Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 06, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | HARVARD BIOSCIENCE INC | ||
Entity Central Index Key | 0001123494 | ||
Trading Symbol | hbio | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 38,347,658 | ||
Entity Public Float | $ 72,530,058 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $0.01 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 8,335 | $ 8,173 |
Accounts receivable, net | 20,704 | 21,463 |
Inventories | 22,061 | 25,087 |
Other current assets | 2,472 | 3,109 |
Total current assets | 53,572 | 57,832 |
Property, plant and equipment, net | 4,776 | 5,898 |
Operating lease right-of-use assets | 8,463 | |
Goodwill | 57,381 | 57,304 |
Intangible assets, net | 38,405 | 45,764 |
Other long-term assets | 2,273 | 1,815 |
Total assets | 164,870 | 168,613 |
Current liabilities: | ||
Current portion of long-term debt | 6,900 | 5,982 |
Current portion of operating lease liabilities | 2,424 | |
Accounts payable | 5,339 | 7,359 |
Deferred revenue | 3,949 | 3,820 |
Accrued income taxes | 609 | 978 |
Other current liabilities | 6,091 | 7,350 |
Total current liabilities | 25,312 | 25,489 |
Long-term debt | 46,917 | 54,813 |
Deferred tax liability | 1,974 | 2,301 |
Operating lease liabilities | 8,224 | |
Other long-term liabilities | 749 | 3,286 |
Total liabilities | 83,176 | 85,889 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, par value $0.01 per share, 5,000,000 shares authorized | ||
Common stock, par value $0.01 per share, 80,000,000 shares authorized; 45,933,715 and 45,124,309 shares issued and 38,188,208 and 37,378,802 shares outstanding, respectively | 438 | 436 |
Additional paid-in-capital | 229,189 | 226,377 |
Accumulated deficit | (124,576) | (119,889) |
Accumulated other comprehensive loss | (12,689) | (13,532) |
Treasury stock at cost, 7,745,507 common shares | (10,668) | (10,668) |
Total stockholders' equity | 81,694 | 82,724 |
Total liabilities and stockholders' equity | $ 164,870 | $ 168,613 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 45,933,715 | 45,124,309 |
Common stock, shares outstanding (in shares) | 38,188,208 | 37,378,802 |
Treasury stock, common shares (in shares) | 7,745,507 | 7,745,507 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 116,176 | $ 120,774 |
Cost of revenues | 51,854 | 57,593 |
Gross profit | 64,322 | 63,181 |
Sales and marketing expenses | 23,264 | 24,443 |
General and administrative expenses | 22,760 | 21,382 |
Research and development expenses | 10,715 | 10,988 |
Amortization of intangible assets | 5,746 | 5,384 |
Impairment charges | 1,460 | |
Total operating expenses | 63,945 | 62,197 |
Operating income | 377 | 984 |
Other expense: | ||
Interest expense, net | (5,410) | (5,367) |
Other expense, net | (469) | (3,592) |
Total other expense | (5,879) | (8,959) |
Loss from continuing operations before income taxes | (5,502) | (7,975) |
Income Tax Expense (Benefit), Total | (815) | (3,676) |
Loss from continuing operations | (4,687) | (4,299) |
Discontinued operations: | ||
Income from discontinued operations before income taxes | 936 | |
Income tax benefit from discontinued operations | 0 | (441) |
Income from discontinued operations | 1,377 | |
Net loss | $ (4,687) | $ (2,922) |
(Loss) earnings per share: | ||
Basic loss per common share from continuing operations (in dollars per share) | $ (0.12) | $ (0.12) |
Basic earnings per common share from discontinued operations (in dollars per share) | 0.04 | |
Basic loss per common share (in dollars per share) | (0.12) | (0.08) |
Diluted loss per common share from continuing operations (in dollars per share) | (0.12) | (0.12) |
Diluted earnings per common share from discontinued operations (in dollars per share) | 0.04 | |
Diluted loss per common share (in dollars per share) | $ (0.12) | $ (0.08) |
Weighted-average common shares: | ||
Basic (in shares) | 37,813,580 | 36,453,126 |
Diluted (in shares) | 37,813,580 | 36,453,126 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss | $ (4,687) | $ (2,922) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (543) | (2,875) |
Derivatives qualifying as hedges, net of tax: | ||
(Loss) gain on derivative instruments designated and qualifying as cash flow hedges | (572) | (343) |
Amounts reclassified from accumulated other comprehensive loss to net loss | 139 | 136 |
Derivatives qualifying as hedges, net of tax | (433) | (207) |
Defined benefit pension plans, net of tax: | ||
Amortization of net losses included in net periodic pension costs, net of tax expense of $- 0 - and $56 in 2019 and 2018, respectively | 561 | 275 |
Net (loss) gain, net of tax benefit of $- 0 - and $10 in 2019 and 2018, respectively | 1,258 | (49) |
Defined benefit pension plans, net of tax | 1,819 | 226 |
Other comprehensive income (loss) | 843 | (2,856) |
Comprehensive loss | $ (3,844) | $ (5,778) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | $ 0 | $ 56 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | $ 0 | $ 10 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 42,764,000 | |||||
Balance at Dec. 31, 2017 | $ 419 | $ 218,792 | $ (116,967) | $ (10,676) | $ (10,668) | $ 80,900 |
Stock option exercises (in shares) | 1,696,000 | 3,750 | ||||
Stock option exercises | $ 17 | 5,149 | $ 5,166 | |||
Shares issued under employee stock purchase plan (in shares) | 89,000 | 89,308 | ||||
Shares issued under employee stock purchase plan | $ 1 | 159 | $ 160 | |||
Vesting of restricted stock units (in shares) | 915,000 | |||||
Vesting of restricted stock units | ||||||
Shares withheld for taxes (in shares) | (340,000) | |||||
Shares withheld for taxes | $ (1) | (767) | (768) | |||
Stock compensation expense | 3,044 | 3,044 | ||||
Net (loss) income | (2,922) | (2,922) | ||||
Other comprehensive loss | (2,856) | (2,856) | ||||
Net loss | (2,922) | (2,922) | ||||
Balance (in shares) at Dec. 31, 2018 | 45,124,000 | |||||
Balance at Dec. 31, 2018 | $ 436 | 226,377 | (119,889) | (13,532) | (10,668) | 82,724 |
Stock option exercises (in shares) | 4,000 | |||||
Stock option exercises | 11 | $ 11 | ||||
Shares issued under employee stock purchase plan (in shares) | 191,000 | 190,642 | ||||
Shares issued under employee stock purchase plan | $ 2 | 323 | $ 325 | |||
Vesting of restricted stock units (in shares) | 818,000 | |||||
Vesting of restricted stock units | ||||||
Shares withheld for taxes (in shares) | (203,000) | |||||
Shares withheld for taxes | (556) | (556) | ||||
Stock compensation expense | 3,034 | 3,034 | ||||
Net (loss) income | (4,687) | (4,687) | ||||
Other comprehensive loss | 843 | 843 | ||||
Net loss | (4,687) | (4,687) | ||||
Balance (in shares) at Dec. 31, 2019 | 45,934,000 | |||||
Balance at Dec. 31, 2019 | $ 438 | $ 229,189 | $ (124,576) | $ (12,689) | $ (10,668) | $ 81,694 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (4,687) | $ (2,922) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 1,987 | 2,423 |
Amortization of intangible assets | 5,746 | 5,431 |
Amortization of deferred financing costs | 385 | 645 |
Stock-based compensation expense | 3,034 | 3,044 |
Impairment charges | 1,460 | |
Gain on sale of Denville | (1,251) | |
Provision for allowance for doubtful accounts | 288 | 25 |
Deferred income taxes | (398) | (2,861) |
Other non-cash charges | 188 | 25 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 468 | (2,792) |
Inventories | 3,260 | 2,554 |
Other current assets | 165 | (124) |
Accounts payable | (2,048) | 1,593 |
Accrued income taxes | (363) | 612 |
Other current liabilities | (1,256) | (3,149) |
Deferred revenue | 121 | 2,492 |
Other long-term liabilities | (305) | (2,861) |
Net cash provided by operating activities | 8,045 | 2,884 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (1,216) | (986) |
Other | (15) | (16) |
Acquisition, net of cash acquired | (68,548) | |
Disposition, net of cash sold | 1,002 | 15,754 |
Net cash used in investing activities | (229) | (53,796) |
Cash flows from financing activities: | ||
Proceeds from issuance of debt | 4,300 | 70,700 |
Repayments of debt | (11,703) | (20,198) |
Payments of debt issuance costs | (2,006) | |
(Net taxes paid) net proceeds from issuance of common stock | (221) | 4,557 |
Net cash (used in) provided by financing activities | (7,624) | 53,053 |
Effect of exchange rate changes on cash | (30) | 299 |
Increase in cash and cash equivalents | 162 | 2,440 |
Cash and cash equivalents at beginning of period | 8,173 | 5,733 |
Cash and cash equivalents at end of period | 8,335 | 8,173 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 5,496 | 4,987 |
Cash paid for income taxes, net of refunds | $ 374 | $ 98 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Organization Harvard Bioscience, Inc., a Delaware corporation, is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental research, discovery, and pre-clinical testing for drug development. The Company’s products and services are sold globally to customers ranging from renowned academic institutions and government laboratories, to the world’s leading pharmaceutical, biotechnology and clinical research organizations. With operations in North America and Europe, the Company has sales through a combination of direct and distribution channels to customers around the world. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies (a) Principles of Consolidation The consolidated financial statements include the accounts of Harvard Bioscience, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. (b) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the use of management estimates. Such estimates include the determination and establishment of certain accruals and provisions, including those for inventory excess and obsolescence, income tax and reserves for bad debts. In addition, certain estimates are required in order to determine the value of assets and liabilities associated with acquisitions, as well as the Company’s defined benefit pension obligations. Estimates are also required to evaluate the value and recoverability of existing long-lived and intangible assets, including goodwill. On an ongoing basis, the Company reviews its estimates based upon currently available information. Actual results could differ materially from those estimates. (c) Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three may not not (d) Allowance for Doubtful Accounts The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on considering factors such as historical experience, credit quality, known troubled accounts, historical experience, factors that may (e) Inventories The Company values its inventories at the lower of the actual cost to purchase ( first first (f) Property, Plant and Equipment Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets as follows: Machinery and equipment 3 - 10 years Computer equipment and software 3 - 7 years Furniture and fixtures 5 - 10 years Property and equipment held under capital leases and leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset. (g) Leases The Company accounts for its leases in accordance with ASC 842 12 not The Company has assessed its contracts and concluded that its leases consist of operating leases. Operating leases are included in operating lease right-of-use (ROU) assets, current portion of operating lease liabilities, and operating lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not (h) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not 50% (i) Foreign Currency Translation The functional currency of the Company’s foreign subsidiaries is generally their local currency. All assets and liabilities of its foreign subsidiaries are translated at exchange rates in effect at period-end. Income and expenses are translated at rates which approximate those in effect on the transaction dates. The resulting translation adjustment is recorded as a separate component of stockholders’ equity in accumulated other comprehensive (loss) income (“AOCI”) in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in net (loss) income. (j) Earnings per Share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method unless the effect is antidilutive. Since the Company is reporting discontinued operations, it used income from continuing operations as the control number in determining whether those potential dilutive securities are dilutive or antidilutive. (k) Comprehensive (Loss) Income The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 220, 220 (l) Revenue Recognition Nature of contracts and customers The Company’s contracts are primarily of short duration and are mostly based on the receipt and fulfilment of purchase orders. The purchase orders are binding and include pricing and all other relevant terms and conditions. The Company’s customers are primarily research scientists at pharmaceutical and biotechnology companies, universities, hospitals, government laboratories, including the United States National Institute of Health (NIH) and contract research organizations. The Company also has global and regional distribution partners, and original equipment manufacturer (OEM) customers who incorporate its products into their products under their own brands. Performance obligations The Company’s performance obligations under its revenue contracts consist of its instruments, equipment, accessories, services, maintenance and extended warranties. Equipment also includes software that functions together with the tangible equipment to deliver its essential functionality. Contracts with customers may not Instruments, equipment and accessories consist of a range of products that are used in life sciences research. Revenues from the sales of these items are recognized when transfer of control of these products to the customer occurs. Transfer of control occurs when the Company has a right to payment, and the customer has legal title to the asset and the customer or their selected carrier has possession, which is typically upon shipment. Sales on these items are therefore generally recognized at a point in time. The Company’s equipment revenue also includes the sale of wireless implantable monitors that are used for life science research purposes. The Company sells these wireless implantable monitors to pharmaceutical companies, contract research organizations and academic laboratories. In addition to sales generated from new and existing customers, these implantable devices are also sold under a program called the “exchange program”. Under this program, customers may may, no may may not 606. Service revenues consist of installation, training, data analysis, and surgeries performed on research animals. Maintenance revenue consists of post-contract support provided in relation to software that is embedded within the equipment that is sold to the customer. The Company provides standard warranties that promise the customer that the product will work as promised. These standard warranties are not one one For sales for which transfer of control occurs upon shipment, the Company accounts for shipping and handling costs as fulfilment costs. As such, the Company records the amounts billed to the customer for shipping costs as revenue and the costs within cost of revenues upon shipment. For sales, for which control transfers to customers after shipment, the Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the goods to the customer. The Company therefore accrues for the costs of shipping undelivered items in the period of shipment. Revenues expected to be recognized related to any and all remaining performance obligations are generally expected to be recognized in one one Variable Consideration The nature of the Company's contracts gives rise to certain types of variable consideration, including in limited cases volume and payment discounts. The Company analyzes sales that could include variable consideration and estimates the expected or most likely amount of revenue after returns, trade-ins, discounts, rebates, credits, and incentives. Product returns are estimated and accrued for, based on historical information. In making these estimates, the Company considers whether the amount of variable consideration is constrained and is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not not The Company’s payment terms are generally from zero sixty Sales taxes, value added taxes, and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and are therefore excluded from revenues. Deferred revenue The Company records deferred revenue when cash is collected from customers prior to satisfaction of the Company’s performance obligation to the customer. Deferred revenue consists of amounts deferred related to service contracts and revenue deferred as a result of payments received in advance from customers. Deferred revenue is generally expected to be recognized within one The amounts included in deferred revenue from advanced payments relate to amounts that are prepaid for wireless implantable monitors under the exchange program. The Company has made the judgment that these payments do not Advanced payments received from customers are recorded as a liability, and revenue is recognized when the Company’s performance obligations are completed. Performance obligations are completed when the product is shipped or delivered to the customer, or at the end of the exchange program if goods are not Disaggregation of revenue Refer to Note 18 (m) Valuation of Identifiable Intangible Assets Acquired in Business Combinations The determination of the fair value of intangible assets, which represents a significant portion of the purchase price in the Company’s acquisitions, requires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or not December 31, 2019, 7 15 10 15 4 5 5 15 5 15 (n) Goodwill and Other Intangible Assets Goodwill and unamortizable intangible assets acquired in a business combination and determined to have an indefinite useful