Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000834365 | |
Entity Registrant Name | BIOLIFE SOLUTIONS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36362 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3076866 | |
Entity Address, Address Line One | 3303 Monte Villa Parkway, SUITE 310 | |
Entity Address, City or Town | Bothell | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98021 | |
City Area Code | 425 | |
Local Phone Number | 402-1400 | |
Title of 12(b) Security | BioLife Solutions, Inc. Common Shares | |
Trading Symbol | BLFS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,605,036 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 24,001 | $ 69,860 |
Restricted cash | 28 | 10 |
Available-for-sale securities, current portion | 22,546 | 0 |
Accounts receivable, trade, net of allowance for doubtful accounts of $458 and $275 as of June 30, 2022 and December 31, 2021, respectively | 31,257 | 23,217 |
Inventories | 33,335 | 28,345 |
Prepaid expenses and other current assets | 6,890 | 4,427 |
Total current assets | 118,057 | 125,859 |
Assets held for rent, net | 9,083 | 9,809 |
Property and equipment, net | 19,117 | 17,657 |
Operating lease right-of-use assets, net | 17,306 | 18,705 |
Financing lease right-of-use assets, net | 367 | 440 |
Long-term deposits and other assets | 323 | 325 |
Available-for-sale securities, long-term | 489 | 0 |
Equity investments | 4,372 | 4,372 |
Total intangible assets, net | 76,524 | 152,149 |
Goodwill | 224,741 | 224,741 |
Total assets | 470,379 | 554,057 |
Current liabilities: | ||
Accounts payable | 11,537 | 14,945 |
Accrued expenses and other current liabilities | 7,187 | 7,142 |
Warranty liability | 8,722 | 9,398 |
Lease liabilities, operating, current portion | 2,733 | 2,758 |
Lease liabilities, financing, current portion | 153 | 149 |
Debt, current portion | 1,363 | 862 |
Contingent consideration, current portion | 1,603 | 5,127 |
Total current liabilities | 33,298 | 40,381 |
Contingent consideration, long-term | 1,912 | 4,900 |
Lease liabilities, operating, long-term | 15,205 | 16,466 |
Lease liabilities, financing, long-term | 213 | 291 |
Debt, long-term | 6,188 | 6,353 |
Deferred tax liabilities | 1,149 | 5,487 |
Other long-term liabilities | 101 | 42 |
Total liabilities | 58,066 | 73,920 |
Commitments and Contingencies (Note 12) | ||
Shareholders’ equity: | ||
Preferred stock, $0.001 par value; 1,000,000 shares authorized, Series A, 4,250 shares designated, and 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.001 par value; 150,000,000 shares authorized, 42,536,734 and 41,817,503 shares issued and outstanding, respectively, as of June 30, 2022 and December 31, 2021 | 43 | 42 |
Additional paid-in capital | 597,810 | 585,397 |
Accumulated other comprehensive loss, net of taxes | (900) | (282) |
Accumulated deficit | (184,640) | (105,020) |
Total shareholders’ equity | 412,313 | 480,137 |
Total liabilities and shareholders’ equity | $ 470,379 | $ 554,057 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance for doubtful accounts | $ 458 | $ 275 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 42,536,734 | 41,817,503 |
Common stock, outstanding (in shares) | 42,536,734 | 41,817,503 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares designated (in shares) | 4,250 | 4,250 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 40,533 | $ 31,204 | $ 76,752 | $ 48,051 |
Costs and operating expenses: | ||||
General and administrative | 11,351 | 7,146 | 22,546 | 11,974 |
Sales and marketing | 5,415 | 3,142 | 10,306 | 5,164 |
Research and development | 3,428 | 3,045 | 7,209 | 5,032 |
Intangible asset impairment charges | 69,900 | 0 | 69,900 | 0 |
Intangible asset amortization | 2,863 | 1,882 | 5,725 | 2,815 |
Acquisition costs | 5 | 272 | 16 | 1,271 |
Change in fair value of contingent consideration | (2,361) | 1,718 | (5,695) | 1,226 |
Total operating expenses | 116,795 | 35,759 | 160,647 | 53,586 |
Operating loss | (76,262) | (4,555) | (83,895) | (5,535) |
Other expense: | ||||
Interest expense, net | (9) | (121) | (173) | (137) |
Other (expense) income, net | (22) | 0 | 110 | (1) |
Change in fair value of warrant liability | 0 | 0 | 0 | (121) |
Total other expense, net | (31) | (121) | (63) | (259) |
Loss before income tax benefit | (76,293) | (4,676) | (83,958) | (5,794) |
Income tax benefit | 3,739 | 12,552 | 4,338 | 12,552 |
Net (loss) income | (72,554) | 7,876 | (79,620) | 6,758 |
Net (loss) income attributable to common shareholders: | ||||
Basic | (72,554) | 7,661 | (79,620) | 6,543 |
Diluted | $ (72,554) | $ 7,668 | $ (79,620) | $ 6,551 |
Basic (in dollars per share) | $ (1.71) | $ 0.20 | $ (1.89) | $ 0.18 |
Diluted (in dollars per share) | $ (1.71) | $ 0.19 | $ (1.89) | $ 0.17 |
Weighted average shares used to compute (loss) earnings per share attributable to common shareholders: | ||||
Basic (in shares) | 42,460,189 | 38,072,712 | 42,238,355 | 35,668,124 |
Diluted (in shares) | 42,460,189 | 40,390,098 | 42,238,355 | 38,275,603 |
Product [Member] | ||||
Revenue | $ 34,170 | $ 27,468 | $ 64,558 | $ 41,244 |
Costs and operating expenses: | ||||
Cost of goods and services | 21,561 | 15,986 | 41,501 | 21,609 |
Service Revenue [Member] | ||||
Revenue | 3,698 | 1,963 | 6,787 | 4,167 |
Costs and operating expenses: | ||||
Cost of goods and services | 2,968 | 1,427 | 5,557 | 2,779 |
Rental Revenue [Member] | ||||
Revenue | 2,665 | 1,773 | 5,407 | 2,640 |
Costs and operating expenses: | ||||
Cost of goods and services | $ 1,665 | $ 1,141 | $ 3,582 | $ 1,716 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net (loss) income | $ (72,554) | $ 7,876 | $ (79,620) | $ 6,758 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment, net of tax | (422) | 3 | (578) | 3 |
Unrealized loss on available-for-sale securities, net of tax | (40) | 0 | (40) | 0 |
Comprehensive (loss) income | $ (73,016) | $ 7,879 | $ (80,238) | $ 6,761 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | GCI Acquisition [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | GCI Acquisition [Member] Common Stock [Member] | GCI Acquisition [Member] Additional Paid-in Capital [Member] | GCI Acquisition [Member] AOCI Attributable to Parent [Member] | GCI Acquisition [Member] Retained Earnings [Member] | GCI Acquisition [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 0 | 33,039,146 | ||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 33 | $ 302,598 | $ 0 | $ (97,385) | $ 205,246 | ||||||
Stock-based compensation | $ 0 | $ 0 | 4,024 | 0 | 0 | 4,024 | ||||||
Stock option exercises (in shares) | 0 | 387,759 | ||||||||||
Stock option exercises | $ 0 | $ 1 | 607 | 0 | 0 | 608 | ||||||
Stock issued – on vested RSAs (in shares) | 0 | 427,315 | ||||||||||
Stock issued – on vested RSAs | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||
Foreign currency translation | 0 | 0 | 0 | 3 | 0 | 3 | ||||||
Net (loss) income | $ 0 | $ 0 | 0 | 0 | 6,758 | 6,758 | ||||||
Stock issued in acquisitions (in shares) | 0 | 6,636,470 | ||||||||||
Stock issued in acquisitions | $ 0 | $ 7 | $ 232,734 | $ 0 | $ 0 | $ 232,741 | ||||||
Cashless exercises of warrants (in shares) | 0 | 70,030 | ||||||||||
Cashless exercises of warrants | $ 0 | $ 0 | 2,901 | 0 | 0 | 2,901 | ||||||
Balance (in shares) at Jun. 30, 2021 | 0 | 40,560,720 | ||||||||||
Balance at Jun. 30, 2021 | $ 0 | $ 41 | 542,864 | 3 | (90,627) | 452,281 | ||||||
Balance (in shares) at Mar. 31, 2021 | 0 | 33,634,194 | ||||||||||
Balance at Mar. 31, 2021 | $ 0 | $ 34 | 307,246 | 0 | (98,503) | 208,777 | ||||||
Stock-based compensation | $ 0 | $ 0 | 2,520 | 0 | 0 | 2,520 | ||||||
Stock option exercises (in shares) | 0 | 224,894 | ||||||||||
Stock option exercises | $ 0 | $ 0 | 364 | 0 | 0 | 364 | ||||||
Stock issued – on vested RSAs (in shares) | 0 | 65,162 | ||||||||||
Stock issued – on vested RSAs | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||
Foreign currency translation | 0 | 0 | 0 | 3 | 0 | 3 | ||||||
Net (loss) income | $ 0 | $ 0 | 0 | 0 | 7,876 | 7,876 | ||||||
Stock issued in acquisitions (in shares) | 0 | 6,636,470 | ||||||||||
Stock issued in acquisitions | $ 0 | $ 7 | $ 232,734 | $ 0 | $ 0 | $ 232,741 | ||||||
Balance (in shares) at Jun. 30, 2021 | 0 | 40,560,720 | ||||||||||
Balance at Jun. 30, 2021 | $ 0 | $ 41 | 542,864 | 3 | (90,627) | 452,281 | ||||||
Balance (in shares) at Dec. 31, 2021 | 0 | 41,817,503 | ||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 42 | 585,397 | (282) | (105,020) | 480,137 | ||||||
Fees incurred for registration filings | 0 | 0 | (76) | 0 | 0 | (76) | ||||||
Stock-based compensation | $ 0 | $ 0 | 11,372 | 0 | 0 | 11,372 | ||||||
Stock option exercises (in shares) | 0 | 154,504 | ||||||||||
Stock option exercises | $ 0 | $ 0 | 301 | 0 | 0 | 301 | ||||||
Stock issued – on vested RSAs (in shares) | 0 | 500,597 | ||||||||||
Stock issued – on vested RSAs | $ 0 | $ 1 | 0 | 0 | 0 | 1 | ||||||
Contingent consideration shares issued (in shares) | 0 | 64,130 | ||||||||||
Contingent consideration shares issued | $ 0 | $ 0 | 816 | 0 | 0 | 816 | ||||||
Foreign currency translation | 0 | 0 | 0 | (578) | 0 | (578) | ||||||
Unrealized loss on available-for-sale securities | 0 | 0 | 0 | (40) | 0 | (40) | ||||||
Net (loss) income | $ 0 | $ 0 | 0 | 0 | (79,620) | (79,620) | ||||||
Balance (in shares) at Jun. 30, 2022 | 0 | 42,536,734 | ||||||||||
Balance at Jun. 30, 2022 | $ 0 | $ 43 | 597,810 | (900) | (184,640) | 412,313 | ||||||
Balance (in shares) at Mar. 31, 2022 | 0 | 42,331,082 | ||||||||||
Balance at Mar. 31, 2022 | $ 0 | $ 42 | 591,002 | (438) | (112,086) | 478,520 | ||||||
Fees incurred for registration filings | 0 | 0 | (24) | 0 | 0 | (24) | ||||||
Stock-based compensation | $ 0 | $ 0 | 5,973 | 0 | 0 | 5,973 | ||||||
Stock option exercises (in shares) | 0 | 24,571 | ||||||||||
Stock option exercises | $ 0 | $ 0 | 43 | 0 | 0 | 43 | ||||||
Stock issued – on vested RSAs (in shares) | 0 | 116,951 | ||||||||||
Stock issued – on vested RSAs | $ 0 | $ 1 | 0 | 0 | 0 | 1 | ||||||
Contingent consideration shares issued (in shares) | 0 | 64,130 | ||||||||||
Contingent consideration shares issued | $ 0 | $ 0 | 816 | 0 | 0 | 816 | ||||||
Foreign currency translation | 0 | 0 | 0 | (422) | 0 | (422) | ||||||
Unrealized loss on available-for-sale securities | 0 | 0 | 0 | (40) | 0 | (40) | ||||||
Net (loss) income | $ 0 | $ 0 | 0 | 0 | (72,554) | (72,554) | ||||||
Balance (in shares) at Jun. 30, 2022 | 0 | 42,536,734 | ||||||||||
Balance at Jun. 30, 2022 | $ 0 | $ 43 | $ 597,810 | $ (900) | $ (184,640) | $ 412,313 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Shareholders' Equity (Parentheticals) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cashless warrant exercises (in shares) | 0 | 79,100 |
Unaudited Condensed Consolida_7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net (loss) income | $ (79,620) | $ 6,758 |
Adjustments to reconcile net (loss) income to net cash used in operating activities | ||
Intangible asset impairment charges | 69,900 | 0 |
Stock-based compensation | 11,372 | 4,024 |
Amortization of intangible assets | 5,725 | 2,815 |
Depreciation | 3,257 | 1,895 |
Non-cash lease expense | 1,308 | 1,047 |
Change in fair value of warrant liability | 0 | 121 |
Loss on disposal of property and equipment, net | 35 | 0 |
(Gain) loss on disposal of assets held for rent, net | (264) | 102 |
Deferred income tax benefit | (4,338) | (12,552) |
Change in fair value of contingent consideration | (5,695) | 1,226 |
Other | 200 | 175 |
Change in operating assets and liabilities, net of effects of acquisitions | ||
Accounts receivable, trade, net | (8,128) | (8,494) |
Inventories | (4,990) | 1,283 |
Prepaid expenses and other assets | (1,492) | 2,370 |
Accounts payable | (3,402) | (2,790) |
Accrued expenses and other current liabilities | (1,033) | (681) |
Warranty liability | (676) | (3,201) |
Net cash used in operating activities | (17,841) | (5,902) |
Cash flows from investing activities | ||
Cash acquired in acquisition of Global Cooling, Inc. | 0 | 43 |
Proceeds from sale of equipment | 0 | 1 |
Purchases of assets held for rent | (774) | (4,280) |
Purchases of property and equipment | (3,491) | (4,407) |
Investment in available-for-sale securities | (23,075) | 0 |
Net cash used in investing activities | (27,340) | (8,643) |
Cash flows from financing activities | ||
Proceeds from exercise of common stock options | 301 | 608 |
Proceeds from line of credit | 0 | 11,800 |
Payments on line of credit | 0 | (12,738) |
Fees incurred for registration filings | (76) | 0 |
Other | 10 | (380) |
Net cash (used in) provided by financing activities | (470) | 385 |
Net decrease in cash, cash equivalents, and restricted cash | (45,651) | (14,160) |
Cash, cash equivalents, and restricted cash – beginning of period | 69,870 | 90,456 |
Effects of currency translation on cash, cash equivalents, and restricted cash | (190) | 3 |
Cash, cash equivalents, and restricted cash – end of period | 24,029 | 76,299 |
Non-cash investing and financing activities | ||
Cashless exercise of warrants reclassified from warrant liability to common stock | 0 | 2,901 |
Cashless issuance of SciSafe earnout shares | 816 | 0 |
Stock issued as consideration to acquire Global Cooling, Inc. | 0 | 232,741 |
Equipment acquired under operating leases | 243 | 6,971 |
Equipment acquired under finance leases | 0 | 440 |
Purchase of property and equipment not yet paid | 102 | 0 |
Cash interest paid | 121 | 0 |
Equipment Loans [Member] | ||
Cash flows from financing activities | ||
Proceeds from equipment loans | 0 | 1,282 |
Payments on equipment loans | (247) | 0 |
Financed Insurance Premium [Member] | ||
Cash flows from financing activities | ||
