Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 27, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001409269 | ||
Entity Registrant Name | Venus Concept Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-38238 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 06-1681204 | ||
Entity Address, Address Line One | 235 Yorkland Blvd. Suite 900 | ||
Entity Address, City or Town | Toronto | ||
Entity Address, State or Province | ON | ||
Entity Address, Postal Zip Code | M2J 4Y8 | ||
City Area Code | 877 | ||
Local Phone Number | 848-8430 | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Trading Symbol | VERO | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,630,292 | ||
Entity Common Stock, Shares Outstanding | 6,355,230 | ||
Auditor Firm ID | 1930 | ||
Auditor Name | MNP LLP | ||
Auditor Location | Toronto, Canada |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5,396 | $ 11,569 |
Accounts receivable, net of allowance of $7,415 and $13,619 as of December 31, 2023, and 2022 | 29,151 | 37,262 |
Inventories | 23,072 | 23,906 |
Prepaid expenses | 1,298 | 1,688 |
Advances to suppliers | 5,604 | 5,881 |
Other current assets | 1,925 | 3,702 |
Total current assets | 66,446 | 84,008 |
LONG-TERM ASSETS: | ||
Long-term trade receivables | 11,318 | 20,044 |
Deferred tax assets | 1,032 | 947 |
Severance pay funds | 573 | 741 |
Property and equipment, net | 1,322 | 1,857 |
Operating right-of-use assets, net | 4,517 | 5,862 |
Intangible assets | 8,446 | 11,919 |
Total long-term assets | 27,208 | 41,370 |
TOTAL ASSETS | 93,654 | 125,378 |
CURRENT LIABILITIES: | ||
Trade payables | 9,038 | 8,033 |
Accrued expenses and other current liabilities | 12,437 | 16,667 |
Current portion of long-term debt | 4,155 | 7,735 |
Income taxes payable | 366 | 117 |
Unearned interest income | 1,468 | 2,397 |
Warranty accrual | 1,029 | 1,074 |
Deferred revenues | 1,076 | 1,765 |
Operating lease liabilities | 1,590 | 1,807 |
Total current liabilities | 31,159 | 39,595 |
LONG-TERM LIABILITIES: | ||
Long-term debt | 70,790 | 70,003 |
Income tax payable | 0 | 374 |
Accrued severance pay | 634 | 867 |
Deferred tax liabilities | 15 | 0 |
Unearned interest revenue | 671 | 957 |
Warranty accrual | 334 | 408 |
Operating lease liabilities | 3,162 | 4,221 |
Other long-term liabilities | 338 | 215 |
Total long-term liabilities | 75,944 | 77,045 |
TOTAL LIABILITIES | 107,103 | 116,640 |
Commitments and Contingencies (Note 9) | ||
STOCKHOLDERS’ EQUITY (DEFICIT) (Note 14): | ||
Common Stock, $0.0001 par value: 300,000,000 shares authorized as of December 31, 2023 and 2022; 5,529,149 and 5,161,374 issued and outstanding as of December 31, 2023 and 2022, respectively | 30 | 29 |
Additional paid-in capital | 247,854 | 232,169 |
Accumulated deficit | (261,903) | (224,105) |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | (14,019) | 8,093 |
Non-controlling interests | 570 | 645 |
Equity, Including Portion Attributable to Noncontrolling Interest | (13,449) | 8,738 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ 93,654 | $ 125,378 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance, current | $ 7,415 | $ 13,619 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 5,529,149 | 5,161,374 |
Common stock, shares outstanding (in shares) | 5,529,149 | 5,161,374 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | ||
Revenues | $ 76,354 | $ 99,497 |
Cost of goods sold | ||
Cost of goods and services sold | 24,187 | 33,526 |
Gross profit | 52,167 | 65,971 |
Operating expenses: | ||
Selling and marketing | 31,231 | 40,276 |
General and administrative | 41,048 | 49,618 |
Research and development | 8,197 | 10,953 |
Total operating expenses | 80,476 | 100,847 |
Loss from operations | (28,309) | (34,876) |
Other expenses: | ||
Foreign exchange (gain) loss | (295) | 3,387 |
Finance expenses | 6,893 | 4,561 |
Loss on disposal of subsidiaries | 174 | 1,482 |
Loss on debt extinguishment | 2,040 | 0 |
Loss before income taxes | (37,121) | (44,306) |
Income tax benefit | (71) | (722) |
Net loss | (37,050) | (43,584) |
Net loss attributable to stockholders of the Company | (37,250) | (43,700) |
Net income attributable to non-controlling interest | $ 200 | $ 116 |
Net loss per share: | ||
Basic (in dollars per share) | $ (6.84) | $ (9.94) |
Diluted (in dollars per share) | $ (6.84) | $ (9.94) |
Weighted-average number of shares used in per share calculation: | ||
Basic (in shares) | 5,442 | 4,398 |
Diluted (in shares) | 5,442 | 4,398 |
Leases [Member] | ||
Revenue | ||
Revenues | $ 20,504 | $ 35,267 |
Cost of goods sold | ||
Cost of goods and services sold | 4,312 | 9,435 |
Products and Services [Member] | ||
Revenue | ||
Revenues | 55,850 | 64,230 |
Cost of goods sold | ||
Cost of goods and services sold | $ 19,875 | $ 24,091 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net loss | $ (37,050) | $ (43,584) |
Loss attributable to stockholders of the Company | (37,250) | (43,700) |
Income attributable to non-controlling interest | 200 | 116 |
Comprehensive loss | $ (37,050) | $ (43,584) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Private Placement [Member] Preferred Stock [Member] The 2022 Private Placement [Member] | Private Placement [Member] Preferred Stock [Member] Multi-Tranche Private Placement 2023 [Member] | Private Placement [Member] Preferred Stock [Member] The 2023 Series X Private Placement [Member] | Private Placement [Member] Common Stock [Member] | Private Placement [Member] Additional Paid-in Capital [Member] | Private Placement [Member] Retained Earnings [Member] | Private Placement [Member] Noncontrolling Interest [Member] | Private Placement [Member] | The 2023 Series X Private Placement Shares [Member] Preferred Stock [Member] The 2022 Private Placement [Member] | The 2023 Series X Private Placement Shares [Member] Preferred Stock [Member] Multi-Tranche Private Placement 2023 [Member] | The 2023 Series X Private Placement Shares [Member] Preferred Stock [Member] The 2023 Series X Private Placement [Member] | The 2023 Series X Private Placement Shares [Member] Common Stock [Member] | The 2023 Series X Private Placement Shares [Member] Additional Paid-in Capital [Member] | The 2023 Series X Private Placement Shares [Member] Retained Earnings [Member] | The 2023 Series X Private Placement Shares [Member] Noncontrolling Interest [Member] | The 2023 Series X Private Placement Shares [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] The 2022 Private Placement [Member] | Preferred Stock [Member] Multi-Tranche Private Placement 2023 [Member] | Preferred Stock [Member] The 2023 Series X Private Placement [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 252,717 | 0 | 0 | 4,265,506 | |||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 27 | $ 221,321 | $ (180,405) | $ 653 | $ 41,596 | ||||||||||||||||||||||||
Conversion of 2021 Private Placement shares (in shares) | (252,717) | 0 | 0 | 252,717 | |||||||||||||||||||||||||
Conversion of 2021 Private Placement shares | $ 1 | 0 | 0 | 0 | 1 | ||||||||||||||||||||||||
Issuance of stock (in shares) | 3,185,000 | 0 | 0 | 116,668 | 0 | 0 | 0 | 525,385 | |||||||||||||||||||||
Issuance of stock | $ 6,518 | $ 0 | $ 0 | $ 6,518 | $ 1 | 2,203 | 0 | 0 | 2,204 | ||||||||||||||||||||
Net loss — the Company | 0 | 0 | (43,700) | 0 | (43,700) | ||||||||||||||||||||||||
Net income attributable to non-controlling interest | 0 | 0 | 0 | 116 | 116 | ||||||||||||||||||||||||
Dividends from subsidiaries | $ 0 | 0 | 0 | (124) | (124) | ||||||||||||||||||||||||
Options exercised (in shares) | 0 | 0 | 0 | 1,098 | |||||||||||||||||||||||||
Options exercised | 23 | 0 | 0 | 23 | |||||||||||||||||||||||||
Stock-based compensation | $ 0 | 2,104 | 0 | 0 | 2,104 | ||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 3,185,000 | 0 | 0 | 5,161,374 | |||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 29 | 232,169 | (224,105) | 645 | 8,738 | ||||||||||||||||||||||||
Issuance of stock (in shares) | 0 | 1,575,810 | 0 | 0 | 0 | 0 | 256,356 | 0 | 0 | 0 | 0 | 343,107 | |||||||||||||||||
Issuance of stock | $ 0 | $ 3,694 | $ 0 | $ 0 | $ 3,694 | $ 0 | $ 7,040 | $ 0 | $ 0 | $ 7,040 | $ 1 | 815 | 0 | 0 | 816 | ||||||||||||||
Net loss — the Company | 0 | 0 | (37,250) | 0 | (37,250) | ||||||||||||||||||||||||
Net income attributable to non-controlling interest | 0 | 0 | 0 | 200 | 200 | ||||||||||||||||||||||||
Dividends from subsidiaries | 0 | 0 | 0 | (275) | $ (275) | ||||||||||||||||||||||||
Options exercised (in shares) | 0 | ||||||||||||||||||||||||||||
Stock-based compensation | $ 0 | 1,569 | 0 | 0 | $ 1,569 | ||||||||||||||||||||||||
Restricted share units vested (in shares) | 0 | 0 | 0 | 24,668 | |||||||||||||||||||||||||
Restricted share units vested | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Beneficial conversion feature | $ 0 | 2,567 | 0 | 0 | 2,567 | ||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 3,185,000 | 1,575,810 | 256,356 | 5,529,149 | |||||||||||||||||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2023 | $ 0 | $ 0 | $ (548) | $ 0 | $ (548) | ||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 30 | $ 247,854 | $ (261,903) | $ 570 | $ (13,449) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net loss | $ (37,050) | $ (43,584) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 4,115 | 4,463 |
Stock-based compensation | 1,569 | 2,104 |
Provision for bad debt | 1,350 | 7,337 |
Provision for inventory obsolescence | 1,158 | 2,420 |
Finance expenses and accretion | 2,206 | 414 |
Deferred tax recovery | (69) | (709) |
Loss on sale of subsidiary | 174 | 0 |
Loss on disposal of property and equipment | 10 | 158 |
Loss on debt extinguishment | 2,040 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable short- and long-term | 14,891 | 9,855 |
Inventories | (324) | (5,783) |
Prepaid expenses | 390 | 1,049 |
Advances to suppliers | 277 | (214) |
Other current assets | 1,603 | 56 |
Operating right-of-use assets, net | 1,345 | (5,862) |
Other long-term assets | 47 | 200 |
Trade payables | 1,005 | (385) |
Accrued expenses and other current liabilities | (5,089) | (3,647) |
Current operating lease liabilities | (217) | 1,807 |
Severance pay funds | 168 | 76 |
Unearned interest income | (1,215) | (679) |
Long-term operating lease liabilities | (1,059) | 4,221 |
Other long-term liabilities | (184) | (277) |
Net cash used in operating activities | (12,859) | (26,980) |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (116) | (336) |
Net cash used in investing activities | (116) | (336) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock | 816 | 2,135 |
Repayment of government assistance loans | 0 | (543) |
Dividends from subsidiaries paid to non-controlling interest | (275) | (124) |
Proceeds from exercise of options | 0 | 23 |
Net cash provided by financing activities | 6,802 | 8,009 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (6,173) | (19,307) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year | 11,569 | 30,876 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — End of year | 5,396 | 11,569 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 124 | 329 |
Cash paid for interest | 4,473 | 4,147 |
The 2022 Private Placement [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Private placement, net of costs | 0 | 6,518 |
The 2023 Private Placement [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Private placement, net of costs | $ 6,261 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
The 2023 Private Placement [Member] | |
Stock issuance costs | $ 739 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Venus Concept Inc. is a global medical technology company that develops, commercializes, and sells minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company’s systems have been designed on cost-effective, proprietary and flexible platforms that enable it to expand beyond the aesthetic industry’s traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family and general practitioners and aesthetic medical spas. The Company was incorporated in the state of Delaware on November 22, 2002. Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the foreseeable future, and, as such, the consolidated financial statements do not The Company has had recurring net operating losses and negative cash flows from operations. As of December 31, 2023 December 31, 2022, December 31, 2023, December 31, 2022. 12 In order to continue its operations, the Company must achieve profitable operations and/or obtain additional equity or debt financing. Until the Company achieves profitability, management plans to fund its operations and capital expenditures with cash on hand, borrowings, and issuance of capital stock. Until the Company generates revenue at a level to support its cost structure, the Company expects to continue to incur substantial operating losses and net cash outflows from operating activities. Given the economic uncertainty in U.S. and international markets, the Company cannot anticipate the extent to which the current economic turmoil and financial market conditions will continue to adversely impact the Company’s business and the Company may no may not The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the foreseeable future, and, as such, the consolidated financial statements do not |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") and with the instructions to Form 10 X. The preparation of these consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company as of December 31, 2023 not Amounts reported in thousands within this report are computed based on the amounts in U.S. dollars. As a result, the sum of the components reported in thousands may not may not At the annual and special meeting of the Company's shareholders held on May 10, 2023, one five 1 one fifteen 1 May 11, 2023, one fifteen 1 May 12, 2023. