Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001123494 | |
Entity Registrant Name | HARVARD BIOSCIENCE INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-33957 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3306140 | |
Entity Address, Address Line One | 84 October Hill Road | |
Entity Address, City or Town | Holliston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01746 | |
City Area Code | 508 | |
Local Phone Number | 893-8999 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | HBIO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,942,683 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 2,629 | $ 8,335 |
Accounts receivable, net | 14,710 | 20,704 |
Inventories | 23,181 | 22,061 |
Other current assets | 3,582 | 2,472 |
Total current assets | 44,102 | 53,572 |
Property, plant and equipment, net | 4,222 | 4,776 |
Operating lease right-of-use assets | 8,165 | 8,463 |
Goodwill | 56,958 | 57,381 |
Intangible assets, net | 35,495 | 38,405 |
Other long-term assets | 1,743 | 2,273 |
Total assets | 150,685 | 164,870 |
Current liabilities: | ||
Current portion of long-term debt | 2,807 | 6,900 |
Current portion of operating lease liabilities | 2,249 | 2,424 |
Accounts payable | 6,596 | 5,339 |
Deferred revenue | 3,652 | 3,949 |
Accrued income taxes | 969 | 609 |
Other current liabilities | 6,390 | 6,091 |
Total current liabilities | 22,663 | 25,312 |
Long-term debt | 40,921 | 46,917 |
Deferred tax liability | 2,276 | 1,974 |
Operating lease liabilities | 7,887 | 8,224 |
Other long-term liabilities | 870 | 749 |
Total liabilities | 74,617 | 83,176 |
Commitments and contingencies - Note 15 | ||
Stockholders' equity: | ||
Preferred stock, par value $0.01 per share, 5,000,000 shares authorized | 0 | 0 |
Common stock, par value $0.01 per share, 80,000,000 shares authorized; 46,413,908 and 45,933,715 shares issued and 38,668,401 and 38,188,208 shares outstanding, respectively | 438 | 438 |
Additional paid-in-capital | 230,675 | 229,189 |
Accumulated deficit | (130,673) | (124,576) |
Accumulated other comprehensive loss | (13,704) | (12,689) |
Treasury stock at cost, 7,745,507 common shares | (10,668) | (10,668) |
Total stockholders' equity | 76,068 | 81,694 |
Total liabilities and stockholders' equity | $ 150,685 | $ 164,870 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
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) | 46,413,908 | 45,933,715 |
Common stock, shares outstanding (in shares) | 38,668,401 | 38,188,208 |
Treasury stock, common shares (in shares) | 7,745,507 | 7,745,507 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | $ 23,308 | $ 29,584 | $ 47,079 | $ 57,786 |
Cost of revenues | 9,452 | 13,629 | 20,241 | 25,677 |
Gross profit | 13,856 | 15,955 | 26,838 | 32,109 |
Operating expenses: | ||||
Sales and marketing expenses | 4,279 | 5,770 | 9,858 | 12,076 |
General and administrative expenses | 5,670 | 4,809 | 12,429 | 10,612 |
Research and development expenses | 1,897 | 2,771 | 4,387 | 5,506 |
Amortization of intangible assets | 1,454 | 1,436 | 2,881 | 2,866 |
Impairment charges | 0 | 941 | 0 | 941 |
Total operating expenses | 13,300 | 15,727 | 29,555 | 32,001 |
Operating income (loss) | 556 | 228 | (2,717) | 108 |
Other expense: | ||||
Interest expense, net | (1,233) | (1,376) | (2,532) | (2,781) |
Other (income) expense, net | (191) | 16 | (80) | (253) |
Total other expense | (1,424) | (1,360) | (2,612) | (3,034) |
Loss before income taxes | (868) | (1,132) | (5,329) | (2,926) |
Income tax expense (benefit) | 713 | (885) | 768 | (309) |
Net loss | $ (1,581) | $ (247) | $ (6,097) | $ (2,617) |
Loss per share: | ||||
Basic loss per share (in dollars per share) | $ (0.04) | $ (0.01) | $ (0.16) | $ (0.07) |
Diluted loss per share (in dollars per share) | $ (0.04) | $ (0.01) | $ (0.16) | $ (0.07) |
Weighted-average common shares: | ||||
Basic (in shares) | 38,467,686 | 37,735,717 | 38,389,358 | 37,682,539 |
Diluted (in shares) | 38,467,686 | 37,735,717 | 38,389,358 | 37,682,539 |
Comprehensive income (loss): | ||||
Net Loss | $ (1,581) | $ (247) | $ (6,097) | $ (2,617) |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustments | 619 | (195) | (957) | (191) |
Derivatives qualifying as hedges, net of tax: | ||||
Loss on derivative instruments designated and qualifying as cash flow hedges | (11) | (298) | (227) | (494) |
Amounts reclassified from accumulated other comprehensive loss to net loss | 97 | 19 | 169 | 36 |
Derivatives qualifying as hedges, net of tax | 86 | (279) | (58) | (458) |
Other comprehensive income/(loss) | 705 | (474) | (1,015) | (649) |
Comprehensive loss | $ (876) | $ (721) | $ (7,112) | $ (3,266) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 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) | 3,000 | |||||
Stock option exercises | $ 0 | 0 | 0 | 0 | 0 | 0 |
Stock purchase plan (in shares) | 94,000 | |||||
Stock purchase plan | $ 0 | 89 | 0 | 0 | 0 | 89 |
Vesting of restricted stock units (in shares) | 554,000 | |||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | |
Shares withheld for taxes (in shares) | (135,000) | |||||
Shares withheld for taxes | $ 0 | (423) | 0 | 0 | 0 | (423) |
Stock compensation expense | 0 | 1,206 | 0 | 0 | 0 | 1,206 |
Net Loss | 0 | 0 | (2,617) | 0 | 0 | (2,617) |
Other comprehensive income/(loss) | $ 0 | 0 | 0 | (649) | 0 | (649) |
Balance (in shares) at Jun. 30, 2019 | 45,640,000 | |||||
Balance at Jun. 30, 2019 | $ 436 | 227,249 | (122,506) | (14,181) | (10,668) | 80,330 |
Balance (in shares) at Mar. 31, 2019 | 45,433,000 | |||||
Balance at Mar. 31, 2019 | $ 436 | 226,547 | (122,259) | (13,707) | (10,668) | 80,349 |
Stock option exercises (in shares) | 0 | |||||
Stock option exercises | $ 0 | 0 | 0 | 0 | 0 | 0 |
Stock purchase plan (in shares) | 94,000 | |||||
Stock purchase plan | $ 0 | 89 | 0 | 0 | 0 | 89 |
Vesting of restricted stock units (in shares) | 114,000 | |||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (1,000) | |||||
Shares withheld for taxes | $ 0 | (2) | 0 | 0 | 0 | (2) |
Stock compensation expense | 0 | 615 | 0 | 0 | 0 | 615 |
Net Loss | 0 | 0 | (247) | 0 | 0 | (247) |
Other comprehensive income/(loss) | $ 0 | 0 | 0 | (474) | 0 | (474) |
Balance (in shares) at Jun. 30, 2019 | 45,640,000 | |||||
Balance at Jun. 30, 2019 | $ 436 | 227,249 | (122,506) | (14,181) | (10,668) | 80,330 |
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 |
Stock option exercises (in shares) | 7,000 | 7,359 | ||||
Stock option exercises | $ 0 | 19 | 0 | 0 | 0 | $ 19 |
Stock purchase plan (in shares) | 64,000 | |||||
Stock purchase plan | $ 0 | 167 | 0 | 0 | 0 | 167 |
Vesting of restricted stock units (in shares) | 514,000 | |||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (105,000) | |||||
Shares withheld for taxes | $ 0 | (262) | 0 | 0 | 0 | (262) |
Stock compensation expense | 0 | 1,562 | 0 | 0 | 0 | 1,562 |
Net Loss | 0 | 0 | (6,097) | 0 | (6,097) | |
Other comprehensive income/(loss) | $ 0 | 0 | (1,015) | 0 | (1,015) | |
