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v3.23.2

Fair value measurements and investments (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Financial Assets and Liabilities Recorded at Fair Value on Recurring Basis | The fair value measurements of the Company’s financial assets and liabilities measured on a recurring basis were as follows:
|  | June 30, 2023 |  |  | December 31, 2022 |
(Unaudited, U.S. Dollars, in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Neo Medical convertible loan agreements |  | $ | — |  |  | $ | — |  |  | $ | 7,690 |  |  | $ | 7,690 |  |  | $ | 7,140 |
Neo Medical preferred equity securities |  |  | — |  |  |  | 6,084 |  |  |  | — |  |  |  | 6,084 |  |  |  | 6,084 |
Bone Biologics equity securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other investments |  |  | — |  |  |  | — |  |  |  | 1,986 |  |  |  | 1,986 |  |  |  | 1,726 |
Total |  | $ | — |  |  | $ | 6,084 |  |  | $ | 9,676 |  |  | $ | 15,760 |  |  | $ | 14,950 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lattus contingent consideration |  | $ | — |  |  | $ | — |  |  |  | (9,900 | ) |  | $ | (9,900 | ) |  | $ | — |
Spinal Kinetics contingent consideration |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Deferred compensation plan |  |  | — |  |  |  | (1,467 | ) |  |  | — |  |  |  | (1,467 | ) |  |  | (1,515 | )
Total |  | $ | — |  |  | $ | (1,467 | ) |  | $ | (9,900 | ) |  | $ | (11,367 | ) |  | $ | (1,515 | )
Schedule of Reconciliation of Investments in Equity Securities | The table below presents a reconciliation of the beginning and ending balances of the Company’s investment in Neo Medical preferred equity securities:
(Unaudited, U.S. Dollars, in thousands) |  | 2023 |  |  | 2022 |
Fair value of Neo Medical preferred equity securities at January 1 |  | $ | 6,084 |  |  | $ | 5,413 |
Conversion of loan into preferred equity securities |  |  | — |  |  |  | 671 |
Fair value of Neo Medical preferred equity securities at June 30 |  |  | 6,084 |  |  |  | 6,084 |
Cumulative unrealized gain on Neo Medical preferred equity securities |  |  | 413 |  |  |  | 413 |
Schedule of Reconciliation For Contingent Consideration Measured At Fair Value Using Significant Unobservable Inputs | The following table provides a reconciliation of the beginning and ending balances for the Spinal Kinetics contingent consideration measured at estimated fair value using significant unobservable inputs (Level 3):
(Unaudited, U.S. Dollars, in thousands) |  | 2023 |  |  | 2022 |
Spinal Kinetics contingent consideration estimated fair value at January 1 |  | $ | — |  |  | $ | 17,200 |
Decrease in fair value recognized in acquisition-related amortization and remeasurement |  |  | — |  |  |  | (16,214 | )
Spinal Kinetics contingent consideration estimated fair value at June 30 |  | $ | — |  |  | $ | 986 |
(Unaudited, U.S. Dollars, in thousands) |  | 2023 |  |  | 2022 |
Lattus contingent consideration estimated fair value at January 5 |  | $ | 11,200 |  |  | $ | — |
Decrease in fair value recognized in acquisition-related amortization and remeasurement |  |  | (1,300 | ) |  |  | — |
Lattus contingent consideration estimated fair value at June 30 |  | $ | 9,900 |  |  | $ | — |
Fair Value, Inputs, Level 3 [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Reconciliation For Convertible Loans Measured At Fair Value Using Significant Unobservable Inputs | The following table provides a reconciliation of the beginning and ending balances of the Convertible Loans, measured at fair value using significant unobservable inputs (Level 3):
(Unaudited, U.S. Dollars, in thousands) |  | 2023 |  |  | 2022 |
Fair value of Neo Medical Convertible Loans at January 1 |  | $ | 7,140 |  |  | $ | 7,148 |
Interest recognized in interest income, net |  |  | 238 |  |  |  | 217 |
Foreign currency remeasurement recognized in other expense, net |  |  | 195 |  |  |  | (257 | )
Unrealized gain (loss) recognized in other comprehensive loss |  |  | 117 |  |  |  | (615 | )
Conversion of Second Convertible Loan into preferred equity securities |  |  | — |  |  |  | (671 | )
Fair value of Neo Medical Convertible Loans at June 30 |  |  | 7,690 |  |  |  | 5,820 |
Amortized cost basis of Neo Medical Convertible Loans at June 30 |  |  | 6,340 |  |  |  | 5,496 |
Schedule of Changes in Valuation of Securities | The following table provides quantitative information related to certain key assumptions utilized within the valuation as of June 30, 2023:
(Unaudited, U.S. Dollars, in thousands) |  | Fair Value as of June 30, 2023 |  |  | Unobservable inputs |  | Estimate |
Neo Medical Convertible Loan |  | $ | 7,690 |  |  | Cost of equity discount rate |  |  | 18.0 | %
|  |  |  |  | Estimated equity volatility |  |  | 74.1 | %
The following table provides quantitative information related to certain key assumptions utilized within the valuation as of June 30, 2023:
(Unaudited, U.S. Dollars, in thousands) |  | Fair Value as of June 30, 2023 |  |  | Unobservable inputs |  | Estimate |
Lattus Contingent Consideration |  | $ | 9,900 |  |  | Counterparty discount rate |  |  | 9.0 | %
|  |  |  |  | Revenue risk-adjusted discount rate |  |  | 6.5 | %

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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