Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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, $0.01 par value | |
Trading Symbol | HBIO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,688,246 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 5,340 | $ 4,508 |
Accounts receivable, net | 14,983 | 16,705 |
Inventories | 25,818 | 26,439 |
Other current assets | 4,345 | 3,472 |
Total current assets | 50,486 | 51,124 |
Property, plant and equipment, net | 3,358 | 3,366 |
Operating lease right-of-use assets | 5,061 | 5,816 |
Goodwill | 56,222 | 56,260 |
Intangible assets, net | 17,095 | 21,014 |
Other long-term assets | 7,513 | 7,780 |
Total assets | 139,735 | 145,360 |
Current liabilities: | ||
Current portion of long-term debt | 3,470 | 3,811 |
Current portion of operating lease liabilities | 2,125 | 2,135 |
Accounts payable | 6,269 | 6,447 |
Deferred revenue | 4,005 | 3,370 |
Other current liabilities | 8,336 | 7,486 |
Total current liabilities | 24,205 | 23,249 |
Long-term debt, net | 35,273 | 43,013 |
Deferred tax liability | 661 | 590 |
Operating lease liabilities | 4,418 | 5,282 |
Other long-term liabilities | 892 | 1,006 |
Total liabilities | 65,449 | 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: 42,688,246 shares issued and outstanding at September 30, 2023; 42,081,707 shares issued and outstanding at December 31, 2022 | 457 | 454 |
Additional paid-in-capital | 232,896 | 229,008 |
Accumulated deficit | (143,787) | (142,190) |
Accumulated other comprehensive loss | (15,280) | (15,052) |
Total stockholders' equity | 74,286 | 72,220 |
Total liabilities and stockholders' equity | $ 139,735 | $ 145,360 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 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) | 42,688,246 | 42,081,707 |
Common stock, shares outstanding (in shares) | 42,688,246 | 42,081,707 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 25,363 | $ 26,922 | $ 84,097 | $ 84,908 |
Cost of revenues | 10,636 | 14,750 | 34,351 | 39,922 |
Gross profit | 14,727 | 12,172 | 49,746 | 44,986 |
Sales and marketing expenses | 5,732 | 5,819 | 17,888 | 19,093 |
General and administrative expenses | 5,807 | 6,324 | 17,494 | 18,630 |
Research and development expenses | 2,760 | 2,763 | 8,614 | 9,480 |
Amortization of intangible assets | 1,361 | 1,572 | 4,138 | 4,492 |
Litigation settlement - Note 14 | 0 | (544) | 0 | (233) |
Total operating expenses | 15,660 | 15,934 | 48,134 | 51,462 |
Operating (loss) income | (933) | (3,762) | 1,612 | (6,476) |
Other income (expense): | ||||
Unrealized gain (loss) on equity securities - Note 14 | 1,208 | 0 | (373) | 0 |
Interest expense | (882) | (749) | (2,797) | (1,648) |
Other income (expense), net | 45 | (179) | 105 | (163) |
Total other income (expense) | 371 | (928) | (3,065) | (1,811) |
Loss before income taxes | (562) | (4,690) | (1,453) | (8,287) |
Income tax expense (benefit) | 677 | (1,285) | 144 | (437) |
Net loss | $ (1,239) | $ (3,405) | $ (1,597) | $ (7,850) |
Loss per share: | ||||
Basic loss per share (in dollars per share) | $ (0.03) | $ (0.08) | $ (0.04) | $ (0.19) |
Weighted-average common shares: | ||||
Basic and diluted (in shares) | 42,688 | 41,637 | 42,345 | 41,353 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net loss | $ (1,239) | $ (3,405) | $ (1,597) | $ (7,850) |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | (1,343) | (2,936) | (354) | (6,152) |
Derivatives qualifying as hedges, net of tax | 117 | 0 | 126 | 0 |
Other comprehensive loss | (1,226) | (2,936) | (228) | (6,152) |
Comprehensive loss | $ (2,465) | $ (6,341) | $ (1,825) | $ (14,002) |
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] | 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-based compensation expense | 0 | 3,401 | 0 | 0 | 3,401 |
Net loss | 0 | 0 | (7,850) | 0 | (7,850) |
Other comprehensive loss | $ 0 | 0 | 0 | (6,152) | (6,152) |
Stock option exercises (in shares) | 40,000 | ||||
Stock option exercises | $ 1 | 106 | 0 | 0 | 107 |
Vesting of restricted stock units (in shares) | 628,000 | ||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (232,000) | ||||
Shares withheld for taxes | $ 0 | (1,167) | 0 | 0 | (1,167) |
Stock purchase plan (in shares) | 78,000 | ||||
Stock purchase plan | $ 0 | 239 | 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) | 71,979 |
Balance (in shares) at Jun. 30, 2022 | 41,500,000 | ||||
Balance at Jun. 30, 2022 | $ 453 | 227,413 | (137,119) | (13,243) | 77,504 |
Stock-based compensation expense | 0 | 1,139 | 0 | 0 | 1,139 |
Net loss | 0 | 0 | (3,405) | 0 | (3,405) |
Other comprehensive loss | $ 0 | 0 | 0 | (2,936) | (2,936) |
Stock option exercises (in shares) | 24,000 | ||||
Stock option exercises | $ 0 | 64 | 0 | 0 | 64 |
Vesting of restricted stock units (in shares) | 233,000 | ||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (100,000) | ||||
Shares withheld for taxes | $ 0 | (387) | 0 | 0 | (387) |
Balance (in shares) at Sep. 30, 2022 | 41,657,000 | ||||
Balance at Sep. 30, 2022 | $ 453 | 228,229 | (140,524) | (16,179) | 71,979 |
Balance (in shares) at Dec. 31, 2022 | 42,082,000 | ||||
Balance at Dec. 31, 2022 | $ 454 | 229,008 | (142,190) | (15,052) | 72,220 |
Stock-based compensation expense | 0 | 3,618 | 0 | 0 | 3,618 |
Net loss | 0 | 0 | (1,597) | 0 | (1,597) |
Other comprehensive loss | $ 0 | 0 | 0 | (228) | $ (228) |
Stock option exercises (in shares) | 214,000 | 213,644 | |||
Stock option exercises | $ 3 | 506 | 0 | 0 | $ 509 |
