Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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, $0.01 par value | |
Trading Symbol | HBIO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 41,657,688 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 5,144 | $ 7,821 |
Accounts receivable, net | 15,023 | 21,834 |
Inventories | 26,116 | 27,587 |
Other current assets | 5,535 | 4,341 |
Total current assets | 51,818 | 61,583 |
Property, plant and equipment, net | 3,555 | 3,415 |
Operating lease right-of-use assets | 6,019 | 6,897 |
Goodwill | 54,851 | 57,689 |
Intangible assets, net | 22,464 | 27,385 |
Other long-term assets | 8,306 | 5,375 |
Total assets | 147,013 | 162,344 |
Current liabilities: | ||
Current portion of long-term debt | 2,720 | 3,235 |
Current portion, operating lease liabilities | 2,121 | 2,142 |
Accounts payable | 5,877 | 4,911 |
Deferred revenue | 3,642 | 4,266 |
Other current liabilities | 7,000 | 10,762 |
Total current liabilities | 21,360 | 25,316 |
Long-term debt, net | 46,534 | 45,095 |
Deferred tax liability | 1,181 | 1,558 |
Operating lease liabilities | 5,539 | 6,488 |
Other long-term liabilities | 420 | 486 |
Total liabilities | 75,034 | 78,943 |
Commitments and contingencies - Note 12 | ||
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: 41,657,688 shares issued and outstanding at September 30, 2022; 41,142,876 shares issued and outstanding at December 31, 2021 | 453 | 452 |
Additional paid-in-capital | 228,229 | 225,650 |
Accumulated deficit | (140,524) | (132,674) |
Accumulated other comprehensive loss | (16,179) | (10,027) |
Total stockholders' equity | 71,979 | 83,401 |
Total liabilities and stockholders' equity | $ 147,013 | $ 162,344 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
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) | 41,657,688 | 41,142,876 |
Common stock, shares outstanding (in shares) | 41,657,688 | 41,142,876 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 26,922 | $ 29,663 | $ 84,908 | $ 85,849 |
Cost of revenues | 14,750 | 13,355 | 39,922 | 37,757 |
Gross profit | 12,172 | 16,308 | 44,986 | 48,092 |
Sales and marketing expenses | 5,819 | 6,183 | 19,093 | 17,299 |
General and administrative expenses | 6,324 | 5,458 | 18,630 | 18,190 |
Research and development expenses | 2,763 | 2,660 | 9,480 | 7,848 |
Amortization of intangible assets | 1,572 | 1,459 | 4,492 | 4,388 |
Settlement of litigation, net - Note 13 | (544) | 0 | (233) | 0 |
Total operating expenses | 15,934 | 15,760 | 51,462 | 47,725 |
Operating (loss) income | 3,762 | (548) | 6,476 | (367) |
Other expense: | ||||
Interest expense | (749) | (373) | (1,648) | (1,161) |
Other expense, net | (179) | (130) | (163) | (477) |
Total other expense | (928) | (503) | (1,811) | (1,638) |
(Loss) income before income taxes | (4,690) | 45 | (8,287) | (1,271) |
Income tax (benefit) expense | (1,285) | 215 | (437) | (22) |
Net loss | $ (3,405) | $ (170) | $ (7,850) | $ (1,249) |
Loss per share: | ||||
Basic and diluted loss per common share (in dollars per share) | $ (0.08) | $ 0 | $ (0.19) | $ (0.03) |
Weighted-average common shares: | ||||
Basic and diluted (in shares) | 41,637 | 40,754 | 41,353 | 40,202 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net loss | $ (3,405) | $ (170) | $ (7,850) | $ (1,249) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (2,936) | (1,135) | (6,152) | (1,937) |
Comprehensive loss | $ (6,341) | $ (1,305) | $ (14,002) | $ (3,186) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 47,153,000 | |||||
Balance at Dec. 31, 2020 | $ 444 | $ 232,357 | $ (132,386) | $ (13,066) | $ (10,668) | $ 76,681 |
Stock option exercises (in shares) | 535,000 | |||||
Stock option exercises | $ 7 | 2,700 | 0 | 0 | 0 | 2,707 |
Vesting of restricted stock units (in shares) | 1,196,000 | |||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (385,000) | |||||
Shares withheld for taxes | $ 0 | (2,653) | 0 | 0 | 0 | (2,653) |
Stock-based compensation expense | 0 | 3,136 | 0 | 0 | 0 | 3,136 |
Net loss | 0 | 0 | (1,249) | 0 | 0 | (1,249) |
Other comprehensive loss | $ 0 | 0 | 0 | (1,937) | 0 | (1,937) |
Stock purchase plan (in shares) | 56,000 | |||||
Stock purchase plan | $ 0 | 202 | 0 | 0 | 0 | 202 |
Retirement of treasury stock (in shares) | (7,746,000) | |||||
Retirement of treasury stock | $ 0 | (10,668) | 0 | 0 | 10,668 | 0 |
Balance (in shares) at Sep. 30, 2021 | 40,809,000 | |||||
Balance at Sep. 30, 2021 | $ 451 | 225,074 | (133,635) | (15,003) | 0 | 76,887 |
Balance (in shares) at Jun. 30, 2021 | 40,486,000 | |||||
Balance at Jun. 30, 2021 | $ 451 | 225,583 | (133,465) | (13,868) | 0 | 78,701 |
Stock option exercises (in shares) | 38,000 | |||||
Stock option exercises | $ 0 | 150 | 0 | 0 | 0 | 150 |
Vesting of restricted stock units (in shares) | 493,000 | |||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (208,000) | |||||
Shares withheld for taxes | $ 0 | (1,663) | 0 | 0 | 0 | (1,663) |
Stock-based compensation expense | 0 | 1,004 | 0 | 0 | 0 | 1,004 |
Net loss | 0 | 0 | (170) | 0 | 0 | (170) |
Other comprehensive loss | $ 0 | 0 | 0 | (1,135) | 0 | (1,135) |
Balance (in shares) at Sep. 30, 2021 | 40,809,000 | |||||
Balance at Sep. 30, 2021 | $ 451 | 225,074 | (133,635) | (15,003) | 0 | 76,887 |
Balance (in shares) at Dec. 31, 2021 | 41,143,000 | |||||
Balance at Dec. 31, 2021 | $ 452 | 225,650 | (132,674) | (10,027) | 0 | $ 83,401 |
Stock option exercises (in shares) | 40,000 | 40,267 | ||||
Stock option exercises | $ 1 | 106 | 0 | 0 | 0 | $ 107 |
Vesting of restricted stock units (in shares) | 628,000 | |||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (232,000) | |||||
