0001171843-21-003314 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Entity Central Index Key	0001123494
Entity Registrant Name	HARVARD BIOSCIENCE INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-33957
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3306140
Entity Address, Address Line One	84 October Hill Road
Entity Address, City or Town	Holliston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01746
City Area Code	508
Local Phone Number	893-8999
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	HBIO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,956,714

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 5,815	$ 8,317
Accounts receivable, net	17,074	17,766
Inventories	22,676	22,262
Other current assets	3,658	3,355
Total current assets	49,223	51,700
Property, plant and equipment, net	3,699	3,960
Operating lease right-of-use assets	7,408	7,761
Goodwill	58,219	58,590
Intangible assets, net	31,888	33,151
Other long-term assets	812	1,092
Total assets	151,249	156,254
Current liabilities:
Current portion of long-term debt	1,970	1,721
Current portion of operating lease liabilities	2,060	2,111
Accounts payable	6,416	5,972
Deferred revenue	3,637	3,771
Other current liabilities	6,635	7,478
Total current liabilities	20,718	21,053
Long-term debt	41,600	46,286
Deferred tax liability	1,809	1,899
Operating lease liabilities	7,159	7,481
Other long-term liabilities	2,848	2,854
Total liabilities	74,134	79,573
Commitments and contingencies - Note 13
Stockholders' equity:
Preferred stock, par value $0.01 per share, 5,000,000 shares authorized	0	0
Common stock, par value $0.01 per share, 80,000,000 shares authorized; 47,695,539 and 47,152,587 shares issued and 39,950,032 and 39,407,080 shares outstanding, respectively	448	444
Additional paid-in-capital	234,781	232,357
Accumulated deficit	(133,055)	(132,386)
Accumulated other comprehensive loss	(14,391)	(13,066)
Treasury stock at cost, 7,745,507 common shares	(10,668)	(10,668)
Total stockholders' equity	77,115	76,681
Total liabilities and stockholders' equity	$ 151,249	$ 156,254

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares issued (in shares)	47,695,539	47,152,587
Common stock, shares outstanding (in shares)	39,950,032	39,407,080
Treasury stock, common shares (in shares)	7,745,507	7,745,507

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues	$ 26,989	$ 23,771
Cost of revenues	11,558	10,789
Gross profit	15,431	12,982
Sales and marketing expenses	5,386	5,579
General and administrative expenses	6,333	6,759
Research and development expenses	2,487	2,490
Amortization of intangible assets	1,464	1,427
Total operating expenses	15,670	16,255
Operating loss	(239)	(3,273)
Other expense:
Interest expense	(411)	(1,299)
Other (expense) income, net	(34)	111
Total other expense	(445)	(1,188)
Loss before income taxes	(684)	(4,461)
Income tax (benefit) expense	(15)	55
Net loss	$ (669)	$ (4,516)
Loss per share:
Basic and diluted loss per common share (in dollars per share)	$ (0.02)	$ (0.12)
Weighted-average common shares:
Basic and diluted (in shares)	39,787	38,329

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net loss	$ (669)	$ (4,516)
Other comprehensive loss:
Foreign currency translation adjustments	(1,325)	(1,576)
Derivatives qualifying as hedges, net of tax:
Loss on derivative instruments designated and qualifying as cash flow hedges	0	(216)
Amounts reclassified from accumulated other comprehensive loss to net loss	0	72
Derivatives qualifying as hedges, net of tax	0	(144)
Other comprehensive loss	(1,325)	(1,720)
Comprehensive loss	$ (1,994)	$ (6,236)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2019	45,934,000
Balance at Dec. 31, 2019	$ 438	$ 229,189	$ (124,576)	$ (12,689)	$ (10,668)	$ 81,694
Vesting of restricted stock units (in shares)	268,000
Vesting of restricted stock units	$ 0	0	0	0	0	0
Shares withheld for taxes (in shares)	(81,000)
Shares withheld for taxes	$ 0	(242)	0	0	0	(242)
Stock compensation expense	0	793	0	0	0	793
Net loss	0	0	(4,516)	0	0	(4,516)
Other comprehensive loss	$ 0	0	0	(1,720)	0	(1,720)
Balance (in shares) at Mar. 31, 2020	46,121,000
Balance at Mar. 31, 2020	$ 438	229,740	(129,092)	(14,409)	(10,668)	76,009
Balance (in shares) at Dec. 31, 2020	47,153,000
Balance at Dec. 31, 2020	$ 444	232,357	(132,386)	(13,066)	(10,668)	76,681
Vesting of restricted stock units (in shares)	340,000
Vesting of restricted stock units	$ 0	0	0	0	0	$ 0
Stock option exercises (in shares)	311,000					310,169
Stock option exercises	$ 4	1,920				$ 1,924
Shares withheld for taxes (in shares)	(108,000)
Shares withheld for taxes	$ 0	(464)	0	0	0	(464)
Stock compensation expense	0	968	0	0	0	968
Net loss	0	0	(669)	0	0	(669)
Other comprehensive loss	$ 0	0	0	(1,325)	0	(1,325)
Balance (in shares) at Mar. 31, 2021	47,696,000
Balance at Mar. 31, 2021	$ 448	$ 234,781	$ (133,055)	$ (14,391)	$ (10,668)	$ 77,115

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (669)	$ (4,516)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	445	484
Amortization of intangible assets	1,464	1,427
Amortization of deferred financing costs	70	98
Stock-based compensation expense	968	793
Other	(53)	(162)
Changes in operating assets and liabilities:
Accounts receivable	584	5,149
Inventories	(602)	(1,413)
Other assets	(94)	(767)
Accounts payable and accrued expenses	(245)	2,739
Deferred revenue	(135)	(256)
Other liabilities	(696)	(705)
Net cash provided by operating activities	1,037	2,871
Cash flows from investing activities:
Additions to property, plant and equipment	(151)	(241)
Addition to intangible assets	(150)	0
Net cash used in investing activities	(301)	(241)
Cash flows from financing activities:
Repayments of debt	(4,500)	(4,829)
Debt issuance costs	(101)	0
Proceeds from exercise of stock options	1,924	0
Taxes paid for issuance of stock	(464)	(242)
Net cash used in financing activities	(3,141)	(5,071)
Effect of exchange rate changes on cash	(97)	(12)
Decrease in cash and cash equivalents	(2,502)	(2,453)
Cash and cash equivalents at beginning of period	8,317	8,335
Cash and cash equivalents at end of period	5,815	5,882
Supplemental disclosures of cash flow information:
Cash paid for interest	458	1,237
Cash paid (received) for income taxes, net of refunds	$ (113)	$ 110