Vesting of restricted stock units (in shares) | 413,000 | ||||
Vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 |
Shares withheld for taxes (in shares) | (112,000) | ||||
Shares withheld for taxes | $ 0 | (451) | 0 | 0 | (451) |
Stock purchase plan (in shares) | 91,000 | ||||
Stock purchase plan | $ 0 | 215 | 0 | 0 | 215 |
Balance (in shares) at Sep. 30, 2023 | 42,688,000 | ||||
Balance at Sep. 30, 2023 | $ 457 | 232,896 | (143,787) | (15,280) | 74,286 |
Balance (in shares) at Jun. 30, 2023 | 42,688,000 | ||||
Balance at Jun. 30, 2023 | $ 457 | 231,533 | (142,548) | (14,054) | 75,388 |
Stock-based compensation expense | 0 | 1,363 | 0 | 0 | 1,363 |
Net loss | 0 | 0 | (1,239) | 0 | (1,239) |
Other comprehensive loss | $ 0 | 0 | 0 | (1,226) | (1,226) |
Balance (in shares) at Sep. 30, 2023 | 42,688,000 | ||||
Balance at Sep. 30, 2023 | $ 457 | $ 232,896 | $ (143,787) | $ (15,280) | $ 74,286 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (1,597) | $ (7,850) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 1,083 | 1,122 |
Amortization of intangible assets | 4,138 | 4,492 |
Amortization of deferred financing costs | 210 | 210 |
Stock-based compensation expense | 3,618 | 3,401 |
Deferred income taxes and other | 92 | (160) |
Unrealized loss on equity securities - Note 14 | 373 | 0 |
Convertible Preferred Stock received in Biostage settlement - Note 14 | 0 | (3,900) |
Gain on sale of product line | (403) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,751 | 6,060 |
Inventories | 173 | (329) |
Other assets | (50) | (811) |
Accounts payable and other current liabilities | 695 | (2,379) |
Deferred revenue, change | 635 | (551) |
Other liabilities | (993) | (832) |
Net cash provided by (used in) operating activities | 9,725 | (1,527) |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (958) | (1,355) |
Acquisition of intangible assets | (292) | 0 |
Proceeds from sale of product line | 512 | 0 |
Net cash used in investing activities | (738) | (1,355) |
Cash flows from financing activities: | ||
Borrowing from revolving line of credit | 3,500 | 7,800 |
Repayment of revolving line of credit | (8,450) | (4,650) |
Repayment of term debt | (3,341) | (2,436) |
Proceeds from exercise of stock options and employee stock purchase plan | 724 | 346 |
Taxes paid related to net share settlement of equity awards | (451) | (1,167) |
Net cash used in financing activities | (8,018) | (107) |
Effect of exchange rate changes on cash | (137) | 312 |
Increase (decrease) in cash and cash equivalents | 832 | (2,677) |
Cash and cash equivalents at beginning of period | 4,508 | 7,821 |
Cash and cash equivalents at end of period | 5,340 | 5,144 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 3,006 | 1,529 |
Cash paid for income taxes, net of refunds | $ 168 | $ 493 |
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, 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 September 30, 2023 three nine September 30, 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 September 30, 2023, three nine September 30, 2023 2022, three nine September 30, 2023, not The accounting policies underlying the accompanying unaudited consolidated financial statements are set forth in Note 2 10 December 31, 2022. no three nine September 30, 2023. Marketable Equity Securities Equity securities traded in active markets are marked to market at each balance sheet date based on their prices as quoted on the relevant stock exchange. Fair value mark-to-market adjustments are recorded as non-operating gains (losses) in the consolidated statement of operations. The Company’s investments in marketable equity securities are classified in the consolidated balance sheet based on the nature of the securities and their availability for use in current operations. Risks and Uncertainties The global supply chain has experienced significant disruptions over the last few years due to electronic component and labor shortages and other macroeconomic factors which have emerged since the onset of COVID- 19. may may |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Recently Adopted Accounting Pronouncements In January 2017, 2017 04, Intangibles Goodwill and Other (Topic 350 2017 04” 2 2016 13 January 1, 2023 no 2017 04. In September 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” may 2016 13 2016 13 January 1, 2023, |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 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 nine September 30, 2023 (in thousands) Carrying amount at December 31, 2022 $ 56,260 Effect of change in currency translation (38 ) Carrying amount at September 30, 2023 $ 56,222 Intangible assets at September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (in thousands) Average Accumulated Accumulated Amortizable intangible assets: Life* Gross Amortization Net Gross Amortization Net Distribution agreements/customer relationships 6 $ 16,017 $ (9,467 ) $ 6,550 $ 16,124 $ (8,727 ) $ 7,397 Existing technology & software development 2 37,490 (28,851 ) 8,639 37,549 (26,482 ) 11,067 Trade names and patents 3 7,484 (5,774 ) 1,710 7,523 (5,197 ) 2,326 Total amortizable intangible assets $ 60,991 $ (44,092 ) $ 16,899 $ 61,196 $ (40,406 ) $ 20,790 Indefinite-lived intangible assets: 196 224 Total intangible assets $ 17,095 $ 21,014 *Weighted average life in years as of September 30, 2023 Intangible asset amortization expense was $1.4 million and $1.6 million for the three September 30, 2023 2022, nine September 30, 2023 2022, five September 30, 2023, (in thousands) 2023 (remainder of the year) $ 1,383 2024 5,234 2025 4,019 2026 2,358 2027 1,261 2028 1,308 Thereafter 1,336 Total $ 16,899 |
