0001437749-21-005956 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2020	Mar. 02, 2021	Jun. 30, 2020
Document Information [Line Items]
Entity Central Index Key	0001158895
Entity Registrant Name	LEMAITRE VASCULAR INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-33092
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2825458
Entity Address, Address Line One	63 Second Avenue
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	781
Local Phone Number	221-2266
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	LMAT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 289,244,419
Entity Common Stock, Shares Outstanding		20,527,451

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 26,764	$ 11,786
Short-term marketable securities	214	20,895
Accounts receivable, net of allowances of $623 at December 31, 2020, and $522 at December 31, 2019	19,552	16,572
Inventory and other deferred costs	45,115	39,527
Prepaid expenses and other current assets	2,618	3,312
Total current assets	94,263	92,092
Property and equipment, net	15,036	14,854
Right-of-use leased assets	16,066	15,208
Goodwill	65,945	39,951
Other intangibles, net	58,905	24,893
Deferred tax assets	1,686	1,084
Other assets	909	259
Total assets	252,810	188,341
Liabilities and stockholders’ equity
Current portion of long-term debt	2,500	0
Revolving line of credit	0	0
Accounts payable	2,394	2,604
Accrued expenses	17,525	14,014
Acquisition-related obligations	772	2,476
Lease liabilities - short-term	1,954	1,757
Total current liabilities	25,145	20,851
Long-term debt, net	35,532	0
Lease liabilities - long-term	14,791	13,955
Deferred tax liabilities	127	1,179
Other long-term liabilities	4,643	4,215
Total liabilities	80,238	40,200
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 3,000,000 shares; none outstanding	0	0
Common stock, $0.01 par value; authorized 37,000,000 shares; issued 22,061,554 shares at December 31, 2020, and 21,678,927 shares at December 31, 2019	221	217
Additional paid-in capital	114,924	105,934
Retained earnings	70,554	57,029
Accumulated other comprehensive loss	(1,525)	(4,007)
Treasury stock, at cost; 1,538,572 shares at December 31, 2020 and 1,522,035 shares at December 31, 2019	(11,602)	(11,032)
Total stockholders’ equity	172,572	148,141
Total liabilities and stockholders’ equity	$ 252,810	$ 188,341

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable, allowances	$ 623	$ 522
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	3,000,000	3,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	37,000,000	37,000,000
Common stock, shares issued (in shares)	22,061,554	21,678,927
Treasury stock, at cost (in shares)	1,538,572	1,522,035

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 129,366	$ 117,232	$ 105,568
Cost of sales	44,748	37,379	31,629
Gross profit	84,618	79,853	73,939
Sales and marketing	23,700	30,339	27,318
General and administrative	22,501	19,055	17,689
Research and development	10,099	9,276	8,197
Gains on sales of assets and acquisitions	(470)	0	(7,474)
Total operating expenses	55,830	58,670	45,730
Income from operations	28,788	21,183	28,209
Other income (expense):
Interest income	207	698	631
Interest expense	(1,310)	0	(2)
Foreign currency loss	(329)	(202)	(394)
Income before income taxes	27,356	21,679	28,444
Provision for income taxes	6,136	3,745	5,501
Net income	$ 21,220	$ 17,934	$ 22,943
Earnings per share of common stock:
Basic (in dollars per share)	$ 1.05	$ 0.91	$ 1.18
Diluted (in dollars per share)	$ 1.04	$ 0.88	$ 1.13
Weighted-average shares outstanding:
Basic (in shares)	20,246	19,813	19,426
Diluted (in shares)	20,479	20,326	20,242
Cash dividends declared per common share (in dollars per share)	$ 0.38	$ 0.34	$ 0.28

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income	$ 21,220	$ 17,934	$ 22,943
Other comprehensive income (loss):
Foreign currency translation adjustment, net	2,468	(234)	(1,626)
Unrealized gain (loss) on short-term marketable securities	14	127	15
Total other comprehensive income (loss)	2,482	(107)	(1,611)
Comprehensive income	$ 23,702	$ 17,827	$ 21,332

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

AOCI Attributable to Parent [Member]

Treasury Stock [Member]

Total

Balance (in shares) at Dec. 31, 2017

20,745,041

1,480,101

Balance at Dec. 31, 2017

$ 207

$ 93,127

$ 28,333

$ (2,289)

$ (9,608)

$ 109,770

Net income

22,943

Other comprehensive income (loss)

(1,611)

Issuance of common stock for stock options exercised (in shares)

303,379

Issuance of common stock for stock options exercised

$ 4

2,966

2,970

Vested restricted stock units (in shares)

61,804

Vested restricted stock units

$ 0

Stock-based compensation expense

2,349

Repurchase of common stock at cost (in shares)

21,410

Repurchase of common stock at cost

$ (741)

(741)

Common stock cash dividend paid

(5,445)

Balance (in shares) at Dec. 31, 2018

21,110,224

1,501,511

Balance at Dec. 31, 2018

$ 211

98,442

45,831

(3,900)

$ (10,349)

130,235

Net income

17,934

Other comprehensive income (loss)

(107)

Issuance of common stock for stock options exercised (in shares)

509,693

Issuance of common stock for stock options exercised

$ 6

4,850

4,856

Vested restricted stock units (in shares)

59,010

Vested restricted stock units

$ 0

Stock-based compensation expense

2,642

Repurchase of common stock at cost (in shares)

20,524

Repurchase of common stock at cost

$ (683)

(683)

Common stock cash dividend paid

(6,736)

Balance (in shares) at Dec. 31, 2019

21,678,927

1,522,035

Balance at Dec. 31, 2019

$ 217

105,934

57,029

(4,007)

$ (11,032)

148,141

Net income

21,220

Other comprehensive income (loss)

2,482

$ 2,482

Issuance of common stock for stock options exercised (in shares)

331,958

^[1]

Issuance of common stock for stock options exercised

$ 3

5,968

$ 5,971

Vested restricted stock units (in shares)

50,669

Vested restricted stock units

$ 1

Stock-based compensation expense

3,022

Repurchase of common stock at cost (in shares)

16,537

Repurchase of common stock at cost

$ (570)

(570)

Common stock cash dividend paid

(7,695)

Balance (in shares) at Dec. 31, 2020

22,061,554

1,538,572

Balance at Dec. 31, 2020

$ 221

$ 114,924

$ 70,554

$ (1,525)

$ (11,602)

$ 172,572

[1]	The aggregate intrinsic value of shares exercised represents the difference between the exercise price and the closing price of our stock on the date of exercise.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 21,220	$ 17,934	$ 22,943
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,395	5,416	4,324
Stock-based compensation	3,022	2,642	2,349
Fair value adjustments to contingent consideration obligations	182	171	(29)
Provision for doubtful accounts and allowances	293	388	264
Provision for inventory write-downs	1,523	747	671
Provision (benefit) for deferred income taxes	(328)	824	(2,152)
Gains on sale of building, acquisitions and divestitures	(470)	0	(7,474)
Foreign currency transaction gain	100	(57)	259
Changes in operating assets and liabilities:
Accounts receivable	(939)	(1,301)	(1,283)
Inventory and other deferred costs	(2,609)	(11,335)	(4,262)
Prepaid expenses and other assets	89	(654)	(418)
Accounts payable and other liabilities	4,322	(596)	4,314
Net cash provided by operating activities	34,800	14,179	19,506
Investing activities
Purchases of property and equipment	(2,982)	(3,761)	(3,054)
Proceeds from sale of building	2,023	0	0
Payments related to acquisitions	(72,627)	(21,240)	(12,282)
Purchases of short-term marketable securities	(2,205)	(22,699)	(19,619)
Proceeds from sales of marketable securities	22,900	23,600	20,500
Proceeds from divestitures	0	0	7,400
Net cash used in investing activities	(52,891)	(24,100)	(7,055)
Financing activities
Payment of deferred acquisition consideration	(2,800)	(2,059)	(1,199)
Proceeds from revolving line of credit	25,000	0	0
Proceeds from issuance of long-term debt	40,000	0	0
Payments of revolving line of credit	(25,000)	0	0
Payments of long-term debt	(1,000)	0	0
Payment of deferred debt issuance costs	(1,751)	0	0
Proceeds from issuance of common stock	5,971	4,856	2,969
Purchase of treasury stock	(570)	(683)	(741)
Common stock cash dividend paid	(7,695)	(6,736)	(5,445)
Net cash provided by (used in) financing activities	32,155	(4,622)	(4,416)
Effect of exchange rate changes on cash and cash equivalents	914	11	(813)
Net increase (decrease) in cash and cash equivalents	14,978	(14,532)	7,222
Cash and cash equivalents at beginning of year	11,786	26,318	19,096
Cash and cash equivalents at end of year	$ 26,764	$ 11,786	$ 26,318

Note 1 - Significant Accounting Policies and Related Matters

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1. Significant Accounting Policies and Related Matters

Description of Business

Unless the context requires otherwise, references to LeMaitre, LeMaitre Vascular, we, our, and us refer to LeMaitre Vascular, Inc. and our subsidiaries. We develop, manufacture, and market medical devices and implants used primarily in the field of vascular surgery. We also derive revenues from the processing and cryopreservation of human tissues for implantation in patients. We operate in a single segment in which our principal product lines include the following: anastomotic clips, angioscopes, biologic vascular and dialysis grafts, biologic vascular and cardiac patches, carotid shunts, embolectomy catheters, occlusion catheters, powered phlebectomy devices, radiopaque marking tape, remote endarterectomy devices, surgical glue, synthetic vascular grafts and valvulotomes. Our offices and production facilities are located in Burlington, Massachusetts; Fox River Grove, Illinois; North Brunswick, New Jersey (Note 2); Chandler, Arizona; Vaughan, Canada; Sulzbach, Germany; Milan, Italy; Madrid, Spain; Saint-Etienne, France; Hereford, England; Kensington, Australia; Tokyo, Japan; Shanghai, China; and Singapore.

Consolidation and Basis of Presentation

Our consolidated financial statements include the accounts of LeMaitre Vascular and the accounts of our wholly-owned subsidiaries, LeMaitre Vascular GmbH, LeMaitre Vascular GK, Vascutech Acquisition LLC, LeMaitre Acquisition LLC, LeMaitre Vascular SAS, LeMaitre Vascular S.r.l., LeMaitre Vascular Spain SL, LeMaitre Vascular Switzerland GmbH, LeMaitre Vascular ULC, LeMaitre Vascular AS, LeMaitre Vascular Pty Ltd, Bio Nova International Pty Ltd, LeMaitre Vascular, Ltd., LeMaitre Medical Technology (Shanghai) Co. Ltd, LeMaitre Cardial SAS and LeMaitre Vascular Singapore Pte Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation.

Foreign Currency Translation

Balance sheet accounts of foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. Operating accounts are translated at average exchange rates for each year. Net translation gains or losses are adjusted directly to a separate component of other comprehensive income (loss) within stockholders’ equity. Foreign exchange transaction gains (losses), substantially all of which relate to intercompany activity between us and our foreign subsidiaries, are included in other income (expense) in the accompanying consolidated statements of operations.

Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in in our consolidated financial statements and accompanying notes. Due to the COVID-19 pandemic, there is heightened volatility and uncertainty in customer demand and the worldwide economy in general. However, the magnitude and duration of the impact on our revenues and operations from COVID-19 is uncertain and cannot currently be reasonably estimated at this time. The Company is not aware of any specific event or circumstance that would require an update to its accounting estimates or adjustments to the carrying value of its assets and liabilities as of March 12, 2021, the issuance date of this Annual Report on Form 10-K. Actual results could differ from those estimates, particularly if the Company experiences material impacts to the carrying value of its assets and liabilities from COVID-19.

Revenue Recognition

Our revenue is derived primarily from the sale of disposable or implantable devices used during vascular surgery. We sell primarily directly to hospitals and to a lesser extent to distributors, as described below, and, during the periods presented in our consolidated financial statements, entered into consigned inventory arrangements with either hospitals or distributors on a limited basis. With the acquisition of the RestoreFlow allograft business, we also derive revenues from the processing and cryopreservation of human tissues for implantation in patients. These revenues are recognized when services have been provided and the tissue has been shipped to the customer, provided all other revenue recognition criteria discussed in the succeeding paragraph have been met.

We record revenue under the provisions of ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of Topic 606 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard explains that to achieve the core principle, an entity should take the following actions:

Step 1: Identify the contract with a customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price

Step 5: Recognize revenue when or as the entity satisfies a performance obligation

Revenue is recognized when or as a company satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). In instances in which shipping and handling activities are performed after a customer takes control of the goods (such as when title passes upon shipment from our dock), we have made the policy election allowed under Topic 606 to account for these activities as fulfillment costs and not as performance obligations.

We generally reference customer purchase orders to determine the existence of a contract. Orders that are not accompanied by a purchase order are confirmed with the customer either in writing or verbally. The purchase orders or similar correspondence, once accepted, identify the performance obligations as well as the transaction price, and otherwise outline the rights and obligations of each party. We allocate the transaction price of each contract among the performance obligations in accordance with the pricing of each item specified on the purchase order, which is in turn based on standalone selling prices per our published price lists. In cases where we discount products or provide certain items free of charge, we allocate the discount proportionately to all performance obligations, unless it can be demonstrated that the discount should be allocated entirely to one or more, but not all, of the performance obligations.

We record revenue, net of allowances for returns and discounts, fees paid to group purchasing organizations, and any sales and value added taxes required to be invoiced, which we have elected to exclude from the measurement of the transaction price as allowed by the standard, at the time of shipment (taking into consideration contractual shipping terms), or in the case of consigned inventory, when it is consumed. Shipment is the point at which control of the product and title passes to our customers, and at which LeMaitre has a present right to receive payment for the goods.

Below is a disaggregation of our revenue by major geographic area, which is among the primary categorizations used by management in evaluating financial performance, for the periods indicated (in thousands):

	Year ended December 31,
	2020		2019
Americas	$	81,470	$	69,359
Europe, Middle East and Africa		39,193		39,480
Asia/Pacific Rim		8,703		8,393
Total	$	129,366	$	117,232

We do not carry any contract assets or contract liabilities, as there are generally no unbilled amounts due from customers under contracts for which we have partially satisfied performance obligations, or amounts received from customers for which we have not satisfied performance obligations. We satisfy our performance obligations under revenue contracts within a very short time period from receipt of the orders, and payments from customers are typically received within 30 to 60 days of fulfillment of the orders, except in certain geographies such as Spain and Italy where the payment cycle is customarily longer. Accordingly, there is no significant financing component to our revenue contracts. Additionally, we have elected as a policy that incremental costs (such as commissions) incurred to obtain contracts are expensed as incurred, due to the short-term nature of the contracts.

Customers returning products may be entitled to full or partial credit based on the condition and timing of the return. To be accepted, a returned product must be unopened (if sterile), unadulterated, and undamaged, must have at least 18 months remaining prior to its expiration date, or twelve months for our hospital customers in Europe, and generally be returned within 30 days of shipment. These return policies apply to sales to both hospitals and distributors. The amount of products returned to us, either for exchange or credit, has not been material. Nevertheless, we provide for an allowance for future sales returns based on historical return experience, which requires judgment. Our cost of replacing defective products has not been material and is accounted for at the time of replacement.

Research and Development Expense

Research and development costs, principally salaries, laboratory testing, and supplies, are expensed as incurred and also include royalty payments associated with licensed and acquired intellectual property.

Shipping and Handling Costs

Shipping and handling fees paid by customers are recorded within net sales, with the related expense recorded in cost of sales.

Advertising Costs

Advertising costs are expensed as incurred and are included as a component of sales and marketing expense in the accompanying consolidated statements of operations. Advertising costs are as follows:

	Year ended December 31,
	2020		2019		2018
			(in thousands)

Advertising expense	$	216	$	286	$	299

Cash and Cash Equivalents

We consider all highly liquid instruments purchased with maturity dates of 90 days or less to be cash equivalents. Cash and cash equivalents are primarily invested in money market funds. These amounts are stated at cost, which approximates fair value.

Short-term Marketable Securities

Our short-term marketable securities are available-for-sale securities carried at fair value, with unrealized gains and losses recorded in other comprehensive income.

Concentrations of Credit Risk

Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash equivalents represent highly liquid investments with maturities of 90 days or less at the date of purchase. Credit risk related to cash and cash equivalents are limited based on the creditworthiness of the financial institutions at which these funds are held. We maintain cash balances in several banks. Accounts located in the United States are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. Certain of our account balances exceed the FDIC limit. Cash balances held outside the United States totaled approximately $13.7 million as of December 31, 2020.