Note 1 - Basis of Presentation, Risks and Uncertainties, and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

1.	Basis of Presentation, Risks and Uncertainties, and Summary of Significant Accounting Policies

Basis of Presentation

The unaudited consolidated financial statements of Harvard Bioscience, Inc. and its wholly-owned subsidiaries (collectively, Harvard Bioscience or the Company) as of March 31, 2021 and for the three months ended March 31, 2021 and 2020, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. The December 31, 2020 consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

In the opinion of management, all adjustments, which include normal recurring adjustments necessary to present a fair statement of financial position as of March 31, 2021, results of operations and comprehensive income (loss) and cash flows for the three months ended March 31, 2021 and 2020, as applicable, have been made. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results for the full fiscal year or any future periods.

Summary of Significant Accounting Policies

The accounting policies underlying the accompanying unaudited consolidated financial statements are those set forth in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2021.

Risks and Uncertainties

On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic. The COVID-19 pandemic has had a negative impact on the Company’s operations to date and the future impacts of the pandemic and any resulting economic impact are largely unknown and rapidly evolving. Since the COVID-19 outbreak in the United States, Europe and elsewhere, many customers, particularly academic research institutions, have been unable to maintain laboratory work which has negatively impacted, and will continue to negatively impact, our sales. Additionally, to ensure business continuity while maintaining a safe environment for employees aligned with guidance from government and health organizations, the Company transitioned the majority of its workforce to work-from-home while implementing social distancing requirements and other measures in factories to allow manufacturing and other personnel essential to production to continue work within our facilities. Business travel was significantly reduced during this period. While the Company has maintained operations under these conditions, these measures represent disruptions which can impact productivity including sales and marketing activities. Accordingly, these conditions in addition to the overall impact on the global economy have negatively impacted our results of operations and cash flows.

Note 2 - Recently Issued Accounting Pronouncements

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

2.	Recently Issued Accounting Pronouncements

Accounting Pronouncements Adopted

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which enhances and simplifies various aspects of the income tax accounting guidance related to intra-period tax allocation, interim period accounting for enacted changes in tax law, and the year-to-date loss limitation in interim period tax accounting. ASU 2019-12 also amends other aspects of the guidance to reduce complexity in certain areas. The Company adopted the provisions of ASU 2019-12 effective on January 1, 2021. The adoption of this new accounting guidance did not have a material impact on the Company’s consolidated financial statements.

Accounting Pronouncements to be Adopted

In September 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. The FASB issued several ASUs after ASU 2016-13 to clarify implementation guidance and to provide transition relief for certain entities. ASU 2016-13 is effective for the Company for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is evaluating the impact that adopting ASU 2016-13 and related amendments will have on its consolidated financial position, results of operations and cash flows.

Note 3 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

3.	Goodwill and Intangible Assets

Goodwill

The change in the carrying amount of goodwill for the three months ended March 31, 2021 is as follows:

(in thousands)
Carrying amount at December 31, 2020	$	58,590
Effect of change in currency translation		(371	)
Carrying amount at March 31, 2021	$	58,219

Intangible Assets

			March 31, 2021							December 31, 2020
			(in thousands)
Amortizable intangible assets:	Weighted Average Life*		Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Distribution agreements/customer relationships		8.6	$	17,924	$	(7,864	)	$	10,060	$	18,237	$	(7,746	)	$	10,491
Existing technology		4.9		38,931		(21,413	)		17,518		38,761		(20,674	)		18,087
Trade names and patents		5.1		8,576		(4,511	)		4,065		8,681		(4,362	)		4,319
Total amortizable intangible assets			$	65,431	$	(33,788	)	$	31,643	$	65,679	$	(32,782	)	$	32,897
Indefinite-lived intangible assets:									245							254
Total intangible assets								$	31,888						$	33,151

* Weighted average life in years as of March 31, 2021

Intangible asset amortization expense was $1.5 million and $1.4 million for the three months ended March 31, 2021 and 2020, respectively. Estimated amortization expense of existing amortizable intangible assets for each of the five succeeding years and thereafter as of March 31, 2021 is as follows:

	Amortization
Year Ending December 31,	Expense
	(in thousands)
2021 (remainder of year)	$	4,373
2022		5,798
2023		5,690
2024		5,385
2025		4,273
Thereafter		6,124
Total	$	31,643

Note 4 - Balance Sheet Information

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

4.	Balance Sheet Information

The following tables provide details of selected balance sheet items as of the periods indicated:

*Inventories:*	March 31,		December 31,
(in thousands)	2021		2020
Finished goods	$	5,114	$	4,938
Work in process		3,544		3,513
Raw materials		14,018		13,811
Total	$	22,676	$	22,262

*Current Liabilities:*	March 31,		December 31,
(in thousands)	2021		2020
Compensation	$	2,711		3,715
Professional fees		432		432
Warranty costs		168		185
Customer related costs		1,010		1,093
Accrued income taxes		206		286
Other		2,108		1,767
Total	$	6,635	$	7,478

Note 5 - Restructuring and Other Exit Costs

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

5.	Restructuring and Other Exit Costs

On an ongoing basis, the Company reviews the global economy, the healthcare industry, and the markets in which it competes to identify operational efficiencies, enhance commercial capabilities and align its cost base and infrastructure with customer needs and its strategic plans. In order to realize these opportunities, the Company undertakes restructuring-type activities from time to time to transform its business.