Note 4 - Balance Sheet Informat
Note 4 - Balance Sheet Information | 9 Months Ended |
Sep. 30, 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: (in thousands) September 30, 2023 December 31, 2022 Finished goods $ 6,047 $ 5,223 Work in process 4,642 3,776 Raw materials 15,129 17,440 Total $ 25,818 $ 26,439 Other Current Liabilities: (in thousands) September 30, 2023 December 31, 2022 Compensation $ 3,373 $ 3,476 Customer credits 3,111 2,368 Professional fees 599 392 Warranty costs 308 268 Other 945 982 Total $ 8,336 $ 7,486 |
Note 5 - Restructuring and Othe
Note 5 - Restructuring and Other Exit Costs | 9 Months Ended |
Sep. 30, 2023 | |
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 Exit or Disposal Cost Obligations During the three September 30, 2022, |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Sep. 30, 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 nine September 30, 2023 2022, Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 491 $ 486 $ 1,517 $ 1,483 Short-term lease cost 19 58 150 180 Sublease income (25 ) (25 ) (76 ) (76 ) Total lease cost $ 485 $ 519 $ 1,591 $ 1,587 Supplemental cash flow information related to the Company's operating leases is as follows: Nine Months Ended September 30, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 1,764 $ 1,759 Right-of-use assets obtained in exchange for lease obligations 277 248 Supplemental balance sheet information related to the Company’s operating leases are as follows: (in thousands) September 30, 2023 December 31, 2022 Operating lease right-of-use assets $ 5,061 $ 5,816 Current portion, operating lease liabilities $ 2,125 $ 2,135 Operating lease liabilities, long-term 4,418 5,282 Total operating lease liabilities $ 6,543 $ 7,417 Weighted average remaining lease term (years) 5.8 6.2 Weighted average discount rate 9.4 % 9.4 % Future minimum lease payments for operating leases, with initial terms in excess of one September 30, 2023, Year Ending December 31, (in thousands) 2023 (remainder of the year) $ 550 2024 1,909 2025 1,155 2026 1,052 2027 1,046 Thereafter 2,963 Total lease payments 8,675 Less imputed interest (2,132 ) Total operating lease liabilities $ 6,543 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 7. Long-Term Debt As of September 30, 2023 December 31, 2022, (in thousands) September 30, 2023 December 31, 2022 Long-term debt: Term loan $ 31,473 $ 34,814 Revolving line 7,900 12,850 Less: unamortized deferred financing costs (630 ) (840 ) Total debt 38,743 46,824 Less: current portion of long-term debt (3,750 ) (4,091 ) Current unamortized deferred financing costs 280 280 Long-term debt $ 35,273 $ 43,013 In December, 2020, March 27, 2023, none December 22, 2025. September 30, 2023 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 September 30, 2023 2022, nine September 30, 2023 2022, September 30, 2023, The term loan amortizes in quarterly installments of $0.75 million for the quarter ended December 31, 2023 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. In April, 2022, 14 November, 2022, September 30, 2023. |
Note 8 - Derivatives
Note 8 - Derivatives | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | 8. Derivatives The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not 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, September 30, 2023 December 22, 2025. not 7, The following table presents the notional amount and fair value of the Company’s derivative instrument as of September 30, 2023: (in thousands) September 30, 2023 Derivatives instruments Balance sheet classification Notional Amount Fair Value (a) Interest rate swap Other long term assets $ 28,847 $ 126 (a) See Note 9 The following table summarizes the effect of derivatives designated as cash flow hedging instruments for the three nine September 30, 2023: Three Months Ended Nine Months Ended Derivatives qualifying as hedges, net of tax September 30, 2023 September 30, 2023 Amount of gain recognized in OCI on derivatives (effective portion) $ 163 $ 198 Amounts reclassified from accumulated other comprehensive loss to interest expense (46 ) (72 ) Total $ 117 $ 126 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 September 30, 2023 Assets Level 1 Level 2 Level 3 Total Equity securities - common stock $ 3,788 $ - $ - $ 3,788 Interest rate swap agreements - 126 - 126 The Company uses the market approach technique to value its financial assets and 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 of Harvard Apparatus Regenerative Technologies (“ HART 14 |
Note 10 - Capital Stock and Sto
Note 10 - Capital Stock and Stock-based Compensation | 9 Months Ended |