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Venus Concept Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated on consolidation. Where the Company does not 100% Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying consolidated financial statements include, but are not Foreign Currency The Company and its subsidiaries’ functional currency is the U.S. dollar as determined by management. All exchange gains and losses from remeasurement of monetary balance sheet items resulting from transactions in non-functional currencies are recorded in the consolidated statements of operations as they arise. In respect of transactions denominated in currencies other than the Company and its subsidiaries’ functional currencies, the monetary assets and liabilities are remeasured at the period end rates. Revenue and expenses are remeasured at rates of exchange prevailing on the transaction dates. All of the exchange gains or losses resulting from these transactions are recognized in the consolidated statements of operations. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, accounts receivable and long-term receivables. The Company’s cash and cash equivalents are invested primarily in deposits with major banks worldwide, as such minimal credit risk exists with respect to such investments. The Company’s trade receivables are derived from global sales to customers. An allowance for expected credit losses is provided with respect to all balances for which collection is deemed to be doubtful. Risks and Uncertainties The global economy, including the financial and credit markets, has recently experienced extreme volatility and disruptions, including increases to inflation rates, rising interest rates, foreign currency impacts, and declines in economic growth. All these factors point to uncertainty about economic stability, and the severity and duration of these conditions on our Company cannot be predicted. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not may may The Company has borrowings with interest rates that are subject to fluctuations as charged by the lender. The Company does not December 31, 2023 2022 Concentration of Customers For the years ended December 31, 2023 2022 no 10% no 10% Allowance for Expected Credit Losses Trade accounts receivable do not not may December 31, 2023 2022 Inventory Inventories are stated at the lower of cost or net realizable value and include raw materials, work in progress and finished goods. Cost is determined as follows: Raw Materials and Work in Progress (“WIP”) – Cost is determined on a standard cost basis utilizing the weighted average cost of historical purchases, which approximates actual cost. The cost of WIP and finished goods includes the cost of raw materials and the applicable share of the cost of labor and fixed and variable production overheads. The Company regularly evaluates the value of inventory based on a combination of factors including the following: historical usage rates, product end of life dates, technological obsolescence and product introductions. The Company includes demonstration units within inventories. Proceeds from the sale of demonstration units are recorded as revenue. Long-term Receivables Long-term receivables relate to the Company’s subscription revenue or contracts which stipulate payment terms which exceed one December 31, 2023 December 31, 2022. Deferred revenues represent payments received prior to the income being earned. Once the equipment has been delivered or the services have been rendered, these amounts are recognized in income. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is between three ten Leases The Company determines if an agreement is, or contains, a lease at inception. An agreement is, or contains, a lease if the contact conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company leases assets including land and buildings, vehicles, and equipment. For leases with a term of 12 The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. An operating lease is a lease in which a lessor transfers the use of an asset to a lessee for a period of time but does not five i. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. ii. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. iii. The lease term is for a major part (generally 75% iv. The sum of the lease payments and the present value of any residual value guaranteed by the lessee amounts to or exceeds substantially all (generally 90% v. The underlying asset is of such a specialized nature that it is expected to have no For a finance lease, the right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. For an operating lease, amortization of the right-of-use asset is calculated as the difference between the straight-line rent expense and the interest expense on the lease liability for a given period. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not no The lease liabilities are subsequently measured at amortized cost using the effective interest method. They are remeasured when there is a change in future lease payments arising from a change in the lease term, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. All of our leases for which we are the lessee are operating leases and are included within operating lease right-of-use assets, net, operating lease liabilities, and long-term operating lease liabilities in our Consolidated Balance Sheets. Intangible Assets Intangible assets consist of customer relationships, brand, technology and supplier agreement. Intangible assets are stated at cost less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives of the respective assets, which range from approximately six fifteen The useful lives of intangible assets are based on the Company’s assessment of various factors impacting estimated cash flows, such as the product’s position in its lifecycle, the existence or absence of like products in the market, various other competitive and regulatory issues, and contractual terms. Impairment of Long-Lived Assets The Company accounts for the impairment of long-lived assets in accordance with FASB, ASC 360 10, may not December 31, 2023 2022 no Debt Issuance Costs Costs related to the issuance of debt are presented as a direct deduction to the carrying value of the debt and are amortized to accretion expenses using the effective interest rate method over the term of the related debt. Derivatives The Company reviews the terms of convertible notes, equity instruments and other financing arrangements to determine whether there are embedded derivative instruments, including embedded conversion options that are required to be bifurcated and accounted for separately as a derivative financial instrument. Derivative financial instruments are initially measured at their fair value. Derivative financial instruments that are accounted for as liabilities, are initially recorded at fair value and then re-valued at each reporting date, with changes in the fair value recognized in the consolidated statements of operations. Revenue Recognition The Company generates revenue from ( 1 2 3 Many of the Company’s products are sold under subscription contracts with unencumbered title passing to the customer at the earlier of the end of the term and when the payment is received in full. The subscription contracts include an initial deposit followed by monthly installments typically over a period of 36 842, 606. five 1 2 3 4 5 The Company does not Cost of Goods For subscription sales (qualifying as sales-type lease arrangements) and product sales, the costs are recognized upon shipment to the customer or distributor. Advertising Costs The cost of advertising and media is expensed as incurred. For the years ended December 31, 2023 2022 Research and Development Research and development costs are charged to operations as incurred. Major components of research and development expenses consist of personnel costs, including salaries and benefits, hardware and software research and development costs, and clinical studies. Warranty The Company provides a standard warranty against defects for all of its systems. The warranty period begins upon shipment and is for a period of one three The Company records a liability for accrued warranty costs at the time of sale of a system, which consists of the warranty on products sold based on histroical warranty costs and management's estimates. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts thereof as necessary. The Company also provides an extended warranty service. Extended warranty can be purchased at any time after the purchase of a system and prior to the expiration of the standard warranty provided with the sale of the system. Extended warranty services include standard warranty services. The Company recognizes the revenue from the sale of an extended warranty over the period of the extended warranty and accounts it for separately from the standard warranty. Income Taxes The Company follows the deferred income taxes method of accounting for income taxes. Under this method, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying values of accounts and their respective income tax basis. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years during which the temporary differences are expected to be realized or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income in the period that includes the enactment date. The Company establishes valuation allowances when necessary to reduce deferred tax assets to the amounts that are more likely than not not” not not” not Uncertain Tax Positions The Company recognizes the effect of income tax positions only if those positions are more likely than not first not second 50% The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, 718” 718 The fair value of stock options (“options”) on the grant date is estimated using the Black-Scholes option-pricing model using the single-option approach. The Black-Scholes option pricing model requires the use of highly subjective and complex assumptions, including the option’s expected term and the price volatility of the underlying stock, to determine the fair value of the award. The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards. The Company has made a policy choice to account for forfeitures when they occur. Net Loss Per Share The Company computes net (loss) income per share in accordance with ASC Topic 260, 260” two two not Diluted net (loss) income per share is the same as basic net (loss) income per share for the periods in which the Company had a net loss because the inclusion of outstanding common stock equivalents would be anti-dilutive. Recently Adopted Accounting Standards In June 2016, 2016 13, 326 2018 19, 2019 04, 2019 05, 2019 10, 2019 11, 2020 02, January 1, 2023. Recently Issued Accounting Standards Not Yet Adopted In August 2020, No. 2020 06 2020 06” 470 20 815 40 2020 06 2020 06 January 1, 2024, No. 2020 06 In October 2023, No. 2023 06 2023 06" not June 30, 2027. In November 2023, No. 2023 07 2023 07" 280 December 15, 2023, December 15, 2024. In December 2023, No. 2023 09 2023 09" 740 December 15, 2024 |
Note 3 - Net Loss Per Share
Note 3 - Net Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, common stock warrants and stock options are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following table sets forth the computation of basic and diluted net loss and the weighted average number of shares used in computing basic and diluted net loss per share (in thousands, except per share data): For the year ended December 31, 2023 2022 Numerator: Net loss $ (37,050 ) $ (43,584 ) Net loss allocated to stockholders of the Company $ (37,250 ) $ (43,700 ) Denominator: Weighted-average shares of common stock outstanding used in computing net loss per share, basic and diluted 5,442 4,398 Net loss per share: Basic and diluted $ (6.84 ) $ (9.94 ) Due to the net loss, all the outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share attributable to common stockholders for the years ended December 31, 2023 2022 December 31, 2023 2022 Options to purchase common stock 981,834 849,600 Preferred stock 8,889,221 2,123,443 Restricted share units - 25,924 Shares reserved for convertible notes 983,314 547,714 Warrants for common stock 1,061,930 1,061,930 Total potential dilutive shares 11,916,299 4,608,611 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Financial assets and financial liabilities are initially recognized at fair value when the Company becomes a party to the contractual provisions of the financial instrument. Subsequently, all financial instruments are measured at amortized cost using the effective interest method. The financial instruments of the Company consist of cash and cash equivalents, restricted cash, accounts receivable, long-term receivables, lines of credit, trade payables, government assistance loans, accrued expenses and other current liabilities, other long-term liabilities and long-term debt. In view of their nature, the fair value of these financial instruments approximates their carrying amounts. The Company measures the fair value of its financial assets and financial liabilities using the fair value hierarchy. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance establishes a three Level 1 Level 2 1 not Level 3 no Guaranteed investment certificates are classified within Level 2 1, 2 3 Fair Value Measurements as of December 31, 2023 Quoted Prices in Active Markets using Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Guaranteed Investment Certificates $ — $ 62 $ — $ 62 Total assets $ — $ 62 $ — $ 62 Fair Value Measurements as of December 31, 2022 Quoted Prices in Active Markets using Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Guaranteed Investment Certificates $ — $ 59 $ — $ 59 Total assets $ — $ 59 $ — $ 59 |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Trade and Financing Receivables [Text Block] | 5. The Company’s products may A financing receivable is a contractual right to receive money, on demand or on fixed or determinable dates, that is recognized as an asset on the Company’s consolidated balance sheets. The Company’s financing receivables, consisting of sales-type leases, totale d $32,393 December 31, 2023 2022 T he Company performed an assessment of the allowance for expected credit losses as of December 31, 2023 2022 . Based upon such assessment, the Company recorded an allowance for expected credit losses totaling $7,415 and $13,619 as of December 31, 2023 2022 , respectively. The balance as of December 31, 2023 326 326 A summary of the Company’s accounts receivables is presented below: As of December 31, 2023 2022 Gross accounts receivable $ 47,884 $ 70,925 Unearned income (2,139 ) (3,354 ) Allowance for expected credit losses (7,415 ) (13,619 ) $ 38,330 $ 53,952 Reported as: Current trade receivables $ 29,151 $ 37,262 Current unearned interest income (1,468 ) (2,397 ) Long-term trade receivables 11,318 20,044 Long-term unearned interest income (671 ) (957 ) $ 38,330 $ 53,952 Current subscription agreements are reported as part of accounts receivable. The following are the contractual commitments, net of allowance for expected credit losses, to be received by the Company over the next 5 December 31, Total 2024 2025 2026 2027 2028 Current financing receivables, net of allowance of $ 486 $ 21,075 $ 21,075 $ — $ — $ — $ — Long-term financing receivables, net of allowance of $ 77 11,318 — 8,923 2,327 68 — $ 32,393 $ 21,075 $ 8,923 $ 2,327 $ 68 $ — Accounts receivable do not not may The allowance for expected credit losses consisted of the following activity: As of December 31, 2023 2022 Balance at beginning of year $ 13,619 $ 11,997 Write-offs (7,554 ) (5,715 ) Provision 1,350 7,337 Balance at end of year $ 7,415 $ 13,619 |