Balance (in shares) at Jun. 30, 2020 | 46,414,000 | |||||
Balance at Jun. 30, 2020 | $ 438 | 230,675 | (130,673) | (13,704) | (10,668) | 76,068 |
Balance (in shares) at Mar. 31, 2020 | 46,121,000 | |||||
Balance at Mar. 31, 2020 | $ 438 | 229,740 | (129,092) | (14,409) | (10,668) | 76,009 |
Stock option exercises (in shares) | 7,000 | |||||
Stock option exercises | $ 0 | 19 | 0 | 0 | 0 | 19 |
Stock purchase plan (in shares) | 64,000 | |||||
Stock purchase plan | $ 0 | 167 | 0 | 0 | 0 | 167 |
Vesting of restricted stock units (in shares) | 246,000 | |||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (24,000) | |||||
Shares withheld for taxes | $ 0 | (20) | 0 | 0 | 0 | (20) |
Stock compensation expense | 0 | 769 | 0 | 0 | 0 | 769 |
Net Loss | 0 | 0 | (1,581) | 0 | 0 | (1,581) |
Other comprehensive income/(loss) | $ 0 | 0 | 0 | 705 | 0 | 705 |
Balance (in shares) at Jun. 30, 2020 | 46,414,000 | |||||
Balance at Jun. 30, 2020 | $ 438 | $ 230,675 | $ (130,673) | $ (13,704) | $ (10,668) | $ 76,068 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net Loss | $ (6,097) | $ (2,617) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 982 | 972 |
Impairment charges | 0 | 941 |
Amortization of intangible assets | 2,881 | 2,866 |
Amortization of deferred financing costs | 197 | 189 |
Stock-based compensation expense | 1,562 | 1,206 |
Provision for allowance for doubtful accounts | 4 | 368 |
Other non-cash charges | 419 | 9 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,855 | 2,681 |
Inventories | (1,374) | (209) |
Other assets | (601) | 150 |
Accounts payable | 1,250 | (1,382) |
Accrued income taxes | 343 | (361) |
Other current liabilities | 332 | (1,371) |
Deferred revenue | (276) | (288) |
Other long-term liabilities | (233) | (487) |
Net cash provided by operating activities | 5,244 | 2,667 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (524) | (423) |
Disposition | 0 | 1,020 |
Other | 0 | (9) |
Net cash (used in) provided by investing activities | (524) | 588 |
Cash flows from financing activities: | ||
Proceeds from issuance of debt | 6,115 | 2,300 |
Repayments of debt | (16,411) | (8,503) |
Taxes paid for net share settlement of equity awards | (75) | (334) |
Net cash used in financing activities | (10,371) | (6,537) |
Effect of exchange rate changes on cash | (55) | 43 |
Decrease in cash and cash equivalents | (5,706) | (3,239) |
Cash and cash equivalents at beginning of period | 8,335 | 8,173 |
Cash and cash equivalents at end of period | 2,629 | 4,934 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 2,549 | 2,861 |
Cash paid for income taxes | $ 98 | $ 299 |
Note 1 - Basis of Presentation,
Note 1 - Basis of Presentation, Risks and Uncertainties, and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Basis of Presentation , Risks and Uncertainties, and Summary of Significant Accounting Policies Basis of Presentation The unaudited consolidated financial statements of Harvard Bioscience, Inc. and its wholly-owned subsidiaries (collectively, Harvard Bioscience or the Company) as of June 30, 2020 three six June 30, 2020 2019, December 31, 2019 not not 10 December 31, 2019, March 16, 2020. In the opinion of management, all adjustments, which include normal recurring adjustments necessary to present a fair statement of financial position as of June 30, 2020, three six June 30, 2020 2019 six June 30, 2020 2019, three six June 30, 2020 not Risks and Uncertainties On March 11, 2020, 19 19 19 As a result of these market and economic conditions, in accordance with the guidelines set forth in ASC 350 360, June 30, 2020, no 19 Summary of Significant Accounting Policies The accounting policies underlying the accompanying unaudited consolidated financial statements are those set forth in Note 2 10 December 31, 2019, March 16, 2020. no three six June 30, 2020. |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 2. Recently Issued Accounting Pronouncements Accounting Pronouncements to be Adopted In June 2016, No. 2016 13, Financial Instruments—Credit Losses (Topic 326 Instruments, 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. |
Note 3 - Accumulated Other Comp
Note 3 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2020 | |
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, for the six June 30, 2020 Foreign currency Derivatives translation qualifying as Defined benefit (in thousands) adjustments hedges pension plans Total Balance at December 31, 2019 $ (13,173 ) $ (603 ) $ 1,087 $ (12,689 ) Other comprehensive (loss) income before reclassifications (957 ) (227 ) - (1,184 ) Amounts reclassified from AOCI into Income - 169 - 169 Net other comprehensive (loss) income (957 ) (58 ) - (1,015 ) Balance at June 30, 2020 $ (14,130 ) $ (661 ) $ 1,087 $ (13,704 ) |
Note 4 - Goodwill and Intangibl
Note 4 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 4. Goodwill and Intangible Assets Goodwill The change in the carrying amount of goodwill for the six June 30, 2020 (in thousands) Balance at December 31, 2019 $ 57,381 Effect of change in currency translation (423 ) Balance at June 30, 2020 $ 56,958 Intangible Assets June 30, 2020 December 31, 2019 (in thousands) Amortizable intangible assets: Weighted Gross Accumulated Net Gross Accumulated Net Distribution agreements/customer relationships 9.3 Years $ 17,886 $ (6,987 ) $ 10,899 $ 17,891 $ (6,340 ) $ 11,551 Existing technology 5.7 Years 40,976 (21,277 ) 19,699 41,222 (19,698 ) 21,524 Trade names 5.9 Years 8,586 (3,924 ) 4,662 7,692 (3,497 ) 4,195 Patents - Years 205 (205 ) - 218 (218 ) - Total amortizable intangible assets $ 67,653 $ (32,393 ) $ 35,260 $ 67,023 $ (29,753 ) $ 37,270 Indefinite-lived intangible assets: 235 1,135 Total intangible assets $ 35,495 $ 38,405 * Weighted average life as of June 30, 2020. Effective January 1, 2020, Intangible asset amortization expense was $1.5 million and $1.4 million for the three June 30, 2020 2019, six June 30, 2020 2019. Estimated amortization expense of existing amortizable intangible assets for each of the five June 30, 2020 Year Ending December 31, Amortization Expense 2020 (remainder of year) $ 2,844 2021 5,703 2022 5,672 2023 5,569 2024 5,267 Thereafter 10,205 Total $ 35,260 |
Note 5 - Balance Sheet Informat
Note 5 - Balance Sheet Information | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 5. Balance Sheet Information The following tables provide details of selected balance sheet items as of the periods indicated: Inventorie s June 30, 2020 December 31, 2019 (in thousands) Finished goods $ 5,749 $ 5,561 Work in process 3,929 3,153 Raw materials 13,503 13,347 Total $ 23,181 $ 22,061 Other C urrent Liabilities: June 30, 2020 December 31, 2019 (in thousands) Compensation and payroll $ 2,924 $ 2,554 Professional fees 563 395 Warranty costs 193 252 Customer related costs 996 963 Interest 415 425 Other 1,299 1,502 Total $ 6,390 $ 6,091 |
Note 6 - Restructuring and Othe
