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Subsequent events
3 Months Ended
Apr. 01, 2023
Subsequent Events [Abstract]  
Subsequent events Subsequent events
On April 4, 2023, Mr. Reali resigned as a director and officer of the Company, and Mr. Anthony P. Bihl III was appointed as Interim Chief Executive Officer of the Company and as a Class III director of the Company, effective April 5, 2023. Mr. Bihl succeeds Mr. Reali as the Company’s principal executive officer.
On April 6, 2023, the Company repaid $15,000 on its revolving credit facility.
On May 10, 2023 the Company entered into a definitive agreement to sell its Wound Business, including TheraSkin and TheraGenesis, for total potential cash consideration of $85,000, including $35,000 at closing, $5,000 deferred for 18 months and $45,000 in potential earn-out payments. The Company expects to net approximately $30,000 at closing after fees and expenses that will be used to repay existing debt. The sale of the Wound Business is expected to close approximately one week before the end of May 2023.