Note 6 - Select Balance Sheet a
Note 6 - Select Balance Sheet and Statement of Operations Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Balance Sheet and Income Statement Disclosures [Text Block] | 6. Inventory Inventory consists of the following: December 31, 2023 2022 Raw materials $ 1,949 $ 2,478 Work-in-progress 2,048 2,112 Finished goods 19,075 19,316 Total inventory $ 23,072 $ 23,906 Additions to inventory are primarily comprised of newly produced units and applicators, refurbishment cost from demonstration units and used equipment which were reacquired during the year from upgraded sales. The Company expensed $22,687 ($31,555 in 2022 The Company provides for excess and obsolete inventories when conditions indicate that the inventory cost is not December 31, 2023 2022 Property and Equipment, Net Property and equipment, net consist of the following: December 31, Useful Lives (in years) 2023 2022 Lab equipment tooling and molds 4 – 10 $ 4,356 $ 4,356 Office furniture and equipment 6 – 10 1,223 1,240 Leasehold improvements up to 10 854 794 Computers and software 3 919 906 Vehicles 5 – 7 37 37 Demo units 5 214 214 Total property and equipment 7,603 7,547 Less: Accumulated depreciation (6,281 ) (5,690 ) Total property and equipment, net $ 1,322 $ 1,857 Depreciation expense amounted to $642 December 31, 2023 2022 Other Current Assets December 31, 2023 2022 Government remittances (1) $ 1,336 $ 1,602 Consideration receivable from subsidiaries sale 85 629 Deferred financing costs 1 301 Sundry assets and miscellaneous 503 1,170 Total other current assets $ 1,925 $ 3,702 ( 1 Government remittances are receivables from the local tax authorities for refunds of sales taxes and income taxes. Accrued Expenses and Other Current Liabilities December 31, 2023 2022 Payroll and related expense $ 2,260 $ 2,244 Accrued expenses 3,924 5,045 Commission accrual 2,385 3,761 Sales and consumption taxes 3,868 5,617 Total accrued expenses and other current liabilities $ 12,437 $ 16,667 Warranty Accrual The following table provides the details of the change in the Company’s warranty accrual: December 31, 2023 2022 Balance as of the beginning of the year $ 1,482 $ 1,753 Warranties issued during the year 933 993 Warranty costs incurred during the year (1,052 ) (1,264 ) Balance at the end of the year $ 1,363 $ 1,482 Current 1,029 1,074 Long-term 334 408 Total $ 1,363 $ 1,482 Finance Expenses The following table provides the details of the Company’s finance expenses: Year Ended December 31, 2023 2022 Interest expense $ 6,629 $ 4,297 Accretion on long-term debt and amortization of fees 264 264 Total finance expenses $ 6,893 $ 4,561 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. The following presents the various components of lease costs. Year Ended December 31, 2023 2022 Operating lease cost $ 1,933 $ 1,943 Short-term lease cost — 267 Total lease cost $ 1,933 $ 2,210 The following table presents supplemental information relating to the cash flows arising from lease transactions. Cash payments related to short-term leases are not Year Ended December 31, 2023 2022 Operating cash outflows from operating leases $ 1,933 $ 1,943 The following table presents the weighted-average lease term and discount rate for operating leases. Year Ended December 31, 2023 2022 Operating leases Weighted-average remaining lease term 2.8 yrs. 4.2 yrs. Weighted-average discount rate 4.00 % 4.00 % The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five Years ending December 31, Operating leases 2024 $ 1,526 2025 1,236 2026 1,046 2027 598 2028 554 Thereafter — Imputed Interest (1) (208 ) Total $ 4,752 ( 1 Imputed interest represents the difference between undiscounted cash flows and cash flows. |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. The carrying values of goodwill and indefinite-life intangible assets are subject to annual impairment assessment as of the last day of each fiscal year. Between annual assessments, impairment review may December 31, 2023 2022 Intangible assets net of accumulated amortization were as follows: At December 31, 2023 Gross Amount Accumulated Amortization Net Amount Customer relationships $ 1,400 $ (522 ) $ 878 Brand 2,500 (1,330 ) 1,170 Technology 16,900 (11,735 ) 5,165 Supplier agreement 3,000 (1,767 ) 1,233 Total intangible assets $ 23,800 $ (15,354 ) $ 8,446 At December 31, 2022 Gross Amount Accumulated Amortization Net Amount Customer relationships $ 1,400 $ (429 ) $ 971 Brand 2,500 (1,066 ) 1,434 Technology 16,900 (8,919 ) 7,981 Supplier agreement 3,000 (1,467 ) 1,533 Total intangible assets $ 23,800 $ (11,881 ) $ 11,919 Amortization expense was $3,473 for the years ended December 31, 2023 2022. Estimated amortization expense for the next five Years ending December 31, 2024 $ 3,473 2025 3,004 2026 656 2027 657 2028 656 Thereafter — Total $ 8,446 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Commitments As of December 31, 2023 mount of $10.0 million December 31, 2023 of open purchase orders that can be cancelled with 270 Aggregate future service and purchase commitments with manufacturers as of December 31, 2023 Years ending December 31, Purchase and Service Commitments 2024 $ 10,006 2025 — 2026 — 2027 — 2028 — Thereafter — Total $ 10,006 |
Note 10 - Main Street Term Loan
Note 10 - Main Street Term Loan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. On December 8, 2020, 13 3 December 9, 2020, five 30 December 8, 2023 December 8, 2024, fifteen December 8, 2025. may On October 4, 2023, December 31, 2023 December 31, 2024 one three one three one As of December 31, 2023 December 31, 2022, The scheduled payments, inclusive of principal and estimated interest, on the outstanding borrowings as of December 31, 2023 As of December 31, 2023 2024 $ 8,438 2025 51,916 Total $ 60,354 |
Note 11 - Madryn Long-term Debt
Note 11 - Madryn Long-term Debt and Convertible Notes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. On December 8, 2020, 13 3 December 9, 2020, five 30 December 8, 2023 December 8, 2024, fifteen December 8, 2025. may On October 4, 2023, December 31, 2023 December 31, 2024 one three one three one As of December 31, 2023 December 31, 2022, The scheduled payments, inclusive of principal and estimated interest, on the outstanding borrowings as of December 31, 2023 As of December 31, 2023 2024 $ 8,438 2025 51,916 Total $ 60,354 |
Madryn Long Term Debt and Convertible Notes [Member] | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. On October 11, 2016, On December 9, 2020, 10 December 8, 2020, December 9, 2020, December 9, 2020, December 9, 2020 On October 4, 2023, "2023 2023 X X X 5635 3 four December 31, 2023. December 9, 2025 As of December 31, 2023, 2023 In connection with the Notes, the Company recognized interest expense of $2,438 and $2,165 during the years ended December 31, 2023 December 31, 2022, 815 10 15 not 815, two December 31, 2023, December 31, 2022, December 31, 2023, December 31, 2022. The scheduled payments, inclusive of principal and interest, on the outstanding borrowings as of December 31, 2023 As of December 31, 2023 2024 $ - 2025 30,952 Total $ 30,952 For the years ended December 31, 2023 2022, not |
Note 12 - Credit Facility
Note 12 - Credit Facility | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Credit Facility Disclosure [Text Block] | 12. CREDIT FACILITY On August 29, 2018, March 20, 2020, December 9, 2020 August 26, 2021 ( August 29, 2018, March 20, 2020, December 9, 2020 August 26, 2021 ( March 20, 2020, December 9, 2020 August 26, 2021, The CNB Loan Agreement contains various covenants that limit the Company’s ability to engage in specified types of transactions. Subject to limited exceptions, these covenants limit the Company’s ability, without CNB’s consent, to, among other things, sell, lease, transfer, exclusively license or dispose of the Company’s assets, incur, create or permit to exist additional indebtedness, or liens, to make dividends and certain other restricted payments, and to make certain changes to its management and/or ownership structure. The Company is required to maintain $3,000 in cash in a deposit account maintained with CNB at all times during the term of the CNB Loan Agreement. In addition, the CNB Loan Agreement contains certain covenants that require the Company to achieve certain minimum account balances, or a minimum debt service coverage ratio and a maximum total liability to tangible net worth ratio. If the Company fails to comply with these covenants, it will result in a default and require the Company to repay all outstanding principal amounts and any accrued interest. In connection with the CNB Loan Agreement, a loan fee of $1,000 was paid in equal installments on January 25, February 25 March 25, 2021. On August 26, 2021, 30 December 10, 2021, In connection with the Amended CNB Loan Agreement, the Company, Venus USA and Venus Canada issued a promissory note dated August 26, 2021, July 24, 2023 August 26, 2021 As of December 31, 2023 December 31, 2022 r the MSLP Loan (see Note 10 |
Note 13 - Common Stock Reserved
Note 13 - Common Stock Reserved for Issuance | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Common Stock Reserved For Issuance [Text Block] | 13. The Company is required to reserve and keep available out of its authorized but unissued shares of common stock a number of shares sufficient to affect the exercise of all classes of preferred stock, convertible promissory notes, options granted and available for grant under the incentive plans and warrants to purchase common stock. December 31, 2023 December 31, 2022 Outstanding common stock warrants 1,061,930 1,061,930 Outstanding stock options and RSUs 981,834 875,524 Preferred shares 8,889,221 2,123,443 Shares reserved for conversion of future non-voting preferred share issuance — 80,617 Shares reserved for conversion of future voting preferred share issuance 5,844,213 609,891 Shares reserved for future option grants and RSUs 99,580 24,999 Shares reserved for Lincoln Park 711,180 1,054,299 Shares reserved for Madryn Noteholders 1,300,000 547,714 Total common stock reserved for issuance 18,887,958 6,378,417 |
Note 14 - Stockholders Equity
Note 14 - Stockholders Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 14. Common Stock The Company’s common stock confers upon its holders the following rights: • The right to participate and vote in the Company’s stockholder meetings, whether annual or special. Each share will entitle its holder, when attending and participating in the voting in person or via proxy, to one • The right to a share in the distribution of dividends, whether in cash or in the form of bonus shares, the distribution of assets or any other distribution pro rata to the par value of the shares held by them; and • The right to a share in the distribution of the Company’s excess assets upon liquidation pro rata to the par value of the shares held by them. Reverse Stock Split At the annual and special meeting of the Company's shareholders held on May 10, 2023, one five 1 one fifteen 1 May 11, 2023, one fifteen 1 May 12, 2023. Equity Purchase Agreement with Lincoln Park On June 16, 2020, may may no no 5635 no may From commencement to expiry on July 1, 2022, 2022, December 31, 2022 July 1, 2022, 2022 2022 LPC Purchase Agreement with Lincoln Park On July 12, 2022, 2022 July 1, 2022. 2022 may 2022 “2022 2022 2022 may not 2022 “2022 2022 2022 no 2022 2022 five 2022 2022 2022 2022 may not 2022 2022 2022 December 31, 2022, December 31, 2023, 2022 8 July 12, 2022. The 2021 Private Placement On December 15, 2021, "2021 2021 "2021 2021 2021 2021 2022 Non-Voting Preferred Stock issued in December 2021 As noted above, in December 2021, 2021 December 14, 2021. May 15, 2023, 10 December 31, 2022 The 2022 Private Placement In November 2022, "2022 2022 2022 30 "2022 2022 November 18, 2022. 2022 2022 2022 2022 8 November 18, 2022. Voting Preferred Stock issued in November 2022 As noted above, in November 2022, 2022 November 17, 2022. • Voting Rights. • Liquidation. • Conversion one 2022 30 30 two • Dividends. pari passu • Redemption not • Maturity. The 2023 In May 2023, "2023 "2023 may 2023 "2023 December 31, 2025, 2023 May 15, 2023, 2023 • Voting Rights. no two not not • Liquidation. • Conversion one 30 30 • Dividends. • Redemption not • Maturity. On July 6, 2023, 2023 2023 5635 2023 2023 On July 12, 2023, 2023 second 2023 2023 On September 8, 2023, 2023 third 2023 2023 On October 20, 2023, 2023 fourth 2023 2023 Series X On October 4, 2023, X X X X one X X December 31, 2026, X X X • Voting Rights. X 1 X • Liquidation. X • Conversion X one • Dividends. X X X • Redemption not • Maturity. December 31, 2026. 2010 In November 2010, “2010 2010 seven ten November 2017 2010 not December 31, 2023 December 31, 2022 2010 December 31, 2022 2019 Incentive Award Plan The 2019 “2019 2017 September 12, 2017 September 14, 2017. 