Note 6 - Restructuring and Other Exit Costs | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 6. Restructuring and Other Exit Costs On an ongoing basis, the Company reviews the global economy, the healthcare industry, and the markets in which it competes to identify operational efficiencies, enhance commercial capabilities and align its cost base and infrastructure with customer needs and its strategic plans. In order to realize these opportunities, the Company undertakes restructuring-type activities from time-to-time to transform its business. The following table summarizes the activity for restructuring liabilities as of June 30, 2020, (in thousands) Severance Other Total Balance at December 31, 2019 $ 364 $ 4 $ 368 Restructuring charges 834 40 874 Adjustments (45 ) - (45 ) Cash payments (569 ) (36 ) (605 ) Balance at March 31, 2020 $ 584 $ 8 $ 592 Restructuring charges 562 186 748 Non-cash portion - (168 ) (168 ) Cash payments (531 ) (26 ) (557 ) Balance at June 30, 2020 $ 615 $ - $ 615 As of June 30, 2020, twelve |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 7. Related Party Transactions In connection with the 2014 September 30, 2019, December 31, 2024. three six June 30, 2020, three six June 30, 2019, |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. Leases The Company has noncancelable operating leases for office, manufacturing facilities, warehouse space, automobiles and equipment expiring at various dates through 2024 The components of lease expense for the three six June 30, 2020 2019 Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (in thousands) (in thousands) Operating lease cost $ 544 $ 515 $ 1,079 $ 1,038 Short term lease cost 43 51 85 127 Sublease income (25 ) (103 ) (132 ) (205 ) Total lease cost $ 562 $ 463 $ 1,032 $ 960 Supplemental cash flow information related to the Company's operating leases was as follows: Six Months Ended June 30, 2020 June 30, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,381 $ 1,367 Right of use assets obtained in exchange for lease obligations operating leases 387 - Supplemental balance sheet information related to the Company's operating leases was as follows: June 30, 2020 December 31, 2019 (in thousands) Operating lease right-of use assets $ 8,165 $ 8,463 Current portion, operating lease liabilities $ 2,249 $ 2,424 Operating lease liabilities, long term 7,887 8,224 Total operating lease liabilities $ 10,136 $ 10,648 Weighted average remaining lease term (years) 7.7 8.1 Weighted average discount rate 9.2 % 9.2 % Future minimum lease payments for operating leases, with initial or remaining terms in excess of one June 30, 2020, Operating Leases (in thousands) 2021 $ 2,241 2022 1,988 2023 1,929 2024 1,923 2025 1,244 Thereafter 5,314 Total lease payments 14,639 Less interest (4,503 ) Total operating lease liabilities $ 10,136 |
Note 9 - Capital Stock and Stoc
Note 9 - Capital Stock and Stock-based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 9. Capital Stock and Stock-Based Compensation Fourth Amended and Restated 2000 On June 11, 2020, 2000 2000 June 30, 2020, Stock-Based Payment Awards Stock option and restricted stock unit activity for the six June 30, 2020 Stock Options Restricted Stock Units Market Condition RSU's Weighted Market Stock Average Restricted Condition Options Exercise Stock Units Grant Date RSU's Grant Date Outstanding Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2019 2,266,122 $ 3.93 1,590,450 $ 2.27 529,491 $ 1.67 Granted 894,154 2.61 994,513 2.73 332,622 2.98 Exercised (7,359 ) 2.56 - - - - Expired (15,819 ) 2.59 - - - - Vested (RSUs) - - (513,779 ) 2.59 - - Cancelled / forfeited (233,080 ) 3.55 (70,313 ) 3.24 (39,286 ) 3.03 Balance at June 30, 2020 2,904,018 $ 3.56 2,000,871 $ 2.38 822,827 $ 2.13 As of June 30, 2020, not Valuation and Expense Information under Stock-Based-Payment Accounting Stock-based compensation expense for the three six June 30, 2020 2019 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) (in thousands) Cost of revenues $ 14 $ 8 $ 24 $ 21 Sales and marketing expenses 62 36 113 29 General and administrative expenses 645 529 1,341 1,080 Research and development expenses 48 42 84 76 Total stock-based compensation expenses $ 769 $ 615 $ 1,562 $ 1,206 The Company did not The weighted-average estimated fair value per share of stock options granted during the six June 30, 2020 six June 30, 2019 six June 30, 2020 June 30, 2019 The following assumptions were used to estimate the fair value of the options granted during the six June 30, 2020: Volatility 58.5 % Risk-free interest rate 0.3 % Expected holding period (in years) 4.4 years Dividend Yield - % The weighted average fair value of the 2020 six June 30, 2020 2019 six June 30, 2019 The following assumptions were used to estimate the fair value, using a Monte-Carlo valuation simulation, of the Market Condition RSUs granted during the six June 30, 2020: Volatility 80.6 % Risk-free interest rate 0.2 % Correlation coefficient 0.3 Dividend yield - % Earnings (Loss) P er S hare Basic earnings (loss) per share is calculated by dividing net income (loss) 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: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic 38,467,686 37,735,717 38,389,358 37,682,539 Dilutive effect of equity awards - - - - Diluted 38,467,686 37,735,717 38,389,358 37,682,539 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 5,727,716 and 3,300,586 as of June 30, 2020 2019, |
Note 10 - Long Term Debt
Note 10 - Long Term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 10. Long T erm Debt As of June 30, 2020, December 31, 2019, June 30, December 31, 2020 2019 (in thousands) Long-term debt: Term loan $ 44,711 54,997 Revolving line - - Less: unamortized deferred financing costs (983 ) (1,180 ) Total debt 43,728 53,817 Less: current installments (3,200 ) (3,200 ) Less: excess cash flow sweep - (4,093 ) Current unamortized deferred financing costs 393 393 Long-term debt $ 40,921 $ 46,917 On January 31, 2018, The Financing Agreement provided for senior secured credit facilities comprised of a $64.0 million term loan and up to a $25.0 million revolving line of credit subject to available borrowing base. The revolving facility is available for use by the Company and its subsidiaries for general corporate and working capital needs, and other purposes to the extent permitted by the Financing Agreement. Borrowings available under the revolving line of credit are limited to a borrowing base derived from the Company’s eligible accounts receivable and inventory, as defined in the Financing Agreement. As of June 30, 2020, The Financing Agreement contains certain restrictive covenants, including a requirement to maintain a maximum leverage ratio among other financial and non-financial covenants, as defined in the Financing Agreement. The Company is compliant with all covenants under the Financing Agreement as of June 30, 2020. June 30, 2020 2023. 19 three June 30, 2020, Based on the Company’s current operating plans, including actions taken to mitigate the negative impact of the COVID- 19 19 19 may no As of June 30, 2020, On April 18, 2020, April 23, 2020, May 4, 2020. |
