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 141,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |||
Share-Based Payment Arrangement, Option [Member] | ||||
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, Options Forfeitures In Order to Cover Exercise Price (in shares) | 15,000 | |||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||
The 2015 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 500,000 | |||
The 2006 Equity Incentive Plan [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 139,000 | |||
Employee Stock Purchase Plan (ESPP) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 300,000 |
Note 10 - Shareholders’_4
Note 10 - Shareholders’ Equity and Stock-based Compensation - Schedule of Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | ||
Options, Outstanding (in shares) | 547,000 | ||
Awards, Outstanding (in shares) | 764,000 | ||
Options, outstanding, weighted average exercise price (in dollars per share) | [1] | $ 6.69 | |
Awards, granted (in shares) | 141,000 | ||
Options, exercised or released (in shares) | (91,000) | ||
Awards, exercised or released (in shares) | (141,000) | ||
Options, exercised or released, weighted average exercise price (in dollars per share) | [1] | $ 6.40 | |
Options, Outstanding (in shares) | 456,000 | ||
Awards, Outstanding (in shares) | 764,000 | ||
Options, outstanding, weighted average exercise price (in dollars per share) | [1] | $ 6.75 | |
Balance, intrinsic value | $ 15,159 | ||
Options, Exercisable (in shares) | 456,000 | ||
Awards, Exercisable (in shares) | 456,000 | ||
Options, Exercisable, weighted average exercise price (in dollars per share) | [1] | $ 6.75 | |
Exercisable, intrinsic value | $ 7,800 | ||
Awards, available for future grant (in shares) | 352 | 497,000 | |
Restricted Stock Units (RSUs) [Member] | |||
RSU, Outstanding (in shares) | 217,000 | ||
RSU, granted (in shares) | 141,000 | ||
RSU, exercised or released (in shares) | (50,000) | ||
RSU, Outstanding (in shares) | 308,000 | ||
[1] | The weighted average exercise price calculation does not include outstanding RSUs |
Note 11 - Legal Proceedings (De
Note 11 - Legal Proceedings (Details Textual) - USD ($) $ in Thousands | Feb. 04, 2022 | Jul. 26, 2021 | Mar. 31, 2022 |
Settlement Agreement [Member] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 1,300 | ||
Payments for Legal Settlements | $ 1,300 | ||
Minimum [Member] | |||
Potential Exposure Per Call | $ 500 | ||
Maximum [Member] | |||
Potential Exposure Per Call | 1,500 | ||
Other Accrued Liabilities [Member] | |||
Loss Contingency Accrual, Ending Balance | 120 | ||
Other Long Term Liabilities [Member] | |||
Loss Contingency Accrual, Ending Balance | 540 | ||
Other Current Assets [Member] | |||
Insurance Settlements Receivable | 120 | ||
Other Assets [Member] | |||
Insurance Settlements Receivable | $ 540 |