Our accounts receivable are with customers based in the United States and internationally. Accounts receivable generally are due within 30 to 90 days of invoice and are stated at amounts due from customers, net of an allowance for doubtful accounts and sales returns, other than in certain European markets where longer payment terms are customary and may range from 90 to 240 days. We perform ongoing credit evaluations of the financial condition of our customers and adjust credit limits based upon payment history and the current creditworthiness of the customers, as determined by a review of their current credit information. We continuously monitor aging reports, collections, and payments from customers, and maintain a provision for estimated credit losses based upon historical experience and any specific customer collection issues we identify.

We closely monitor outstanding receivables for potential collection risks, including those that may arise from economic conditions, in both the U.S. and international economies. Our European sales to government-owned or supported customers such as hospitals, distributors and agents, particularly in Italy and Spain, may be subject to significant payment delays due to government austerity measures impacting funding and payment practices. As of December 31, 2020 our receivables in Italy and Spain totaled $0.9 million and $0.6 million, respectively. Receivables balances with certain government-owned hospitals and government supported customers in these countries can accumulate over a period of time and then subsequently be settled as large lump sum payments. While we believe our allowance for doubtful accounts in these countries is adequate as of December 31, 2020, if significant changes were to occur in the payment practices of these European governments or if government funding becomes unavailable, we may not be able to collect on receivables due to us from these customers and our write offs of uncollectible amounts may increase.

We write off accounts receivable when they become uncollectible. Such credit losses have historically been within our expectations and allowances. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We review our allowance for doubtful accounts on a monthly basis and all past due balances are reviewed individually for collectability. The provision for the allowance for doubtful accounts is recorded in general and administrative expenses. The following is a summary of our allowance for doubtful accounts and sales returns:

Balance at

Additions

Deductions

Balance at

Beginning

(recoveries) charged

from

End of

of Period

to Income

Reserves

Period

(in thousands)

Allowance for doubtful accounts and sales returns:

Year ended December 31, 2020
$ 522 $ 293 $ 192 $ 623

Year ended December 31, 2019
399 388 265 522

Year ended December 31, 2018
349 264 214 399

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, short-term marketable securities, accounts receivable and trade payables. The fair value of these instruments approximates their carrying value based upon their short-term nature or variable rates of interest. Unrealized gains and losses on our short-term marketable securities are recorded in other comprehensive income and were not material to our consolidated financial statements for the year ended December 31, 2020.

Inventory and Other Deferred Costs

Inventory and Other Deferred Costs consists of finished products, work-in-process, raw materials and costs deferred in connection with human tissue cryopreservation services of our RestoreFlow allograft business. We value inventory and other deferred costs at the lower of cost or market value. Cost includes materials, labor and manufacturing overhead and is determined using the first-in, first-out (FIFO) method. On a quarterly basis, we review inventory quantities on hand and analyze the provision for excess and obsolete inventory based primarily on product expiration dating and our estimated sales forecast, which is based on sales history and anticipated future demand. Our estimates of future product demand may not be accurate, and we may understate or overstate the provision required for excess and obsolete inventory. Accordingly, any significant unanticipated changes in demand could have a significant impact on the value of our inventory and results of operations.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the related assets using straight-line method as follows:

Description

Useful Life

Computers and equipment

3–5 years

Machinery and equipment

3–10 years

Leasehold improvements

The shorter of its useful life or lease term

Expenditures for maintenance and repairs are charged to operations when incurred, while additions and betterments are capitalized. When assets are retired or disposed, the asset’s original cost and related accumulated depreciation are eliminated from the accounts and any gain or loss is reflected in the statement of operations.

Valuation of Business Combinations

We assign the value of the consideration transferred to acquire a business to the tangible assets and identifiable intangible assets acquired and liabilities assumed on the basis of their fair values at the date of acquisition. We assess the fair value of assets, including intangible assets, using a variety of methods and are usually performed by an independent appraiser who measures fair value from the perspective of a market participant.

Acquisitions have been accounted for using the acquisition method, and the acquired companies’ results have been included in the accompanying consolidated financial statements from their respective dates of acquisition. Acquisition transaction costs have been recorded in general and administrative expenses, and are expensed as incurred. Allocation of the purchase price for acquisitions is based on estimates of the fair value of the net assets acquired and, for acquisitions completed within the past year, is subject to adjustment upon finalization of the purchase price allocation.

Our acquisitions have historically been made at prices above the fair value of the acquired assets, resulting in goodwill, due to expectations of synergies of combining the businesses. These synergies include use of our existing commercial infrastructure to expand sales of the acquired businesses’ products, use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of our products, and the elimination of redundant facilities, functions and staffing.

Contingent Consideration

Contingent consideration for acquisitions is recognized at the date of acquisition, based on the fair value at that date, and then re-measured periodically through adjustments to net income.

Impairment of Long-lived Assets

We review our long-lived assets (primarily property and equipment and intangible assets) subject to amortization quarterly to determine if any adverse conditions exist or a change in circumstances has occurred that would indicate impairment or a change in the remaining useful life. Conditions that may indicate impairment include, but are not limited to, a significant adverse change in legal factors or business climate that could affect the value of an asset, a product recall, or an adverse action or assessment by a regulator. If an impairment indicator exists, we test the intangible asset for recoverability. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. Impairment is measured based on the fair market value of the affected asset using discounted cash flows.

Goodwill

Goodwill represents the amount of consideration paid in connection with business acquisitions in excess of the fair value of assets acquired and liabilities assumed. Goodwill is evaluated for impairment annually or more frequently if indicators of impairment are present or changes in circumstances suggest that an impairment may exist. We evaluate the December 31 balance of the carrying value of goodwill based on a single reporting unit annually. We perform an assessment of qualitative factors to determine if it is “more likely than not” that the fair value of our reporting unit is less than its carrying value as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The “more likely than not” threshold is defined as having a likelihood of more than 50 percent. If required, the next step of the goodwill impairment test is to determine the fair value of the reporting unit. The implied fair value of goodwill is determined on the same basis as the amount of goodwill recognized in connection with a business combination. Specifically, the fair value of a reporting unit is allocated to all of the assets and liabilities (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination as of the date of the impairment review and as if the fair value of the reporting unit was the price paid to acquire the reporting unit. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess. We have determined that no goodwill impairment charges were required for the years ended December 31, 2020, 2019 or 2018.

Other Intangible Assets

Other intangible assets consist primarily of patents, trademarks, technology licenses, and customer relationships acquired in connection with business acquisitions and asset acquisitions and are amortized over their estimated useful lives, ranging from 2 to 16 years.

Stock-based Compensation

We recognize, as expense, the estimated fair value of stock options to employees which is determined using the Black-Scholes option pricing model. Share-based compensation charges are recorded across the consolidated statement of operations based upon the grantee’s primary function. We have elected to recognize the compensation cost of all share-based awards on a straight-line basis over the vesting period of the award. In periods that we grant stock options, fair value assumptions are based on volatility, interest, dividend yield, and expected term over which the stock options will be outstanding. The computation of expected volatility is based on the historical volatility of the company’s stock. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. Historical data on exercise patterns is the basis for estimating the expected life of an option. The expected annual dividend rate was calculated by dividing our annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date.

We also issue restricted stock units (RSUs) as an additional form of equity compensation to our employees, officers, and directors, pursuant to our stockholder-approved 2006 Plan. RSUs entitle the grantee to an issuance of stock at no cost and generally vest over a period of time determined by our Board of Directors at the time of grant based upon the continued service to the company. The fair market value of the award is determined based on the number of RSUs granted and the market value of our common stock on the grant date and is amortized to expense over the period of vesting. Unvested RSUs are forfeited and canceled as of the date that employment or service to the company terminates. RSUs are settled in shares of our common stock upon vesting. We typically repurchase common stock upon our employees’ vesting in RSUs in order to cover any minimum tax withholding liability as a result of the RSUs having vested.

Commitments and Contingencies

In the normal course of business, we are subject to proceedings, lawsuits, and other claims and assessments for matters related to, among other things, patent infringement, business acquisitions, employment, commercial matters and product recalls. We assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. We record charges for the losses we anticipate incurring in connection with litigation and claims against us when we conclude a loss is probable and we can reasonably estimate these losses. During the years ended December 31, 2020, 2019 and 2018, we were not subject to any material litigation or claims and assessments.

Sales of medical devices outside the U.S. are subject to international regulatory requirements that vary from country to country. These requirements and the amount of time required for approval may differ from our experiences with the U.S. FDA. In the European Union we are required to obtain CE marks for our products, which denote conformity to essential requirements for manufacturers of higher-risk devices. We have CE marks to sell many of our products, though currently there is a lapse in our CE marks for some of our products. Failure to obtain, retain or maintain these CE marks would impact our ability to sell our products in certain European countries and could cause our business to suffer. There can be no assurance that we will be able to obtain or maintain the required regulatory approvals in these countries.

Income Taxes

We account for income taxes under the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred taxes are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The provision for income taxes includes taxes currently payable and deferred taxes resulting from the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities. We maintain valuation allowances where it is more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in the valuation allowances are included in our tax provision in the period of change. In determining whether a valuation allowance is warranted, we evaluate factors such as prior earnings history, expected future earnings, carry-back and carry-forward periods and tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset.

We recognize, measure, present and disclose in our financial statements, uncertain tax positions that we have taken or expect to take on a tax return. We recognize in our financial statements the impact of tax positions that meet a “more likely than not” threshold, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

Our policy is to classify interest and penalties related to unrecognized tax benefits as income tax expense.

Comprehensive Income

Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Other than reported net income, comprehensive income includes foreign currency translation adjustments, which are disclosed in the accompanying consolidated statements of comprehensive income. There were no reclassifications out of comprehensive income for the years ended December 31, 2020, 2019 or 2018.

Accumulated other comprehensive loss consisted primarily of foreign currency translation adjustment losses of $1.6 million and $4.0 million as of December 31, 2020 and 2019, respectively.

Restructuring

We record restructuring charges incurred in connection with consolidation or relocation of operations, exited business lines, reductions in force, or distributor terminations. These restructuring charges, which reflect our commitment to a termination or exit plan that will begin within twelve months, are based on estimates of the expected costs associated with site closure, legal matters, contract terminations, severance payments, or other costs directly related to the restructuring. If the actual cost incurred exceeds the estimated cost, an additional charge to earnings will result. If the actual cost is less than the estimated cost, a credit to earnings will be recognized.

Earnings per Share

We compute basic earnings per share by dividing net income available for common stockholders by the weighted average number of shares outstanding during the year. Except where the result would be anti-dilutive to net income per share, diluted earnings per share has been computed using the treasury stock method and reflects the potential vesting of restricted common stock and the potential exercise of stock options, as well as their related income tax effects.

The computation of basic and diluted net income per share is as follows:

Year ended December 31,

2020

2019

2018

(in thousands, except per share data)

Basic:

Net income available for common stockholders
$ 21,220 $ 17,934 $ 22,943

Weighted average shares outstanding
20,246 19,813 19,426

Basic earnings per share
$ 1.05 $ 0.91 $ 1.18

Diluted:

Net income available for common stockholders
$ 21,220 $ 17,934 $ 22,943

Weighted-average shares outstanding
20,246 19,813 19,426

Common stock equivalents, if dilutive
233 513 816

Shares used in computing diluted earnings per common share
20,479 20,326 20,242

Diluted earnings per share
$ 1.04 $ 0.88 $ 1.13

Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive
483 468 230

Recent Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326), which requires a financial asset (or group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable, supportable forecasts that affect the collectability of the reported amount, and requires judgment in determining relevant information and estimation methods. The new standard was effective for us beginning January 1, 2020. The adoption of this standard did not have a material impact on our financial statements, as the only financial assets we have that are affected by the standard are trade receivables for which we have historically employed a collectability estimation technique.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820), which modifies the disclosure requirements for fair value measurements. The new standard was effective for us beginning January 1, 2020, with early adoption permitted. The adoption of this standard did not have a material impact on our financial statements.

In January 2017, the FASB issued ASU 2017-04 Intangibles – Goodwill and Other (Topic 350), which, among other provisions, eliminates “step 2” from the goodwill impairment test. The annual, or interim, goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The new standard was effective for us beginning January 1, 2020, with early adoption permitted. The adoption of this standard did not have a material impact on our financial statements.

In December 2019, the FASB issued ASU 2019-12 Income Taxes (Topic 740), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 as well as clarifying and amending other areas of existing GAAP under Topic 740. The new standard is effective for us beginning January 1, 2021, with early adoption permitted. The adoption of this standard is not expected to have a material impact on our financial statements.

Note 2 - Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Business Combination Disclosure [Text Block]

2. Acquisitions and Divestitures

Acquisitions are accounted for using the acquisition method and the acquired businesses’ results have been included in the accompanying consolidated financial statements from their respective dates of acquisition. In each case for the acquisitions disclosed below, pro forma information assuming the acquisition had occurred at the beginning of the earliest period presented is not included as the impact is immaterial.

Our acquisitions have historically been made at prices above the fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of synergies that will be realized by combining businesses. These synergies include the use of our existing sales channel to expand sales of the acquired businesses’ products, consolidation of manufacturing facilities, and the leveraging of our existing administrative infrastructure.

The fair market valuations associated with these transactions fall within Level 3 (see Note 13) of the fair value hierarchy, due to the use of significant unobservable inputs to determine fair value. The fair value measurements were calculated using unobservable inputs, primarily using the income approach, specifically the discounted cash flow method. The amount and timing of future cash flows within our analysis was based on our due diligence models, most recent operational budgets, long range strategic plans and other estimates.

Artegraft Biologic Grafts

On June 22, 2020, we entered into an Asset Purchase Agreement (Artegraft APA) to acquire the biologic graft business from Artegraft, Inc., who subsequent to the closing changed their name to Accidentals, Inc, (Artegraft, Inc.). Under the terms of the Artegraft APA, we agreed to pay Artegraft, Inc. a total of up to $90.0 million for the purchase of substantially all of its assets related to its business of the manufacturing, marketing, sale and distribution of its bovine carotid artery grafts (Products) other than specifically identified excluded assets. The acquired assets included inventory, accounts receivable, machinery and equipment, intellectual property, permits and approvals, data and records, and customer and supplier information. At closing, $72.5 million of the purchase price was paid to Artegraft, Inc. and other parties as specified in the Artegraft APA, including $7.5 million into an escrow account. The escrow amount is to be held until December 31, 2021 to cover any potential claims against LeMaitre or Artegraft, Inc., after which it will be released to Artegraft, Inc. by mutual consent of the parties.

Three earn-out payments of $5,833,333 each are potentially due to Artegraft, Inc. under the Artegraft APA depending on the achievement of specified revenue targets, as follows:

●

$5.8 million upon final determination that 20,000 units of Product have been sold to third parties from January 1, 2021 to December 31, 2021;

●

$5.8 million upon final determination that 24,000 units of Product have been sold to third parties from January 1, 2022 to December 31, 2022; and

●

$5.8 million upon final determination that 28,800 units of Product have been sold to third parties from January 1, 2023 to December 31, 2023.

The Artegraft APA includes a catch-up feature on the earn-outs such that, at the end of the three-year period, if the sum of the unit sales for all three years is greater than or equal to 58,240 unit sales (80% of the combined individual-year targets), Artegraft, Inc. will receive a “catch-up payment” in an amount equal to (a) $17,500,000 times a fraction, the numerator of which is the aggregate number of unit sales for the three-year period, and the denominator of which is 72,800 less (b) any individual-year earn-out previously paid. We recorded this liability at a fair value of $0.4 million to reflect management’s estimate of the likelihood of achieving these targets at the time of the closing of the acquisition, as well as the time value of money until payment. This amount will be remeasured each quarter during the earn-out period, with any adjustments recorded in income from operations.

On the date of acquisition, the Company allocated the consideration given to the individual assets acquired and the liabilities assumed based on a preliminary estimate of their fair values. During the three months ended September 30, 2020, the Company obtained and considered additional information related to the assets acquired and liabilities assumed, and recorded measurement period adjustments to the allocation of the purchase price. The following table summarizes the purchase price allocation:

	Allocated
	Fair Value
	(in thousands)
Inventory	$	3,859
Accounts receivable		1,789
Equipment and supplies		1,140
Accounts payable and other		(53	)
Intangible assets		39,056
Goodwill		27,115

Purchase price	$	72,906

The goodwill results from expected synergies of combining the acquired products and customer information to our existing operations, and is deductible for tax purposes over 15 years.