Payments on financed insurance premium | $ (458) | $ (187) |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Business BioLife Solutions, Inc. (“BioLife”, “us”, “we”, “our”, or the “Company”) is a developer, manufacturer, and supplier of a portfolio of bioproduction tools and services including proprietary biopreservation media, automated cell processing fill machines, closed system cryogenic vials, human platelet lysate (“hPL”) growth media, automated thawing devices, cloud-connected shipping containers, ultra-low temperature mechanical freezers, cryogenic and controlled rate freezers and biological and pharmaceutical materials storage. Our CryoStor® freeze media and HypoThermosol® hypothermic storage media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our Sexton cell processing product line includes hPL media, for cell expansion reducing risk and improving downstream performance inherent with the use of fetal bovine serum and human serum, and CellSeal® cryogenic vials, which are purpose-built rigid containers used as a primary final package for cells used in research and clinical applications. These vials can be filled manually or with high throughput systems and automated cell processing machines that bring multiple processes traditionally performed by manual techniques under a higher level of control to protect cells from loss or contamination. Our ThawSTAR® product line is comprised of a family of automated thawing devices for frozen biologic material packaged in cryovials and cryobags. These products help to reduce thawing related damage to temperature-sensitive biologic materials by standardizing the thawing process and reducing the risks of contamination and overheating, which are inherent with the use of traditional water baths. Our cryogenic freezer technology provides for controlled rate freezing and cryogenic storage of biologic materials. Our ultra-low temperature mechanical freezers allow biological materials to be stored at temperatures which range from negative 20℃ 86℃. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions by management affect the Company’s net realizable value of inventory, fair value of warrant liability, valuation of market based awards, valuations and purchase price allocations related to investments and business combinations, fair value of marketable debt securities, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, estimated fair values of intangible assets and goodwill, amortization methods and periods, warranty reserves, certain accrued expenses, share-based compensation, contingent consideration from business combinations, and the recoverability of the Company’s deferred tax assets and the related valuation allowance. The Company regularly assesses these estimates; however, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Basis of presentation The Unaudited Condensed Consolidated Financial Statements included herein have been prepared by BioLife in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10 10 X not 10 December 31, 2021. The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, SAVSU Technologies, Inc. (“SAVSU” acquired on August 8, 2019), November 12, 2019), October 1, 2020), April 1, 2021), May 3, 2021), September 1, 2021). In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments, consisting of only normal, recurring adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows. The results of operations for the interim periods presented are not Foreign currency translation The Company translates items presented on its Unaudited Condensed Consolidated Balance Sheet, Unaudited Condensed Consolidated Statements of Operations, Unaudited Condensed Consolidated Statements of Shareholders’ Equity, and Unaudited Condensed Consolidated Statements of Cash Flows into U.S. dollars. For the Company’s subsidiaries that operate in a local currency functional environment, all assets and liabilities are translated into U.S. dollars using current exchange rates at the balance sheet date; revenue and expenses are translated using average exchange rates in effect during each period. Resulting translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss in the Unaudited Condensed Consolidated Statements of Shareholders' Equity. Segment reporting The Company views its operations and makes decisions regarding how to allocate resources and manages its business as one one Significant accounting policies The following describes an update to the Company’s accounting policies for investments. For a full discussion of significant accounting policies, including additional information regarding the Company’s accounting policies for investments, refer to the Notes to the Consolidated Financial Statements included within the Company’s 2021 10 The Company classifies its investment in marketable debt securities as “available-for-sale.” Available-for-sale securities are carried at fair value with unrealized holding gains or losses recorded in other comprehensive income, net of tax. Gains or losses are included in earnings in the period in which they are realized. The cost of securities sold is determined based on the specific identification method. The cost of available-for-sale debt securities is adjusted for premiums and discounts, with the accretion or amortization of such amounts included as a portion of interest. Available-for-sale debt securities with an original maturity date less than one one Liquidity and capital resources On June 30, 2022 December 31, 2021, twelve 10 may may not Risks and uncertainties COVID- 19 Our domestic and international operations have been and continue to be affected by the ongoing global pandemic of a novel strain of coronavirus (“COVID- 19” In the six June 30, 2022 December 31, 2021, 19 not 19 19. The Company may 19 third Any disruption and volatility in the global capital markets as a result of the pandemic may 19 not The ultimate extent to which the COVID- 19 19 Concentrations of credit risk and business risk Significant customers are those that represent more than 10% Accounts Receivable Revenue June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2022 2021 Customer A 17 % 21 % * * * * Customer B 16 % 11 % 20 % * 20 % * * less than 10% Revenue from foreign customers is denominated in United States dollars or euros. The following table represents the Company’s total revenue by geographic area (based on the location of the customer): Three Months Ended Six Months Ended June 30, June 30, Revenue by customers geographic locations 2022 2021 2022 2021 United States 75 % 82 % 77 % 80 % Europe, Middle East, Africa (EMEA) 17 % 10 % 17 % 11 % Canada 5 % 5 % 3 % 6 % Other 3 % 3 % 3 % 3 % Total revenue 100 % 100 % 100 % 100 % In the three six June 30, 2022 2021, no 10% As of June 30, 2022 December 31, 2021, no 10% Recent accounting pronouncements In June 2022, No. 2022 03, Fair Value Measurements (Topic 820 2022 03 1 820, 2 3 820. 2022 03 not not December 15, 2023, 2022 03. not In March 2022, No. 2022 02 Financial Instruments-Credit Losses (Topic 326 2022 02 2022 02 326 2022 02 December 15, 2022 2022 02 |
Note 2 - Fair Value Measurement
Note 2 - Fair Value Measurement | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 2. Fair value measurement In accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures 820” 1 2 2 820 820 three Level 1 Level 2 1 not Level 3 The fair value of the CBS Contingent Consideration Liability was initially valued based on unobservable inputs using a Monte Carlo simulation. These inputs included the estimated amount and timing of projected future revenue, a discount rate of 26.0%, a risk-free rate of approximately 1.74% and revenue volatility of 70%. Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Generally, changes used in the assumptions for projected future revenue and revenue volatility would be accompanied by a directionally similar change in the fair value measurement. Conversely, changes in the discount rate would be accompanied by a directionally opposite change in the related fair value measurement. However, due to the contingent consideration having a maximum payout amount, changes in these assumptions would not December 31, 2021, June 30, 2022 December 31, 2021 The fair value of the SciSafe Contingent Consideration Liability was initially valued based on unobservable inputs using a Monte Carlo simulation. These inputs included the estimated amount and timing of projected future revenue, a discount rate of 4.5%, a risk-free rate of approximately 0.20%, asset volatility of 60%, and revenue volatility of 15%. Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Generally, changes used in the assumptions for projected future revenue and revenue volatility would be accompanied by a directionally similar change in the fair value measurement. Conversely, changes in the discount rate would be accompanied by a directionally opposite change in the related fair value measurement. However, due to the contingent consideration having a maximum payout amount, changes in these assumptions would not June 30, 2022, June 30, 2022 December 31, 2021 three six June 30, 2022, three six June 30, 2021, three six June 30, 2022, first For the warrant liability, the significant Level 3 March 25, 2021. There were no three six June 30, 2022 not The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 December 31, 2021, three (In thousands) As of June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 17,086 $ - $ - $ 17,086 Corporate debt securities - 2,242 - 2,242 Non-U.S. government agency securities - 748 - 748 Marketable debt securities: U.S. government securities 10,335 - - 10,335 Corporate debt securities - 11,515 - 11,515 Other debt securities - 1,185 - 1,185 Total 27,421 15,690 - 43,111 Liabilities: Contingent consideration - business combinations - - 3,515 3,515 Debt - 7,551 - 7,551 Total $ - $ 7,551 $ 3,515 $ 11,066 As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market accounts $ 63,873 $ - $ - $ 63,873 Total 63,873 - - 63,873 Liabilities: Contingent consideration - business combinations - - 10,027 10,027 Debt - 7,215 - 7,215 Total $ - $ 7,215 $ 10,027 $ 17,242 The fair values of money market funds classified as Level 1 3 1 Organization and Significant Accounting Policies. no The following table presents the changes in fair value of contingent consideration liabilities which are measured using Level 3 Six Months Ended June 30, (In thousands) 2022 2021 Beginning balance $ 10,027 $ 7,152 Change in fair value recognized in net (loss) income (5,695 ) 1,226 Payment of contingent consideration earned (817 ) - Ending balance $ 3,515 $ 8,378 The following table presents the changes in fair value of warrant liabilities which are measured using Level 3 Six Months Ended June 30, (In thousands) 2022 2021 Beginning balance $ - $ 2,780 Exercised warrants - (2,901 ) Change in fair value recognized in net (loss) income - 121 Ending balance $ - $ - |
Note 3 - Investments
Note 3 - Investments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investment [Text Block] | 3. Available-for-sale securities The Company’s portfolio of available-for-sale marketable securities consists of the following: June 30, 2022 Amortized Gross unrealized Estimated (In thousands) Cost Gains Losses Fair Value Available-for-sale securities, current portion U.S. government securities $ 10,361 $ - $ 26 $ 10,335 Corporate debt securities 11,524 - 8 11,516 Other debt securities 699 - 4 695 Total short-term 22,584 - 38 22,546 Available-for-sale securities, long-term Other debt securities 491 - 2 489 Total marketable securities $ 23,075 $ - $ 40 $ 23,035 There were no December 31, 2021. The contractual maturities of our available-for-sale marketable securities as of June 30, 2022 Amortized Estimated (In thousands) Cost Fair Value Due in one year or less $ 22,584 $ 22,546 Due after one year through five years 491 489 Total $ 23,075 $ 23,035 Equity investments We periodically invest in securities of private companies to promote business and strategic objectives. At June 30, 2022 December 31, 2021, 1 2 |
Note 4 - Inventory
Note 4 - Inventory | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventory consists of the following as of June 30, 2022 December 31, 2021: (In thousands) 2022 2021 Raw materials $ 18,457 $ 17,252 Work in progress 4,791 5,015 Finished goods 10,087 6,078 Total $ 33,335 $ 28,345 |
Note 5 - Leases
Note 5 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | 5. We have various operating lease agreements for office space, warehouses, manufacturing, and production locations as well as vehicles and other equipment. Our real estate leases have remaining lease terms of one ten not one five one five Our financing leases relate to research equipment, machinery, and other equipment. The table below presents certain information related to the weighted average discount rate and weighted average remaining lease term for the Company’s leases as of June 30, 2022 December 31, 2021: June 30, December 31, (In thousands) 2022 2021 Weighted average discount rate - operating leases 3.8 % 3.8 % Weighted average discount rate - finance leases 6.1 % 6.1 % Weighted average remaining lease term in years - operating leases 7.5 7.8 Weighted average remaining lease term in years - finance leases 2.5 3.0 The components of lease expense for the three six June 30, 2022 2021 Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2022 2021 2022 2021 Operating lease costs $ 929 $ 679 $ 1,836 $ 1,154 Short-term lease costs 519 450 986 661 Total operating lease costs 1,448 1,129 2,822 1,815 Variable lease costs 254 157 559 284 Total lease costs $ 1,702 $ 1,286 $ 3,381 $ 2,099 Maturities of our lease liabilities as of June 30, 2022 (In thousands) Operating Leases Financing Leases 2022 (6 months remaining) $ 1,756 $ 86 2023 3,199 171 2024 2,921 101 2025 2,461 37 2026 2,001 1 Thereafter 8,364 - Total lease payments 20,702 396 Less: interest (2,764 ) (30 ) Total present value of lease liabilities $ 17,938 $ 366 |
Note 6 - Assets Held for Rent
