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Discontinued operations | 3 Months Ended
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Apr. 01, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued operations | Discontinued operations On February 27, the Company reached a Settlement Agreement with the Former Securityholders of CartiHeal that resulted in the transfer of 100% of Company’s shares in CartiHeal to a Trustee. Refer to Note 3. Acquisitions and divestitures for further details concerning the CartiHeal Settlement Agreement and its deconsolidation from the Company’s financial statements. CartiHeal had no sales for the three months ended April 1, 2023 and year ended December 31, 2022. The following table summarizes CartiHeal’s major classes of assets and liabilities as reported on the consolidated condensed balance sheets as of December 31, 2022 as the balances were fully deconsolidated as of April 1, 2023:
| December 31, 2022
Carrying amounts of major classes of assets included as part of discontinued operations |
Cash | $ | 1,628 |
Restricted cash | 23 |
Other receivables | 350 |
Inventory | 642 |
Prepaid and other current assets | 134 |
Property and equipment, net | 191 |
Goodwill | 6,297 |
Intangible assets, net | 398,873 |
Operating lease assets | 618 |
Other assets | 15 |
Total assets | $ | 408,771 |
Carrying amounts of major liabilities included as part of discontinued operations |
Accounts payable | $ | 852 |
Accrued liabilities | 384 |
Current portion of deferred consideration | 117,615 |
Other current liabilities | 236 |
Deferred income taxes | 79,863 |
Deferred consideration | 79,269 |
Contingent consideration | 67,251 |
Other long-term liabilities | 2,528 |
Total liabilities | $ | 347,998 |
The following table summarizes the major income and expense line items of these discontinued operations, as reported in the consolidated statements of operations for the three months ended April 1, 2023 and April 2, 2022:
|  |  | Three Months Ended
|  |  |  |  | April 1, 2023 |  | April 2, 2022
Selling, general and administrative expense |  |  |  |  | $ | 1,728 |  |  | $ | — |
Research and development expense |  |  |  |  | 396 |  |  | — |
Change in fair value of contingent consideration(a) |  |  |  |  | 1,710 |  |  | — |
Depreciation and amortization(a) |  |  |  |  | 4,264 |  |  | — |
Operating loss from discontinued operations |  |  |  |  | (8,098) |  |  | — |
Interest expense (income), net |  |  |  |  | 4,889 |  |  | — |
Other expense(b) |  |  |  |  | 61,442 |  |  | 401 |
Other expense |  |  |  |  | 66,331 |  |  | 401 |
Net loss |  |  |  |  | (74,429) |  |  | (401) |
Loss attributable to noncontrolling interest |  |  |  |  | 14,937 |  |  | — |
Net loss attributable to Bioventus Inc. |  |  |  |  | $ | (59,492) |  |  | $ | (401) |
(a)Depreciation and amortization and the change in fair value of contingent consideration represents the significant operating non-cash items of discontinued operations. (b)Other expense includes the $60,639 loss on deconsolidation, of which $10,150 was attributable to non-refundable payments.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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