2017 October 4, 2019. Under the 2019 2019 December 31, 2023 2019 December 31, 2022 2019 first 2020 2029 four The Company recognized stock-based compensation for its employees and non-employees in the accompanying consolidated statements of operations as follows: Year Ended December 31, 2023 2022 Cost of sales $ 47 $ 73 Selling and marketing 343 576 General and administrative 1,035 1,195 Research and development 144 260 Total stock-based compensation $ 1,569 $ 2,104 Stock Options The fair value of each option is estimated at the date of grant using the Black-Scholes option pricing formula with the following assumptions : Year Ended December 31, 2023 2022 Expected term (in years) 6.00 6.00 Risk-free interest rate 3.37-4.68 % 2.56-4.20 % Expected volatility 42.93 % 42.77 % Expected dividend rate 0 % 0 % Expected Term Volatility not Risk-Free Interest Rate zero Dividend Rate not Fair Value of Common Stock The following table summarizes stock option activity under the Company’s stock option plan: Number of Shares Weighted- Average Exercise Price per Share, $ Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding – January 1, 2023 849,613 $ 25.05 8.23 $ 209 Options granted 229,531 2.81 - - Options exercised - - - - Options forfeited/cancelled (97,310 ) 25.37 - - Outstanding - December 31, 2023 981,834 $ 19.85 7.58 $ — Exercisable – December 31, 2023 396,267 $ 36.44 6.24 $ — Expected to vest – after December 31, 2023 585,567 $ 8.62 8.48 $ — The following tables summarize information about stock options outstanding and exercisable at December 31, 2023 Options Outstanding Options Exercisable Exercise Price Range Number Weighted average remaining contractual term (years) Weighted average Exercise Price Options exercisable Weighted average remaining contractual term (years) Weighted average Exercise Price $1.90 - $54.60 933,055 7.79 $14.90 348,118 6.63 $25.59 $63.90 - $119.25 46,063 3.44 99.31 45,433 3.41 99.44 $186.75 - $382.50 1,627 4.74 271.15 1,627 4.74 271.15 $405.00 - $438.75 637 0.72 405.21 637 0.72 405.21 $650.25 - $958.50 452 2.68 696.15 452 2.68 696.15 981,834 7.58 $ 19.85 396,267 6.24 $ 36.44 The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. The total intrinsic value of options exercised were $nil $nil December 31, 2023 2022 The weighted-average grant date fair value of options granted was $2.81 and $9.30 per share for the years ended December 31, 2023 2022 December 31, 2023 2022, Restricted Stock Units The following table summarizes information about RSUs outstanding at December 31, 2023: Number of Shares Weighted- Average Grant Date Fair Value per Share, $ Outstanding - January 1, 2023 25,918 $ 19.50 RSUs forfeited/cancelled (1,250 ) 20.70 RSUs exercised (24,668 ) 19.40 Outstanding - December 31, 2023 — $ — |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. The geographical breakdown of loss before provision for income taxes is as follows: Year Ended December 31, 2023 2022 United States $ (41,197 ) $ (32,045 ) Other jurisdictions 4,076 (12,261 ) Loss before income taxes $ (37,121 ) $ (44,306 ) The components of the provision for income taxes are as follows: Year Ended December 31, 2023 2022 Current tax benefit: Federal $ — $ — Foreign (2 ) (13 ) Total current tax benefit (2 ) (13 ) Deferred tax benefit: Federal — — Foreign (69 ) (709 ) Total deferred tax benefit $ (69 ) $ (709 ) Total benefit for income taxes $ (71 ) $ (722 ) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided when it is more likely than not not December 31, 2023 December 31, 2022) not no December 31, 2023 2022 The Company’s effective tax rate substantially differed from the federal statutory tax rate primarily due to the change in the valuation allowance. The reconciliation between income taxes computed at the federal statutory income tax rate and the provision for income taxes is as follows: Year Ended December 31, 2023 2022 Loss before income taxes $ (37,121 ) $ (44,306 ) Theoretical tax benefit at the statutory rate (21% in 2023 and 2022) (7,796 ) (9,304 ) Differences in jurisdictional tax rates (1,465 ) (1,671 ) Valuation allowance 8,452 10,015 Non-deductible expenses 1,059 803 Other (321 ) (565 ) Total income tax benefit (71 ) (722 ) Net loss $ (37,050 ) $ (43,584 ) The components of the deferred tax assets and deferred tax liabilities are as follows: December 31, 2023 2022 Deferred tax assets: Property and equipment $ 685 $ 690 Deferred revenue 1,453 1,560 Allowance for expected credit losses 3,188 3,917 Intangible assets (20 ) (785 ) Non-deductible expenses 12,280 10,371 Warranty and other reserves 1,221 1,806 Other 1,373 1,020 Loss carryforwards 54,268 46,709 Valuation allowance (73,416 ) (64,341 ) Total deferred tax assets $ 1,032 $ 947 Deferred tax liabilities: Deferred revenue $ 15 $ — Total deferred tax liabilities $ 15 $ — As of December 31, 2023 2022 not 2023 $nil December 31, 2023 2025 not no We may not 50% 740 Utilization of the research and development credits carryforwards may not may The Company files income tax returns in the United States and in various state jurisdictions with varying statutes of limitations. Tax years 2017 2023 Uncertain Tax Positions The activity related to gross amount of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 Balance as of the beginning of the year $ 83 $ 36 Increases related to tax positions in prior period 30 47 Increases related to tax positions taken during the current period — — Balance as of the end of the year $ 113 $ 83 These amounts are related to certain deferred tax assets with a corresponding valuation allowance. If recognized, the impact on the Company’s effective tax rate would not not twelve The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes in the accompanying consolidated statements of operations. Accrued interest and penalties, if applicable, are included in accrued expenses and other current liabilities in the consolidated balance sheets. For the years ended December 31, 2023 2022 not The activity related to the tax effected amount of the recognized tax position as follows: Year Ended December 31, 2023 2022 Balance as of the beginning of the year $ (376 ) $ (563 ) Increases related to tax positions in prior period — — Reduction related to tax position taken during the current period 376 210 Increase related to interest expense — (23 ) Balance as of the end of the year $ — $ (376 ) The Company has derecognized the full amount of the potential tax liability plus interest as the uncertain tax position is statute barred as of December 31, 2023. |
Note 16 - Segment and Geographi
Note 16 - Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. GEOGRAPHIC INFORMATION Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources to an individual segment and in assessing performance. The Company's CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one not Revenue by geographic location, which is based on the product shipped to location, is summarized as follows: Year Ended December 31, 2023 2022 United States $ 43,454 $ 52,101 International 32,900 47,396 Total revenue $ 76,354 $ 99,497 As of December 31, 2023 December 31, 2022 Revenue by type is a key indicator for providing management with an understanding of the Company’s financial performance, which is organized into four 1. Lease revenue - includes all system sales with typical lease terms of 36 months. 2 . System revenue - includes all systems sales with payment terms within 12 months. 3 . Product revenue - includes skincare, hair and other consumables payable upon receipt. 4 . Service revenue - includes NeoGraft technician services, ad agency services and extended warranty sales. The following table presents revenue by type: Year Ended December 31, 2023 2022 Lease revenue $ 20,504 $ 35,267 System revenue 41,874 47,906 Product revenue 10,563 13,316 Service revenue 3,413 3,008 Total revenue $ 76,354 $ 99,497 |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 17. All amounts were recorded at the exchange amount, which is the amount established and agreed to by the related parties. The following are transactions between the Company and parties related through employment. Distribution agreements On January 1, 2018, December 31, 2023 2022, no December 31, 2023. In 2020, January 1, 2021, December 31, 2023 2022, no December 31, 2023. |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. Note Purchase Agreement On January 18, 2024, “2024 The terms of the 2024 “2024 2024 January 18, 2024 ( Under the Note Purchase Agreement, the Company is required to file one 2024 no March 18, 2024 The Note Purchase Agreement contains customary representations, warranties and covenants by the Company, as well as indemnification obligations of the Company, including for liabilities under the Securities Act and other obligations of the parties. 2024 The 2024 90 March 31, 2024. 2024 December 9, 2025, At any time prior to the maturity date, a holder may 2024 2024 The 2024 not 2024 2024 2024 The 2024 2024 may, 2024 2024 2024 The 2024 2024 Security Agreement On January 18, 2024, 2024 2024 Pursuant to the Security Agreement, during the continuance of an Event of Default under the 2024 2024 may, The Security Agreement contains various covenants that limit the Company’s ability to engage in specified types of transactions. Subject to limited exceptions, these covenants include restrictions on the Company’s ability, to incur, create or permit to exist additional indebtedness, or liens, and to make certain changes to its ownership structure, in each case without the Investor’s consent. CNB Subordination Agreement On January 18, 2024, The CNB Subordination Agreement provides that the 2024 October 4, 2023 ( December 8, 2020 2024 2024 first Loan Modification Agreement On January 18, 2024, December 8, 2020, 2023 January 31, 2024, February 28, 2024 March 31, 2024 April 30, 2024. Review of Strategic Alternatives On January 24, 2024, may one There can be no not not Registered Direct Offering On February 22, 2024, “2024 2024 “2024 The Shares were offered at-the-market under Nasdaq rules and pursuant to the Company’s shelf registration statement on Form S- 3 October 15, 2021 October 25, 2021. The 2024 2024 not 4 2 2024 five may 2024 2024 2024 A holder is not 2024 13 16 2024 may 61 may not On February 27, 2024, Under the SPA, no March 8, 2024, 3 not 3 2024 45 75 no 2024 2024 The SPA contains customary representations, warranties and covenants by the Company, among other customary provisions. H.C. Wainwright & Co., LLC (“HCW”) acted as the Company’s placement agent in connection with Offering. The Company paid HCW consideration consisting of (i) a cash fee equal to 7.0% of the aggregate gross proceeds in the Offering, (ii) a management fee equal to 1.0% of the aggregate gross proceeds in the Offering, (iii) reimbursement of certain expenses and (iv) warrants to acquire up to an aggregate of 57,242 shares of common stock (the “Placement Agent Warrants”). The Placement Agent Warrants are similar to the 2024 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information. Rule 10b5 1 None. |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") and with the instructions to Form 10 X. The preparation of these consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company as of December 31, 2023 not Amounts reported in thousands within this report are computed based on the amounts in U.S. dollars. As a result, the sum of the components reported in thousands may not may not At the annual and special meeting of the Company's shareholders held on May 10, 2023, one five 1 one fifteen 1 May 11, 2023, one fifteen 1 May 12, 2023. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Venus Concept Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated on consolidation. Where the Company does not 100% |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying consolidated financial statements include, but are not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The Company and its subsidiaries’ functional currency is the U.S. dollar as determined by management. All exchange gains and losses from remeasurement of monetary balance sheet items resulting from transactions in non-functional currencies are recorded in the consolidated statements of operations as they arise. In respect of transactions denominated in currencies other than the Company and its subsidiaries’ functional currencies, the monetary assets and liabilities are remeasured at the period end rates. Revenue and expenses are remeasured at rates of exchange prevailing on the transaction dates. All of the exchange gains or losses resulting from these transactions are recognized in the consolidated statements of operations. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, accounts receivable and long-term receivables. The Company’s cash and cash equivalents are invested primarily in deposits with major banks worldwide, as such minimal credit risk exists with respect to such investments. The Company’s trade receivables are derived from global sales to customers. An allowance for expected credit losses is provided with respect to all balances for which collection is deemed to be doubtful. |
Risk and Uncertainties [Policy Text Block] | Risks and Uncertainties The global economy, including the financial and credit markets, has recently experienced extreme volatility and disruptions, including increases to inflation rates, rising interest rates, foreign currency impacts, and declines in economic growth. All these factors point to uncertainty about economic stability, and the severity and duration of these conditions on our Company cannot be predicted. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not may may The Company has borrowings with interest rates that are subject to fluctuations as charged by the lender. The Company does not December 31, 2023 2022 |
Concentration of Customers [Policy Text Block] | Concentration of Customers For the years ended December 31, 2023 2022 no 10% no 10% |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Expected Credit Losses Trade accounts receivable do not not may December 31, 2023 2022 |