The following table reflects the allocation of purchase consideration to the acquired intangible assets and related estimated useful lives:

	Allocated		Estimated
	Fair Value		Useful Life (Years)
	(in thousands)
Customer relationships	$	20,310	15.0
Intellectual property		16,449	10.0
Non-compete agreement		104	5.0
Tradenames		2,193	10.0

Total intangible assets	$	39,056

The weighted-average amortization period of the acquired intangible assets was 12.6 years.

The results of operations of the Artegraft biologic graft business have been included in the results of operations of LeMaitre since the date of acquisition of June 22, 2020. Revenues since the acquisition date through December 31, 2020 were $11.1 million. The following unaudited pro forma financial information presents the results of operations for the years ended December 31, 2020 and 2019 as if the acquisition had occurred at the beginning of 2019. The pro forma financial information presents historical operating results for the combined entities with adjustments for amortization expense, interest, management fees and related tax effects. This information has been prepared for comparative purposes only and is not indicative of what actual results would have been if the acquisitions had taken place at the beginning of fiscal 2019, or of future results.

	Unaudited Pro Forma Financial Information
	Year ended
	December 31,
	2020		2019
	($ in thousands)

Net sales	$	137,450	$	131,915

Net income		20,041		15,045

Net income per share
Basic	$	0.99	$	0.76
Diluted	$	0.98	$	0.74

CardioCel and VascuCel Biologic Patches

On October 11, 2019 (the Closing Date), we entered into an Asset Purchase Agreement (APA) to acquire the biologic patch business assets and a related technology license from Anteris Technologies Ltd. and various of its subsidiaries (Anteris). The biologic patch business consists of the CardioCel and VascuCel product lines, which are manufactured in a manner intended to reduce the risk of calcification. The products are sold worldwide. On the same date, the parties entered into a Transition Services Agreement (TSA) under which Anteris will manufacture and supply LeMaitre with inventory for a period of up to three years, unless extended in writing by both parties. Revenues from the acquisition date through December 31, 2019 were $1.4 million.

Under the APA we agreed to pay Anteris a total of up to $15.3 million for the purchase of substantially all of its biologic patch business assets, other than specifically identified Excluded Assets, plus $8.0 million for the technology licenses. The acquired assets (in combination with the license) included inventory, intellectual property, permits and approvals, data and records, and customer and supplier information, as well as a small amount of machinery and equipment. At closing, $14.2 million of the purchase price was paid to Anteris. Shortly thereafter another $0.3 million was paid in connection with delivery of audited financial statements of the acquired business to LeMaitre. Additional payments of $0.7 million are due within 15 days of the first and third anniversaries of the closing date; the first such payment was made in October 2020. Additional contingent consideration was or may be payable as follows:

●

$2.0 million (the Third Holdback) within 15 days following LeMaitre’s receipt of a CE mark on all acquired products;

●

$2.5 million if revenues in the first 12-month period following the Closing Date exceed $20 million, OR, $1.2 million if revenues in the first 12-month period following the Closing Date exceed $15 million (this milestone was not met and accordingly no payment was made);

●

$2.5 million if revenues in the second 12-month period following the Closing Date exceed $30 million, OR, $1.2 million if revenues in the second 12-month period following the Closing Date exceed $22.5 million; and

●

$0.5 million if by the first anniversary of the Closing Date Anteris extends the shelf life of the products from 36 months to at least 60 months (this milestone was not met and accordingly no payment was made).

This contingent consideration of $7.5 million was initially valued in total at $2.3 million and is being re-measured each reporting period until the payment requirement ends, with any adjustments reported in income from operations.

During the quarter ended September 30, 2020, we recorded a $1.3 million adjustment to goodwill with an offsetting adjustment to deferred income taxes to reflect the difference between book basis and tax basis of the technology license. The following table summarizes the purchase price allocation:

	Allocated
	Fair Value
	(in thousands)
Inventory and other	$	1,343
Intangible assets		8,725
Goodwill		7,344

Purchase price	$	17,412

The goodwill results from expected synergies of combining the acquired products and customer information to our existing operations, and is deductible for tax purposes over 15 years.

The following table reflects the allocation of purchase consideration to the acquired intangible assets and related estimated useful lives:

			Weighted
	*Allocated*		*Average*
	*Fair Value*		*Useful Life (Years)*
	(in thousands)
Customer relationships	$	5,562	12.0
Intellectual property		2,335	8.0
Non-compete agreement		361	5.0
Tradenames		467	8.0

Total intangible assets	$	8,725

The weighted-average amortization period of the acquired intangible assets was 10.4 years.

Tru-Incise Valve Cutter

On July 12, 2019, we entered into an agreement with UreSil, LLC, an Illinois limited liability company, to purchase the remaining assets of their Tru-Incise valve cutter business, including distribution rights in the United States. We also entered into a transition services agreement under which UreSil, LLC would continue to manufacture the acquired products for us for a specified time, until we had transferred the manufacturing process to our Burlington, Massachusetts facilities. Revenues from the acquisition date through December 31, 2019 were $0.8 million.

The purchase price for the acquired assets, which included inventory, machinery and equipment, intellectual property, and customer and supplier information, was $8.0 million. Of this amount, $6.8 million was paid at closing, with three follow-on payments $0.4 million each due on the first, second and third anniversaries of the closing date. The deferred amounts totaling $1.2 million were recorded at an acquisition-date fair value of $1.1 million using a discount rate of 4.19% to reflect the time value of money between the acquisition date and the payment due dates. There are no contingencies associated with these holdback payments, although they may be reduced for certain post-closing claims. The first payment was made without adjustment in July 2020.

The following table summarizes the preliminary purchase price allocation:

	Allocated
	Fair Value
	(in thousands)
Inventory	$	276
Equipmentand supplies		70
Intangible assets		4,844
Goodwill		2,748

Purchase price	$	7,938

The goodwill results from expected synergies of combining the acquired products and customer information to our existing operations, and is deductible for tax purposes over 15 years.

The following table reflects the allocation of purchase consideration to the acquired intangible assets and related estimated useful lives:

			Weighted
	*Allocated*		*Average*
	*Fair Value*		*Useful Life (Years)*
	(in thousands)
Customer relationships	$	3,945	13.0
Intellectual property		563	7.0
Non-compete agreement		233	5.0
Tradenames		103	7.0

Total intangible assets	$	4,844

The weighted-average amortization period of the acquired intangible assets was 11.8 years.

Cardial

On October 22, 2018, we acquired the business assets of Cardial, located in Saint-Etienne, France. The Cardial business consists of the manufacturing of polyester vascular grafts, valvulotomes, surgical glue and original equipment manufacturing (OEM) services.

The purchase price for the acquired assets, including the land and building, inventory, machinery and equipment, intellectual property, permits and approvals, data and records, and customer and supplier information, was €2.0 million ($2.3 million). At closing, €1.1 million ($1.3 million) was paid in cash, and €0.5 million ($0.5 million) of liabilities were assumed by LeMaitre Cardial SAS. Another €0.4 million ($0.4 million) was due in two installments, half to be paid twelve months after the closing date, and half eighteen months after the closing date, subject to possible reductions depending upon the results of a reconciliation of the value of inventory transferred, as outlined in the agreement, or for certain post-closing claims. The first of these two payments was not required to be made based on the inventory reconciliation results. The second payment was made in April 2020, in a reduced amount based on the inventory reconciliation results, as well as other post-closing claims.

The following table summarizes the purchase price allocation:

	Allocated
	Fair Value
	(in thousands)
Inventory	€	2,419
Land and building		750
Equipment and supplies		94
Intangible assets		623
Bargain purchase gain		(1,946	)

Purchase price	€	1,940

The bargain purchase gain was recorded to reflect the excess of the net assets acquired over the purchase price. We recorded deferred taxes on this gain of €0.5 million ($0.6 million), resulting in a net gain of €1.4 million ($1.6 million).

The following table reflects the allocation of purchase consideration to the acquired intangible assets and related estimated useful lives:

			Weighted
	*Allocated*		*Average*
	*Fair Value*		*Useful Life (Years)*
	(in thousands)
Customer relationships	€	250	16.0
Intellectual property		237	5.0
Non-compete agreement		46	5.0
Tradenames		90	5.0

Total intangible assets	€	623

The weighted-average amortization period of the acquired intangible assets was 9.4 years.

Applied Medical

On September 20, 2018, we entered into an agreement to acquire the assets of the embolectomy catheter business of Applied Medical Resources Corporation (Applied). The embolectomy catheter business consists of several embolectomy and thrombectomy catheter product lines which are sold worldwide. On the same date, we entered into a transition services agreement under which Applied would supply us with inventory for a period of twelve months, unless extended in writing by both parties. The TSA was not extended.

The purchase price for the acquired assets, which included inventory, machinery and equipment, intellectual property, permits and approvals, data and records, and customer and supplier information, was $14.2 million. Of this amount, $11.0 million was paid at closing, another $2.0 million was paid 12 months following the closing date and the final $1.2 million was paid 24 months following the closing date, in a slightly reduced amount. The deferred amounts totaling $3.2 million were recorded at an acquisition-date fair value of $3.0 million using a discount rate of 3.75% to reflect the time value of money between the acquisition date and the payment due dates.

The following table summarizes the purchase price allocation. The purchase accounting is complete:

	Allocated
	Fair Value
	(in thousands)
Inventory	$	739
Equipment and supplies		416
Intangible assets		6,527
Goodwill		6,361

Purchase price	$	14,043

The goodwill results from expected synergies of combining the acquired products and customer information to our existing operations, and is deductible for tax purposes over 15 years.

The following table reflects the allocation of purchase consideration to the acquired intangible assets and related estimated useful lives:

			Weighted
	*Allocated*		*Average*
	*Fair Value*		*Useful Life (Years)*
	(in thousands)
Customer relationships	$	4,475	16.0
Intellectual property		1,316	7.0
Non-compete agreement		530	5.0
Tradenames		206	7.0

Total intangible assets	$	6,527

The weighted-average amortization period of the acquired intangible assets was 13.0 years.

Reddick Divestiture

On April 5, 2018, we entered into an asset purchase agreement with Specialty Surgical Instrumentation, Inc. to sell the inventory, intellectual property and other assets associated exclusively with our Reddick cholangiogram catheter and Reddick-Saye screw product lines for $7.4 million. Concurrent with this divestiture we entered into a transition services agreement (TSA) under which we will continue to manufacture and supply these products to the buyer for a period of up to two years unless extended by both parties, as well as a balloon supply agreement under which we will supply balloons, a component of the cholangiogram catheters, to the buyer for a period of up to six years unless extended by both parties. We recorded a gain in connection with these agreements of $5.9 million. The following table summarizes the allocation of consideration received:

	Allocated
	Fair Value
	(in thousands)
Inventory	$	308
Deferred revenue - transition services agreement		1,081
Goodwill		135
Gain on divestiture		5,876

Consideration received	$	7,400

Under the terms of the TSA, we agreed to manufacture the Reddick products for the buyer at prices at or in some cases below our cost. We allocated a portion of the consideration received to this agreement to reflect it at fair value and recorded it as deferred revenue. As the products were sold to the buyer, we amortized a portion of the deferred revenue to adjust the gross margin on the sale to fair value on a specific identification basis. Additionally, as the Reddick product lines that were divested constituted a business, we allocated a portion of our goodwill to this divestiture based on the fair value of the business sold in relation to the fair value of the business retained.

Note 3 - Inventory and Other Deferred Costs

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Inventory and Other Deferred Costs Disclosure [Text Block]

3. Inventory and Other Deferred Costs

Inventory and other deferred costs consists of the following:

	December 31, 2020		December 31, 2019
	(in thousands)
Raw materials	$	5,044	$	5,359
Work-in-process		6,004		6,238
Finished products		28,117		23,032
Other deferred costs		5,950		4,898

Total inventory and other deferred costs	$	45,115	$	39,527

We had inventory on consignment at customer sites of $2.1 million and $1.9 million as of December 31, 2020 and 2019, respectively.

In connection with our RestoreFlow allograft business, other deferred costs include costs incurred for the preservation of human vascular tissues available for shipment, tissues currently in active processing, and tissues held in quarantine pending release to implantable status. By federal law, human tissues cannot be bought or sold. Therefore, the tissues we preserve are not held as inventory, and the costs we incur to procure and process vascular tissues are instead accumulated and deferred. These costs include fixed and variable overhead costs associated with the cryopreservation process, including primarily direct labor costs, tissue recovery fees, inbound freight charges, indirect materials and facilities costs. General and administrative expenses and selling expenses associated with the provision of these services are expensed as incurred.

Note 4 - Property and Equipment

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4. Property and Equipment

Property and equipment consists of the following:

	As of December 31,
	2020			2019
	(in thousands)
Computers and equipment	$	5,046		$	4,623
Machinery and equipment		17,266			16,245
Building and leasehold improvements		12,809			11,758

Gross property and equipment		35,121			32,626
Less accumulated depreciation		(20,085	)		(17,772	)

Property and equipment, net	$	15,036		$	14,854

During the years ended December 31, 2020, 2019 and 2018 we wrote off fully depreciated assets with gross values of $0.6 million, $0.5 million and $1.0 million, respectively.

Depreciation expense is as follows:

	Year ended December 31,
	2020		2019		2018
			(in thousands)

Depreciation expense	$	3,181	$	2,979	$	2,564

Note 5 - Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

5. Goodwill and Other Intangibles

Goodwill consists of the following:

	As of December 31,
	2020			2019

Balance at beginning of year	$	39,951		$	29,868
Additions for acquisitions		27,115			10,092
Purchase accounting adjustments		(1,345	)		-
Effects of currency exchange		224			(9	)

Balance at end of year	$	65,945		$	39,951

Other intangibles consist of the following:

	December 31, 2020						December 31, 2019
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Value		Amortization		Value		Value		Amortization		Value
	(in thousands)
Product technology and intellectual property	$	29,951	$	7,947	$	22,004	$	13,502	$	5,722	$	7,780
Trademarks, tradenames and licenses		4,000		1,094		2,906		1,807		702		1,105
Customer relationships		38,525		5,424		33,101		18,215		3,364		14,851
Other intangible assets		1,767		873		894		1,725		568		1,157

Total identifiable intangible assets	$	74,243	$	15,338	$	58,905	$	35,249	$	10,356	$	24,893

These assets are being amortized over useful lives ranging from 2 to 16 years. The weighted-average amortization period for these intangibles as of December 31, 2020, is 11.7 years. Amortization expense is included in general and administrative expense and is as follows:

	Year ended December 31,
	2020		2019		2018
			(in thousands)

Amortization expense	$	5,043	$	2,437	$	1,760

During the year ended December 31, 2019 we wrote off fully amortized intangible assets with a gross values of $4.5 million. Estimated amortization expense for each of the next five fiscal years, based upon the intangible assets at December 31, 2020, is as follows:

	Year ended December 31,
	2021		2022		2023		2024		2025
	(in thousands)

Amortization expense	$	6,179	$	5,975	$	5,902	$	5,706	$	5,467

Note 6 - Revolving Line of Credit and Long-term Debt

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

6. Revolving Line of Credit and Long-term Debt

In connection with the acquisition of the Artegraft biologic graft business, we incurred debt in the amount of $65 million under a senior secured credit facility with a group of banks. This credit arrangement included a $25 million revolving credit line, which was fully drawn at inception, as well as a $40 million five-year term loan. During the year ended December 31, 2020 we made scheduled principal payments on the term loan of $1.0 million, and repaid the revolving line of credit in full. Long term debt as of December 31, 2020 is as follows:

	December 31, 2020
	(in thousands)

Five-year term loan, net of unamortized debt issuance costs of $968	$	38,032
Less current portion		(2,500	)
	$	35,532

The following table summarizes the maturities or our long-term debt under the term loan agreement:

Year ending December 31,
2021	$	2,500
2022		3,000
2023		3,500
2024		4,000
2025		26,000
Total before unamortized issuance costs		39,000
Less unamortized issuance costs		(968	)
Less current portion of long-term bebt		(2,500	)
Total long-term debt	$	35,532

The loans bear interest at a rate per annum of, at our option, either (i) the Base Rate plus an applicable margin of from 1.25% to 1.75% depending on our consolidated leverage ratio, or (ii) the Eurodollar Rate plus an applicable margin of from 2.25% to 2.75% depending on our consolidated leverage ratio. Base Rate is defined in the credit agreement as a fluctuating rate per annum of the Federal Funds rate plus 0.5%, or the prime rate of interest established from time to time by KeyBank National Association. At December 31, 2020 all outstanding borrowings were designated as Eurodollar loans and bore interest of 3.5%. We incurred debt issuance costs in connection with this credit arrangement of approximately $1.8 million. The transaction costs were allocated between the revolving line of credit and the term loan, with the portion related to the revolving line of credit of $0.7 million recorded in other assets on our balance sheet, and the portion allocated to the term loan recorded as a deduction from the amount of the debt. All of these transaction costs are being amortized into interest expense on a straight-line basis as the result is not materially different from using the interest method, over the five-year term. This results in an effective interest rate of approximately 4.2%. Cash paid for interest during the year ended December 31, 2020 was $0.9 million.