Shares withheld for taxes | $ 0 | (1,167) | 0 | 0 | 0 | (1,167) |
Stock-based compensation expense | 0 | 3,401 | 0 | 0 | 0 | 3,401 |
Net loss | 0 | 0 | (7,850) | 0 | 0 | (7,850) |
Other comprehensive loss | $ 0 | 0 | 0 | (6,152) | 0 | (6,152) |
Stock purchase plan (in shares) | 78,000 | |||||
Stock purchase plan | $ 0 | 239 | 0 | 0 | 0 | 239 |
Balance (in shares) at Sep. 30, 2022 | 41,657,000 | |||||
Balance at Sep. 30, 2022 | $ 453 | 228,229 | (140,524) | (16,179) | 0 | 71,979 |
Balance (in shares) at Jun. 30, 2022 | 41,500,000 | |||||
Balance at Jun. 30, 2022 | $ 453 | 227,413 | (137,119) | (13,243) | 0 | 77,504 |
Stock option exercises (in shares) | 24,000 | |||||
Stock option exercises | $ 0 | 64 | 0 | 0 | 0 | 64 |
Vesting of restricted stock units (in shares) | 233,000 | |||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (100,000) | |||||
Shares withheld for taxes | $ 0 | (387) | 0 | 0 | 0 | (387) |
Stock-based compensation expense | 0 | 1,139 | 0 | 0 | 0 | 1,139 |
Net loss | 0 | 0 | (3,405) | 0 | 0 | (3,405) |
Other comprehensive loss | $ 0 | 0 | 0 | (2,936) | 0 | (2,936) |
Balance (in shares) at Sep. 30, 2022 | 41,657,000 | |||||
Balance at Sep. 30, 2022 | $ 453 | $ 228,229 | $ (140,524) | $ (16,179) | $ 0 | $ 71,979 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (7,850) | $ (1,249) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 1,122 | 1,311 |
Amortization of intangible assets | 4,492 | 4,388 |
Amortization of deferred financing costs | 210 | 210 |
Stock-based compensation expense | 3,401 | 3,136 |
Deferred income taxes and other | (160) | (498) |
Investment in Convertible Preferred Stock - Note 13 | (3,900) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 6,060 | (727) |
Inventories | (329) | (4,048) |
Other assets | (811) | (2,088) |
Accounts payable and accrued expenses | (2,379) | 1,901 |
Deferred revenue | (551) | (142) |
Other liabilities | (832) | (1,049) |
Net cash (used in) provided by operating activities | (1,527) | 1,145 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (1,355) | (837) |
Additions to intangible assets | 0 | (150) |
Net cash used in investing activities | (1,355) | (987) |
Cash flows from financing activities: | ||
Borrowing on bank line of credit | 7,800 | 2,500 |
Repayment on bank line of credit | (4,650) | (4,000) |
Repayment of term debt | (2,436) | (1,500) |
Debt issuance costs | 0 | (102) |
Proceeds from exercise of stock options and employee stock purchase plan | 346 | 2,909 |
Taxes paid related to net share settlement of equity awards | (1,167) | (2,653) |
Net cash used in financing activities | (107) | (2,846) |
Effect of exchange rate changes on cash | 312 | (81) |
Decrease in cash and cash equivalents | (2,677) | (2,769) |
Cash and cash equivalents at beginning of period | 7,821 | 8,317 |
Cash and cash equivalents at end of period | 5,144 | 5,548 |
Cash paid for interest | 1,529 | 836 |
Cash paid for income taxes, net of refunds | $ 493 | $ 506 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies, and Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Basis of Presentation and Summary of Significant Accounting Policies, and Risks and Uncertainties Basis of Presentation and Summary of Significant Accounting Policies The unaudited consolidated financial statements of Harvard Bioscience, Inc. and its wholly-owned subsidiaries (collectively, the “Company”) as of September 30, 2022 three nine September 30, 2022 2021, December 31, 2021, not not 10 December 31, 2021. In the opinion of management, all adjustments, which include normal recurring adjustments necessary to present a fair statement of financial position as of September 30, 2022, three nine September 30, 2022 2021, three nine September 30, 2022, not The accounting policies underlying the accompanying unaudited consolidated financial statements are set forth in Note 2 10 December 31, 2021. no three nine September 30, 2022. Risks and Uncertainties The COVID- 19 19 2022, 19, 2022. The global supply chain has experienced significant disruptions due to electronic component and labor shortages and other macroeconomic factors which have emerged since the onset of COVID- 19, Additionally, during 2022 may If business interruptions resulting from COVID- 19 |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Recently Issued Accounting Pronouncements Accounting Pronouncements to be Adopted In November 2021, 2021 10, 832 2021 10” 2021 10 December 31, 2022. 2021 10 In January 2017, 2017 04, 350 2017 04” 2 2017 04 December 15, 2022. 2017 04 In September 2016, No. 2016 13, 326 2016 13’ may 2016 13 2016 13 December 15, 2022, 2016 13 not |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Goodwill and Intangible Assets Goodwill The change in the carrying amount of goodwill for the nine September 30, 2022, (in thousands) Carrying amount at December 31, 2021 $ 57,689 Effect of change in currency translation (2,838 ) Carrying amount at September 30, 2022 $ 54,851 Intangible Assets Identifiable intangible assets at September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (in thousands) Average Accumulated Accumulated Amortizable intangible assets: Life* Gross Amortization Net Gross Amortization Net Distribution agreements/customer relationships 7.3 $ 16,716 $ (9,034 ) $ 7,682 $ 17,689 $ (8,675 ) $ 9,014 Existing technology 3.5 37,744 (25,748 ) 11,996 38,707 (23,962 ) 14,745 Trade names and patents 3.8 8,162 (5,583 ) 2,579 8,496 (5,108 ) 3,388 Total amortizable intangible assets $ 62,622 $ (40,365 ) $ 22,257 $ 64,892 $ (37,745 ) $ 27,147 Indefinite-lived intangible assets: 207 238 Total intangible assets $ 22,464 $ 27,385 * Weighted average life in years as of September 30, 2022 Intangible asset amortization expense was $1.6 million and $1.5 million for the three September 30, 2022 2021, nine September 30, 2022 2021, five September 30, 2022, (in thousands) 2022 (remainder of year) $ 1,564 2023 5,486 2024 5,194 2025 4,009 2026 2,348 Thereafter 3,656 Total $ 22,257 |