life are not 350, For the purpose of its goodwill analysis, the Company has one fourth 2019. two first two At December 31, 2019, none The Company evaluates indefinite-lived intangible assets for impairment annually and when events occur, or circumstances change that may 6 (o) Impairment of Long-Lived Assets The Company assesses recoverability of its long-lived assets that are held for use, such as property, plant and equipment and amortizable intangible assets in accordance with FASB ASC 360, may not December 31, 2019, none (p) Derivatives The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not not The Company only enters into derivative contracts that it intends to designate as a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). For all hedging relationships, the Company formally documents the hedging relationship and its risk-management objective and strategy for undertaking the hedge, the hedging instrument, the hedged transaction, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method used to measure ineffectiveness. The Company also formally assesses, both at the inception of the hedging relationship and on an ongoing basis, whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in cash flows of hedged transactions. For derivative instruments that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The Company discontinues hedge accounting prospectively when it determines that the derivative is no not In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value in earnings. When it is probable that a forecasted transaction will not (q) Fair Value of Financial Instruments The carrying values of the Company’s cash and cash equivalents, trade accounts receivable and trade accounts payable and short-term debt approximate their fair values because of the short maturities of those instruments. The fair value of the Company’s long-term debt approximates its carrying value and is based on the amount of future cash flows associated with the debt discounted using current borrowing rates for similar debt instruments of comparable maturity. Financial reporting standards define a fair value hierarchy that consists of three § Level 1 § Level 2 not § Level 3 (r) Stock-based Compensation The Company accounts for stock-based payment awards in accordance with the provisions of FASB ASC 718, 2000 Stock-based compensation expense recognized is based on the value of the portion of stock-based payment awards that is ultimately expected to vest. The Company values stock-based payment awards, except restricted stock units at grant date using the Black-Scholes option-pricing model (“Black-Scholes model”). The Company values restricted stock units with a market condition using a Monte-Carlo valuation simulation. The determination of fair value of stock-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by its stock price as well as assumptions regarding certain variables. These variables include, but are not The fair value of restricted stock units is based on the market price of the Company’s stock on the date of grant and are recorded as compensation expense on a straight-line basis over the applicable service period, which ranges from one four Stock-based compensation expense recognized under FASB ASC 718 December 31, 2019 2018 13 (s) Recent Accounting Pronouncements Accounting Pronouncements to be Adopted In June 2016, No. 2016 13, Financial Instruments—Credit Losses (Topic 326 may 2016 13 2016 13 December 15, 2022, 2016 13 In August 2018, No. 2018 14, Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans 715 December 15, 2020, not In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 2019 12 January 1, 2021. Accounting Pronouncements Recently Adopted In August 2017, No. 2017 12, 815 815, 1 2 December 15, 2018. January 1, 2019, not In February 2016, No. 2016 02, 12 December 15, 2018. January 1, 2019. 842 January 1. 2019, $11.7 $9.4 12 no 1 not 2 not 3 12. (t) Discontinued Operation As disclosed in Note 5, January 22, 2018, 205 20 Presentation of Financial Statements - Discontinued Operations, December 31, 2018 no (u) Prior Period Financial Statement Correction of Immaterial Error During the quarter ended March 31, 2019, December 31, 2018. $4.0 April 30, 2019 December 31, 2018. no 14 No. 99, 250, not December 31, 2018 no |
Note 3 - Accumulated Other Comp
Note 3 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 3. Accumulated Other Comprehensive Loss Changes in each component of accumulated other comprehensive loss, net of tax are as follows: Foreign currency Derivatives translation qualifying as Defined benefit (in thousands) adjustments hedges pension plans Total Balance at December 31, 2017 $ (9,755 ) $ 37 $ (958 ) $ (10,676 ) Other comprehensive (loss) income before reclassifications (2,875 ) (343 ) (49 ) (3,267 ) Amounts reclassified from AOCI - 136 275 411 Net other comprehensive (loss) income (2,875 ) (207 ) 226 (2,856 ) Balance at December 31, 2018 $ (12,630 ) $ (170 ) $ (732 ) $ (13,532 ) Other comprehensive income (loss) before reclassifications (543 ) (572 ) 1,258 143 Amounts reclassified from AOCI - 139 561 700 Net other comprehensive (loss) income (543 ) (433 ) 1,819 843 Balance at December 31, 2019 $ (13,173 ) $ (603 ) $ 1,087 $ (12,689 ) The amounts reclassified out of accumulated other comprehensive (loss) income are as follows: Affected line item in the Year Ended December 31, (in thousands) Statements of Operations 2019 2018 Amounts Reclassified From AOCI Derivatives qualifying as hedges Realized loss on derivatives qualifying as hedges Interest expense, net $ 139 $ 136 Income tax Income tax (benefit) expense - - 139 136 Defined benefit pension plans Amortization of net losses included in net periodic pension costs General and administrative expenses 561 331 Income tax Income tax (benefit) expense - (56 ) 561 275 Total reclassifications $ 700 $ 411 |
Note 4 - Acquisition
Note 4 - Acquisition | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. Acquisition On January 31, 2018, $71.1 5, 14. DSI, a St. Paul, Minnesota-based life science research company, is a recognized leader in physiologic monitoring focused on delivering preclinical products, systems, services and solutions to its customers. Its customers include pharmaceutical and biotechnology companies, as well as contract research organizations, academic labs and government researchers. This acquisition diversifies the Company’s customer base into the biopharmaceutical and contract research organization markets. The results of operations for DSI have been included in the Company’s consolidated financial statements from the date of acquisition. Included in the net loss for the year ended December 31, 2018 $3.8 one six $2.9 The following consolidated pro forma information is based on the assumption that was used at the time of the acquisition of DSI. Accordingly, the historical results have been adjusted to reflect amortization expense, interest expense and other purchase accounting adjustments that would have been recognized on such a pro forma basis. The pro forma information is presented for comparative purposes only and is not Year Ended December 31, 2018 (in thousands, unaudited) Pro Forma Revenues $ 124,319 Income from continuing operations 3,614 Direct acquisition costs recorded in other expense, net in the Company’s consolidated statements of operations were $3.4 December 31, 2018. |
Note 5 - Discontinued Operation
Note 5 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 5. Discontinued Operations On January 22, 2018, $20.0 $3.0 $15.7 $2.0 2018 $1.0 2019 2018 not 2019 not The following table is a reconciliation of the major line items of income from discontinued operations presented within the Company’s consolidated statements of operations for the years ended December 31, 2018. Year Ended December 31, 2018 (in thousands) Revenues $ 893 Cost of revenues (534 ) Operating and other expenses (674 ) Gain on disposal of discontinued operations 1,251 Income from discontinued operations before income taxes $ 936 Income tax benefit (441 ) Income from discontinued operations 1,377 During the year ended December 31, 2019, $1.0 December 31, 2019. December 31, 2018, |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill and Intangible Assets Goodwill The change in the carrying amount of goodwill for the year ended December 31, 2019 2018 December 31, 2019 2018 (in thousands) Carrying amount at beginning of year $ 57,304 $ 36,336 Goodwill arising from business combination - 21,865 Effect of change in currency translation 77 (897 ) Carrying amount at end of year $ 57,381 $ 57,304 Intangible assets December 31, 2019 2018 (in thousands) Amortizable intangible assets: Weighted Average Life* (Years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Distribution agreements/customer relationships 9.8 $ 17,891 $ (6,340 ) $ 11,551 $ 22,657 $ (9,509 ) $ 13,148 Existing technology 6.1 41,222 (19,698 ) 21,524 41,268 (16,215 ) 25,053 Trade names 6.8 7,692 (3,497 ) 4,195 7,828 (2,861 ) 4,967 In-process R&D - - - - 1,387 (30 ) 1,357 Patents - 218 (218 ) - 211 (204 ) 7 Total amortizable intangible assets $ 67,023 $ (29,753 ) $ 37,270 $ 73,351 $ (28,819 ) $ 44,532 Indefinite-lived intangible assets: 1,135 1,232 Total intangible assets $ 38,405 $ 45,764 * Weighted average life as of December 31, 2019. Intangible asset amortization expense from continuing operations was $5.7 $5.4 December 31, 2019 2018, $5.5 December 31, 2020, $5.5 December 31, 2021, $5.5 December 31, 2022, $5.3 December 31, 2023, $5.3 December 31, 2024. During the year ended December 31, 2019, $0.9 $0.4 $0.5 one $0.1 $5.3 There were no December 31, 2018. |
Note 7 - Inventories
Note 7 - Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. Inventories As of December 31, 2019, December 31, 2018, December 31, 2019 2018 (in thousands) Finished goods $ 5,561 $ 6,936 Work in process 3,153 3,667 Raw materials 13,347 14,484 Total $ 22,061 $ 25,087 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. Property, Plant and Equipment As of December 31, 2019 December 31, 2018, December 31, 2019 2018 (in thousands) Machinery and equipment $ 7,198 $ 9,678 Computer equipment and software 8,954 9,685 Leasehold improvements 2,151 2,468 Furniture and fixtures 1,321 1,390 Automobiles 92 115 19,716 23,336 Less: accumulated depreciation (14,940 ) (17,438 ) Property, plant and equipment, net $ 4,776 $ 5,898 During the year ended December 31, 2019, $4.8 |
Note 9 - Restructuring and Othe
Note 9 - Restructuring and Other Exit Costs | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 9. Restructuring and Other Exit Costs During 2019, The restructuring program is expected to be completed by the end of 2020, first 2020. $1.4 December 31, 2019. The following table summarizes the activity for accrued restructuring liability for the year ended December 31, 2019: (in thousands) Cost of Revenues Severance Costs Impairment Other Total Restructuring charges $ 235 $ 530 $ 460 $ 129 $ 1,354 Non-cash charges (235 ) - (460 ) (10 ) (705 ) Cash payments - (166 ) - (115 ) (281 ) Balance at December 31, 2019 $ - $ 364 $ - $ 4 $ 368 Of the $1.4 December 31, 2019, $0.5 $0.2 $0.7 December 31, 2019, $0.4 twelve |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 10. Related Party Transactions As part of the acquisitions of Multi Channel Systems MCS GmbH (MCS) and Triangle BioSystems, Inc. (TBSI) in 2014, $ 0.3 December 31, 2019 2018. |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11. Employee Benefit Plans The Company sponsors profit sharing retirement plans for its U.S. employees, which includes employee savings plans established under Section 401 “401 401 401 December 31, 2019 2018, $0.4 $0.5 401 The Company’s subsidiary in the United Kingdom, Biochrom Limited maintains contributory, defined benefit or defined contribution pension plans for substantially all of its employees. In 2014, 715 20 715 20 not The components of the Company’s net period benefit cost were as follows: Year Ended December 31, 2019 2018 (in thousands) Components of net periodic benefit cost: Interest cost 484 502 Expected return on plan assets (761 ) (779 ) Net amortization loss 336 222 Recognition of net gain/loss due to settlements 228 110 Net periodic benefit cost $ 287 $ 55 The measurement date is December 31 December 31, 2019 2018 December 31, 2019 2018 (in thousands) Change in benefit obligation: Balance at beginning of year $ 18,701 $ 21,126 Service cost - 24 Interest cost 484 502 Actuarial (gain) loss 1,513 (1,056 ) Settlements due to transfers paid (871 ) (267 ) Benefits paid (447 ) (521 ) Currency translation adjustment 647 (1,107 ) Balance at end of year $ 20,027 $ 18,701 December 31, 2019 2018 (in thousands) Change in fair value of plan assets: Balance at beginning of year $ 17,819 $ 19,972 Actual return on plan assets 3,172 (1,058 ) Employer contributions 831 741 Settlement due to transfers paid (931 ) (263 ) Benefits paid (447 ) (521 ) Currency translation adjustment 670 (1,052 ) Balance at end of year $ 21,114 $ 17,819 December 31, 2019 2018 (in thousands) Benefit obligation: Funded status $ 1,087 $ (882 ) Unrecognized net loss N/A N/A Net asset (liability) recognized $ 1,087 $ (882 ) The amounts recognized in the consolidated balance sheets consist of: December 31, 2019 2018 (in thousands) Other long term assets (liabilities) $ 1,087 $ (882 ) Deferred income tax assets - 150 Net amount recognized $ 1,087 $ (732 ) The amounts recognized in accumulated other comprehensive loss, net of tax consist of: December 31, 2019 2018 (in thousands) Funded status of pension plans $ 1,087 $ (732 ) Net amount recognized $ 1,087 $ (732 ) The weighted average assumptions used in determining the net pension cost for these plans follows: Year Ended December 31, 2019 2018 Discount rate 2.02 % 2.65 % Expected return on assets 3.84 % 4.68 % The discount rate assumptions used for pension accounting reflect the prevailing rates available on high-quality, fixed-income debt instruments with terms that match the average expected duration of the Company’s defined benefit pension plan obligations. The Company uses the iBoxx AA 15yr 15 The Company’s mix of pension plan investments among asset classes also affects the long-term expected rate of return on plan assets. As of December 31, 2019, 15 The fair value and asset allocations of the Company’s pension benefits as of December 31, 2019 2018 December 31, 2019 2018 (in thousands) Asset category: Equity securities $ 11,534 55 % $ 9,134 51 % Debt securities 3,919 19 % 3,274 18 % Liability driven investment funds 3,615 17 % 4,341 24 % Cash and cash equivalents 1,514 7 % 618 4 % Other 532 3 % 452 3 % Total $ 21,114 100 % $ 17,819 100 % Financial reporting standards define a fair value hierarchy that consists of three December 31, 2019 2018 December 31, 2019 2018 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) $ 1,514 $ 618 Significant Other Observable Inputs (Level 2) 19,600 17,201 Significant Other Unobservable Inputs (Level 3) - - Total $ 21,114 $ 17,819 Level 1 December 31, 2019. 2 not The Company expects to contribute at least $0.9 2020. $0.5 2020, $0.5 2021, $0.6 2022, $0.7 2023 $0.8 2024. five 2025—2029 $4.2 December 31, 2019. |
Note 12 - Leases
Note 12 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 12. Leases The Company has noncancelable operating leases for office, manufacturing facilities, warehouse space, automobiles and equipment expiring at various dates through 2024. 1, 842 January 1, 2019, $9.4 $11.7 January 1, 2019. December 31, 2019 2018 842, 840, The components of lease expense for the year ended December 31, 2019 Year Ended December 31, 2019 (in thousands) Operating lease cost $ 2,084 Short term lease cost 245 Sublease income (429 ) Total lease cost $ 1,900 Supplemental cash flow information related to the Company’s operating leases was as follows: Year Ended December 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: $ 2,530 Right-of-use assets obtained in exchange for lease obligations: $ 177 Supplemental balance sheet information related to the Company’s operating leases was as follows: December 31, 2019 (in thousands) Operating lease right-of use assets $ 8,463 Current portion, operating lease liabilities $ 2,424 Operating lease liabilities, long term 8,224 Total operating lease liabilities $ 10,648 Weighted average remaining lease term (in years) 8.1 Weighted average discount rate 9.2 % Since most of the Company’s leases do not Future minimum lease payments for operating leases, with initial or remaining terms in excess of one December 31, 2019, Operating Leases (in thousands) 2020 $ 2,426 2021 1,945 2022 1,862 2023 1,832 2024 1,587 Thereafter 5,889 Total lease payments 15,541 Less interest (4,893 ) Total operating lease liabilities $ 10,648 As presented in our 2018 10 one December 31, 2018 Operating Leases (in thousands) 2019 $ 2,250 2020 2,247 2021 1,987 2022 1,966 2023 1,990 Thereafter 7,559 Net minimum lease payments $ 17,999 Total rent expense was $3.2 $1.8 December 31, 2018 2017, |
Note 13 - Capital Stock