Sep. 30, 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, market condition restricted stock units, and shares issued under the Company’s employee stock purchase plan. Activity under the Company’s equity incentive plans for the nine September 30, 2023 Weighted Market Average Condition Stock Exercise Restricted Grant Date Restricted Grant Date Options Price Stock Units Fair Value Stock Units Fair Value Balance at December 31, 2022 1,238,776 $ 3.15 1,093,801 $ 3.94 646,235 $ 4.51 Granted - - 1,306,445 2.82 558,958 2.61 Exercised (213,644 ) 2.38 - - - - Vested (RSUs) - - (295,531 ) 2.97 (115,976 ) 2.98 Cancelled/Forfeited (101,065 ) 2.47 (86,440 ) 3.90 (87,138 ) 4.64 Balance at September 30, 2023 924,067 3.37 2,018,275 3.36 1,002,079 3.62 Stock-based compensation expense for the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Cost of revenues $ 58 $ - $ 222 $ 88 Sales and marketing expenses 193 147 533 493 General and administrative expenses 1,012 919 2,585 2,633 Research and development expenses 100 73 278 187 Total stock-based compensation expenses $ 1,363 $ 1,139 $ 3,618 $ 3,401 As of September 30, 2023, not not three nine September 30, 2023. The weighted average estimated fair value of the market condition restricted stock awards that were granted during the nine September 30, 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 and restricted stock units into common stock using the treasury method. The weighted average number of shares used to compute basic and diluted EPS consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2023 2022 2023 2022 Net loss available to common stockholders $ (1,239 ) $ (3,405 ) $ (1,597 ) $ (7,850 ) Weighted average shares outstanding - basic 42,688 41,637 42,345 41,353 Dilutive effect of equity awards - - - - Weighted average shares outstanding - diluted 42,688 41,637 42,345 41,353 Basic loss per share $ (0.03 ) $ (0.08 ) $ (0.04 ) $ (0.19 ) Diluted loss per share $ (0.03 ) $ (0.08 ) $ (0.04 ) $ (0.19 ) Shares excluded from diluted loss per share due to their anti-dilutive effect 3,952 3,594 3,847 3,676 |
Note 11 - Revenues
Note 11 - Revenues | 9 Months Ended |
Sep. 30, 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 nine September 30, 2023 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Instruments, equipment, software and accessories $ 23,500 $ 25,705 $ 79,261 $ 81,008 Service, maintenance and warranty contracts 1,863 1,217 4,836 3,900 Total revenues $ 25,363 $ 26,922 $ 84,097 $ 84,908 The following tables represent a disaggregation of revenue by geographic destination for the three nine September 30, 2023 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 United States $ 12,017 $ 11,511 $ 36,655 $ 38,278 Europe 7,063 7,344 23,836 22,361 Greater China 3,489 4,497 13,824 11,624 Rest of the world 2,794 3,570 9,782 12,645 Total revenues $ 25,363 $ 26,922 $ 84,097 $ 84,908 Concentrations No 10% three nine September 30, 2023 2022. September 30, 2023 December 21, 2022, no 10% Contract Liabilities The following tables provide details of contract liabilities as of the periods indicated: (in thousands) September 30, 2023 December 31, 2022 Change % Change Service contracts $ 2,234 $ 1,530 $ 704 46 % Customer advances 1,771 1,840 (69 ) -4 % Total deferred revenue $ 4,005 $ 3,370 $ 635 19 % The overall increase in contract liabilities was primarily due to receipt of payments under service and warranty contracts. During the three September 30, 2023 2022, December 31, 2022 2021, nine September 30, 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: Nine Months Ended September 30, (in thousands) 2023 2022 Balance, beginning of period $ 191 $ 136 Provision for bad debts 9 103 Charge-offs and other (56 ) (60 ) Balance, end of period $ 144 $ 179 |
Note 12 - Income Tax
Note 12 - Income Tax | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Tax Income tax expense (benefit) was $0.7 million and $(1.3) million for the three September 30, 2023 2022, nine September 30, 2023 2022, three September 30, 2023 2022, nine September 30, 2023 2022, The difference between the Company’s effective tax rates in 2023 three nine September 30, 2023 2022, 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. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 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 September 30, 2023. The Company is 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 in various states. Based on the current stage of the audits, the Company has not September 30, 2023. |
Note 14 - Litigation Settlement
Note 14 - Litigation Settlement | 9 Months Ended |
Sep. 30, 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 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, As of December 31, 2022, 321, Investment Securities December 31, 2022, no no On April 6, 2023, On July 20, 2023, As of September 30, 2023, three nine September 30, 2023, The Company determines the fair value of its HART common stock based on the closing price as quoted on the OTCQB Marketplace at the reporting date. Due to HART’s limited operating history, its overall financial condition and the limited trading volumes and liquidity of its common stock, the value of the Company’s investment in this common stock could fluctuate considerably or become worthless. |
Note 15 - Product Line Disposit
Note 15 - Product Line Disposition | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 15. Product Line Disposition On February 17, 2023, nine September 30, 2023. nine September 30, 2023, three nine September 30, 2022, not |
Note 16 - Financial Statement R
Note 16 - Financial Statement Reclassifications | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Error Correction [Text Block] | 16 . Financial Statement Reclassifications During the three September 30, 2023, December 31, 2022 2021. December 31, 2022 2021, no December 31, 2022 2021, December 31, 2022, 2021. no no 10 September 30, 2023, 10 December 31, 2023 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 September 30, 2023 three nine September 30, 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 September 30, 2023, three nine September 30, 2023 2022, three nine September 30, 2023, not The accounting policies underlying the accompanying unaudited consolidated financial statements are set forth in Note 2 10 December 31, 2022. no three nine September 30, 2023. |
