Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 20, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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, $0.01 par value | |
Trading Symbol | HBIO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,190,043 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 3,789 | $ 4,508 |
Accounts receivable, net | 17,737 | 16,705 |
Inventories | 26,861 | 26,439 |
Other current assets | 4,062 | 3,472 |
Total current assets | 52,449 | 51,124 |
Property, plant and equipment, net | 3,424 | 3,366 |
Operating lease right-of-use assets | 5,505 | 5,816 |
Goodwill | 56,618 | 56,260 |
Intangible assets, net | 19,641 | 21,014 |
Other long-term assets | 7,941 | 7,780 |
Total assets | 145,578 | 145,360 |
Current liabilities: | ||
Current portion of long-term debt | 2,970 | 3,811 |
Current portion of operating lease liabilities | 2,130 | 2,135 |
Accounts payable | 5,978 | 6,447 |
Deferred revenue | 4,121 | 3,370 |
Other current liabilities | 8,018 | 7,486 |
Total current liabilities | 23,217 | 23,249 |
Long-term debt, net | 41,083 | 43,013 |
Deferred tax liability | 546 | 590 |
Operating lease liabilities | 4,938 | 5,282 |
Other long-term liabilities | 1,454 | 1,006 |
Total liabilities | 71,238 | 73,140 |
Commitments and contingencies - Note 13 | ||
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: 42,190,043 shares issued and outstanding at March 31, 2023; 42,081,707 shares issued and outstanding at December 31, 2022 | 455 | 454 |
Additional paid-in-capital | 230,108 | 229,008 |
Accumulated deficit | (141,568) | (142,190) |
Accumulated other comprehensive loss | (14,655) | (15,052) |
Total stockholders' equity | 74,340 | 72,220 |
Total liabilities and stockholders' equity | $ 145,578 | $ 145,360 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
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) | 42,190,043 | 42,081,707 |
Common stock, shares outstanding (in shares) | 42,190,043 | 42,081,707 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 29,975 | $ 28,778 |
Cost of revenues | 11,629 | 12,601 |
Gross profit | 18,346 | 16,177 |
Sales and marketing expenses | 5,978 | 6,687 |
General and administrative expenses | 6,334 | 6,325 |
Research and development expenses | 2,897 | 3,220 |
Amortization of intangible assets | 1,388 | 1,466 |
Settlement of litigation, net - Note 14 | 0 | 5,191 |
Total operating expenses | 16,597 | 22,889 |
Operating income (loss) | (1,749) | 6,712 |
Other expense: | ||
Interest expense | (974) | (384) |
Other income, net | 432 | 78 |
Total other expense | (542) | (306) |
Income (loss) before income taxes | 1,207 | (7,018) |
Income tax expense (benefit) | 585 | (138) |
Net income (loss) | $ 622 | $ (6,880) |
Income (loss) per share: | ||
Basic income (loss) per share (in dollars per share) | $ 0.01 | $ (0.17) |
Diluted income (loss) per share (in dollars per share) | $ 0.01 | $ (0.17) |
Weighted-average common shares: | ||
Basic (in shares) | 42,119 | 41,219 |
Diluted (in shares) | 42,783 | 41,219 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) | $ 622 | $ (6,880) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 837 | (699) |
Derivatives qualifying as hedges, net of tax | (440) | 0 |
Other comprehensive income (loss) | 397 | (699) |
Comprehensive income (loss) | $ 1,019 | $ (7,579) |
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, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 41,143,000 | |||||
Balance at Dec. 31, 2021 | $ 452 | $ 225,650 | $ (132,674) | $ (10,027) | $ 83,401 | |
Stock option exercises (in shares) | 11,000 | |||||
Stock option exercises | $ 0 | 31 | 0 | 0 | 31 | |
Vesting of restricted stock units (in shares) | 151,000 | |||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | |
Shares withheld for taxes (in shares) | 64,000 | |||||
Shares withheld for taxes | $ 0 | (501) | 0 | 0 | (501) | |
Stock-based compensation expense | 0 | 1,023 | 0 | 0 | 1,023 | |
Net income (loss) | 0 | 0 | (6,880) | 0 | (6,880) | $ (6,880) |
Other comprehensive income | $ 0 | 0 | 0 | (699) | (699) | (699) |
Shares withheld for taxes (in shares) | (64,000) | |||||
Balance (in shares) at Mar. 31, 2022 | 41,241,000 | |||||
Balance at Mar. 31, 2022 | $ 452 | 226,203 | (139,554) | (10,726) | 76,375 | |
Balance (in shares) at Dec. 31, 2022 | 42,082,000 | |||||
Balance at Dec. 31, 2022 | $ 454 | 229,008 | (142,190) | (15,052) | 72,220 | $ 72,220 |
Stock option exercises (in shares) | 39,000 | 39,618 | ||||
Stock option exercises | $ 1 | 103 | 0 | 0 | 104 | |
Vesting of restricted stock units (in shares) | 125,000 | |||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | |
Shares withheld for taxes (in shares) | (56,000) | |||||
Shares withheld for taxes | $ 0 | (156) | 0 | 0 | (156) | |
Stock-based compensation expense | 0 | 1,153 | 0 | 0 | 1,153 | |
Net income (loss) | 0 | 0 | 622 | 0 | 622 | $ 622 |
Other comprehensive income | $ 0 | 0 | 0 | 397 | 397 | 397 |
Shares withheld for taxes (in shares) | 56,000 | |||||
Balance (in shares) at Mar. 31, 2023 | 42,190,000 | |||||
Balance at Mar. 31, 2023 | $ 455 | $ 230,108 | $ (141,568) | $ (14,655) | $ 74,340 | $ 74,340 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 622 | $ (6,880) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 333 | 382 |
Amortization of intangible assets | 1,388 | 1,466 |
Amortization of deferred financing costs | 70 | 70 |
Stock-based compensation expense | 1,153 | 1,023 |
Deferred income taxes and other | (55) | (123) |
Gain on sale of product line | (403) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (923) | 1,506 |
Inventories | (292) | (1,308) |
Other assets | (308) | (466) |
Accounts payable and accrued expenses | (150) | 2,729 |