The following table summarizes the changes in the restructuring liabilities for the three months ended March 31, 2021:

(in thousands)	Severance			Other			Total
Balance at December 31, 2020	$	270		$	18		$	288
Restructuring and other exit costs		553			-			553
Cash payments		(256	)		(18	)		(274	)
Balance at March 31, 2021	$	567		$	-		$	567

The restructuring liability has been included in other current liabilities in the consolidated balance sheet and is substantially payable within the next twelve months. Restructuring costs were $0.6 million and $0.9 million during the three months ended March 31, 2021 and 2020, respectively. Substantially all of these restructuring costs have been included as a component of general and administrative expenses.

Note 6 - Related Party Transactions

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

6.	Related Party Transactions

In connection with the 2014 acquisitions of Multi Channel Systems MCS GmbH (“MCS”), the Company entered into a facility lease agreement with the former principal owner of MCS who also became an employee of the Company. The MCS agreement expires on December 31, 2024. Pursuant to this lease agreement, the Company made rent payments of approximately $0.1 million for each of the three months ended March 31, 2021 and 2020, respectively.

Note 7 - Leases

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

7.	Leases

The Company has noncancelable operating leases for offices, manufacturing facilities, warehouse space, automobiles and equipment expiring at various dates through 2024 and thereafter.

The components of lease expense for the three months ended March 31, 2021 and 2020 are as follows:

	Three Months Ended March 31,
(in thousands)	2021			2020
Operating lease cost	$	517		$	535
Short term lease cost		46			42
Sublease income		(25	)		(107	)
Total lease cost	$	538		$	470

Supplemental cash flow information related to the Company's operating leases was as follows:

	Three Months Ended March 31,
(in thousands)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:	$	611	$	687

Supplemental balance sheet information related to the Company's operating leases was as follows:

(in thousands)	March 31, 2021			December 31, 2020
Operating lease right-of use assets	$	7,408		$	7,761

Current portion, operating lease liabilities	$	2,060		$	2,111
Operating lease liabilities, long term		7,159			7,481
Total operating lease liabilities	$	9,219		$	9,592

Weighted average remaining lease term (in years)		7.3			7.4
Weighted average discount rate		9.3	%		9.3	%

Future minimum lease payments for operating leases, with initial or remaining terms in excess of one year at March 31, 2021, are as follows:

(in thousands)	Operating Leases
2022		2,060
2023		1,981
2024		1,953
2025		1,482
2026		981
Thereafter		4,611
Total lease payments		13,068
Less interest		(3,849	)
Total operating lease liabilities	$	9,219

Note 8 - Capital Stock and Stock-based Compensation

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Shareholders' Equity and Share-based Payments [Text Block]

8.	Capital Stock and Stock-Based Compensation

Stock-Based Payment Awards

Activity under the Company’s 2000 Stock Option and Incentive Plan, as Amended, for the three months ended March 31, 2021 was as follows:

	Stock Options					Restricted Stock Units					Market Condition RSU's
				Weighted
	*Stock*			*Average*		*Restricted*					*Market*
	*Options*			*Exercise*		*Stock Units*			*Grant Date*		*Condition RSU's*		*Grant Date*
	*Outstanding*			*Price*		*Outstanding*			*Fair Value*		*Outstanding*		*Fair Value*
Balance at December 31, 2020		2,637,339		$	3.51		1,560,461		$	2.44		813,031	$	2.12
Granted		-			-		714,793			4.39		293,509		4.61
Exercised		(310,169	)		4.01		-			-		-		-
Vested (RSUs)		-			-		(340,395	)		2.73		-		-
Cancelled/Forfeited		(474,309	)		4.64		(11,000	)		4.17		-		-
Balance at March 31, 2021		1,852,861		$	3.14		1,923,859		$	3.10		1,106,540	$	2.78

Stock-based compensation expense related to stock options, restricted stock units, Market Condition RSU’s and the ESPP for the three months ended March 31, 2021 and 2020 was allocated as follows:

	Three Months Ended March 31,
(in thousands)	2021		2020
Cost of revenues	$	20	$	10
Sales and marketing expenses		93		51
General and administrative expenses		834		696
Research and development expenses		21		36
Total stock-based compensation expenses	$	968	$	793

As of March 31, 2021, the total compensation costs related to unvested awards not yet recognized is $7.8 million and the weighted average period over which it is expected to be recognized is approximately 2.4 years. The Company did not capitalize any stock-based compensation.

The weighted average estimated fair value of the Market Condition RSUs that were granted during the three months ended March 31, 2021 was $4.61. The following assumptions were used to estimate the fair value of the Market Condition RSUs granted during the three months ended March 31, 2021 using a Monte-Carlo valuation simulation:

	2021
Volatility		65.1	%
Risk-free interest rate		0.3	%
Correlation coefficient		35.7	%
Dividend yield		-	%

Earnings (Loss) Per Share

Basic earnings (loss) per share is calculated by dividing net income (loss) by the number of weighted average shares of common stock outstanding during the period. The calculation of diluted earnings per share assumes conversion of stock options, restricted stock units and Market Condition RSUs into common stock using the treasury method. The weighted average number of shares used to compute basic and diluted earnings per share consists of the following:

	Three Months Ended March 31, 2021
	2021		2020
Basic		39,787,281		38,328,791
Dilutive effect of equity awards		-		-
Diluted		39,787,281		38,328,791

The Company has excluded from the shares used in calculating the diluted earnings per common share options, restricted stock units and Market Condition RSUs totaling 4,883,260 and 4,222,425, as of March 31, 2021 and 2020 respectively, as the impact of these shares would be anti-dilutive.