Inventory, Policy [Policy Text Block] | Inventory Inventories are stated at the lower of cost or net realizable value and include raw materials, work in progress and finished goods. Cost is determined as follows: Raw Materials and Work in Progress (“WIP”) – Cost is determined on a standard cost basis utilizing the weighted average cost of historical purchases, which approximates actual cost. The cost of WIP and finished goods includes the cost of raw materials and the applicable share of the cost of labor and fixed and variable production overheads. The Company regularly evaluates the value of inventory based on a combination of factors including the following: historical usage rates, product end of life dates, technological obsolescence and product introductions. The Company includes demonstration units within inventories. Proceeds from the sale of demonstration units are recorded as revenue. |
Receivable [Policy Text Block] | Long-term Receivables Long-term receivables relate to the Company’s subscription revenue or contracts which stipulate payment terms which exceed one December 31, 2023 December 31, 2022. Deferred revenues represent payments received prior to the income being earned. Once the equipment has been delivered or the services have been rendered, these amounts are recognized in income. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is between three ten |
Lessee, Leases [Policy Text Block] | Leases The Company determines if an agreement is, or contains, a lease at inception. An agreement is, or contains, a lease if the contact conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company leases assets including land and buildings, vehicles, and equipment. For leases with a term of 12 The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. An operating lease is a lease in which a lessor transfers the use of an asset to a lessee for a period of time but does not five i. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. ii. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. iii. The lease term is for a major part (generally 75% iv. The sum of the lease payments and the present value of any residual value guaranteed by the lessee amounts to or exceeds substantially all (generally 90% v. The underlying asset is of such a specialized nature that it is expected to have no For a finance lease, the right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. For an operating lease, amortization of the right-of-use asset is calculated as the difference between the straight-line rent expense and the interest expense on the lease liability for a given period. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not no The lease liabilities are subsequently measured at amortized cost using the effective interest method. They are remeasured when there is a change in future lease payments arising from a change in the lease term, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. All of our leases for which we are the lessee are operating leases and are included within operating lease right-of-use assets, net, operating lease liabilities, and long-term operating lease liabilities in our Consolidated Balance Sheets. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Intangible assets consist of customer relationships, brand, technology and supplier agreement. Intangible assets are stated at cost less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives of the respective assets, which range from approximately six fifteen The useful lives of intangible assets are based on the Company’s assessment of various factors impacting estimated cash flows, such as the product’s position in its lifecycle, the existence or absence of like products in the market, various other competitive and regulatory issues, and contractual terms. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company accounts for the impairment of long-lived assets in accordance with FASB, ASC 360 10, may not December 31, 2023 2022 no |
Debt, Policy [Policy Text Block] | Debt Issuance Costs Costs related to the issuance of debt are presented as a direct deduction to the carrying value of the debt and are amortized to accretion expenses using the effective interest rate method over the term of the related debt. |
Derivatives, Policy [Policy Text Block] | Derivatives The Company reviews the terms of convertible notes, equity instruments and other financing arrangements to determine whether there are embedded derivative instruments, including embedded conversion options that are required to be bifurcated and accounted for separately as a derivative financial instrument. Derivative financial instruments are initially measured at their fair value. Derivative financial instruments that are accounted for as liabilities, are initially recorded at fair value and then re-valued at each reporting date, with changes in the fair value recognized in the consolidated statements of operations. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company generates revenue from ( 1 2 3 Many of the Company’s products are sold under subscription contracts with unencumbered title passing to the customer at the earlier of the end of the term and when the payment is received in full. The subscription contracts include an initial deposit followed by monthly installments typically over a period of 36 842, 606. five 1 2 3 4 5 The Company does not |
Cost of Goods and Service [Policy Text Block] | Cost of Goods For subscription sales (qualifying as sales-type lease arrangements) and product sales, the costs are recognized upon shipment to the customer or distributor. |
Advertising Cost [Policy Text Block] | Advertising Costs The cost of advertising and media is expensed as incurred. For the years ended December 31, 2023 2022 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are charged to operations as incurred. Major components of research and development expenses consist of personnel costs, including salaries and benefits, hardware and software research and development costs, and clinical studies. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty The Company provides a standard warranty against defects for all of its systems. The warranty period begins upon shipment and is for a period of one three The Company records a liability for accrued warranty costs at the time of sale of a system, which consists of the warranty on products sold based on histroical warranty costs and management's estimates. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts thereof as necessary. The Company also provides an extended warranty service. Extended warranty can be purchased at any time after the purchase of a system and prior to the expiration of the standard warranty provided with the sale of the system. Extended warranty services include standard warranty services. The Company recognizes the revenue from the sale of an extended warranty over the period of the extended warranty and accounts it for separately from the standard warranty. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company follows the deferred income taxes method of accounting for income taxes. Under this method, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying values of accounts and their respective income tax basis. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years during which the temporary differences are expected to be realized or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income in the period that includes the enactment date. The Company establishes valuation allowances when necessary to reduce deferred tax assets to the amounts that are more likely than not not” not not” not |
Income Tax Uncertainties, Policy [Policy Text Block] | Uncertain Tax Positions The Company recognizes the effect of income tax positions only if those positions are more likely than not first not second 50% The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, 718” 718 The fair value of stock options (“options”) on the grant date is estimated using the Black-Scholes option-pricing model using the single-option approach. The Black-Scholes option pricing model requires the use of highly subjective and complex assumptions, including the option’s expected term and the price volatility of the underlying stock, to determine the fair value of the award. The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards. The Company has made a policy choice to account for forfeitures when they occur. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share The Company computes net (loss) income per share in accordance with ASC Topic 260, 260” two two not Diluted net (loss) income per share is the same as basic net (loss) income per share for the periods in which the Company had a net loss because the inclusion of outstanding common stock equivalents would be anti-dilutive. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In June 2016, 2016 13, 326 2018 19, 2019 04, 2019 05, 2019 10, 2019 11, 2020 02, January 1, 2023. Recently Issued Accounting Standards Not Yet Adopted In August 2020, No. 2020 06 2020 06” 470 20 815 40 2020 06 2020 06 January 1, 2024, No. 2020 06 In October 2023, No. 2023 06 2023 06" not June 30, 2027. In November 2023, No. 2023 07 2023 07" 280 December 15, 2023, December 15, 2024. In December 2023, No. 2023 09 2023 09" 740 December 15, 2024 |
Note 3 - Net Loss Per Share (Ta
Note 3 - Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the year ended December 31, 2023 2022 Numerator: Net loss $ (37,050 ) $ (43,584 ) Net loss allocated to stockholders of the Company $ (37,250 ) $ (43,700 ) Denominator: Weighted-average shares of common stock outstanding used in computing net loss per share, basic and diluted 5,442 4,398 Net loss per share: Basic and diluted $ (6.84 ) $ (9.94 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2023 2022 Options to purchase common stock 981,834 849,600 Preferred stock 8,889,221 2,123,443 Restricted share units - 25,924 Shares reserved for convertible notes 983,314 547,714 Warrants for common stock 1,061,930 1,061,930 Total potential dilutive shares 11,916,299 4,608,611 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements as of December 31, 2023 Quoted Prices in Active Markets using Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Guaranteed Investment Certificates $ — $ 62 $ — $ 62 Total assets $ — $ 62 $ — $ 62 Fair Value Measurements as of December 31, 2022 Quoted Prices in Active Markets using Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Guaranteed Investment Certificates $ — $ 59 $ — $ 59 Total assets $ — $ 59 $ — $ 59 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of December 31, 2023 2022 Gross accounts receivable $ 47,884 $ 70,925 Unearned income (2,139 ) (3,354 ) Allowance for expected credit losses (7,415 ) (13,619 ) $ 38,330 $ 53,952 Reported as: Current trade receivables $ 29,151 $ 37,262 Current unearned interest income (1,468 ) (2,397 ) Long-term trade receivables 11,318 20,044 Long-term unearned interest income (671 ) (957 ) $ 38,330 $ 53,952 |
Contractual Commitments, Net of Allowance For Doubtful Accounts To Be Received Maturity [Table Text Block] | December 31, Total 2024 2025 2026 2027 2028 Current financing receivables, net of allowance of $ 486 $ 21,075 $ 21,075 $ — $ — $ — $ — Long-term financing receivables, net of allowance of $ 77 11,318 — 8,923 2,327 68 — $ 32,393 $ 21,075 $ 8,923 $ 2,327 $ 68 $ — |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | As of December 31, 2023 2022 Balance at beginning of year $ 13,619 $ 11,997 Write-offs (7,554 ) (5,715 ) Provision 1,350 7,337 Balance at end of year $ 7,415 $ 13,619 |
Note 6 - Select Balance Sheet_2
Note 6 - Select Balance Sheet and Statement of Operations Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2023 2022 Raw materials $ 1,949 $ 2,478 Work-in-progress 2,048 2,112 Finished goods 19,075 19,316 Total inventory $ 23,072 $ 23,906 |
Property, Plant and Equipment [Table Text Block] | December 31, Useful Lives (in years) 2023 2022 Lab equipment tooling and molds 4 – 10 $ 4,356 $ 4,356 Office furniture and equipment 6 – 10 1,223 1,240 Leasehold improvements up to 10 854 794 Computers and software 3 919 906 Vehicles 5 – 7 37 37 Demo units 5 214 214 Total property and equipment 7,603 7,547 Less: Accumulated depreciation (6,281 ) (5,690 ) Total property and equipment, net $ 1,322 $ 1,857 |
Schedule of Other Current Assets [Table Text Block] | December 31, 2023 2022 Government remittances (1) $ 1,336 $ 1,602 Consideration receivable from subsidiaries sale 85 629 Deferred financing costs 1 301 Sundry assets and miscellaneous 503 1,170 Total other current assets $ 1,925 $ 3,702 |
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block] | December 31, 2023 2022 Payroll and related expense $ 2,260 $ 2,244 Accrued expenses 3,924 5,045 Commission accrual 2,385 3,761 Sales and consumption taxes 3,868 5,617 Total accrued expenses and other current liabilities $ 12,437 $ 16,667 |
Schedule of Product Warranty Liability [Table Text Block] | December 31, 2023 2022 Balance as of the beginning of the year $ 1,482 $ 1,753 Warranties issued during the year 933 993 Warranty costs incurred during the year (1,052 ) (1,264 ) Balance at the end of the year $ 1,363 $ 1,482 Current 1,029 1,074 Long-term 334 408 Total $ 1,363 $ 1,482 |
Schedule of Finance Expenses [Table Text Block] | Year Ended December 31, 2023 2022 Interest expense $ 6,629 $ 4,297 Accretion on long-term debt and amortization of fees 264 264 Total finance expenses $ 6,893 $ 4,561 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2023 2022 Operating lease cost $ 1,933 $ 1,943 Short-term lease cost — 267 Total lease cost $ 1,933 $ 2,210 Year Ended December 31, 2023 2022 Operating cash outflows from operating leases $ 1,933 $ 1,943 Year Ended December 31, 2023 2022 Operating leases Weighted-average remaining lease term 2.8 yrs. 4.2 yrs. Weighted-average discount rate 4.00 % 4.00 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Years ending December 31, Operating leases 2024 $ 1,526 2025 1,236 2026 1,046 2027 598 2028 554 Thereafter — Imputed Interest (1) (208 ) Total $ 4,752 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | At December 31, 2023 Gross Amount Accumulated Amortization Net Amount Customer relationships $ 1,400 $ (522 ) $ 878 Brand 2,500 (1,330 ) 1,170 Technology 16,900 (11,735 ) 5,165 Supplier agreement 3,000 (1,767 ) 1,233 Total intangible assets $ 23,800 $ (15,354 ) $ 8,446 At December 31, 2022 Gross Amount Accumulated Amortization Net Amount Customer relationships $ 1,400 $ (429 ) $ 971 Brand 2,500 (1,066 ) 1,434 Technology 16,900 (8,919 ) 7,981 Supplier agreement 3,000 (1,467 ) 1,533 Total intangible assets $ 23,800 $ (11,881 ) $ 11,919 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31, 2024 $ 3,473 2025 3,004 2026 656 2027 657 2028 656 Thereafter — Total $ 8,446 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Years ending December 31, Purchase and Service Commitments 2024 $ 10,006 2025 — 2026 — 2027 — 2028 — Thereafter — Total $ 10,006 |