Deferred revenue | 741 | (300) |
Other liabilities | (364) | (85) |
Net cash provided by (used in) operating activities | 1,812 | (1,986) |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (224) | (471) |
Proceeds from sale of product line | 512 | 0 |
Net cash provided by (used in) investing activities | 288 | (471) |
Cash flows from financing activities: | ||
Borrowing on bank line of credit | 1,500 | 1,500 |
Repayment on bank line of credit | (2,500) | 0 |
Repayment of term debt | (1,841) | (936) |
Proceeds from exercise of stock options and employee stock purchase plan | 104 | 31 |
Taxes paid related to net share settlement of equity awards | (156) | (501) |
Net cash (used in) provided by financing activities | (2,893) | 94 |
Effect of exchange rate changes on cash | 74 | (25) |
Decrease in cash and cash equivalents | (719) | (2,388) |
Cash and cash equivalents at beginning of period | 4,508 | 7,821 |
Cash and cash equivalents at end of period | 3,789 | 5,433 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 1,172 | 383 |
Cash paid for income taxes, net of refunds | $ (134) | $ 107 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies, and Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 three March 31, 2023 2022, December 31, 2022, not not 10 December 31, 2022. In the opinion of management, all adjustments, which include normal recurring adjustments necessary to present a fair statement of financial position as of March 31, 2023, three March 31, 2023 2022, three March 31, 2023, not The accounting policies underlying the accompanying unaudited consolidated financial statements are set forth in Note 2 10 December 31, 2022. no three March 31, 2023. Risks and Uncertainties 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, 19 2022. The Company believes that these global economic uncertainties and supply chain trends will continue through 2023. 19 |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Recently Issued Accounting Pronouncements In January 2017, 2017 04, 350 2017 04” 2 2017 04 December 15, 2022. 2016 13 January 1, 2023 no 2017 04. In September 2016, No. 2016 13, 326 2016 13’ may 2016 13 2016 13 December 15, 2022, 2016 13 January 1, 2023 |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Goodwill and Intangible Assets The change in the carrying amount of goodwill for the three March 31, 2023 (in thousands) Carrying amount at December 31, 2022 $ 56,260 Effect of change in currency translation 358 Carrying amount at March 31, 2023 $ 56,618 Identifiable intangible assets at March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 (in thousands) Average Accumulated Accumulated Amortizable intangible assets: Life* Gross Amortization Net Gross Amortization Net Distribution agreements/customer relationships 7.0 $ 16,226 $ (9,086 ) $ 7,140 $ 16,124 $ (8,727 ) $ 7,397 Existing technology 3.0 37,365 (27,196 ) 10,169 37,549 (26,482 ) 11,067 Trade names and patents 3.5 7,558 (5,428 ) 2,130 7,523 (5,197 ) 2,326 Total amortizable intangible assets $ 61,149 $ (41,710 ) $ 19,439 $ 61,196 $ (40,406 ) $ 20,790 Indefinite-lived intangible assets: 202 224 Total intangible assets $ 19,641 $ 21,014 *Weighted average life in years as of March 31, 2023 Intangible asset amortization expense was $1.4 million and $1.5 million for the three March 31, 2023 2022, five March 31, 2023, (in thousands) 2023 (remainder of the year) $ 4,169 2024 5,260 2025 4,023 2026 2,362 2027 1,265 2028 1,018 Thereafter 1,342 Total $ 19,439 |
Note 4 - Balance Sheet Informat
Note 4 - Balance Sheet Information | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, December 31, (in thousands) 2023 2022 Finished goods $ 5,144 $ 5,223 Work in process 3,660 3,776 Raw materials 18,057 17,440 Total $ 26,861 $ 26,439 Other Current Liabilities: March 31, December 31, (in thousands) 2023 2022 Compensation $ 3,154 $ 3,476 Professional fees 589 392 Warranty costs 279 268 Customer credits 2,204 2,368 Accrued income taxes 700 - Other 1,092 982 Total $ 8,018 $ 7,486 |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 5. Related Party Transactions In connection with the 2014 2021. December 31, 2024. three March 31, 2023 2022. |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. Leases The Company has noncancelable operating leases for offices, manufacturing facilities, warehouse space, automobiles and equipment expiring at various dates through 2030. The components of lease expense for the three March 31, 2023 2022, Three Months Ended March 31, (in thousands) 2023 2022 Operating lease cost $ 543 $ 504 Short-term lease cost 67 64 Sublease income (25 ) (25 ) Total lease cost $ 585 $ 543 Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended March 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: $ 653 $ 594 Right-of-use assets obtained in exchange for lease obligations: $ - $ 39 Supplemental balance sheet information related to the Company’s operating leases are as follows: March 31, December 31, (in thousands) 2023 2022 Operating lease right-of-use assets $ 5,505 $ 5,816 Current portion, operating lease liabilities $ 2,130 $ 2,135 Operating lease liabilities, long-term 4,938 5,282 Total operating lease liabilities $ 7,068 $ 7,417 Weighted average remaining lease term (years) 6.1 6.2 Weighted average discount rate 9.4 % 9.4 % Future minimum lease payments for operating leases, with initial terms in excess of one March 31, 2023, Year Ending December 31, (in thousands) 2023 (remainder of the year) $ 1,605 2024 1,803 2025 1,065 2026 1,022 2027 1,035 Thereafter 2,965 Total lease payments 9,495 Less imputed interest (2,427 ) Total operating lease liabilities $ 7,068 