Marketable Securities, Policy [Policy Text Block] | Marketable Equity Securities Equity securities traded in active markets are marked to market at each balance sheet date based on their prices as quoted on the relevant stock exchange. Fair value mark-to-market adjustments are recorded as non-operating gains (losses) in the consolidated statement of operations. The Company’s investments in marketable equity securities are classified in the consolidated balance sheet based on the nature of the securities and their availability for use in current operations. |
Risks and Uncertainties Policy [Policy Text Block] | Risks and Uncertainties The global supply chain has experienced significant disruptions over the last few years due to electronic component and labor shortages and other macroeconomic factors which have emerged since the onset of COVID- 19. may may |
Note 3 - Goodwill and Intangi_2
Note 3 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 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 (38 ) Carrying amount at September 30, 2023 $ 56,222 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, 2023 December 31, 2022 (in thousands) Average Accumulated Accumulated Amortizable intangible assets: Life* Gross Amortization Net Gross Amortization Net Distribution agreements/customer relationships 6 $ 16,017 $ (9,467 ) $ 6,550 $ 16,124 $ (8,727 ) $ 7,397 Existing technology & software development 2 37,490 (28,851 ) 8,639 37,549 (26,482 ) 11,067 Trade names and patents 3 7,484 (5,774 ) 1,710 7,523 (5,197 ) 2,326 Total amortizable intangible assets $ 60,991 $ (44,092 ) $ 16,899 $ 61,196 $ (40,406 ) $ 20,790 Indefinite-lived intangible assets: 196 224 Total intangible assets $ 17,095 $ 21,014 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2023 (remainder of the year) $ 1,383 2024 5,234 2025 4,019 2026 2,358 2027 1,261 2028 1,308 Thereafter 1,336 Total $ 16,899 |
Note 4 - Balance Sheet Inform_2
Note 4 - Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories: (in thousands) September 30, 2023 December 31, 2022 Finished goods $ 6,047 $ 5,223 Work in process 4,642 3,776 Raw materials 15,129 17,440 Total $ 25,818 $ 26,439 |
Other Current Liabilities [Table Text Block] | Other Current Liabilities: (in thousands) September 30, 2023 December 31, 2022 Compensation $ 3,373 $ 3,476 Customer credits 3,111 2,368 Professional fees 599 392 Warranty costs 308 268 Other 945 982 Total $ 8,336 $ 7,486 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 491 $ 486 $ 1,517 $ 1,483 Short-term lease cost 19 58 150 180 Sublease income (25 ) (25 ) (76 ) (76 ) Total lease cost $ 485 $ 519 $ 1,591 $ 1,587 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | Nine Months Ended September 30, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 1,764 $ 1,759 Right-of-use assets obtained in exchange for lease obligations 277 248 |
Supplemental Balance Sheet Informaton Related to Operating Leases [Table Text Block] | (in thousands) September 30, 2023 December 31, 2022 Operating lease right-of-use assets $ 5,061 $ 5,816 Current portion, operating lease liabilities $ 2,125 $ 2,135 Operating lease liabilities, long-term 4,418 5,282 Total operating lease liabilities $ 6,543 $ 7,417 Weighted average remaining lease term (years) 5.8 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) $ 550 2024 1,909 2025 1,155 2026 1,052 2027 1,046 Thereafter 2,963 Total lease payments 8,675 Less imputed interest (2,132 ) Total operating lease liabilities $ 6,543 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) September 30, 2023 December 31, 2022 Long-term debt: Term loan $ 31,473 $ 34,814 Revolving line 7,900 12,850 Less: unamortized deferred financing costs (630 ) (840 ) Total debt 38,743 46,824 Less: current portion of long-term debt (3,750 ) (4,091 ) Current unamortized deferred financing costs 280 280 Long-term debt $ 35,273 $ 43,013 |
Note 8 - Derivatives (Tables)
Note 8 - Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | (in thousands) September 30, 2023 Derivatives instruments Balance sheet classification Notional Amount Fair Value (a) Interest rate swap Other long term assets $ 28,847 $ 126 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Nine Months Ended Derivatives qualifying as hedges, net of tax September 30, 2023 September 30, 2023 Amount of gain recognized in OCI on derivatives (effective portion) $ 163 $ 198 Amounts reclassified from accumulated other comprehensive loss to interest expense (46 ) (72 ) Total $ 117 $ 126 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value as of September 30, 2023 Assets Level 1 Level 2 Level 3 Total Equity securities - common stock $ 3,788 $ - $ - $ 3,788 Interest rate swap agreements - 126 - 126 |
Note 10 - Capital Stock and S_2