Note 9 - Long Term Debt

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Long-term Debt [Text Block]

9.	Long-Term Debt

As of March 31, 2021 and December 31, 2020, the Company’s borrowings were comprised of:

	March 31,			December 31,
(in thousands)	2021			2020
Long-term debt:
Term loan	$	39,500		$	40,000
Revolving line		5,400			9,400
Less: unamortized deferred financing costs		(1,330	)		(1,393	)
Total debt		43,570			48,007
Less: current installments		(2,250	)		(2,000	)
Current unamortized deferred financing costs		280			279
Long-term debt	$	41,600		$	46,286

On December 22, 2020, the Company entered into a Credit Agreement (the “Credit Agreement”) with Citizens Bank, N.A., Wells Fargo Bank, National Association, and Silicon Valley Bank (together, the “Lenders”). The Credit Agreement provides for a term loan of $40.0 million and a $25.0 million senior revolving credit facility (including a $10.0 million sub-facility for the issuance of letters of credit and a $ 10.0 million swingline loan sub facility) (collectively, the “Credit Facility”). The Company’s obligations under the Credit Agreement are guaranteed by certain of the Company’s direct, domestic wholly-owned subsidiaries; none of the Company’s direct or indirect foreign subsidiaries has guaranteed the Credit Facility. The Company’s obligations under the Credit Agreement are secured by substantially all of the assets of Harvard Bioscience, Inc. and each guarantor (including all or a portion of the equity interests in certain of the Company’s domestic and foreign subsidiaries). The Credit Facility matures on December 22, 2025. Issuance costs of $1.4 million are amortized over the contractual term to maturity date on a straight-line basis, which approximates the effective interest method. As of March 31, 2021, available borrowing capacity under the revolving line of credit was $19.6 million. The Credit Facility replaced the Company’s prior credit facility with Cerberus Business Finance, LLC (the “Prior Credit Facility”), which was repaid with borrowings under the Credit Facility.

Borrowings under the Credit Facility will, at the option of the Company, bear interest at either (i) a rate per annum based on LIBOR for an interest period of one, two, three or six months, plus an applicable interest rate margin determined as provided in the Credit Agreement (a “LIBOR Loan”), or (ii) an alternative base rate plus an applicable interest rate margin, each as determined as provided in the Credit Agreement (an “ABR Loan”). LIBOR interest under the Credit Agreement is subject to applicable market rates and a floor of 0.50 %. The alternative base rate is based on the Citizens Bank prime rate or the federal funds effective rate of the Federal Reserve Bank of New York and is subject to a floor of 1.0%. The applicable interest rate margin varies from 2.0% per annum to 3.25% per annum for LIBOR Loans, and from 1.5% per annum to 3.0% per annum for ABR Loans, in each case depending on the Company’s consolidated leverage ratio and is determined in accordance with a pricing grid set forth in the Credit Agreement. Interest on LIBOR Loans is payable in arrears on the last day of each applicable interest period, and interest on ABR Loans is payable in arrears at the end of each calendar quarter. There are no prepayment penalties in the event the Company elects to prepay and terminate the Credit Facility prior to its scheduled maturity date, subject to LIBOR breakage and redeployment costs in certain circumstances. As of March 31, 2021, the weighted average interest rate on the Credit Agreement borrowings was 3.25%. The effective interest rate for the three months ended March 31, 2021 and 2020 was 3.3% and 9.4%, respectively.

Commencing on March 31, 2021, the outstanding term loans amortizes in quarterly installments of $0.5 million per quarter on such date and during each of the next three quarters thereafter, $0.75 million per quarter during the next eight quarters thereafter and $1.0 million per quarter thereafter, with a balloon payment at maturity. Furthermore, within ninety days after the end of the Company’s fiscal year ended December 31, 2021 and for each fiscal year thereafter, the term loans may be permanently reduced pursuant to certain mandatory prepayment events including an annual “excess cash flow sweep” of 50% of the consolidated excess cash flow, as defined in the agreement; provided that, in any fiscal year, any voluntary prepayments of the term loans shall be credited against the Company’s “excess cash flow” prepayment obligations on a dollar-for-dollar basis for such fiscal year. Amounts outstanding under the revolving credit facility can be repaid at any time but are due in full at maturity.

The Credit Agreement includes customary affirmative, negative, and financial covenants binding on the Company. The negative covenants limit the ability of the Company, among other things, to incur debt, incur liens, make investments, sell assets and pay dividends on its capital stock. The financial covenants include a maximum consolidated net leverage ratio and a minimum consolidated fixed charge coverage ratio, each of which will be tested at the end of each fiscal quarter of the Company. The Credit Agreement also includes customary events of default.

The carrying value of the debt approximates fair value because the interest rate under the obligation approximates market rates of interest available to the Company for similar instruments.

Note 10 - Derivatives

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

10.

Derivatives

The Company maintains risk management control systems to monitor interest rate risk attributable to both the Company’s outstanding and forecasted debt obligations. The risk management control systems involve the use of analytical techniques, including cash flow sensitivity analysis, to estimate the expected impact of changes in interest rates on the Company’s future cash flows.

The Company may enter into interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. Under the terms of interest rate swaps, the Company receives LIBOR based variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the notional amount of its debt hedged. The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments.

On January 31, 2018, the Company entered into an interest rate swap contract with a notional amount of $36.0 million and a termination date of January 1, 2023. This swap contract, which converted specific variable-rate debt into fixed-rate debt and fixed the LIBOR rate associated with a portion of the term loan under the Prior Credit Facility at 2.72% was cancelled on December 22, 2020, in connection with the new Credit Agreement as described in Note 9. The Company structured this interest rate swaps to be fully effective in accordance with ASC 815 “Derivatives and Hedging”, and therefore changes in the fair value of the swap offset the variability of cash flows associated with the variable-rate, long-term debt obligations and were reported in accumulated other comprehensive income (AOCI). These amounts subsequently were reclassified into interest expense as a yield adjustment of the hedged interest payments in the same period in which the related interest affects earnings.

The following table summarizes the effect of derivatives designated as cash flow hedging instruments and their classification within comprehensive loss for the three months ended March 31, 2020:

	Three Months Ended
(in thousands)	March 31, 2020
Amount of loss recognized in OCI on derivatives (effective portion)	$	(216	)
Amounts reclassified from accumulated other comprehensive loss to interest expense		72
Total	$	(144	)

Note 11 - Revenues

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

11.