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 7. Long-Term Debt As of March 31, 2023 December 31, 2022, March 31, December 31, (in thousands) 2023 2022 Long-term debt: Term loan $ 32,973 $ 34,814 Revolving line 11,850 12,850 Less: unamortized deferred financing costs (770 ) (840 ) Total debt 44,053 46,824 Less: current portion of long-term debt (3,250 ) (4,091 ) Current unamortized deferred financing costs 280 280 Long-term debt $ 41,083 $ 43,013 On December 22, 2020, none December 22, 2025. March 31, 2023 April 2022 November 2022 Borrowings under the amended Credit Facility will, at the option of the Company, bear interest at either (i) a rate per annum based on the Secured Overnight Financing Rate (“SOFR”) for an interest period of one, two, three six no The effective interest rate on the Company borrowings for the three March 31, 2023 2022, March 31, 2023, The term loans amortize in quarterly installments of $0.75 million per quarter for each of the next three seven ninety may December 31, 2022, March 31, 2023. The Credit Agreement, as amended, includes customary affirmative, negative, and financial covenants binding on the Company. The negative covenants limit the ability of the Company, among other things, to incur debt, incur liens, make investments, sell assets and pay dividends on its capital stock. The financial covenants include a maximum consolidated net leverage ratio and a minimum consolidated fixed charge coverage ratio. The Credit Agreement, as amended, also includes customary events of default. On April 28, 2022, “April 2022 14 April 2022 On November 8, 2022, “November 2022 November 2022 The Company was in compliance with the covenants of the Credit Agreement, as amended, as of March 31, 2023. |
Note 8 - Derivatives
Note 8 - Derivatives | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | 8. Derivatives The Company monitors interest rate risk attributable to both its outstanding and forecasted debt obligations by the use of cash flow sensitivity analysis which estimates the expected impact of changes in interest rates on the Company’s future cash. 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 By using derivative financial instruments to hedge exposure 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 On February 28, 2023, March 31, 2023 December 22, 2025. not 7 may no The following table presents the notional amount and fair value of the Company’s derivative instruments as of March 31, 2023: (in thousands) March 31, 2023 Derivatives instruments Balance sheet classification Notional Amount Fair Value (a) Interest rate swaps Other long term liabilities $ 31,841 $ (440 ) (a) See Note 9 The portion of the interest rate swap that was reclassified to interest expense from accumulated other comprehensive loss for the three March 31, 2023 not |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value Measurements 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 March 31, 2023 Assets (Liabilities) Level 1 Level 2 Level 3 Total Equity securities - common stock $ 206 $ - $ - $ 206 Interest rate swap agreements $ - $ (440 ) $ - $ (440 ) The Company uses the market approach technique to value its financial liabilities. The Company’s financial assets and liabilities carried at fair value include, when applicable, investments in common stock and derivative instruments used to hedge the Company’s interest rate risks. The fair value of the Company’s investment in common stock was based on the closing price per the OTCQB Marketplace at the reporting date. The fair value of the Company’s interest rate swap agreements was based on SOFR yield curves at the reporting date. |
Note 10 - Capital Stock and Sto
Note 10 - Capital Stock and Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | 10. 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 (“PRSUs”) and shares issued under the Company’s employee stock purchase plan (the “ESPP”). Activity under the Company’s equity incentive plans for the three March 31, 2023 Weighted Stock Average Options Exercise RSUs Grant Date PRSUs Grant Date Outstanding Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2022 1,238,776 $ 3.15 1,093,801 $ 3.94 646,235 $ 4.51 Granted - - 1,177,391 2.51 558,958 2.61 Exercised (39,618 ) 2.63 - - - - Vested (RSUs) - - (125,036 ) 1.93 - - Cancelled/Forfeited (29,201 ) 2.99 (3,122 ) 5.54 - - Balance at March 31, 2023 1,169,957 $ 3.17 2,143,034 $ 3.27 1,205,193 $ 3.63 Stock-based compensation expense related to stock options, RSUs, PRSUs, and the ESPP for the three March 31, 2023 2022 Three Months Ended March 31, (in thousands) 2023 2022 Cost of revenues $ 69 $ 36 Sales and marketing expenses 145 154 General and administrative expenses 869 791 Research and development expenses 70 42 Total stock-based compensation expenses $ 1,153 $ 1,023 As of March 31, 2023, not not The weighted average estimated fair value of PRSUs that were granted during the three March 31, 2023 three March 31, 2023 2023 Volatility 56.8 % Risk-free interest rate 4.6 % Correlation coefficient 41.7 % 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, RSUs, and PRSUs 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 March 31, (in thousands) 2023 2022 Weighted average shares outstanding - basic 42,119 41,219 Dilutive effect of equity awards 664 - Weighted average shares outstanding - diluted 42,783 41,219 Shares excluded from diluted loss per share due to their anti-dilutive effect 1,167 3,505 |
Note 11 - Revenues