Note 4 - Balance Sheet Informat
Note 4 - Balance Sheet Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. Balance Sheet Information The following tables provide details of selected balance sheet items as of the periods indicated: Inventories: September 30, December 31, (in thousands) 2022 2021 Finished goods $ 5,340 $ 5,646 Work in process 3,846 3,410 Raw materials 16,930 18,531 Total $ 26,116 $ 27,587 Other Current Liabilities: September 30, December 31, (in thousands) 2022 2021 Compensation $ 3,091 $ 6,048 Professional fees 514 480 Warranty costs 255 240 Customer related costs 2,184 2,265 Accrued income taxes - 224 Other 956 1,505 Total $ 7,000 $ 10,762 |
Note 5 - Restructuring and Othe
Note 5 - Restructuring and Other Exit Costs | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 5. 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. A portion of these transformation activities are considered restructuring costs under ASC 420 During 2019, 2021. three nine September 30, 2021, During the three September 30, 2022, three September 30, 2022, The following table summarizes the activity for accrued restructuring liabilities for the nine September 30, 2022: Cost of (in thousands) Revenues Severance Other Total Balance at December 31, 2021 $ - $ - $ - $ - Restructuring and other exit costs 1,320 561 28 1,909 Non-cash charges (1,320 ) - - (1,320 ) Cash payments - (82 ) (28 ) (110 ) Balance at September 30, 2022 $ - $ 479 $ - $ 479 |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 6. Related Party Transactions In connection with the 2014 2021. December 31, 2024. $0.1 three September 30, 2022 2021, nine September 30, 2022 2021. |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Leases The Company has noncancelable operating leases for offices, manufacturing facilities, warehouse space, automobiles and equipment expiring at various dates through 2030. three nine September 30, 2022 2021, Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 486 $ 521 $ 1,483 $ 1,544 Short-term lease cost 58 49 180 150 Sublease income (25 ) (25 ) (76 ) (76 ) Total lease cost $ 519 $ 545 $ 1,587 $ 1,618 Supplemental cash flow information related to the Company's operating leases was as follows: Nine Months Ended September 30, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: $ 1,759 $ 1,791 Right-of-use assets obtained in exchange for lease obligations: $ 248 $ 351 Supplemental balance sheet information related to the Company’s operating leases are as follows: September 30, December 31, (in thousands) 2022 2021 Operating lease right-of-use assets $ 6,019 $ 6,897 Current portion, operating lease liabilities $ 2,121 $ 2,142 Operating lease liabilities, long-term 5,539 6,488 Total operating lease liabilities $ 7,660 $ 8,630 Weighted average remaining lease term (years) 6.4 6.7 Weighted average discount rate 9.4 % 9.3 % Future minimum lease payments for operating leases subsequent to September 30, 2022, Year Ending December 31, (in thousands) 2022 (remainder of year) $ 531 2023 2,101 2024 1,755 2025 1,052 2026 1,016 Thereafter 3,970 Total lease payments 10,425 Less imputed interest (2,765 ) Total operating lease liabilities $ 7,660 |
Note 8 - Capital Stock and Stoc
Note 8 - Capital Stock and Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | 8. Capital Stock and Stock-Based Compensation Stock-Based Payment Awards Stock-based awards consist of stock options, time-based restricted stock units (“RSUs”), performance-based RSUs and shares issued under the Company’s employee stock purchase plan. Activity under the Company’s equity incentive plans for the nine September 30, 2022 Weighted Stock Average Time-Based Performance- Options Exercise RSUs Grant Date Based RSUs Grant Date Outstanding Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2021 1,404,816 $ 3.10 1,141,164 $ 3.57 860,155 $ 3.13 Granted - - 807,345 4.91 283,641 5.38 Exercised (40,267 ) 2.64 - - - - Vested (RSUs) - - (232,157 ) 3.77 (396,279 ) 2.09 Cancelled/Forfeited (76,658 ) 2.81 (145,580 ) 4.64 (20,284 ) 3.93 Balance at September 30, 2022 1,287,891 $ 3.13 1,570,772 $ 4.13 727,233 $ 4.55 Stock-based compensation expense for the three nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Cost of revenues $ - $ 32 $ 88 $ 83 Sales and marketing expenses 147 149 493 373 General and administrative expenses 919 790 2,633 2,593 Research and development expenses 73 33 187 87 Total stock-based compensation expenses $ 1,139 $ 1,004 $ 3,401 $ 3,136 As of September 30, 2022, not not The weighted average estimated fair value of the performance-based RSUs that were granted during the nine September 30, 2022 nine September 30, 2022 2022 Volatility 63.7 % Risk-free interest rate 1.8 % Correlation coefficient1 41.1 % Dividend yield - % Earnings (Loss) Per Share Basic earnings (loss) per share (EPS) is calculated by dividing net income (loss) by the number of weighted average shares of common stock outstanding during the period. The calculation of diluted earnings per share assumes conversion of stock options, time-based RSUs, and performance-based RSUs into common stock using the treasury method. The weighted average number of shares used to compute basic