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Note 15 - Restructuring and Other Exit Costs
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Restructuring and Related Activities Disclosure [Text Block]

15.

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 three and six months ended June 30, 2024, the Company completed a restructuring and incurred expenses of $0.4 million, primarily consisting of severance incurred in connection with headcount reductions in Europe and North America. The changes in the accrued liability for restructuring and other charges for the six months ended June 30, 2024 were as follows:

 

(in thousands)

  

Inventory-Related

   

Severance

   

Total

 

Balance at December 31, 2023

   $ 84     $ -     $ 84  

Restructuring and other exit costs

     41       396       437  

Non-cash charges

     (27 )     -       (27 )

Cash payments

     (98 )     (320 )     (418 )

Balance at June 30, 2024

   $ -     $ 76     $ 76  

 

The inventory-related costs are included in cost of revenues and the severance costs have been included as a component of other operating expenses (see Note 1).