Revenues

The following tables represent a disaggregation of revenue from contracts with customers for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(in thousands)	2021		2020
Instruments, equipment, software and accessories	$	25,827	$	22,937
Service, maintenance and warranty contracts		1,162		834
Total revenues	$	26,989	$	23,771

The following tables represent a disaggregation of revenue by geographic destination for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(in thousands)	2021		2020
United States	$	11,177	$	9,930
Europe		8,589		7,643
Asia		5,538		4,422
Rest of the world		1,685		1,776
Total revenues	$	26,989	$	23,771

No customer accounted for more than 10% of revenues for the three months ended March 31, 2021 and 2020.

Deferred revenue

Changes in deferred revenue from service contracts and advance payments from customers were as follows:

	Three Months Ended March 31, 2021
	Service			Customer
(in thousands)	Contracts			Advances			Total
Balance, beginning of period	$	1,629		$	2,142		$	3,771
Deferral of revenue		1,251			341			1,592
Recognition of deferred revenue		(1,165	)		(558	)		(1,723	)
Effect of foreign currency translation		(3	)		-			(3	)
Balance, end of period	$	1,712		$	1,925		$	3,637

	Three Months Ended March 31, 2020
	Service			Customer
(in thousands)	Contracts			Advances			Total
Balance, beginning of period	$	1,587		$	2,362		$	3,949
Deferral of revenue		308			223			531
Recognition of deferred revenue		(499	)		(322	)		(821	)
Effect of foreign currency translation		14			-			14
Balance, end of period	$	1,410		$	2,263		$	3,673

Allowance for Doubtful Accounts

Allowance for doubtful accounts is based on the Company’s assessment of the collectability of accounts receivable. A rollforward of the allowance for doubtful accounts is as follows:

	Three Months Ended March 31,
(in thousands)	2021			2020
Balance, beginning of period	$	227		$	325
Bad debt expense		5			4
Charge-offs and other recoveries		26			(31	)
Effect of foreign currency translation		(4	)		(1	)
Balance, end of period	$	254		$	297

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Note 12 - Income Tax

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

12.

Income Tax

Income tax (benefit) expense for the three months ended March 31, 2021 and 2020 was not significant. The effective tax rates for the three months ended March 31, 2021 and 2020, were 2.2% and (1.2)%, respectively.

The difference between the Company’s effective tax rates in 2021 and 2020 compared to the U.S. statutory tax rate of 21% is primarily due to changes in valuation allowances associated with the Company’s assessment of the likelihood of the recoverability of deferred tax assets. The Company currently has valuation allowances against substantially all of its net operating loss carryforwards and tax credit carryforwards.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 13 - Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

13.

Commitments and Contingent Liabilities

On April 14, 2017, representatives for the estate of an individual plaintiff filed a wrongful death complaint with the Suffolk Superior Court, in the County of Suffolk, Massachusetts, against the Company and other defendants, including Biostage, Inc. (f/k/a Harvard Apparatus Regenerative Technology, Inc.), our former subsidiary that was spun off in 2013, as well as another third party. The complaint seeks payment for an unspecified amount of damages and alleges that the plaintiff sustained terminal injuries allegedly caused by products, including synthetic trachea scaffold and bioreactors, provided by certain of the named defendants and utilized in connection with surgeries performed by third parties in Europe in 2012 and 2013. The Company intends to vigorously defend this case by counsel provided by the liability insurance carrier for Biostage, Inc. While the Company believes that the claims made in this lawsuit are without merit, the Company is unable to predict the ultimate outcome of this litigation.

The Company is involved in various other claims and legal proceedings arising in the ordinary course of business. After consultation with legal counsel, the Company has determined that the ultimate disposition of such proceedings is not likely to have a material adverse effect on its business, financial condition, results of operations or cash flows. Although unfavorable outcomes in the proceedings are possible, the Company has not accrued for loss contingencies relating to any such matters as they are not considered to be probable and reasonably estimable. If one or more of these matters are resolved in a manner adverse to the Company, the impact on the Company’s business, financial condition, results of operations and cash flows could be material.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

In the opinion of management, all adjustments, which include normal recurring adjustments necessary to present a fair statement of financial position as of March 31, 2021, results of operations and comprehensive income (loss) and cash flows for the three months ended March 31, 2021 and 2020, as applicable, have been made. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results for the full fiscal year or any future periods.

Note 3 - Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Goodwill [Table Text Block]

(in thousands)
Carrying amount at December 31, 2020	$	58,590
Effect of change in currency translation		(371	)
Carrying amount at March 31, 2021	$	58,219

Schedule of Intangible Assets and Goodwill [Table Text Block]

			March 31, 2021							December 31, 2020
			(in thousands)
Amortizable intangible assets:	Weighted Average Life*		Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Distribution agreements/customer relationships		8.6	$	17,924	$	(7,864	)	$	10,060	$	18,237	$	(7,746	)	$	10,491
Existing technology		4.9		38,931		(21,413	)		17,518		38,761		(20,674	)		18,087
Trade names and patents		5.1		8,576		(4,511	)		4,065		8,681		(4,362	)		4,319
Total amortizable intangible assets			$	65,431	$	(33,788	)	$	31,643	$	65,679	$	(32,782	)	$	32,897
Indefinite-lived intangible assets:									245							254
Total intangible assets								$	31,888						$	33,151

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

	Amortization
Year Ending December 31,	Expense
	(in thousands)
2021 (remainder of year)	$	4,373
2022		5,798
2023		5,690
2024		5,385
2025		4,273
Thereafter		6,124
Total	$	31,643

Note 4 - Balance Sheet Information (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

*Inventories:*	March 31,		December 31,
(in thousands)	2021		2020
Finished goods	$	5,114	$	4,938
Work in process		3,544		3,513
Raw materials		14,018		13,811
Total	$	22,676	$	22,262