Note 11 - Derivatives
Note 11 - Derivatives | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. 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 10, January 31, 2018, January 1, 2023 815 The following table presents the notional amount and fair value of the Company’s derivative instruments as of June 30, 2020 December 31, 2019. June 30, 2020 Notional Amount Fair Value (a) Derivatives instruments Balance sheet classification (in thousands) Interest rate swaps Other long-term liabilities $ 25,683 $ (661 ) 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 ) (a) See Note 12 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 three six June 30, 2020 2019: Derivatives in Hedging Relationships Amount of gain (loss) recognized in OCI on derivative (effective portion) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Interest rate swaps $ (11 ) $ (298 ) $ (227 ) $ (494 ) The following table summarizes the reclassifications out of accumulated other comprehensive loss for the three six June 30, 2020 2019: Details about AOCI Components Amount reclassified from AOCI into income (effective portion) Three Months Ended June 30, Six Months Ended June 30, Location of amount reclassified from AOCI 2020 2019 2020 2019 into income (effective portion) (in thousands) Interest rate swaps $ 97 $ 19 $ 169 $ 36 Interest expense As of June 30, 2020, twelve twelve |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. 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 is 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. 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 June 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ (661 ) $ - $ (661 ) Fair Value as of December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ (603 ) $ - $ (603 ) 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 13 - Revenues
Note 13 - Revenues | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 13. Revenues The following table represents a disaggregation of revenue from contracts with customers. Revenue originating from the following geographic areas for the three six June 30, 2020 2019 Three Months Ended June 30, 2020 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 16,490 $ 1,992 $ 2,382 $ 1,205 $ 22,069 Service, maintenance and warranty contracts 970 211 34 24 1,239 Total revenues $ 17,460 $ 2,203 $ 2,416 $ 1,229 $ 23,308 Three Months Ended June 30, 2019 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 20,920 $ 2,399 $ 3,271 $ 1,753 $ 28,343 Service, maintenance and warranty contracts 910 236 79 16 1,241 Total revenues $ 21,830 $ 2,635 $ 3,350 $ 1,769 $ 29,584 Six Months Ended June 30, 2020 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 32,446 $ 4,499 $ 4,955 $ 3,106 $ 45,006 Service, maintenance and warranty contracts 1,545 415 73 40 2,073 Total revenues $ 33,991 $ 4,914 $ 5,028 $ 3,146 $ 47,079 Six Months Ended June 30, 2019 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 39,591 $ 5,528 $ 6,184 $ 3,798 $ 55,101 Service, maintenance and warranty contracts 2,053 426 176 30 2,685 Total revenues $ 41,644 $ 5,954 $ 6,360 $ 3,828 $ 57,786 Deferred revenue The Company had deferred revenue from service contracts and advance payments from customers of approximately $3.7 million and $3.5 million as of June 30, 2020 2019, Three Months Ended June 30, 2020 (in thousands) Service Customer Total Balance at March 31, 2020 $ 1,410 $ 2,263 $ 3,673 Deferral of revenue 522 121 643 Recognition of deferred revenue (489 ) (145 ) (634 ) Effect of foreign currency translation (30 ) - (30 ) Balance at June 30, 2020 $ 1,413 $ 2,239 $ 3,652 Three Months Ended June 30, 2019 (in thousands) Service Customer Total Balance at March 31, 2019 $ 1,666 $ 2,049 $ 3,715 Deferral of revenue 281 140 421 Recognition of deferred revenue (344 ) (250 ) (594 ) Effect of foreign currency translation (10 ) - (10 ) Balance at June 30, 2019 $ 1,593 $ 1,939 $ 3,532 Six Months Ended June 30, 2020 (in thousands) Service Customer Total Balance at December 31, 2019 $ 1,587 $ 2,362 $ 3,949 Deferral of revenue 830 344 1,174 Recognition of deferred revenue (988 ) (467 ) (1,455 ) Effect of foreign currency translation (16 ) - (16 ) Balance at June 30, 2020 $ 1,413 $ 2,239 $ 3,652 Six Months Ended June 30, 2019 (in thousands) Service Customer Total Balance at December 31, 2018 $ 1,659 $ 2,161 $ 3,820 Deferral of revenue 1,126 251 1,377 Recognition of deferred revenue (1,192 ) (473 ) (1,665 ) Effect of foreign currency translation - - - Balance at June 30, 2019 $ 1,593 $ 1,939 $ 3,532 Allowance for Doubtful Accounts Allowance for doubtful accounts is based on the Company’s assessment of the collectability of accounts receivable. A rollforward of allowance for doubtful accounts is as follows: Six Months Ended June 30, 2020 2019 (in thousands) Balance, beginning of period $ 325 $ 332 Bad debt expense 4 368 Charge-offs and other recoveries (40 ) (329 ) Effect of foreign currency translation 1 (1 ) Balance, end of period $ 290 $ 370 Concentrations No 10% three six June 30, 2020, 2019, June 30, 2020, December 31, 2019, no 10% |
Note 14 - Income Tax
Note 14 - Income Tax | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Tax Income tax expense was approximately $0.7 million for the three June 30, 2020 three June 30, 2019. three June 30, 2020 2019. Income tax expense was approximately $0.8 million for the six June 30, 2020 six June 30, 2019. six June 30, 2020 2019. The difference between the Company’s effective tax rates in 2020 2019 21% 2020 2020 2019 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. Commitments and Contingent Liabilities On April 14, 2017, 2013, third third 2012 2013. The Company is involved in various other claims and legal proceedings arising in the ordinary course of business. Based on the consultation with the Company’s legal counsel, the ultimate disposition of such proceedings is not not not one |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The unaudited consolidated financial statements of Harvard Bioscience, Inc. and its wholly-owned subsidiaries (collectively, Harvard Bioscience or the Company) as of June 30, 2020 three six June 30, 2020 2019, December 31, 2019 not not 10 December 31, 2019, March 16, 2020. In the opinion of management, all adjustments, which include normal recurring adjustments necessary to present a fair statement of financial position as of June 30, 2020, three six June 30, 2020 2019 six June 30, 2020 2019, three six June 30, 2020 not |
Risks and Uncertainties Policy [Policy Text Block] | Risks and Uncertainties On March 11, 2020, 19 19 19 As a result of these market and economic conditions, in accordance with the guidelines set forth in ASC 350 360, June 30, 2020, no 19 |