Note 10 - Main Street Term Lo_2
Note 10 - Main Street Term Loan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
MSLP Note [Member] | |
Notes Tables | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | As of December 31, 2023 2024 $ 8,438 2025 51,916 Total $ 60,354 |
Note 11 - Madryn Long-term De_2
Note 11 - Madryn Long-term Debt and Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Secured Subordinated Convertible Notes [Member] | |
Notes Tables | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | As of December 31, 2023 2024 $ - 2025 30,952 Total $ 30,952 |
Note 13 - Common Stock Reserv_2
Note 13 - Common Stock Reserved for Issuance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Common Stock Reserved for Issuance [Table Text Block] | December 31, 2023 December 31, 2022 Outstanding common stock warrants 1,061,930 1,061,930 Outstanding stock options and RSUs 981,834 875,524 Preferred shares 8,889,221 2,123,443 Shares reserved for conversion of future non-voting preferred share issuance — 80,617 Shares reserved for conversion of future voting preferred share issuance 5,844,213 609,891 Shares reserved for future option grants and RSUs 99,580 24,999 Shares reserved for Lincoln Park 711,180 1,054,299 Shares reserved for Madryn Noteholders 1,300,000 547,714 Total common stock reserved for issuance 18,887,958 6,378,417 |
Note 14 - Stockholders Equity (
Note 14 - Stockholders Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2023 2022 Cost of sales $ 47 $ 73 Selling and marketing 343 576 General and administrative 1,035 1,195 Research and development 144 260 Total stock-based compensation $ 1,569 $ 2,104 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2023 2022 Expected term (in years) 6.00 6.00 Risk-free interest rate 3.37-4.68 % 2.56-4.20 % Expected volatility 42.93 % 42.77 % Expected dividend rate 0 % 0 % |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted- Average Exercise Price per Share, $ Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding – January 1, 2023 849,613 $ 25.05 8.23 $ 209 Options granted 229,531 2.81 - - Options exercised - - - - Options forfeited/cancelled (97,310 ) 25.37 - - Outstanding - December 31, 2023 981,834 $ 19.85 7.58 $ — Exercisable – December 31, 2023 396,267 $ 36.44 6.24 $ — Expected to vest – after December 31, 2023 585,567 $ 8.62 8.48 $ — |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Exercise Price Range Number Weighted average remaining contractual term (years) Weighted average Exercise Price Options exercisable Weighted average remaining contractual term (years) Weighted average Exercise Price $1.90 - $54.60 933,055 7.79 $14.90 348,118 6.63 $25.59 $63.90 - $119.25 46,063 3.44 99.31 45,433 3.41 99.44 $186.75 - $382.50 1,627 4.74 271.15 1,627 4.74 271.15 $405.00 - $438.75 637 0.72 405.21 637 0.72 405.21 $650.25 - $958.50 452 2.68 696.15 452 2.68 696.15 981,834 7.58 $ 19.85 396,267 6.24 $ 36.44 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted- Average Grant Date Fair Value per Share, $ Outstanding - January 1, 2023 25,918 $ 19.50 RSUs forfeited/cancelled (1,250 ) 20.70 RSUs exercised (24,668 ) 19.40 Outstanding - December 31, 2023 — $ — |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2023 2022 United States $ (41,197 ) $ (32,045 ) Other jurisdictions 4,076 (12,261 ) Loss before income taxes $ (37,121 ) $ (44,306 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 Current tax benefit: Federal $ — $ — Foreign (2 ) (13 ) Total current tax benefit (2 ) (13 ) Deferred tax benefit: Federal — — Foreign (69 ) (709 ) Total deferred tax benefit $ (69 ) $ (709 ) Total benefit for income taxes $ (71 ) $ (722 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 Loss before income taxes $ (37,121 ) $ (44,306 ) Theoretical tax benefit at the statutory rate (21% in 2023 and 2022) (7,796 ) (9,304 ) Differences in jurisdictional tax rates (1,465 ) (1,671 ) Valuation allowance 8,452 10,015 Non-deductible expenses 1,059 803 Other (321 ) (565 ) Total income tax benefit (71 ) (722 ) Net loss $ (37,050 ) $ (43,584 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred tax assets: Property and equipment $ 685 $ 690 Deferred revenue 1,453 1,560 Allowance for expected credit losses 3,188 3,917 Intangible assets (20 ) (785 ) Non-deductible expenses 12,280 10,371 Warranty and other reserves 1,221 1,806 Other 1,373 1,020 Loss carryforwards 54,268 46,709 Valuation allowance (73,416 ) (64,341 ) Total deferred tax assets $ 1,032 $ 947 Deferred tax liabilities: Deferred revenue $ 15 $ — Total deferred tax liabilities $ 15 $ — |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 2023 2022 Balance as of the beginning of the year $ 83 $ 36 Increases related to tax positions in prior period 30 47 Increases related to tax positions taken during the current period — — Balance as of the end of the year $ 113 $ 83 |
Schedule of Recognized Tax Benefits [Table Text Block] | Year Ended December 31, 2023 2022 Balance as of the beginning of the year $ (376 ) $ (563 ) Increases related to tax positions in prior period — — Reduction related to tax position taken during the current period 376 210 Increase related to interest expense — (23 ) Balance as of the end of the year $ — $ (376 ) |
Note 16 - Segment and Geograp_2
Note 16 - Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended December 31, 2023 2022 United States $ 43,454 $ 52,101 International 32,900 47,396 Total revenue $ 76,354 $ 99,497 |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended December 31, 2023 2022 Lease revenue $ 20,504 $ 35,267 System revenue 41,874 47,906 Product revenue 10,563 13,316 Service revenue 3,413 3,008 Total revenue $ 76,354 $ 99,497 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Retained Earnings (Accumulated Deficit) | $ (261,903) | $ (224,105) |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||||
May 11, 2023 | May 11, 2023 | May 10, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2023 USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 7,415 | $ 13,619 | ||||
Advertising Expense | 1,121 | 1,776 | ||||
Retained Earnings (Accumulated Deficit) | $ (261,903) | $ (224,105) | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Retained Earnings (Accumulated Deficit) | $ (500) | |||||
Minimum [Member] | ||||||
Discount Based Implicit Interest Rate in Subscription Lease | 8% | 8% | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years | |||||
Standard Product Warranty, Term (Year) | 1 year | |||||
Maximum [Member] | ||||||
Discount Based Implicit Interest Rate in Subscription Lease | 10% | 10% | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||
Standard Product Warranty, Term (Year) | 3 years | |||||
Reverse Stock Split [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | 15 | ||||
Reverse Stock Split [Member] | Minimum [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | |||||
Reverse Stock Split [Member] | Maximum [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 |
Note 3 - Net Loss Per Share - C
Note 3 - Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net loss | $ (37,050) | $ (43,584) |
Loss attributable to stockholders of the Company | $ (37,250) | $ (43,700) |
Weighted-average shares of common stock outstanding used in computing net loss per share, basic and diluted (in shares) | 5,442 | 4,398 |
Basic and diluted (in dollars per share) | $ (6.84) | $ (9.94) |
Note 3 - Net Loss Per Share - A
Note 3 - Net Loss Per Share - Antidilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total potential dilutive shares (in shares) | 11,916,299 | 4,608,611 |
Share-Based Payment Arrangement, Option [Member] | ||
Total potential dilutive shares (in shares) | 981,834 | 849,600 |
Performance Shares [Member] | ||
Total potential dilutive shares (in shares) | 8,889,221 | 2,123,443 |
Restricted Stock [Member] | ||
Total potential dilutive shares (in shares) | 0 | 25,924 |
Shares Reserved for Convertible Notes [Member] | ||
Total potential dilutive shares (in shares) | 983,314 | 547,714 |
Warrant [Member] | ||
Total potential dilutive shares (in shares) | 1,061,930 | 1,061,930 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets, fair value | $ 62 | $ 59 |
Guaranteed Investment Certificates [Member] | ||
Assets, fair value | 62 | 59 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Guaranteed Investment Certificates [Member] | ||
Assets, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 62 | 59 |
Fair Value, Inputs, Level 2 [Member] | Guaranteed Investment Certificates [Member] | ||
Assets, fair value | 62 | 59 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Guaranteed Investment Certificates [Member] | ||
Assets, fair value | $ 0 | $ 0 |
Note 5 - Accounts Receivable (D
Note 5 - Accounts Receivable (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Lessor, Sales-type Lease, Term of Contract (Month) | 36 months | ||
Sales-type and Direct Financing Leases, Lease Receivable | $ 32,393 | $ 40,377 | |
Accounts Receivable, Allowance for Credit Loss | 7,415 | $ 13,619 | $ 11,997 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Accounts Receivable, Allowance for Credit Loss | $ 500 |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Gross accounts receivable | $ 47,884 | $ 70,925 | |
Unearned income | (2,139) | (3,354) | |
Allowance for expected credit losses | (7,415) | (13,619) | $ (11,997) |
Accounts Receivable, after Allowance for Credit Loss | 38,330 | 53,952 | |
Current trade receivables | 29,151 | 37,262 | |
Current unearned interest income | (1,468) | (2,397) | |
Long-term trade receivables | 11,318 | 20,044 | |
Long-term unearned interest income | $ (671) | $ (957) |
Note 5 - Accounts Receivable _2
Note 5 - Accounts Receivable - Schedule of Contractual Commitments, Net of Allowance for Doubtful Accounts (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Financing receivables, net | $ 32,393 |
2024, financing receivables, net | 21,075 |
2025, financing receivables, net | 8,923 |
2026, financing receivables, net | 2,327 |
2027, financing receivables, net | 68 |
2028, financing receivables, net | 0 |
Current Financing Receivables, Net Of Allowance [Member] | |
Financing receivables, net | 21,075 |
2024, financing receivables, net | 21,075 |
2025, financing receivables, net | 0 |
2026, financing receivables, net | 0 |
2027, financing receivables, net | 0 |
2028, financing receivables, net | 0 |
Noncurrent Financing Receivables, Net Of Allowance [Member] | |
Financing receivables, net | 11,318 |
2024, financing receivables, net | 0 |
2025, financing receivables, net | 8,923 |
2026, financing receivables, net | 2,327 |
2027, financing receivables, net | 68 |
2028, financing receivables, net | $ 0 |
Note 5 - Accounts Receivable _3
Note 5 - Accounts Receivable - Schedule of Contractual Commitments, Net of Allowance for Doubtful Accounts (Details) (Parentheticals) $ in Thousands | Dec. 31, 2023 USD ($) |
Current Financing Receivables, Net Of Allowance [Member] | |
Allowance, current financing receivables, net | $ 486 |
Noncurrent Financing Receivables, Net Of Allowance [Member] | |
Allowance, noncurrent financing receivables, net | $ 77 |
Note 5 - Accounts Receivable _4
Note 5 - Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 13,619 | $ 11,997 |
Write-offs | (7,554) | (5,715) |
Provision | 1,350 | 7,337 |
Balance | $ 7,415 | $ 13,619 |
Note 6 - Select Balance Sheet_3
Note 6 - Select Balance Sheet and Statement of Operations Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cost, Direct Material | $ 22,687 | $ 31,555 |
Inventory Valuation Reserves | 2,733 | 3,258 |
Depreciation | $ 642 | $ 990 |
Note 6 - Select Balance Sheet_4
Note 6 - Select Balance Sheet and Statement of Operations Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 1,949 | $ 2,478 |
Work-in-progress | 2,048 | 2,112 |
Finished goods | 19,075 | 19,316 |
Total inventory | $ 23,072 | $ 23,906 |
Note 6 - Select Balance Sheet_5
Note 6 - Select Balance Sheet and Statement of Operations Information - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lab equipment tooling and molds | $ 4,356 | $ 4,356 |
Office furniture and equipment | 1,223 | 1,240 |
Leasehold improvements | 854 | 794 |
Computers and software | 919 | 906 |
Vehicles | 37 | 37 |
Demo units | 214 | 214 |
Total property and equipment | 7,603 | 7,547 |
Less: Accumulated depreciation | (6,281) | (5,690) |
Total property and equipment, net | $ 1,322 | $ 1,857 |
Minimum [Member] | ||
Property and equipment, Useful lives (Year) | 3 years | |
Maximum [Member] | ||
Property and equipment, Useful lives (Year) | 10 years | |
Tools, Dies and Molds [Member] | Minimum [Member] | ||
Property and equipment, Useful lives (Year) | 4 years | |
Tools, Dies and Molds [Member] | Maximum [Member] | ||
Property and equipment, Useful lives (Year) | 10 years | |
Office Equipment [Member] | Minimum [Member] | ||
Property and equipment, Useful lives (Year) | 6 years | |
Office Equipment [Member] | Maximum [Member] | ||
Property and equipment, Useful lives (Year) | 10 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property and equipment, Useful lives (Year) | 10 years | |
Computer Equipment [Member] | ||
Property and equipment, Useful lives (Year) | 3 years | |
Vehicles [Member] | Minimum [Member] | ||
Property and equipment, Useful lives (Year) | 5 years | |
Vehicles [Member] | Maximum [Member] | ||
Property and equipment, Useful lives (Year) | 7 years | |
Demo Units [Member] | ||
Property and equipment, Useful lives (Year) | 5 years |
Note 6 - Select Balance Sheet_6
Note 6 - Select Balance Sheet and Statement of Operations Information - Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Government remittances (1) | [1] | $ 1,336 | $ 1,602 |
Consideration receivable from subsidiaries sale | 85 | 629 | |
Deferred financing costs | 1 | 301 | |
Sundry assets and miscellaneous | 503 | 1,170 | |
Total other current assets | $ 1,925 | $ 3,702 | |