Note 10 - Capital Stock and Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule Of Stock Options And Restricted Stock Units Activity Roll forward [Table Text Block] | Weighted Market Average Condition Stock Exercise Restricted Grant Date Restricted Grant Date Options Price Stock Units Fair Value Stock Units Fair Value Balance at December 31, 2022 1,238,776 $ 3.15 1,093,801 $ 3.94 646,235 $ 4.51 Granted - - 1,306,445 2.82 558,958 2.61 Exercised (213,644 ) 2.38 - - - - Vested (RSUs) - - (295,531 ) 2.97 (115,976 ) 2.98 Cancelled/Forfeited (101,065 ) 2.47 (86,440 ) 3.90 (87,138 ) 4.64 Balance at September 30, 2023 924,067 3.37 2,018,275 3.36 1,002,079 3.62 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Cost of revenues $ 58 $ - $ 222 $ 88 Sales and marketing expenses 193 147 533 493 General and administrative expenses 1,012 919 2,585 2,633 Research and development expenses 100 73 278 187 Total stock-based compensation expenses $ 1,363 $ 1,139 $ 3,618 $ 3,401 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2023 2022 2023 2022 Net loss available to common stockholders $ (1,239 ) $ (3,405 ) $ (1,597 ) $ (7,850 ) Weighted average shares outstanding - basic 42,688 41,637 42,345 41,353 Dilutive effect of equity awards - - - - Weighted average shares outstanding - diluted 42,688 41,637 42,345 41,353 Basic loss per share $ (0.03 ) $ (0.08 ) $ (0.04 ) $ (0.19 ) Diluted loss per share $ (0.03 ) $ (0.08 ) $ (0.04 ) $ (0.19 ) Shares excluded from diluted loss per share due to their anti-dilutive effect 3,952 3,594 3,847 3,676 |
Black Scholes Option Pricing Model [Member] | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Volatility 56.8 % Risk-free interest rate 4.6 % Correlation coefficient 41.7 % Dividend yield - % |
Note 11 - Revenues (Tables)
Note 11 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Instruments, equipment, software and accessories $ 23,500 $ 25,705 $ 79,261 $ 81,008 Service, maintenance and warranty contracts 1,863 1,217 4,836 3,900 Total revenues $ 25,363 $ 26,922 $ 84,097 $ 84,908 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 United States $ 12,017 $ 11,511 $ 36,655 $ 38,278 Europe 7,063 7,344 23,836 22,361 Greater China 3,489 4,497 13,824 11,624 Rest of the world 2,794 3,570 9,782 12,645 Total revenues $ 25,363 $ 26,922 $ 84,097 $ 84,908 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | (in thousands) September 30, 2023 December 31, 2022 Change % Change Service contracts $ 2,234 $ 1,530 $ 704 46 % Customer advances 1,771 1,840 (69 ) -4 % Total deferred revenue $ 4,005 $ 3,370 $ 635 19 % |
Schedule of Product Warranty Liability [Table Text Block] | Nine Months Ended September 30, (in thousands) 2023 2022 Balance, beginning of period $ 191 $ 136 Provision for bad debts 9 103 Charge-offs and other (56 ) (60 ) Balance, end of period $ 144 $ 179 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Amortization of Intangible Assets | $ 1,361 | $ 1,572 | $ 4,138 | $ 4,492 |
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, 2023 USD ($) | |
Carrying amount at December 31, 2022 | $ 56,260 |
Effect of change in currency translation | (38) |
Carrying amount at September 30, 2023 | $ 56,222 |
Note 3 - Goodwill and Intangi_5
Note 3 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Gross | $ 60,991 | $ 61,196 | |
Total amortizable intangible assets | (44,092) | (40,406) | |
Finite-Lived Intangible Assets, Net | 16,899 | 20,790 | |
Indefinite-lived intangible assets: | 196 | 224 | |
Total intangible assets, Net | $ 17,095 | 21,014 | |
Distribution Agreements/Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 6 years | |
Finite-Lived Intangible Assets, Gross | $ 16,017 | 16,124 | |
Total amortizable intangible assets | (9,467) | (8,727) | |
Finite-Lived Intangible Assets, Net | $ 6,550 | 7,397 | |
Existing Technology and Software Development [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 2 years | ||
Finite-Lived Intangible Assets, Gross | $ 37,490 | 37,549 | |
Total amortizable intangible assets | (28,851) | (26,482) | |
Finite-Lived Intangible Assets, Net | $ 8,639 | 11,067 | |
Trade Names and Patents [Member] | |||
Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | [1] | 3 years | |
Finite-Lived Intangible Assets, Gross | $ 7,484 | 7,523 | |
Total amortizable intangible assets | (5,774) | (5,197) | |
Finite-Lived Intangible Assets, Net | $ 1,710 | $ 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 | Sep. 30, 2023 | Dec. 31, 2022 |
2023 (remainder of the year) | $ 1,383 | |
2024 | 5,234 | |
2025 | 4,019 | |
2026 | 2,358 | |
2027 | 1,261 | |
2028 | 1,308 | |
Thereafter | 1,336 | |
Total | $ 16,899 | $ 20,790 |
Note 4 - Balance Sheet Inform_3
Note 4 - Balance Sheet Information - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finished goods | $ 6,047 | $ 5,223 |
Work in process | 4,642 | 3,776 |
Raw materials | 15,129 | 17,440 |
Total | $ 25,818 | $ 26,439 |
Note 4 - Balance Sheet Inform_4
Note 4 - Balance Sheet Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Compensation | $ 3,373 | $ 3,476 |
Customer credits | 3,111 | 2,368 |
Professional fees | 599 | 392 |
Warranty costs | 308 | 268 |
Other | 945 | 982 |
Total | $ 8,336 | $ 7,486 |
Note 5 - Restructuring and Ot_2
Note 5 - Restructuring and Other Exit Costs (Details Textual) $ in Millions | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Inventory Write-down | $ 1.3 |
Severance Costs | $ 0.6 |
Note 6 - Leases - Lease Expense
Note 6 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating lease cost | $ 491 | $ 486 | $ 1,517 | $ 1,483 |
Short-term lease cost | 19 | 58 | 150 | 180 |
Sublease income | (25) | (25) | (76) | (76) |
Total lease cost | $ 485 | $ 519 | $ 1,591 | $ 1,587 |
Note 6 - Leases - Supplemental
Note 6 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 1,764 | $ 1,759 |
Right-of-use assets obtained in exchange for lease obligations | $ 277 | $ 248 |
Note 6 - Leases - Supplementa_2
Note 6 - Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets | $ 5,061 | $ 5,816 |
Current portion, operating lease liabilities | 2,125 | 2,135 |