Note 11 - Revenues | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 11. Revenues The following tables represent a disaggregation of revenue from contracts with customers for the three March 31, 2023 2022: Three Months Ended March 31, (in thousands) 2023 2022 Instruments, equipment, software and accessories $ 28,493 $ 27,538 Service, maintenance and warranty contracts 1,482 1,240 Total revenues $ 29,975 $ 28,778 The following tables represent a disaggregation of revenue by geographic destination for the three March 31, 2023 2022: Three Months Ended March 31, (in thousands) 2023 2022 United States $ 12,302 $ 12,239 Europe 7,441 7,823 Hong Kong 3,508 1,706 Rest of Asia 5,273 5,027 Rest of the world 1,451 1,983 Total revenues $ 29,975 $ 28,778 Concentrations No 10% three March 31, 2023 2022. March 31, 2023 December 21, 2022, no 10% Deferred Revenue The following tables provide details of deferred revenue as of the periods indicated: March 31, December 31, (in thousands) 2023 2022 Service contracts $ 2,179 $ 1,530 Customer advances 1,942 1,840 Total deferred revenue $ 4,121 $ 3,370 During the three March 31, 2023 2022, December 31, 2022 2021, Allowance for Expected Credit Losses on Receivables The allowance for expected credit losses on receivables is used to present accounts receivable, net at an amount that represents the Company’s estimate of the related transaction price recognized as revenue. The allowance represents an estimate of expected credit losses over the lifetime of the receivables, even if the loss is considered remote, and reflects expected recoveries of amounts previously written-off. The Company estimates the allowance on the basis of specifically identified receivables that are evaluated individually for impairment and an analysis of the remaining receivables determined by reference to past default experience. The Company considers the need to adjust historical information to reflect the extent to which current conditions and reasonable forecasts are expected to differ from the conditions that existed for the historical period considered. Losses on receivables have not Management judgments are used to determine when to charge off uncollectible trade accounts receivable. The Company bases these judgments on the age of the receivable, credit quality of the customer, current economic conditions, and other factors that may not Activity in the allowance for expected losses on receivables is as follows: Three Months Ended March 31, (in thousands) 2023 2022 Balance, beginning of period $ 191 $ 136 Bad debt (credit) (3 ) (6 ) Charge-offs and other (21 ) 6 Balance, end of period $ 167 $ 136 |
Note 12 - Income Tax
Note 12 - Income Tax | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Tax The determination of the annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pretax income in each tax jurisdiction in which the Company operates and the development of tax planning strategies during the year. In addition, as a global commercial enterprise, the Company’s tax expense can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions. Income tax expense (benefit) was $0.6 million and $(0.1) million for the three March 31, 2023 2022, three March 31, 2023 2022 2023 2022 21% |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Commitments and Contingent Liabilities On April 27, 2022, 14 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 In addition, the Company has entered into indemnification agreements with its directors. It is not not March 31, 2023. The Company is also subject to unclaimed property laws in the ordinary course of its business. State escheat laws generally require entities to report and remit abandoned and unclaimed property to the state. Failure to timely report and remit the property can result in assessments that could include interest and penalties, in addition to the payment of the escheat liability itself. The Company is currently undergoing unclaimed property audits conducted by three not March 31, 2023. |
Note 14 - Litigation Settlement
Note 14 - Litigation Settlement | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 14. Litigation Settlement On April 14, 2017, 2013, third one two third 2012 2013. On April 27, 2022, not During the three March 31, 2022, During the three June 30, 2022 September 30, 2022, June 10, 2022, The Series E Preferred Stock ranks senior to all classes of common stock of Biostage and all classes of preferred stock of Biostage (unless the Company consents to Biostage’s issuance of other preferred stock that is senior to or pari passu with the Series E Preferred Stock) and accrues dividends at a rate of 8% per annum that are payable in additional shares of Series E Preferred Stock. Each share of Series E Preferred Stock is convertible at any time at the option of the Company into such number of shares of Biostage common stock determined by dividing (a) the $1,000 face value of the Series E Preferred Stock plus all accrued and unpaid dividends thereon by (b) the average of the volume weighted average trading prices of Biostage’s common stock, which is currently quoted on the OTCQB Marketplace, for the 60 first first During the three March 31, 2023, March 31, 2023. The book value of the shares of Series E Preferred Stock, inclusive of accrued dividends, as of March 31, 2023 321 March 31, 2023, no no |
Note 15 - Product Line Disposit
Note 15 - Product Line Disposition | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 15. Product Line Disposition On February 17, 2023, three March 31, 2023. three March 31, 2023 2022 not |
Note 16 - Subsequent Event - Co