Note 13 - Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 13. Capital Stock and Stock-Based Compensation Common Stock On February 5, 2008, one February 6, 2008. not no February 6, 2018. Preferred Stock The Company’s Board of Directors has the authority to issue up to 5.0 may December 31, 2019, no Employee Stock Purchase Plan (as amended, the ESPP) In 2000, six 85% six June 30 December 31. May 16, 2019, 350,000 1,400,000 1,081,404 December 31, 2019. 190,642 89,308 December 31, 2019 2018, December 31, 2019, 318,596 Third Amended and Restated 2000 On May 25, 2011, April 2, 2018. 2018 3,400,000 20,908,929. Restricted Stock Units with a Market Condition (the Market Condition RSUs) On August 3, 2015, 2015 2015 August 3, 2015 August 3, 2018 3000 20 August 3, 2018, 69,667 2015 2015 not In 2018, 2018 2018 one third three May 24, 2018 May 24, 2019 20 In 2019, 2019 2019 one third three 2019 20 As of December 31, 2019, may 529,491 150% Stock-Based Payment Awards The Company accounts for stock-based payment awards in accordance with the provisions of FASB ASC 718, no Stock option and restricted stock unit activity under the Company’s Third A&R Plan for the years ended December 31, 2018 2019 Stock Options Restricted Stock Units Market Condition RSU's Stock Weighted Restricted Market Options Average Stock Units Grant Date Condition RSU's Grant Date Outstanding Exercise Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2017 3,780,244 $ 3.95 1,796,927 $ 2.69 164,127 $ 4.81 Granted 104,585 4.48 639,126 4.31 156,944 4.19 Exercised (1,696,255 ) 3.50 - - - - Vested (RSUs) - - (845,326 ) 2.88 (69,667 ) 4.81 Cancelled / forfeited (231,842 ) 4.96 (356,965 ) 2.84 (134,460 ) 4.63 Balance at December 31, 2018 1,956,732 4.25 1,233,762 3.36 116,944 4.19 Granted 943,424 3.28 1,652,720 2.31 605,005 1.98 Exercised (3,750 ) 2.98 - - - - Vested (RSUs) - - (813,762 ) 3.29 (3,778 ) 4.19 Cancelled / forfeited (630,284 ) 3.96 (482,270 ) 3.42 (188,680 ) 4.18 Balance at December 31, 2019 2,266,122 $ 3.93 1,590,450 $ 2.27 529,491 $ 1.67 Earnings per share Basic earnings per share is based upon net income divided by the number of weighted average common shares outstanding during the period. The calculation of diluted earnings per share assumes conversion of stock options, restricted stock units and Market Condition RSUs into common stock using the treasury method. The weighted average number of shares used to compute basic and diluted earnings per share consists of the following: Year Ended December 31, 2019 2018 Basic 37,813,580 36,453,126 Dillutive effect of equity awards - - Diluted 37,813,580 36,453,126 Excluded from the shares used in calculating the diluted earnings per common share in the above table are options, restricted stock units and Market Condition RSUs of approximately 4,386,063 3,307,438 December 31, 2019 2018, The Company’s policy is to issue stock available from its registered but unissued stock pool through its transfer agent to satisfy stock option exercises and vesting of the restricted stock units. The following table summarizes information concerning currently outstanding and exercisable options as of December 31, 2019 Options Outstanding Options Exercisable Weighted Weighted Average Weighted Average Weighted Range of Number Remaining Average Aggregate Shares Remaining Average Aggregate Exercise Outstanding at Contractual Life Exercise Intrinsic Exercisable at Contractual Life Exercise Intrinsic Price Dec. 31, 2019 in Years Price Value Dec. 31, 2019 in Years Price Value $1.78 - 2.59 234,399 6.48 $ 2.14 $ 213 94,069 1.94 $ 2.57 $ 45 2.60 - 2.94 208,414 9.52 2.84 44 10,000 7.25 2.60 5 2.95 - 3.49 264,571 8.00 3.23 - 148,400 7.45 3.27 - 3.50 - 3.92 305,839 7.32 3.74 - 166,431 5.76 3.70 - 3.93 - 4.08 65,849 1.42 4.04 - 65,849 1.42 4.04 - 4.09 - 4.17 355,625 4.41 4.12 - 355,625 4.41 4.12 - 4.18 - 4.38 370,000 3.93 4.30 - 370,000 3.93 4.30 - 4.39 - 5.39 141,550 5.56 4.99 - 126,550 5.22 5.04 - 5.40 - 5.54 174,875 5.18 5.51 - 174,875 5.18 5.51 - 5.55 - 5.75 145,000 5.65 5.58 - 137,500 5.49 5.57 - $1.78 - 5.78 2,266,122 5.95 $ 3.93 $ 257 1,649,299 4.70 $ 4.28 $ 50 The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $3.05 December 31, 2019, December 31, 2019 not December 31, 2018 $2.6 December 31, 2019 189,069. For the year ended December 31, 2019, not $3.7 2 Valuation and Expense Information under Stock-Based-Payment Accounting Stock-based compensation expense related to stock options, restricted stock units, Market Condition RSU’s and the employee stock purchase plan for the years ended December 31, 2019 2018 Year Ended December 31, 2019 2018 (in thousands) Cost of product revenues $ 43 $ 64 Sales and marketing 119 431 General and administrative 2,710 2,232 Research and development 162 167 Discontinued operations - 150 Total stock-based compensation $ 3,034 $ 3,044 The Company did not The weighted-average estimated fair value per share of stock options granted during 2019 2018 $1.40 $1.83, 2019 2018 Volatility 48.11 % 43.28 % Risk-free interest rate 2.12 % 2.84 % Expected holding period (in years) 4.7 4.8 Dividend Yield - % - % The weighted average fair value of the 2019 December 31, 2019 $1.98. 2018 December 31, 2018 $4.19. December 31, 2018: 2019 2018 Volatility 58.96 % 44.02 % Risk-free interest rate 1.99 % 2.27 % Correlation coefficient 23.59 % 0.07 % Dividend yield - % - % The Company used historical volatility to calculate the expected volatility as of December 31, 2019. one four ten |
Note 14 - Long Term Debt
Note 14 - Long Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 14. Long Term Debt On January 22, 2018, $11.9 On January 31, 2018, On August 16, 2018, On November 4, 2019, September 30, 2019 The Financing Agreement provided for senior secured credit facilities (the Senior Secured Credit Facilities) comprised of a $64.0 $25.0 $4.8 2023. Commencing on March 31, 2018, $0.4 three $0.6 four $0.8 ten 50% December 31, 2019, $4.0 $1.0 5 The obligations of the Borrower under the Senior Secured Credit Facilities are unconditionally guaranteed by the Company and certain of the Company’s existing and subsequently acquired or organized subsidiaries. The Senior Secured Credit Facilities and related guarantees are secured on a first 65% Interest on all loans under the Senior Secured Credit Facilities is paid monthly. Borrowings under the Financing Agreement accrue interest at a per annum rate equal to, at the Borrower’s option, a base rate plus 4.75% 6.25%. 1.25% 4.25% The Financing Agreement contains customary representations and warranties and affirmative covenants applicable to the Company and its subsidiaries and also contains certain restrictive covenants, including, among others, limitations on the incurrence of additional debt, liens on property, acquisitions and investments, loans and guarantees, mergers, consolidations, liquidations and dissolutions, asset sales, dividends and other payments in respect of the Company’s capital stock, prepayments of certain debt, transactions with affiliates and modifications of organizational documents, material contracts, affiliated practice agreements and certain debt agreements. The Financing Agreement contains customary events of default and is subject to covenant and working capital borrowing restrictions. The Company had available borrowing capacity under the revolving line of credit of $8.7 December 31, 2019. As of December 31, 2019, 8.48%. As of December 31, 2019, December 31, 2018, December 31, 2019 2018 (in thousands) Long-term debt: Term loan $ 54,997 62,400 Revolving line - - Total unamortized deferred financing costs (1,180 ) (1,605 ) Total debt 53,817 60,795 Less: current installments (3,200 ) (2,400 ) Less: excess cash flow sweep (4,093 ) (3,983 ) Current unamortized deferred financing costs 393 401 Long-term debt $ 46,917 $ 54,813 The aggregate amounts of debt maturing during the next five (in thousands) 2020 $ 7,293 2021 3,200 2022 3,200 2023 41,304 Total $ 54,997 |
Note 15 - Derivatives
Note 15 - Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 15. Derivatives The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not not By using derivative financial instruments to hedge exposures to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, the Company is not Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates. The market risk associated with interest-rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may The Company assesses interest rate risk by continually identifying and monitoring changes in interest rate exposures that may The Company uses variable-rate LIBOR debt to finance its operations. The debt obligations expose the Company to variability in interest payments due to changes in interest rates. Management believes that it is prudent to limit the variability of a portion of its interest payments. To meet this objective, management enters into LIBOR based interest rate swap agreements to manage fluctuations in cash flows resulting from changes in the benchmark interest rate of LIBOR. These swaps change the variable-rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the interest rate swaps, the Company receives LIBOR based variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the notional amount of its debt hedged. As disclosed in Note 14, January 31, 2018, $64.0 $25.0 $36.0 January 1, 2023 2.72%. 815 The following table presents the notional amount and fair value of the Company’s derivative instruments as of December 31, 2019 December 31, 2018. December 31, 2019 Notional Amount Fair Value (a) Derivatives instruments Balance sheet classification (in thousands) Interest rate swaps Other long term liabilities $ 28,821 $ (603 ) December 31, 2018 Notional Amount Fair Value (a) Derivatives instruments Balance sheet classification (in thousands) Interest rate swaps Other long term liabilities $ 34,090 $ (170 ) (a) See Note 16 All of the Company’s derivative instruments are designated as hedging instruments. The Company has structured its interest rate swap agreements to be 100% no 815, The following table summarizes the effect of derivatives designated as cash flow hedging instruments and their classification within comprehensive loss for the years ended December 31, 2019 2018: Derivatives in Hedging Relationships Amount of gain (loss) recognized in OCI on derivative Year Ended December 31, 2019 2018 (in thousands) Interest rate swaps $ (572 ) $ (343 ) The following table summarizes the reclassifications out of accumulated other comprehensive loss for the year ended December 31, 2019 2018: Details about AOCI Components Amount reclassified from AOCI into income Year Ended December 31, Location of amount reclassified 2019 2018 into income (effective portion) (in thousands) Interest rate swaps $ 139 $ 136 Interest expense As of December 31, 2019, $0.3 twelve twelve |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 16. Fair Value Measurements Fair value measurement is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is established, which prioritizes the inputs used in measuring fair value into three Level 1—Quoted Level 2—Inputs, Level 3—Unobservable The following tables present the fair value hierarchy for those assets or liabilities measured at fair value on a recurring basis: Fair Value as of December 31, 2019 (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ (603 ) $ - $ (603 ) Fair Value as of December 31, 2018 (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ (170 ) $ - $ (170 ) The Company uses the market approach technique to value its financial liabilities. The Company’s financial assets and liabilities carried at fair value include derivative instruments used to hedge the Company’s interest rate risks. The fair value of the Company’s interest rate swap agreements was based on LIBOR yield curves at the reporting date. |
Note 17 - Other Current Liabili
Note 17 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accrued Expenses Disclosure [Text Block] | 17. Other current liabilities Other current liabilities consist of: December 31, 2019 2018 (in thousands) Compensation and payroll $ 2,554 $ 2,899 Professional fees 395 536 Warranty costs 252 391 Local taxes, including VAT 345 423 Customer related costs 963 1,242 Interest 425 480 Other 1,157 1,379 Total $ 6,091 $ 7,350 |
Note 18 - Revenues
Note 18 - Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 18. Revenues The following table represents a disaggregation of revenue from contracts with customers. Revenue originating from the following geographic areas for the years ended December 31, 2019 2018 Year Ended December 31, 2019 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 78,196 $ 10,607 $ 13,359 $ 8,058 $ 110,220 Service, maintenance and warranty contracts 4,742 819 313 82 5,956 Total revenues $ 82,938 $ 11,426 $ 13,672 $ 8,140 $ 116,176 Year Ended December 31, 2018 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 79,614 $ 13,690 $ 13,193 $ 8,571 $ 115,068 Service, maintenance and warranty contracts 4,438 832 366 70 5,706 Total revenues $ 84,052 $ 14,522 $ 13,559 $ 8,641 $ 120,774 Deferred revenue The Company had approximately $3.9 $3.8 December 31, 2019 2018, . Changes in deferred revenue from service contracts and advance payments from customers during the period were as follows: Year Ended December 31, 2019 (in thousands) Service Customer Total Balance, beginning of period $ 1,659 $ 2,161 $ 3,820 Deferral of revenue 2,152 1,095 3,247 Recognition of deferred revenue (2,233 ) (894 ) (3,127 ) Effect of foreign currency translation 9 - 9 Balance, end of period $ 1,587 $ 2,362 $ 3,949 Year Ended December 31, 2018 (in thousands) Service Customer Total Balance, beginning of period $ 505 $ - $ 505 Addition due to business combination 848 2,128 2,976 Deferral of revenue 4,305 1,210 5,515 Recognition of deferred revenue (3,984 ) (1,177 ) (5,161 ) Effect of foreign currency translation (15 ) - (15 ) Balance, end of period $ 1,659 $ 2,161 $ 3,820 Allowance for Doubtful Accounts Allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts. A rollforward of allowance for doubtful accounts is as follows: Year Ended December 31, 2019 2018 (in thousands) Balance, beginning of period $ 332 $ 193 Addition due to business combination - 103 Bad debt expense 288 25 Charge-offs and other recoveries (293 ) 12 Effect of foreign currency translation (2 ) (1 ) Balance, end of period $ 325 $ 332 Concentrations No 10% December 31, 2019, 2018. December 31, 2019 2018, no 10% |
Note 19 - Warranties
Note 19 - Warranties | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 19. Warranties Warranties are estimated and accrued at the time revenues are recorded. A rollforward of the Company’s product warranty accrual is as follows: Beginning (Charges)\ Ending Balance Additions Credits Balance (in thousands) Year ended December 31, 2018 $ 246 182 (37 ) $ 391 Year ended December 31, 2019 $ 391 10 (149 ) $ 252 |
Note 20 - Income Tax
Note 20 - Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 20. Income Tax Income tax from continuing operations was a benefit of approximately $0.8 $3.7 December 31, 2019 2018, 14.8% December 31, 2019 46.1% 2018. 2018. For the year ended December 31, 2019, no December 31, 2018, $0.4 Income tax expense attributable to income from continued operations for years ended December 31, 2019 2018 Year Ended December 31, 2019 2018 (in thousands) Current income tax (benefit) expense: Federal and state $ (707 ) $ (191 ) Foreign 290 279 (417 ) 88 Deferred income tax (benefit) expense: Federal and state (281 ) (3,552 ) Foreign (117 ) (212 ) (398 ) (3,764 ) Total income tax benefit from continuing operations $ (815 ) $ (3,676 ) The total benefit from income taxes included in the statement of operations is as follows: Year Ended December 31, 2019 2018 (in thousands) Continuing operations $ (815 ) $ (3,676 ) Discontinued operations - (441 ) Total income tax benefit $ (815 ) $ (4,117 ) Income tax benefit for the years ended December 31, 2019 2018 21% Year Ended December 31, 2019 2018 (in thousands) Computed "expected" income tax benefit $ (1,161 ) $ (1,674 ) Increase (decrease) in income taxes resulting from: Permanent differences, net 241 (117 ) Foreign tax rate differential 42 (11 ) State income taxes, net of federal income tax benefit (74 ) (121 ) Non-deductible stock compensation expense 205 (329 ) Acquisition costs 3 438 Tax credits 220 (242 ) Change in reserve for uncertain tax position (111 ) 203 Impact of change to prior year tax accruals 314 100 Change in valuation allowance allocated to income tax benefit (578 ) (1,850 ) Other 84 (73 ) Total income tax benefit $ (815 ) $ (3,676 ) The Company’s policy is to account for Global Intangible Low-Taxed income (GILTI) as a period cost. Income tax (benefit) expense is based on the following pre-tax income from continuing operations for the years ended December 31, 2019 2018: Year Ended December 31, 2019 2018 (in thousands) Domestic $ (5,616 ) $ (9,034 ) Foreign 114 1,059 Total $ (5,502 ) $ (7,975 ) The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities at December 31, 2019 2018 December 31, 2019 2018 (in thousands) Deferred income tax assets: Inventory $ 1,079 $ 1,147 Operating loss and credit carryforwards 18,802 20,095 Accrued expenses 654 1,037 Deferred interest expense 1,475 655 Stock compensation 1,011 999 Lease liability 2,081 - Other assets 223 339 Total gross deferred assets 25,325 24,272 Less: valuation allowance (13,745 ) (13,899 ) Deferred tax assets $ 11,580 $ 10,373 Deferred income tax liabilities: Indefinite-lived intangible assets $ 2,048 $ 1,975 Definite-lived intangible assets 9,168 10,221 Right-of-use asset 1,580 - Other liabilities 507 267 Total deferred tax liabilities 13,303 12,463 Deferred income tax liability, net $ (1,723 ) $ (2,090 ) Certain prior year amounts in the above table have been reclassified for consistency with the current year presentation. These reclassifications had no Deferred income tax assets and liabilities by classification on the consolidated balance sheets were as follows: December 31, 2019 2018 (in thousands) Deferred income tax assets (included in other long-term assets) $ 251 $ 211 Deferred income tax liabilities (1,974 ) (2,301 ) Deferred income tax liability, net $ (1,723 ) $ (2,090 ) As of December 31, 2019 2018, $13.7 $13.9 December 31, 2019 December 31, 2018 0.2 $2.5 2019 2018 At December 31, 2019, $27.2 $21.9 2020 2037; $17.8 2020 2037. $5.5 $0.3 $0.2 2020, $8.7 2020. $1.0 $0.8 not 2017 2021. $3.2 2020. may one 382 383. As of December 31, 2019 December 31, 2018, $3.5 $3.2 s of December 31, 2019, As a result of the 2017 2017 no 2019 2018. $55 $38 December 31, 2019 December 31, 2018, At December 31, 2019 2018 (in thousands) Balance at December 31, 2017 $ 323 Release due to expiration of statute of limitations positions of prior years (94 ) Additions based on tax positions of prior years 242 Additions based on tax positions of acquired entities 1,389 Balance at December 31, 2018 1,860 Additions based on tax positions of prior years 68 Decreases based on tax positions of prior years (133 ) Additions based on tax position of current year 21 Settlements (398 ) Decreases based on tax positions of acquired entities (65 ) Balance at December 31, 2019 $ 1,353 In 2018, $0.2 $1.4 $0.8 $0.5 2019, $0.1 $0.4 $0.1 $0.1 The Company anticipates that the total unrecognized tax benefits will be reduced within the next 12 $32 December 31, 2019 December 31, 2018, $0.1 $0.1 2019 2018, $26 $31 The Company or one no 2015. 2000 no December 31, 2019, 2020 |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 21. Commitments and Contingent Liabilities On April 14, 2017, 2013, third third 2012 2013. We are involved in various other claims and legal proceedings arising in the ordinary course of business. In our opinion after consultation with legal counsel, the ultimate disposition of such proceedings is not not not one |