Operating lease liabilities, long-term | 4,418 | 5,282 |
Total operating lease liabilities | $ 6,543 | $ 7,417 |
Weighted average remaining lease term (years) (Year) | 5 years 9 months 18 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 | Sep. 30, 2023 | Dec. 31, 2022 |
2023 (remainder of the year) | $ 550 | |
2024 | 1,909 | |
2025 | 1,155 | |
2026 | 1,052 | |
2027 | 1,046 | |
Thereafter | 2,963 | |
Total lease payments | 8,675 | |
Less imputed interest | (2,132) | |
Total operating lease liabilities | $ 6,543 | $ 7,417 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 22, 2020 | |
Debt Issuance Costs, Net, Total | $ 630 | $ 630 | $ 840 | ||||
The Credit Agreement [Member] | |||||||
Debt Issuance Costs, Net, Total | $ 1,400 | ||||||
Line of Credit Facility, Interest Rate During Period | 8.30% | 5.80% | 8.20% | 4.30% | |||
Line of Credit Facility, Interest Rate at Period End | 7.70% | 7.70% | |||||
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 | ||||||
The Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Debt Instrument, Interest Rate, State Floor Percentage | 0.50% | 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% | 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 | $ 13,000 | $ 13,000 | |||||
Term Loan [Member] | |||||||
Long-term Debt, Gross | $ 31,473 | $ 31,473 | $ 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Less: unamortized deferred financing costs | $ (630) | $ (840) |
Total debt | 38,743 | 46,824 |
Less: current portion of long-term debt | (3,750) | (4,091) |
Current unamortized deferred financing costs | 280 | 280 |
Long-term debt | 35,273 | 43,013 |
Term Loan [Member] | ||
Long-term debt, gross | 31,473 | 34,814 |
Line of Credit [Member] | ||
Long-term debt, gross | $ 7,900 | $ 12,850 |
Note 8 - Derivatives (Details T
Note 8 - Derivatives (Details Textual) $ in Thousands | Sep. 30, 2023 USD ($) |
The Credit Agreement [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% |
Interest Rate Swap [Member] | |
Derivative, Notional Amount | $ 28,847 |
Note 8 - Derivatives - Derivati
Note 8 - Derivatives - Derivative Instruments (Details) - Interest Rate Swap [Member] $ in Thousands | Sep. 30, 2023 USD ($) |
Interest rate swap | $ 28,847 |
Interest rate swap | $ 126 |
Note 8 - Derivatives - The Effe
Note 8 - Derivatives - The Effect of Derivatives Designated as Cash Flow Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Amount of gain recognized in OCI on derivatives (effective portion) | $ 163 | $ 198 | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense | (46) | (72) | ||
Total | $ 117 | $ 0 | $ 126 | $ 0 |
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 | Sep. 30, 2023 USD ($) |
Equity securities - common stock | $ 3,788 |
Interest Rate Swap [Member] | |
Derivative liabilities | 126 |
Fair Value, Inputs, Level 1 [Member] | |
Equity securities - common stock | 3,788 |
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 | 126 |
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 | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 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 | $ 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) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Balance at December 31, 2022 (in shares) | shares | 1,238,776 |
Balance at December 31, 2022 (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 | (213,644) |
Options, exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 2.38 |
Options, Cancelled / Forfeited in Period (in shares) | shares | (101,065) |
Options, Cancelled / Forfeited, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 2.47 |
Balance at September 30, 2023 (in shares) | shares | 924,067 |
Balance at September 30, 2023 (in dollars per share) | $ / shares | $ 3.37 |
Restricted Stock Units (RSUs) [Member] | |
Balance at December 31, 2022 (in shares) | shares | 1,093,801 |
Balance at December 31, 2022 (in dollars per share) | $ / shares | $ 3.94 |
Restricted Stock Units, Granted in Period (in shares) | shares | 1,306,445 |
Restricted Stock Units Granted , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 2.82 |
Restricted Stock Units, Vested in Period (in shares) | shares | (295,531) |
Restricted Stock Units, Vested , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 2.97 |
Restricted Stock Units, Cancelled / Forfeited in Period (in shares) | shares | (86,440) |
Restricted Stock Units, Cancelled/ Forfeited , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 3.9 |
Balance at September 30, 2023 (in shares) | shares | 2,018,275 |
Balance at September 30, 2023 (in dollars per share) | $ / shares | $ 3.36 |
Market Condition Restricted Stock Units [Member] | |
Balance at December 31, 2022 (in shares) | shares | 646,235 |
Balance at December 31, 2022 (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 | (115,976) |
Restricted Stock Units, Vested , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 2.98 |
Restricted Stock Units, Cancelled / Forfeited in Period (in shares) | shares | (87,138) |
Restricted Stock Units, Cancelled/ Forfeited , Grant Date Fair Value, Balance (in dollars per share) | $ / shares | $ 4.64 |
Balance at September 30, 2023 (in shares) | shares | 1,002,079 |
Balance at September 30, 2023 (in dollars per share) | $ / shares | $ 3.62 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based compensation | $ 1,363 | $ 1,139 | $ 3,618 | $ 3,401 |
Continuing Operations [Member] | Cost of Sales [Member] | ||||
