XML 45 R27.htm IDEA: XBRL DOCUMENT v3.22.0.1
Subsequent Event
12 Months Ended
Dec. 31, 2021
Subsequent Events  
Subsequent Events

Note 19. Subsequent Events

On January 25, 2022, a fire occurred at the MVE Biological Solutions manufacturing facility located in New Prague, Minnesota. The New Prague facility manufactures aluminum dewars and is one of MVE Biological Solutions’ three global manufacturing facilities. There were no injuries reported and damage was limited to a portion of the facility. As a consequence of the fire damage, the New Prague manufacturing operations were curtailed on an interim basis until the necessary repairs were completed. Production was resumed at the New Prague facility during the week of February 14, 2022 and is expected to ramp up to full production during the first quarter of 2022. The Company anticipates the revenue impact of $4.0 million to $5.0 million to be limited to the first quarter. Furthermore, the Company expects its insurance to cover the majority of the costs to restore and re-open the facility, as well as related business interruption losses.