The term of the revolving line of credit is five years, and allows re-borrowing up to $25 million during the term, with all outstanding amounts due on June 22, 2025. The term loan is repayable in increasing quarterly installments of $0.5 million to $1.0 million commencing September 30, 2020 through March 31, 2025, with the remaining outstanding balance due on June 22, 2025.

We must comply with various financial and non-financial covenants, which are set forth in the Credit Agreement. The primary financial covenant consists of a maximum consolidated leverage ratio. The lenders are entitled to accelerate repayment of the loans and terminate the revolving credit commitment upon the occurrence of any of various events of default as described in the Credit Agreement. We were in compliance with the covenants as of December 31, 2020.

Borrowings under the secured credit facility are secured by 100% of the stock of our domestic subsidiaries, portions of the stock of certain of our foreign subsidiaries, and substantially all of our and our subsidiaries’ other property and assets, in each case subject to various exceptions.

We are required to make mandatory prepayments of the term loans and any revolving credit loans in various amounts if we have Excess Cash Flow (as defined in the Credit Agreement, and commencing in respect of our fiscal year ending December 31, 2021), if we make certain sales of assets outside the ordinary course of business above certain thresholds or if we suffer certain property loss events above certain thresholds. We may make optional prepayments of the term loans without premium or penalty.

Note 7 - Accrued Expenses and Other Long-term Liabilities

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block]

7. Accrued Expenses and Other Long-term Liabilities

Accrued expenses consist of the following:

	December 31, 2020		December 31, 2019
	(in thousands)
Compensation and related taxes	$	8,675	$	8,550
Income and other taxes		2,394		1,003
Professional fees		39		40
Other		6,417		4,421

Total	$	17,525	$	14,014

Other long-term liabilities consist of the following:

	December 31, 2020		December 31, 2019
	(in thousands)
Acquisition-related liabilities	$	3,700	$	3,268
Income taxes		813		781
Other		130		166

Total	$	4,643	$	4,215

Note 8 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

8. Commitments and Contingencies

Leases

We conduct the majority of our operations in leased facilities, all of which are accounted for as operating leases, as they do not meet the criteria for finance leases. Our principal worldwide executive, distribution, and manufacturing operations are located in five leased facilities with square footage totaling 109,354 in Burlington, Massachusetts. All five Burlington leases expire in December 2030. In addition, our European operations are headquartered at a 16,470 square foot leased facility located in Sulzbach, Germany under a lease which expires in August 2023. This lease contains two five-year renewal options. We also lease a 2,258 square foot facility in Hereford, England which houses our United Kingdom sales and distribution business. In connection with our acquisition of the Artegraft biologic graft business, we assumed a 16,732 square foot lease in North Brunswick, New Jersey, which expires in October 2029. We also have smaller long-term leased sales, marketing and other facilities located in Arizona, Japan, Canada, Australia, Singapore and China, and short-term leases in Italy, Spain and Illinois. Our lease in Canada contains a five-year renewal option exercisable in February 2023. Our leases in Germany and Australia are subject to periodic rent increases based on increases in the consumer price index as measured each September and May, respectively, with such increases applicable to the subsequent twelve months of lease payments. None of our noncancelable lease payments include non-lease components such as maintenance contracts; we generally reimburse the landlord for direct operating costs associated with the leased space. None of our leases have variable payments. We have no subleases, and there are no residual value guarantees associated with, or restrictive covenants imposed by, any of our leases. There were no assets held under capital leases at December 31, 2020.

We also lease automobiles under operating leases in the U.S. as well as certain other countries. The terms of these leases are generally three years, with older vehicles replaced by newer vehicles from time to time.

As discussed above under Recent Accounting Pronouncements, on January 1, 2019 we adopted the provisions of ASU No. 2016-02, Leases (Topic 842), subsequently amended by ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under the new guidance, we are required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

Our most significant judgment involved in determining the amounts to initially record as lease liabilities and right-of-use assets was the selection of a discount rate; because we had no debt at that time we had no incremental borrowing rate to reference. We therefore estimated an incremental borrowing rate using quotes from potential lenders as the primary inputs, augmented by other available information. The resulting rate selected was 5.25%. We determined that it was appropriate to apply this single rate to our portfolio of leases worldwide, as the lease terms and conditions were substantially similar, and because we believe our subsidiaries would be unable to obtain borrowings on their own without a commitment of parent company support. During 2020 we assumed a building lease in connection with our acquisition of Artegraft biologic graft business, for which we referenced the associated debt agreement entered into for that transaction, in establishing a discount rate.

Additional information with respect to our leases is as follows:

	Year ended			Year ended
	December 31,			December 31,
	2020			2019
	(in thousands)			(in thousands)

Lease cost
Operating lease cost	$	1,912		$	1,756
Short-term lease cost		192			291
Total lease cost	$	2,104		$	2,047

Other information
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,404		$	1,858

Right-of-use assets obtained in exchange for new operating lease liabilities	$	2,770		$	10,571


Weighted average remaining lease term - operating leases (years)		7.8			8.3

Weighted average discount rate - operating leases		5.02	%		5.25	%

At December 31, 2020, the minimum noncancelable operating lease rental commitments with initial or remaining terms of more than one year are as follows:

Year ending December 31,
2021	$	2,763
2022		2,447
2023		2,064
2024		1,866
2025		1,916
Thereafter		9,920
Adjustment to net present value as of December 31, 2020		(4,230	)

Minimum noncancelable lease liability	$	16,746

Purchase Commitments

As part of our normal course of business, we have commitments to purchase $5.2 million of inventory through 2021. These purchases are to be used in the normal course of business and do not represent excess commitments or loss contracts.

Note 9 - Income Taxes

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

9. Income Taxes

Income (loss) before income taxes is as follows:

	Year ended December 31,
	2020		2019		2018
	(in thousands)

United States	$	25,308	$	17,989	$	22,256
Foreign		2,048		3,690		6,188

Total	$	27,356	$	21,679	$	28,444

Certain of our foreign subsidiaries are included in the U.S. tax return as branches but are included as foreign for purposes of the table above.

The provision (benefit) for income taxes is as follows:

	Year ended December 31,
	2020			2019		2018
				(in thousands)
Current:
Federal	$	4,594		$	1,501	$	4,262
State		806			304		673
Foreign		1,064			1,116		2,718

		6,464			2,921		7,653
Deferred:
Federal		(397	)		538		(1,512	)
State		(48	)		144		(145	)
Foreign		117			142		(495	)

		(328	)		824		(2,152	)

Provision for income taxes	$	6,136		$	3,745	$	5,501

We have reviewed the tax positions taken, or to be taken, in our tax returns for all tax years currently open to examination by a taxing authority. As of December 31, 2020, the gross amount of unrecognized tax benefits exclusive of interest and penalties was $0.8 million, which may increase within the twelve months ending December 31, 2021. We recognized a reduction of unrecognized tax benefits in 2020 due to the settlement of a 2013-2016 Corporate Tax audit by the German Tax Authority. We remain subject to examination until the statute of limitations expires for each remaining respective tax jurisdiction. The statute of limitations will be open with respect to these tax positions through 2028. A reconciliation of the beginning and ending amount of our unrecognized tax benefits is as follows:

	2020			2019		2018
	(in thousands)
Unrecognized tax benefits at the beginning of year	$	848		$	711	$	525
Additions for tax positions of current year		-			74		73
Additions for tax positions of prior years		37			63		113
Reductions for settlements with taxing authorities.		(65	)		-		-
Reductions for lapses of the applicable statutes of limitations		-			-		-
Unrecognized tax benefits at the end of the year	$	820		$	848	$	711

Deferred taxes are attributable to the following temporary differences:

	As of December 31,
	2020			2019
	(in thousands)
Deferred tax assets:
Inventory	$	1,629		$	840
Net operating loss carryforwards		1,348			1,289
Tax credit carryforwards		1,019			944
Capital loss carryforwards		521			277
Reserves and accruals		994			787
Operating lease liabilities		3,664			3,343
Intangible assets		4,386			2,764
Stock options		359			342
Other		105			20

Total deferred tax assets		14,025			10,606

Deferred tax liabilities:
Property and equipment		(1,831	)		(1,520	)
Goodwill		(4,055	)		(3,459	)
Operating lease right-of-use assets		(3,503	)		(3,224	)
Foreign branch deferred offset		(954	)		(923	)
Other		(299	)		(187	)

Total deferred tax liabilities		(10,642	)		(9,313	)

Net deferred tax assets before valuation allowance		3,383			1,293

Valuation allowance		(1,824	)		(1,388	)

Net deferred tax liabiltity	$	1,559		$	(95	)

Deferred tax classification
Long-term deferred tax asset	$	1,686		$	1,084
Long-term deferred tax liability		(127	)		(1,179	)

Net long-term deferred tax liability	$	1,559		$	(95	)

In 2019, we increased our valuation allowance by $0.1 million mainly attributable to Australian net operating loss carry forwards and Massachusetts credit carryforwards. In 2020, we increased our valuation allowance by $0.4 million mainly attributable to Australian net operating loss carry forwards and Massachusetts credit carryforwards.

As of December 31, 2020, we have provided a valuation allowance of $1.8 million for deferred tax assets primarily related to Australian net operating loss and capital loss carry forwards and Massachusetts tax credit carry forwards that are not expected to be realized. The valuation allowance against our deferred tax assets may require adjustment in the future based on changes in the mix of temporary differences, changes in tax laws, and operating performance.

Realization of our deferred tax assets is dependent on our generating sufficient taxable income in future periods. Although we believe it is more likely than not that future taxable income will be sufficient to allow us to recover substantially all of the value of our deferred tax assets remaining after we apply the valuation allowances, realization is not assured and future events could cause us to change our judgment. In the event that actual results differ from our estimates, or we adjust these estimates in the future periods, further adjustments to our valuation allowance may be recorded, which could materially impact our financial position and net income (loss) in the period of the adjustment.

As of December 31, 2020, we have net operating loss carryforwards in Australia of $1.5 million that do not expire, in France of $2.5 million that do not expire, in Spain of $0.9 million that do not expire, and in Norway of $0.1 million that do not expire. We have a capital loss carryforward in Australia of $1.7 million that does not expire. We also have state tax credit carryforwards of approximately $1.6 million that are available to reduce future tax liabilities, which begin to expire in 2021, or can be carried forward indefinitely.

In December 2018, we reevaluated our international operations and as a result, are no longer indefinitely reinvested with respect to undistributed earnings from our German and Australian subsidiaries. There was no material deferred tax expense recorded for foreign and state tax costs associated with the future remittance of these undistributed earnings. We remain permanently reinvested with respect to undistributed earnings from our other foreign subsidiaries. It is not practicable to estimate the amount of deferred tax liability, if any, with respect to these permanently reinvested undistributed earnings.

A reconciliation of the U.S. federal statutory rate to our effective tax rate is as follows:

	2020			2019			2018

Federal statutory rate		21.0	%		21.0	%		21.0	%
State tax, net of federal benefit		2.2	%		1.9	%		1.4	%
Effect of foreign taxes		1.1	%		2.1	%		3.8	%
Federal tax on foreign income		0.4	%		0.8	%		1.4	%
Valuation allowance		1.4	%		0.6	%		(3.2	%)
Foreign deferred tax liability offset		(0.2	%)		(0.4	%)		(0.3	%)
Manufacturing deduction		0.0	%		0.0	%		0.0	%
Research & development tax credits		(0.6	%)		(1.2	%)		(0.7	%)
Stock options		(2.3	%)		(8.8	%)		(3.3	%)
Uncertain tax positions		0.3	%		1.0	%		0.8	%
Other permanent differences		(0.6	%)		0.5	%		(0.7	%)
Change in tax laws		0.0	%		0.0	%		0.0	%
Deferred tax remeasurement		0.0	%		0.0	%		0.0	%
Other		(0.3	%)		(0.2	%)		(0.9	%)

Effective tax rate		22.4	%		17.3	%		19.3	%

In August 2018, the German tax authority commenced an audit of our German subsidiary for the tax years 2013 through 2016. This audit concluded in 2020 and our German subsidiary settled for an immaterial amount of additional German tax. We are not currently under audit in any other tax jurisdictions.

As of December 31, 2020, a summary of the tax years that remain subject to examination in our most significant tax jurisdictions are:


United States	2017 and forward
Foreign	2013 and forward

Supplemental disclosures of cash flow information are as follows:

	Year ended December 31,
	2020		2019		2018
	(in thousands)
Cash paid for income taxes, net	$	4,470	$	4,817	$	5,521

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 10 - Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

10. Stockholders’ Equity

Authorized Shares

Our certificate of incorporation, as amended and restated from time to time, authorizes the issuance of up to 37,000,000 shares of common stock and up to 3,000,000 shares of undesignated preferred stock.

Under the terms of our certificate of incorporation, our board of directors is authorized to issue shares of the preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. Currently, we have no shares of preferred stock outstanding.

Stock Award Plans

In May 2006 we approved a 2006 Stock Option and Incentive Plan (as subsequently amended, the 2006 Plan), which became effective upon our initial public offering. The 2006 Plan allows for the granting of an aggregate 5,500,000 shares of incentive stock options, non-qualified stock options, stock appreciation rights, RSUs, unrestricted stock awards, and deferred stock awards to our officers, employees, directors, and consultants. Incentive stock options are required to be issued at not less than fair market value at the date of the grant and generally vest over four or five years. The term of the options is determined by our Board of Directors but in no event will exceed ten years from date of grant. In connection with the adoption of the 2006 Plan, no further option grants were permitted under any previous stock option plans and any expirations, cancellations, or terminations under the previous plans are available for issuance under the 2006 Plan. We may satisfy awards upon exercise of stock options or RSUs with either newly issued shares or treasury shares. The total number of shares currently authorized for the 2006 Plan is 7,118,003 shares, of which 860,847 remain available for grant as of December 31, 2020.

We have computed the fair value of employee stock options granted each year using the following weighted average assumptions:

	2020			2019			2018
Dividend yield		1.02	%		0.96	%		1.20	%
Volatility		47.3	%		42.8	%		41.3	%
Risk-free interest rate		0.3	%		1.7	%		2.7	%
Weighted average expected option term (in years)		4.9			4.7			4.8
Weighted average fair value per share of options granted	$	13.24		$	12.51		$	8.28

A summary of option activity as of December 31, 2020 and the year then ended is presented below:

				Weighted		Weighted Average	Aggregate
	*Number*			*Average*		*Remaining*	*Intrinsic*
	*of Shares*			*Exercise Price*		*Contractual Term*	*Value*
						(in years)
Balance outstanding at December 31, 2019 (1)		1,047,094		$	23.19	4.31	$	13,366,595

Granted		222,110		$	36.67
Exercised (2)		(331,958	)	$	17.99		$	5,413,197
Canceled / Expired		(5,406	)	$	27.49
Balance outstanding at December 31, 2020 (3)		931,840		$	28.22	4.49	$	11,442,240

Vested and exercisable at December 31, 2020 (4)		274,411		$	23.08	3.50	$	4,780,656
Expected to vest at December 31, 2020		657,429		$	30.37	4.93
Total		931,840

(1) The aggregate intrinsic value represents the difference between the exercise price and $35.95, the closing price of our stock on December 31, 2019, for all in-the-money options outstanding.

(2) The aggregate intrinsic value of shares exercised represents the difference between the exercise price and the closing price of our stock on the date of exercise.

(3) The aggregate intrinsic value represents the difference between the exercise price and $40.50, the closing price of our stock on December 31, 2020, for all in-the-money options outstanding.

(4) The aggregate intrinsic value represents the difference between the exercise price and $40.50, the closing price of our stock on December 31, 2020, for all in-the-money options vested and exercisable as of that date.