Note 22 - Segment and Related I
Note 22 - Segment and Related Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 22. Segment and Related Information Operating segments are determined by products and services provided by each segment, internal organization structure, the manner in which operations are managed, criteria used by the Chief Operating Decision Maker, or CODM, to assess the segment performance, as well as resource allocation and the availability of discrete financial information. The Company has one Refer to footnote 18 The following tables summarize additional selected financial information of the Company’s continuing operations by geographic location: Long-lived assets by geographic area consist of the following: December 31, 2019 2018 (in thousands) United States $ 35,409 $ 42,222 Germany 4,142 5,022 United Kingdom 320 585 Rest of the world 2,176 2,601 Total long-lived assets (a) $ 42,047 $ 50,430 Net assets by geographic area consist of the following: December 31, 2019 2018 (in thousands) United States $ 37,726 $ 38,921 Germany 17,340 17,261 United Kingdom 11,254 10,473 Rest of the world 15,374 16,069 Total net assets $ 81,694 $ 82,724 (a) Total long-lived assets consist of property, plant and equipment, net and amortizable intangible assets, net. |
Note 23 - Quarterly Financial I
Note 23 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 23. Quarterly Financial Information (unaudited) Statement of Operations Data: First Second Third Fourth Fiscal 2019 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 28,202 $ 29,584 $ 27,418 $ 30,972 $ 116,176 Cost of revenues 12,048 13,629 12,439 13,738 51,854 Gross profit 16,154 15,955 14,979 17,234 64,322 Total operating expenses 16,273 15,727 16,344 15,601 63,945 Operating (loss) income (119 ) 228 (1,365 ) 1,633 377 Other expense, net (1,675 ) (1,360 ) (1,309 ) (1,535 ) (5,879 ) (Loss) income before income taxes (1,794 ) (1,132 ) (2,674 ) 98 (5,502 ) Income tax expense (benefit) 576 (885 ) (54 ) (452 ) (815 ) Net (loss) income $ (2,370 ) $ (247 ) $ (2,620 ) $ 550 $ (4,687 ) (Loss) earnings per share: Basic (loss) earnings per common share $ (0.06 ) $ (0.01 ) $ (0.07 ) $ 0.02 $ (0.12 ) Diluted (loss) earnings per common share $ (0.06 ) $ (0.01 ) $ (0.07 ) $ 0.02 $ (0.12 ) The fourth Statement of Operations Data: First Second Third Fourth Fiscal 2018 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 26,759 $ 31,522 $ 28,635 $ 33,858 $ 120,774 Cost of revenues 13,490 16,167 12,818 15,118 57,593 Gross profit 13,269 15,355 15,817 18,740 63,181 Total operating expenses 14,535 15,737 14,927 16,998 62,197 Operating (loss) income (1,266 ) (382 ) 890 1,742 984 Other expense, net (3,979 ) (1,485 ) (1,798 ) (1,697 ) (8,959 ) (Loss) income from continuing operations before income taxes (5,245 ) (1,867 ) (908 ) 45 (7,975 ) Income tax expense (benefit) 605 (369 ) (652 ) (3,260 ) (3,676 ) Net (loss) income from continuing operations (5,850 ) (1,498 ) (256 ) 3,305 (4,299 ) Income (loss) from discontinued operations, net of tax 1,786 34 - (443 ) 1,377 Net (loss) income $ (4,064 ) $ (1,464 ) $ (256 ) $ 2,862 $ (2,922 ) (Loss) earnings per share: Basic (loss) earnings per common share from continuing operations $ (0.16 ) $ (0.04 ) $ (0.01 ) $ 0.09 $ (0.12 ) Basic earnings (loss) per common share from discontinued operations 0.05 - - (0.01 ) 0.04 Basic (loss) earnings per common share $ (0.11 ) $ (0.04 ) $ (0.01 ) $ 0.08 $ (0.08 ) Diluted (loss) earnings per common share from continuing operations $ (0.16 ) $ (0.04 ) $ (0.01 ) $ 0.09 $ (0.12 ) Diluted earnings (loss) per common share from discontinued operations 0.05 - - (0.01 ) 0.04 Diluted (loss) earnings per common share $ (0.11 ) $ (0.04 ) $ (0.01 ) $ 0.08 $ (0.08 ) The fourth |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | (a) Principles of Consolidation The consolidated financial statements include the accounts of Harvard Bioscience, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | (b) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the use of management estimates. Such estimates include the determination and establishment of certain accruals and provisions, including those for inventory excess and obsolescence, income tax and reserves for bad debts. In addition, certain estimates are required in order to determine the value of assets and liabilities associated with acquisitions, as well as the Company’s defined benefit pension obligations. Estimates are also required to evaluate the value and recoverability of existing long-lived and intangible assets, including goodwill. On an ongoing basis, the Company reviews its estimates based upon currently available information. Actual results could differ materially from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | (c) Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of three may not not |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | (d) Allowance for Doubtful Accounts The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on considering factors such as historical experience, credit quality, known troubled accounts, historical experience, factors that may |
Inventory, Policy [Policy Text Block] | (e) Inventories The Company values its inventories at the lower of the actual cost to purchase ( first first |
Property, Plant and Equipment, Policy [Policy Text Block] | (f) Property, Plant and Equipment Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets as follows: Machinery and equipment 3 - 10 years Computer equipment and software 3 - 7 years Furniture and fixtures 5 - 10 years Property and equipment held under capital leases and leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset. |
Lessee, Leases [Policy Text Block] | (g) Leases The Company accounts for its leases in accordance with ASC 842 12 not The Company has assessed its contracts and concluded that its leases consist of operating leases. Operating leases are included in operating lease right-of-use (ROU) assets, current portion of operating lease liabilities, and operating lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not |
Income Tax, Policy [Policy Text Block] | (h) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not 50% |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (i) Foreign Currency Translation The functional currency of the Company’s foreign subsidiaries is generally their local currency. All assets and liabilities of its foreign subsidiaries are translated at exchange rates in effect at period-end. Income and expenses are translated at rates which approximate those in effect on the transaction dates. The resulting translation adjustment is recorded as a separate component of stockholders’ equity in accumulated other comprehensive (loss) income (“AOCI”) in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in net (loss) income. |
Earnings Per Share, Policy [Policy Text Block] | (j) Earnings per Share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method unless the effect is antidilutive. Since the Company is reporting discontinued operations, it used income from continuing operations as the control number in determining whether those potential dilutive securities are dilutive or antidilutive. |
Comprehensive Income (Loss) [Policy Text Block] | (k) Comprehensive (Loss) Income The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 220, 220 |
Revenue from Contract with Customer [Policy Text Block] | (l) Revenue Recognition Nature of contracts and customers The Company’s contracts are primarily of short duration and are mostly based on the receipt and fulfilment of purchase orders. The purchase orders are binding and include pricing and all other relevant terms and conditions. The Company’s customers are primarily research scientists at pharmaceutical and biotechnology companies, universities, hospitals, government laboratories, including the United States National Institute of Health (NIH) and contract research organizations. The Company also has global and regional distribution partners, and original equipment manufacturer (OEM) customers who incorporate its products into their products under their own brands. Performance obligations The Company’s performance obligations under its revenue contracts consist of its instruments, equipment, accessories, services, maintenance and extended warranties. Equipment also includes software that functions together with the tangible equipment to deliver its essential functionality. Contracts with customers may not Instruments, equipment and accessories consist of a range of products that are used in life sciences research. Revenues from the sales of these items are recognized when transfer of control of these products to the customer occurs. Transfer of control occurs when the Company has a right to payment, and the customer has legal title to the asset and the customer or their selected carrier has possession, which is typically upon shipment. Sales on these items are therefore generally recognized at a point in time. The Company’s equipment revenue also includes the sale of wireless implantable monitors that are used for life science research purposes. The Company sells these wireless implantable monitors to pharmaceutical companies, contract research organizations and academic laboratories. In addition to sales generated from new and existing customers, these implantable devices are also sold under a program called the “exchange program”. Under this program, customers may may, no may may not 606. Service revenues consist of installation, training, data analysis, and surgeries performed on research animals. Maintenance revenue consists of post-contract support provided in relation to software that is embedded within the equipment that is sold to the customer. The Company provides standard warranties that promise the customer that the product will work as promised. These standard warranties are not one one For sales for which transfer of control occurs upon shipment, the Company accounts for shipping and handling costs as fulfilment costs. As such, the Company records the amounts billed to the customer for shipping costs as revenue and the costs within cost of revenues upon shipment. For sales, for which control transfers to customers after shipment, the Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the goods to the customer. The Company therefore accrues for the costs of shipping undelivered items in the period of shipment. Revenues expected to be recognized related to any and all remaining performance obligations are generally expected to be recognized in one one Variable Consideration The nature of the Company's contracts gives rise to certain types of variable consideration, including in limited cases volume and payment discounts. The Company analyzes sales that could include variable consideration and estimates the expected or most likely amount of revenue after returns, trade-ins, discounts, rebates, credits, and incentives. Product returns are estimated and accrued for, based on historical information. In making these estimates, the Company considers whether the amount of variable consideration is constrained and is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not not The Company’s payment terms are generally from zero sixty Sales taxes, value added taxes, and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and are therefore excluded from revenues. Deferred revenue The Company records deferred revenue when cash is collected from customers prior to satisfaction of the Company’s performance obligation to the customer. Deferred revenue consists of amounts deferred related to service contracts and revenue deferred as a result of payments received in advance from customers. Deferred revenue is generally expected to be recognized within one The amounts included in deferred revenue from advanced payments relate to amounts that are prepaid for wireless implantable monitors under the exchange program. The Company has made the judgment that these payments do not Advanced payments received from customers are recorded as a liability, and revenue is recognized when the Company’s performance obligations are completed. Performance obligations are completed when the product is shipped or delivered to the customer, or at the end of the exchange program if goods are not Disaggregation of revenue Refer to Note 18 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | (m) Valuation of Identifiable Intangible Assets Acquired in Business Combinations The determination of the fair value of intangible assets, which represents a significant portion of the purchase price in the Company’s acquisitions, requires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or not December 31, 2019, 7 15 10 15 4 5 5 15 5 15 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | (n) Goodwill and Other Intangible Assets Goodwill and unamortizable intangible assets acquired in a business combination and determined to have an indefinite useful life are not 350, For the purpose of its goodwill analysis, the Company has one fourth 2019. two first two At December 31, 2019, none The Company evaluates indefinite-lived intangible assets for impairment annually and when events occur, or circumstances change that may 6 |
Impairment of Long Lived Assets [Policy Text Block ] | (o) Impairment of Long-Lived Assets The Company assesses recoverability of its long-lived assets that are held for use, such as property, plant and equipment and amortizable intangible assets in accordance with FASB ASC 360, may not December 31, 2019, none |
Derivatives, Policy [Policy Text Block] | (p) Derivatives The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not not The Company only enters into derivative contracts that it intends to designate as a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). For all hedging relationships, the Company formally documents the hedging relationship and its risk-management objective and strategy for undertaking the hedge, the hedging instrument, the hedged transaction, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method used to measure ineffectiveness. The Company also formally assesses, both at the inception of the hedging relationship and on an ongoing basis, whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in cash flows of hedged transactions. For derivative instruments that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The Company discontinues hedge accounting prospectively when it determines that the derivative is no not In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value in earnings. When it is probable that a forecasted transaction will not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (q) Fair Value of Financial Instruments The carrying values of the Company’s cash and cash equivalents, trade accounts receivable and trade accounts payable and short-term debt approximate their fair values because of the short maturities of those instruments. The fair value of the Company’s long-term debt approximates its carrying value and is based on the amount of future cash flows associated with the debt discounted using current borrowing rates for similar debt instruments of comparable maturity. Financial reporting standards define a fair value hierarchy that consists of three § Level 1 § Level 2 not § Level 3 |
Share-based Payment Arrangement [Policy Text Block] | (r) Stock-based Compensation The Company accounts for stock-based payment awards in accordance with the provisions of FASB ASC 718, 2000 Stock-based compensation expense recognized is based on the value of the portion of stock-based payment awards that is ultimately expected to vest. The Company values stock-based payment awards, except restricted stock units at grant date using the Black-Scholes option-pricing model (“Black-Scholes model”). The Company values restricted stock units with a market condition using a Monte-Carlo valuation simulation. The determination of fair value of stock-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by its stock price as well as assumptions regarding certain variables. These variables include, but are not The fair value of restricted stock units is based on the market price of the Company’s stock on the date of grant and are recorded as compensation expense on a straight-line basis over the applicable service period, which ranges from one four Stock-based compensation expense recognized under FASB ASC 718 December 31, 2019 2018 13 |