Other Current Liabilities [Table Text Block]

*Current Liabilities:*	March 31,		December 31,
(in thousands)	2021		2020
Compensation	$	2,711		3,715
Professional fees		432		432
Warranty costs		168		185
Customer related costs		1,010		1,093
Accrued income taxes		206		286
Other		2,108		1,767
Total	$	6,635	$	7,478

Note 5 - Restructuring and Other Exit Costs (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Restructuring and Related Costs [Table Text Block]

(in thousands)	Severance			Other			Total
Balance at December 31, 2020	$	270		$	18		$	288
Restructuring and other exit costs		553			-			553
Cash payments		(256	)		(18	)		(274	)
Balance at March 31, 2021	$	567		$	-		$	567

Note 7 - Leases (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended March 31,
(in thousands)	2021			2020
Operating lease cost	$	517		$	535
Short term lease cost		46			42
Sublease income		(25	)		(107	)
Total lease cost	$	538		$	470

Supplemental Cash Flow Information Related to Operating Leases [Table Text Block]

	Three Months Ended March 31,
(in thousands)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:	$	611	$	687

Supplemental Balance Sheet Informaton Related to Operating Leases [Table Text Block]

(in thousands)	March 31, 2021			December 31, 2020
Operating lease right-of use assets	$	7,408		$	7,761

Current portion, operating lease liabilities	$	2,060		$	2,111
Operating lease liabilities, long term		7,159			7,481
Total operating lease liabilities	$	9,219		$	9,592

Weighted average remaining lease term (in years)		7.3			7.4
Weighted average discount rate		9.3	%		9.3	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

(in thousands)	Operating Leases
2022		2,060
2023		1,981
2024		1,953
2025		1,482
2026		981
Thereafter		4,611
Total lease payments		13,068
Less interest		(3,849	)
Total operating lease liabilities	$	9,219

Note 8 - Capital Stock and Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule Of Stock Options And Restricted Stock Units Activity Roll forward [Table Text Block]

	Stock Options					Restricted Stock Units					Market Condition RSU's
				Weighted
	*Stock*			*Average*		*Restricted*					*Market*
	*Options*			*Exercise*		*Stock Units*			*Grant Date*		*Condition RSU's*		*Grant Date*
	*Outstanding*			*Price*		*Outstanding*			*Fair Value*		*Outstanding*		*Fair Value*
Balance at December 31, 2020		2,637,339		$	3.51		1,560,461		$	2.44		813,031	$	2.12
Granted		-			-		714,793			4.39		293,509		4.61
Exercised		(310,169	)		4.01		-			-		-		-
Vested (RSUs)		-			-		(340,395	)		2.73		-		-
Cancelled/Forfeited		(474,309	)		4.64		(11,000	)		4.17		-		-
Balance at March 31, 2021		1,852,861		$	3.14		1,923,859		$	3.10		1,106,540	$	2.78

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Three Months Ended March 31,
(in thousands)	2021		2020
Cost of revenues	$	20	$	10
Sales and marketing expenses		93		51
General and administrative expenses		834		696
Research and development expenses		21		36
Total stock-based compensation expenses	$	968	$	793

Schedule of Weighted Average Number of Shares [Table Text Block]

	Three Months Ended March 31, 2021
	2021		2020
Basic		39,787,281		38,328,791
Dilutive effect of equity awards		-		-
Diluted		39,787,281		38,328,791

Monte-Carlo Valuation Simulation [Member]

Notes Tables

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	2021
Volatility		65.1	%
Risk-free interest rate		0.3	%
Correlation coefficient		35.7	%
Dividend yield		-	%

Note 9 - Long Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Debt [Table Text Block]

	March 31,			December 31,
(in thousands)	2021			2020
Long-term debt:
Term loan	$	39,500		$	40,000
Revolving line		5,400			9,400
Less: unamortized deferred financing costs		(1,330	)		(1,393	)
Total debt		43,570			48,007
Less: current installments		(2,250	)		(2,000	)
Current unamortized deferred financing costs		280			279
Long-term debt	$	41,600		$	46,286

Note 10 - Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Three Months Ended
(in thousands)	March 31, 2020
Amount of loss recognized in OCI on derivatives (effective portion)	$	(216	)
Amounts reclassified from accumulated other comprehensive loss to interest expense		72
Total	$	(144	)

Note 11 - Revenues (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended March 31,
(in thousands)	2021		2020
Instruments, equipment, software and accessories	$	25,827	$	22,937
Service, maintenance and warranty contracts		1,162		834
Total revenues	$	26,989	$	23,771

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

	Three Months Ended March 31,
(in thousands)	2021		2020
United States	$	11,177	$	9,930
Europe		8,589		7,643
Asia		5,538		4,422
Rest of the world		1,685		1,776
Total revenues	$	26,989	$	23,771

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	Three Months Ended March 31, 2021
	Service			Customer
(in thousands)	Contracts			Advances			Total
Balance, beginning of period	$	1,629		$	2,142		$	3,771
Deferral of revenue		1,251			341			1,592
Recognition of deferred revenue		(1,165	)		(558	)		(1,723	)
Effect of foreign currency translation		(3	)		-			(3	)
Balance, end of period	$	1,712		$	1,925		$	3,637

	Three Months Ended March 31, 2020
	Service			Customer
(in thousands)	Contracts			Advances			Total
Balance, beginning of period	$	1,587		$	2,362		$	3,949
Deferral of revenue		308			223			531
Recognition of deferred revenue		(499	)		(322	)		(821	)
Effect of foreign currency translation		14			-			14
Balance, end of period	$	1,410		$	2,263		$	3,673

Financing Receivable, Allowance for Credit Loss [Table Text Block]

	Three Months Ended March 31,
(in thousands)	2021			2020
Balance, beginning of period	$	227		$	325
Bad debt expense		5			4
Charge-offs and other recoveries		26			(31	)
Effect of foreign currency translation		(4	)		(1	)
Balance, end of period	$	254		$	297