Note 3 - Accumulated Other Co_2
Note 3 - Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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, 2019 $ (13,173 ) $ (603 ) $ 1,087 $ (12,689 ) Other comprehensive (loss) income before reclassifications (957 ) (227 ) - (1,184 ) Amounts reclassified from AOCI into Income - 169 - 169 Net other comprehensive (loss) income (957 ) (58 ) - (1,015 ) Balance at June 30, 2020 $ (14,130 ) $ (661 ) $ 1,087 $ (13,704 ) |
Note 4 - Goodwill and Intangi_2
Note 4 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Balance at December 31, 2019 $ 57,381 Effect of change in currency translation (423 ) Balance at June 30, 2020 $ 56,958 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, 2020 December 31, 2019 (in thousands) Amortizable intangible assets: Weighted Gross Accumulated Net Gross Accumulated Net Distribution agreements/customer relationships 9.3 Years $ 17,886 $ (6,987 ) $ 10,899 $ 17,891 $ (6,340 ) $ 11,551 Existing technology 5.7 Years 40,976 (21,277 ) 19,699 41,222 (19,698 ) 21,524 Trade names 5.9 Years 8,586 (3,924 ) 4,662 7,692 (3,497 ) 4,195 Patents - Years 205 (205 ) - 218 (218 ) - Total amortizable intangible assets $ 67,653 $ (32,393 ) $ 35,260 $ 67,023 $ (29,753 ) $ 37,270 Indefinite-lived intangible assets: 235 1,135 Total intangible assets $ 35,495 $ 38,405 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amortization Expense 2020 (remainder of year) $ 2,844 2021 5,703 2022 5,672 2023 5,569 2024 5,267 Thereafter 10,205 Total $ 35,260 |
Note 5 - Balance Sheet Inform_2
Note 5 - Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2020 December 31, 2019 (in thousands) Finished goods $ 5,749 $ 5,561 Work in process 3,929 3,153 Raw materials 13,503 13,347 Total $ 23,181 $ 22,061 |
Other Current Liabilities [Table Text Block] | June 30, 2020 December 31, 2019 (in thousands) Compensation and payroll $ 2,924 $ 2,554 Professional fees 563 395 Warranty costs 193 252 Customer related costs 996 963 Interest 415 425 Other 1,299 1,502 Total $ 6,390 $ 6,091 |
Note 6 - Restructuring and Ot_2
Note 6 - Restructuring and Other Exit Costs (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | (in thousands) Severance Other Total Balance at December 31, 2019 $ 364 $ 4 $ 368 Restructuring charges 834 40 874 Adjustments (45 ) - (45 ) Cash payments (569 ) (36 ) (605 ) Balance at March 31, 2020 $ 584 $ 8 $ 592 Restructuring charges 562 186 748 Non-cash portion - (168 ) (168 ) Cash payments (531 ) (26 ) (557 ) Balance at June 30, 2020 $ 615 $ - $ 615 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (in thousands) (in thousands) Operating lease cost $ 544 $ 515 $ 1,079 $ 1,038 Short term lease cost 43 51 85 127 Sublease income (25 ) (103 ) (132 ) (205 ) Total lease cost $ 562 $ 463 $ 1,032 $ 960 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | Six Months Ended June 30, 2020 June 30, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,381 $ 1,367 Right of use assets obtained in exchange for lease obligations operating leases 387 - |
Supplemental Balance Sheet Informaton Related to Operating Leases [Table Text Block] | June 30, 2020 December 31, 2019 (in thousands) Operating lease right-of use assets $ 8,165 $ 8,463 Current portion, operating lease liabilities $ 2,249 $ 2,424 Operating lease liabilities, long term 7,887 8,224 Total operating lease liabilities $ 10,136 $ 10,648 Weighted average remaining lease term (years) 7.7 8.1 Weighted average discount rate 9.2 % 9.2 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases (in thousands) 2021 $ 2,241 2022 1,988 2023 1,929 2024 1,923 2025 1,244 Thereafter 5,314 Total lease payments 14,639 Less interest (4,503 ) Total operating lease liabilities $ 10,136 |
Note 9 - Capital Stock and St_2
Note 9 - Capital Stock and Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 Weighted Market Stock Average Restricted Condition Options Exercise Stock Units Grant Date RSU's Grant Date Outstanding Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2019 2,266,122 $ 3.93 1,590,450 $ 2.27 529,491 $ 1.67 Granted 894,154 2.61 994,513 2.73 332,622 2.98 Exercised (7,359 ) 2.56 - - - - Expired (15,819 ) 2.59 - - - - Vested (RSUs) - - (513,779 ) 2.59 - - Cancelled / forfeited (233,080 ) 3.55 (70,313 ) 3.24 (39,286 ) 3.03 Balance at June 30, 2020 2,904,018 $ 3.56 2,000,871 $ 2.38 822,827 $ 2.13 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) (in thousands) Cost of revenues $ 14 $ 8 $ 24 $ 21 Sales and marketing expenses 62 36 113 29 General and administrative expenses 645 529 1,341 1,080 Research and development expenses 48 42 84 76 Total stock-based compensation expenses $ 769 $ 615 $ 1,562 $ 1,206 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic 38,467,686 37,735,717 38,389,358 37,682,539 Dilutive effect of equity awards - - - - Diluted 38,467,686 37,735,717 38,389,358 37,682,539 |
Monte-Carlo Valuation Simulation [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Volatility 80.6 % Risk-free interest rate 0.2 % Correlation coefficient 0.3 Dividend yield - % |
Black Scholes Option Pricing Model [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Volatility 58.5 % Risk-free interest rate 0.3 % Expected holding period (in years) 4.4 years Dividend Yield - % |
Note 10 - Long Term Debt (Table
Note 10 - Long Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, December 31, 2020 2019 (in thousands) Long-term debt: Term loan $ 44,711 54,997 Revolving line - - Less: unamortized deferred financing costs (983 ) (1,180 ) Total debt 43,728 53,817 Less: current installments (3,200 ) (3,200 ) Less: excess cash flow sweep - (4,093 ) Current unamortized deferred financing costs 393 393 Long-term debt $ 40,921 $ 46,917 |
Note 11 - Derivatives (Tables)
Note 11 - Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | June 30, 2020 Notional Amount Fair Value (a) Derivatives instruments Balance sheet classification (in thousands) Interest rate swaps Other long-term liabilities $ 25,683 $ (661 ) 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 ) |
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 (effective portion) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Interest rate swaps $ (11 ) $ (298 ) $ (227 ) $ (494 ) Details about AOCI Components Amount reclassified from AOCI into income (effective portion) Three Months Ended June 30, Six Months Ended June 30, Location of amount reclassified from AOCI 2020 2019 2020 2019 into income (effective portion) (in thousands) Interest rate swaps $ 97 $ 19 $ 169 $ 36 Interest expense |
Note 12 - Fair Value of Finan_2
Note 12 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value as of June 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ (661 ) $ - $ (661 ) Fair Value as of December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ (603 ) $ - $ (603 ) |
Note 13 - Revenues (Tables)