New Accounting Pronouncements, Policy [Policy Text Block] | (s) Recent Accounting Pronouncements Accounting Pronouncements to be Adopted In June 2016, No. 2016 13, Financial Instruments—Credit Losses (Topic 326 may 2016 13 2016 13 December 15, 2022, 2016 13 In August 2018, No. 2018 14, Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans 715 December 15, 2020, not In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 2019 12 January 1, 2021. Accounting Pronouncements Recently Adopted In August 2017, No. 2017 12, 815 815, 1 2 December 15, 2018. January 1, 2019, not In February 2016, No. 2016 02, 12 December 15, 2018. January 1, 2019. 842 January 1. 2019, $11.7 $9.4 12 no 1 not 2 not 3 12. |
Discontinued Operations, Policy [Policy Text Block] | (t) Discontinued Operation As disclosed in Note 5, January 22, 2018, 205 20 Presentation of Financial Statements - Discontinued Operations, December 31, 2018 no |
Reclassification, Policy [Policy Text Block] | (u) Prior Period Financial Statement Correction of Immaterial Error During the quarter ended March 31, 2019, December 31, 2018. $4.0 April 30, 2019 December 31, 2018. no 14 No. 99, 250, not December 31, 2018 no |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment, Useful Lives [Table Text Block] | Machinery and equipment 3 - 10 years Computer equipment and software 3 - 7 years Furniture and fixtures 5 - 10 years |
Note 3 - Accumulated Other Co_2
Note 3 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign currency Derivatives translation qualifying as Defined benefit (in thousands) adjustments hedges pension plans Total Balance at December 31, 2017 $ (9,755 ) $ 37 $ (958 ) $ (10,676 ) Other comprehensive (loss) income before reclassifications (2,875 ) (343 ) (49 ) (3,267 ) Amounts reclassified from AOCI - 136 275 411 Net other comprehensive (loss) income (2,875 ) (207 ) 226 (2,856 ) Balance at December 31, 2018 $ (12,630 ) $ (170 ) $ (732 ) $ (13,532 ) Other comprehensive income (loss) before reclassifications (543 ) (572 ) 1,258 143 Amounts reclassified from AOCI - 139 561 700 Net other comprehensive (loss) income (543 ) (433 ) 1,819 843 Balance at December 31, 2019 $ (13,173 ) $ (603 ) $ 1,087 $ (12,689 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Affected line item in the Year Ended December 31, (in thousands) Statements of Operations 2019 2018 Amounts Reclassified From AOCI Derivatives qualifying as hedges Realized loss on derivatives qualifying as hedges Interest expense, net $ 139 $ 136 Income tax Income tax (benefit) expense - - 139 136 Defined benefit pension plans Amortization of net losses included in net periodic pension costs General and administrative expenses 561 331 Income tax Income tax (benefit) expense - (56 ) 561 275 Total reclassifications $ 700 $ 411 |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Year Ended December 31, 2018 (in thousands, unaudited) Pro Forma Revenues $ 124,319 Income from continuing operations 3,614 |
Note 5 - Discontinued Operati_2
Note 5 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disposal Groups Including Discontinued Operations income (Loss) [Table Text Block] | Year Ended December 31, 2018 (in thousands) Revenues $ 893 Cost of revenues (534 ) Operating and other expenses (674 ) Gain on disposal of discontinued operations 1,251 Income from discontinued operations before income taxes $ 936 Income tax benefit (441 ) Income from discontinued operations 1,377 |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | December 31, 2019 2018 (in thousands) Carrying amount at beginning of year $ 57,304 $ 36,336 Goodwill arising from business combination - 21,865 Effect of change in currency translation 77 (897 ) Carrying amount at end of year $ 57,381 $ 57,304 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2019 2018 (in thousands) Amortizable intangible assets: Weighted Average Life* (Years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Distribution agreements/customer relationships 9.8 $ 17,891 $ (6,340 ) $ 11,551 $ 22,657 $ (9,509 ) $ 13,148 Existing technology 6.1 41,222 (19,698 ) 21,524 41,268 (16,215 ) 25,053 Trade names 6.8 7,692 (3,497 ) 4,195 7,828 (2,861 ) 4,967 In-process R&D - - - - 1,387 (30 ) 1,357 Patents - 218 (218 ) - 211 (204 ) 7 Total amortizable intangible assets $ 67,023 $ (29,753 ) $ 37,270 $ 73,351 $ (28,819 ) $ 44,532 Indefinite-lived intangible assets: 1,135 1,232 Total intangible assets $ 38,405 $ 45,764 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2019 2018 (in thousands) Finished goods $ 5,561 $ 6,936 Work in process 3,153 3,667 Raw materials 13,347 14,484 Total $ 22,061 $ 25,087 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2019 2018 (in thousands) Machinery and equipment $ 7,198 $ 9,678 Computer equipment and software 8,954 9,685 Leasehold improvements 2,151 2,468 Furniture and fixtures 1,321 1,390 Automobiles 92 115 19,716 23,336 Less: accumulated depreciation (14,940 ) (17,438 ) Property, plant and equipment, net $ 4,776 $ 5,898 |
Note 9 - Restructuring and Ot_2
Note 9 - Restructuring and Other Exit Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | (in thousands) Cost of Revenues Severance Costs Impairment Other Total Restructuring charges $ 235 $ 530 $ 460 $ 129 $ 1,354 Non-cash charges (235 ) - (460 ) (10 ) (705 ) Cash payments - (166 ) - (115 ) (281 ) Balance at December 31, 2019 $ - $ 364 $ - $ 4 $ 368 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Costs of Retirement Plans [Table Text Block] | Year Ended December 31, 2019 2018 (in thousands) Components of net periodic benefit cost: Interest cost 484 502 Expected return on plan assets (761 ) (779 ) Net amortization loss 336 222 Recognition of net gain/loss due to settlements 228 110 Net periodic benefit cost $ 287 $ 55 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | December 31, 2019 2018 (in thousands) Change in benefit obligation: Balance at beginning of year $ 18,701 $ 21,126 Service cost - 24 Interest cost 484 502 Actuarial (gain) loss 1,513 (1,056 ) Settlements due to transfers paid (871 ) (267 ) Benefits paid (447 ) (521 ) Currency translation adjustment 647 (1,107 ) Balance at end of year $ 20,027 $ 18,701 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | December 31, 2019 2018 (in thousands) Change in fair value of plan assets: Balance at beginning of year $ 17,819 $ 19,972 Actual return on plan assets 3,172 (1,058 ) Employer contributions 831 741 Settlement due to transfers paid (931 ) (263 ) Benefits paid (447 ) (521 ) Currency translation adjustment 670 (1,052 ) Balance at end of year $ 21,114 $ 17,819 |
Schedule of Net Funded Status [Table Text Block] | December 31, 2019 2018 (in thousands) Benefit obligation: Funded status $ 1,087 $ (882 ) Unrecognized net loss N/A N/A Net asset (liability) recognized $ 1,087 $ (882 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, 2019 2018 (in thousands) Other long term assets (liabilities) $ 1,087 $ (882 ) Deferred income tax assets - 150 Net amount recognized $ 1,087 $ (732 ) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2019 2018 (in thousands) Funded status of pension plans $ 1,087 $ (732 ) Net amount recognized $ 1,087 $ (732 ) |
Defined Benefit Plan, Assumptions [Table Text Block] | Year Ended December 31, 2019 2018 Discount rate 2.02 % 2.65 % Expected return on assets 3.84 % 4.68 % |
Schedule of Allocation of Plan Assets [Table Text Block] | December 31, 2019 2018 (in thousands) Asset category: Equity securities $ 11,534 55 % $ 9,134 51 % Debt securities 3,919 19 % 3,274 18 % Liability driven investment funds 3,615 17 % 4,341 24 % Cash and cash equivalents 1,514 7 % 618 4 % Other 532 3 % 452 3 % Total $ 21,114 100 % $ 17,819 100 % |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | December 31, 2019 2018 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) $ 1,514 $ 618 Significant Other Observable Inputs (Level 2) 19,600 17,201 Significant Other Unobservable Inputs (Level 3) - - Total $ 21,114 $ 17,819 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2019 (in thousands) Operating lease cost $ 2,084 Short term lease cost 245 Sublease income (429 ) Total lease cost $ 1,900 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | Year Ended December 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: $ 2,530 Right-of-use assets obtained in exchange for lease obligations: $ 177 |
Supplemental Balance Sheet Informaton Related to Operating Leases [Table Text Block] | December 31, 2019 (in thousands) Operating lease right-of use assets $ 8,463 Current portion, operating lease liabilities $ 2,424 Operating lease liabilities, long term 8,224 Total operating lease liabilities $ 10,648 Weighted average remaining lease term (in years) 8.1 Weighted average discount rate 9.2 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases (in thousands) 2020 $ 2,426 2021 1,945 2022 1,862 2023 1,832 2024 1,587 Thereafter 5,889 Total lease payments 15,541 Less interest (4,893 ) Total operating lease liabilities $ 10,648 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating Leases (in thousands) 2019 $ 2,250 2020 2,247 2021 1,987 2022 1,966 2023 1,990 Thereafter 7,559 Net minimum lease payments $ 17,999 |
Note 13 - Capital Stock (Tables
Note 13 - Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule Of Stock Options And Restricted Stock Units Activity Roll forward [Table Text Block] | Stock Options Restricted Stock Units Market Condition RSU's Stock Weighted Restricted Market Options Average Stock Units Grant Date Condition RSU's Grant Date Outstanding Exercise Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2017 3,780,244 $ 3.95 1,796,927 $ 2.69 164,127 $ 4.81 Granted 104,585 4.48 639,126 4.31 156,944 4.19 Exercised (1,696,255 ) 3.50 - - - - Vested (RSUs) - - (845,326 ) 2.88 (69,667 ) 4.81 Cancelled / forfeited (231,842 ) 4.96 (356,965 ) 2.84 (134,460 ) 4.63 Balance at December 31, 2018 1,956,732 4.25 1,233,762 3.36 116,944 4.19 Granted 943,424 3.28 1,652,720 2.31 605,005 1.98 Exercised (3,750 ) 2.98 - - - - Vested (RSUs) - - (813,762 ) 3.29 (3,778 ) 4.19 Cancelled / forfeited (630,284 ) 3.96 (482,270 ) 3.42 (188,680 ) 4.18 Balance at December 31, 2019 2,266,122 $ 3.93 1,590,450 $ 2.27 529,491 $ 1.67 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 2019 2018 Basic 37,813,580 36,453,126 Dillutive effect of equity awards - - Diluted 37,813,580 36,453,126 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted Weighted Average Weighted Average Weighted Range of Number Remaining Average Aggregate Shares Remaining Average Aggregate Exercise Outstanding at Contractual Life Exercise Intrinsic Exercisable at Contractual Life Exercise Intrinsic Price Dec. 31, 2019 in Years Price Value Dec. 31, 2019 in Years Price Value $1.78 - 2.59 234,399 6.48 $ 2.14 $ 213 94,069 1.94 $ 2.57 $ 45 2.60 - 2.94 208,414 9.52 2.84 44 10,000 7.25 2.60 5 2.95 - 3.49 264,571 8.00 3.23 - 148,400 7.45 3.27 - 3.50 - 3.92 305,839 7.32 3.74 - 166,431 5.76 3.70 - 3.93 - 4.08 65,849 1.42 4.04 - 65,849 1.42 4.04 - 4.09 - 4.17 355,625 4.41 4.12 - 355,625 4.41 4.12 - 4.18 - 4.38 370,000 3.93 4.30 - 370,000 3.93 4.30 - 4.39 - 5.39 141,550 5.56 4.99 - 126,550 5.22 5.04 - 5.40 - 5.54 174,875 5.18 5.51 - 174,875 5.18 5.51 - 5.55 - 5.75 145,000 5.65 5.58 - 137,500 5.49 5.57 - $1.78 - 5.78 2,266,122 5.95 $ 3.93 $ 257 1,649,299 4.70 $ 4.28 $ 50 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2019 2018 (in thousands) Cost of product revenues $ 43 $ 64 Sales and marketing 119 431 General and administrative 2,710 2,232 Research and development 162 167 Discontinued operations - 150 Total stock-based compensation $ 3,034 $ 3,044 |
Monte-Carlo Valuation Simulation [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2019 2018 Volatility 58.96 % 44.02 % Risk-free interest rate 1.99 % 2.27 % Correlation coefficient 23.59 % 0.07 % Dividend yield - % - % |
Black Scholes Option Pricing Model [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2019 2018 Volatility 48.11 % 43.28 % Risk-free interest rate 2.12 % 2.84 % Expected holding period (in years) 4.7 4.8 Dividend Yield - % - % |
Note 14 - Long Term Debt (Table
Note 14 - Long Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2019 2018 (in thousands) Long-term debt: Term loan $ 54,997 62,400 Revolving line - - Total unamortized deferred financing costs (1,180 ) (1,605 ) Total debt 53,817 60,795 Less: current installments (3,200 ) (2,400 ) Less: excess cash flow sweep (4,093 ) (3,983 ) Current unamortized deferred financing costs 393 401 Long-term debt $ 46,917 $ 54,813 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (in thousands) 2020 $ 7,293 2021 3,200 2022 3,200 2023 41,304 Total $ 54,997 |
Note 15 - Derivatives (Tables)
Note 15 - Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | December 31, 2019 Notional Amount Fair Value (a) Derivatives instruments Balance sheet classification (in thousands) Interest rate swaps Other long term liabilities $ 28,821 $ (603 ) December 31, 2018 Notional Amount Fair Value (a) Derivatives instruments Balance sheet classification (in thousands) Interest rate swaps Other long term liabilities $ 34,090 $ (170 ) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Derivatives in Hedging Relationships Amount of gain (loss) recognized in OCI on derivative Year Ended December 31, 2019 2018 (in thousands) Interest rate swaps $ (572 ) $ (343 ) Details about AOCI Components Amount reclassified from AOCI into income Year Ended December 31, Location of amount reclassified 2019 2018 into income (effective portion) (in thousands) Interest rate swaps $ 139 $ 136 Interest expense |
Note 16 - Fair Value Measurem_2
Note 16 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value as of December 31, 2019 (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ (603 ) $ - $ (603 ) Fair Value as of December 31, 2018 (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ (170 ) $ - $ (170 ) |
Note 17 - Other Current Liabi_2
Note 17 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2019 2018 (in thousands) Compensation and payroll $ 2,554 $ 2,899 Professional fees 395 536 Warranty costs 252 391 Local taxes, including VAT 345 423 Customer related costs 963 1,242 Interest 425 480 Other 1,157 1,379 Total $ 6,091 $ 7,350 |
Note 18 - Revenues (Tables)
Note 18 - Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2019 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 78,196 $ 10,607 $ 13,359 $ 8,058 $ 110,220 Service, maintenance and warranty contracts 4,742 819 313 82 5,956 Total revenues $ 82,938 $ 11,426 $ 13,672 $ 8,140 $ 116,176 Year Ended December 31, 2018 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 79,614 $ 13,690 $ 13,193 $ 8,571 $ 115,068 Service, maintenance and warranty contracts 4,438 832 366 70 5,706 Total revenues $ 84,052 $ 14,522 $ 13,559 $ 8,641 $ 120,774 |
Contract with Customer, Asset and Liability [Table Text Block] | Year Ended December 31, 2019 (in thousands) Service Customer Total Balance, beginning of period $ 1,659 $ 2,161 $ 3,820 Deferral of revenue 2,152 1,095 3,247 Recognition of deferred revenue (2,233 ) (894 ) (3,127 ) Effect of foreign currency translation 9 - 9 Balance, end of period $ 1,587 $ 2,362 $ 3,949 Year Ended December 31, 2018 (in thousands) Service Customer Total Balance, beginning of period $ 505 $ - $ 505 Addition due to business combination 848 2,128 2,976 Deferral of revenue 4,305 1,210 5,515 Recognition of deferred revenue (3,984 ) (1,177 ) (5,161 ) Effect of foreign currency translation (15 ) - (15 ) Balance, end of period $ 1,659 $ 2,161 $ 3,820 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended December 31, 2019 2018 (in thousands) Balance, beginning of period $ 332 $ 193 Addition due to business combination - 103 Bad debt expense 288 25 Charge-offs and other recoveries (293 ) 12 Effect of foreign currency translation (2 ) (1 ) Balance, end of period $ 325 $ 332 |
Note 19 - Warranties (Tables)
Note 19 - Warranties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Beginning (Charges)\ Ending Balance Additions Credits Balance (in thousands) Year ended December 31, 2018 $ 246 182 (37 ) $ 391 Year ended December 31, 2019 $ 391 10 (149 ) $ 252 |
Note 20 - Income Tax (Tables)
Note 20 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2019 2018 (in thousands) Current income tax (benefit) expense: Federal and state $ (707 ) $ (191 ) Foreign 290 279 (417 ) 88 Deferred income tax (benefit) expense: Federal and state (281 ) (3,552 ) Foreign (117 ) (212 ) (398 ) (3,764 ) Total income tax benefit from continuing operations $ (815 ) $ (3,676 ) Year Ended December 31, 2019 2018 (in thousands) Continuing operations $ (815 ) $ (3,676 ) Discontinued operations - (441 ) Total income tax benefit $ (815 ) $ (4,117 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2019 2018 (in thousands) Computed "expected" income tax benefit $ (1,161 ) $ (1,674 ) Increase (decrease) in income taxes resulting from: Permanent differences, net 241 (117 ) Foreign tax rate differential 42 (11 ) State income taxes, net of federal income tax benefit (74 ) (121 ) Non-deductible stock compensation expense 205 (329 ) Acquisition costs 3 438 Tax credits 220 (242 ) Change in reserve for uncertain tax position (111 ) 203 Impact of change to prior year tax accruals 314 100 Change in valuation allowance allocated to income tax benefit (578 ) (1,850 ) Other 84 (73 ) Total income tax benefit $ (815 ) $ (3,676 ) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2019 2018 (in thousands) Domestic $ (5,616 ) $ (9,034 ) Foreign 114 1,059 Total $ (5,502 ) $ (7,975 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 (in thousands) Deferred income tax assets: Inventory $ 1,079 $ 1,147 Operating loss and credit carryforwards 18,802 20,095 Accrued expenses 654 1,037 Deferred interest expense 1,475 655 Stock compensation 1,011 999 Lease liability 2,081 - Other assets 223 339 Total gross deferred assets 25,325 24,272 Less: valuation allowance (13,745 ) (13,899 ) Deferred tax assets $ 11,580 $ 10,373 Deferred income tax liabilities: Indefinite-lived intangible assets $ 2,048 $ 1,975 Definite-lived intangible assets 9,168 10,221 Right-of-use asset 1,580 - Other liabilities 507 267 Total deferred tax liabilities 13,303 12,463 Deferred income tax liability, net $ (1,723 ) $ (2,090 ) December 31, 2019 2018 (in thousands) Deferred income tax assets (included in other long-term assets) $ 251 $ 211 Deferred income tax liabilities (1,974 ) (2,301 ) Deferred income tax liability, net $ (1,723 ) $ (2,090 ) |