Note 3 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Asset Impairment Charges, Total	$ 1.5	$ 1.4

Note 3 - Goodwill and Intangible Assets - Change in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Carrying amount at December 31, 2020	$ 58,590
Effect of change in currency translation	(371)
Carrying amount at March 31, 2021	$ 58,219

Note 3 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Finite-Lived Intangible Assets, Gross

$ 65,431

$ 65,679

Total amortizable intangible assets

(33,788)

(32,782)

Finite-Lived Intangible Assets, Net

31,643

32,897

Indefinite-lived intangible assets:

245

254

Total intangible assets, Net

$ 31,888

33,151

Distribution Agreements/Customer Relationships [Member]

Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)

^[1]

8 years 7 months 6 days

Finite-Lived Intangible Assets, Gross

$ 17,924

18,237

Total amortizable intangible assets

(7,864)

(7,746)

Finite-Lived Intangible Assets, Net

$ 10,060

10,491

Existing Technology [Member]

Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)

^[1]

4 years 10 months 24 days

Finite-Lived Intangible Assets, Gross

$ 38,931

38,761

Total amortizable intangible assets

(21,413)

(20,674)

Finite-Lived Intangible Assets, Net

$ 17,518

18,087

Trade Names and Patents [Member]

Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)

^[1]

5 years 1 month 6 days

Finite-Lived Intangible Assets, Gross

$ 8,576

8,681

Total amortizable intangible assets

(4,511)

(4,362)

Finite-Lived Intangible Assets, Net

$ 4,065

$ 4,319

[1]	Weighted average life in years as of March 31, 2021.

Note 3 - Goodwill and Intangible Assets - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
2021 (remainder of year)	$ 4,373
2022	5,798
2023	5,690
2024	5,385
2025	4,273
Thereafter	6,124
Total	$ 31,643	$ 32,897

Note 4 - Balance Sheet Information - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finished goods	$ 5,114	$ 4,938
Work in process	3,544	3,513
Raw materials	14,018	13,811
Total	$ 22,676	$ 22,262

Note 4 - Balance Sheet Information - Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Compensation	$ 2,711	$ 3,715
Professional fees	432	432
Warranty costs	168	185
Customer related costs	1,010	1,093
Accrued income taxes	206	286
Other	2,108	1,767
Total	$ 6,635	$ 7,478

Note 5 - Restructuring and Other Exit Costs (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Charges, Total	$ 553	$ 900

Note 5 - Restructuring and Other Exit Costs - Restructuring and Other Exit Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Balance	$ 288
Restructuring and other exit costs	553	$ 900
Cash payments	(274)
Balance	567
Employee Severance [Member]
Balance	270
Restructuring and other exit costs	553
Cash payments	(256)
Balance	567
Other Restructuring [Member]
Balance	18
Restructuring and other exit costs	0
Cash payments	(18)
Balance	$ 0

Note 6 - Related Party Transactions (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
The Multi Channel Systems Facility and Triangle BioSystems Lease Agreements [Member]
Operating Lease, Expense	$ 0.1	$ 0.1

Note 7 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating lease cost	$ 517	$ 535
Short term lease cost	46	42
Sublease income	(25)	(107)
Total lease cost	$ 538	$ 470

Note 7 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:	$ 611	$ 687

Note 7 - Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating lease right-of use assets	$ 7,408	$ 7,761
Current portion, operating lease liabilities	2,060	2,111
Operating lease liabilities, long term	7,159	7,481
Total operating lease liabilities	$ 9,219	$ 9,592
Weighted average remaining lease term (in years) (Year)	7 years 3 months 18 days	7 years 4 months 24 days
Weighted average discount rate	9.30%	9.30%

Note 7 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
2022	$ 2,060
2023	1,981
2024	1,953
2025	1,482
2026	981
Thereafter	4,611
Total lease payments	13,068
Less interest	(3,849)
Total operating lease liabilities	$ 9,219	$ 9,592

Note 8 - Capital Stock and Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 7.8
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 4 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 4.61
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	4,883,260	4,222,425

Note 8 - Capital Stock and Stock-based Compensation - Stock Option and Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Opening Balance, Stock Options Outstanding (in shares) \| shares	2,637,339
Options, Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 3.51
Options, Granted in Period (in shares) \| shares	0
Options, Granted in Period, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 0
Options, exercised (in shares) \| shares	(310,169)
Options, exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 4.01
Options, Cancelled / Forfeited in Period (in shares) \| shares	(474,309)
Options, Cancelled / Forfeited, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 4.64
Opening Balance, Stock Options Outstanding (in shares) \| shares	1,852,861
Options, Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 3.14
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units Outstanding , Balance (in shares) \| shares	1,560,461
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) \| $ / shares	$ 2.44
Restricted Stock Units, Granted in Period (in shares) \| shares	714,793
Restricted Stock Units Granted , Grant Date Fair Value, Balance (in dollars per share) \| $ / shares	$ 4.39
Restricted Stock Units, Vested in Period (in shares) \| shares	(340,395)
Restricted Stock Units, Vested , Grant Date Fair Value, Balance (in dollars per share) \| $ / shares	$ 2.73
Restricted Stock Units, Cancelled / Forfeited in Period (in shares) \| shares	(11,000)
Restricted Stock Units, Cancelled/ Forfeited , Grant Date Fair Value, Balance (in dollars per share) \| $ / shares	$ 4.17
Restricted Stock Units Outstanding , Balance (in shares) \| shares	1,923,859
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) \| $ / shares	$ 3.10
Market Condition Restricted Stock Units [Member]
Restricted Stock Units Outstanding , Balance (in shares) \| shares	813,031
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) \| $ / shares	$ 2.12
Restricted Stock Units, Granted in Period (in shares) \| shares	293,509
Restricted Stock Units Granted , Grant Date Fair Value, Balance (in dollars per share) \| $ / shares	$ 4.61
Restricted Stock Units, Vested in Period (in shares) \| shares	0
Restricted Stock Units, Vested , Grant Date Fair Value, Balance (in dollars per share) \| $ / shares	$ 0
Restricted Stock Units, Cancelled / Forfeited in Period (in shares) \| shares	0
Restricted Stock Units, Cancelled/ Forfeited , Grant Date Fair Value, Balance (in dollars per share) \| $ / shares	$ 0
Restricted Stock Units Outstanding , Balance (in shares) \| shares	1,106,540
Restricted Stock Units Outstanding , Grant Date Fair Value, Balance (in dollars per share) \| $ / shares	$ 2.78