Restricted Stock Units

A summary of our RSU activity is as follows:

				Weighted
				Average
				Grant Date
	Shares			Fair Value

Balance outstanding at December 31, 2019		188,681		$	26.14

Granted		46,146		$	36.86
Vested (1)		(50,669	)	$	22.76
Canceled		(37,143	)	$	27.88

Balance outstanding at December 31, 2020		147,015		$	30.24

(1) The number of RSUs vested includes the shares that we withheld on behalf of employees to satisfy minimum statutory tax withholding requirements. The fair values of the RSUs that vested during 2020, 2019 and 2018 were $1.8 million, $2.1 million, and $1.9 million, respectively.

We repurchase shares of our common stock in order to cover any minimum tax withholding liability associated with RSU vestings. A summary of our repurchases is as follows:

	2020		2019

Shares of common stock repurchased		16,537		20,524
Average per share repurchase price	$	34.47	$	33.28
Aggregage purchase price (in thousands)	$	570	$	683

Stock-based Compensation

The components of stock-based compensation expense included in the consolidated statements of operations are as follows:

	2020		2019		2018
			(in thousands)
Stock option awards	$	1,938	$	1,580	$	1,457
Restricted stock units		1,084		1,062		892

Total stock-based compensation	$	3,022	$	2,642	$	2,349

Stock-based compensation is included in our statements of operations as follows:

	2020		2019		2018
			(in thousands)
Cost of sales	$	333	$	310	$	272
Sales and marketing		516		544		529
General and administrative		1,883		1,509		1,293
Research and development		290		279		255

Total stock-based compensation	$	3,022	$	2,642	$	2,349

We expect to record the unamortized portion of share-based compensation expense of $10.8 million for existing stock options and RSUs outstanding at December 31, 2020, over a weighted-average period of 3.6 years.

Stock Repurchase Plans

On February 23, 2021, our Board of Directors authorized the repurchase of up to $15.0 million of the Company’s common stock through transactions on the open market, in privately negotiated purchases or otherwise until February 22, 2022. The repurchase program may be suspended or discontinued at any time. To date we have not made any repurchases under this program.

Dividends

In February 2011, our Board of Directors approved a policy for the payment of quarterly cash dividends on our common stock. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by our Board of Directors on a quarterly basis. The dividend activity for the periods presented is as follows:

Record Date	Payment Date	Per Share Amount		Dividend Payment
				(in thousands)
Fiscal Year 2020
March 3, 2020	March 19, 2020	$	0.095	$	1,917
May 20, 2020	June 4, 2020	$	0.095	$	1,917
August 27, 2020	September 10, 2020	$	0.095	$	1,925
November 19, 2020	December 3, 2020	$	0.095	$	1,936

Fiscal Year 2019
March 22, 2019	April 5, 2019	$	0.085	$	1,672
May 22, 2019	June 6, 2019	$	0.085	$	1,672
August 21, 2019	September 5, 2019	$	0.085	$	1,691
November 20, 2019	December 5, 2019	$	0.085	$	1,701

On February 23, 2021, our Board of Directors approved a quarterly cash dividend on our common stock of $0.11 per share payable on March 25, 2021, to stockholders of record at the close of business on March 9, 2021, which will total approximately $2.2 million.

Note 11 - Profit-sharing Plan

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

11. Profit-Sharing Plan

We offer a 401(k) profit-sharing plan (the Plan) covering eligible U.S. employees to make tax-deferred contributions, a portion of which are matched by us. We may also make discretionary profit sharing contributions to the Plan in an amount determined by our Board of Directors. Our contributions vest ratably over six years of employment and amounted to approximately $0.3 million, $0.4 million and $0.3 million for 2020, 2019 and 2018, respectively. A similar plan is offered to our Canadian employees.

Note 12 - Segment and Enterprise-wide Disclosures

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

12. Segment and Enterprise-wide Disclosures

The FASB establishes standards for reporting information regarding operating segments in financial statements. Operating segments are identified as components of an enterprise that engage in business activities for which separate, discrete financial information is available and is regularly reviewed by the chief operating decision-maker in making decisions on how to allocate resources and assess performance. We view our operations and manage our business as one operating segment. No discrete operating information is prepared by us except for sales by product line and operations by legal entity for local reporting purposes.

Most of our revenues are generated in the United States, Germany, and other European countries, Canada, the United Kingdom and Japan, and substantially all of our assets are located in the United States, Germany and France. Net sales to unaffiliated customers by country were as follows:

	Year ended December 31,
	2020		2019		2018
	(in thousands)

United States	$	75,222	$	63,130	$	59,078
Germany		12,365		12,400		12,445
Other countries		41,779		41,702		34,045

Net sales	$	129,366	$	117,232	$	105,568

Total long-term assets by country, including property and equipment, net and right-of-use leased assets were as follows:

	As of December 31,
	2020		2019
	(in thousands)

United States	$	27,660	$	24,885
Australia		115		1,499
France		1,140		1,089
Germany		1,138		1,405
Other countries		1,049		1,184

Total long-term assets	$	31,102	$	30,062

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Note 13 - Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

13. Fair Value Measurements

The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

• Level 1 — Quoted prices in active markets for identical assets or liabilities.

• Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

• Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Level 1 assets being measured at fair value on a recurring basis as of December 31, 2020 included our short-term investment mutual fund account.

We had no Level 2 assets being measured at fair value on a recurring basis as of December 31, 2020.

As discussed in Notes 1 and 2, several of our acquisition-related assets and liabilities have been measured using Level 3 techniques. During 2020 we recorded a contingent liability associated with our acquisition of the bovine carotid graft business from Artegraft. As discussed more fully in Note 2, the agreement requires us to make potential additional payments to Artegraft of up to $17.5 million depending on the achievement of certain revenue milestones during the first three calendar years following the acquisition. We recorded this liability at a fair value of $0.4 million to reflect management’s estimate of the likelihood of achieving these targets at the time of the Closing, as well as the time value of money until payment. This amount will be remeasured each quarter during the earn-out period, with any adjustments recorded in income from operations.

During 2019, we recorded contingent liabilities associated with our acquisition of the CardioCel and VascuCel patch business from Anteris. The agreement includes the potential for us to pay up to $7.8 million of additional consideration beyond payments made to date, with $0.3 million contingent upon the delivery of audited financial statement of the acquired business to us; $2.0 million contingent on LeMaitre Vascular’s success in obtaining CE marks on the acquired products, $0.5 million contingent upon Anteris’ success in extending the shelf life of the acquired products, and another $5.0 million contingent on the achievement of specified levels of revenues in the first 12 and 24 months following the acquisition date. This additional contingent consideration was initially valued in total at $2.3 million and is being re-measured each reporting period until the payment requirement ends, with any adjustments reported in income from operations. The contingent payment related to the delivery of audited financial statements of the business was paid in November 2019 upon satisfaction of the deliverable. The contingent payments related to Anteris’ extending the shelf life of the acquired products and achieving the required revenues during the first 12 months following the acquisition were not met, and the portion of the liabilities related to these items was adjusted through income from operations.

The following table provides a rollforward of the fair value of these liabilities, as determined by Level 3 unobservable inputs including management’s forecast of future revenues for the acquired businesses, as well as, management’s estimates of the likelihood of achieving the other specified criteria:

	Year ended December 31,
	2020		2019			2018
	(in thousands)
Beginning balance	$	1,764	$	72		$	1,300
Additions		406		1,989			-
Payments		-		(309	)		(1,199	)
Change in fair value included in earnings		70		12			(29	)

Ending balance	$	2,240	$	1,764		$	72

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 14 - Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

14. Accumulated Other Comprehensive Income (Loss)

	Year ended December 31,
	2020			2019			2018
	(in thousands)
Beginning balance	$	(4,007	)	$	(3,900	)	$	(2,289	)

Other comprehensive income (loss) before reclassifications		2,482			(107	)		(1,611	)
Amounts reclassified from accumulated other comprehensive loss		-			-			-

Ending Balance	$	(1,525	)	$	(4,007	)	$	(3,900	)

Changes to our accumulated other comprehensive loss consisted primarily of foreign currency translation for the years ended December 31, 2020, 2019 and 2018.

Note 15 - Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Quarterly Financial Information [Text Block]

15. Quarterly Financial Data (unaudited)

	Three months ended
2020	March 31		June 30		September 30		December 31
	(in thousands, except per share data)
Total net sales	$	30,551	$	24,851	$	36,416	$	37,548
Gross profit		20,483		17,029		22,704		24,402
Income (loss) from operations		4,353		4,872		10,018		9,545
Net income		3,174		3,500		7,513		7,033
Earnings per share
Basic	$	0.16	$	0.17	$	0.37	$	0.35
Diluted	$	0.16	$	0.17	$	0.37	$	0.34

	Three months ended
2019	March 31		June 30		September 30		December 31
	(in thousands, except per share data)
Total net sales	$	28,479	$	29,483	$	29,100	$	30,170
Gross profit		19,464		20,315		20,166		19,908
Income (loss) from operations		4,435		5,915		5,905		4,928
Net income		3,513		4,624		5,184		4,613
Earnings per share
Basic	$	0.18	$	0.23	$	0.26	$	0.23
Diluted	$	0.17	$	0.23	$	0.25	$	0.23

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk

Our accounts receivable are with customers based in the United States and internationally. Accounts receivable generally are due within 30 to 90 days of invoice and are stated at amounts due from customers, net of an allowance for doubtful accounts and sales returns, other than in certain European markets where longer payment terms are customary and may range from 90 to 240 days. We perform ongoing credit evaluations of the financial condition of our customers and adjust credit limits based upon payment history and the current creditworthiness of the customers, as determined by a review of their current credit information. We continuously monitor aging reports, collections, and payments from customers, and maintain a provision for estimated credit losses based upon historical experience and any specific customer collection issues we identify.

We closely monitor outstanding receivables for potential collection risks, including those that may arise from economic conditions, in both the U.S. and international economies. Our European sales to government-owned or supported customers such as hospitals, distributors and agents, particularly in Italy and Spain, may be subject to significant payment delays due to government austerity measures impacting funding and payment practices. As of December 31, 2020 our receivables in Italy and Spain totaled $0.9 million and $0.6 million, respectively. Receivables balances with certain government-owned hospitals and government supported customers in these countries can accumulate over a period of time and then subsequently be settled as large lump sum payments. While we believe our allowance for doubtful accounts in these countries is adequate as of December 31, 2020, if significant changes were to occur in the payment practices of these European governments or if government funding becomes unavailable, we may not be able to collect on receivables due to us from these customers and our write offs of uncollectible amounts may increase.

We write off accounts receivable when they become uncollectible. Such credit losses have historically been within our expectations and allowances. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We review our allowance for doubtful accounts on a monthly basis and all past due balances are reviewed individually for collectability. The provision for the allowance for doubtful accounts is recorded in general and administrative expenses. The following is a summary of our allowance for doubtful accounts and sales returns:

	Balance at		Additions		Deductions		Balance at
	Beginning		(recoveries) charged		from		End of
	of Period		to Income		Reserves		Period
	(in thousands)
Allowance for doubtful accounts and sales returns:
Year ended December 31, 2020	$	522	$	293	$	192	$	623
Year ended December 31, 2019		399		388		265		522
Year ended December 31, 2018		349		264		214		399

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, short-term marketable securities, accounts receivable and trade payables. The fair value of these instruments approximates their carrying value based upon their short-term nature or variable rates of interest. Unrealized gains and losses on our short-term marketable securities are recorded in other comprehensive income and were not material to our consolidated financial statements for the year ended December 31, 2020.

Inventory and Other Deferred Costs [Policy Text Block]

Inventory and Other Deferred Costs

Inventory and Other Deferred Costs consists of finished products, work-in-process, raw materials and costs deferred in connection with human tissue cryopreservation services of our RestoreFlow allograft business. We value inventory and other deferred costs at the lower of cost or market value. Cost includes materials, labor and manufacturing overhead and is determined using the first-in, first-out (FIFO) method. On a quarterly basis, we review inventory quantities on hand and analyze the provision for excess and obsolete inventory based primarily on product expiration dating and our estimated sales forecast, which is based on sales history and anticipated future demand. Our estimates of future product demand may not be accurate, and we may understate or overstate the provision required for excess and obsolete inventory. Accordingly, any significant unanticipated changes in demand could have a significant impact on the value of our inventory and results of operations.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the related assets using straight-line method as follows:

Description		Useful Life
Computers and equipment		3–5 years
Machinery and equipment		3–10 years
Leasehold improvements		The shorter of its useful life or lease term

Expenditures for maintenance and repairs are charged to operations when incurred, while additions and betterments are capitalized. When assets are retired or disposed, the asset’s original cost and related accumulated depreciation are eliminated from the accounts and any gain or loss is reflected in the statement of operations.

Business Combinations Policy [Policy Text Block]

Valuation of Business Combinations

We assign the value of the consideration transferred to acquire a business to the tangible assets and identifiable intangible assets acquired and liabilities assumed on the basis of their fair values at the date of acquisition. We assess the fair value of assets, including intangible assets, using a variety of methods and are usually performed by an independent appraiser who measures fair value from the perspective of a market participant.

Acquisitions have been accounted for using the acquisition method, and the acquired companies’ results have been included in the accompanying consolidated financial statements from their respective dates of acquisition. Acquisition transaction costs have been recorded in general and administrative expenses, and are expensed as incurred. Allocation of the purchase price for acquisitions is based on estimates of the fair value of the net assets acquired and, for acquisitions completed within the past year, is subject to adjustment upon finalization of the purchase price allocation.

Our acquisitions have historically been made at prices above the fair value of the acquired assets, resulting in goodwill, due to expectations of synergies of combining the businesses. These synergies include use of our existing commercial infrastructure to expand sales of the acquired businesses’ products, use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of our products, and the elimination of redundant facilities, functions and staffing.

Contingent Consideration [Policy Text Block]

Contingent Consideration

Contingent consideration for acquisitions is recognized at the date of acquisition, based on the fair value at that date, and then re-measured periodically through adjustments to net income.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-lived Assets

We review our long-lived assets (primarily property and equipment and intangible assets) subject to amortization quarterly to determine if any adverse conditions exist or a change in circumstances has occurred that would indicate impairment or a change in the remaining useful life. Conditions that may indicate impairment include, but are not limited to, a significant adverse change in legal factors or business climate that could affect the value of an asset, a product recall, or an adverse action or assessment by a regulator. If an impairment indicator exists, we test the intangible asset for recoverability. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. Impairment is measured based on the fair market value of the affected asset using discounted cash flows.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

Goodwill represents the amount of consideration paid in connection with business acquisitions in excess of the fair value of assets acquired and liabilities assumed. Goodwill is evaluated for impairment annually or more frequently if indicators of impairment are present or changes in circumstances suggest that an impairment may exist. We evaluate the December 31 balance of the carrying value of goodwill based on a single reporting unit annually. We perform an assessment of qualitative factors to determine if it is “more likely than not” that the fair value of our reporting unit is less than its carrying value as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The “more likely than not” threshold is defined as having a likelihood of more than 50 percent. If required, the next step of the goodwill impairment test is to determine the fair value of the reporting unit. The implied fair value of goodwill is determined on the same basis as the amount of goodwill recognized in connection with a business combination. Specifically, the fair value of a reporting unit is allocated to all of the assets and liabilities (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination as of the date of the impairment review and as if the fair value of the reporting unit was the price paid to acquire the reporting unit. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess. We have determined that no goodwill impairment charges were required for the years ended December 31, 2020, 2019 or 2018.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Other Intangible Assets

Other intangible assets consist primarily of patents, trademarks, technology licenses, and customer relationships acquired in connection with business acquisitions and asset acquisitions and are amortized over their estimated useful lives, ranging from 2 to 16 years.

Share-based Payment Arrangement [Policy Text Block]

Stock-based Compensation

We recognize, as expense, the estimated fair value of stock options to employees which is determined using the Black-Scholes option pricing model. Share-based compensation charges are recorded across the consolidated statement of operations based upon the grantee’s primary function. We have elected to recognize the compensation cost of all share-based awards on a straight-line basis over the vesting period of the award. In periods that we grant stock options, fair value assumptions are based on volatility, interest, dividend yield, and expected term over which the stock options will be outstanding. The computation of expected volatility is based on the historical volatility of the company’s stock. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. Historical data on exercise patterns is the basis for estimating the expected life of an option. The expected annual dividend rate was calculated by dividing our annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date.

We also issue restricted stock units (RSUs) as an additional form of equity compensation to our employees, officers, and directors, pursuant to our stockholder-approved 2006 Plan. RSUs entitle the grantee to an issuance of stock at no cost and generally vest over a period of time determined by our Board of Directors at the time of grant based upon the continued service to the company. The fair market value of the award is determined based on the number of RSUs granted and the market value of our common stock on the grant date and is amortized to expense over the period of vesting. Unvested RSUs are forfeited and canceled as of the date that employment or service to the company terminates. RSUs are settled in shares of our common stock upon vesting. We typically repurchase common stock upon our employees’ vesting in RSUs in order to cover any minimum tax withholding liability as a result of the RSUs having vested.