Note 6 - Assets Held for Rent | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Assets Held For Rent [Text Block] | 6. Assets held for rent Assets held for rent consist of the following as of June 30, 2022 December 31, 2021: (In thousands) 2022 2021 Shippers placed in service $ 6,274 $ 5,645 Fixed assets held for rent 4,686 4,040 Accumulated depreciation (3,737 ) (2,272 ) Net 7,223 7,413 Shippers and related components in production 1,860 2,396 Total $ 9,083 $ 9,809 Shippers and related components in production include shippers complete and ready to be deployed and placed in service upon a customer order, shippers in the process of being assembled, and components available to build shippers. We recognized $868,000 and $1.8 million in depreciation expense related to assets held for rent during the three six June 30, 2022, three six June 30, 2021, |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant, and Equipment and Intangible Assets [Text Block] | 7. Property and equipment consist of the following as of June 30, 2022 December 31, 2021: June 30, December 31, (In thousands) 2022 2021 Property and equipment Leasehold improvements $ 4,049 $ 3,840 Furniture and computer equipment 1,878 1,861 Manufacturing and other equipment 18,047 16,675 Construction in-progress 2,990 2,022 Subtotal 26,964 24,398 Less: Accumulated depreciation (7,847 ) (6,741 ) Property and equipment, net $ 19,117 $ 17,657 Depreciation expense for property and equipment was $730,000 and $1.5 million for the three six June 30, 2022, three six June 30, 2021, |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination is determined to have an indefinite useful life and is not 350. Intangible assets Intangible assets, net consisted of the following as of June 30, 2022 December 31, 2021: (In thousands, except weighted average useful life) June 30, 2022 Intangible assets: Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Useful Life (in years) Customer Relationships $ 15,984 $ (2,976 ) $ 13,008 9.8 Tradenames 29,635 (3,571 ) 26,064 13.3 Technology - acquired 38,410 (10,766 ) 27,644 5.4 Non-compete agreements 1,986 (725 ) 1,261 2.5 In-process research and development⁽¹⁾ 8,547 - 8,547 N/A Total intangible assets $ 94,562 $ (18,038 ) $ 76,524 9.2 (In thousands, except weighted average useful life) December 31, 2021 Intangible assets: Gross Carrying Value Accumulated Net Carrying Weighted Customer Relationships $ 17,516 $ (1,776 ) $ 15,740 10.3 Tradenames 35,574 (2,306 ) 33,268 13.8 Technology - acquired 41,942 (7,789 ) 34,153 5.9 Non-compete agreements 1,990 (442 ) 1,548 3.0 In-process research and development⁽¹⁾ 67,440 - 67,440 N/A Total intangible assets $ 164,462 $ (12,313 ) $ 152,149 9.8 ( 1 Amortization expense for definite-lived intangible assets was $2.9 million and $5.7 million for the three six June 30, 2022, three six June 30, 2021, June 30, 2022, (In thousands) Amortization For the Years Ending December 31, Expense 2022 (6 months remaining) $ 5,005 2023 9,570 2024 8,745 2025 8,398 2026 7,975 Thereafter 28,284 Total $ 67,977 Interim impairment testing as of June 30, 2022 In the six June 30, 2022, July 2022, three June 30, 2022 To assess any potential impairment of goodwill, the Company compared the carrying value of its single reporting unit against its market capitalization, noting that the market capitalization exceeded the carrying value. As such, goodwill was not June 30, 2022. The abandonment of the aforementioned in-process research and development project resulted in a $8.0 million non-cash impairment charge during the three June 30, 2022 In order to determine the fair value of our in-process research and development intangible assets not three June 30, 2022 In order to determine the fair value of the acquired technology, customer relationships, tradename, and non-compete definite-lived intangible assets, the Company utilized the excess earnings approach, distributor method, relief from royalty method, and with and without approach, respectively. The key assumptions associated with determining the estimated fair value include (i) the amount and timing of projected future cash flows (including revenue and expenses), (ii) the discount rate selected to measure the risks inherent in the future cash flows, (iii) the assessment of the asset’s life cycle, and (iv) the competitive trends impacting the asset. As a result of the analysis, we recognized non-cash impairment charges of $3.5 million, $1.5 million, $5.9 million, and $4,000 during the period ended June 30, 2022 Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates and market factors. Estimating the fair value of the Company’s reporting unit, indefinite-lived intangible assets, and definite-lived intangible assets requires us to make assumptions and estimates regarding our future plans, as well as industry, economic, and regulatory conditions. These assumptions and estimates include projected future revenue growth rates, EBITDA margins, terminal growth rates, discount rates, royalty rates and other market factors. If current expectations of future growth rates, margins and cash flows are not June 30, 2022 |
Note 9 - Accrued Expenses and O
Note 9 - Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 9. Accrued expenses and other current liabilities consist of the following as of June 30, 2022 December 31, 2021: June 30, December 31, (In thousands) 2022 2021 Accrued compensation $ 4,638 $ 4,351 Accrued expenses 1,954 1,656 Deferred revenue, current 431 814 Accrued taxes 33 27 Other 131 294 Total accrued expenses and other current liabilities $ 7,187 $ 7,142 |
Note 10 - Warranty Reserve Liab
Note 10 - Warranty Reserve Liability | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 10. We reserve estimated exposures on known claims, as well as anticipated claims, for product warranty and rework cost, based on historical product liability claims. Claim costs are deducted from the accrual when paid. Factors that could have an impact on the warranty accrual in any given period include the following: changes in manufacturing quality, changes in product costs, changes in product mix and any significant changes in sales volume. A rollforward of our warranty liability is as follows: Six Months Ended June 30, (In thousands) 2022 2021 Beginning balance $ 9,398 $ 212 Warranty reserve acquired in the acquisition of Global Cooling - 3,353 Provision for warranties 1,514 610 Settlements of warranty claims (2,190 ) (761 ) Ending Balance $ 8,722 $ 3,414 |
Note 11 - Long-term Debt
Note 11 - Long-term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 11. Long-term debt consisted of the following as of June 30, 2022 December 31, 2021: June 30, December 31, (In thousands) Maturity Date Interest Rate 2022 2021 2022 term loan 1 Sep-24 4.0 % $ 1,750 $ 1,750 2022 term loan 2 Various 4.0 % 2,896 2,813 Insurance premium financing Apr-23 5.0 % 869 373 Freezer equipment loan Dec-25 5.7 % 537 612 Manufacturing equipment loans Oct-25 5.7 % 311 355 Freezer installation loan Various 6.3 % 1,208 1,334 Other loans Various Various 7 9 Total debt, excluding unamortized debt issuance costs 7,578 7,246 Less: unamortized debt issuance costs (27 ) (31 ) Total debt 7,551 7,215 Less: current portion (1,363 ) (862 ) Total long-term debt $ 6,188 $ 6,353 The 2022 As of June 30, 2022, five (In thousands) Amount 2022 (6 months remaining) $ 759 2023 1,165 2024 2,294 2025 543 2026 221 Thereafter 2,596 Total debt, excluding unamortized debt issuance costs 7,578 Less: unamortized debt issuance costs (27 ) Total debt $ 7,551 |
Note 12 - Warrants
Note 12 - Warrants | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Warrants [Text Block] | 12. In March 2014, March 2021. In May 2016, May 2021. In May 2020, Taurus4757 In March 2021, The following table summarizes warrant activity for the six June 30, 2022 2021: Six Months Ended June 30, 2022 2021 Shares Wtd. Avg. Shares Wtd. Avg. Beginning balance - $ - 79,100 $ 4.75 Exercised - - (79,100 ) 4.75 Ending balance - $ - - $ - |
Note 13 - Revenue
Note 13 - Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 13. To determine revenue recognition for contractual arrangements that we determine are within the scope of Financial Accounting Standards Board (“FASB”) Topic 606, Revenue from Contracts with Customers five five may not 30 90 three six June 30, 2022, The Company primarily recognizes product revenues, service revenues, and rental revenues. Product revenues are generated from the sale of cell processing tools, freezers, thawing devices, and cold chain products. We recognize product revenue, including shipping and handling charges billed to customers, at a point in time when we transfer control of our products to our customers, which is upon shipment for substantially all transactions. Shipping and handling costs are classified as part of cost of product revenue in the Consolidated Statements of Operations. Service revenue is generated from the storage of biological and pharmaceutical materials. We recognize service revenue over time as services are performed or ratably over the contract term. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method or the most likely amount method, depending on the facts and circumstances relative to the contract. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606 10 32 18, not one None three six June 30, 2022. The Company also generates revenue from the leasing of our property, plant, and equipment, operating right-of-use assets, and evo cold chain systems within its storage and storage services product line to customers pursuant to service contracts or rental arrangements entered into with the customer. Revenue from these arrangements is not 606 842, Lease The Company enters into various customer service agreements (collectively, “Service Contracts”) with customers to provide biological and pharmaceutical storage services. In certain of these Service Contracts, the property, plant, and equipment or operating right-of-use assets used to store the customer product are used only for the benefit of one may not The Company has assessed its Service Contracts and concluded that certain of the contracts for the storage of customer products met the criteria to be considered a leasing arrangement (“Embedded Leases”), with the Company as the lessor. The specific Service Contracts that met the criteria were those that provided a single customer with the ability to substantially direct the use of the Company’s property, plant, and equipment or operating right-of-use assets. Under ASC 842, None None Embedded Leases may Total bioproduction tools and services revenue for the three six June 30, 2022 2021 Three Months Ended Six Months Ended June 30, June 30, (In thousands, except percentages) 2022 2021 2022 2021 Product revenue Freezer and thaw $ 18,670 $ 17,564 $ 34,005 $ 22,411 Cell processing 15,356 9,699 30,254 18,626 Storage and storage services 144 205 299 207 Service revenue Storage and storage services 3,698 1,963 6,787 4,167 Rental revenue Storage and storage services 2,665 1,773 5,407 2,640 Total revenue $ 40,533 $ 31,204 $ 76,752 $ 48,051 The following table includes estimated rental revenue expected to be recognized in the future related to embedded leases as well as estimated service revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of the end of the reporting periods. The Company is electing not one 2014 09, Revenue from Contracts with Customers not one June 30, 2022. The balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts: Year Ending December 31, (In thousands) 2022 (6 months 2023 2024 Total Rental revenue $ 3,901 $ 3,735 $ 900 $ 8,536 Service revenue $ 151 $ 188 $ 10 $ 349 |
Note 14 - Share-based Compensat
Note 14 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. Share-based compensation Service vesting-based stock options The following is a summary of service vesting-based stock option activity for the June 30, 2022, June 30, 2022: Six Months Ended June 30, 2022 Shares Wtd. Avg. Outstanding as of beginning of year 624,531 $ 2.13 Exercised (154,504 ) 1.95 Outstanding as of June 30, 2022 470,027 $ 2.19 Stock options exercisable as of June 30, 2022 470,027 $ 2.19 We recognized stock compensation expense related to service-based options of zero three six June 30, 2022 three six June 30, 2021, June 30, 2022, June 30, 2022. three six June 30, 2022, three six June 30, 2021, three six June 30, 2022. June 30, 2022 June 30, 2022. Performance-based stock options No three six June 30, 2022 2021 three six June 30, 2022. three six 2021, three six June 30, 2022 2021. Restricted stock Service vesting-based restricted stock The following is a summary of service vesting-based restricted stock activity for the six June 30, 2022, June 30, 2022: Six Months Ended June 30, 2022 Shares Wtd. Avg. Grant Date Fair Value Outstanding as of beginning of year 1,212,783 $ 37.48 Granted 372,069 23.72 Vested (282,317 ) 34.65 Forfeited (55,802 ) 45.38 Non-vested as of June 30, 2022 1,246,733 $ 33.65 The aggregate fair value of the service vesting-based awards granted was $883,000 and $8.8 million during the three six June 30, 2022, three six June 30, 2021, three six June 30, 2022, three six June 30, 2021, We recognized stock compensation expense related to service vesting-based awards of $4.7 million and $9.4 million during the three six June 30, 2022, three six June 30, 2021, June 30, 2022, Market-based restricted stock The following is a summary of market-based restricted stock activity under our stock option plan for the six June 30, 2022 June 30, 2022: Six Months Ended June 30, 2022 Shares Wtd. Avg. Outstanding as of beginning of year 139,756 $ 19.86 Granted 349,568 22.66 Vested (218,280 ) 10.95 Non-vested as of June 30, 2022 271,044 $ 30.64 On March 25, 2020, February 24, 2022, January 1, 2020 December 31, 2021 20 0% 2 December 31, 2021. On February 8, 2021, January 1, 2021 December 31, 2022 20 0% December 31, 2022. On February 24, 2022, January 1, 2022 December 31, 2023 20 0% December 31, 2023. We recognized stock compensation expense of $1.2 million and $1.8 million related to market-based restricted stock awards for the three six June 30, 2022, three six June 30, 2021, June 30, 2022, The aggregate fair value of the market-based awards granted was zero three six June 30, 2022, three six June 30, 2021, zero three six June 30, 2022, zero three six June 30, 2021, Total stock compensation expense We recorded total stock compensation expense for the three six June 30, 2022 2021, Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Research and development costs $ 714 $ 437 $ 1,391 $ 620 Sales and marketing costs 738 269 1,443 453 General and administrative costs 3,719 1,667 6,729 2,646 Cost of revenue 802 147 1,809 305 Total $ 5,973 $ 2,520 $ 11,372 $ 4,024 |
