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Subsequent Events | 6 Months Ended
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Jun. 30, 2020
Subsequent Events [Abstract] |
Subsequent Events | (15) Subsequent Events On August 5, 2020, we announced a new strategic focus to enable additive manufacturing solutions for applications in growing markets that demand high reliability products. Accordingly, we are realigning our business structure into two vertical customer markets, Healthcare and Industrial, which will be supported by shared services including supply chain, engineering and development, IT, finance, people & culture and legal. The new structure will simplify our reporting structure. On August 5, 2020, we announced, in connection with the new strategic focus and organizational realignment, a restructuring plan intended to align our operating costs with current revenue levels and better position the Company for future sustainable and profitable growth. The restructuring plan includes a reduction of nearly 20% of our workforce, with the majority of the workforce reduction expected to be completed by December 31, 2020. We expect that the restructuring plan, in conjunction with other cost reduction measures, will reduce our annualized costs by approximately $100,000 by the end of December 31, 2021. Cost reduction efforts include reducing the number of facilities and examining every aspect of our manufacturing and operating costs. We will incur a cash charge in the range of $25,000 to $30,000 for severance, facility closing and other costs, primarily in the second half of this year. We may incur additional charges in 2021 as we finalize all the actions to be taken. Non-cash charges related to these actions are expected to be less than $5,000. We are also evaluating the divestiture of parts of the business that do not align with this strategic focus. On August 5, 2020, we entered into an Equity Distribution Agreement for an At-The-Market (“ATM”) equity offering where we may issue and sell, from time to time, shares of our common stock having an aggregate gross sales price of up to a total of $150,000, depending upon market conditions and our liquidity requirements. We intend to use the net proceeds from this offering for general corporate purposes, which may include repaying amounts outstanding under our senior secured term loan facility and our senior secured revolving credit facility. Additional information regarding risks around our restructuring plan and raising capital appears in Item 1A. “Risk Factors” in the 2019 Form 10-K. and in Item 1A. “Risks Factors" in this Form 10-Q.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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