and diluted EPS consists of the following: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Net loss available to common stockholders $ (3,405 ) $ (170 ) $ (7,850 ) $ (1,249 ) Weighted average shares outstanding - basic 41,637 40,754 41,353 40,202 Dilutive effect of equity awards - - - - Weighted average shares outstanding - diluted 41,637 40,754 41,353 40,202 Basic and diluted loss per share $ (0.08 ) $ (0.00 ) $ (0.19 ) $ (0.03 ) Shares excluded from diluted loss per share due to their anti-dilutive effect 3,594 3,908 3,676 4,438 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 9. Long-Term Debt As of September 30, 2022 December 31, 2021, September 30, December 31, (in thousands) 2022 2021 Long-term debt: Term loan $ 35,564 $ 38,000 Revolving line 14,600 11,450 Less: unamortized deferred financing costs (910 ) (1,120 ) Total debt 49,254 48,330 Less: current installments (3,000 ) (3,515 ) Current unamortized deferred financing costs 280 280 Long-term debt $ 46,534 $ 45,095 On December 22, 2020, none December 22, 2025. September 30, 2022 first second “April 2022” “November 2022 As part of the November 2022 November 2022 three six no The effective interest rate for the three September 30, 2022 2021, nine September 30, 2022 2021, September 30, 2022, Commencing on March 31, 2021, three eight ninety may The Credit Agreement, as amended in April November, On April 28, 2022, “April 2022 13 April 2022 On November 8, 2022, November 2022 November 2022 The Company was in compliance with the covenants of the Credit Agreement, in accordance with the November 2022 September 30, 2022. |
Note 10 - Revenues
Note 10 - Revenues | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. Revenues The following tables represent a disaggregation of revenue from contracts with customers for the three nine September 30, 2022 2021: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Instruments, equipment, software and accessories $ 25,705 $ 28,485 $ 81,008 $ 82,304 Service, maintenance and warranty contracts 1,217 1,178 3,900 3,545 Total revenues $ 26,922 $ 29,663 $ 84,908 $ 85,849 The following tables represent a disaggregation of revenue by geographic destination for the three nine September 30, 2022 2021: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 United States $ 11,511 $ 12,709 $ 38,278 $ 37,300 Europe 7,344 8,366 22,361 25,569 Asia 6,730 7,161 19,080 18,588 Rest of the world 1,337 1,427 5,189 4,392 Total revenues $ 26,922 $ 29,663 $ 84,908 $ 85,849 Deferred Revenue The following tables provide details of deferred revenue as of the periods indicated: September 30, December 31, (in thousands) 2022 2021 Service contracts $ 1,642 $ 1,976 Customer advances 2,000 2,290 Total deferred revenue $ 3,642 $ 4,266 During the nine September 30, 2022 2021 December 31, 2021 2020, Allowance for Doubtful Accounts Allowance for doubtful accounts is based on the Company’s assessment of the collectability of accounts receivable. Activity in the allowance for doubtful accounts is as follows: Nine Months Ended September 30, (in thousands) 2022 2021 Balance, beginning of period $ 136 $ 227 Bad debt expense (credit) 103 (13 ) Charge-offs and other (60 ) (76 ) Balance, end of period $ 179 $ 138 Concentrations No 10% three nine September 30, 2022 2021. September 30, 2022 December 21, 2021, no 10% |
Note 11 - Income Tax
Note 11 - Income Tax | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Income Tax Income tax (benefit) expense was $(1.3) million and $0.2 million for the three September 30, 2022 2021, nine September 30, 2022 2021, three September 30, 2022 2021, nine September 30, 2022 2021, The difference between the Company’s effective tax rates in 2022 2021 21% |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingent Liabilities On April 27, 2022, 13 The Company is involved in various other claims and legal proceedings arising in the ordinary course of business. After consultation with legal counsel, the Company has determined that the ultimate disposition of such proceedings is not not not one |
Note 13 - Litigation Settlement
Note 13 - Litigation Settlement | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 13. Litigation Settlement On April 14, 2017, 2013, third one two third 2012 2013. On April 27, 2022, not During the nine September 30, 2022, ● During the three March 31, 2022, December 31, 2021, ● During the three June 30, 2022, June 10, 2022, ● During the three September 30, 2022, The Series E Preferred Stock was recorded at an estimated fair value of $4.0 million including dividends, and is included in the September 30, 2022 60 first first The Company has elected the provisions within ASC 321 September 30, 2022, no |
Note 14 - Subsequent Event
Note 14 - Subsequent Event | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. Subsequent Event Credit Agreement Amendment On November 8, 2022, November 2022 9 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Summary of Significant Accounting Policies The unaudited consolidated financial statements of Harvard Bioscience, Inc. and its wholly-owned subsidiaries (collectively, the “Company”) as of September 30, 2022 three nine September 30, 2022 2021, December 31, 2021, not not 10 December 31, 2021. In the opinion of management, all adjustments, which include normal recurring adjustments necessary to present a fair statement of financial position as of September 30, 2022, three nine September 30, 2022 2021, three nine September 30, 2022, not The accounting policies underlying the accompanying unaudited consolidated financial statements are set forth in Note 2 10 December 31, 2021. no three nine September 30, 2022. |