Note 15 - Acquisitions
Note 15 - Acquisitions | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 15. Sexton acquisition General terms and effects On August 9, 2021, On September 1, 2021, Total consideration transferred (in thousands, except number of shares and stock price): Merger consideration shares 530,502 BioLife stock price (as of September 1, 2021) $ 60.50 Value of issued shares $ 32,095 plus: Fair value of BioLife’s existing investment in Sexton $ 7,951 less: Net working capital adjustment $ (118 ) Merger Consideration $ 39,928 Transaction costs related to the acquisition are expensed as incurred and are not Fair value of net assets acquired Under the acquisition method of accounting, the assets acquired and liabilities assumed from Sexton were calculated as of the merger date, at their respective fair values, and consolidated with those of BioLife. The gross contractual accounts receivable acquired in the acquisition was $509,000. Of the acquired accounts receivable, $17,000 is estimated to be uncollectable. The fair value calculations required critical estimates, including, but not The table below represents the fair value of the net assets acquired and liabilities assumed, which were recorded as of the merger date (amounts in thousands). Cash $ 1,516 Accounts receivable, net 492 Inventories 1,310 Prepaid expenses and other current assets 670 Property, plant and equipment, net 737 Operating lease right-of-use assets, net 470 Developed technology 4,132 Customer relationships 2,276 Tradenames 2,324 Non-compete agreements 90 Goodwill 28,470 Accounts payable (291 ) Lease liabilities, operating (470 ) Deferred tax liability (1,482 ) Other liabilities (316 ) Fair value of net assets acquired $ 39,928 We recorded a measurement period adjustment in the fourth December 31, 2021 The fair value of Sexton’s identifiable intangible assets and useful lives are as follows (amounts in thousands, except years): Fair Value Useful Life (Years) Developed technology $ 4,132 5 - 9 Customer relationships 2,276 2 Tradenames 2,324 11 Non-compete agreements 90 1 Total identifiable intangible assets $ 8,822 Fair value measurement methodologies used to calculate the value of any asset can be broadly classified into one three three not Some of the more significant assumptions inherent in the development of intangible asset fair values, from the perspective of a market participant, include, but are not Acquired goodwill The goodwill of $28.5 million represents future economic benefits expected to arise from synergies from combining operations and commercial organizations to increase market presence and the extension of existing customer relationships. The goodwill recorded is not Global Cooling acquisition General terms and effects On March 19, 2021, On May 3, 2021, Merger consideration The aggregate merger consideration paid pursuant to the GCI Merger Agreement to the GCI Stockholders was 6,646,870 newly issued shares of common stock, provided, however, that the GCI Merger Consideration otherwise payable to GCI Stockholders is subject to the withholding of the GCI Escrow Shares (as defined below) and is subject to reduction for indemnification obligations. The GCI Merger Consideration allocable to one 805, not Total consideration transferred (in thousands, except number of shares, stock price, and consideration percentage): BioLife shares outstanding (as of March 19, 2021) 33,401,359 Merger consideration percentage 19.9 % Merger consideration shares 6,646,870 less: Merger consideration shares withheld to satisfy outstanding GCI stockholder obligations to GCI 10,400 Subtotal 6,636,470 BioLife stock price (as of May 3, 2021) $ 35.07 Value of issued shares $ 232,741 plus: Settlement of BioLife prepaid deposits $ 2,152 plus: Net settlement of BioLife accounts receivable $ 16 Merger Consideration $ 234,909 Transaction costs related to the acquisition are expensed as incurred and are not Escrow shares At the GCI Closing, approximately nine The GCI Escrow Property will be held for a period of up to twenty-four Fair value of net assets acquired Under the acquisition method of accounting, the assets acquired and liabilities assumed from Global Cooling were calculated as of the merger date, at their respective fair values, and consolidated with those of BioLife. The gross contractual accounts receivable acquired in the acquisition was $7.1 million. Of the acquired accounts receivable, $53,000 was estimated to be uncollectable. The fair value calculations required critical estimates, including, but not The table below represents the fair value of the net assets acquired and liabilities assumed, which were recorded as of the merger date (amounts in thousands). Cash $ 43 Accounts receivable, net 7,076 Inventories 15,547 Prepaid expenses and other current assets 639 Property, plant and equipment, net 3,512 Operating lease right-of-use assets, net 1,741 Financing lease right-of-use assets, net 114 Long-term deposits and other assets 4 Developed technology 18,140 Customer relationships 7,020 Tradenames 26,640 Non-compete agreements 1,240 In-process research and development 67,440 Goodwill 137,822 Accounts payable (9,837 ) Line of credit (4,231 ) Lease liabilities, operating (1,880 ) Lease liabilities, financing (114 ) Long-term debt (4,410 ) Deferred tax liability (24,133 ) Other liabilities (7,464 ) Fair value of net assets acquired $ 234,909 We recorded a measurement period adjustment in the fourth December 31, 2021 The fair value of Global Cooling’s identifiable intangible assets and useful lives are as follows (amounts in thousands, except years): Fair Value Useful Life (Years) Developed technology $ 18,140 6 Customer relationships 7,020 12 Tradenames 26,640 15 Non-compete agreements 1,240 4 In-process research and development 67,440 N/A Total identifiable intangible assets $ 120,480 Fair value measurement methodologies used to calculate the value of any asset can be broadly classified into one three three not Some of the more significant assumptions inherent in the development of intangible asset fair values, from the perspective of a market participant, include, but are not In July 2022, June 30, 2022 8 Goodwill and intangible assets Acquired goodwill The goodwill of $137.8 million represents future economic benefits expected to arise from synergies from combining operations and commercial organizations to increase market presence and the extension of existing customer relationships. The goodwill recorded is not Pro forma presentation The following unaudited pro forma financial information presents the combined results of operations of Sexton as if the acquisition had occurred on January 1, 2021 Three Months Ended June 30, Six Months Ended June 30, 2021 2021 (In thousands) (unaudited) (unaudited) Total revenue $ 32,810 $ 50,665 Net (loss) income $ 7,085 $ 5,162 The following unaudited pro forma financial information presents the combined results of operations of Global Cooling as if the acquisition had occurred on January 1, 2021 Three Months Ended June 30, Six Months Ended June 30, 2021 2021 (In thousands) (unaudited) (unaudited) Total revenue $ 51,035 $ 85,985 Net income (loss) $ (4,141 ) $ (6,095 ) |
Note 16 - Income Taxes
Note 16 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. The Company accounts for income taxes under ASC Topic 740 The Company’s tax provision for interim periods is determined using an estimate of the annual effective income tax rate, adjusted for discrete items, if any, that occur in the relevant period. The income tax benefit of $4.3 million for the six June 30, 2022 $4.3 The Company’s US projected effective income tax rate without discrete items was 5%, which is lower than the US federal statutory rate of 21% primarily due to the impact of a projected valuation allowance on net operating loss carryforwards and non-deductible executive compensation offset by state tax benefits and research tax credits. Realization of deferred tax assets is dependent upon the generation of future taxable income, the timing and amount of which are uncertain. In determining the need for a valuation allowance, the Company’s management evaluates both positive and negative evidence when concluding whether it is more likely than not |
Note 17 - Net (Loss) Income Per
Note 17 - Net (Loss) Income Per Common Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17. The Company considers its unexercised warrants and unvested restricted shares, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two two two The following table presents computations of basic and diluted earnings per share under the two Three Months Ended Six Months Ended June 30, June 30, (In thousands, except share and earnings per share data) 2022 2021 2022 2021 Basic earnings (loss) per common share Numerator: Net (loss) income $ (72,554 ) $ 7,876 $ (79,620 ) $ 6,758 Amount attributable to unvested restricted shares - - - (7 ) Amount attributable to warrants outstanding - (215 ) - (208 ) Net (loss) income allocated to common shareholders (72,554 ) 7,661 (79,620 ) 6,543 Denominator: Weighted-average common shares issued and outstanding 42,460,189 38,072,712 42,238,355 35,668,124 Basic (loss) earnings per common share $ (1.71 ) $ 0.20 $ (1.89 ) $ 0.18 Diluted earnings (loss) per common share Numerator: Net (loss) income $ (72,554 ) $ 7,876 $ (79,620 ) $ 6,758 Amount attributable to unvested restricted shares - (208 ) - (200 ) Amount attributable to warrants - - - (7 ) Less: gain related to change in fair value of warrants - - - - Diluted (loss) earnings per common share (72,554 ) 7,668 (79,620 ) 6,551 Denominator: Weighted-average common shares issued and outstanding 42,460,189 38,072,712 42,238,355 35,668,124 Dilutive potential common shares from: Stock options - 1,249,810 - 1,436,767 Restricted shares - 1,067,576 - 1,134,003 Warrants - - - 36,709 Diluted weighted average shares issued and outstanding 42,460,189 40,390,098 42,238,355 38,275,603 Diluted (loss) earnings per common share $ (1.71 ) $ 0.19 $ (1.89 ) $ 0.17 The following table sets forth the number of weighted-average common shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Stock options and restricted stock awards 1,942,812 - 2,767,841 - Total 1,942,812 - 2,767,841 - |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 18. Employment agreements We have employment agreements with certain key employees. None may Litigation From time to time, the Company is subject to various legal proceedings that arise in the ordinary course of business, none may not Indemnification As permitted under Delaware law and in accordance with the Company’s bylaws, the Company is required to indemnify its officers and directors for certain errors and occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its directors. The Company believes the fair value of the indemnification rights and agreements is minimal. Accordingly, the Company has not June 30, 2022. |
Note 19 - Employee Benefit Plan
Note 19 - Employee Benefit Plan | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Defined Contribution Plan [Text Block] | 19. The Company sponsors 401 may three six June 30, 2022, three six June 30, 2021, |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 20. The Company has evaluated events subsequent to June 30, 2022 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions by management affect the Company’s net realizable value of inventory, fair value of warrant liability, valuation of market based awards, valuations and purchase price allocations related to investments and business combinations, fair value of marketable debt securities, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, estimated fair values of intangible assets and goodwill, amortization methods and periods, warranty reserves, certain accrued expenses, share-based compensation, contingent consideration from business combinations, and the recoverability of the Company’s deferred tax assets and the related valuation allowance. The Company regularly assesses these estimates; however, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The Unaudited Condensed Consolidated Financial Statements included herein have been prepared by BioLife in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10 10 X not 10 December 31, 2021. The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, SAVSU Technologies, Inc. (“SAVSU” acquired on August 8, 2019), November 12, 2019), October 1, 2020), April 1, 2021), May 3, 2021), September 1, 2021). In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments, consisting of only normal, recurring adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows. The results of operations for the interim periods presented are not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The Company translates items presented on its Unaudited Condensed Consolidated Balance Sheet, Unaudited Condensed Consolidated Statements of Operations, Unaudited Condensed Consolidated Statements of Shareholders’ Equity, and Unaudited Condensed Consolidated Statements of Cash Flows into U.S. dollars. For the Company’s subsidiaries that operate in a local currency functional environment, all assets and liabilities are translated into U.S. dollars using current exchange rates at the balance sheet date; revenue and expenses are translated using average exchange rates in effect during each period. Resulting translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss in the Unaudited Condensed Consolidated Statements of Shareholders' Equity. |
Segment Reporting, Policy [Policy Text Block] | Segment reporting The Company views its operations and makes decisions regarding how to allocate resources and manages its business as one one |