[1]Government remittances are receivables from the local tax authorities for refunds of sales taxes and income taxes. |
Note 6 - Select Balance Sheet_7
Note 6 - Select Balance Sheet and Statement of Operations Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payroll and related expense | $ 2,260 | $ 2,244 |
Accrued expenses | 3,924 | 5,045 |
Commission accrual | 2,385 | 3,761 |
Sales and consumption taxes | 3,868 | 5,617 |
Total accrued expenses and other current liabilities | $ 12,437 | $ 16,667 |
Note 6 - Select Balance Sheet_8
Note 6 - Select Balance Sheet and Statement of Operations Information - Warranty Accrual (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance as of the beginning of the year | $ 1,482 | $ 1,753 |
Warranties issued during the year | 933 | 993 |
Warranty costs incurred during the year | (1,052) | (1,264) |
Balance at the end of the year | 1,363 | 1,482 |
Current | 1,029 | 1,074 |
Long-term | 334 | 408 |
Total | $ 1,363 | $ 1,482 |
Note 6 - Select Balance Sheet_9
Note 6 - Select Balance Sheet and Statement of Operations Information - Finance Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest expense | $ 6,629 | $ 4,297 |
Accretion on long-term debt and amortization of fees | 264 | 264 |
Total finance expenses | $ 6,893 | $ 4,561 |
Note 7 - Leases - Lease Cost (D
Note 7 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease cost | $ 1,933 | $ 1,943 |
Short-term lease cost | 0 | 267 |
Total lease cost | 1,933 | 2,210 |
Operating cash outflows from operating leases | $ 1,933 | $ 1,943 |
Weighted-average remaining lease term (Year) | 2 years 9 months 18 days | 4 years 2 months 12 days |
Weighted-average discount rate | 4% | 4% |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) | |
2024, operating lease | $ 1,526 | |
2025, operating lease | 1,236 | |
2026, operating lease | 1,046 | |
2027, operating lease | 598 | |
2028, operating lease | 554 | |
Thereafter | 0 | |
Imputed Interest (1) | (208) | [1] |
Total | $ 4,752 | |
[1]Imputed interest represents the difference between undiscounted cash flows and cash flows. |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Amortization of Intangible Assets | $ 3,473 | $ 3,473 |
Note 8 - Intangible Assets - Sc
Note 8 - Intangible Assets - Schedule of Intangible Assets Net of Accumulated Amortization and Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Gross Amount | $ 23,800 | $ 23,800 |
Accumulated amortization | (15,354) | (11,881) |
Net Amount | 8,446 | 11,919 |
Customer Relationships [Member] | ||
Gross Amount | 1,400 | 1,400 |
Accumulated amortization | (522) | (429) |
Net Amount | 878 | 971 |
Brand [Member] | ||
Gross Amount | 2,500 | 2,500 |
Accumulated amortization | (1,330) | (1,066) |
Net Amount | 1,170 | 1,434 |
Technology [Member] | ||
Gross Amount | 16,900 | 16,900 |
Accumulated amortization | (11,735) | (8,919) |
Net Amount | 5,165 | 7,981 |
Supplier Agreement [Member] | ||
Gross Amount | 3,000 | 3,000 |
Accumulated amortization | (1,767) | (1,467) |
Net Amount | $ 1,233 | $ 1,533 |
Note 8 - Intangible Assets - Es
Note 8 - Intangible Assets - Estimated Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 3,473 | |
2025 | 3,004 | |
2026 | 656 | |
2027 | 657 | |
2028 | 656 | |
Thereafter | 0 | |
Total | $ 8,446 | $ 11,919 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Purchase Obligation | $ 10,006 |
Contract Manufacturers [Member] | |
Purchase Obligation | 10,000 |
Open Purchase Order [Member] | |
Purchase Obligation | $ 2,800 |
Percentage Of Open Purchase Order | 25% |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Contractual Obligation Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 10,006 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total | $ 10,006 |
Note 10 - Main Street Term Lo_3
Note 10 - Main Street Term Loan (Details Textual) - MSLP Note [Member] - USD ($) $ in Millions | Oct. 04, 2023 | Dec. 08, 2020 |
Debt Instrument, Face Amount | $ 50 | |
Debt Instrument, Term (Year) | 5 years | |
Debt Instrument, Redemption, Period One [Member] | ||
Debt Instrument, Percentage of Outstanding Principal to be Paid with Accrued Unpaid Interest | 15% | |
Debt Instrument, Redemption, Period Two [Member] | ||
Debt Instrument, Percentage of Outstanding Principal to be Paid with Accrued Unpaid Interest | 7.50% | 15% |
London Interbank Offered Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3% | |
Secured Overnight Financing Rate (SOFR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.25% |
Note 10 - Main Street Term Lo_4
Note 10 - Main Street Term Loan - Schedule Payments on Outstanding Borrowings (Details) - MSLP Note [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 8,438 |
2025 | 51,916 |
Total | $ 60,354 |
Note 11 - Madryn Long-term De_3
Note 11 - Madryn Long-term Debt and Convertible Notes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Oct. 04, 2023 | Dec. 09, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Gain (Loss) on Extinguishment of Debt | $ (2,040) | $ 0 | ||
Series X Convertible Preferred Stock [Member][ | ||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 20.1 | |||
Madryn Noteholders [Member] | Conversion from Madryn Noteholders, Outstanding Debt Converted to Convertible Instruments [Member] | Series X Convertible Preferred Stock [Member][ | ||||
Debt Conversion, Original Debt, Amount | $ 26,695 | |||
Debt Conversion, Converted Instrument, Amount | $ 22,792 | |||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 248,755 | |||
Gain (Loss) on Extinguishment of Debt | $ (2,000) | |||
Madryn Credit Agreement [Member] | ||||
Repayments of Debt | $ 42,500 | |||
Secured Subordinated Convertible Notes [Member] | Madryn Noteholders [Member] | ||||
Debt Instrument, Face Amount | $ 26,700 | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 8.5 | |||
Debt Instrument, Default, Increase in Interest Rate | 4% | |||
Long-Term Debt, Gross | 23,600 | |||
Interest Expense | 2,438 | 2,165 | ||
Repayments of Long-Term Debt | $ 0 | $ 0 | ||
Debt Instrument, Maturity Date | Dec. 09, 2025 |
Note 11 - Madryn Long-term De_4
Note 11 - Madryn Long-term Debt and Convertible Notes - Scheduled Payments (Details) - Secured Subordinated Convertible Notes [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 0 |
2025 | 30,952 |
Total | $ 30,952 |
Note 12 - Credit Facility (Deta
Note 12 - Credit Facility (Details Textual) - City National Bank of Florida [Member] - USD ($) $ in Millions | Aug. 26, 2021 | Dec. 09, 2020 |
CNB Note [Member] | ||
Debt Instrument, Face Amount | $ 5 | |
Debt Instrument, Maturity Date | Jul. 24, 2023 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Minimum Deposit Required | $ 1.5 | $ 3 |
Loan Processing Fee | 1 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 | $ 10 |
Debt Instrument, LIBOR Floor | 0.50% | |
Revolving Credit Facility [Member] | London Interbank Offered Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.25% |
Note 13 - Common Stock Reserv_3
Note 13 - Common Stock Reserved for Issuance - Common Stock Reserved for Issuance (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Outstanding stock options and RSUs (in dollars per share) | $ 981,834 | $ 875,524 |
Shares reserved for future option grants and RSUs (in shares) | 99,580 | 24,999 |
Total common stock reserved for issuance (in shares) | 18,887,958 | 6,378,417 |
Lincoln Park [Member] | ||
Total common stock reserved for issuance (in shares) | 711,180 | 1,054,299 |
Madryn Noteholders [Member] | ||
Total common stock reserved for issuance (in shares) | 1,300,000 | 547,714 |
Non-Voting Preferred Stock [Member] | ||
Shares reserved for conversion of future preferred share issuance (in shares) | 0 | 80,617 |
Voting Preferred Stock [Member] | ||
Shares reserved for conversion of future preferred share issuance (in shares) | 5,844,213 | 609,891 |
Common Stock [Member] | ||
Outstanding common stock warrants (in shares) | 1,061,930 | 1,061,930 |
Preferred Stock [Member] | ||
Preferred shares (in shares) | 8,889,221 | 2,123,443 |
Note 14 - Stockholders Equity_2
Note 14 - Stockholders Equity (Details Textual) | 1 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||||||||
Oct. 20, 2023 USD ($) shares | Oct. 04, 2023 $ / shares shares | Sep. 08, 2023 USD ($) shares | Jul. 12, 2023 USD ($) shares | May 15, 2023 USD ($) shares | May 11, 2023 | May 11, 2023 | May 10, 2023 | Jul. 12, 2022 USD ($) $ / shares shares | Dec. 15, 2021 USD ($) $ / shares shares | Nov. 30, 2022 USD ($) $ / shares shares | Nov. 30, 2017 | Nov. 30, 2010 | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | May 31, 2023 USD ($) $ / shares | Dec. 31, 2021 shares | Jun. 16, 2020 USD ($) $ / shares shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||||||||
Proceeds from Issuance of Common Stock | $ 816,000 | $ 2,135,000 | |||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 816,000 | $ 2,204,000 | |||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares | 18,887,958 | 6,378,417 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ 0 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 0 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 2.81 | $ 9.3 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 1,552,000 | $ 1,645,000 | |||||||||||||||||
The 2010 Share Option Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 10 years | 7 years | |||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares | 28,168 | 6,284 | |||||||||||||||||
The 2019 Plan [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | shares | 30,000 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 71,412 | 18,715 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Increase in Authorized Shares, Percentage of Outstanding Stock Maximum | 4% | ||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||
Preferred Stock, Shares Outstanding (in shares) | shares | 252,717 | ||||||||||||||||||
Voting Preferred Stock [Member] | |||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares | $ 30 | ||||||||||||||||||
Preferred Stock, Convertible, Conversion Ratio | 0.6667 | ||||||||||||||||||
Preferred Stock, Convertible, Volume Weighted Average Price Per Common Share (in dollars per share) | $ / shares | $ 18.75 | ||||||||||||||||||
Senior Preferred Stock [Member] | |||||||||||||||||||
Preferred Stock, Convertible, Conversion Ratio | 2.6667 | ||||||||||||||||||
Liquidation Preference, Multiplier | 2.5 | ||||||||||||||||||
Conversion Price, Benchmark, Multiplier | 2.75 | ||||||||||||||||||
Series X Convertible Preferred Stock [Member][ | |||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 20.1 | ||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||
Preferred Stock, Convertible, Conversion Ratio | 10 | ||||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | shares | 400,000 | ||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 12.50% | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 343,107 | 525,385 | |||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 1,000 | $ 1,000 | |||||||||||||||||
Equity Purchase Agreement [Member] | Lincoln Park [Member] | |||||||||||||||||||
Equity Purchase Agreement, Maximum Offering Amount | $ 31,000,000 | ||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||
Equity Purchase Agreement, Maximum Shares Issuable (in shares) | shares | 517,560 | ||||||||||||||||||
Equity Agreement, Maximum Percentage of Stock Outstanding | 19.99% | ||||||||||||||||||
Equity Agreement, Minimum Average Purchase Price (in dollars per share) | $ / shares | $ 59.6325 | ||||||||||||||||||
Maximum Percentage of Outstanding Stock, Beneficial Ownership | 9.99% | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 26,666,000 | 229,139 | |||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 40.5 | ||||||||||||||||||
Stock Issued During Period, Shares, Commitment Fee (in shares) | shares | 13,971 | ||||||||||||||||||
Stock Issued During Period, Value, Commitment Fee | $ 620,000 | ||||||||||||||||||
Deferred Offering Costs | $ 0 | $ 123,000 | |||||||||||||||||
Proceeds from Issuance of Common Stock | $ 272,000 | ||||||||||||||||||
LPC Purchase Agreement 2022 [Member] | Lincoln Park [Member] | |||||||||||||||||||
Equity Purchase Agreement, Maximum Offering Amount | $ 11,000,000 | ||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||
Equity Purchase Agreement, Maximum Shares Issuable (in shares) | shares | 858,224 | ||||||||||||||||||
Equity Agreement, Maximum Percentage of Stock Outstanding | 19.99% | ||||||||||||||||||
Maximum Percentage of Outstanding Stock, Beneficial Ownership | 9.99% | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 343,116 | 433,336 | |||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 4.54 | ||||||||||||||||||
Stock Issued During Period, Shares, Commitment Fee (in shares) | shares | 45,701 | ||||||||||||||||||
Stock Issued During Period, Value, Commitment Fee | $ 330,000 | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 1,109,000 | $ 1,970,000 | |||||||||||||||||
The 2021 Private Placement [Member] | |||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 17,000,000 | ||||||||||||||||||
Payments of Stock Issuance Costs | $ 300,000 | ||||||||||||||||||
The 2021 Private Placement [Member] | Convertible Preferred Stock [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 252,717 | ||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||
The 2021 Private Placement [Member] | Common Stock [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 653,894 | ||||||||||||||||||
The 2022 Private Placement [Member] | |||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 6,720,000 | $ 0 | 6,518,000 | ||||||||||||||||
Payments of Stock Issuance Costs | $ 202,000 | $ 202,000 | |||||||||||||||||
The 2022 Private Placement [Member] | Convertible Preferred Stock [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 3,185,000 | ||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||
Preferred Stock, Convertible, Shares Issuable (in shares) | shares | 2,123,443 | ||||||||||||||||||
The 2022 Private Placement [Member] | Common Stock [Member] | |||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 116,668 | ||||||||||||||||||
Multi-Tranche Private Placement 2023 [Member] | |||||||||||||||||||
Equity Purchase Agreement, Maximum Offering Amount | $ 9,000,000 | ||||||||||||||||||
