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Note 5 - Restructuring and Other Exit Costs | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] |
5. | Restructuring and Other Exit Costs
On an ongoing basis, the Company reviews the global economy, the healthcare industry, and the markets in which it competes to identify operational efficiencies, enhance commercial capabilities, and align its cost base and infrastructure with customer needs and its strategic plans. In order to realize these opportunities, the Company undertakes restructuring-type activities from time to time to transform its business. A portion of these transformation activities are considered restructuring costs under ASC 420 – Exit or Disposal Cost Obligations and are discussed below. During 2019, the Company initiated a restructuring program to improve operational efficiency and reduce costs which entailed consolidating and downsizing several sites and headcount reductions in Europe and North America. This program was completed in 2021. Restructuring costs under this program were $0.1 million and $1.3 million for the three and nine months ended September 30, 2021, respectively. Substantially all of these costs have been included as a component of general and administrative expenses. During the three months ended September 30, 2022, the Company completed a review of its product portfolio in which the Company identified certain non-strategic products for discontinuation. In the three months ended September 30, 2022, we incurred charges of $1.3 million, included in cost of revenues, in connection with excess and obsolete inventory, and $0.6 million in severance expense included in general and administrative expense, in connection with headcount reductions in Europe and North America. The following table summarizes the activity for accrued restructuring liabilities for the nine months ended September 30, 2022:
|  | Cost of |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Revenues |  |  | Severance |  |  | Other |  |  | Total |
Balance at December 31, 2021 |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Restructuring and other exit costs |  |  | 1,320 |  |  |  | 561 |  |  |  | 28 |  |  |  | 1,909 |
Non-cash charges |  |  | (1,320 | ) |  |  | - |  |  |  | - |  |  |  | (1,320 | )
Cash payments |  |  | - |  |  |  | (82 | ) |  |  | (28 | ) |  |  | (110 | )
Balance at September 30, 2022 |  | $ | - |  |  | $ | 479 |  |  | $ | - |  |  | $ | 479 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI https://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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