Significant Accounting Policies [Policy Text Block] | Significant accounting policies The following describes an update to the Company’s accounting policies for investments. For a full discussion of significant accounting policies, including additional information regarding the Company’s accounting policies for investments, refer to the Notes to the Consolidated Financial Statements included within the Company’s 2021 10 The Company classifies its investment in marketable debt securities as “available-for-sale.” Available-for-sale securities are carried at fair value with unrealized holding gains or losses recorded in other comprehensive income, net of tax. Gains or losses are included in earnings in the period in which they are realized. The cost of securities sold is determined based on the specific identification method. The cost of available-for-sale debt securities is adjusted for premiums and discounts, with the accretion or amortization of such amounts included as a portion of interest. Available-for-sale debt securities with an original maturity date less than one one |
Liquidity and Capital Resources, Policy [Policy Text Block] | Liquidity and capital resources On June 30, 2022 December 31, 2021, twelve 10 may may not |
Risk and Uncertainties, Policy [Policy Text Block] | Risks and uncertainties COVID- 19 Our domestic and international operations have been and continue to be affected by the ongoing global pandemic of a novel strain of coronavirus (“COVID- 19” In the six June 30, 2022 December 31, 2021, 19 not 19 19. The Company may 19 third Any disruption and volatility in the global capital markets as a result of the pandemic may 19 not The ultimate extent to which the COVID- 19 19 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of credit risk and business risk Significant customers are those that represent more than 10% Accounts Receivable Revenue June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2022 2021 Customer A 17 % 21 % * * * * Customer B 16 % 11 % 20 % * 20 % * * less than 10% Revenue from foreign customers is denominated in United States dollars or euros. The following table represents the Company’s total revenue by geographic area (based on the location of the customer): Three Months Ended Six Months Ended June 30, June 30, Revenue by customers geographic locations 2022 2021 2022 2021 United States 75 % 82 % 77 % 80 % Europe, Middle East, Africa (EMEA) 17 % 10 % 17 % 11 % Canada 5 % 5 % 3 % 6 % Other 3 % 3 % 3 % 3 % Total revenue 100 % 100 % 100 % 100 % In the three six June 30, 2022 2021, no 10% As of June 30, 2022 December 31, 2021, no 10% |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In June 2022, No. 2022 03, Fair Value Measurements (Topic 820 2022 03 1 820, 2 3 820. 2022 03 not not December 15, 2023, 2022 03. not In March 2022, No. 2022 02 Financial Instruments-Credit Losses (Topic 326 2022 02 2022 02 326 2022 02 December 15, 2022 2022 02 |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Accounts Receivable Revenue June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2022 2021 Customer A 17 % 21 % * * * * Customer B 16 % 11 % 20 % * 20 % * |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, Revenue by customers geographic locations 2022 2021 2022 2021 United States 75 % 82 % 77 % 80 % Europe, Middle East, Africa (EMEA) 17 % 10 % 17 % 11 % Canada 5 % 5 % 3 % 6 % Other 3 % 3 % 3 % 3 % Total revenue 100 % 100 % 100 % 100 % |
Note 2 - Fair Value Measureme_2
Note 2 - Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 17,086 $ - $ - $ 17,086 Corporate debt securities - 2,242 - 2,242 Non-U.S. government agency securities - 748 - 748 Marketable debt securities: U.S. government securities 10,335 - - 10,335 Corporate debt securities - 11,515 - 11,515 Other debt securities - 1,185 - 1,185 Total 27,421 15,690 - 43,111 Liabilities: Contingent consideration - business combinations - - 3,515 3,515 Debt - 7,551 - 7,551 Total $ - $ 7,551 $ 3,515 $ 11,066 As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market accounts $ 63,873 $ - $ - $ 63,873 Total 63,873 - - 63,873 Liabilities: Contingent consideration - business combinations - - 10,027 10,027 Debt - 7,215 - 7,215 Total $ - $ 7,215 $ 10,027 $ 17,242 |
Warrant Liabilities [Member] | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Six Months Ended June 30, (In thousands) 2022 2021 Beginning balance $ - $ 2,780 Exercised warrants - (2,901 ) Change in fair value recognized in net (loss) income - 121 Ending balance $ - $ - |
Contingent Consideration Liabilities [Member] | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Six Months Ended June 30, (In thousands) 2022 2021 Beginning balance $ 10,027 $ 7,152 Change in fair value recognized in net (loss) income (5,695 ) 1,226 Payment of contingent consideration earned (817 ) - Ending balance $ 3,515 $ 8,378 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | June 30, 2022 Amortized Gross unrealized Estimated (In thousands) Cost Gains Losses Fair Value Available-for-sale securities, current portion U.S. government securities $ 10,361 $ - $ 26 $ 10,335 Corporate debt securities 11,524 - 8 11,516 Other debt securities 699 - 4 695 Total short-term 22,584 - 38 22,546 Available-for-sale securities, long-term Other debt securities 491 - 2 489 Total marketable securities $ 23,075 $ - $ 40 $ 23,035 Amortized Estimated (In thousands) Cost Fair Value Due in one year or less $ 22,584 $ 22,546 Due after one year through five years 491 489 Total $ 23,075 $ 23,035 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) 2022 2021 Raw materials $ 18,457 $ 17,252 Work in progress 4,791 5,015 Finished goods 10,087 6,078 Total $ 33,335 $ 28,345 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lessee, Operating and Finance Lease Term And Discount Rate [Table Text Block] | June 30, December 31, (In thousands) 2022 2021 Weighted average discount rate - operating leases 3.8 % 3.8 % Weighted average discount rate - finance leases 6.1 % 6.1 % Weighted average remaining lease term in years - operating leases 7.5 7.8 Weighted average remaining lease term in years - finance leases 2.5 3.0 |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2022 2021 2022 2021 Operating lease costs $ 929 $ 679 $ 1,836 $ 1,154 Short-term lease costs 519 450 986 661 Total operating lease costs 1,448 1,129 2,822 1,815 Variable lease costs 254 157 559 284 Total lease costs $ 1,702 $ 1,286 $ 3,381 $ 2,099 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Operating Leases Financing Leases 2022 (6 months remaining) $ 1,756 $ 86 2023 3,199 171 2024 2,921 101 2025 2,461 37 2026 2,001 1 Thereafter 8,364 - Total lease payments 20,702 396 Less: interest (2,764 ) (30 ) Total present value of lease liabilities $ 17,938 $ 366 |
Note 6 - Assets Held for Rent (
Note 6 - Assets Held for Rent (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Scheduleof Assets Held for Rent [Table Text Block] | (In thousands) 2022 2021 Shippers placed in service $ 6,274 $ 5,645 Fixed assets held for rent 4,686 4,040 Accumulated depreciation (3,737 ) (2,272 ) Net 7,223 7,413 Shippers and related components in production 1,860 2,396 Total $ 9,083 $ 9,809 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, (In thousands) 2022 2021 Property and equipment Leasehold improvements $ 4,049 $ 3,840 Furniture and computer equipment 1,878 1,861 Manufacturing and other equipment 18,047 16,675 Construction in-progress 2,990 2,022 Subtotal 26,964 24,398 Less: Accumulated depreciation (7,847 ) (6,741 ) Property and equipment, net $ 19,117 $ 17,657 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (In thousands, except weighted average useful life) June 30, 2022 Intangible assets: Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Useful Life (in years) Customer Relationships $ 15,984 $ (2,976 ) $ 13,008 9.8 Tradenames 29,635 (3,571 ) 26,064 13.3 Technology - acquired 38,410 (10,766 ) 27,644 5.4 Non-compete agreements 1,986 (725 ) 1,261 2.5 In-process research and development⁽¹⁾ 8,547 - 8,547 N/A Total intangible assets $ 94,562 $ (18,038 ) $ 76,524 9.2 (In thousands, except weighted average useful life) December 31, 2021 Intangible assets: Gross Carrying Value Accumulated Net Carrying Weighted Customer Relationships $ 17,516 $ (1,776 ) $ 15,740 10.3 Tradenames 35,574 (2,306 ) 33,268 13.8 Technology - acquired 41,942 (7,789 ) 34,153 5.9 Non-compete agreements 1,990 (442 ) 1,548 3.0 In-process research and development⁽¹⁾ 67,440 - 67,440 N/A Total intangible assets $ 164,462 $ (12,313 ) $ 152,149 9.8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) Amortization For the Years Ending December 31, Expense 2022 (6 months remaining) $ 5,005 2023 9,570 2024 8,745 2025 8,398 2026 7,975 Thereafter 28,284 Total $ 67,977 |
Note 9 - Accrued Expenses and_2
Note 9 - Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | June 30, December 31, (In thousands) 2022 2021 Accrued compensation $ 4,638 $ 4,351 Accrued expenses 1,954 1,656 Deferred revenue, current 431 814 Accrued taxes 33 27 Other 131 294 Total accrued expenses and other current liabilities $ 7,187 $ 7,142 |
Note 10 - Warranty Reserve Li_2
Note 10 - Warranty Reserve Liability (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Six Months Ended June 30, (In thousands) 2022 2021 Beginning balance $ 9,398 $ 212 Warranty reserve acquired in the acquisition of Global Cooling - 3,353 Provision for warranties 1,514 610 Settlements of warranty claims (2,190 ) (761 ) Ending Balance $ 8,722 $ 3,414 |
Note 11 - Long-term Debt (Table
Note 11 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, December 31, (In thousands) Maturity Date Interest Rate 2022 2021 2022 term loan 1 Sep-24 4.0 % $ 1,750 $ 1,750 2022 term loan 2 Various 4.0 % 2,896 2,813 Insurance premium financing Apr-23 5.0 % 869 373 Freezer equipment loan Dec-25 5.7 % 537 612 Manufacturing equipment loans Oct-25 5.7 % 311 355 Freezer installation loan Various 6.3 % 1,208 1,334 Other loans Various Various 7 9 Total debt, excluding unamortized debt issuance costs 7,578 7,246 Less: unamortized debt issuance costs (27 ) (31 ) Total debt 7,551 7,215 Less: current portion (1,363 ) (862 ) Total long-term debt $ 6,188 $ 6,353 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | (In thousands) Amount 2022 (6 months remaining) $ 759 2023 1,165 2024 2,294 2025 543 2026 221 Thereafter 2,596 Total debt, excluding unamortized debt issuance costs 7,578 Less: unamortized debt issuance costs (27 ) Total debt $ 7,551 |
Note 12 - Warrants (Tables)
Note 12 - Warrants (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Six Months Ended June 30, 2022 2021 Shares Wtd. Avg. Shares Wtd. Avg. Beginning balance - $ - 79,100 $ 4.75 Exercised - - (79,100 ) 4.75 Ending balance - $ - - $ - |
Note 13 - Revenue (Tables)
Note 13 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Revenues By Product Line [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (In thousands, except percentages) 2022 2021 2022 2021 Product revenue Freezer and thaw $ 18,670 $ 17,564 $ 34,005 $ 22,411 Cell processing 15,356 9,699 30,254 18,626 Storage and storage services 144 205 299 207 Service revenue Storage and storage services 3,698 1,963 6,787 4,167 Rental revenue Storage and storage services 2,665 1,773 5,407 2,640 Total revenue $ 40,533 $ 31,204 $ 76,752 $ 48,051 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Year Ending December 31, (In thousands) 2022 (6 months 2023 2024 Total Rental revenue $ 3,901 $ 3,735 $ 900 $ 8,536 Service revenue $ 151 $ 188 $ 10 $ 349 |
Note 14 - Share-based Compens_2
Note 14 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Six Months Ended June 30, 2022 Shares Wtd. Avg. Outstanding as of beginning of year 624,531 $ 2.13 Exercised (154,504 ) 1.95 Outstanding as of June 30, 2022 470,027 $ 2.19 Stock options exercisable as of June 30, 2022 470,027 $ 2.19 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Six Months Ended June 30, 2022 Shares Wtd. Avg. Grant Date Fair Value Outstanding as of beginning of year 1,212,783 $ 37.48 Granted 372,069 23.72 Vested (282,317 ) 34.65 Forfeited (55,802 ) 45.38 Non-vested as of June 30, 2022 1,246,733 $ 33.65 Six Months Ended June 30, 2022 Shares Wtd. Avg. Outstanding as of beginning of year 139,756 $ 19.86 Granted 349,568 22.66 Vested (218,280 ) 10.95 Non-vested as of June 30, 2022 271,044 $ 30.64 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Research and development costs $ 714 $ 437 $ 1,391 $ 620 Sales and marketing costs 738 269 1,443 453 General and administrative costs 3,719 1,667 6,729 2,646 Cost of revenue 802 147 1,809 305 Total $ 5,973 $ 2,520 $ 11,372 $ 4,024 |
Note 15 - Acquisitions (Tables)
Note 15 - Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Merger consideration shares 530,502 BioLife stock price (as of September 1, 2021) $ 60.50 Value of issued shares $ 32,095 plus: Fair value of BioLife’s existing investment in Sexton $ 7,951 less: Net working capital adjustment $ (118 ) Merger Consideration $ 39,928 BioLife shares outstanding (as of March 19, 2021) 33,401,359 Merger consideration percentage 19.9 % Merger consideration shares 6,646,870 less: Merger consideration shares withheld to satisfy outstanding GCI stockholder obligations to GCI 10,400 Subtotal 6,636,470 BioLife stock price (as of May 3, 2021) $ 35.07 Value of issued shares $ 232,741 plus: Settlement of BioLife prepaid deposits $ 2,152 plus: Net settlement of BioLife accounts receivable $ 16 Merger Consideration $ 234,909 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 1,516 Accounts receivable, net 492 Inventories 1,310 Prepaid expenses and other current assets 670 Property, plant and equipment, net 737 Operating lease right-of-use assets, net 470 Developed technology 4,132 Customer relationships 2,276 Tradenames 2,324 Non-compete agreements 90 Goodwill 28,470 Accounts payable (291 ) Lease liabilities, operating (470 ) Deferred tax liability (1,482 ) Other liabilities (316 ) Fair value of net assets acquired $ 39,928 Cash $ 43 Accounts receivable, net 7,076 Inventories 15,547 Prepaid expenses and other current assets 639 Property, plant and equipment, net 3,512 Operating lease right-of-use assets, net 1,741 Financing lease right-of-use assets, net 114 Long-term deposits and other assets 4 Developed technology 18,140 Customer relationships 7,020 Tradenames 26,640 Non-compete agreements 1,240 In-process research and development 67,440 Goodwill 137,822 Accounts payable (9,837 ) Line of credit (4,231 ) Lease liabilities, operating (1,880 ) Lease liabilities, financing (114 ) Long-term debt (4,410 ) Deferred tax liability (24,133 ) Other liabilities (7,464 ) Fair value of net assets acquired $ 234,909 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Fair Value Useful Life (Years) Developed technology $ 4,132 5 - 9 Customer relationships 2,276 2 Tradenames 2,324 11 Non-compete agreements 90 1 Total identifiable intangible assets $ 8,822 Fair Value Useful Life (Years) Developed technology $ 18,140 6 Customer relationships 7,020 12 Tradenames 26,640 15 Non-compete agreements 1,240 4 In-process research and development 67,440 N/A Total identifiable intangible assets $ 120,480 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2021 (In thousands) (unaudited) (unaudited) Total revenue $ 32,810 $ 50,665 Net (loss) income $ 7,085 $ 5,162 Three Months Ended June 30, Six Months Ended June 30, 2021 2021 (In thousands) (unaudited) (unaudited) Total revenue $ 51,035 $ 85,985 Net income (loss) $ (4,141 ) $ (6,095 ) |