Note 16 - Subsequent Event - Conversion of Biostage Series E Preferred Stock to Common Stock | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. Subsequent Event - Conversion of Biostage Series E Preferred Stock to Common Stock On April 6, 2023, 14 On April 6, 2023, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 three March 31, 2023 2022, December 31, 2022, not not 10 December 31, 2022. In the opinion of management, all adjustments, which include normal recurring adjustments necessary to present a fair statement of financial position as of March 31, 2023, three March 31, 2023 2022, three March 31, 2023, not The accounting policies underlying the accompanying unaudited consolidated financial statements are set forth in Note 2 10 December 31, 2022. no three March 31, 2023. |
Risks and Uncertainties Policy [Policy Text Block] | Risks and Uncertainties 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, 19 2022. The Company believes that these global economic uncertainties and supply chain trends will continue through 2023. 19 |
Note 3 - Goodwill and Intangi_2
Note 3 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Carrying amount at December 31, 2022 $ 56,260 Effect of change in currency translation 358 Carrying amount at March 31, 2023 $ 56,618 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2023 December 31, 2022 (in thousands) Average Accumulated Accumulated Amortizable intangible assets: Life* Gross Amortization Net Gross Amortization Net Distribution agreements/customer relationships 7.0 $ 16,226 $ (9,086 ) $ 7,140 $ 16,124 $ (8,727 ) $ 7,397 Existing technology 3.0 37,365 (27,196 ) 10,169 37,549 (26,482 ) 11,067 Trade names and patents 3.5 7,558 (5,428 ) 2,130 7,523 (5,197 ) 2,326 Total amortizable intangible assets $ 61,149 $ (41,710 ) $ 19,439 $ 61,196 $ (40,406 ) $ 20,790 Indefinite-lived intangible assets: 202 224 Total intangible assets $ 19,641 $ 21,014 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2023 (remainder of the year) $ 4,169 2024 5,260 2025 4,023 2026 2,362 2027 1,265 2028 1,018 Thereafter 1,342 Total $ 19,439 |
Note 4 - Balance Sheet Inform_2
Note 4 - Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories: March 31, December 31, (in thousands) 2023 2022 Finished goods $ 5,144 $ 5,223 Work in process 3,660 3,776 Raw materials 18,057 17,440 Total $ 26,861 $ 26,439 |
Other Current Liabilities [Table Text Block] | Other Current Liabilities: March 31, December 31, (in thousands) 2023 2022 Compensation $ 3,154 $ 3,476 Professional fees 589 392 Warranty costs 279 268 Customer credits 2,204 2,368 Accrued income taxes 700 - Other 1,092 982 Total $ 8,018 $ 7,486 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 Operating lease cost $ 543 $ 504 Short-term lease cost 67 64 Sublease income (25 ) (25 ) Total lease cost $ 585 $ 543 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: $ 653 $ 594 Right-of-use assets obtained in exchange for lease obligations: $ - $ 39 |
Supplemental Balance Sheet Informaton Related to Operating Leases [Table Text Block] | March 31, December 31, (in thousands) 2023 2022 Operating lease right-of-use assets $ 5,505 $ 5,816 Current portion, operating lease liabilities $ 2,130 $ 2,135 Operating lease liabilities, long-term 4,938 5,282 Total operating lease liabilities $ 7,068 $ 7,417 Weighted average remaining lease term (years) 6.1 6.2 Weighted average discount rate 9.4 % 9.4 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending December 31, (in thousands) 2023 (remainder of the year) $ 1,605 2024 1,803 2025 1,065 2026 1,022 2027 1,035 Thereafter 2,965 Total lease payments 9,495 Less imputed interest (2,427 ) Total operating lease liabilities $ 7,068 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, December 31, (in thousands) 2023 2022 Long-term debt: Term loan $ 32,973 $ 34,814 Revolving line 11,850 12,850 Less: unamortized deferred financing costs (770 ) (840 ) Total debt 44,053 46,824 Less: current portion of long-term debt (3,250 ) (4,091 ) Current unamortized deferred financing costs 280 280 Long-term debt $ 41,083 $ 43,013 |
Note 8 - Derivatives (Tables)
Note 8 - Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | (in thousands) March 31, 2023 Derivatives instruments Balance sheet classification Notional Amount Fair Value (a) Interest rate swaps Other long term liabilities $ 31,841 $ (440 ) |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value as of March 31, 2023 Assets (Liabilities) Level 1 Level 2 Level 3 Total Equity securities - common stock $ 206 $ - $ - $ 206 Interest rate swap agreements $ - $ (440 ) $ - $ (440 ) |
Note 10 - Capital Stock and S_2
Note 10 - Capital Stock and Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule Of Stock Options And Restricted Stock Units Activity Roll forward [Table Text Block] | Weighted Stock Average Options Exercise RSUs Grant Date PRSUs Grant Date Outstanding Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2022 1,238,776 $ 3.15 1,093,801 $ 3.94 646,235 $ 4.51 Granted - - 1,177,391 2.51 558,958 2.61 Exercised (39,618 ) 2.63 - - - - Vested (RSUs) - - (125,036 ) 1.93 - - Cancelled/Forfeited (29,201 ) 2.99 (3,122 ) 5.54 - - Balance at March 31, 2023 1,169,957 $ 3.17 2,143,034 $ 3.27 1,205,193 $ 3.63 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 Cost of revenues $ 69 $ 36 Sales and marketing expenses 145 154 General and administrative expenses 869 791 Research and development expenses 70 42 Total stock-based compensation expenses $ 1,153 $ 1,023 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 Weighted average shares outstanding - basic 42,119 41,219 Dilutive effect of equity awards 664 - Weighted average shares outstanding - diluted 42,783 41,219 Shares excluded from diluted loss per share due to their anti-dilutive effect 1,167 3,505 |
Black Scholes Option Pricing Model [Member] | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 Volatility 56.8 % Risk-free interest rate 4.6 % Correlation coefficient 41.7 % Dividend yield - % |