Commitments and Contingencies, Policy [Policy Text Block]

Commitments and Contingencies

In the normal course of business, we are subject to proceedings, lawsuits, and other claims and assessments for matters related to, among other things, patent infringement, business acquisitions, employment, commercial matters and product recalls. We assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. We record charges for the losses we anticipate incurring in connection with litigation and claims against us when we conclude a loss is probable and we can reasonably estimate these losses. During the years ended December 31, 2020, 2019 and 2018, we were not subject to any material litigation or claims and assessments.

Sales of medical devices outside the U.S. are subject to international regulatory requirements that vary from country to country. These requirements and the amount of time required for approval may differ from our experiences with the U.S. FDA. In the European Union we are required to obtain CE marks for our products, which denote conformity to essential requirements for manufacturers of higher-risk devices. We have CE marks to sell many of our products, though currently there is a lapse in our CE marks for some of our products. Failure to obtain, retain or maintain these CE marks would impact our ability to sell our products in certain European countries and could cause our business to suffer. There can be no assurance that we will be able to obtain or maintain the required regulatory approvals in these countries.

Income Tax, Policy [Policy Text Block]

Income Taxes

We account for income taxes under the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred taxes are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The provision for income taxes includes taxes currently payable and deferred taxes resulting from the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities. We maintain valuation allowances where it is more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in the valuation allowances are included in our tax provision in the period of change. In determining whether a valuation allowance is warranted, we evaluate factors such as prior earnings history, expected future earnings, carry-back and carry-forward periods and tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset.

We recognize, measure, present and disclose in our financial statements, uncertain tax positions that we have taken or expect to take on a tax return. We recognize in our financial statements the impact of tax positions that meet a “more likely than not” threshold, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

Our policy is to classify interest and penalties related to unrecognized tax benefits as income tax expense.

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income

Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Other than reported net income, comprehensive income includes foreign currency translation adjustments, which are disclosed in the accompanying consolidated statements of comprehensive income. There were no reclassifications out of comprehensive income for the years ended December 31, 2020, 2019 or 2018.

Accumulated other comprehensive loss consisted primarily of foreign currency translation adjustment losses of $1.6 million and $4.0 million as of December 31, 2020 and 2019, respectively.

Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]

Restructuring

We record restructuring charges incurred in connection with consolidation or relocation of operations, exited business lines, reductions in force, or distributor terminations. These restructuring charges, which reflect our commitment to a termination or exit plan that will begin within twelve months, are based on estimates of the expected costs associated with site closure, legal matters, contract terminations, severance payments, or other costs directly related to the restructuring. If the actual cost incurred exceeds the estimated cost, an additional charge to earnings will result. If the actual cost is less than the estimated cost, a credit to earnings will be recognized.

Earnings Per Share, Policy [Policy Text Block]

Earnings per Share

We compute basic earnings per share by dividing net income available for common stockholders by the weighted average number of shares outstanding during the year. Except where the result would be anti-dilutive to net income per share, diluted earnings per share has been computed using the treasury stock method and reflects the potential vesting of restricted common stock and the potential exercise of stock options, as well as their related income tax effects.

The computation of basic and diluted net income per share is as follows:

	Year ended December 31,
	2020		2019		2018
	(in thousands, except per share data)
Basic:
Net income available for common stockholders	$	21,220	$	17,934	$	22,943
Weighted average shares outstanding		20,246		19,813		19,426

Basic earnings per share	$	1.05	$	0.91	$	1.18

Diluted:
Net income available for common stockholders	$	21,220	$	17,934	$	22,943
Weighted-average shares outstanding		20,246		19,813		19,426
Common stock equivalents, if dilutive		233		513		816
Shares used in computing diluted earnings per common share		20,479		20,326		20,242

Diluted earnings per share	$	1.04	$	0.88	$	1.13

Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive		483		468		230

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326), which requires a financial asset (or group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable, supportable forecasts that affect the collectability of the reported amount, and requires judgment in determining relevant information and estimation methods. The new standard was effective for us beginning January 1, 2020. The adoption of this standard did not have a material impact on our financial statements, as the only financial assets we have that are affected by the standard are trade receivables for which we have historically employed a collectability estimation technique.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820), which modifies the disclosure requirements for fair value measurements. The new standard was effective for us beginning January 1, 2020, with early adoption permitted. The adoption of this standard did not have a material impact on our financial statements.

In January 2017, the FASB issued ASU 2017-04 Intangibles – Goodwill and Other (Topic 350), which, among other provisions, eliminates “step 2” from the goodwill impairment test. The annual, or interim, goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The new standard was effective for us beginning January 1, 2020, with early adoption permitted. The adoption of this standard did not have a material impact on our financial statements.

In December 2019, the FASB issued ASU 2019-12 Income Taxes (Topic 740), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 as well as clarifying and amending other areas of existing GAAP under Topic 740. The new standard is effective for us beginning January 1, 2021, with early adoption permitted. The adoption of this standard is not expected to have a material impact on our financial statements.

Note 1 - Significant Accounting Policies and Related Matters (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Year ended December 31,
	2020		2019
Americas	$	81,470	$	69,359
Europe, Middle East and Africa		39,193		39,480
Asia/Pacific Rim		8,703		8,393
Total	$	129,366	$	117,232

Schedule of Advertising Expenses [Table Text Block]

	Year ended December 31,
	2020		2019		2018
			(in thousands)

Advertising expense	$	216	$	286	$	299

Financing Receivable, Allowance for Credit Loss [Table Text Block]

	Balance at		Additions		Deductions		Balance at
	Beginning		(recoveries) charged		from		End of
	of Period		to Income		Reserves		Period
	(in thousands)
Allowance for doubtful accounts and sales returns:
Year ended December 31, 2020	$	522	$	293	$	192	$	623
Year ended December 31, 2019		399		388		265		522
Year ended December 31, 2018		349		264		214		399

Schedule of Property, Plant and Equipment Estimated Useful Lives [Table Text Block]

Description		Useful Life
Computers and equipment		3–5 years
Machinery and equipment		3–10 years
Leasehold improvements		The shorter of its useful life or lease term

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Year ended December 31,
	2020		2019		2018
	(in thousands, except per share data)
Basic:
Net income available for common stockholders	$	21,220	$	17,934	$	22,943
Weighted average shares outstanding		20,246		19,813		19,426

Basic earnings per share	$	1.05	$	0.91	$	1.18

Diluted:
Net income available for common stockholders	$	21,220	$	17,934	$	22,943
Weighted-average shares outstanding		20,246		19,813		19,426
Common stock equivalents, if dilutive		233		513		816
Shares used in computing diluted earnings per common share		20,479		20,326		20,242

Diluted earnings per share	$	1.04	$	0.88	$	1.13

Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive		483		468		230

Note 2 - Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Allocated
	Fair Value
	(in thousands)
Inventory	$	3,859
Accounts receivable		1,789
Equipment and supplies		1,140
Accounts payable and other		(53	)
Intangible assets		39,056
Goodwill		27,115

Purchase price	$	72,906

	Allocated
	Fair Value
	(in thousands)
Inventory and other	$	1,343
Intangible assets		8,725
Goodwill		7,344

Purchase price	$	17,412

	Allocated
	Fair Value
	(in thousands)
Inventory	$	276
Equipmentand supplies		70
Intangible assets		4,844
Goodwill		2,748

Purchase price	$	7,938

	Allocated
	Fair Value
	(in thousands)
Inventory	€	2,419
Land and building		750
Equipment and supplies		94
Intangible assets		623
Bargain purchase gain		(1,946	)

Purchase price	€	1,940

	Allocated
	Fair Value
	(in thousands)
Inventory	$	739
Equipment and supplies		416
Intangible assets		6,527
Goodwill		6,361

Purchase price	$	14,043

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Allocated		Estimated
	Fair Value		Useful Life (Years)
	(in thousands)
Customer relationships	$	20,310	15.0
Intellectual property		16,449	10.0
Non-compete agreement		104	5.0
Tradenames		2,193	10.0

Total intangible assets	$	39,056

			Weighted
	*Allocated*		*Average*
	*Fair Value*		*Useful Life (Years)*
	(in thousands)
Customer relationships	$	5,562	12.0
Intellectual property		2,335	8.0
Non-compete agreement		361	5.0
Tradenames		467	8.0

Total intangible assets	$	8,725

			Weighted
	*Allocated*		*Average*
	*Fair Value*		*Useful Life (Years)*
	(in thousands)
Customer relationships	$	3,945	13.0
Intellectual property		563	7.0
Non-compete agreement		233	5.0
Tradenames		103	7.0

Total intangible assets	$	4,844

			Weighted
	*Allocated*		*Average*
	*Fair Value*		*Useful Life (Years)*
	(in thousands)
Customer relationships	€	250	16.0
Intellectual property		237	5.0
Non-compete agreement		46	5.0
Tradenames		90	5.0

Total intangible assets	€	623

			Weighted
	*Allocated*		*Average*
	*Fair Value*		*Useful Life (Years)*
	(in thousands)
Customer relationships	$	4,475	16.0
Intellectual property		1,316	7.0
Non-compete agreement		530	5.0
Tradenames		206	7.0

Total intangible assets	$	6,527

Business Acquisition, Pro Forma Information [Table Text Block]

	Unaudited Pro Forma Financial Information
	Year ended
	December 31,
	2020		2019
	($ in thousands)

Net sales	$	137,450	$	131,915

Net income		20,041		15,045

Net income per share
Basic	$	0.99	$	0.76
Diluted	$	0.98	$	0.74

Disposal Groups, Including Discontinued Operations [Table Text Block]

	Allocated
	Fair Value
	(in thousands)
Inventory	$	308
Deferred revenue - transition services agreement		1,081
Goodwill		135
Gain on divestiture		5,876

Consideration received	$	7,400

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Note 3 - Inventory and Other Deferred Costs (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 31, 2020		December 31, 2019
	(in thousands)
Raw materials	$	5,044	$	5,359
Work-in-process		6,004		6,238
Finished products		28,117		23,032
Other deferred costs		5,950		4,898

Total inventory and other deferred costs	$	45,115	$	39,527

Note 4 - Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	As of December 31,
	2020			2019
	(in thousands)
Computers and equipment	$	5,046		$	4,623
Machinery and equipment		17,266			16,245
Building and leasehold improvements		12,809			11,758

Gross property and equipment		35,121			32,626
Less accumulated depreciation		(20,085	)		(17,772	)

Property and equipment, net	$	15,036		$	14,854

Depreciation Expense [Table Text Block]

	Year ended December 31,
	2020		2019		2018
			(in thousands)

Depreciation expense	$	3,181	$	2,979	$	2,564

Note 5 - Goodwill and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Goodwill [Table Text Block]

	As of December 31,
	2020			2019

Balance at beginning of year	$	39,951		$	29,868
Additions for acquisitions		27,115			10,092
Purchase accounting adjustments		(1,345	)		-
Effects of currency exchange		224			(9	)

Balance at end of year	$	65,945		$	39,951

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	December 31, 2020						December 31, 2019
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Value		Amortization		Value		Value		Amortization		Value
	(in thousands)
Product technology and intellectual property	$	29,951	$	7,947	$	22,004	$	13,502	$	5,722	$	7,780
Trademarks, tradenames and licenses		4,000		1,094		2,906		1,807		702		1,105
Customer relationships		38,525		5,424		33,101		18,215		3,364		14,851
Other intangible assets		1,767		873		894		1,725		568		1,157

Total identifiable intangible assets	$	74,243	$	15,338	$	58,905	$	35,249	$	10,356	$	24,893

Finite-lived Intangible Assets Amortization Expense [Table Text Block]

	Year ended December 31,
	2020		2019		2018
			(in thousands)

Amortization expense	$	5,043	$	2,437	$	1,760

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

	Year ended December 31,
	2021		2022		2023		2024		2025
	(in thousands)

Amortization expense	$	6,179	$	5,975	$	5,902	$	5,706	$	5,467

Note 6 - Revolving Line of Credit and Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Debt [Table Text Block]

	December 31, 2020
	(in thousands)

Five-year term loan, net of unamortized debt issuance costs of $968	$	38,032
Less current portion		(2,500	)
	$	35,532

Schedule of Maturities of Long-term Debt [Table Text Block]

Year ending December 31,
2021	$	2,500
2022		3,000
2023		3,500
2024		4,000
2025		26,000
Total before unamortized issuance costs		39,000
Less unamortized issuance costs		(968	)
Less current portion of long-term bebt		(2,500	)
Total long-term debt	$	35,532

Note 7 - Accrued Expenses and Other Long-term Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	December 31, 2020		December 31, 2019
	(in thousands)
Compensation and related taxes	$	8,675	$	8,550
Income and other taxes		2,394		1,003
Professional fees		39		40
Other		6,417		4,421

Total	$	17,525	$	14,014

Other Noncurrent Liabilities [Table Text Block]

	December 31, 2020		December 31, 2019
	(in thousands)
Acquisition-related liabilities	$	3,700	$	3,268
Income taxes		813		781
Other		130		166

Total	$	4,643	$	4,215

Note 8 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Lease, Cost [Table Text Block]

	Year ended			Year ended
	December 31,			December 31,
	2020			2019
	(in thousands)			(in thousands)

Lease cost
Operating lease cost	$	1,912		$	1,756
Short-term lease cost		192			291
Total lease cost	$	2,104		$	2,047

Other information
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,404		$	1,858

Right-of-use assets obtained in exchange for new operating lease liabilities	$	2,770		$	10,571


Weighted average remaining lease term - operating leases (years)		7.8			8.3

Weighted average discount rate - operating leases		5.02	%		5.25	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Year ending December 31,
2021	$	2,763
2022		2,447
2023		2,064
2024		1,866
2025		1,916
Thereafter		9,920
Adjustment to net present value as of December 31, 2020		(4,230	)

Minimum noncancelable lease liability	$	16,746

Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	Year ended December 31,
	2020		2019		2018
	(in thousands)

United States	$	25,308	$	17,989	$	22,256
Foreign		2,048		3,690		6,188

Total	$	27,356	$	21,679	$	28,444

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year ended December 31,
	2020			2019		2018
				(in thousands)
Current:
Federal	$	4,594		$	1,501	$	4,262
State		806			304		673
Foreign		1,064			1,116		2,718

		6,464			2,921		7,653
Deferred:
Federal		(397	)		538		(1,512	)
State		(48	)		144		(145	)
Foreign		117			142		(495	)

		(328	)		824		(2,152	)

Provision for income taxes	$	6,136		$	3,745	$	5,501

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	2020			2019		2018
	(in thousands)
Unrecognized tax benefits at the beginning of year	$	848		$	711	$	525
Additions for tax positions of current year		-			74		73
Additions for tax positions of prior years		37			63		113
Reductions for settlements with taxing authorities.		(65	)		-		-
Reductions for lapses of the applicable statutes of limitations		-			-		-
Unrecognized tax benefits at the end of the year	$	820		$	848	$	711

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	As of December 31,
	2020			2019
	(in thousands)
Deferred tax assets:
Inventory	$	1,629		$	840
Net operating loss carryforwards		1,348			1,289
Tax credit carryforwards		1,019			944
Capital loss carryforwards		521			277
Reserves and accruals		994			787
Operating lease liabilities		3,664			3,343
Intangible assets		4,386			2,764
Stock options		359			342
Other		105			20

Total deferred tax assets		14,025			10,606

Deferred tax liabilities:
Property and equipment		(1,831	)		(1,520	)
Goodwill		(4,055	)		(3,459	)
Operating lease right-of-use assets		(3,503	)		(3,224	)
Foreign branch deferred offset		(954	)		(923	)
Other		(299	)		(187	)

Total deferred tax liabilities		(10,642	)		(9,313	)

Net deferred tax assets before valuation allowance		3,383			1,293

Valuation allowance		(1,824	)		(1,388	)

Net deferred tax liabiltity	$	1,559		$	(95	)

Deferred tax classification
Long-term deferred tax asset	$	1,686		$	1,084
Long-term deferred tax liability		(127	)		(1,179	)

Net long-term deferred tax liability	$	1,559		$	(95	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2020			2019			2018