Note 17 - Net (Loss) Income P_2
Note 17 - Net (Loss) Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (In thousands, except share and earnings per share data) 2022 2021 2022 2021 Basic earnings (loss) per common share Numerator: Net (loss) income $ (72,554 ) $ 7,876 $ (79,620 ) $ 6,758 Amount attributable to unvested restricted shares - - - (7 ) Amount attributable to warrants outstanding - (215 ) - (208 ) Net (loss) income allocated to common shareholders (72,554 ) 7,661 (79,620 ) 6,543 Denominator: Weighted-average common shares issued and outstanding 42,460,189 38,072,712 42,238,355 35,668,124 Basic (loss) earnings per common share $ (1.71 ) $ 0.20 $ (1.89 ) $ 0.18 Diluted earnings (loss) per common share Numerator: Net (loss) income $ (72,554 ) $ 7,876 $ (79,620 ) $ 6,758 Amount attributable to unvested restricted shares - (208 ) - (200 ) Amount attributable to warrants - - - (7 ) Less: gain related to change in fair value of warrants - - - - Diluted (loss) earnings per common share (72,554 ) 7,668 (79,620 ) 6,551 Denominator: Weighted-average common shares issued and outstanding 42,460,189 38,072,712 42,238,355 35,668,124 Dilutive potential common shares from: Stock options - 1,249,810 - 1,436,767 Restricted shares - 1,067,576 - 1,134,003 Warrants - - - 36,709 Diluted weighted average shares issued and outstanding 42,460,189 40,390,098 42,238,355 38,275,603 Diluted (loss) earnings per common share $ (1.71 ) $ 0.19 $ (1.89 ) $ 0.17 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Stock options and restricted stock awards 1,942,812 - 2,767,841 - Total 1,942,812 - 2,767,841 - |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Cash, Cash Equivalents, and Short-Term Investments, Total | $ 47 | $ 69.9 |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Significant Customers (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts Receivable [Member] | Customer A [Member] | |||
Concentration by customer | 17% | 21% | |
Accounts Receivable [Member] | Customer B [Member] | |||
Concentration by customer | 16% | 11% | |
Revenue Benchmark [Member] | Customer B [Member] | |||
Concentration by customer | 20% | 20% |
Note 1 - Organization and Sig_5
Note 1 - Organization and Significant Accounting Policies - Concentrations Risk by Geographic Locations (Details) - Revenue Benchmark [Member] - Geographic Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
UNITED STATES | ||||
Revenue by customers' geographic locations, percentage | 75% | 82% | 77% | 80% |
EMEA [Member] | ||||
Revenue by customers' geographic locations, percentage | 17% | 10% | 17% | 11% |
CANADA | ||||
Revenue by customers' geographic locations, percentage | 5% | 5% | 3% | 6% |
Geographic, Other [Member] | ||||
Revenue by customers' geographic locations, percentage | 3% | 3% | 3% | 3% |
All Location [Member] | ||||
Revenue by customers' geographic locations, percentage | 100% | 100% | 100% | 100% |
Note 2 - Fair Value Measureme_3
Note 2 - Fair Value Measurement (Details Textual) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Oct. 01, 2020 USD ($) | Nov. 10, 2019 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (2,361,000) | $ 1,718,000 | $ (5,695,000) | $ 1,226,000 | ||||
CBS Acquisition [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 140,000 | |||||||
CBS Acquisition [Member] | Measurement Input, Discount Rate [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.210 | 0.260 | ||||||
CBS Acquisition [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.0023 | 0.0174 | ||||||
CBS Acquisition [Member] | Measurement Input, Price Volatility [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.63 | 0.70 | ||||||
SciSafe Holdings, Inc [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Total | 3,400,000 | 3,400,000 | $ 9,900,000 | $ 3,700,000 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 2,400,000 | $ 1,800,000 | $ 5,700,000 | $ 1,300,000 | ||||
Business Combination, Contingent Consideration, Stock Issued (in shares) | shares | 64,130 | 64,130 | ||||||
SciSafe Holdings, Inc [Member] | Measurement Input, Discount Rate [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 11 | 11 | 0.045 | |||||
SciSafe Holdings, Inc [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 2.9 | 2.9 | 0.0020 | |||||
SciSafe Holdings, Inc [Member] | Measurement Input, Asset Price Volatility [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 69 | 69 | 0.60 | |||||
SciSafe Holdings, Inc [Member] | Measurement Input, Revenue Volatility [Member] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 30 | 30 | 0.15 |
Note 2 - Fair Value Measureme_4
Note 2 - Fair Value Measurement - Financial Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Marketable debt securities | $ 23,035 | |
Fair Value, Recurring [Member] | ||
Assets | 43,111 | $ 63,873 |
Contingent consideration - business combinations | 3,515 | 10,027 |
Debt | 7,551 | 7,215 |
Liabilities | 11,066 | 17,242 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Marketable debt securities | 10,335 | |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Marketable debt securities | 11,515 | |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | ||
Marketable debt securities | 1,185 | |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Cash equivalents | 17,086 | 63,873 |
Fair Value, Recurring [Member] | Corporate Debt Securities, Cash Equivalents [Member] | ||
Cash equivalents | 2,242 | |
Fair Value, Recurring [Member] | Non-US Government Agency Securities, Cash Equivalents [Member] | ||
Cash equivalents | 748 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | 27,421 | 63,873 |
Contingent consideration - business combinations | 0 | 0 |
Debt | 0 | 0 |
Liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Marketable debt securities | 10,335 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Marketable debt securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ||
Marketable debt securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash equivalents | 17,086 | 63,873 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities, Cash Equivalents [Member] | ||
Cash equivalents | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Non-US Government Agency Securities, Cash Equivalents [Member] | ||
Cash equivalents | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | 15,690 | 0 |
Contingent consideration - business combinations | 0 | 0 |
Debt | 7,551 | 7,215 |
Liabilities | 7,551 | 7,215 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Marketable debt securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Marketable debt securities | 11,515 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | ||
Marketable debt securities | 1,185 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash equivalents | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities, Cash Equivalents [Member] | ||
Cash equivalents | 2,242 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Non-US Government Agency Securities, Cash Equivalents [Member] | ||
Cash equivalents | 748 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | 0 | 0 |
Contingent consideration - business combinations | 3,515 | 10,027 |
Debt | 0 | 0 |
Liabilities | 3,515 | 10,027 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Marketable debt securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Marketable debt securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations [Member] | ||
Marketable debt securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash equivalents | 0 | $ 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities, Cash Equivalents [Member] | ||
Cash equivalents | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Non-US Government Agency Securities, Cash Equivalents [Member] | ||
Cash equivalents | $ 0 |
Note 2 - Fair Value Measureme_5
Note 2 - Fair Value Measurement - Fair Value of Contingent Consideration Using Level 3 Inputs (Details) - Contingent Consideration Liabilities [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Beginning balance | $ 10,027 | $ 7,152 |
Change in fair value recognized in net (loss) income | (5,695) | 1,226 |
Payment of contingent consideration earned | (817) | 0 |
Ending balance | $ 3,515 | $ 8,378 |
Note 2 - Fair Value Measureme_6
Note 2 - Fair Value Measurement - Fair Value of Warrant Liabilities Using Level 3 Inputs (Details) - Warrant Liabilities [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Beginning balance | $ 0 | $ 2,780 |
Exercised warrants | 0 | (2,901) |
Change in fair value recognized in net (loss) income | 0 | 121 |
Ending balance | $ 0 | $ 0 |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) - Contingent Convertible Preferred Stock [Member] | Jun. 30, 2022 USD ($) |
Series A-1 and A-2, Preferred Stock [Member] | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 3,400,000 |
Series E Preferred Stock [Member] | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 995,000 |
Note 3 - Investments - Availabl
Note 3 - Investments - Available-For-Sale Marketable Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Amortized Cost, Current | $ 22,584 | |
Debt Securities, Available-for-Sale, Unrealized Loss, Current | 38 | |
Available-for-sale securities, current portion | 22,546 | $ 0 |
Debt Securities, Available-for-Sale, Amortized Cost, NoncurrentDebt Securities, Available-for-Sale, Amortized Cost, Noncurrent | 491 | |
Available-for-sale securities, long-term | 489 | $ 0 |
Debt Securities, Available-for-Sale, Amortized Cost, Total | 23,075 | |
Total marketable securities | 40 | |
Debt Securities, Available-for-Sale, Total | 23,035 | |
Due in one year or less | 22,584 | |
Due in one year or less | 22,546 | |
Due after one year through five years | 491 | |
Due after one year through five years | 489 | |
Total | 23,075 | |
Marketable debt securities | 23,035 | |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Current | 10,361 | |
Debt Securities, Available-for-Sale, Unrealized Loss, Current | 26 | |
Available-for-sale securities, current portion | 10,335 | |
Due in one year or less | 10,361 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Current | 11,524 | |
Debt Securities, Available-for-Sale, Unrealized Loss, Current | 8 | |
Available-for-sale securities, current portion | 11,516 | |
Due in one year or less | 11,524 | |
Other Debt Obligations [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Current | 699 | |
Debt Securities, Available-for-Sale, Unrealized Loss, Current | 4 | |
Available-for-sale securities, current portion | 695 | |
Debt Securities, Available-for-Sale, Amortized Cost, NoncurrentDebt Securities, Available-for-Sale, Amortized Cost, Noncurrent | 491 | |
Debt Securities, Available-for-Sale, Unrealized Loss, Noncurrent | 2 | |
Available-for-sale securities, long-term | 489 | |
Due in one year or less | 699 | |
Due after one year through five years | $ 491 |
Note 4 - Inventory - Summary of
Note 4 - Inventory - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 18,457 | $ 17,252 |
Work in progress | 4,791 | 5,015 |
Finished goods | 10,087 | 6,078 |
Total | $ 33,335 | $ 28,345 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | Jun. 30, 2022 |
Maximum [Member] | Real Estate Lease[Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 10 years |
Maximum [Member] | Lease Extensions [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Minimum [Member] | Real Estate Lease[Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Minimum [Member] | Lease Extensions [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 1 year |
Note 5 - Leases - Lease Term an
Note 5 - Leases - Lease Term and Discount Rate (Details) | Jun. 30, 2022 | Dec. 31, 2021 |
Weighted average discount rate - operating leases | 3.80% | 3.80% |
Weighted average discount rate - finance leases | 6.10% | 6.10% |
Weighted average remaining lease term in years - operating leases (Year) | 7 years 6 months | 7 years 9 months 18 days |
Weighted average remaining lease term in years - finance leases (Year) | 2 years 6 months | 3 years |
Note 5 - Leases - Components of
Note 5 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating lease costs | $ 929 | $ 679 | $ 1,836 | $ 1,154 |
Short-term lease costs | 519 | 450 | 986 | 661 |
Total operating lease costs | 1,448 | 1,129 | 2,822 | 1,815 |
Variable lease costs | 254 | 157 | 559 | 284 |
Total lease costs | $ 1,702 | $ 1,286 | $ 3,381 | $ 2,099 |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
2022 (6 months remaining), operating leases | $ 1,756 |
2022 (6 months remaining), finance leases | 86 |
2023, operating leases | 3,199 |
2023, finance leases | 171 |
2024, operating leases | 2,921 |
2024, finance leases | 101 |
2025, operating leases | 2,461 |