Note 11 - Revenues (Tables)
Note 11 - Revenues (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 Instruments, equipment, software and accessories $ 28,493 $ 27,538 Service, maintenance and warranty contracts 1,482 1,240 Total revenues $ 29,975 $ 28,778 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 United States $ 12,302 $ 12,239 Europe 7,441 7,823 Hong Kong 3,508 1,706 Rest of Asia 5,273 5,027 Rest of the world 1,451 1,983 Total revenues $ 29,975 $ 28,778 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, (in thousands) 2023 2022 Service contracts $ 2,179 $ 1,530 Customer advances 1,942 1,840 Total deferred revenue $ 4,121 $ 3,370 |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 Balance, beginning of period $ 191 $ 136 Bad debt (credit) (3 ) (6 ) Charge-offs and other (21 ) 6 Balance, end of period $ 167 $ 136 |
Note 3 - Goodwill and Intangi_3
Note 3 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Amortization of Intangible Assets | $ 1,388 | $ 1,466 |
Note 3 - Goodwill and Intangi_4
Note 3 - Goodwill and Intangible Assets - Change in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Carrying amount at December 31, 2022 | $ 56,260 |
Effect of change in currency translation | 358 |
Carrying amount at March 31, 2023 | $ 56,618 |
Note 3 - Goodwill and Intangi_5
Note 3 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Gross | $ 61,149 | $ 61,196 | |
Total amortizable intangible assets | (41,710) | (40,406) | |
Finite-Lived Intangible Assets, Net | 19,439 | 20,790 | |
Indefinite-lived intangible assets: | 202 | 224 | |
Total intangible assets, Net | $ 19,641 | 21,014 | |
Distribution Agreements/Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 7 years | |
Finite-Lived Intangible Assets, Gross | $ 16,226 | 16,124 | |
Total amortizable intangible assets | (9,086) | (8,727) | |
Finite-Lived Intangible Assets, Net | $ 7,140 | 7,397 | |
Existing Technology [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 3 years | |
Finite-Lived Intangible Assets, Gross | $ 37,365 | 37,549 | |
Total amortizable intangible assets | (27,196) | (26,482) | |
Finite-Lived Intangible Assets, Net | $ 10,169 | 11,067 | |
Trade Names and Patents [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 3 years 6 months | |
Finite-Lived Intangible Assets, Gross | $ 7,558 | 7,523 | |
Total amortizable intangible assets | (5,428) | (5,197) | |
Finite-Lived Intangible Assets, Net | $ 2,130 | $ 2,326 | |
[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 | Mar. 31, 2023 | Dec. 31, 2022 |
2024 | $ 5,260 | |
2025 | 4,023 | |
2026 | 2,362 | |
2027 | 1,265 | |
2028 | 1,018 | |
Thereafter | 1,342 | |
Total | $ 19,439 | $ 20,790 |
Note 4 - Balance Sheet Inform_3
Note 4 - Balance Sheet Information - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finished goods | $ 5,144 | $ 5,223 |
Work in process | 3,660 | 3,776 |
Raw materials | 18,057 | 17,440 |
Total | $ 26,861 | $ 26,439 |
Note 4 - Balance Sheet Inform_4
Note 4 - Balance Sheet Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Compensation | $ 3,154 | $ 3,476 |
Professional fees | 589 | 392 |
Warranty costs | 279 | 268 |
Customer credits | 2,204 | 2,368 |
Accrued income taxes | 700 | 0 |
Other | 1,092 | 982 |
Total | $ 8,018 | $ 7,486 |
Note 5 - Related Party Transa_2
Note 5 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
The Multi Channel Systems Facility and Triangle BioSystems Lease Agreements [Member] | ||
Operating Lease, Expense | $ 0.1 | $ 0.1 |
Note 6 - Leases - Lease Expense
Note 6 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating lease cost | $ 543 | $ 504 |
Short-term lease cost | 67 | 64 |
Sublease income | (25) | (25) |
Total lease cost | $ 585 | $ 543 |
Note 6- Leases - Supplemental C
Note 6- Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | $ 653 | $ 594 |
Right-of-use assets obtained in exchange for lease obligations: | $ 0 | $ 39 |
Note 6 - Leases - Supplemental
Note 6 - Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets | $ 5,505 | $ 5,816 |
Current portion, operating lease liabilities | 2,130 | 2,135 |
Operating lease liabilities, long-term | 4,938 | 5,282 |
Total operating lease liabilities | $ 7,068 | $ 7,417 |
Weighted average remaining lease term (years) (Year) | 6 years 1 month 6 days | 6 years 2 months 12 days |
Weighted average discount rate | 9.40% | 9.40% |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
2023 (remainder of the year) | $ 1,605 | |
2024 | 1,803 | |
2025 | 1,065 | |
2026 | 1,022 | |
2027 | 1,035 | |
Thereafter | 2,965 | |
Total lease payments | 9,495 | |
Less imputed interest | (2,427) | |
Total operating lease liabilities | $ 7,068 | $ 7,417 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Nov. 08, 2022 | Apr. 28, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Mar. 31, 2021 | Dec. 22, 2020 | |
Debt Issuance Costs, Net, Total | $ 770 | $ 840 | |||||
The Credit Agreement [Member] | |||||||
Debt Issuance Costs, Net, Total | $ 1,400 | ||||||
Line of Credit Facility, Interest Rate During Period | 7.90% | 3.10% | |||||
Line of Credit Facility, Interest Rate at Period End | 8% | ||||||
Debt Instrument Quarterly Payment Next Eight Years | $ 750 | ||||||
Debt Instrument, Quarterly Payment, Thereafter | 1,000 | ||||||
Percentage of Consolidated Excess Cash Flow | 50% | ||||||
Debt Instrument, Current Maturities, Excess Cash Flow Sweep | $ 1,100 | ||||||
Payments of Debt Restructuring Costs | $ 200 | ||||||
Payments for Debt Fees | $ 200 | ||||||
The Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Debt Instrument, Interest Rate, State Floor Percentage | 0.50% | ||||||
The Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [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% | ||||||
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 | 10,500 | ||||||
Term Loan [Member] | |||||||
Long-term Debt, Gross | $ 32,973 | $ 34,814 | |||||
The SOFR Loan and Pricing Grid Credit Agreement [Member] | The Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [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 7 - Long-term Debt - Break
Note 7 - Long-term Debt - Breakdown of Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Less: unamortized deferred financing costs | $ (770) | $ (840) |
Total debt | 44,053 | 46,824 |
Less: current portion of long-term debt | (3,250) | (4,091) |
Current unamortized deferred financing costs | 280 | 280 |
Long-term debt | 41,083 | 43,013 |
Term Loan [Member] | ||
Long-term debt, gross | 32,973 | 34,814 |
Line of Credit [Member] | ||
Long-term debt, gross | $ 11,850 | $ 12,850 |
Note 8 - Derivatives (Details T
Note 8 - Derivatives (Details Textual) $ in Thousands | Mar. 31, 2023 USD ($) |
The Credit Agreement [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% |
Interest Rate Swap [Member] | |
Derivative, Notional Amount | $ 31,841 |
Note 8 - Derivatives - Derivati
Note 8 - Derivatives - Derivative Instruments (Details) - Interest Rate Swap [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Interest rate swaps, notional amount | $ 31,841 |
Interest rate swaps, fair value | $ (440) |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Equity securities - common stock | $ 206 |
Interest Rate Swap [Member] | |
Derivative liabilities | (440) |
Fair Value, Inputs, Level 1 [Member] | |
Equity securities - common stock | 206 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |
Derivative liabilities | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Equity securities - common stock | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |
Derivative liabilities | (440) |
Fair Value, Inputs, Level 3 [Member] | |
Equity securities - common stock | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |
Derivative liabilities | $ 0 |
Note 10 - Capital Stock and S_3
Note 10 - Capital Stock and Stock-based Compensation (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 8.4 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 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 | $ 2.61 |
Note 10 - Capital Stock and S_4
Note 10 - Capital Stock and Stock-based Compensation - Stock Option and Restricted Stock Unit Activity (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Opening Balance, Stock Options Outstanding (in shares) | shares | 1,238,776 |
Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 3.15 |
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 | (39,618) |
Options, exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 2.63 |
Options, Cancelled / Forfeited in Period (in shares) | shares | (29,201) |
Options, Cancelled / Forfeited, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 2.99 |
Opening Balance, Stock Options Outstanding (in shares) | shares | 1,169,957 |
Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 3.17 |
Restricted Stock Units (RSUs) [Member] | |
Restricted Stock Units Outstanding , Balance (in shares) | shares | 1,093,801 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 3.94 |
Restricted Stock Units, Granted in Period (in shares) | shares | 1,177,391 |
Restricted Stock Units Granted , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 2.51 |
Restricted Stock Units, Vested in Period (in shares) | shares | (125,036) |
Restricted Stock Units, Vested , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 1.93 |
Restricted Stock Units, Cancelled / Forfeited in Period (in shares) | shares | (3,122) |
Restricted Stock Units, Cancelled/ Forfeited , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 5.54 |
Restricted Stock Units Outstanding , Balance (in shares) | shares | 2,143,034 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 3.27 |
Market Condition Restricted Stock Units [Member] | |
Restricted Stock Units Outstanding , Balance (in shares) | shares | 646,235 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 4.51 |
Restricted Stock Units, Granted in Period (in shares) | shares | 558,958 |
Restricted Stock Units Granted , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 2.61 |
Restricted Stock Units, Vested in Period (in shares) | shares | 0 |
Restricted Stock Units, Vested , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 0 |
Restricted Stock Units, Cancelled / Forfeited in Period (in shares) | shares | 0 |
Restricted Stock Units, Cancelled/ Forfeited , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 0 |
Restricted Stock Units Outstanding , Balance (in shares) | shares | 1,205,193 |
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 3.63 |
Note 10 - Capital Stock and S_5
Note 10 - Capital Stock and Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based compensation | $ 1,153 | $ 1,023 |
Continuing Operations [Member] | Cost of Sales [Member] | ||
Share-based compensation | 69 | 36 |
Continuing Operations [Member] | Selling and Marketing Expense [Member] | ||
Share-based compensation | 145 | 154 |
Continuing Operations [Member] | General and Administrative Expense [Member] | ||
Share-based compensation | 869 | 791 |
Continuing Operations [Member] | Research and Development Expense [Member] | ||
Share-based compensation | $ 70 | $ 42 |
Note 10 - Capital Stock and S_6
Note 10 - Capital Stock and Stock-based Compensation - Black Scholes Assumptions (Details) - Black Scholes Option Pricing Model [Member] - Share-Based Payment Arrangement, Option [Member] | 3 Months Ended |
Mar. 31, 2023 | |