Note 13 - Revenues (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2020 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 16,490 $ 1,992 $ 2,382 $ 1,205 $ 22,069 Service, maintenance and warranty contracts 970 211 34 24 1,239 Total revenues $ 17,460 $ 2,203 $ 2,416 $ 1,229 $ 23,308 Three Months Ended June 30, 2019 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 20,920 $ 2,399 $ 3,271 $ 1,753 $ 28,343 Service, maintenance and warranty contracts 910 236 79 16 1,241 Total revenues $ 21,830 $ 2,635 $ 3,350 $ 1,769 $ 29,584 Six Months Ended June 30, 2020 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 32,446 $ 4,499 $ 4,955 $ 3,106 $ 45,006 Service, maintenance and warranty contracts 1,545 415 73 40 2,073 Total revenues $ 33,991 $ 4,914 $ 5,028 $ 3,146 $ 47,079 Six Months Ended June 30, 2019 (in thousands) United United Germany Rest of the Total Instruments, equipment, software and accessories $ 39,591 $ 5,528 $ 6,184 $ 3,798 $ 55,101 Service, maintenance and warranty contracts 2,053 426 176 30 2,685 Total revenues $ 41,644 $ 5,954 $ 6,360 $ 3,828 $ 57,786 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Three Months Ended June 30, 2020 (in thousands) Service Customer Total Balance at March 31, 2020 $ 1,410 $ 2,263 $ 3,673 Deferral of revenue 522 121 643 Recognition of deferred revenue (489 ) (145 ) (634 ) Effect of foreign currency translation (30 ) - (30 ) Balance at June 30, 2020 $ 1,413 $ 2,239 $ 3,652 Three Months Ended June 30, 2019 (in thousands) Service Customer Total Balance at March 31, 2019 $ 1,666 $ 2,049 $ 3,715 Deferral of revenue 281 140 421 Recognition of deferred revenue (344 ) (250 ) (594 ) Effect of foreign currency translation (10 ) - (10 ) Balance at June 30, 2019 $ 1,593 $ 1,939 $ 3,532 Six Months Ended June 30, 2020 (in thousands) Service Customer Total Balance at December 31, 2019 $ 1,587 $ 2,362 $ 3,949 Deferral of revenue 830 344 1,174 Recognition of deferred revenue (988 ) (467 ) (1,455 ) Effect of foreign currency translation (16 ) - (16 ) Balance at June 30, 2020 $ 1,413 $ 2,239 $ 3,652 Six Months Ended June 30, 2019 (in thousands) Service Customer Total Balance at December 31, 2018 $ 1,659 $ 2,161 $ 3,820 Deferral of revenue 1,126 251 1,377 Recognition of deferred revenue (1,192 ) (473 ) (1,665 ) Effect of foreign currency translation - - - Balance at June 30, 2019 $ 1,593 $ 1,939 $ 3,532 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Six Months Ended June 30, 2020 2019 (in thousands) Balance, beginning of period $ 325 $ 332 Bad debt expense 4 368 Charge-offs and other recoveries (40 ) (329 ) Effect of foreign currency translation 1 (1 ) Balance, end of period $ 290 $ 370 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 76,009 | $ 80,349 | $ 81,694 | $ 82,724 |
Other comprehensive (loss) income | 705 | (474) | (1,015) | (649) |
Balance | 76,068 | 80,330 | 76,068 | 80,330 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance | (13,173) | |||
Other comprehensive (loss) income before reclassifications | (957) | |||
Amounts reclassified from AOCI into Income | 0 | |||
Other comprehensive (loss) income | (957) | |||
Balance | (14,130) | (14,130) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Balance | (603) | |||
Other comprehensive (loss) income before reclassifications | (227) | |||
Amounts reclassified from AOCI into Income | 169 | |||
Other comprehensive (loss) income | (58) | |||
Balance | (661) | (661) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance | 1,087 | |||
Other comprehensive (loss) income | 0 | |||
Balance | 1,087 | 1,087 | ||
AOCI Attributable to Parent [Member] | ||||
Balance | (14,409) | (13,707) | (12,689) | (13,532) |
Other comprehensive (loss) income before reclassifications | (1,184) | |||
Amounts reclassified from AOCI into Income | 169 | |||
Other comprehensive (loss) income | 705 | (474) | (1,015) | (649) |
Balance | $ (13,704) | $ (14,181) | $ (13,704) | $ (14,181) |
Note 4 - Goodwill and Intangi_3
Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Reclassification of Intangible Assets | $ 67,653 | $ 67,653 | $ 67,023 | |||
Amortization of Intangible Assets, Total | $ 1,454 | $ 1,436 | $ 2,881 | $ 2,866 | ||
Indefinite-Lived Trade Names Reclassified to Finite-Lived [Member] | ||||||
Reclassification of Intangible Assets | $ 900 | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years |
Note 4 - Goodwill and Intangi_4
Note 4 - Goodwill and Intangible Assets - Change in Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Balance at December 31, 2019 | $ 57,381 |
Effect of change in currency translation | (423) |
Balance at June 30, 2020 | $ 56,958 |
Note 4 - Goodwill and Intangi_5
Note 4 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | ||
Finite-Lived Intangible Assets, Gross | $ 67,653 | $ 67,023 | |
Total amortizable intangible assets | (32,393) | (29,753) | |
Finite-Lived Intangible Assets, Net | 35,260 | 37,270 | |
Indefinite-lived intangible assets, Net | 235 | 1,135 | |
Intangible assets, net | $ 35,495 | 38,405 | |
Distribution Agreements/Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 9 years 3 months 18 days | |
Finite-Lived Intangible Assets, Gross | $ 17,886 | 17,891 | |
Total amortizable intangible assets | (6,987) | (6,340) | |
Finite-Lived Intangible Assets, Net | $ 10,899 | 11,551 | |
Existing Technology [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 5 years 8 months 12 days | |
Finite-Lived Intangible Assets, Gross | $ 40,976 | 41,222 | |
Total amortizable intangible assets | (21,277) | (19,698) | |
Finite-Lived Intangible Assets, Net | $ 19,699 | 21,524 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 5 years 10 months 24 days | |
Finite-Lived Intangible Assets, Gross | $ 8,586 | 7,692 | |
Total amortizable intangible assets | (3,924) | (3,497) | |
Finite-Lived Intangible Assets, Net | 4,662 | 4,195 | |
Patents [Member] | |||
Finite-Lived Intangible Assets, Gross | 205 | 218 | |
Total amortizable intangible assets | (205) | (218) | |
Finite-Lived Intangible Assets, Net | $ 0 | $ 0 | |
[1] | Weighted average life as of June 30, 2020. |
Note 4 - Goodwill and Intangi_6
Note 4 - Goodwill and Intangible Assets - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
2020 (remainder of year) | $ 2,844 | |
2021 | 5,703 | |
2022 | 5,672 | |
2023 | 5,569 | |
2024 | 5,267 | |
Thereafter | 10,205 | |
Total | $ 35,260 | $ 37,270 |
Note 5 - Balance Sheet Inform_3
Note 5 - Balance Sheet Information - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Finished goods | $ 5,749 | $ 5,561 |
Work in process | 3,929 | 3,153 |
Raw materials | 13,503 | 13,347 |
Total | $ 23,181 | $ 22,061 |
Note 5 - Balance Sheet Inform_4
Note 5 - Balance Sheet Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Compensation and payroll | $ 2,924 | $ 2,554 |
Professional fees | 563 | 395 |
Warranty costs | 193 | 252 |
Customer related costs | 996 | 963 |
Interest | 415 | 425 |
Other | 1,299 | 1,502 |
Total | $ 6,390 | $ 6,091 |
Note 6 - Restructuring and Ot_3