Federal statutory rate		21.0	%		21.0	%		21.0	%
State tax, net of federal benefit		2.2	%		1.9	%		1.4	%
Effect of foreign taxes		1.1	%		2.1	%		3.8	%
Federal tax on foreign income		0.4	%		0.8	%		1.4	%
Valuation allowance		1.4	%		0.6	%		(3.2	%)
Foreign deferred tax liability offset		(0.2	%)		(0.4	%)		(0.3	%)
Manufacturing deduction		0.0	%		0.0	%		0.0	%
Research & development tax credits		(0.6	%)		(1.2	%)		(0.7	%)
Stock options		(2.3	%)		(8.8	%)		(3.3	%)
Uncertain tax positions		0.3	%		1.0	%		0.8	%
Other permanent differences		(0.6	%)		0.5	%		(0.7	%)
Change in tax laws		0.0	%		0.0	%		0.0	%
Deferred tax remeasurement		0.0	%		0.0	%		0.0	%
Other		(0.3	%)		(0.2	%)		(0.9	%)

Effective tax rate		22.4	%		17.3	%		19.3	%

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Year ended December 31,
	2020		2019		2018
	(in thousands)
Cash paid for income taxes, net	$	4,470	$	4,817	$	5,521

Note 10 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	2020			2019			2018
Dividend yield		1.02	%		0.96	%		1.20	%
Volatility		47.3	%		42.8	%		41.3	%
Risk-free interest rate		0.3	%		1.7	%		2.7	%
Weighted average expected option term (in years)		4.9			4.7			4.8
Weighted average fair value per share of options granted	$	13.24		$	12.51		$	8.28

Share-based Payment Arrangement, Option, Activity [Table Text Block]

				Weighted		Weighted Average	Aggregate
	*Number*			*Average*		*Remaining*	*Intrinsic*
	*of Shares*			*Exercise Price*		*Contractual Term*	*Value*
						(in years)
Balance outstanding at December 31, 2019 (1)		1,047,094		$	23.19	4.31	$	13,366,595

Granted		222,110		$	36.67
Exercised (2)		(331,958	)	$	17.99		$	5,413,197
Canceled / Expired		(5,406	)	$	27.49
Balance outstanding at December 31, 2020 (3)		931,840		$	28.22	4.49	$	11,442,240

Vested and exercisable at December 31, 2020 (4)		274,411		$	23.08	3.50	$	4,780,656
Expected to vest at December 31, 2020		657,429		$	30.37	4.93
Total		931,840

Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

				Weighted
				Average
				Grant Date
	Shares			Fair Value

Balance outstanding at December 31, 2019		188,681		$	26.14

Granted		46,146		$	36.86
Vested (1)		(50,669	)	$	22.76
Canceled		(37,143	)	$	27.88

Balance outstanding at December 31, 2020		147,015		$	30.24

Accelerated Share Repurchases [Table Text Block]

	2020		2019

Shares of common stock repurchased		16,537		20,524
Average per share repurchase price	$	34.47	$	33.28
Aggregage purchase price (in thousands)	$	570	$	683

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	2020		2019		2018
			(in thousands)
Stock option awards	$	1,938	$	1,580	$	1,457
Restricted stock units		1,084		1,062		892

Total stock-based compensation	$	3,022	$	2,642	$	2,349

	2020		2019		2018
			(in thousands)
Cost of sales	$	333	$	310	$	272
Sales and marketing		516		544		529
General and administrative		1,883		1,509		1,293
Research and development		290		279		255

Total stock-based compensation	$	3,022	$	2,642	$	2,349

Schedule of Dividends Payable [Table Text Block]

Record Date	Payment Date	Per Share Amount		Dividend Payment
				(in thousands)
Fiscal Year 2020
March 3, 2020	March 19, 2020	$	0.095	$	1,917
May 20, 2020	June 4, 2020	$	0.095	$	1,917
August 27, 2020	September 10, 2020	$	0.095	$	1,925
November 19, 2020	December 3, 2020	$	0.095	$	1,936

Fiscal Year 2019
March 22, 2019	April 5, 2019	$	0.085	$	1,672
May 22, 2019	June 6, 2019	$	0.085	$	1,672
August 21, 2019	September 5, 2019	$	0.085	$	1,691
November 20, 2019	December 5, 2019	$	0.085	$	1,701

Note 12 - Segment and Enterprise-wide Disclosures (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

	Year ended December 31,
	2020		2019		2018
	(in thousands)

United States	$	75,222	$	63,130	$	59,078
Germany		12,365		12,400		12,445
Other countries		41,779		41,702		34,045

Net sales	$	129,366	$	117,232	$	105,568

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	As of December 31,
	2020		2019
	(in thousands)

United States	$	27,660	$	24,885
Australia		115		1,499
France		1,140		1,089
Germany		1,138		1,405
Other countries		1,049		1,184

Total long-term assets	$	31,102	$	30,062

Note 13 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Year ended December 31,
	2020		2019			2018
	(in thousands)
Beginning balance	$	1,764	$	72		$	1,300
Additions		406		1,989			-
Payments		-		(309	)		(1,199	)
Change in fair value included in earnings		70		12			(29	)

Ending balance	$	2,240	$	1,764		$	72

Note 14 - Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Year ended December 31,
	2020			2019			2018
	(in thousands)
Beginning balance	$	(4,007	)	$	(3,900	)	$	(2,289	)

Other comprehensive income (loss) before reclassifications		2,482			(107	)		(1,611	)
Amounts reclassified from accumulated other comprehensive loss		-			-			-

Ending Balance	$	(1,525	)	$	(4,007	)	$	(3,900	)

Note 15 - Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Quarterly Financial Information [Table Text Block]

	Three months ended
2020	March 31		June 30		September 30		December 31
	(in thousands, except per share data)
Total net sales	$	30,551	$	24,851	$	36,416	$	37,548
Gross profit		20,483		17,029		22,704		24,402
Income (loss) from operations		4,353		4,872		10,018		9,545
Net income		3,174		3,500		7,513		7,033
Earnings per share
Basic	$	0.16	$	0.17	$	0.37	$	0.35
Diluted	$	0.16	$	0.17	$	0.37	$	0.34

	Three months ended
2019	March 31		June 30		September 30		December 31
	(in thousands, except per share data)
Total net sales	$	28,479	$	29,483	$	29,100	$	30,170
Gross profit		19,464		20,315		20,166		19,908
Income (loss) from operations		4,435		5,915		5,905		4,928
Net income		3,513		4,624		5,184		4,613
Earnings per share
Basic	$	0.18	$	0.23	$	0.26	$	0.23
Diluted	$	0.17	$	0.23	$	0.25	$	0.23

Note 1 - Significant Accounting Policies and Related Matters (Details Textual) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Accounts Receivable, after Allowance for Credit Loss, Current, Total		$ 19,552	$ 16,572
Number of Operating Segments	1	1
Goodwill, Impairment Loss		$ 0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		0	0	$ 0
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance		1,600	$ 4,000
ITALY
Accounts Receivable, after Allowance for Credit Loss, Current, Total		900
SPAIN
Accounts Receivable, after Allowance for Credit Loss, Current, Total		600
Geographic Distribution, Foreign [Member]
Cash, Ending Balance		$ 13,700
Minimum [Member]
Period of Payments Received from Customers (Day)		30 days
Finite-Lived Intangible Asset, Useful Life (Year)		2 years
Maximum [Member]
Period of Payments Received from Customers (Day)		60 days
Finite-Lived Intangible Asset, Useful Life (Year)		16 years

Note 1 - Organization and Basis for Presentation - Disaggregation of Revenue by Major Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 129,366	$ 117,232
Americas [Member]
Revenue	81,470	69,359
EMEA [Member]
Revenue	39,193	39,480
Asia Pacific [Member]
Revenue	$ 8,703	$ 8,393

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Note 1 - Significant Accounting Policies and Related Matters - Summary of Advertising Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Advertising expense	$ 216	$ 286	$ 299

Note 1 - Significant Accounting Policies and Related Matters - Allowance for Doubtful Accounts and Sales Returns (Details) - Allowance for Doubtful Accounts and Sales Returns [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance	$ 522	$ 399	$ 349
Additions (recoveries) charged to income	293	388	264
Deductions from reserves	192	265	214
Balance	$ 623	$ 522	$ 399

Note 1 - Significant Accounting Policies and Related Matters - Summary of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Computers and Equipment [Member] \| Minimum [Member]
Useful life (Year)	3 years
Computers and Equipment [Member] \| Maximum [Member]
Useful life (Year)	5 years
Machinery and Equipment [Member] \| Minimum [Member]
Useful life (Year)	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Useful life (Year)	10 years
Leasehold Improvements [Member] \| Minimum [Member]
Estimated useful life	The shorter of its useful life or lease term
Leasehold Improvements [Member] \| Maximum [Member]
Estimated useful life	The shorter of its useful life or lease term

Note 1 - Significant Accounting Policies and Related Matters - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic:
Net income available for common stockholders	$ 7,033	$ 7,513	$ 3,500	$ 3,174	$ 4,613	$ 5,184	$ 4,624	$ 3,513	$ 21,220	$ 17,934	$ 22,943
Weighted average shares outstanding (in shares)									20,246	19,813	19,426
Basic earnings per share (in dollars per share)	$ 0.35	$ 0.37	$ 0.17	$ 0.16	$ 0.23	$ 0.26	$ 0.23	$ 0.18	$ 1.05	$ 0.91	$ 1.18
Diluted:
Net income available for common stockholders	$ 7,033	$ 7,513	$ 3,500	$ 3,174	$ 4,613	$ 5,184	$ 4,624	$ 3,513	$ 21,220	$ 17,934	$ 22,943
Weighted average shares outstanding (in shares)									20,246	19,813	19,426
Common stock equivalents, if dilutive (in shares)									233	513	816
Shares used in computing diluted earnings per common share (in shares)									20,479	20,326	20,242
Diluted earnings per share (in dollars per share)	$ 0.34	$ 0.37	$ 0.17	$ 0.16	$ 0.23	$ 0.25	$ 0.23	$ 0.17	$ 1.04	$ 0.88	$ 1.13
Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive (in shares)									483	468	230

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Note 2 - Acquisitions and Divestitures (Details Textual) € in Millions								3 Months Ended			6 Months Ended	12 Months Ended
	Jun. 22, 2020 USD ($)	Oct. 11, 2019 USD ($)	Jul. 12, 2019 USD ($)	Oct. 22, 2018 USD ($)	Oct. 22, 2018 EUR (€)	Sep. 20, 2018 USD ($)	Apr. 05, 2018 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Oct. 22, 2018 EUR (€)
Goodwill, Purchase Accounting Adjustments												$ (1,345,000)	$ 0
Reddick Divestiture [Member]
Proceeds from Sale of Productive Assets, Total							$ 7,400,000
Long-term Purchase Commitment, Period (Year)							2 years
Gain (Loss) on Disposition of Assets for Financial Service Operations, Total										$ 5,900,000
Artegraft Inc [Member]
Payments to Acquire Businesses, Gross	$ 72,500,000
Escrow Deposit Disbursements Related to Property Acquisition	$ 7,500,000
Business Combination, Contingent Consideration, Liability, Total											$ 400,000	400,000
Business Acquisition, Purchase Price Allocation, Goodwill Expected Tax Deductible, Period (Year)	15 years
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)	12 years 7 months 6 days
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual											11,100,000
Artegraft Inc [Member] \| First Earn-out [Member]
Business Combination, Contingent Consideration, Liability, Total	$ 5,800,000
Business Combination, Contingent Consideration, Unit Sales	20,000
Artegraft Inc [Member] \| Second Earn-out [Member]
Business Combination, Contingent Consideration, Liability, Total	$ 5,800,000
Business Combination, Contingent Consideration, Unit Sales	24,000
Artegraft Inc [Member] \| Third Earn-out [Member]
Business Combination, Contingent Consideration, Liability, Total	$ 5,800,000
Business Combination, Contingent Consideration, Unit Sales	28,800
Artegraft Inc [Member] \| Catch-Up Payment [Member]
Business Combination, Contingent Consideration, Liability, Total	$ 400,000
Business Combination, Contingent Consideration, Minimum Unit Sales in Three Years	58,240
Business Combination, Contingent Consideration, Minimum Unit Sales in Three Years, Percent of Combined Individual Year Targets	80.00%
Business Combination, Contingent Consideration, Before Multiplied by Fraction	$ 17,500,000
Business Combination, Contingent Consideration, Denominator, Less Amount Paid	72,800
Artegraft Inc [Member] \| Maximum [Member]
Business Combination, Consideration Transferred, Total	$ 90,000,000.0
CardioCel and VascuCel Biologic Patches [Member]
Payments to Acquire Businesses, Gross		$ 14,200,000
Business Combination, Contingent Consideration, Liability, Total		7,500,000									$ 2,300,000	$ 2,300,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)												10 years 4 months 24 days
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual									$ 1,400,000
Goodwill, Purchase Accounting Adjustments								$ (1,300,000)
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets								$ 1,300,000
CardioCel and VascuCel Biologic Patches [Member] \| Technology Licenses [Member]
Business Combination, Consideration Transferred, Total		8,000,000.0
CardioCel and VascuCel Biologic Patches [Member] \| Achieving Audited Financial Statements of Acquired Business [Member]
Payments to Acquire Businesses, Gross		300,000
CardioCel and VascuCel Biologic Patches [Member] \| First Holdback [Member]
Business Combination, Contingent Consideration, Liability, Total		700,000
CardioCel and VascuCel Biologic Patches [Member] \| Third Holdback [Member]
Business Combination, Contingent Consideration, Liability, Total		2,000,000.0
CardioCel and VascuCel Biologic Patches [Member] \| Revenues Exceeding Twenty Million in the First Twelve Month Period After Closing Date [Member]
Business Combination, Contingent Consideration, Liability, Total		2,500,000
CardioCel and VascuCel Biologic Patches [Member] \| Revenues Exceeding Fifteen Million in the First Twelve Month Period After Closing Date [Member]
Business Combination, Contingent Consideration, Liability, Total		1,200,000
CardioCel and VascuCel Biologic Patches [Member] \| Revenues Exceeding Thirty Million in the Second Twelve Month Period After Closing Date [Member]
Business Combination, Contingent Consideration, Liability, Total		2,500,000
CardioCel and VascuCel Biologic Patches [Member] \| Revenues Exceeding Twenty-Two and a Half Million in the First Twelve Month Period After Closing Date [Member]
Business Combination, Contingent Consideration, Liability, Total		1,200,000
CardioCel and VascuCel Biologic Patches [Member] \| Extension of Product Shelf Life from 36 Months to 60 Months in the First Anniversary of Closing Date [Member]
Business Combination, Contingent Consideration, Liability, Total		500,000
CardioCel and VascuCel Biologic Patches [Member] \| Maximum [Member] \| Biological Patch Business Assets [Member]
Business Combination, Consideration Transferred, Total		$ 15,300,000
Tru-Incise Valve Cutter [Member]
Business Combination, Consideration Transferred, Total			$ 8,000,000.0
Payments to Acquire Businesses, Gross			$ 6,800,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)			11 years 9 months 18 days
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual													$ 800,000
Business Combination, Deferred Purchase Consideration, Installment Payment			$ 400,000
Business Combination, Deferred Purchase Consideration			1,200,000
Acquisition Date Fair Value			$ 1,100,000
Business Combination ,Fair Value Inputs, Discount Rate			4.19%
Cardial [Member]
Business Combination, Consideration Transferred, Total				$ 2,300,000	€ 2.0
Payments to Acquire Businesses, Gross				$ 1,300,000	€ 1.1
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)				9 years 4 months 24 days	9 years 4 months 24 days
Business Combination, Deferred Purchase Consideration				$ 400,000										€ 0.4
Business Combination, Consideration Transferred, Liabilities Incurred				500,000	€ 0.5
Deferred Tax Assets, Business Combinations				600,000										€ 0.5
Business Combination, Bargain Purchase, Gain Recognized, Amount				$ 1,600,000	€ 1.4
Applied Medical [Member]
Business Combination, Consideration Transferred, Total						$ 14,200,000
Business Acquisition, Purchase Price Allocation, Goodwill Expected Tax Deductible, Period (Year)						15 years
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)						13 years
Acquisition Date Fair Value						$ 3,000,000.0
Business Combination ,Fair Value Inputs, Discount Rate						3.75%
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Current Assets Deferred Costs						$ 3,200,000
Applied Medical [Member] \| Closing Date [Member]
Business Combination, Consideration Transferred, Total						11,000,000.0
Applied Medical [Member] \| 12 Months Following the Closing Date [Member]
Business Combination, Consideration Transferred, Total						2,000,000.0
Applied Medical [Member] \| 24 Months Following the Closing Date [Member]
Business Combination, Consideration Transferred, Total						$ 1,200,000
Balloon Supply Agreement [Member] \| Reddick Divestiture [Member]
Long-term Purchase Commitment, Period (Year)							6 years