Volatility | 56.80% |
Risk-free interest rate | 4.60% |
Correlation coefficient | 41.70% |
Dividend yield | 0% |
Note 10 - Capital Stock and S_7
Note 10 - Capital Stock and Stock-based Compensation - Earnings (Loss) Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Weighted average shares outstanding - basic (in shares) | 42,119 | 41,219 |
Dilutive effect of equity awards (in shares) | 664 | 0 |
Weighted average shares outstanding - diluted (in shares) | 42,783 | 41,219 |
Shares excluded from diluted loss per share due to their anti-dilutive effect (in shares) | 1,167 | 3,505 |
Note 11 - Revenues (Details Tex
Note 11 - Revenues (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Contract with Customer, Liability, Revenue Recognized | $ 1 | $ 0.7 |
Note 11 - Revenues - Disaggrega
Note 11 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 29,975 | $ 28,778 |
Instruments, Equipment, Software, and Accessories [Member] | ||
Revenues | 28,493 | 27,538 |
Service, Maintenance, and Warranty Contracts [Member] | ||
Revenues | $ 1,482 | $ 1,240 |
Note 11 - Revenues - Revenue by
Note 11 - Revenues - Revenue by Geographic Destination (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total revenues | $ 29,975 | $ 28,778 |
UNITED STATES | ||
Total revenues | 12,302 | 12,239 |
Europe [Member] | ||
Total revenues | 7,441 | 7,823 |
HONG KONG | ||
Total revenues | 3,508 | 1,706 |
Rest of Asia [Member] | ||
Total revenues | 5,273 | 5,027 |
Rest of the World [Member] | ||
Total revenues | $ 1,451 | $ 1,983 |
Note 11 - Revenues - Deferred R
Note 11 - Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deferred revenue | $ 4,121 | $ 3,370 |
Service [Member] | ||
Deferred revenue | 2,179 | 1,530 |
Customer Advances [Member] | ||
Deferred revenue | $ 1,942 | $ 1,840 |
Note 11 - Revenues - Warranties
Note 11 - Revenues - Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance | $ 191 | $ 136 |
Bad debt (credit) | (3) | (6) |
Charge-offs and other | (21) | 6 |
Balance | $ 167 | $ 136 |
Note 12 - Income Tax (Details T
Note 12 - Income Tax (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Expense (Benefit) | $ 585 | $ (138) |
Effective Income Tax Rate Reconciliation, Percent | 48.50% | 2% |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingent Liabilities (Details Textual) $ in Thousands | Mar. 31, 2023 USD ($) |
Director [Member] | Indemnification Agreements [Member] | |
Liability for Contingent Indemnification Obligations | $ 0 |
Note 14 - Litigation Settleme_2
Note 14 - Litigation Settlement (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 10, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | |
Litigation Settlement, Expense | $ 0 | $ 5,191,000 | ||||
Biostage [Member] | Series E Convertible Preferred Stock into Common Stock [Member] | ||||||
Conversion of Stock, Shares Converted (in shares) | 200 | |||||
Conversion of Stock, Shares Issued (in shares) | 31,933 | |||||
Conversion of Stock, Amount Issued | $ 200,000 | |||||
Series E Preferred Stock in Biostage [Member] | ||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 3,900,000 | |||||
Preferred Stock, Book Value, Inclusive of Accrued Dividends | $ 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 | |||||
Preferred Stock, Mandatory Conversion, Minimum Qualified Offering Amount | $ 4,000,000 | |||||
Case in Suffolk Superior Court [Member] | ||||||
Loss Contingency, Estimate of Possible Loss | $ 5,200,000 | |||||
Litigation Settlement, Expense | $ (4,900,000) | |||||
Case in Suffolk Superior Court [Member] | Convertible Preferred Stock [Member] | ||||||
Estimated Litigation Liability | $ 500,000 | |||||
Stock Issued During Period, Shares, Issued For Settlement (in shares) | 4,000 | |||||
Stock Issued During Period, Value, Issued for Settlement | $ 4,000,000 |
Note 15 - Product Line Dispos_2
Note 15 - Product Line Disposition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 17, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Gain (Loss) on Disposition of Business | $ 403 | $ 0 | |
Hoefer Product Line [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 500 | ||
Disposal Group, Including Discontinued Operation, Assets | 100 | ||
Gain (Loss) on Disposition of Business | $ 400 |
Note 16 - Subsequent Event - _2
Note 16 - Subsequent Event - Conversion of Biostage Series E Preferred Stock to Common Stock (Details Textual) - USD ($) | 3 Months Ended | |||
Apr. 07, 2023 | Apr. 05, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Biostage [Member] | Series E Convertible Preferred Stock into Common Stock [Member] | ||||
Conversion of Stock, Amount Issued | $ 200,000 | |||
Conversion of Stock, Shares Issued (in shares) | 31,933 | |||
Biostage [Member] | Convertible Preferred Stock [Member] | ||||
Preferred Stock, Mandatory Conversion, Minimum Qualified Offering Amount | $ 4,000,000 | |||
Subsequent Event [Member] | Biostage [Member] | ||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 5% | |||
Subsequent Event [Member] | Biostage [Member] | Series E Convertible Preferred Stock into Common Stock [Member] | ||||
Conversion of Stock, Shares Issued (in shares) | 675,000 | |||
Subsequent Event [Member] | Biostage [Member] | Convertible Preferred Stock [Member] | ||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 6 | |||
Subsequent Event [Member] | Private Placement [Member] | Biostage [Member] | ||||
Conversion of Stock, Amount Issued | $ 6,000,000 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 6 | |||
Subsequent Event [Member] | Private Placement [Member] | Biostage [Member] | Convertible Preferred Stock [Member] | ||||
Preferred Stock, Mandatory Conversion, Minimum Qualified Offering Amount | $ 4,000,000 |