2025, finance leases | 37 |
2026, operating leases | 2,001 |
2026, finance leases | 1 |
Thereafter, operating leases | 8,364 |
Thereafter, finance leases | 0 |
Total operating lease payments | 20,702 |
Total financing lease payments, finance leases | 396 |
Less: operating lease interest | (2,764) |
Less: financing lease interest | (30) |
Total present value of operating lease liabilities | 17,938 |
Total present value of financing lease liabilities | $ 366 |
Note 6 - Assets Held for Rent_2
Note 6 - Assets Held for Rent (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Assets Held for Rent, Depreciation | $ 868,000 | $ 299,000 | $ 1,800,000 | $ 483,000 |
Note 6 - Assets Held for Rent -
Note 6 - Assets Held for Rent - Assets Held for Rent (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Shippers placed in service | $ 6,274 | $ 5,645 |
Fixed assets held for rent | 4,686 | 4,040 |
Accumulated depreciation | (3,737) | (2,272) |
Net | 7,223 | 7,413 |
Shippers and related components in production | 1,860 | 2,396 |
Total | $ 9,083 | $ 9,809 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Depreciation, Total | $ 730,000 | $ 819,000 | $ 1,500,000 | $ 1,400,000 |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property and equipment | $ 26,964 | $ 24,398 |
Less: Accumulated depreciation | (7,847) | (6,741) |
Property and equipment, net | 19,117 | 17,657 |
Leasehold Improvements [Member] | ||
Property and equipment | 4,049 | 3,840 |
Furniture and Computer Equipment [Member] | ||
Property and equipment | 1,878 | 1,861 |
Manufacturing Facility [Member] | ||
Property and equipment | 18,047 | 16,675 |
Construction in Progress [Member] | ||
Property and equipment | $ 2,990 | $ 2,022 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Amortization of Intangible Assets | $ 2,863,000 | $ 1,882,000 | $ 5,725,000 | $ 2,815,000 | ||
Finite-Lived Intangible Assets, Net, Ending Balance | 67,977,000 | 67,977,000 | ||||
Abandoned In Process Research and Development [Member] | ||||||
Impairment of Intangible Assets (Excluding Goodwill), Total | 8,000,000 | |||||
In Process Research and Development Not Related to Abandonment [Member] | ||||||
Impairment of Intangible Assets (Excluding Goodwill), Total | 50,900,000 | |||||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 59,400,000 | |||||
Technology-Based Intangible Assets [Member] | ||||||
Impairment of Intangible Assets (Excluding Goodwill), Total | 3,500,000 | |||||
Finite-Lived Intangible Assets, Net, Ending Balance | 27,644,000 | 27,644,000 | 31,200,000 | $ 34,153,000 | ||
Customer Relationships [Member] | ||||||
Impairment of Intangible Assets (Excluding Goodwill), Total | 1,500,000 | |||||
Finite-Lived Intangible Assets, Net, Ending Balance | 13,008,000 | 13,008,000 | 14,500,000 | 15,740,000 | ||
Trade Names [Member] | ||||||
Impairment of Intangible Assets (Excluding Goodwill), Total | 5,900,000 | |||||
Finite-Lived Intangible Assets, Net, Ending Balance | 26,064,000 | 26,064,000 | 32,000,000 | 33,268,000 | ||
Noncompete Agreements [Member] | ||||||
Impairment of Intangible Assets (Excluding Goodwill), Total | 4,000 | |||||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 1,261,000 | $ 1,261,000 | $ 1,300,000 | $ 1,548,000 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | ||
Accumulated Amortization | $ (18,038) | $ (12,313) | ||
Net Carrying Value | 67,977 | |||
Total intangible assets, gross | 94,562 | 164,462 | ||
Total intangible assets, net | $ 76,524 | $ 152,149 | ||
Weighted Average [Member] | ||||
Weighted Average Useful Life (Year) | 9 years 2 months 12 days | 9 years 9 months 18 days | ||
Customer Relationships [Member] | ||||
Gross Carrying Value | $ 15,984 | $ 17,516 | ||
Accumulated Amortization | (2,976) | (1,776) | ||
Net Carrying Value | $ 13,008 | $ 15,740 | $ 14,500 | |
Customer Relationships [Member] | Weighted Average [Member] | ||||
Weighted Average Useful Life (Year) | 9 years 9 months 18 days | 10 years 3 months 18 days | ||
Trade Names [Member] | ||||
Gross Carrying Value | $ 29,635 | $ 35,574 | ||
Accumulated Amortization | (3,571) | (2,306) | ||
Net Carrying Value | $ 26,064 | $ 33,268 | 32,000 | |
Trade Names [Member] | Weighted Average [Member] | ||||
Weighted Average Useful Life (Year) | 13 years 3 months 18 days | 13 years 9 months 18 days | ||
Technology-Based Intangible Assets [Member] | ||||
Gross Carrying Value | $ 38,410 | $ 41,942 | ||
Accumulated Amortization | (10,766) | (7,789) | ||
Net Carrying Value | $ 27,644 | $ 34,153 | 31,200 | |
Technology-Based Intangible Assets [Member] | Weighted Average [Member] | ||||
Weighted Average Useful Life (Year) | 5 years 4 months 24 days | 5 years 10 months 24 days | ||
Noncompete Agreements [Member] | ||||
Gross Carrying Value | $ 1,986 | $ 1,990 | ||
Accumulated Amortization | (725) | (442) | ||
Net Carrying Value | $ 1,261 | $ 1,548 | $ 1,300 | |
Noncompete Agreements [Member] | Weighted Average [Member] | ||||
Weighted Average Useful Life (Year) | 2 years 6 months | 3 years | ||
In Process Research and Development [Member] | ||||
Gross Carrying Value | $ 8,547 | [1] | $ 67,440 | |
Accumulated Amortization | 0 | |||
Net Carrying Value | $ 8,547 | [1] | $ 67,440 | |
[1]In-process R&D represents the fair value of incomplete research and development that has not yet reached technological feasibility. We will amortize the asset upon technological feasibility. |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
2022 (6 months remaining) | $ 5,005 |
2023 | 9,570 |
2024 | 8,745 |
2025 | 8,398 |
2026 | 7,975 |
Thereafter | 28,284 |
Total | $ 67,977 |
Note 9 - Accrued Expenses and_3
Note 9 - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued compensation | $ 4,638 | $ 4,351 |
Accrued expenses | 1,954 | 1,656 |
Deferred revenue, current | 431 | 814 |
Accrued taxes | 33 | 27 |
Other | 131 | 294 |
Total accrued expenses and other current liabilities | $ 7,187 | $ 7,142 |
Note 10 - Warranty Reserve Li_3
Note 10 - Warranty Reserve Liability - Schedule of Warranty Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Beginning balance | $ 9,398 | $ 212 |
Warranty reserve acquired in the acquisition of Global Cooling | 0 | 3,353 |
Provision for warranties | 1,514 | 610 |
Settlements of warranty claims | (2,190) | (761) |
Ending Balance | $ 8,722 | $ 3,414 |
Note 11 - Long-term Debt - Long
Note 11 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt, carrying amount | $ 7,578 | $ 7,246 |
Less: unamortized debt issuance costs | (27) | (31) |
Total debt | 7,551 | 7,215 |
Less: current portion | (1,363) | (862) |
Total long-term debt | $ 6,188 | 6,353 |
The 2022 Term Loan 1 [Member] | ||
Interest rate | 4% | |
Debt, carrying amount | $ 1,750 | 1,750 |
The 2022 Term Loan 2 [Member] | ||
Interest rate | 4% | |
Debt, carrying amount | $ 2,896 | 2,813 |
Financed Insurance Premium [Member] | ||
Interest rate | 5% | |
Debt, carrying amount | $ 869 | 373 |
Freezer Equipment Loan [Member] | ||
Interest rate | 5.70% | |
Debt, carrying amount | $ 537 | 612 |
Manufacturing Equipment Loans [Member] | ||
Interest rate | 5.70% | |
Debt, carrying amount | $ 311 | 355 |
Freezer Installation Loan [Member] | ||
Interest rate | 6.30% | |
Debt, carrying amount | $ 1,208 | 1,334 |
Other Loans [Member] | ||
Debt, carrying amount | $ 7 | $ 9 |
Note 11 - Long-term Debt - Matu
Note 11 - Long-term Debt - Maturities of Loans Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
2022 (6 months remaining) | $ 759 | |
2023 | 1,165 | |
2024 | 2,294 | |
2025 | 543 | |
2026 | 221 | |
Thereafter | 2,596 | |
Total debt, excluding unamortized debt issuance costs | 7,578 | $ 7,246 |
Less: unamortized debt issuance costs | (27) | (31) |
Total debt | $ 7,551 | $ 7,215 |
Note 12 - Warrants (Details Tex
Note 12 - Warrants (Details Textual) - $ / shares | 6 Months Ended | |||||||
Mar. 25, 2021 | May 14, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2016 | Mar. 31, 2014 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 4.75 | ||||
Class of Warrant or Right, Exercised During Period (in shares) | 0 | 79,100 | ||||||
Warrants to Purchase Common Stock [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 6,910,283 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.75 | |||||||
Warrants in Connection with WAVI Credit Facility [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 550,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.75 | |||||||
WAVI Holding AG and Taurus4757 GmbH Warrants [Member] | ||||||||
Stock Issued During Period, Shares, Cashless Warrant Exercises (in shares) | 2,747,970 | |||||||
Class of Warrant or Right, Exercised During Period (in shares) | 3,871,405 | |||||||
Warrants Exercised [Member] | ||||||||
Stock Issued During Period, Shares, Cashless Warrant Exercises (in shares) | 70,030 | |||||||
Class of Warrant or Right, Exercised During Period (in shares) | 79,100 |
Note 12 - Warrants - Summary of
Note 12 - Warrants - Summary of Warrant Activity (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Beginning balance (in shares) | 0 | 79,100 |
Beginning balance (in dollars per share) | $ 0 | $ 4.75 |
Exercised, number of shares (in shares) | 0 | (79,100) |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 4.75 |
Ending balance (in shares) | 0 | 0 |
Ending balance (in dollars per share) | $ 0 | $ 0 |
Note 13 - Revenue (Details Text
Note 13 - Revenue (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Deferred Revenue, Revenue Recognized | $ 382,000 | $ 456,000 |
Note 13 - Revenue - Revenues by
Note 13 - Revenue - Revenues by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Total revenue | $ 40,533 | $ 31,204 | $ 76,752 | $ 48,051 |
Product, Freezer and Thaw [Member] | ||||
Total revenue | 18,670 | 17,564 | 34,005 | 22,411 |
Product, Cell Processing [Member] | ||||
Total revenue | 15,356 | 9,699 | 30,254 | 18,626 |
Storage and Storage Services Product Revenue [Member] | ||||
Total revenue | 144 | 205 | 299 | 207 |
Storage and Storage Services Service Revenue [Member] | ||||
Total revenue | 3,698 | 1,963 | 6,787 | 4,167 |
Storage and Storage Services Rental Revenue [Member] | ||||
Total revenue | $ 2,665 | $ 1,773 | $ 5,407 | $ 2,640 |
Note 13 - Revenue - Summary of
Note 13 - Revenue - Summary of Remaining Performance Obligations (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Rental Revenue [Member] | |
Service revenue, expected to be recognized in the future | $ 8,536 |
Service Revenue [Member] | |
Service revenue, expected to be recognized in the future | $ 349 |
Note 13 - Revenue - Summary o_2
Note 13 - Revenue - Summary of Remaining Performance Obligations 2 (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Rental Revenue [Member] | |
Service revenue, expected to be recognized in the future | $ 8,536 |
Rental Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Service revenue, expected to be recognized in the future | $ 3,901 |
Service revenue, expected to be recognized in the future, period (Year) | 6 months |
Rental Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Service revenue, expected to be recognized in the future | $ 3,735 |
Service revenue, expected to be recognized in the future, period (Year) | 1 year |
Rental Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Service revenue, expected to be recognized in the future | $ 900 |
Service revenue, expected to be recognized in the future, period (Year) | 1 year |
Service Revenue [Member] | |
Service revenue, expected to be recognized in the future | $ 349 |
Service Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Service revenue, expected to be recognized in the future | $ 151 |
Service revenue, expected to be recognized in the future, period (Year) | 6 months |
Service Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Service revenue, expected to be recognized in the future | $ 188 |
Service revenue, expected to be recognized in the future, period (Year) | 1 year |
Service Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Service revenue, expected to be recognized in the future | $ 10 |
Service revenue, expected to be recognized in the future, period (Year) | 1 year |
Note 14 - Share-based Compens_3
Note 14 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Feb. 24, 2022 | Feb. 08, 2021 | Mar. 25, 2020 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Expense | $ 5,973,000 | $ 2,520,000 | $ 11,372,000 | $ 4,024,000 | |||||
Share-Based Payment Arrangement, Option [Member] | |||||||||
Share-Based Payment Arrangement, Expense | $ 6,000 | 0 | 15,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 5,500,000 | 5,500,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 390,000 | 475,000 | $ 3,900,000 | 3,800,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 3 years 3 months 18 days | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 0 | $ 0 | |||||||
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member] | |||||||||
Share-Based Payment Arrangement, Expense | 0 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | 6,900,000 | 9,800,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||||||||
Restricted Stock [Member] | |||||||||
Share-Based Payment Arrangement, Expense | $ 4,700,000 | 2,100,000 | 9,400,000 | 3,500,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 35,800,000 | 35,800,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | 883,000 | 2,400,000 | 8,800,000 | 4,600,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 2,000,000 | 2,500,000 | $ 7,000,000 | 5,200,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 12 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 372,069 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 282,317 | ||||||||
Market-based Restricted Stock [Member] | |||||||||
Share-Based Payment Arrangement, Expense | 1,200,000 | 441,000 | $ 1,800,000 | 726,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 349,568 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 5,700,000 | $ 5,700,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 6,700,000 | $ 1,300,000 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 218,280 | 218,280 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Historical Volatility Rate | 63% | 68% | 78% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | 0% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.50% | 0.10% | 0.30% | ||||||
