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Note 6 - Intangible Assets | 6 Months Ended
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Jun. 30, 2020
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
6. | Intangible Assets
Intangible assets as of June 30, 2020 and December 31, 2019 consisted of the following:
|  |  |  |  |  | Six Months Ended June 30, 2020 |
|  | Gross Value |  |  | Less: Accumulated Currency Translation Adjustment |  |  | Less: Current Period Impairment Charge |  |  | Less: Accumulated Amortization |  |  | Net Book Value |  |  | Weighted Average Useful Life |
Developed technology |  | $ | 93,953 |  |  | $ | (2,904 | ) |  | $ | (1,025 | ) |  | $ | (11,460 | ) |  | $ | 78,564 |  |  |  | 15 |
In-process research & development |  |  | 5,006 |  |  |  | (1,242 | ) |  |  | - |  |  |  | - |  |  |  | 3,764 |  |  | Indefinite |
Customer relationships |  |  | 9,000 |  |  |  | - |  |  |  | - |  |  |  | (377 | ) |  |  | 8,623 |  |  |  | 10 |
Distributor relationships |  |  | 4,700 |  |  |  | (415 | ) |  |  | - |  |  |  | (4,285 | ) |  |  | - |  |  |  | 5 |
Patents |  |  | 1,000 |  |  |  | (177 | ) |  |  | - |  |  |  | (555 | ) |  |  | 268 |  |  |  | 16 |
Tradenames |  |  | 5,200 |  |  |  | - |  |  |  | - |  |  |  | (441 | ) |  |  | 4,759 |  |  |  | 5 |
Total |  | $ | 118,859 |  |  | $ | (4,738 | ) |  | $ | (1,025 | ) |  | $ | (17,118 | ) |  | $ | 95,978 |  |  |  | 13 |
|  |  |  |  |  | Year ended December 31, 2019 |
|  | Gross Value |  |  | Less: Accumulated Currency Translation Adjustment |  |  | Less: Current Period Impairment Charge |  |  | Less: Accumulated Amortization |  |  | Net Book Value |  |  | Weighted Average Useful Life |
Developed technology |  | $ | 17,100 |  |  | $ | (2,934 | ) |  | $ | (389 | ) |  | $ | (9,657 | ) |  | $ | 4,120 |  |  |  | 15 |
In-process research & development |  |  | 4,406 |  |  |  | (1,234 | ) |  |  | - |  |  |  | - |  |  |  | 3,172 |  |  | Indefinite |
Distributor relationships |  |  | 4,700 |  |  |  | (415 | ) |  |  | - |  |  |  | (4,285 | ) |  |  | - |  |  |  | 5 |
Patents |  |  | 1,000 |  |  |  | (176 | ) |  |  | - |  |  |  | (531 | ) |  |  | 293 |  |  |  | 16 |
Elevess Tradename |  |  | 1,000 |  |  |  | - |  |  |  | - |  |  |  | (1,000 | ) |  |  | - |  |  |  | 9 |
Total |  | $ | 28,206 |  |  | $ | (4,759 | ) |  | $ | (389 | ) |  | $ | (15,473 | ) |  | $ | 7,585 |  |  |  | 11 |
The aggregate amortization expense related to intangible assets was $2.2 million and $0.2 million for the three-month periods ended June 30, 2020 and 2019, respectively, and $3.5 million and $0.5 million for the six-month periods ended June 30, 2020 and 2019, respectively. In the first quarter of 2020, the Company acquired Parcus Medical and Arthrosurface as discussed in Note 3, which resulted in an increase of $92.9 million of gross value in intangible assets. During the six-month period ended June 30, 2020, the Company determined that it will not pursue CE Mark renewals for certain of its products, which resulted in an impairment of $1.0 million of which $0.3 million was recognized in the first quarter of 2020. The impairments are included in the selling, general & administrative expenses on its condensed consolidated statements of operations. The Company assessed the recoverability of intangible and long-lived assets besides goodwill and concluded no impairments existed as of March 31, 2020. If the pandemic's economic impact is more severe, or if the economic recovery takes longer to materialize or does not materialize as strongly as anticipated, this could result in intangible or long-lived asset impairment charges. For the quarter ended June 30, 2020, there were no impairments related to the pandemic’s economic impact. However, the Company did identify certain intangible asset impairments as a result of product rationalization and the related decision to not pursue certain related CE Mark renewals.

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