Summary of Income Tax Contingencies [Table Text Block] | (in thousands) Balance at December 31, 2017 $ 323 Release due to expiration of statute of limitations positions of prior years (94 ) Additions based on tax positions of prior years 242 Additions based on tax positions of acquired entities 1,389 Balance at December 31, 2018 1,860 Additions based on tax positions of prior years 68 Decreases based on tax positions of prior years (133 ) Additions based on tax position of current year 21 Settlements (398 ) Decreases based on tax positions of acquired entities (65 ) Balance at December 31, 2019 $ 1,353 |
Note 22 - Segment and Related_2
Note 22 - Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | December 31, 2019 2018 (in thousands) United States $ 35,409 $ 42,222 Germany 4,142 5,022 United Kingdom 320 585 Rest of the world 2,176 2,601 Total long-lived assets (a) $ 42,047 $ 50,430 |
Schedule of Net Assets By Geographic Areas [Table Text Block] | December 31, 2019 2018 (in thousands) United States $ 37,726 $ 38,921 Germany 17,340 17,261 United Kingdom 11,254 10,473 Rest of the world 15,374 16,069 Total net assets $ 81,694 $ 82,724 |
Note 23 - Quarterly Financial_2
Note 23 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth Fiscal 2019 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 28,202 $ 29,584 $ 27,418 $ 30,972 $ 116,176 Cost of revenues 12,048 13,629 12,439 13,738 51,854 Gross profit 16,154 15,955 14,979 17,234 64,322 Total operating expenses 16,273 15,727 16,344 15,601 63,945 Operating (loss) income (119 ) 228 (1,365 ) 1,633 377 Other expense, net (1,675 ) (1,360 ) (1,309 ) (1,535 ) (5,879 ) (Loss) income before income taxes (1,794 ) (1,132 ) (2,674 ) 98 (5,502 ) Income tax expense (benefit) 576 (885 ) (54 ) (452 ) (815 ) Net (loss) income $ (2,370 ) $ (247 ) $ (2,620 ) $ 550 $ (4,687 ) (Loss) earnings per share: Basic (loss) earnings per common share $ (0.06 ) $ (0.01 ) $ (0.07 ) $ 0.02 $ (0.12 ) Diluted (loss) earnings per common share $ (0.06 ) $ (0.01 ) $ (0.07 ) $ 0.02 $ (0.12 ) First Second Third Fourth Fiscal 2018 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 26,759 $ 31,522 $ 28,635 $ 33,858 $ 120,774 Cost of revenues 13,490 16,167 12,818 15,118 57,593 Gross profit 13,269 15,355 15,817 18,740 63,181 Total operating expenses 14,535 15,737 14,927 16,998 62,197 Operating (loss) income (1,266 ) (382 ) 890 1,742 984 Other expense, net (3,979 ) (1,485 ) (1,798 ) (1,697 ) (8,959 ) (Loss) income from continuing operations before income taxes (5,245 ) (1,867 ) (908 ) 45 (7,975 ) Income tax expense (benefit) 605 (369 ) (652 ) (3,260 ) (3,676 ) Net (loss) income from continuing operations (5,850 ) (1,498 ) (256 ) 3,305 (4,299 ) Income (loss) from discontinued operations, net of tax 1,786 34 - (443 ) 1,377 Net (loss) income $ (4,064 ) $ (1,464 ) $ (256 ) $ 2,862 $ (2,922 ) (Loss) earnings per share: Basic (loss) earnings per common share from continuing operations $ (0.16 ) $ (0.04 ) $ (0.01 ) $ 0.09 $ (0.12 ) Basic earnings (loss) per common share from discontinued operations 0.05 - - (0.01 ) 0.04 Basic (loss) earnings per common share $ (0.11 ) $ (0.04 ) $ (0.01 ) $ 0.08 $ (0.08 ) Diluted (loss) earnings per common share from continuing operations $ (0.16 ) $ (0.04 ) $ (0.01 ) $ 0.09 $ (0.12 ) Diluted earnings (loss) per common share from discontinued operations 0.05 - - (0.01 ) 0.04 Diluted (loss) earnings per common share $ (0.11 ) $ (0.04 ) $ (0.01 ) $ 0.08 $ (0.08 ) |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Goodwill, Impairment Loss | $ 0 | ||||
Impairment of Long-Lived Assets Held-for-use | 0 | ||||
Operating Lease, Liability, Total | 10,648 | ||||
Operating Lease, Right-of-Use Asset | 8,463 | ||||
Long-term Debt, Current Maturities, Total | 3,200 | 2,400 | |||
Long-term Debt, Excluding Current Maturities, Total | $ 46,917 | $ 54,813 | |||
Iimmaterial Misclassification Understated Current Portion, Long Term Debt and Overstated Long Term Debt [Member] | |||||
Long-term Debt, Current Maturities, Total | $ 4,000 | ||||
Long-term Debt, Excluding Current Maturities, Total | $ (4,000) | ||||
Accounting Standards Update 2016-02 [Member] | |||||
Operating Lease, Liability, Total | $ 11,700 | ||||
Operating Lease, Right-of-Use Asset | $ 9,400 | ||||
Existing Technology [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | [1] | 6 years 36 days | |||
Trade Names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | [1] | 6 years 292 days | |||
Minimum [Member] | |||||
Customer Payments Term | 0 years | ||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 1 year | ||||
Minimum [Member] | Existing Technology [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||
Minimum [Member] | Trade Names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
Minimum [Member] | Distribution Rights [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||
Minimum [Member] | In Process Research and Development [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||
Minimum [Member] | Customer Relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||
Maximum [Member] | |||||
Customer Payments Term | 60 days | ||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 4 years | ||||
Maximum [Member] | Existing Technology [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Maximum [Member] | Trade Names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Maximum [Member] | Distribution Rights [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||
Maximum [Member] | In Process Research and Development [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Maximum [Member] | Customer Relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
[1] | Weighted average life as of December 31, 2019. |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, plant and equipment useful life (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, plant and equipment useful life (Year) | 10 years |
Computer Equipment and Software [member] | Minimum [Member] | |
Property, plant and equipment useful life (Year) | 3 years |
Computer Equipment and Software [member] | Maximum [Member] | |
Property, plant and equipment useful life (Year) | 7 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant and equipment useful life (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant and equipment useful life (Year) | 10 years |
Note 3 - Accumulated Other Co_3
Note 3 - Accumulated Other Comprehensive Loss - Changes in Each Component of Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ (13,532) | $ (10,676) |
Other comprehensive (loss) income before reclassifications | 143 | (3,267) |
Amounts reclassified from AOCI | 700 | 411 |
Other comprehensive income (loss) | 843 | (2,856) |
Balance | (12,689) | (13,532) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (12,630) | (9,755) |
Other comprehensive (loss) income before reclassifications | (543) | (2,875) |
Amounts reclassified from AOCI | ||
Other comprehensive income (loss) | (543) | (2,875) |
Balance | (13,173) | (12,630) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | (170) | 37 |
Other comprehensive (loss) income before reclassifications | (572) | (343) |
Amounts reclassified from AOCI | 139 | 136 |
Other comprehensive income (loss) | (433) | (207) |
Balance | (603) | (170) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (732) | (958) |
Other comprehensive (loss) income before reclassifications | 1,258 | (49) |
Amounts reclassified from AOCI | 561 | 275 |
Other comprehensive income (loss) | 1,819 | 226 |
Balance | $ 1,087 | $ (732) |
Note 3 - Accumulated Other Co_4
Note 3 - Accumulated Other Comprehensive Loss - Reclassified out of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Amounts reclassified from accumulated other comprehensive loss to net loss | $ 139 | $ 136 |
Amounts reclassified from accumulated other comprehensive loss to net loss | 561 | 275 |
Total reclassifications | 700 | 411 |
Interest Expense [Member] | ||
Amount reclassified from AOCI into income | 139 | 136 |
Income Tax Expense (Benefit) [Member] | ||
Income tax | ||
Income tax | (56) | |
General and Administrative Expense [Member] | ||
Amortization of net losses included in net periodic pension costs | $ 561 | $ 331 |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - Data Sciences International, Inc. (DSI) [Member] - USD ($) $ in Millions | Jan. 31, 2018 | Dec. 31, 2018 |
Business Combination, Consideration Transferred, Total | $ 71.1 | |
Business Combination Purchase Accounting Inventory Fair Value Step Up Amortization | $ 3.8 | |
Business Combination, Purchase Accounting Inventory Fair Value Step Up, Recognized Period | 180 days | |
Business Combination Proforma Information Amortization Of Intangible Assets | $ 2.9 | |
Business Combination, Acquisition Related Costs | $ 3.4 |
Note 4 - Acquisition - Allocati
Note 4 - Acquisition - Allocation of Purchase Price, Tangible Assets and Liabilities Assumed (Details) - Data Sciences International, Inc. (DSI) [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenues | $ 124,319 |
Income from continuing operations | $ 3,614 |
Note 5 - Discontinued Operati_3
Note 5 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | Jan. 22, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 1,002 | $ 15,754 | |
Denville [Member] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 20,000 | ||
Earn Out Provision of Discontinued Operations | 3,000 | ||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | 15,700 | ||
Maximum Contingent Consideration Based on 2018 Operating Results | 2,000 | ||
Maximum Contingent Consideration Based on 2019 Operating Results | $ 1,000 | ||
Escrow Amount, Released | $ 1,000 |
Note 5 - Discontinued Operati_4
Note 5 - Discontinued Operations - Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income from discontinued operations before income taxes | $ 936 | |||||
Income tax benefit from discontinued operations | 0 | (441) | ||||
Income from discontinued operations | $ (443) | $ 0 | $ 34 | $ 1,786 | 1,377 | |
Denville [Member] | ||||||
Revenues | 893 | |||||
Cost of revenues | (534) | |||||
Operating and other expenses | (674) | |||||
Gain on disposal of discontinued operations | 1,251 | |||||
Income from discontinued operations before income taxes | 936 | |||||
Income tax benefit from discontinued operations | (441) | |||||
Income from discontinued operations | $ 1,377 |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization of Intangible Assets, Total | $ 5,746 | $ 5,384 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 5,500 | 5,500 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,500 | 5,500 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5,500 | 5,500 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,300 | 5,300 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 5,300 | $ 5,300 | |||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 500 | $ 0 | |||
In Process Research and Development Intangible Assets Reclassified as Completed Technology | $ 400 | ||||
Fully Amortized Intangible Assets, Retired | $ 5,300 | ||||
In Process Research and Development [Member] | |||||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 900 |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Change in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Carrying amount at beginning of year | $ 57,304 | $ 36,336 |
Goodwill arising from business combination | 21,865 | |
Effect of change in currency translation | 77 | (897) |
Carrying amount at end of year | $ 57,381 | $ 57,304 |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Finite-Lived Intangible Assets, Gross | $ 67,023 | $ 73,351 | |
Total amortizable intangible assets | (29,753) | (28,819) | |
Finite-Lived Intangible Assets, Net | 37,270 | 44,532 | |
Indefinite-lived intangible assets: | 1,135 | 1,232 | |
Intangible assets, net | $ 38,405 | 45,764 | |
Distribution Agreements/Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 9 years 292 days | |
Finite-Lived Intangible Assets, Gross | $ 17,891 | 22,657 | |
Total amortizable intangible assets | (6,340) | (9,509) | |
Finite-Lived Intangible Assets, Net | $ 11,551 | 13,148 | |
Existing Technology [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 6 years 36 days | |
Finite-Lived Intangible Assets, Gross | $ 41,222 | 41,268 | |
Total amortizable intangible assets | (19,698) | (16,215) | |
Finite-Lived Intangible Assets, Net | $ 21,524 | 25,053 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 6 years 292 days | |
Finite-Lived Intangible Assets, Gross | $ 7,692 | 7,828 | |
Total amortizable intangible assets | (3,497) | (2,861) | |
Finite-Lived Intangible Assets, Net | 4,195 | 4,967 | |
In Process Research and Development [Member] | |||
Finite-Lived Intangible Assets, Gross | 1,387 | ||
Total amortizable intangible assets | (30) | ||
Finite-Lived Intangible Assets, Net | 1,357 | ||
Patents [Member] | |||
Finite-Lived Intangible Assets, Gross | 218 | 211 | |
Total amortizable intangible assets | (218) | (204) | |
Finite-Lived Intangible Assets, Net | $ 7 | ||
[1] | Weighted average life as of December 31, 2019. |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finished goods | $ 5,561 | $ 6,936 |
Work in process | 3,153 | 3,667 |
Raw materials | 13,347 | 14,484 |
Total | $ 22,061 | $ 25,087 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fully Depreciated and Disposed of Property and Equipment Removed From Fixed Asset Records | $ 4.8 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment, Gross | $ 19,716 | $ 23,336 |
Less: accumulated depreciation | (14,940) | (17,438) |
Property, plant and equipment, net | 4,776 | 5,898 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 7,198 | 9,678 |
Computer Equipment and Software [member] | ||
Property, Plant and Equipment, Gross | 8,954 | 9,685 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Gross | 2,151 | 2,468 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | 1,321 | 1,390 |
Automobiles [Member] | ||
Property, Plant and Equipment, Gross | $ 92 | $ 115 |
Note 9 - Restructuring and Ot_3
Note 9 - Restructuring and Other Exit Costs (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Restructuring Charges, Total | $ 1,354 |
Restructuring Reserve, Ending Balance | 368 |
Impairment Charges [Member] | |
Restructuring Charges, Total | 500 |
Cost of Sales [Member] | |
Restructuring Charges, Total | 200 |
Selling, General and Administrative Expenses [Member] | |
Restructuring Charges, Total | $ 700 |
Note 9 - Restructuring and Ot_4
Note 9 - Restructuring and Other Exit Costs - Activity for Accrued Restructuring Liability (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Restructuring charges | $ 1,354 |
Non-cash charges | (705) |
Cash payments | (281) |
Balance at December 31, 2019 | 368 |
Cost of Revenues [Member] | |
Restructuring charges | 235 |
Non-cash charges | (235) |
Cash payments | |
Balance at December 31, 2019 | |
Employee Severance [Member] | |
Restructuring charges | 530 |
Non-cash charges | |
Cash payments | (166) |
Balance at December 31, 2019 | 364 |
Impairment [Member] | |
Restructuring charges | 460 |
Non-cash charges | (460) |
Cash payments | |
Balance at December 31, 2019 | |
Other Restructuring [Member] | |
Restructuring charges | 129 |
Non-cash charges | (10) |
Cash payments | (115) |
Balance at December 31, 2019 | $ 4 |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Multi Channel Systems MCS GmbH [Member] | ||
Operating Leases, Rent Expense, Net, Total | $ 0.3 | $ 0.3 |
Note 11 - Employee Benefit Pl_3
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Cost | $ 0.4 | $ 0.5 |
Defined Benefit Plan Average Remaining Work Lifetime | 15 years | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 0.5 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 0.5 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 0.6 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 0.7 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 0.8 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 4.2 | |
Minimum [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0.9 |
Note 11 - Employee Benefit Pl_4
Note 11 - Employee Benefit Plans - Defined Benefit Pension Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest cost | $ 484 | $ 502 |
Expected return on plan assets | (761) | (779) |
Net amortization loss | 336 | 222 |
Recognition of net gain/loss due to settlements | 228 | 110 |
Net periodic benefit cost | $ 287 | $ 55 |
Note 11 - Employee Benefit Pl_5
Note 11 - Employee Benefit Plans - Change in Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Benefit Obligation, Balance | $ 18,701 | $ 21,126 |
Service cost | 24 | |
Interest cost | 484 | 502 |
Actuarial (gain) loss | 1,513 | (1,056) |
Settlements due to transfers paid | (871) | (267) |
Benefits paid | (447) | (521) |
Currency translation adjustment | 647 | (1,107) |
Defined Benefit Plan, Benefit Obligation, Balance | $ 20,027 | $ 18,701 |
Note 11 - Employee Benefit Pl_6
Note 11 - Employee Benefit Plans - Change in fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Fair Value of Plan Assets, Balance | $ 17,819 | $ 19,972 |
Actual return on plan assets | 3,172 | (1,058) |
Employer contributions | 831 | 741 |
Settlement due to transfers paid | (931) | (263) |
Benefits paid | (447) | (521) |
Currency translation adjustment | 670 | (1,052) |
Defined Benefit Plan, Fair Value of Plan Assets, Balance | $ 21,114 | $ 17,819 |
Note 11 - Employee Benefit Pl_7
Note 11 - Employee Benefit Plans - Change in Benefit Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net amount recognized | $ 1,087 | $ (732) |
Other Long Term Assets (Liabilities) [Member] | ||