Share Based Compensation Arrangement By Share Based Payment Award, Fair Value Assumptions, Expected Volatility Rate Period (Year) | 2 years | 2 years | 2 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Aggregate Fair Value | 0 | 261,000 | $ 6,700,000 | 1,800,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 0 | $ 0 | $ 5,000,000 | $ 10,200,000 | |||||
Market-based Restricted Stock [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards | 200% | 200% | 200% | ||||||
Market-based Restricted Stock [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards | 0% | 0% | |||||||
Market-based Restricted Stock [Member] | Executive Officer [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 240,428 | 30,616 | 109,140 | ||||||
Market-based Restricted Stock Second Issuance [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 1,200,000 |
Note 14 - Share-based Compens_4
Note 14 - Share-based Compensation - Stock Option Activity (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares | 6 Months Ended |
Jun. 30, 2022 | |
Outstanding (in shares) | 624,531 |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.13 |
Exercised (in shares) | (154,504) |
Exercised, weighted average exercise price (in dollars per share) | $ 1.95 |
Outstanding as of June 30, 2022 (in shares) | 470,027 |
Outstanding as of June 30, 2022 (in dollars per share) | $ 2.19 |
Stock options exercisable as of June 30, 2022 (in shares) | 470,027 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 2.19 |
Note 14 - Share-based Compens_5
Note 14 - Share-based Compensation - Restricted Stock Activity (Details) - $ / shares | 6 Months Ended | |
Feb. 24, 2022 | Jun. 30, 2022 | |
Restricted Stock [Member] | ||
Outstanding (in shares) | 1,212,783 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 37.48 | |
Granted (in shares) | 372,069 | |
Granted (in dollars per share) | $ 23.72 | |
Vested (in shares) | (282,317) | |
Vested (in dollars per share) | $ 34.65 | |
Forfeited (in shares) | (55,802) | |
Forfeited (in dollars per share) | $ 45.38 | |
Non-vested as of June 30, 2022 (in shares) | 1,246,733 | |
Non-vested as of June 30, 2022 (in dollars per share) | $ 33.65 | |
Market-based Restricted Stock [Member] | ||
Granted (in dollars per share) | $ 22.66 | |
Vested (in shares) | (218,280) | (218,280) |
Vested (in dollars per share) | $ 10.95 | |
Outstanding (in shares) | 139,756 | |
Outstanding at beginning of year, grant date fair value (in dollars per share) | $ 19.86 | |
Granted (in shares) | 349,568 | |
Non-vested as of June 30, 2022 (in shares) | 271,044 | |
Non-vested as of June 30, 2022 (in dollars per share) | $ 30.64 |
Note 14 - Share-based Compens_6
Note 14 - Share-based Compensation - Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock compensation expense | $ 5,973 | $ 2,520 | $ 11,372 | $ 4,024 |
Research and Development Expense [Member] | ||||
Stock compensation expense | 714 | 437 | 1,391 | 620 |
Selling and Marketing Expense [Member] | ||||
Stock compensation expense | 738 | 269 | 1,443 | 453 |
General and Administrative Expense [Member] | ||||
Stock compensation expense | 3,719 | 1,667 | 6,729 | 2,646 |
Cost of Sales [Member] | ||||
Stock compensation expense | $ 802 | $ 147 | $ 1,809 | $ 305 |
Note 15 - Acquisitions (Details
Note 15 - Acquisitions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 01, 2021 | May 03, 2021 | Dec. 31, 2021 | Jun. 30, 2022 | |
Goodwill, Ending Balance | $ 224,741,000 | $ 224,741,000 | ||
Sexton Acquisition [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 530,502 | |||
Business Acquisition, Percentage of Equity Issuable Shares Held in Escrow Accounts for Post Closing Claims | 10% | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net, Total | $ 6,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Gross Receivables | 509,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Uncollectable Receivables | 17,000 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period | 198,000 | |||
Goodwill, Ending Balance | $ 28,470,000 | |||
Sexton Acquisition [Member] | Common Stock Issued to Acquire Participating Holders [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 477,452 | |||
Sexton Acquisition [Member] | Common Stock Deposited Into Escrow [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 53,050 | |||
GCI Acquisition [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 6,636,470 | |||
Business Acquisition, Percentage of Equity Issuable Shares Held in Escrow Accounts for Post Closing Claims | 9% | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Gross Receivables | $ 7,100,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Uncollectable Receivables | 53,000 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period | $ 607,000 | |||
Goodwill, Ending Balance | $ 137,822,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares, Before Adjustments (in shares) | 6,646,870 | |||
Business Combination, Stock Reduced During Period, Satisfy Note Receivable (in shares) | 10,400 | |||
Business Combination, Escrow Shares, Period (Month) | 24 months | |||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 58,900,000 | |||
Impairment of Intangible Assets, Finite-Lived | $ 11,000,000 | |||
GCI Acquisition [Member] | One GCI Stockholder [Member] | ||||
Business Combination, Stock Reduced During Period, Satisfy Note Receivable (in shares) | 10,400 | |||
Financing Receivable, after Allowance for Credit Loss, Total | $ 374,000 |
Note 15 - Acquisitions - Consid
Note 15 - Acquisitions - Consideration (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||
Sep. 01, 2021 | May 03, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
BioLife stock price (in dollars per share) | $ 60.50 | $ 35.07 | ||
Value of issued shares | $ 0 | $ 232,741 | ||
BioLife shares outstanding (as of March 19, 2021) (in shares) | 33,401,359 | |||
Sexton Acquisition [Member] | ||||
Merger consideration shares (in shares) | 530,502 | |||
Value of issued shares | $ 32,095 | |||
plus: Fair value of BioLife’s existing investment in Sexton | 7,951 | |||
less: Net working capital adjustment | (118) | |||
Merger Consideration | $ 39,928 | |||
GCI Acquisition [Member] | ||||
Merger consideration shares (in shares) | 6,636,470 | |||
Value of issued shares | $ 232,741 | |||
Merger Consideration | $ 234,909 | |||
Merger consideration percentage | 19.90% | |||
Merger consideration shares (in shares) | 6,646,870 | |||
less: Merger consideration shares withheld to satisfy outstanding GCI stockholder obligations to GCI (in shares) | 10,400 | |||
plus: Settlement of BioLife prepaid deposits | $ 2,152 | |||
plus: Net settlement of BioLife accounts receivable | $ 16 |
Note 15 - Acquisitions - Fair V
Note 15 - Acquisitions - Fair Value of Net Assets Acquired (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 01, 2021 | May 03, 2021 |
Goodwill | $ 224,741 | $ 224,741 | ||
Sexton Acquisition [Member] | ||||
Cash | $ 1,516 | |||
Accounts receivable, net | 492 | |||
Inventories | 1,310 | |||
Prepaid expenses and other current assets | 670 | |||
Property, plant and equipment, net | 737 | |||
Operating lease right-of-use assets, net | 470 | |||
Goodwill | 28,470 | |||
Accounts payable | (291) | |||
Lease liabilities, operating | (470) | |||
Deferred tax liability | (1,482) | |||
Other liabilities | (316) | |||
Fair value of net assets acquired | 39,928 | |||
Inventories | 1,310 | |||
Sexton Acquisition [Member] | Developed Technology Rights [Member] | ||||
Developed technology | 4,132 | |||
Sexton Acquisition [Member] | Customer Relationships [Member] | ||||
Developed technology | 2,276 | |||
Sexton Acquisition [Member] | Trade Names [Member] | ||||
Developed technology | 2,324 | |||
Sexton Acquisition [Member] | Noncompete Agreements [Member] | ||||
Developed technology | $ 90 | |||
GCI Acquisition [Member] | ||||
Cash | $ 43 | |||
Accounts receivable, net | 7,076 | |||
Inventories | 15,547 | |||
Prepaid expenses and other current assets | 639 | |||
Property, plant and equipment, net | 3,512 | |||
Operating lease right-of-use assets, net | 1,741 | |||
Goodwill | 137,822 | |||
Accounts payable | (9,837) | |||
Lease liabilities, operating | (1,880) | |||
Deferred tax liability | (24,133) | |||
Other liabilities | (7,464) | |||
Fair value of net assets acquired | 234,909 | |||
Inventories | 15,547 | |||
Financing lease right-of-use assets, net | 114 | |||
Long-term deposits and other assets | 4 | |||
Line of credit | (4,231) | |||
Lease liabilities, financing | (114) | |||
Long-term debt | (4,410) | |||
GCI Acquisition [Member] | Indefinite In Process Research and Development [Member] | ||||
In-process research and development | 67,440 | |||
GCI Acquisition [Member] | Developed Technology Rights [Member] | ||||
Developed technology | 18,140 | |||
GCI Acquisition [Member] | Customer Relationships [Member] | ||||
Developed technology | 7,020 | |||
GCI Acquisition [Member] | Trade Names [Member] | ||||
Developed technology | 26,640 | |||
GCI Acquisition [Member] | Noncompete Agreements [Member] | ||||
Developed technology | $ 1,240 |
Note 15 - Acquisitions - Acquir
Note 15 - Acquisitions - Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 01, 2021 | May 03, 2021 |
Total identifiable intangible assets | $ 8,822 | |
Sexton Acquisition [Member] | Developed Technology Rights [Member] | ||
Developed technology | $ 4,132 | |
Sexton Acquisition [Member] | Developed Technology Rights [Member] | Minimum [Member] | ||
Intangible assets, estimated useful life (Year) | 5 years | |
Sexton Acquisition [Member] | Developed Technology Rights [Member] | Maximum [Member] | ||
Intangible assets, estimated useful life (Year) | 9 years | |
Sexton Acquisition [Member] | Customer Relationships [Member] | ||
Developed technology | $ 2,276 | |
Intangible assets, estimated useful life (Year) | 2 years | |
Sexton Acquisition [Member] | Trade Names [Member] | ||
Developed technology | $ 2,324 | |
Intangible assets, estimated useful life (Year) | 11 years | |
Sexton Acquisition [Member] | Noncompete Agreements [Member] | ||
Developed technology | $ 90 | |
Intangible assets, estimated useful life (Year) | 1 year | |
GCI Acquisition [Member] | ||
Total identifiable intangible assets | $ 120,480 | |
GCI Acquisition [Member] | Indefinite In Process Research and Development [Member] | ||
In-process research and development | 67,440 | |
GCI Acquisition [Member] | Developed Technology Rights [Member] | ||
Developed technology | $ 18,140 | |
Intangible assets, estimated useful life (Year) | 6 years | |
GCI Acquisition [Member] | Customer Relationships [Member] | ||
Developed technology | $ 7,020 | |
Intangible assets, estimated useful life (Year) | 12 years | |
GCI Acquisition [Member] | Trade Names [Member] | ||
Developed technology | $ 26,640 | |
Intangible assets, estimated useful life (Year) | 15 years | |
GCI Acquisition [Member] | Noncompete Agreements [Member] | ||
Developed technology | $ 1,240 | |
Intangible assets, estimated useful life (Year) | 4 years |
Note 15 - Acquisitions - Pro Fo
Note 15 - Acquisitions - Pro Forma Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Sexton Acquisition [Member] | ||
Total revenue | $ 32,810 | $ 50,665 |
Net income (loss) | 7,085 | 5,162 |
GCI Acquisition [Member] | ||
Total revenue | 51,035 | 85,985 |
Net income (loss) | $ (4,141) | $ (6,095) |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Expense (Benefit), Total | $ (3,739,000) | $ (12,552,000) | $ (4,338,000) | $ (12,552,000) |
Effective Income Tax Rate Reconciliation, Percent, Total | 5% | |||
Discrete Tax Benefit | $ 235,000 | |||
Effective Income Tax Rate Reconciliation, Before Discrete Items, Percent | 5% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||
Deferred Tax Assets, Valuation Allowance | $ 21,600,000 | $ 21,600,000 |
Note 17 - Net (Loss) Income P_3
Note 17 - Net (Loss) Income Per Common Share - Calculation of Diluted Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net (loss) income | $ (72,554) | $ 7,876 | $ (79,620) | $ 6,758 |
Amount attributable to unvested restricted shares | 0 | 0 | 0 | (7) |
Amount attributable to warrants outstanding | 0 | (215) | 0 | (208) |
Net (loss) income allocated to common shareholders | $ (72,554) | $ 7,661 | $ (79,620) | $ 6,543 |
Basic (in shares) | 42,460,189 | 38,072,712 | 42,238,355 | 35,668,124 |
Basic (in dollars per share) | $ (1.71) | $ 0.20 | $ (1.89) | $ 0.18 |
Amount attributable to unvested restricted shares | $ 0 | $ (208) | $ 0 | $ (200) |
Amount attributable to warrants | 0 | 0 | 0 | (7) |
Less: gain related to change in fair value of warrants | 0 | 0 | 0 | 0 |
Diluted (loss) earnings per common share | $ (72,554) | $ 7,668 | $ (79,620) | $ 6,551 |
Warrants (in shares) | 0 | 0 | 0 | 36,709 |
Diluted weighted average shares issued and outstanding (in shares) | 42,460,189 | 40,390,098 | 42,238,355 | 38,275,603 |
Diluted (in dollars per share) | $ (1.71) | $ 0.19 | $ (1.89) | $ 0.17 |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Payment Arrangements (in shares) | 0 | 1,249,810 | 0 | 1,436,767 |
Restricted Stock [Member] | ||||
Share-Based Payment Arrangements (in shares) | 0 | 1,067,576 | 0 | 1,134,003 |
Note 17 - Net (Loss) Income Com
Note 17 - Net (Loss) Income Common Share - Anti-dilutive Securities Excluded From Computation (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Anti-dilutive securities (in shares) | 1,942,812 | 0 | 2,767,841 | 0 |
Share-based Payment Arrangement, Option and Restricted Stock Awards [Member] | ||||
Anti-dilutive securities (in shares) | 1,942,812 | 0 | 2,767,841 | 0 |
Note 19 - Employee Benefit Pl_2
Note 19 - Employee Benefit Plan (Details Textual) - Defined Contribution Plan, 401 K [Member] - Pension Plan [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100% | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 301,000 | $ 216,000 | $ 527,000 | $ 350,000 |