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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay Versus Performance

 

The following table illustrates certain information about executive compensation for the Company’s Principal Executive Officer (“PEO”) and other named executive officers (“NEOs”) as well as certain performance measures against which compensation information can be compared. This disclosure has been prepared in accordance with Item 402(v) of Regulation S-K of the Exchange Act and does not necessarily reflect value actually realized by our NEOs or how our Compensation Committee evaluates compensation decisions in light of Company or individual performance. Please refer to the “Compensation Discussion and Analysis” for a discussion of our executive compensation program, its objectives, and the ways in which we align executive compensation with Company performance.

 

                                    Value of initial fixed $100 investment based on:                  

Year

  

Summary
compensation table total for PEO(1)

    

Compensation actually paid
to PEO(2)

    

Average
summary
compensation
table total for
non-PEO named
executive
officers(1)

    

Average
compensation actually paid
to non-PEO named
executive
officers(2)

    

 

Total
shareholder
return		     Peer group
total
shareholder return (3)		    

Net income

   

Adjusted Operating Income (4)

  

2024

   $ 5,276,527     $ 9,476,108     $ 1,267,473     $ 2,007,532     $ 492.67     $ 117.80     $ 58,981,545     $ 85,574,421  

2023

   $ 4,931,107     $ 8,405,644     $ 1,141,467     $ 1,910,143     $ 346.70     $ 96.93     $ 44,923,806     $ 61,336,342  

2022

   $ 4,300,557     $ 6,615,078     $ 1,019,628     $ 1,627,618     $ 237.60     $ 92.94     $ 41,789,243     $ 44,463,769  

2021

   $ 2,619,501     $ 4,140,645     $ 712,181     $ 1,000,862     $ 141.62     $ 106.69     $ 15,885,720     $ 21,633,199  

2020

   $ 1,665,380     $ 2,071,503     $ 460,442     $ 562,263     $ 93.93     $ 99.30     $ 13,368,880     $ 16,731,467  

 

(1)

Amounts reported in these columns represent the total compensation as reported in the Summary Compensation Table for our PEO during each applicable fiscal year and the average of the total compensation as reported in the Summary Compensation Table for our remaining NEOs for the relevant fiscal year, which captures the individuals indicated in the table below for each fiscal year:

 

Year

  

PEO

  

Non-PEO NEOs

2024

  

R. Jeffrey Bailly

  

Ronald J. Lataille, Mitchell C. Rock, Christopher P. Litterio, Jason Holt

2023

  

R. Jeffrey Bailly

  

Ronald J. Lataille, Mitchell C. Rock, Christopher P. Litterio, Jason Holt

2022

  

R. Jeffrey Bailly

  

Ronald J. Lataille, Mitchell C. Rock, Christopher P. Litterio, Steven G. Cardin

2021

  

R. Jeffrey Bailly

  

Ronald J. Lataille, Mitchell C. Rock, Christopher P. Litterio, Steven G. Cardin

2020

  

R. Jeffrey Bailly

  

Ronald J. Lataille, Mitchell C. Rock, William David Smith, Christopher P. Litterio, Daniel J. Shaw Jr.

 

(2)

Amounts reported in these columns represent the Summary Compensation Table Total Compensation for the applicable fiscal year adjusted as follows:

 

 

        
PEO Total Compensation Amount $ 5,276,527 $ 4,931,107 $ 4,300,557 $ 2,619,501 $ 1,665,380
PEO Actually Paid Compensation Amount $ 9,476,108 8,405,644 6,615,078 4,140,645 2,071,503
Adjustment To PEO Compensation, Footnote

Fiscal Year (FY)

  

2024

    

2023

    

2022

    

2021

    

2020

  
   

PEO

    

Average non-PEO NEOs

    

PEO

    

Average non-PEO NEOs

    

PEO

    

Average non-PEO NEOs

    

PEO

    

Average non-PEO NEOs

    

PEO

    

Average non-PEO NEOs

  

Summary Compensation Table Total Compensation

   $ 5,276,527     $ 1,267,473     $ 4,931,107     $ 1,141,467     $ 4,300,557     $ 1,019,628     $ 2,619,501     $ 712,181     $ 1,665,380     $ 460,442  

Deduction for ASC 718 Fair Value as of the Grant Date for Stock Awards

   $ (3,025,077 )   $ (528,593 )   $ (2,761,000 )   $ (421,250 )   $ (1,980,200 )   $ (327,650 )   $ (1,145,947 )   $ (220,719 )   $ (633,370 )   $ (77,500 )

Increase based on ASC 718 Fair Value of Awards Granted during the FY that Remain Unvested as of FY End

   $ 4,144,671     $ 754,313     $ 4,041,743     $ 649,709     $ 2,902,215     $ 518,804     $ 1,466,617     $ 312,657     $ 618,321     $ 72,510  