Risks and Uncertainties Policy [Policy Text Block] | Risks and Uncertainties The COVID- 19 19 2022, 19, 2022. The global supply chain has experienced significant disruptions due to electronic component and labor shortages and other macroeconomic factors which have emerged since the onset of COVID- 19, Additionally, during 2022 may If business interruptions resulting from COVID- 19 |
Note 3 - Goodwill and Intangi_2
Note 3 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Carrying amount at December 31, 2021 $ 57,689 Effect of change in currency translation (2,838 ) Carrying amount at September 30, 2022 $ 54,851 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, 2022 December 31, 2021 (in thousands) Average Accumulated Accumulated Amortizable intangible assets: Life* Gross Amortization Net Gross Amortization Net Distribution agreements/customer relationships 7.3 $ 16,716 $ (9,034 ) $ 7,682 $ 17,689 $ (8,675 ) $ 9,014 Existing technology 3.5 37,744 (25,748 ) 11,996 38,707 (23,962 ) 14,745 Trade names and patents 3.8 8,162 (5,583 ) 2,579 8,496 (5,108 ) 3,388 Total amortizable intangible assets $ 62,622 $ (40,365 ) $ 22,257 $ 64,892 $ (37,745 ) $ 27,147 Indefinite-lived intangible assets: 207 238 Total intangible assets $ 22,464 $ 27,385 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2022 (remainder of year) $ 1,564 2023 5,486 2024 5,194 2025 4,009 2026 2,348 Thereafter 3,656 Total $ 22,257 |
Note 4 - Balance Sheet Inform_2
Note 4 - Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories: September 30, December 31, (in thousands) 2022 2021 Finished goods $ 5,340 $ 5,646 Work in process 3,846 3,410 Raw materials 16,930 18,531 Total $ 26,116 $ 27,587 |
Other Current Liabilities [Table Text Block] | Other Current Liabilities: September 30, December 31, (in thousands) 2022 2021 Compensation $ 3,091 $ 6,048 Professional fees 514 480 Warranty costs 255 240 Customer related costs 2,184 2,265 Accrued income taxes - 224 Other 956 1,505 Total $ 7,000 $ 10,762 |
Note 5 - Restructuring and Ot_2
Note 5 - Restructuring and Other Exit Costs (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Cost of (in thousands) Revenues Severance Other Total Balance at December 31, 2021 $ - $ - $ - $ - Restructuring and other exit costs 1,320 561 28 1,909 Non-cash charges (1,320 ) - - (1,320 ) Cash payments - (82 ) (28 ) (110 ) Balance at September 30, 2022 $ - $ 479 $ - $ 479 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 486 $ 521 $ 1,483 $ 1,544 Short-term lease cost 58 49 180 150 Sublease income (25 ) (25 ) (76 ) (76 ) Total lease cost $ 519 $ 545 $ 1,587 $ 1,618 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | Nine Months Ended September 30, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: $ 1,759 $ 1,791 Right-of-use assets obtained in exchange for lease obligations: $ 248 $ 351 |
Supplemental Balance Sheet Informaton Related to Operating Leases [Table Text Block] | September 30, December 31, (in thousands) 2022 2021 Operating lease right-of-use assets $ 6,019 $ 6,897 Current portion, operating lease liabilities $ 2,121 $ 2,142 Operating lease liabilities, long-term 5,539 6,488 Total operating lease liabilities $ 7,660 $ 8,630 Weighted average remaining lease term (years) 6.4 6.7 Weighted average discount rate 9.4 % 9.3 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, (in thousands) 2022 (remainder of year) $ 531 2023 2,101 2024 1,755 2025 1,052 2026 1,016 Thereafter 3,970 Total lease payments 10,425 Less imputed interest (2,765 ) Total operating lease liabilities $ 7,660 |
Note 8 - Capital Stock and St_2
Note 8 - Capital Stock and Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule Of Stock Options And Restricted Stock Units Activity Roll forward [Table Text Block] | Weighted Stock Average Time-Based Performance- Options Exercise RSUs Grant Date Based RSUs Grant Date Outstanding Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2021 1,404,816 $ 3.10 1,141,164 $ 3.57 860,155 $ 3.13 Granted - - 807,345 4.91 283,641 5.38 Exercised (40,267 ) 2.64 - - - - Vested (RSUs) - - (232,157 ) 3.77 (396,279 ) 2.09 Cancelled/Forfeited (76,658 ) 2.81 (145,580 ) 4.64 (20,284 ) 3.93 Balance at September 30, 2022 1,287,891 $ 3.13 1,570,772 $ 4.13 727,233 $ 4.55 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Cost of revenues $ - $ 32 $ 88 $ 83 Sales and marketing expenses 147 149 493 373 General and administrative expenses 919 790 2,633 2,593 Research and development expenses 73 33 187 87 Total stock-based compensation expenses $ 1,139 $ 1,004 $ 3,401 $ 3,136 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Net loss available to common stockholders $ (3,405 ) $ (170 ) $ (7,850 ) $ (1,249 ) Weighted average shares outstanding - basic 41,637 40,754 41,353 40,202 Dilutive effect of equity awards - - - - Weighted average shares outstanding - diluted 41,637 40,754 41,353 40,202 Basic and diluted loss per share $ (0.08 ) $ (0.00 ) $ (0.19 ) $ (0.03 ) Shares excluded from diluted loss per share due to their anti-dilutive effect 3,594 3,908 3,676 4,438 |
Black Scholes Option Pricing Model [Member] | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2022 Volatility 63.7 % Risk-free interest rate 1.8 % Correlation coefficient1 41.1 % Dividend yield - % |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, December 31, (in thousands) 2022 2021 Long-term debt: Term loan $ 35,564 $ 38,000 Revolving line 14,600 11,450 Less: unamortized deferred financing costs (910 ) (1,120 ) Total debt 49,254 48,330 Less: current installments (3,000 ) (3,515 ) Current unamortized deferred financing costs 280 280 Long-term debt $ 46,534 $ 45,095 |