Funded status | 1,087 | (882) |
Net amount recognized | $ 1,087 | $ (882) |
Note 11 - Employee Benefit Pl_8
Note 11 - Employee Benefit Plans - Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net amount recognized | $ 1,087 | $ (732) |
Other Noncurrent Liabilities [Member] | ||
Net amount recognized | 1,087 | (882) |
Deferred Income Tax Assets [Member] | ||
Net amount recognized | $ 150 |
Note 11 - Employee Benefit Pl_9
Note 11 - Employee Benefit Plans - Recognized in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net amount recognized | $ 1,087 | $ (732) |
Funded Plan [Member] | ||
Net amount recognized | $ 1,087 | $ (732) |
Note 11 - Employee Benefit P_10
Note 11 - Employee Benefit Plans - Weighted average assumptions (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Discount rate | 2.02% | 2.65% |
Expected return on assets | 3.84% | 4.68% |
Note 11 - Employee Benefit P_11
Note 11 - Employee Benefit Plans - Fair Value and Asset Allocations of Pension Benefits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Fair Value of Plan Assets | $ 21,114 | $ 17,819 | $ 19,972 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | ||
Defined Benefit Plan, Equity Securities [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 11,534 | $ 9,134 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 55.00% | 51.00% | ||
Debt Security, Corporate, US [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | $ 3,919 | $ 3,274 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 19.00% | 18.00% | ||
Liability Driven Investment Funds [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 3,615 | $ 4,341 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 17.00% | 24.00% | ||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,514 | $ 618 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 7.00% | 4.00% | ||
Other Plan Assets [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 532 | $ 452 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 3.00% | 3.00% | ||
[1] | Updated dimension from: "Debt Securities [Member]". |
Note 11 - Employee Benefit P_12
Note 11 - Employee Benefit Plans - Fair Value of Plan Assets By Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 21,114 | $ 17,819 | $ 19,972 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,514 | 618 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 19,600 | 17,201 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Jan. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 8,463 | |||
Operating Lease, Liability, Total | $ 10,648 | |||
Operating Lease, Expense | $ 3,200 | $ 1,800 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 9,400 | |||
Operating Lease, Liability, Total | $ 11,700 |
Note 12 - Leases - Lease Expens
Note 12 - Leases - Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating lease cost | $ 2,084 |
Short term lease cost | 245 |
Sublease income | (429) |
Total lease cost | $ 1,900 |
Note 12 - Leases - Supplemental
Note 12 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | $ 2,530 |
Right-of-use assets obtained in exchange for lease obligations: | $ 177 |
Note 12 - Leases - Supplement_2
Note 12 - Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating lease right-of use assets | $ 8,463 | |
Current portion, operating lease liabilities | 2,424 | |
Operating lease liabilities, long term | 8,224 | |
Total operating lease liabilities | $ 10,648 | |
Weighted average remaining lease term (in years) (Year) | 8 years 36 days | |
Weighted average discount rate | 9.20% |
Note 12 - Leases - Future Minim
Note 12 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 2,426 |
2021 | 1,945 |
2022 | 1,862 |
2023 | 1,832 |
2024 | 1,587 |
Thereafter | 5,889 |
Total lease payments | 15,541 |
Less interest | (4,893) |
Total operating lease liabilities | $ 10,648 |
Note 12 - Leases - Futrue Minim
Note 12 - Leases - Futrue Minimum Lease Payments for Operating Leases Presented in 2018 Form 10-K (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 2,250 |
2020 | 2,247 |
2021 | 1,987 |
2022 | 1,966 |
2023 | 1,990 |
Thereafter | 7,559 |
Net minimum lease payments | $ 17,999 |
Note 13 - Capital Stock (Detail
Note 13 - Capital Stock (Details Textual) - USD ($) | Aug. 03, 2018 | May 24, 2018 | Apr. 02, 2018 | May 18, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2000 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | ||||||
Employee Stock Purchase Plan, Consecutive Payment Periods | 180 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85.00% | ||||||
Increase In Number Of Shares Authorized For Issuance Under Stock Option And Incentive Plan | 3,400,000 | 350,000 | |||||
Employee Stock Purchase Plan Shares Authorized | 1,400,000 | ||||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total | 1,081,404 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 190,642 | 89,308 | |||||
Employee Stock Ownership Plan, Shares Available for Issuance | 318,596 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 20,908,929 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,386,063 | 3,307,438 | |||||
Share Price | $ 3.05 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 189,069 | $ 2,600,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,700,000 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.40 | $ 1.83 | |||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 10 years | ||||||
Preferred Stock, Shares Issued, Total | 0 | ||||||
Deferred Stock Awards of Market Condition RSU, Approved Aug 2015 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Threshold Trading Days | 20 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 69,667 | ||||||
Deferred stock awards of Market Condition RSU, Approved May 2018 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Threshold Trading Days | 20 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.19 | ||||||
Deferred stock awards of Market Condition RSU, Approved 2019 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Threshold Trading Days | 20 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 529,491 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Maximum Percentage Of Target, Number of Restricted Stock Units | 150.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.98 | ||||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Note 13 - Capital Stock - Stock
Note 13 - Capital Stock - Stock Option and Restricted Stock Unit Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Opening Balance, Stock Options Outstanding (in shares) | 1,956,732 | 3,780,244 |
Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 4.25 | $ 3.95 |
Options, Granted in Period (in shares) | 943,424 | 104,585 |
Options, Granted in Period, Weighted Average Exercise Price (in dollars per share) | $ 3.28 | $ 4.48 |
Options, Exercised in Period (in shares) | (3,750) | (1,696,255) |
Options, Exercised in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.98 | $ 3.50 |
Options, Cancelled / Forfeited in Period (in shares) | (630,284) | (231,842) |
Options, Cancelled / Forfeited, Weighted Average Exercise Price (in dollars per share) | $ 3.96 | $ 4.96 |
Opening Balance, Stock Options Outstanding (in shares) | 2,266,122 | 1,956,732 |
Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 3.93 | $ 4.25 |
Restricted Stock Units (RSUs) [Member] | ||
Restricted Stock Units Outstanding , Balance (in shares) | 1,233,762 | 1,796,927 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ 3.36 | $ 2.69 |
Restricted Stock Units, Granted in Period (in shares) | 1,652,720 | 639,126 |
Restricted Stock Units Granted , Grant Date Fair Value, Balance (in dollars per share) | $ 2.31 | $ 4.31 |
Restricted Stock Units, Vested in Period (in shares) | (813,762) | (845,326) |
Restricted Stock Units, Vested , Grant Date Fair Value, Balance (in dollars per share) | $ 3.29 | $ 2.88 |
Restricted Stock Units, Cancelled / Forfeited in Period (in shares) | (482,270) | (356,965) |
Restricted Stock Units, Cancelled/ Forfeited , Grant Date Fair Value, Balance (in dollars per share) | $ 3.42 | $ 2.84 |
Restricted Stock Units Outstanding , Balance (in shares) | 1,590,450 | 1,233,762 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ 2.27 | $ 3.36 |
Market Condition Restricted Stock Units [Member] | ||
Restricted Stock Units Outstanding , Balance (in shares) | 116,944 | 164,127 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ 4.19 | $ 4.81 |
Restricted Stock Units, Granted in Period (in shares) | 605,005 | 156,944 |
Restricted Stock Units Granted , Grant Date Fair Value, Balance (in dollars per share) | $ 1.98 | $ 4.19 |
Restricted Stock Units, Vested in Period (in shares) | (3,778) | (69,667) |
Restricted Stock Units, Vested , Grant Date Fair Value, Balance (in dollars per share) | $ 4.19 | $ 4.81 |
Restricted Stock Units, Cancelled / Forfeited in Period (in shares) | (188,680) | (134,460) |
Restricted Stock Units, Cancelled/ Forfeited , Grant Date Fair Value, Balance (in dollars per share) | $ 4.18 | $ 4.63 |
Restricted Stock Units Outstanding , Balance (in shares) | 529,491 | 116,944 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ 1.67 | $ 4.19 |
Note 13 - Capital Stock - Weigh
Note 13 - Capital Stock - Weighted Average Number of Shares (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Basic (in shares) | 37,813,580 | 36,453,126 |
Dillutive effect of equity awards (in shares) | ||
Diluted (in shares) | 37,813,580 | 36,453,126 |
Note 13 - Capital Stock - Outst
Note 13 - Capital Stock - Outstanding and Exercisable Options (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 1.78 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 5.78 |
Options Outstanding, Shares Outstanding (in shares) | shares | 2,266,122 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 5 years 346 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 3.93 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 257 |
Options Exercisable, Shares Exercisable (in shares) | shares | 1,649,299 |
Options Exercisable. Weighted Average Remaining Contractual Life (Year) | 4 years 255 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 4.28 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 50 |
Exercise Price Range 1 [Member] | |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 1.78 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 2.59 |
Options Outstanding, Shares Outstanding (in shares) | shares | 234,399 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 6 years 175 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.14 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 213 |
Options Exercisable, Shares Exercisable (in shares) | shares | 94,069 |
Options Exercisable. Weighted Average Remaining Contractual Life (Year) | 1 year 343 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 2.57 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 45 |
Exercise Price Range 2 [Member] | |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 2.60 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 2.94 |
Options Outstanding, Shares Outstanding (in shares) | shares | 208,414 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 9 years 189 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.84 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 44 |
Options Exercisable, Shares Exercisable (in shares) | shares | 10,000 |
Options Exercisable. Weighted Average Remaining Contractual Life (Year) | 7 years 91 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 2.60 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 5 |
Exercise Price Range 3 [Member] | |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 2.95 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 3.49 |
Options Outstanding, Shares Outstanding (in shares) | shares | 264,571 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 8 years |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 3.23 |
Options Outstanding, Aggregate Intrinsic Value | $ | |
Options Exercisable, Shares Exercisable (in shares) | shares | 148,400 |
Options Exercisable. Weighted Average Remaining Contractual Life (Year) | 7 years 164 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 3.27 |
Options Exercisable, Aggregate Intrinsic Value | $ | |
Exercise Price Range 4 [Member] | |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 3.50 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 3.92 |
Options Outstanding, Shares Outstanding (in shares) | shares | 305,839 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 7 years 116 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 3.74 |
Options Outstanding, Aggregate Intrinsic Value | $ | |
Options Exercisable, Shares Exercisable (in shares) | shares | 166,431 |
Options Exercisable. Weighted Average Remaining Contractual Life (Year) | 5 years 277 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 3.70 |
Options Exercisable, Aggregate Intrinsic Value | $ | |
Exercise Price Range 5 [Member] | |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 3.93 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 4.08 |
Options Outstanding, Shares Outstanding (in shares) | shares | 65,849 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 1 year 153 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 4.04 |
Options Outstanding, Aggregate Intrinsic Value | $ | |
Options Exercisable, Shares Exercisable (in shares) | shares | 65,849 |
Options Exercisable. Weighted Average Remaining Contractual Life (Year) | 1 year 153 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 4.04 |
Options Exercisable, Aggregate Intrinsic Value | $ | |
Exercise Price Range 6 [Member] | |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 4.09 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 4.17 |
Options Outstanding, Shares Outstanding (in shares) | shares | 355,625 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 4 years 149 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 4.12 |
Options Outstanding, Aggregate Intrinsic Value | $ | |
Options Exercisable, Shares Exercisable (in shares) | shares | 355,625 |
Options Exercisable. Weighted Average Remaining Contractual Life (Year) | 4 years 149 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 4.12 |
Options Exercisable, Aggregate Intrinsic Value | $ | |
Exercise Price Range 7 [Member] | |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 4.18 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 4.38 |
Options Outstanding, Shares Outstanding (in shares) | shares | 370,000 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 3 years 339 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 4.30 |
Options Outstanding, Aggregate Intrinsic Value | $ | |
Options Exercisable, Shares Exercisable (in shares) | shares | 370,000 |
Options Exercisable. Weighted Average Remaining Contractual Life (Year) | 3 years 339 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 4.30 |
Options Exercisable, Aggregate Intrinsic Value | $ | |
Exercise Price Range 8 [Member] | |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 4.39 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 5.39 |
Options Outstanding, Shares Outstanding (in shares) | shares | 141,550 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 5 years 204 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 4.99 |
Options Outstanding, Aggregate Intrinsic Value | $ | |
Options Exercisable, Shares Exercisable (in shares) | shares | 126,550 |
Options Exercisable. Weighted Average Remaining Contractual Life (Year) | 5 years 80 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 5.04 |
Options Exercisable, Aggregate Intrinsic Value | $ | |
Exercise Price Range 9 [Member] | |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 5.40 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 5.54 |
Options Outstanding, Shares Outstanding (in shares) | shares | 174,875 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 5 years 65 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 5.51 |
Options Outstanding, Aggregate Intrinsic Value | $ | |
Options Exercisable, Shares Exercisable (in shares) | shares | 174,875 |
Options Exercisable. Weighted Average Remaining Contractual Life (Year) | 5 years 65 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 5.51 |
Options Exercisable, Aggregate Intrinsic Value | $ | |
Exercise Price Range 10 [Member] | |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 5.55 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 5.75 |
Options Outstanding, Shares Outstanding (in shares) | shares | 145,000 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 5 years 237 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 5.58 |
Options Outstanding, Aggregate Intrinsic Value | $ | |
Options Exercisable, Shares Exercisable (in shares) | shares | 137,500 |
Options Exercisable. Weighted Average Remaining Contractual Life (Year) | 5 years 178 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 5.57 |
Options Exercisable, Aggregate Intrinsic Value | $ |
Note 13 - Capital Stock - Sto_2
Note 13 - Capital Stock - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation | $ 3,034 | $ 3,044 |
Discontinued Operations [Member] | ||
Share-based Compensation | 150 | |
Cost of Sales [Member] | Continuing Operations [Member] | ||
Share-based Compensation | 43 | 64 |
Selling and Marketing Expense [Member] | Continuing Operations [Member] | ||
Share-based Compensation | 119 | 431 |
General and Administrative Expense [Member] | Continuing Operations [Member] | ||
Share-based Compensation | 2,710 | 2,232 |
Research and Development Expense [Member] | Continuing Operations [Member] | ||
Share-based Compensation | $ 162 | $ 167 |
Note 13 - Capital Stock - Black
Note 13 - Capital Stock - Black Scholes Assumptions (Details) - Black Scholes Option Pricing Model [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Volatility | 48.11% | 43.28% |
Risk-free interest rate | 2.12% | 2.84% |