Note 6 - Restructuring and Other Exit Costs (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Restructuring Reserve, Ending Balance | $ 615 | $ 592 | $ 368 |
Note 6 - Restructuring and Ot_4
Note 6 - Restructuring and Other Exit Costs - Activity for Accrued Restructuring Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Balance | $ 592 | $ 368 |
Restructuring charges | 748 | 874 |
Adjustments | (45) | |
Cash payments | (557) | (605) |
Non-cash portion | (168) | |
Balance | 615 | 592 |
Employee Severance [Member] | ||
Balance | 584 | 364 |
Restructuring charges | 562 | 834 |
Adjustments | (45) | |
Cash payments | (531) | (569) |
Non-cash portion | 0 | |
Balance | 615 | 584 |
Other Restructuring [Member] | ||
Balance | 8 | 4 |
Restructuring charges | 186 | 40 |
Adjustments | 0 | |
Cash payments | (26) | (36) |
Non-cash portion | (168) | |
Balance | $ 0 | $ 8 |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Multi Channel Systems MCS GmbH [Member] | ||||
Operating Leases, Rent Expense, Net, Total | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating lease cost | $ 544 | $ 515 | $ 1,079 | $ 1,038 |
Short term lease cost | 43 | 51 | 85 | 127 |
Sublease income | (25) | (103) | (132) | (205) |
Total lease cost | $ 562 | $ 463 | $ 1,032 | $ 960 |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 1,381 | $ 1,367 |
Right of use assets obtained in exchange for lease obligations operating leases | $ 387 | $ 0 |
Note 8 - Leases - Supplementa_2
Note 8 - Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Operating lease right-of use assets | $ 8,165 | $ 8,463 |
Current portion, operating lease liabilities | 2,249 | 2,424 |
Operating lease liabilities, long term | 7,887 | 8,224 |
Total operating lease liabilities | $ 10,136 | $ 10,648 |
Weighted average remaining lease term (years) (Year) | 7 years 8 months 12 days | 8 years 1 month 6 days |
Weighted average discount rate | 9.20% | 9.20% |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
2021 | $ 2,241 | |
2022 | 1,988 | |
2023 | 1,929 | |
2024 | 1,923 | |
2025 | 1,244 | |
Thereafter | 5,314 | |
Total lease payments | 14,639 | |
Less interest | (4,503) | |
Total operating lease liabilities | $ 10,136 | $ 10,648 |
Note 9 - Capital Stock and St_3
Note 9 - Capital Stock and Stock-based Compensation (Details Textual) $ / shares in Units, $ in Millions | Jun. 11, 2020shares | May 16, 2019 | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019$ / shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 3,700,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 24,608,929 | |||||
Fungible Share Ratio for Deferred Stock Awards | 1.49 | 1.79 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 3,264,267 | 3,264,267 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 6.5 | $ 6.5 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 1.21 | $ 0.97 | $ 1.21 | $ 1.56 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 5,727,716 | 3,300,586 | ||||
Market Condition Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 2.98 | $ 4.16 |
Note 9 - Capital Stock and St_4
Note 9 - Capital Stock and Stock-based Compensation - Stock Option and Restricted Stock Unit Activity (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Options, outstanding (in shares) | 2,266,122 | |
Options, outstanding, weighted average exercise price (in dollars per share) | $ 3.93 | |
Options, granted (in shares) | 894,154 | |
Options, granted, weighted average exercise price (in dollars per share) | $ 2.61 | |
Options, exercised (in shares) | (7,359) | |
Options, exercised, weighted average exercise price (in dollars per share) | $ 2.56 | |
Options, expired (in shares) | (15,819) | |
Options, expired, weighted average exercise price (in dollars per share) | $ 2.59 | |
Options, cancelled / forfeited (in shares) | (233,080) | |
Options, cancelled / forfeited, weighted average exercise price (in dollars per share) | $ 3.55 | |
Options, outstanding (in shares) | 2,904,018 | |
Options, outstanding, weighted average exercise price (in dollars per share) | $ 3.56 | |
Restricted Stock Units (RSUs) [Member] | ||
Restricted stock units, outstanding (in shares) | 1,590,450 | |
Restricted stock units, outstanding, grant date fair value (in dollars per share) | $ 2.27 | |
Restricted stock units, granted (in shares) | 994,513 | |
Restricted stock units, granted, grant date fair value (in dollars per share) | $ 2.73 | |
Restricted stock units, vested (in shares) | (513,779) | |
Restricted stock units, vested, grant date fair value (in dollars per share) | $ 2.59 | |
Restricted stock units, cancelled / forfeited (in shares) | (70,313) | |
Restricted stock units, cancelled / forfeited, grant date fair value (in dollars per share) | $ 3.24 | |
Restricted stock units, outstanding (in shares) | 2,000,871 | |
Restricted stock units, outstanding, grant date fair value (in dollars per share) | $ 2.38 | |
Market Condition Restricted Stock Units [Member] | ||
Restricted stock units, outstanding (in shares) | 529,491 | |
Restricted stock units, outstanding, grant date fair value (in dollars per share) | $ 1.67 | |
Restricted stock units, granted (in shares) | 332,622 | |
Restricted stock units, granted, grant date fair value (in dollars per share) | $ 2.98 | $ 4.16 |
Restricted stock units, vested (in shares) | 0 | |
Restricted stock units, vested, grant date fair value (in dollars per share) | $ 0 | |
Restricted stock units, cancelled / forfeited (in shares) | (39,286) | |
Restricted stock units, cancelled / forfeited, grant date fair value (in dollars per share) | $ 3.03 | |
Restricted stock units, outstanding (in shares) | 822,827 | |
Restricted stock units, outstanding, grant date fair value (in dollars per share) | $ 2.13 |
Note 9 - Capital Stock and St_5
Note 9 - Capital Stock and Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based compensation | $ 769 | $ 615 | $ 1,562 | $ 1,206 |
Continuing Operations [Member] | Cost of Sales [Member] | ||||
Share-based compensation | 14 | 8 | 24 | 21 |
Continuing Operations [Member] | Selling and Marketing Expense [Member] | ||||
Share-based compensation | 62 | 36 | 113 | 29 |
Continuing Operations [Member] | General and Administrative Expense [Member] | ||||
Share-based compensation | 645 | 529 | 1,341 | 1,080 |
Continuing Operations [Member] | Research and Development Expense [Member] | ||||
Share-based compensation | $ 48 | $ 42 | $ 84 | $ 76 |
Note 9 - Capital Stock and St_6
Note 9 - Capital Stock and Stock-based Compensation - Black Scholes Assumptions (Details) - Black Scholes Option Pricing Model [Member] | 3 Months Ended |
Jun. 30, 2020 | |
Volatility | 58.50% |
Risk-free interest rate | 0.30% |
Expected holding period (Year) | 4 years 4 months 24 days |
Dividend Yield | 0.00% |
Note 9 - Capital Stock and St_7
Note 9 - Capital Stock and Stock-based Compensation - Monte Carlo Assumptions (Details) - Monte-Carlo Valuation Simulation [Member] | 6 Months Ended |
Jun. 30, 2020 | |