Note 10 - Revenues (Tables)
Note 10 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Instruments, equipment, software and accessories $ 25,705 $ 28,485 $ 81,008 $ 82,304 Service, maintenance and warranty contracts 1,217 1,178 3,900 3,545 Total revenues $ 26,922 $ 29,663 $ 84,908 $ 85,849 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 United States $ 11,511 $ 12,709 $ 38,278 $ 37,300 Europe 7,344 8,366 22,361 25,569 Asia 6,730 7,161 19,080 18,588 Rest of the world 1,337 1,427 5,189 4,392 Total revenues $ 26,922 $ 29,663 $ 84,908 $ 85,849 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | September 30, December 31, (in thousands) 2022 2021 Service contracts $ 1,642 $ 1,976 Customer advances 2,000 2,290 Total deferred revenue $ 3,642 $ 4,266 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Nine Months Ended September 30, (in thousands) 2022 2021 Balance, beginning of period $ 136 $ 227 Bad debt expense (credit) 103 (13 ) Charge-offs and other (60 ) (76 ) Balance, end of period $ 179 $ 138 |
Note 3 - Goodwill and Intangi_3
Note 3 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Amortization of Intangible Assets | $ 1,572 | $ 1,459 | $ 4,492 | $ 4,388 |
Note 3 - Goodwill and Intangi_4
Note 3 - Goodwill and Intangible Assets - Change in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Carrying amount at December 31, 2021 | $ 57,689 |
Effect of change in currency translation | (2,838) |
Carrying amount at September 30, 2022 | $ 54,851 |
Note 3 - Goodwill and Intangi_5
Note 3 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | ||
Finite-Lived Intangible Assets, Gross | $ 62,622 | $ 64,892 | |
Total amortizable intangible assets | (40,365) | (37,745) | |
Finite-Lived Intangible Assets, Net | 22,257 | 27,147 | |
Indefinite-lived intangible assets: | 207 | 238 | |
Total intangible assets, Net | $ 22,464 | 27,385 | |
Distribution Agreements/Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 7 years 3 months 18 days | |
Finite-Lived Intangible Assets, Gross | $ 16,716 | 17,689 | |
Total amortizable intangible assets | (9,034) | (8,675) | |
Finite-Lived Intangible Assets, Net | $ 7,682 | 9,014 | |
Existing Technology [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 3 years 6 months | |
Finite-Lived Intangible Assets, Gross | $ 37,744 | 38,707 | |
Total amortizable intangible assets | (25,748) | (23,962) | |
Finite-Lived Intangible Assets, Net | $ 11,996 | 14,745 | |
Trade Names and Patents [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 3 years 9 months 18 days | |
Finite-Lived Intangible Assets, Gross | $ 8,162 | 8,496 | |
Total amortizable intangible assets | (5,583) | (5,108) | |
Finite-Lived Intangible Assets, Net | $ 2,579 | $ 3,388 | |
[1]Weighted average life in years as of September 30, 2022 |
Note 3 - Goodwill and Intangi_6
Note 3 - Goodwill and Intangible Assets - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2022 (remainder of year) | $ 1,564 | |
2023 | 5,486 | |
2024 | 5,194 | |
2025 | 4,009 | |
2026 | 2,348 | |
Thereafter | 3,656 | |
Total | $ 22,257 | $ 27,147 |
Note 4 - Balance Sheet Inform_3
Note 4 - Balance Sheet Information - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finished goods | $ 5,340 | $ 5,646 |
Work in process | 3,846 | 3,410 |
Raw materials | 16,930 | 18,531 |
Total | $ 26,116 | $ 27,587 |
Note 4 - Balance Sheet Inform_4
Note 4 - Balance Sheet Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Compensation | $ 3,091 | $ 6,048 |
Professional fees | 514 | 480 |
Warranty costs | 255 | 240 |
Customer related costs | 2,184 | 2,265 |
Accrued income taxes | 0 | 224 |
Other | 956 | 1,505 |
Total | $ 7,000 | $ 10,762 |
Note 5 - Restructuring and Ot_3
Note 5 - Restructuring and Other Exit Costs (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Charges, Total | $ 1,300 | $ 100 | $ 1,909 | $ 1,300 |
General and Administrative Expense [Member] | ||||
Restructuring Charges, Total | $ 600 |
Note 5 - Restructuring and Ot_4
Note 5 - Restructuring and Other Exit Costs - Restructuring and Other Exit Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 0 | |||
Restructuring and other exit costs | $ 1,300 | $ 100 | 1,909 | $ 1,300 |
Non-cash charges | (1,320) | |||
Cash payments | (110) | |||
Balance | 479 | 479 | ||
Cost of Revenues [Member] | ||||
Balance | 0 | |||
Restructuring and other exit costs | 1,320 | |||
Non-cash charges | (1,320) | |||
Cash payments | 0 | |||
Balance | 0 | 0 | ||
Employee Severance [Member] | ||||
Balance | 0 | |||
Restructuring and other exit costs | 561 | |||
Non-cash charges | 0 | |||
Cash payments | (82) | |||
Balance | 479 | 479 | ||
Other Restructuring [Member] | ||||
Balance | 0 | |||
Restructuring and other exit costs | 28 | |||
Non-cash charges | 0 | |||
Cash payments | (28) | |||
Balance | $ 0 | $ 0 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
The Multi Channel Systems Facility and Triangle BioSystems Lease Agreements [Member] | ||||
Operating Lease, Expense | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Note 7 - Leases - Lease Expense
Note 7 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease cost | $ 486 | $ 521 | $ 1,483 | $ 1,544 |
Short-term lease cost | 58 | 49 | 180 | 150 |
Sublease income | (25) | (25) | (76) | (76) |
Total lease cost | $ 519 | $ 545 | $ 1,587 | $ 1,618 |
Note 7- Leases - Supplemental C
Note 7- Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | $ 1,759 | $ 1,791 |
Right-of-use assets obtained in exchange for lease obligations: | $ 248 | $ 351 |
Note 7 - Leases - Supplemental
