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Note 6 - Restructuring and Other Exit Costs
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Restructuring and Related Activities Disclosure [Text Block]

6.

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 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 the year ended December 31, 2022, the Company reviewed its product portfolio and identified certain non-strategic products for discontinuation and incurred severance expenses in connection with headcount reductions in Europe and North America. The following table summarizes the restructuring activity for the years ended December 31, 2023 and 2022:

 

(in thousands)

 

Inventory Related

  

Severance

  

Other

  

Total

 

Balance at December 31, 2021

 $-  $-  $-  $- 

Restructuring and other exit costs

  1,471   877   46   2,394 

Non-cash charges

  (1,471)  -   -   (1,471)

Cash payments

  -   (241)  (46)  (287)

Balance at December 31, 2022

  -   636   -   636 

Restructuring and other exit costs

  320   42   29   391 

Non-cash charges

  (142)  -   -   (142)

Cash payments

  (94)  (678)  (29)  (801)

Balance at December 31, 2023

 $84  $-  $-  $84 

 

Substantially all of the severance and other costs detailed above have been included as a component of general and administrative expenses, and all inventory-related charges are included in cost of revenues.