Volatility | 80.60% |
Risk-free interest rate | 0.20% |
Correlation coefficient | 0.30% |
Dividend Yield | 0.00% |
Note 9 - Capital Stock and St_8
Note 9 - Capital Stock and Stock-based Compensation - Weighted Average Number of Shares (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic (in shares) | 38,467,686 | 37,735,717 | 38,389,358 | 37,682,539 |
Dilutive effect of equity awards (in shares) | 0 | 0 | 0 | 0 |
Diluted (in shares) | 38,467,686 | 37,735,717 | 38,389,358 | 37,682,539 |
Note 10 - Long Term Debt (Detai
Note 10 - Long Term Debt (Details Textual) $ in Thousands | May 04, 2020USD ($) | Apr. 18, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2020 | Dec. 31, 2019USD ($) | Jan. 31, 2018USD ($) |
Repayments of Long-term Debt, Total | $ 16,411 | $ 8,503 | ||||||
Term Loan [Member] | ||||||||
Line of Credit Facility, Interest Rate at Period End | 8.90% | 8.90% | ||||||
Senior Secured Credit Facility [Member] | Maximum [Member] | Forecast [Member] | ||||||||
Debt Instrument, Leverage Ratio | 3.25 | |||||||
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 7,500 | $ 7,500 | ||||||
Paycheck Protection Program CARES Act [Member] | ||||||||
Repayments of Long-term Debt, Total | $ 6,100 | |||||||
Proceeds from Issuance of Long-term Debt, Total | $ 6,100 | |||||||
Term Loan [Member] | ||||||||
Long-term Debt, Gross | 44,711 | $ 44,711 | $ 54,997 | |||||
Term Loan [Member] | Senior Secured Credit Facility [Member] | ||||||||
Long-term Debt, Gross | $ 64,000 | |||||||
Repayments of Long-term Debt, Total | $ 4,700 |
Note 10 - Long Term Debt - Brea
Note 10 - Long Term Debt - Breakdown of Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Less: unamortized deferred financing costs | $ (983) | $ (1,180) |
Total debt | 43,728 | 53,817 |
Less: current installments | (3,200) | (3,200) |
Less: excess cash flow sweep | 0 | (4,093) |
Current unamortized deferred financing costs | 393 | 393 |
Long-term debt | 40,921 | 46,917 |
Term Loan [Member] | ||
Long-term debt, gross | 44,711 | 54,997 |
Line of Credit [Member] | ||
Long-term debt, gross | $ 0 | $ 0 |
Note 11 - Derivatives (Details
Note 11 - Derivatives (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | Jan. 31, 2018 | |
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 | $ 44,711 | $ 54,997 | |
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 11 - Derivatives - Derivat
Note 11 - Derivatives - Derivative Instruments (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Other Noncurrent Liabilities [Member] | |||
Derivatives, notional amount | $ 25,683 | ||
Derivatives, fair value | [1] | $ (661) | |
Other Assets [Member] | |||
Derivatives, notional amount | $ 28,821 | ||
Derivatives, fair value | [1] | $ (603) | |
[1] | See Note 13 for the fair value measurements related to these financial instruments. |
Note 11 - Derivatives - Effect
Note 11 - Derivatives - Effect of Derivatives on AOCI (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Amount of loss recognized in OCI on derivative | $ (11) | $ (298) | $ (227) | $ (494) |
Interest Expense [Member] | ||||
Amount reclassified from AOCI into income | $ 97 | $ 19 | $ 169 | $ 36 |
Note 12 - Fair Value of Finan_3
Note 12 - Fair Value of Financial Instruments - Assets and Liabilities Measured on a Recurring Basis (Details) - Interest Rate Swap [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative liabilities | $ (661) | $ (603) |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative liabilities | (661) | (603) |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative liabilities | $ 0 | $ 0 |
Note 13 - Revenues (Details Tex
Note 13 - Revenues (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Contract with Customer, Liability, Total | $ 3,652 | $ 3,673 | $ 3,949 | $ 3,532 | $ 3,715 | $ 3,820 |
Note 13 - Revenues - Disaggrega
Note 13 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | $ 23,308 | $ 29,584 | $ 47,079 | $ 57,786 |
Instruments, Equipment, Software, and Accessories [Member] | ||||
Revenues | 22,069 | 28,343 | 45,006 | 55,101 |
Service, Maintenance, and Warranty Contracts [Member] | ||||
Revenues | 1,239 | 1,241 | 2,073 | 2,685 |
UNITED STATES | ||||
Revenues | 17,460 | 21,830 | 33,991 | 41,644 |
UNITED STATES | Instruments, Equipment, Software, and Accessories [Member] | ||||
Revenues | 16,490 | 20,920 | 32,446 | 39,591 |
UNITED STATES | Service, Maintenance, and Warranty Contracts [Member] | ||||
Revenues | 970 | 910 | 1,545 | 2,053 |
UNITED KINGDOM | ||||
Revenues | 2,203 | 2,635 | 4,914 | 5,954 |
UNITED KINGDOM | Instruments, Equipment, Software, and Accessories [Member] | ||||
Revenues | 1,992 | 2,399 | 4,499 | 5,528 |
UNITED KINGDOM | Service, Maintenance, and Warranty Contracts [Member] | ||||
Revenues | 211 | 236 | 415 | 426 |
GERMANY | ||||
Revenues | 2,416 | 3,350 | 5,028 | 6,360 |
GERMANY | Instruments, Equipment, Software, and Accessories [Member] | ||||
Revenues | 2,382 | 3,271 | 4,955 | 6,184 |
GERMANY | Service, Maintenance, and Warranty Contracts [Member] | ||||
Revenues | 34 | 79 | 73 | 176 |
Rest of the World [Member] | ||||
Revenues | 1,229 | 1,769 | 3,146 | 3,828 |
Rest of the World [Member] | Instruments, Equipment, Software, and Accessories [Member] | ||||
Revenues | 1,205 | 1,753 | 3,106 | 3,798 |
Rest of the World [Member] | Service, Maintenance, and Warranty Contracts [Member] | ||||
Revenues | $ 24 | $ 16 | $ 40 | $ 30 |
Note 13 - Revenues - Changes in
Note 13 - Revenues - Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 3,673 | $ 3,715 | $ 3,949 | $ 3,820 |
Deferral of revenue | 643 | 421 | 1,174 | 1,377 |
Recognition of deferred revenue | (634) | (594) | (1,455) | (1,665) |
Effect of foreign currency translation | (30) | (10) | (16) | 0 |
Balance | 3,652 | 3,532 | 3,652 | 3,532 |
Service [Member] | ||||
Balance | 1,410 | 1,666 | 1,587 | 1,659 |
Deferral of revenue | 522 | 281 | 830 | 1,126 |
Recognition of deferred revenue | (489) | (344) | (988) | (1,192) |
Effect of foreign currency translation | (30) | (10) | (16) | 0 |
Balance | 1,413 | 1,593 | 1,413 | 1,593 |
Customer Advances [Member] | ||||
Balance | 2,263 | 2,049 | 2,362 | 2,161 |
Deferral of revenue | 121 | 140 | 344 | 251 |
Recognition of deferred revenue | (145) | (250) | (467) | (473) |
Effect of foreign currency translation | 0 | 0 | 0 | 0 |
Balance | $ 2,239 | $ 1,939 | $ 2,239 | $ 1,939 |
Note 13 - Revenues - Allowance
Note 13 - Revenues - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Balance, beginning of period | $ 325 | $ 332 |
Bad debt expense | 4 | 368 |
Charge-offs and other recoveries | (40) | (329) |
Effect of foreign currency translation | 1 | (1) |
Balance, end of period | $ 290 | $ 370 |
Note 14 - Income Tax (Details T
Note 14 - Income Tax (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Expense (Benefit), Total | $ 713 | $ (885) | $ 768 | $ (309) |
Effective Income Tax Rate Reconciliation, Percent, Total | 82.10% | (78.20%) | 14.40% | (10.60%) |