Note 7 - Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating lease right-of-use assets | $ 6,019 | $ 6,897 |
Current portion, operating lease liabilities | 2,121 | 2,142 |
Operating lease liabilities, long-term | 5,539 | 6,488 |
Total operating lease liabilities | $ 7,660 | $ 8,630 |
Weighted average remaining lease term (years) (Year) | 6 years 4 months 24 days | 6 years 8 months 12 days |
Weighted average discount rate | 9.40% | 9.30% |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2022 (remainder of year) | $ 531 | |
2023 | 2,101 | |
2024 | 1,755 | |
2025 | 1,052 | |
2026 | 1,016 | |
Thereafter | 3,970 | |
Total lease payments | 10,425 | |
Less imputed interest | (2,765) | |
Total operating lease liabilities | $ 7,660 | $ 8,630 |
Note 8 - Capital Stock and St_3
Note 8 - Capital Stock and Stock-based Compensation (Details Textual) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 6.6 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 5.38 |
Note 8 - Capital Stock and St_4
Note 8 - Capital Stock and Stock-based Compensation - Stock Option and Restricted Stock Unit Activity (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Opening Balance, Stock Options Outstanding (in shares) | shares | 1,404,816 |
Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 3.10 |
Options, Granted in Period (in shares) | shares | 0 |
Options, Granted in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0 |
Options, exercised (in shares) | shares | (40,267) |
Options, exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 2.64 |
Options, Cancelled / Forfeited in Period (in shares) | shares | (76,658) |
Options, Cancelled / Forfeited, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 2.81 |
Opening Balance, Stock Options Outstanding (in shares) | shares | 1,287,891 |
Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 3.13 |
Restricted Stock Units (RSUs) [Member] | |
Restricted Stock Units Outstanding , Balance (in shares) | shares | 1,141,164 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 3.57 |
Restricted Stock Units, Granted in Period (in shares) | shares | 807,345 |
Restricted Stock Units Granted , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 4.91 |
Restricted Stock Units, Vested in Period (in shares) | shares | (232,157) |
Restricted Stock Units, Vested , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 3.77 |
Restricted Stock Units, Cancelled / Forfeited in Period (in shares) | shares | (145,580) |
Restricted Stock Units, Cancelled/ Forfeited , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 4.64 |
Restricted Stock Units Outstanding , Balance (in shares) | shares | 1,570,772 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 4.13 |
Market Condition Restricted Stock Units [Member] | |
Restricted Stock Units Outstanding , Balance (in shares) | shares | 860,155 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 3.13 |
Restricted Stock Units, Granted in Period (in shares) | shares | 283,641 |
Restricted Stock Units Granted , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 5.38 |
Restricted Stock Units, Vested in Period (in shares) | shares | (396,279) |
Restricted Stock Units, Vested , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 2.09 |
Restricted Stock Units, Cancelled / Forfeited in Period (in shares) | shares | (20,284) |
Restricted Stock Units, Cancelled/ Forfeited , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 3.93 |
Restricted Stock Units Outstanding , Balance (in shares) | shares | 727,233 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 4.55 |
Note 8 - Capital Stock and St_5
Note 8 - Capital Stock and Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based compensation | $ 1,139 | $ 1,004 | $ 3,401 | $ 3,136 |
Continuing Operations [Member] | Cost of Sales [Member] | ||||
Share-based compensation | 0 | 32 | 88 | 83 |
Continuing Operations [Member] | Selling and Marketing Expense [Member] | ||||
Share-based compensation | 147 | 149 | 493 | 373 |
Continuing Operations [Member] | General and Administrative Expense [Member] | ||||
Share-based compensation | 919 | 790 | 2,633 | 2,593 |
Continuing Operations [Member] | Research and Development Expense [Member] | ||||
Share-based compensation | $ 73 | $ 33 | $ 187 | $ 87 |
Note 8 - Capital Stock and St_6
Note 8 - Capital Stock and Stock-based Compensation - Black Scholes Assumptions (Details) - Black Scholes Option Pricing Model [Member] - Share-Based Payment Arrangement, Option [Member] | 9 Months Ended |
Sep. 30, 2022 | |
Volatility | 63.70% |
Risk-free interest rate | 1.80% |
Correlation coefficient1 | 41.10% |
Dividend yield | 0% |
Note 8 - Capital Stock and St_7
Note 8 - Capital Stock and Stock-based Compensation - Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net loss available to common stockholders | $ (3,405) | $ (170) | $ (7,850) | $ (1,249) |
Weighted average shares outstanding - basic (in shares) | 41,637 | 40,754 | 41,353 | 40,202 |
Dilutive effect of equity awards (in shares) | 0 | 0 | 0 | 0 |
Weighted average shares outstanding - diluted (in shares) | 41,637 | 40,754 | 41,353 | 40,202 |
Basic and diluted loss per share (in dollars per share) | $ (0.08) | $ 0 | $ (0.19) | $ (0.03) |
Shares excluded from diluted loss per share due to their anti-dilutive effect (in shares) | 3,594 | 3,908 | 3,676 | 4,438 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Nov. 08, 2022 | Apr. 28, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 22, 2020 | |
Debt Issuance Costs, Net, Total | $ 910 | $ 910 | $ 1,120 | ||||||
The Credit Agreement [Member] | |||||||||