Expected holding period (Year) | 4 years 255 days | 4 years 292 days |
Dividend Yield |
Note 13 - Capital Stock - Monte
Note 13 - Capital Stock - Monte Carlo Assumptions (Details) - Monte-Carlo Valuation Simulation [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Volatility | 58.96% | 44.02% |
Risk-free interest rate | 1.99% | 2.27% |
Correlation coefficient | 23.59% | 0.07% |
Dividend Yield |
Note 14 - Long Term Debt (Detai
Note 14 - Long Term Debt (Details Textual) - USD ($) $ in Thousands | Jan. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Jan. 22, 2018 |
Long-term Debt, Gross | $ 54,997 | ||||
Term Loan [Member] | |||||
Line of Credit Facility, Interest Rate at Period End | 8.48% | ||||
Term Loan [Member] | |||||
Long-term Debt, Gross | $ 54,997 | $ 62,400 | |||
Credit Agreement With Brown Brothers Harriman &Co [Member] | |||||
Long-term Debt, Gross | $ 11,900 | ||||
Senior Secured Credit Facility [Member] | |||||
Debt Instrument, Term | 2023 years | ||||
Debt Instrument, Quarterly Payment, Current Year | $ 400 | ||||
Debt Instrument Quarterly Payment Next Year | 600 | ||||
Debt Instrument, Quarterly Payment, Thereafter | $ 800 | ||||
Percentage of Consolidated Excess Cash Flow | 50.00% | ||||
Excess Cash Flow Payment, Tranche Two | 4,000 | ||||
Excess Cash Flow Payment, Tranche One | $ 1,000 | ||||
Limitation On Pledges of Capital Stock of Foreign Subsidiaries | 65.00% | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 8,700 | ||||
Senior Secured Credit Facility [Member] | Base Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | ||||
Senior Secured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 6.25% | ||||
Senior Secured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | ||||
Senior Secured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||
Proceeds from Lines of Credit, Total | 4,800 | ||||
Senior Secured Credit Facility [Member] | Term Loan [Member] | |||||
Long-term Debt, Gross | $ 64,000 |
Note 14 - Long Term Debt - Brea
Note 14 - Long Term Debt - Breakdown of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term debt, gross | $ 54,997 | |
Total unamortized deferred financing costs | (1,180) | $ (1,605) |
Total debt | 53,817 | 60,795 |
Less: current installments | (3,200) | (2,400) |
Less: excess cash flow sweep | (4,093) | (3,983) |
Current unamortized deferred financing costs | 393 | 401 |
Long-term debt | 46,917 | 54,813 |
Term Loan [Member] | ||
Long-term debt, gross | 54,997 | 62,400 |
Line of Credit [Member] | ||
Long-term debt, gross |
Note 14 - Long Term Debt - Debt
Note 14 - Long Term Debt - Debt Maturity (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 7,293 |
2021 | 3,200 |
2022 | 3,200 |
2023 | 41,304 |
Total | $ 54,997 |
Note 15 - Derivatives (Details
Note 15 - Derivatives (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2018 | |
Long-term Debt, Gross | $ 54,997 | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | (300) | ||
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Derivative, Fixed Interest Rate | 2.72% | ||
Interest Rate Swap [Member] | PNC Bank [Member] | |||
Derivative Asset, Notional Amount | $ 36,000 | ||
Term Loan [Member] | |||
Long-term Debt, Gross | $ 54,997 | $ 62,400 | |
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | ||
Senior Secured Credit Facility [Member] | Term Loan [Member] | |||
Long-term Debt, Gross | $ 64,000 |
Note 15 - Derivatives - Derivat
Note 15 - Derivatives - Derivative Instruments (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Noncurrent Liabilities [Member] | |||
Derivatives, notional amount | $ 28,821 | ||
Derivatives, fair value | [1] | $ (603) | |
Other Assets [Member] | |||
Derivatives, notional amount | $ 34,090 | ||
Derivatives, fair value | [1] | $ (170) | |
[1] | See Note 16 for the fair value measurements related to these financial instruments. |
Note 15 - Derivatives - Effect
Note 15 - Derivatives - Effect of Derivatives on AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Expense [Member] | ||
Amount reclassified from AOCI into income | $ 139 | $ 136 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Amount of loss recognized in OCI on derivative | (572) | (343) |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ||
Amount reclassified from AOCI into income | $ 139 | $ 136 |
Note 16 - Fair Value Measurem_3
Note 16 - Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Interest Rate Swap [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative liabilities | $ (603) | |
Derivative assets | $ (170) | |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative liabilities | ||
Derivative assets | ||
Fair Value, Inputs, Level 2 [Member] | ||
Derivative liabilities | (603) | |
Derivative assets | (170) | |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative liabilities | ||
Derivative assets |
Note 17 - Other Current Liabi_3
Note 17 - Other Current Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Compensation and payroll | $ 2,554 | $ 2,899 |
Professional fees | 395 | 536 |
Warranty costs | 252 | 391 |
Local taxes, including VAT | 345 | 423 |
Customer related costs | 963 | 1,242 |
Interest | 425 | 480 |
Other | 1,157 | 1,379 |
Total | $ 6,091 | $ 7,350 |
Note 18 - Revenues (Details Tex
Note 18 - Revenues (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Contract with Customer, Liability, Total | $ 3,949 | $ 3,820 | $ 505 |
Note 18 - Revenues - Disaggrega
Note 18 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenues | $ 116,176 | $ 120,774 |
Instruments, Equipment, Software, and Accessories [Member] | ||
Total revenues | 110,220 | 115,068 |
Service, Maintenance, and Warranty Contracts [Member] | ||
Total revenues | 5,956 | 5,706 |
UNITED STATES | ||
Total revenues | 82,938 | 84,052 |
UNITED STATES | Instruments, Equipment, Software, and Accessories [Member] | ||
Total revenues | 78,196 | 79,614 |
UNITED STATES | Service, Maintenance, and Warranty Contracts [Member] | ||
Total revenues | 4,742 | 4,438 |
UNITED KINGDOM | ||
Total revenues | 11,426 | 14,522 |
UNITED KINGDOM | Instruments, Equipment, Software, and Accessories [Member] | ||
Total revenues | 10,607 | 13,690 |
UNITED KINGDOM | Service, Maintenance, and Warranty Contracts [Member] | ||
Total revenues | 819 | 832 |
GERMANY | ||
Total revenues | 13,672 | 13,559 |
GERMANY | Instruments, Equipment, Software, and Accessories [Member] | ||
Total revenues | 13,359 | 13,193 |
GERMANY | Service, Maintenance, and Warranty Contracts [Member] | ||
Total revenues | 313 | 366 |
Rest of the World [Member] | ||
Total revenues | 8,140 | 8,641 |
Rest of the World [Member] | Instruments, Equipment, Software, and Accessories [Member] | ||
Total revenues | 8,058 | 8,571 |
Rest of the World [Member] | Service, Maintenance, and Warranty Contracts [Member] | ||
Total revenues | $ 82 | $ 70 |
Note 18 - Revenues - Changes in
Note 18 - Revenues - Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 3,820 | $ 505 |
Deferral of revenue | 3,247 | 5,515 |
Recognition of deferred revenue | (3,127) | (5,161) |
Effect of foreign currency translation | 9 | (15) |
Balance | 3,949 | 3,820 |
Addition due to business combination | 2,976 | |
Service [Member] | ||
Balance | 1,659 | 505 |
Deferral of revenue | 2,152 | 4,305 |
Recognition of deferred revenue | (2,233) | (3,984) |
Effect of foreign currency translation | 9 | (15) |
Balance | 1,587 | 1,659 |
Addition due to business combination | 848 | |
Customer Advances [Member] | ||
Balance | 2,161 | |
Deferral of revenue | 1,095 | 1,210 |
Recognition of deferred revenue | (894) | (1,177) |
Effect of foreign currency translation | ||
Balance | $ 2,362 | 2,161 |
Addition due to business combination | $ 2,128 |
Note 18 - Revenues - Allowance
Note 18 - Revenues - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, beginning of period | $ 332 | $ 193 |
Addition due to business combination | 103 | |
Provision for allowance for doubtful accounts | 288 | 25 |
Charge-offs and other recoveries | (293) | 12 |
Effect of foreign currency translation | (2) | (1) |
Balance, end of period | $ 325 | $ 332 |
Note 19 - Warranties - Warranti
Note 19 - Warranties - Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Warranty, Beginning Balance | $ 391 | $ 246 |
Warranty Additions | 10 | 182 |
Warranty (Payments) or Credits | (149) | (37) |
Warranty, Ending Balance | $ 252 | $ 391 |
Note 20 - Income Tax (Details T
Note 20 - Income Tax (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ (452) | $ (54) | $ (885) | $ 576 | $ (3,260) | $ (652) | $ (369) | $ 605 | $ (815) | $ (3,676) |
Effective Income Tax Rate Reconciliation, Percent, Total | 14.80% | 46.10% | ||||||||
Discontinued Operation, Tax Effect of Discontinued Operation, Total | $ 0 | $ (441) | ||||||||
Deferred Tax Assets, Valuation Allowance, Total | 13,745 | 13,899 | 13,745 | 13,899 | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (200) | 2,500 | ||||||||
Research and Development Tax Credit Carryforwards Offset by Reserve for Uncertain Tax Positions | 1,000 | 1,000 | ||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 800 | 800 | ||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Total | 3,200 | 3,200 | ||||||||
Cash and Cash Equivalents in Foreign Subsidiaries | 3,500 | 3,200 | 3,500 | 3,200 | ||||||
Tax Liability on Foreign Earnings Repatriated | 55 | 38 | 55 | 38 | ||||||
Unrecognized Tax Benefits, Increase Resulting from Audits | 100 | 200 | ||||||||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 1,389 | |||||||||
Unrecognized Tax Benefits, Increase Resulting from Credits | 800 | |||||||||
Unrecognized Tax Benefits, Increase Resulting from State Income Tax Issues | 500 | |||||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 398 | |||||||||
Unrecognized Tax Benefits, Decrease Resulting from Acquisition | 65 | |||||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 32 | 32 | ||||||||
Income Tax Examination, Penalties and Interest Accrued, Total | 100 | $ 100 | 100 | 100 | ||||||
Income Tax Examination, Penalties and Interest Expense, Total | 26 | $ 31 | ||||||||
Expire in 2020 [Member] | ||||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 200 | 200 | ||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 8,700 | 8,700 | ||||||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||||||||
Operating Loss Carryforwards, Total | 27,200 | 27,200 | ||||||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expire between 2019 and 2037 [Member] | ||||||||||
Operating Loss Carryforwards, Total | 21,900 | 21,900 | ||||||||
State and Local Jurisdiction [Member] | ||||||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 400 | |||||||||
State and Local Jurisdiction [Member] | Expire between 2020 and 2038 [Member] | ||||||||||
Operating Loss Carryforwards, Total | 17,800 | 17,800 | ||||||||
Foreign Tax Authority [Member] | ||||||||||
Operating Loss Carryforwards, Total | 5,500 | 5,500 | ||||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 100 | |||||||||
Foreign Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||||||||||
Tax Credit Carryforward, Amount | $ 300 | $ 300 |
Note 20 - Income Tax - Income T
Note 20 - Income Tax - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal and state | $ (707) | $ (191) | ||||||||
Foreign | 290 | 279 | ||||||||
current income tax (benefit) expense | (417) | 88 | ||||||||
Federal and state | (281) | (3,552) | ||||||||
Foreign | (117) | (212) | ||||||||
deferred income tax (benefit) expense | (398) | (3,764) | ||||||||
Total income tax benefit from continuing operations | $ (452) | $ (54) | $ (885) | $ 576 | $ (3,260) | $ (652) | $ (369) | $ 605 | (815) | (3,676) |
Continuing operations | $ (452) | $ (54) | $ (885) | $ 576 | $ (3,260) | $ (652) | $ (369) | $ 605 | (815) | (3,676) |
Income tax benefit from discontinued operations | 0 | (441) | ||||||||
Total income tax benefit | $ (815) | $ (4,117) |
Note 20 - Income Tax - Income_2
Note 20 - Income Tax - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Computed "expected" income tax benefit | $ (1,161) | $ (1,674) |
Permanent differences, net | 241 | (117) |
Foreign tax rate differential | 42 | (11) |
State income taxes, net of federal income tax benefit | (74) | (121) |
Non-deductible stock compensation expense | 205 | (329) |
Acquisition costs | 3 | 438 |
Tax credits | 220 | (242) |
Change in reserve for uncertain tax position | (111) | 203 |
Impact of change to prior year tax accruals | 314 | 100 |
Change in valuation allowance allocated to income tax benefit | (578) | (1,850) |
Other | 84 | (73) |
Total income tax benefit | $ (815) | $ (3,676) |
Note 20 - Income Tax - Pre-tax
Note 20 - Income Tax - Pre-tax Income from Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Domestic | $ (5,616) | $ (9,034) | ||||||||
Foreign | 114 | 1,059 | ||||||||
Loss from continuing operations before income taxes | $ 98 | $ (2,674) | $ (1,132) | $ (1,794) | $ 45 | $ (908) | $ (1,867) | $ (5,245) | $ (5,502) | $ (7,975) |
Note 20 - Income Tax - Deferred
Note 20 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory | $ 1,079 | $ 1,147 |
Operating loss and credit carryforwards | 18,802 | 20,095 |
Accrued expenses | 654 | 1,037 |
Deferred interest expense | 1,475 | 655 |
Stock compensation | 1,011 | 999 |
Lease liability | 2,081 | |
Other assets | 223 | 339 |
Total gross deferred assets | 25,325 | 24,272 |
Less: valuation allowance | (13,745) | (13,899) |
Deferred tax assets | 11,580 | 10,373 |
Indefinite-lived intangible assets | 2,048 | 1,975 |
Definite-lived intangible assets | 9,168 | 10,221 |
Right-of-use asset | 1,580 | |
Other liabilities | 507 | 267 |
Total deferred tax liabilities | 13,303 | 12,463 |
Deferred income tax liability, net | (1,723) | (2,090) |
Deferred income tax assets (included in other long-term assets) | 251 | 211 |
Deferred income tax liabilities | $ (1,974) | $ (2,301) |
Note 20 - Income Tax - Unrecogn
Note 20 - Income Tax - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 1,860 | $ 323 |
Release due to expiration of statute of limitations positions of prior years | (94) | |
Additions based on tax positions of prior years | 68 | 242 |
Additions based on tax positions of acquired entities | 1,389 | |
Decreases based on tax positions of prior years | (133) | |
Additions based on tax position of current year | 21 | |
Settlements | (398) | |
Decreases based on tax positions of acquired entities | (65) | |
Balance | $ 1,353 | $ 1,860 |
Note 22 - Segment and Related_3
Note 22 - Segment and Related Information (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
Number of Operating Segments | 1 |
Note 22 - Segment and Related_4
Note 22 - Segment and Related Information - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Total long-lived assets | [1] | $ 42,047 | $ 50,430 |
UNITED STATES | Continuing Operations [Member] | |||
Total long-lived assets | 35,409 | 42,222 | |
GERMANY | Continuing Operations [Member] | |||
Total long-lived assets | 4,142 | 5,022 | |
UNITED KINGDOM | Continuing Operations [Member] | |||
Total long-lived assets | 320 | 585 | |
Rest of the World [Member] | Continuing Operations [Member] | |||
Total long-lived assets | $ 2,176 | $ 2,601 | |
[1] | Total long-lived assets consist of property, plant and equipment, net and amortizable intangible assets, net. |
Note 22 - Segment and Related_5
Note 22 - Segment and Related Information - Net Assets by Geographic Area (Details) - Continuing Operations [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Total net assets | $ 81,694 | $ 82,724 |
UNITED STATES | ||
Total net assets | 37,726 | 38,921 |
GERMANY | ||
Total net assets | 17,340 | 17,261 |
UNITED KINGDOM | ||
Total net assets | 11,254 | 10,473 |
Rest of the World [Member] | ||
Total net assets | $ 15,374 | $ 16,069 |
Note 23 - Quarterly Financial_3
Note 23 - Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 30,972 | $ 27,418 | $ 29,584 | $ 28,202 | $ 33,858 | $ 28,635 | $ 31,522 | $ 26,759 | $ 116,176 | $ 120,774 |
Cost of revenues | 13,738 | 12,439 | 13,629 | 12,048 | 15,118 | 12,818 | 16,167 | 13,490 | 51,854 | 57,593 |
Gross profit | 17,234 | 14,979 | 15,955 | 16,154 | 18,740 | 15,817 | 15,355 | 13,269 | 64,322 | 63,181 |
Total operating expenses | 15,601 | 16,344 | 15,727 | 16,273 | 16,998 | 14,927 | 15,737 | 14,535 | 63,945 | 62,197 |
Operating (loss) income | 1,633 | (1,365) | 228 | (119) | 1,742 | 890 | (382) | (1,266) | 377 | 984 |
Other expense, net | (1,535) | (1,309) | (1,360) | (1,675) | (1,697) | (1,798) | (1,485) | (3,979) | (5,879) | (8,959) |
(Loss) income before income taxes | 98 | (2,674) | (1,132) | (1,794) | 45 | (908) | (1,867) | (5,245) | (5,502) | (7,975) |
Income Tax Expense (Benefit), Total | (452) | (54) | (885) | 576 | (3,260) | (652) | (369) | 605 | (815) | (3,676) |
Net (loss) income | $ 550 | $ (2,620) | $ (247) | $ (2,370) | $ 2,862 | $ (256) | $ (1,464) | $ (4,064) | $ (4,687) | $ (2,922) |
Basic loss per common share (in dollars per share) | $ 0.02 | $ (0.07) | $ (0.01) | $ (0.06) | $ 0.08 | $ (0.01) | $ (0.04) | $ (0.11) | $ (0.12) | $ (0.08) |
Diluted loss per common share (in dollars per share) | $ 0.02 | $ (0.07) | $ (0.01) | $ (0.06) | $ 0.08 | $ (0.01) | $ (0.04) | $ (0.11) | $ (0.12) | $ (0.08) |
Net (loss) income from continuing operations | $ 3,305 | $ (256) | $ (1,498) | $ (5,850) | $ (4,687) | $ (4,299) | ||||
Income (loss) from discontinued operations, net of tax | $ (443) | $ 0 | $ 34 | $ 1,786 | $ 1,377 | |||||
Basic loss per common share from continuing operations (in dollars per share) | $ 0.09 | $ (0.01) | $ (0.04) | $ (0.16) | $ (0.12) | $ (0.12) | ||||
Basic earnings per common share from discontinued operations (in dollars per share) | (0.01) | 0 | 0 | 0.05 | 0.04 | |||||
Diluted loss per common share from continuing operations (in dollars per share) | 0.09 | (0.01) | (0.04) | (0.16) | (0.12) | (0.12) | ||||
Diluted earnings per common share from discontinued operations (in dollars per share) | $ (0.01) | $ 0 | $ 0 | $ 0.05 | $ 0.04 |