Note 8 - Capital Stock and Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation	$ 968	$ 793
Continuing Operations [Member] \| Cost of Sales [Member]
Share-based compensation	20	10
Continuing Operations [Member] \| Selling and Marketing Expense [Member]
Share-based compensation	93	51
Continuing Operations [Member] \| General and Administrative Expense [Member]
Share-based compensation	834	696
Continuing Operations [Member] \| Research and Development Expense [Member]
Share-based compensation	$ 21	$ 36

Note 8 - Capital Stock and Stock-based Compensation - Monte Carlo Assumptions (Details) - Monte-Carlo Valuation Simulation [Member]	3 Months Ended
	Mar. 31, 2021
Volatility	65.10%
Risk-free interest rate	0.30%
Correlation coefficient	35.70%
Dividend yield	0.00%

Note 8 - Capital Stock and Stock-based Compensation - Weighted Average Number of Shares (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic (in shares)	39,787,281	38,328,791
Dilutive effect of equity awards (in shares)	0	0
Diluted (in shares)	39,787,281	38,328,791

Note 9 - Long Term Debt (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 22, 2020
Debt Issuance Costs, Net, Total	$ 1,330		$ 1,393
The Credit Agreement [Member]
Debt Issuance Costs, Net, Total				$ 1,400
Debt, Weighted Average Interest Rate	3.25%
Line of Credit Facility, Interest Rate During Period	3.30%	9.40%
Debt Instrument, Quarterly Payment, Current Year	$ 500
Debt Instrument Quarterly Payment Next Eight Years	750
Debt Instrument, Quarterly Payment, Thereafter	$ 1,000
Percentage of Consolidated Excess Cash Flow	50.00%
The Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Interest Rate, State Floor Percentage			0.50%
The Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			3.25%
The Credit Agreement [Member] \| Base Rate [Member]
Debt Instrument, Interest Rate, State Floor Percentage			1.00%
The Credit Agreement [Member] \| The ABR Loan [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.50%
The Credit Agreement [Member] \| The ABR Loan [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			3.00%
The Credit Agreement [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity	$ 19,600
Term Loan [Member]
Long-term Debt, Gross	$ 39,500		$ 40,000
The LIBOR Loan and Pricing Grid Credit Agreement [Member] \| The Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			2.00%
The Lenders [Member] \| The Credit Agreement [Member] \| Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity				10,000
The Lenders [Member] \| The Credit Agreement [Member] \| Swingline Loan Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				10,000
The Lenders [Member] \| Term Loan [Member] \| The Credit Agreement [Member]
Long-term Debt, Gross				40,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 25,000

Note 9 - Long Term Debt - Breakdown of Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Less: unamortized deferred financing costs	$ (1,330)	$ (1,393)
Total debt	43,570	48,007
Less: current installments	(2,250)	(2,000)
Current unamortized deferred financing costs	280	279
Long-term debt	41,600	46,286
Term Loan [Member]
Long-term debt, gross	39,500	40,000
Line of Credit [Member]
Long-term debt, gross	$ 5,400	$ 9,400

Note 10 - Derivatives (Details Textual) - Interest Rate Swap [Member] $ in Millions	Jan. 31, 2018 USD ($)
London Interbank Offered Rate (LIBOR) [Member]
Derivative, Fixed Interest Rate	2.72%
PNC Bank [Member]
Derivative Asset, Notional Amount	$ 36

Note 10 - Derivatives - Effect of Derivatives on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amount of loss recognized in OCI on derivatives (effective portion)	$ 0	$ (216)
Amounts reclassified from accumulated other comprehensive loss to interest expense	0	72
Total	$ 0	$ (144)

Note 11 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues	$ 26,989	$ 23,771
Instruments, Equipment, Software, and Accessories [Member]
Revenues	25,827	22,937
Service, Maintenance, and Warranty Contracts [Member]
Revenues	$ 1,162	$ 834

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Note 11 - Revenues - Revenue by Geographic Destination (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues	$ 26,989	$ 23,771
UNITED STATES
Revenues	11,177	9,930
Europe [Member]
Revenues	8,589	7,643
Asia [Member]
Revenues	5,538	4,422
Rest of the World [Member]
Revenues	$ 1,685	$ 1,776

- Definition

+ References

+ Details

Note 11 - Revenues - Changes in Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Balance, beginning of period	$ 3,771	$ 3,949
Deferral of revenue	1,592	531
Recognition of deferred revenue	(1,723)	(821)
Effect of foreign currency translation	(3)	14
Balance, end of period	3,637	3,673
Service [Member]
Balance, beginning of period	1,629	1,587
Deferral of revenue	1,251	308
Recognition of deferred revenue	(1,165)	(499)
Effect of foreign currency translation	(3)	14
Balance, end of period	1,712	1,410
Customer Advances [Member]
Balance, beginning of period	2,142	2,362
Deferral of revenue	341	223
Recognition of deferred revenue	(558)	(322)
Effect of foreign currency translation	0	0
Balance, end of period	$ 1,925	$ 2,263

Note 11 - Revenues - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Balance, beginning of period	$ 227	$ 325
Bad debt expense	5	4
Charge-offs and other recoveries	26	(31)
Effect of foreign currency translation	(4)	(1)
Balance, end of period	$ 254	$ 297

Note 12 - Income Tax (Details Textual)	3 Months Ended
Note 12 - Income Tax (Details Textual)	Mar. 31, 2021	Mar. 31, 2020
Effective Income Tax Rate Reconciliation, Percent, Total	2.20%	(1.20%)