Increase based on ASC 718 Fair Value of Outstanding Unvested Prior FY Awards as of FY End

   $ 3,079,987     $ 584,339     $ 2,193,794     $ 540,217     $ 1,392,506     $ 416,836     $ 1,200,474     $ 196,743     $ 421,172     $ 106,811  

Compensation Actually Paid

   $ 9,476,108     $ 2,007,532     $ 8,405,644     $ 1,910,143     $ 6,615,078     $ 1,627,618     $ 4,140,645     $ 1,000,862     $ 2,071,503     $ 562,263  

 

The fair values of RSUs and stock awards included in the Summary Compensation Table Total Compensation are calculated at the required measurement dates, consistent with the approach used to value the awards at the grant date as described in our Annual Report on Form 10-K for the year ended December 31, 2024. Any changes to the RSU and stock award fair values from the grant date (for current year grants) and from prior year-end (for prior year RSU grants) are based on our updated stock price at the respective measurement dates. For all years presented, the meaningful increases in the year-end RSU fair value from the fair value on the grant date were primarily driven by changes in the stock price.

 

(3)

As described in the section titled “Compensation Discussion and Analysis”, our peer group includes the following companies: Accuray, Inc., AngioDyamics, Inc., Anika Therapeutics, Inc., Atrion Corp, Avanos Medical, Inc., CryoLife (now Artivion), Cutera, Inc., DMC Global, Inc., Integer Holdings Corp, Lantheus Holdings, Inc., Inc., OraSure Technologies, Inc., and Orthofix Medical, Inc.

 

(4)

Adjusted Operating Income is GAAP operating income as adjusted to disregard non‑recurring income or expenses, including acquisition related costs, changes in fair value of contingent consideration and gains or losses from the sale of equipment.

 

 

 

 

 

 

 

        
Non-PEO NEO Average Total Compensation Amount $ 1,267,473 1,141,467 1,019,628 712,181 460,442
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,007,532 1,910,143 1,627,618 1,000,862 562,263
Compensation Actually Paid vs. Total Shareholder Return

Relationship between Compensation Actually Paid and Performance Measures Disclosed in the Pay Versus Performance Table

 

The graphs below compare (i) the relationship between PEO and average NEO compensation actually paid with our total shareholder return (“TSR”), (ii) the relationship between PEO and average NEO compensation actually paid and net income, (iii) the relationship between PEO and average NEO compensation actually paid and adjusted operating income, and (iv) the relationship between our TSR and our peer group TSR, in each case, for the fiscal years ended December 31, 2020, 2021, 2022, 2023 and 2024. TSR amounts reported in the graph assume an initial fixed investment of $100.

 

The following chart sets forth the relationship between compensation actually paid to our PEO, the average of compensation actually paid to our other NEOs, each as set forth in the Pay versus Performance table above, and our cumulative TSR. The chart represents the cumulative TSR of the Company of an initial investment of $100 for the measurement period beginning December 31, 2020, and ending December 31, 2020, 2021, 2022, 2023, and 2024.

 

peoavneo.jpg

 

 

 

        
Compensation Actually Paid vs. Net Income

The following chart sets forth the relationship between compensation actually paid to our PEO, the average of compensation actually paid to our other NEOs, and our net income during years 2020 through 2024, each as set forth in the table above.

 

peoavneo2.jpg

 

 

 

        
Compensation Actually Paid vs. Company Selected Measure

The following chart sets forth the relationship between compensation actually paid to our PEO, the average of compensation actually paid to our other NEOs, and the adjusted operating income during years 2020 through 2024, each as set forth in the table above.

 

peoavneo3.jpg

 

 

 

 

 

        
Total Shareholder Return Vs Peer Group

The following chart compares our cumulative TSR to that of our peer group over the same time period. The chart represents the cumulative TSR of the Company of an initial investment of $100 for the measurement period beginning December 31, 2020, and ending December 31, 2021, 2022, 2023 and 2024.

 

tsrvspeer.jpg
        
Total Shareholder Return Amount $ 492.67 346.7 237.6 141.62 93.93
Peer Group Total Shareholder Return Amount 117.8 96.93 92.94 106.69 99.3
Net Income (Loss) $ 58,981,545 $ 44,923,806 $ 41,789,243 $ 15,885,720 $ 13,368,880
Company Selected Measure Amount 85,574,421 61,336,342 44,463,769 21,633,199 16,731,467
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (3,025,077) $ (2,761,000) $ (1,980,200) $ (1,145,947) $ (633,370)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,144,671 4,041,743 2,902,215 1,466,617 618,321
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,079,987 2,193,794 1,392,506 1,200,474 421,172
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (528,593) (421,250) (327,650) (220,719) (77,500)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 754,313 649,709 518,804 312,657 72,510
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 584,339 $ 540,217 $ 416,836 $ 196,743 $ 106,811