Equity Purchase Agreement, Minimum Aggregate Purchase Amount Per Tranche | $ 500,000 | ||||||||||||||||||
Multi-Tranche Private Placement 2023 [Member] | Senior Preferred Stock [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 502,513 | 292,398 | 500,000 | 280,899 | |||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 2,000,000 | $ 1,000,000 | $ 2,000,000 | $ 2,000,000 | |||||||||||||||
Weighted Average [Member] | LPC Purchase Agreement 2022 [Member] | Lincoln Park [Member] | |||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 3.23 | ||||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | 15 | |||||||||||||||||
Reverse Stock Split [Member] | Minimum [Member] | |||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | ||||||||||||||||||
Reverse Stock Split [Member] | Maximum [Member] | |||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 |
Note 14 - Stockholders Equity -
Note 14 - Stockholders Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total stock-based compensation | $ 1,569 | $ 2,104 |
Cost of Sales [Member] | ||
Total stock-based compensation | 47 | 73 |
Selling and Marketing Expense [Member] | ||
Total stock-based compensation | 343 | 576 |
General and Administrative Expense [Member] | ||
Total stock-based compensation | 1,035 | 1,195 |
Research and Development Expense [Member] | ||
Total stock-based compensation | $ 144 | $ 260 |
Note 14 - Stockholders Equity_3
Note 14 - Stockholders Equity - Stock Options Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Expected term (in years) (Year) | 6 years | 6 years |
Risk-free interest rate, minimum | 3.37% | 2.56% |
Expected volatility | 42.93% | 42.77% |
Expected dividend rate | 0% | 0% |
Minimum [Member] | ||
Risk-free interest rate, maximum | 4.68% | 4.20% |
Note 14 - Stockholders Equity_4
Note 14 - Stockholders Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Outstanding, number of shares (in shares) | 849,613 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 25.05 | |
Outstanding, weighted average remaining contractual term (Year) | 7 years 6 months 29 days | 8 years 2 months 23 days |
Outstanding, aggregate intrinsic value | $ 0 | $ 209 |
Options granted, number of shares (in shares) | 229,531 | |
Options granted, weighted average exercise price (in dollars per share) | $ 2.81 | |
Options granted, aggregate intrinsic value | $ 0 | |
Options exercised, number of shares (in shares) | 0 | |
Options exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Options exercised, aggregate intrinsic value | $ 0 | $ 0 |
Options forfeited/cancelled, number of shares (in shares) | (97,310) | |
Options forfeited/cancelled, weighted average exercise price (in dollars per share) | $ 25.37 | |
Options forfeited/cancelled, aggregate intrinsic value (in dollars per share) | $ 0 | |
Outstanding, number of shares (in shares) | 981,834 | 849,613 |
Outstanding, weighted average exercise price (in dollars per share) | $ 19.85 | $ 25.05 |
Exercisable, number of shares (in shares) | 396,267 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 36.44 | |
Exercisable, weighted average remaining contractual term (Year) | 6 years 2 months 26 days | |
Exercisable, aggregate intrinsic value | $ 0 | |
Expected to vest, number of shares (in shares) | 585,567 | |
Expected to vest, weighted average exercise price (in dollars per share) | $ 8.62 | |
Expected to vest, weighted average remaining contractual term (Year) | 8 years 5 months 23 days | |
Expected to vest, aggregate intrinsic value | $ 0 |
Note 14 - Stockholders Equity_5
Note 14 - Stockholders Equity - Stock Options Outstanding and Exercisable (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Options outstanding, number (in shares) | shares | 981,834 |
Options outstanding, weighted average remaining contractual term (Year) | 7 years 6 months 29 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 19.85 |
Options exercisable (in shares) | shares | 396,267 |
Options exercisable, weighted average remaining contractual term (Year) | 6 years 2 months 26 days |
Options exercisable, weighted average exercise price (in dollars per share) | $ 36.44 |
Range One [Member] | |
Options outstanding, number (in shares) | shares | 933,055 |
Exercise price range, lower limit (in dollars per share) | $ 1.9 |
Exercise price range, upper limit (in dollars per share) | $ 54.6 |
Options outstanding, weighted average remaining contractual term (Year) | 7 years 9 months 14 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 14.9 |
Options exercisable (in shares) | shares | 348,118 |
Options exercisable, weighted average remaining contractual term (Year) | 6 years 7 months 17 days |
Options exercisable, weighted average exercise price (in dollars per share) | $ 25.59 |
Range Two [Member] | |
Options outstanding, number (in shares) | shares | 46,063 |
Exercise price range, lower limit (in dollars per share) | $ 63.9 |
Exercise price range, upper limit (in dollars per share) | $ 119.25 |
Options outstanding, weighted average remaining contractual term (Year) | 3 years 5 months 8 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 99.31 |
Options exercisable (in shares) | shares | 45,433 |
Options exercisable, weighted average remaining contractual term (Year) | 3 years 4 months 28 days |
Options exercisable, weighted average exercise price (in dollars per share) | $ 99.44 |
Range Three [Member] | |
Options outstanding, number (in shares) | shares | 1,627 |
Exercise price range, lower limit (in dollars per share) | $ 186.75 |
Exercise price range, upper limit (in dollars per share) | $ 382.5 |
Options outstanding, weighted average remaining contractual term (Year) | 4 years 8 months 26 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 271.15 |
Options exercisable (in shares) | shares | 1,627 |
Options exercisable, weighted average remaining contractual term (Year) | 4 years 8 months 26 days |
Options exercisable, weighted average exercise price (in dollars per share) | $ 271.15 |
Range Four [Member] | |
Options outstanding, number (in shares) | shares | 637 |
Exercise price range, lower limit (in dollars per share) | $ 405 |
Exercise price range, upper limit (in dollars per share) | $ 438.75 |
Options outstanding, weighted average remaining contractual term (Year) | 8 months 19 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 405.21 |
Options exercisable (in shares) | shares | 637 |
Options exercisable, weighted average remaining contractual term (Year) | 8 months 19 days |
Options exercisable, weighted average exercise price (in dollars per share) | $ 405.21 |
Range Five [Member] | |
Options outstanding, number (in shares) | shares | 452 |
Exercise price range, lower limit (in dollars per share) | $ 650.25 |
Exercise price range, upper limit (in dollars per share) | $ 958.5 |
Options outstanding, weighted average remaining contractual term (Year) | 2 years 8 months 4 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 696.15 |
Options exercisable (in shares) | shares | 452 |
Options exercisable, weighted average remaining contractual term (Year) | 2 years 8 months 4 days |
Options exercisable, weighted average exercise price (in dollars per share) | $ 696.15 |
Note 14 - Stockholders Equity_6
Note 14 - Stockholders Equity - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Outstanding, rsu (in shares) | shares | 25,918 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.5 |
RSUs forfeited/cancelled, rsu (in shares) | shares | (1,250) |
RSUs forfeited/cancelled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.7 |
RSUs exercised, rsu (in shares) | shares | (24,668) |
RSUs exercised, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.4 |
Outstanding, rsu (in shares) | shares | 0 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Tax Assets, Valuation Allowance | $ 73,416 | $ 64,341 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 9,075 | 12,904 |
Deferred Tax Assets, Net of Valuation Allowance | 1,032 | 947 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 |
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 377 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards | $ 217,643 | $ 191,313 |
Open Tax Year | 2017 2018 2019 2020 2021 2022 2023 | |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | $ 0 |
Note 15 - Income Taxes - Schedu
Note 15 - Income Taxes - Schedule of Geographical Breakdown of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
United States | $ (41,197) | $ (32,045) |
Other jurisdictions | 4,076 | (12,261) |
Loss before income taxes | $ (37,121) | $ (44,306) |
Note 15 - Income Taxes - Sche_2
Note 15 - Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current tax benefit: | ||
Federal | $ 0 | $ 0 |
Foreign | (2) | (13) |
Total current tax benefit | (2) | (13) |
Deferred tax benefit: | ||
Federal | 0 | 0 |
Foreign | (69) | (709) |
Total deferred tax benefit | (69) | (709) |
Total benefit for income taxes | $ (71) | $ (722) |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loss before income taxes | $ (37,121) | $ (44,306) |
Theoretical tax benefit at the statutory rate (21% in 2023 and 2022) | (7,796) | (9,304) |
Differences in jurisdictional tax rates | (1,465) | (1,671) |
Valuation allowance | 8,452 | 10,015 |
Non-deductible expenses | 1,059 | 803 |
Other | (321) | (565) |
Total benefit for income taxes | (71) | (722) |
Net loss | $ (37,050) | $ (43,584) |
Note 15 - Income Taxes - Sche_3
Note 15 - Income Taxes - Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Property and equipment | $ 685 | $ 690 |
Deferred revenue | 1,453 | 1,560 |
Allowance for expected credit losses | 3,188 | 3,917 |
Intangible assets | (20) | (785) |
Non-deductible expenses | 12,280 | 10,371 |
Warranty and other reserves | 1,221 | 1,806 |
Other | 1,373 | 1,020 |
Loss carryforwards | 54,268 | 46,709 |
Valuation allowance | (73,416) | (64,341) |
Total deferred tax assets | 1,032 | 947 |
Deferred tax liabilities: | ||
Deferred revenue | 15 | 0 |
Total deferred tax liabilities | $ 15 | $ 0 |
Note 15 - Income Taxes - Sche_4
Note 15 - Income Taxes - Schedule of Reconciliation of Uncertain Tax Position (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance as of the beginning of the year | $ 83 | $ 36 |
Increases related to tax positions in prior period | 30 | 47 |
Increases related to tax positions taken during the current period | 0 | 0 |
Balance as of the end of the year | $ 113 | $ 83 |
Note 15 - Income Taxes - Sche_5
Note 15 - Income Taxes - Schedule of Tax Effected Amount of Recognized Tax Position (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance as of the beginning of the year | $ (376) | $ (563) |
Increases related to tax positions in prior period | 0 | 0 |
Reduction related to tax position taken during the current period | 376 | 210 |
Increase related to interest expense | 0 | (23) |
Balance as of the end of the year | $ 0 | $ (376) |
Note 16 - Segment and Geograp_3
Note 16 - Segment and Geographic Information (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Reportable Segments | 1 | |
Number of Operating Segments | 1 | |
Leases [Member] | ||
Sales with Typical Lease Terms (Month) | 36 months | |
System [Member] | ||
Sales with Payment Terms (Month) | 12 months | |
UNITED STATES | ||
Long-Lived Assets | $ 8,705 | $ 12,346 |
Non-US [Member] | ||
Long-Lived Assets | $ 1,063 | $ 1,431 |
Note 16 - Segment and Geograp_4
Note 16 - Segment and Geographic Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total revenue | $ 76,354 | $ 99,497 |
UNITED STATES | ||
Total revenue | 43,454 | 52,101 |
Non-US [Member] | ||
Total revenue | $ 32,900 | $ 47,396 |
Note 16 - Segment and Geograp_5
Note 16 - Segment and Geographic Information - Schedule of Revenue by Type (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total revenue | $ 76,354 | $ 99,497 |
Leases [Member] | ||
Total revenue | 20,504 | 35,267 |
System [Member] | ||
Total revenue | 41,874 | 47,906 |
Product [Member] | ||
Total revenue | 10,563 | 13,316 |
Service [Member] | ||
Total revenue | $ 3,413 | $ 3,008 |
Note 17 - Related Party Trans_2
Note 17 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Jan. 01, 2021 | Jan. 01, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 76,354 | $ 99,497 | |||
Venus Concept Singapore Pte. Ltd (Venus Singapore) [Member] | |||||
Disposal Group, Including Discontinued Operation, Percentage of Ownership | 55% | ||||
Technicalbiomed Co., Ltd. (TBC) [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 322 | 951 | |||
Senior Officer [Member] | Technicalbiomed Co., Ltd. (TBC) [Member] | |||||
Equity Method Investment, Ownership Percentage | 45% | 30% | |||
Venus Concept Singapore Pte. Ltd (Venus Singapore) [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 122 | $ 441 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Feb. 27, 2024 | Feb. 22, 2024 | Jan. 18, 2024 |
Registered Direct Offering [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 817,748 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 1.465 | ||
Maximum Percentage of Outstanding Stock, Beneficial Ownership | 4.99% | ||
Proceeds from Issuance or Sale of Equity | $ 1.2 | ||
Registered Direct Offering [Member] | Maximum [Member] | |||
Maximum Percentage of Outstanding Stock, Beneficial Ownership | 9.99% | ||
Registered Direct Offering [Member] | The 2024 Investor Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 817,748 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.34 | ||
H.C. Wainwright & Co., LLC [Member] | |||
Placement Agent Fee, Percentage of Gross Proceeds | 7% | ||
Management Fee, Percentage of Gross Proceeds | 1% | ||
H.C. Wainwright & Co., LLC [Member] | Placement Agent Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 57,242 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.8313 | ||
Secured Subordinated Convertible Notes [Member] | EW and EW-A [Member] | |||
Proceeds from Convertible Debt | $ 2,000 | ||
Debt Instrument, Default, Increase in Interest Rate | 4% | ||
Debt Instrument, Convertible, Conversion Ratio | 799.3605 | ||
Debt Instrument, Face Amount | $ 1 | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.251 | ||
Secured Subordinated Convertible Notes [Member] | EW and EW-A [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 8.50% |