Share-based compensation | 58 | 0 | 222 | 88 |
Continuing Operations [Member] | Selling and Marketing Expense [Member] | ||||
Share-based compensation | 193 | 147 | 533 | 493 |
Continuing Operations [Member] | General and Administrative Expense [Member] | ||||
Share-based compensation | 1,012 | 919 | 2,585 | 2,633 |
Continuing Operations [Member] | Research and Development Expense [Member] | ||||
Share-based compensation | $ 100 | $ 73 | $ 278 | $ 187 |
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] | 9 Months Ended |
Sep. 30, 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) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net loss available to common stockholders | $ (1,239) | $ (3,405) | $ (1,597) | $ (7,850) |
Weighted average shares outstanding - basic (in shares) | 42,688 | 41,637 | 42,345 | 41,353 |
Dilutive effect of equity awards (in shares) | 0 | 0 | 0 | 0 |
Weighted average shares outstanding - diluted (in shares) | 42,688 | 41,637 | 42,345 | 41,353 |
Basic loss per share (in dollars per share) | $ (0.03) | $ (0.08) | $ (0.04) | $ (0.19) |
Diluted loss per share (in dollars per share) | $ (0.03) | $ (0.08) | $ (0.04) | $ (0.19) |
Shares excluded from diluted loss per share due to their anti-dilutive effect (in shares) | 3,952 | 3,594 | 3,847 | 3,676 |
Note 11 - Revenues (Details Tex
Note 11 - Revenues (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Contract with Customer, Liability, Revenue Recognized | $ 1 | $ 0.8 | $ 2.3 | $ 2.1 |
Note 11 - Revenues - Disaggrega
Note 11 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 25,363 | $ 26,922 | $ 84,097 | $ 84,908 |
Instruments, Equipment, Software, and Accessories [Member] | ||||
Revenues | 23,500 | 25,705 | 79,261 | 81,008 |
Service, Maintenance, and Warranty Contracts [Member] | ||||
Revenues | $ 1,863 | $ 1,217 | $ 4,836 | $ 3,900 |
Note 11 - Revenues - Revenue by
Note 11 - Revenues - Revenue by Geographic Destination (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total revenues | $ 25,363 | $ 26,922 | $ 84,097 | $ 84,908 |
UNITED STATES | ||||
Total revenues | 12,017 | 11,511 | 36,655 | 38,278 |
Europe [Member] | ||||
Total revenues | 7,063 | 7,344 | 23,836 | 22,361 |
Greater China [Member] | ||||
Total revenues | 3,489 | 4,497 | 13,824 | 11,624 |
Rest of the World [Member] | ||||
Total revenues | $ 2,794 | $ 3,570 | $ 9,782 | $ 12,645 |
Note 11 - Revenues - Deferred R
Note 11 - Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Deferred revenue | $ 4,005 | $ 3,370 | |
Deferred revenue, change | $ 635 | $ (551) | |
Deferred revenue, % change | 19% | ||
Service [Member] | |||
Deferred revenue | $ 2,234 | 1,530 | |
Deferred revenue, change | $ 704 | ||
Deferred revenue, % change | 46% | ||
Customer Advances [Member] | |||
Deferred revenue | $ 1,771 | $ 1,840 | |
Deferred revenue, change | $ (69) | ||
Deferred revenue, % change | (4.00%) |
Note 11 - Revenues - Warranties
Note 11 - Revenues - Warranties (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 191 | $ 136 |
Provision for bad debts | 9 | 103 |
Charge-offs and other | (56) | (60) |
Balance | $ 144 | $ 179 |
Note 12 - Income Tax (Details T
Note 12 - Income Tax (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Expense (Benefit) | $ 677 | $ (1,285) | $ 144 | $ (437) |
Effective Income Tax Rate Reconciliation, Percent | (120.20%) | 27.40% | (9.90%) | 5.30% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingent Liabilities (Details Textual) $ in Thousands | Sep. 30, 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 ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Apr. 06, 2023 | Jun. 10, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Mar. 31, 2022 | |
Loss Contingency, Estimate of Possible Loss | $ 200 | $ 200 | ||||||||
Litigation Settlement, Expense | $ 0 | (544) | $ 0 | (233) | ||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 1,208 | 0 | $ (373) | 0 | ||||||
Harvard Apparatus Regenerative Technology, Inc. (“HART”) [Member] | ||||||||||
Investment Owned, Balance, Shares (in shares) | 706,626 | 706,626 | ||||||||
Investment Owned, Fair Value | $ 3,800 | $ 3,800 | ||||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 1,200 | $ (400) | ||||||||
Biostage [Member] | Private Placement [Member] | ||||||||||
Conversion of Stock, Amount Issued | $ 6,000 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 6 | |||||||||
Series E Preferred Stock in Biostage [Member] | ||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 3,900 | |||||||||
Preferred Stock, Book Value, Inclusive of Accrued Dividends | $ 4,000 | |||||||||
Convertible Preferred Stock [Member] | Biostage [Member] | ||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 6 | |||||||||
Case in Suffolk Superior Court [Member] | ||||||||||
Loss Contingency, Estimate of Possible Loss | $ 5,200 | |||||||||
Litigation Settlement, Expense | $ (4,900) | $ 300 | ||||||||
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 | |||||||||
Estimated Litigation Liability | $ 500 | $ 500 |
Note 15 - Product Line Dispos_2
Note 15 - Product Line Disposition (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Feb. 17, 2023 | Sep. 30, 2023 | Sep. 30, 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 - Financial Statement_2
Note 16 - Financial Statement Reclassifications (Details Textual) - Revision of Prior Period, Error Correction, Adjustment [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ 5.4 | $ 5.1 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (5.4) | $ (5.1) |