Debt Issuance Costs, Net, Total | $ 1,400 | ||||||||
Line of Credit Facility, Interest Rate During Period | 5.80% | 3.20% | 4.30% | 3.30% | |||||
Line of Credit Facility, Interest Rate at Period End | 6.40% | 6.40% | |||||||
Debt Instrument, Quarterly Payment, Current Year | $ 500 | ||||||||
Debt Instrument Quarterly Payment Next Eight Years | 750 | ||||||||
Debt Instrument, Quarterly Payment, Thereafter | $ 1,000 | ||||||||
Percentage of Consolidated Excess Cash Flow | 50% | ||||||||
Payments of Debt Restructuring Costs | $ 200 | ||||||||
The Credit Agreement [Member] | Subsequent Event [Member] | |||||||||
Payments for Debt Fees | $ 200 | ||||||||
The Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Interest Rate, State Floor Percentage | 0.50% | 0.50% | |||||||
The Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||
The Credit Agreement [Member] | Base Rate [Member] | |||||||||
Debt Instrument, Interest Rate, State Floor Percentage | 1% | 1% | |||||||
The Credit Agreement [Member] | The ABR Loan [Member] | Minimum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
The Credit Agreement [Member] | The ABR Loan [Member] | Maximum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | ||||||||
The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,000 | $ 3,000 | |||||||
Term Loan [Member] | |||||||||
Long-term Debt, Gross | $ 35,564 | $ 35,564 | $ 38,000 | ||||||
The LIBOR Loan and Pricing Grid Credit Agreement [Member] | The Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||||
The Lenders [Member] | The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | ||||||||
The Lenders [Member] | The Credit Agreement [Member] | Letter of Credit [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 | ||||||||
The Lenders [Member] | The Credit Agreement [Member] | Swingline Loan Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 | ||||||||
The Lenders [Member] | Term Loan [Member] | The Credit Agreement [Member] | |||||||||
Long-term Debt, Gross | $ 40,000 |
Note 9 - Long-term Debt - Break
Note 9 - Long-term Debt - Breakdown of Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Less: unamortized deferred financing costs | $ (910) | $ (1,120) |
Total debt | 49,254 | 48,330 |
Less: current installments | (3,000) | (3,515) |
Current unamortized deferred financing costs | 280 | 280 |
Long-term debt | 46,534 | 45,095 |
Term Loan [Member] | ||
Long-term debt, gross | 35,564 | 38,000 |
Line of Credit [Member] | ||
Long-term debt, gross | $ 14,600 | $ 11,450 |
Note 10 - Revenues (Details Tex
Note 10 - Revenues (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Contract with Customer, Liability, Revenue Recognized | $ 2.1 | $ 1.8 |
Note 10 - Revenues - Disaggrega
Note 10 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 26,922 | $ 29,663 | $ 84,908 | $ 85,849 |
Instruments, Equipment, Software, and Accessories [Member] | ||||
Revenues | 25,705 | 28,485 | 81,008 | 82,304 |
Service, Maintenance, and Warranty Contracts [Member] | ||||
Revenues | $ 1,217 | $ 1,178 | $ 3,900 | $ 3,545 |
Note 10 - Revenues - Revenue by
Note 10 - Revenues - Revenue by Geographic Destination (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total revenues | $ 26,922 | $ 29,663 | $ 84,908 | $ 85,849 |
UNITED STATES | ||||
Total revenues | 11,511 | 12,709 | 38,278 | 37,300 |
Europe [Member] | ||||
Total revenues | 7,344 | 8,366 | 22,361 | 25,569 |
CHINA | ||||
Total revenues | 6,730 | 7,161 | 19,080 | 18,588 |
Rest of the World [Member] | ||||
Total revenues | $ 1,337 | $ 1,427 | $ 5,189 | $ 4,392 |
Note 10 - Revenues - Deferred R
Note 10 - Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred revenue | $ 3,642 | $ 4,266 |
Service [Member] | ||
Deferred revenue | 1,642 | 1,976 |
Customer Advances [Member] | ||
Deferred revenue | $ 2,000 | $ 2,290 |
Note 10 - Revenues - Allowance
Note 10 - Revenues - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Balance, beginning of period | $ 136 | $ 227 |
Bad debt expense (credit) | 103 | (13) |
Charge-offs and other | (60) | (76) |
Balance, end of period | $ 179 | $ 138 |
Note 11 - Income Tax (Details T
Note 11 - Income Tax (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Expense (Benefit), Total | $ (1,285) | $ 215 | $ (437) | $ (22) |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.40% | 477.80% | 5.30% | 1.70% |
Maximum [Member] | ||||
Income Tax Expense (Benefit), Total | $ (100) |
Note 13 - Litigation Settleme_2
Note 13 - Litigation Settlement (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 10, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | |
Litigation Settlement, Expense | $ (544,000) | $ 0 | $ (233,000) | $ 0 | ||||
Series E Preferred Stock in Biostage [Member] | ||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 4,000,000 | $ 4,000,000 | ||||||
Convertible Preferred Stock [Member] | Biostage [Member] | ||||||||
Preferred Stock, Dividend Rate, Percentage | 8% | |||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1,000 | $ 1,000 | ||||||
Preferred Stock, Mandatory Conversion, Minimum Qualified Offering Amount | $ 4,000,000 | $ 4,000,000 | ||||||
Case in Suffolk Superior Court [Member] | ||||||||
Loss Contingency, Estimate of Possible Loss | $ 5,200,000 | |||||||
Legal Fees | $ 300,000 | |||||||
Litigation Settlement, Expense | $ (4,900,000) | |||||||
Case in Suffolk Superior Court [Member] | Convertible Preferred Stock [Member] | ||||||||
Stock Issued During Period, Shares, Issued For Settlement (in shares) | 4,000 | |||||||
Stock Issued During Period, Value, Issued for Settlement | $ 4,000,000 | |||||||
Estimated Litigation Liability | $ 500,000 | $ 500,000 |