Note 2 - Acquisitions and Divestitures - Assets Acquired and Liabilities Assumed (Details) € in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Jun. 22, 2020 USD ($)	Dec. 31, 2019 USD ($)	Oct. 11, 2019 USD ($)	Jul. 12, 2019 USD ($)	Dec. 31, 2018 USD ($)	Oct. 22, 2018 EUR (€)	Sep. 20, 2018 USD ($)
Goodwill	$ 65,945		$ 39,951			$ 29,868
Artegraft Inc [Member]
Inventory		$ 3,859
Accounts receivable		1,789
Equipment and supplies		1,140
Accounts payable and other		53
Intangible assets		39,056
Goodwill		27,115
Purchase price		$ 72,906
CardioCel and VascuCel Biologic Patches [Member]
Intangible assets				$ 8,725
Goodwill				7,344
Purchase price				17,412
Inventory and other				$ 1,343
Tru-Incise Valve Cutter [Member]
Inventory					$ 276
Equipment and supplies					70
Intangible assets					4,844
Goodwill					2,748
Purchase price					$ 7,938
Cardial [Member]
Inventory \| €							€ 2,419
Equipment and supplies \| €							94
Intangible assets \| €							623
Purchase price \| €							1,940
Land and building \| €							750
Bargain purchase gain \| €							€ (1,946)
Applied Medical [Member]
Inventory								$ 739
Equipment and supplies								416
Intangible assets								6,527
Goodwill								6,361
Purchase price								$ 14,043

Note 2 - Acquisitions and Divestitures - Acquired Intangible Assets and Related Estimated Useful Lives (Details) € in Thousands, $ in Thousands						12 Months Ended
	Jun. 22, 2020 USD ($)	Oct. 11, 2019 USD ($)	Jul. 12, 2019 USD ($)	Oct. 22, 2018 EUR (€)	Sep. 20, 2018 USD ($)	Dec. 31, 2020
Artegraft Inc [Member]
Allocated Fair Value	$ 39,056
Weighted Average Useful Life (Year)	12 years 7 months 6 days
Artegraft Inc [Member] \| Customer Relationships [Member]
Allocated Fair Value	$ 20,310
Weighted Average Useful Life (Year)	15 years
Artegraft Inc [Member] \| Intellectual Property [Member]
Allocated Fair Value	$ 16,449
Weighted Average Useful Life (Year)	10 years
Artegraft Inc [Member] \| Noncompete Agreements [Member]
Allocated Fair Value	$ 104
Weighted Average Useful Life (Year)	5 years
Artegraft Inc [Member] \| Trade Names [Member]
Allocated Fair Value	$ 2,193
Weighted Average Useful Life (Year)	10 years
CardioCel and VascuCel Biologic Patches [Member]
Allocated Fair Value		$ 8,725
Weighted Average Useful Life (Year)						10 years 4 months 24 days
CardioCel and VascuCel Biologic Patches [Member] \| Customer Relationships [Member]
Allocated Fair Value		$ 5,562
Weighted Average Useful Life (Year)		12 years
CardioCel and VascuCel Biologic Patches [Member] \| Intellectual Property [Member]
Allocated Fair Value		$ 2,335
Weighted Average Useful Life (Year)		8 years
CardioCel and VascuCel Biologic Patches [Member] \| Noncompete Agreements [Member]
Allocated Fair Value		$ 361
Weighted Average Useful Life (Year)		5 years
CardioCel and VascuCel Biologic Patches [Member] \| Trade Names [Member]
Allocated Fair Value		$ 467
Weighted Average Useful Life (Year)		8 years
Tru-Incise Valve Cutter [Member]
Allocated Fair Value			$ 4,844
Weighted Average Useful Life (Year)			11 years 9 months 18 days
Tru-Incise Valve Cutter [Member] \| Customer Relationships [Member]
Allocated Fair Value			$ 3,945
Weighted Average Useful Life (Year)			13 years
Tru-Incise Valve Cutter [Member] \| Intellectual Property [Member]
Allocated Fair Value			$ 563
Weighted Average Useful Life (Year)			7 years
Tru-Incise Valve Cutter [Member] \| Noncompete Agreements [Member]
Allocated Fair Value			$ 233
Weighted Average Useful Life (Year)			5 years
Tru-Incise Valve Cutter [Member] \| Trade Names [Member]
Allocated Fair Value			$ 103
Weighted Average Useful Life (Year)			7 years
Cardial [Member]
Allocated Fair Value \| €				€ 623
Weighted Average Useful Life (Year)				9 years 4 months 24 days
Cardial [Member] \| Customer Relationships [Member]
Allocated Fair Value \| €				€ 250
Weighted Average Useful Life (Year)				16 years
Cardial [Member] \| Intellectual Property [Member]
Allocated Fair Value \| €				€ 237
Weighted Average Useful Life (Year)				5 years
Cardial [Member] \| Noncompete Agreements [Member]
Allocated Fair Value \| €				€ 46
Weighted Average Useful Life (Year)				5 years
Cardial [Member] \| Trade Names [Member]
Allocated Fair Value \| €				€ 90
Weighted Average Useful Life (Year)				5 years
Applied Medical [Member]
Allocated Fair Value					$ 6,527
Weighted Average Useful Life (Year)					13 years
Applied Medical [Member] \| Customer Relationships [Member]
Allocated Fair Value					$ 4,475
Weighted Average Useful Life (Year)					16 years
Applied Medical [Member] \| Intellectual Property [Member]
Allocated Fair Value					$ 1,316
Weighted Average Useful Life (Year)					7 years
Applied Medical [Member] \| Noncompete Agreements [Member]
Allocated Fair Value					$ 530
Weighted Average Useful Life (Year)					5 years
Applied Medical [Member] \| Trade Names [Member]
Allocated Fair Value					$ 206
Weighted Average Useful Life (Year)					7 years

Note 2 - Acquisitions and Divestitures - Pro Forma Financial Information (Details) - Artegraft Inc [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 137,450	$ 131,915
Net income	$ 20,041	$ 15,045
Basic (in dollars per share)	$ 0.99	$ 0.76
Diluted (in dollars per share)	$ 0.98	$ 0.74

Note 2 - Acquisitions and Divestitures - Asset Purchase Agreement (Details) - Reddick Divestiture [Member] $ in Thousands	Apr. 05, 2018 USD ($)
Inventory	$ 308
Deferred revenue - transition services agreement	1,081
Goodwill	135
Gain on divestiture	5,876
Consideration received	$ 7,400

Note 3 - Inventory and Other Deferred Costs (Details Textual) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross	$ 2.1	$ 1.9

Note 3 - Inventory and Other Deferred Costs - Summary of Inventories and Other Deferred Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Raw materials	$ 5,044	$ 5,359
Work-in-process	6,004	6,238
Finished products	28,117	23,032
Other deferred costs	5,950	4,898
Total inventory and other deferred costs	$ 45,115	$ 39,527

Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Impairment of Long-Lived Assets Held-for-use	$ 0.6	$ 0.5	$ 1.0

Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Gross property and equipment	$ 35,121	$ 32,626
Less accumulated depreciation	(20,085)	(17,772)
Property and equipment, net	15,036	14,854
Computers and Equipment [Member]
Gross property and equipment	5,046	4,623
Machinery and Equipment [Member]
Gross property and equipment	17,266	16,245
Building and Leasehold Improvements [Member]
Gross property and equipment	$ 12,809	$ 11,758

Note 4 - Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Depreciation expense	$ 3,181	$ 2,979	$ 2,564

Note 5 - Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Goodwill, Purchase Accounting Adjustments		$ (1,345)	$ 0
Impairment of Intangible Assets, Finite-lived			$ 4,500
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)		2 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)		16 years
Weighted Average [Member]
Finite-Lived Intangible Asset, Useful Life (Year)		11 years 8 months 12 days
CardioCel and VascuCel Biologic Patches [Member]
Goodwill, Purchase Accounting Adjustments	$ (1,300)
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	$ 1,300

Note 5 - Goodwill and Other Intangibles - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Balance at beginning of year	$ 39,951	$ 29,868
Additions for acquisitions	27,115	10,092
Purchase accounting adjustments	(1,345)	0
Effects of currency exchange	224	(9)
Balance at end of year	$ 65,945	$ 39,951

Note 5 - Goodwill and Other Intangibles - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Gross carrying value	$ 74,243	$ 35,249
Accumulated amortization	15,338	10,356
Net carrying value	58,905	24,893
Product Technology and Intellectual Property [Member]
Gross carrying value	29,951	13,502
Accumulated amortization	7,947	5,722
Net carrying value	22,004	7,780
Trademarks, Tradenames and Licenses [Member]
Gross carrying value	4,000	1,807
Accumulated amortization	1,094	702
Net carrying value	2,906	1,105
Customer Relationships [Member]
Gross carrying value	38,525	18,215
Accumulated amortization	5,424	3,364
Net carrying value	33,101	14,851
Other Intangible Assets [Member]
Gross carrying value	1,767	1,725
Accumulated amortization	873	568
Net carrying value	$ 894	$ 1,157

Note 5 - Goodwill and Other Intangibles - Amortization Expense Included in General and Administrative Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amortization expense	$ 5,043	$ 2,437	$ 1,760

Note 5 - Goodwill and Other Intangibles - Estimated Amortization Expense for Each of Five Succeeding Fiscal Years (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 6,179
2022	5,975
2023	5,902
2024	5,706
2025	$ 5,467

Note 6 - Revolving Line of Credit and Long-term Debt (Details Textual) - Senior Secured Credit Facility [Member] - USD ($) $ in Thousands		12 Months Ended
	Jun. 22, 2020	Dec. 31, 2020
Debt Instrument, Face Amount	$ 65,000
Debt Instrument, Interest Rate, Effective Percentage		4.20%
Debt Issuance Costs, Net, Total	$ 1,800
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total		$ 900
Debt Instrument, Collateral, Percentage of Stock of Domestic Subsidiaries	100.00%
Term Loan [Member]
Debt Instrument, Face Amount	$ 40,000
Debt Instrument, Term (Year)	5 years
Repayments of Long-term Debt, Total		$ 1,000
Debt Instrument, Interest Rate, Effective Percentage		3.50%
Debt Issuance Costs, Net, Total		$ 968
Term Loan [Member] \| Minimum [Member]
Debt Instrument, Periodic Payment, Total	$ 500
Term Loan [Member] \| Maximum [Member]
Debt Instrument, Periodic Payment, Total	$ 1,000
Term Loan [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Term Loan [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Term Loan [Member] \| Eurodollar [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Term Loan [Member] \| Eurodollar [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Term Loan [Member] \| Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000
Debt Instrument, Term (Year)	5 years
Revolving Credit Facility [Member] \| Other Assets [Member]
Debt Issuance Costs, Line of Credit Arrangements, Net, Total	$ 700

Note 6 - Revolving Line of Credit and Long-term Debt - Five Year Term Loan (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Five-year term loan, net of unamortized debt issuance costs of $968	$ 38,032
Less current portion	(2,500,000)	$ 0
Secured Long-term Debt, Noncurrent	35,532,000	$ 0
Term Loan [Member] \| Senior Secured Credit Facility [Member]
Less current portion	(2,500,000)
Secured Long-term Debt, Noncurrent	$ 35,532,000

Note 6 - Revolving Line of Credit and Long-term Debt - Five Year Term Loan (Details) (Parentheticals)	Jun. 22, 2020
Term Loan [Member] \| Senior Secured Credit Facility [Member]
Term (Year)	5 years

Note 6 - Revolving Line of Credit and Long-term Debt - Long-term Debt Maturities (Details) - Senior Secured Credit Facility [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 22, 2020
Less unamortized issuance costs		$ (1,800)
Term Loan [Member]
2021	$ 2,500
2022	3,000
2023	3,500
2024	4,000
2025	26,000
Total before unamortized issuance costs	39,000
Less unamortized issuance costs	(968)
Less current portion of long-term bebt	(2,500)
Total long-term debt	$ 35,532

Note 7 - Accrued Expenses and Other Long-term Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Compensation and related taxes	$ 8,675	$ 8,550
Income and other taxes	2,394	1,003
Professional fees	39	40
Other	6,417	4,421
Total	$ 17,525	$ 14,014

Note 7 - Accrued Expenses and Other Long-term Liabilities - Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Acquisition-related liabilities	$ 3,700	$ 3,268
Income taxes	813	781
Other	130	166
Total	$ 4,643	$ 4,215

Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands	Dec. 31, 2020 USD ($) ft²
Finance Lease, Right-of-Use Asset \| $	$ 0
Lessee, Operating Lease, Discount Rate	5.25%
Recorded Unconditional Purchase Obligation, Total \| $	$ 5,200
Leased Automobiles [Member]
Lessee, Operating Lease, Term of Contract (Year)	3 years
North Brunswick, New Jersey [Member] \| Artegraft Inc [Member]
Area of Real Estate Property (Square Foot)	16,732
CANADA
Lessee, Operating Lease, Renewal Term (Year)	5 years
Principal Worldwide Executive, Distribution, and Manufacturing Operations Facilities [Member] \| Massachusetts [Member]
Area of Real Estate Property (Square Foot)	109,354
International Operations Headquarter Facility [Member] \| GERMANY
Area of Real Estate Property (Square Foot)	16,470
Lessee, Operating Lease, Renewal Term (Year)	5 years
United Kingdom Sales and Distribution Business [Member] \| Hereford, England [Member]
Area of Real Estate Property (Square Foot)	2,258

Note 8 - Commitments and Contingencies - Additional Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating lease cost	$ 1,912	$ 1,756
Short-term lease cost	192	291
Total lease cost	2,104	2,047
Cash paid for amounts included in the measurement of operating lease liabilities	2,404	1,858
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 2,770	$ 10,571
Weighted average remaining lease term - operating leases (years) (Year)	7 years 9 months 18 days	8 years 3 months 18 days
Weighted average discount rate - operating leases	5.02%	5.25%

Note 8 - Commitments and Contingencies - Minimum Rental Commitments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 2,763
2022	2,447
2023	2,064
2024	1,866
2025	1,916
Thereafter	9,920
Adjustment to net present value as of December 31, 2020	(4,230)
Minimum noncancelable lease liability	$ 16,746

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unrecognized Tax Benefits, Ending Balance	$ 820	$ 848	$ 711	$ 525
Deferred Tax Assets, Valuation Allowance, Total	1,824	1,388
Deferred Tax Assets, Operating Loss Carryforwards, Total	1,348	1,289
Deferred Tax Assets, Capital Loss Carryforwards	521	277
Foreign Tax Authority [Member] \| AUSTRALIA
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	400	$ 100
Deferred Tax Assets, Operating Loss Carryforwards, Total	1,500
Deferred Tax Assets, Capital Loss Carryforwards	1,700
Foreign Tax Authority [Member] \| FRANCE
Deferred Tax Assets, Operating Loss Carryforwards, Total	2,500
Foreign Tax Authority [Member] \| SPAIN
Deferred Tax Assets, Operating Loss Carryforwards, Total	900
Foreign Tax Authority [Member] \| NORWAY
Deferred Tax Assets, Operating Loss Carryforwards, Total	100
State and Local Jurisdiction [Member]
Tax Credit Carryforward, Amount	$ 1,600

Note 9 - Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United States	$ 25,308	$ 17,989	$ 22,256
Foreign	2,048	3,690	6,188
Total	$ 27,356	$ 21,679	$ 28,444

Note 9 - Income Taxes - The Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 4,594	$ 1,501	$ 4,262
State	806	304	673
Foreign	1,064	1,116	2,718
Current Income Tax Expense (Benefit), Total	6,464	2,921	7,653
Deferred:
Federal	(397)	538	(1,512)
State	(48)	144	(145)
Foreign	117	142	(495)
Deferred Income Tax Expense (Benefit), Total	(328)	824	(2,152)
Provision for income taxes	$ 6,136	$ 3,745	$ 5,501

Note 9 - Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Unrecognized tax benefits at the beginning of year	$ 848	$ 711	$ 525
Additions for tax positions of current year	0	74	73
Additions for tax positions of prior years	37	63	113
Reductions for settlements with taxing authorities.	(65)	0	0
Reductions for lapses of the applicable statutes of limitations	0	0	0
Unrecognized tax benefits at the end of the year	$ 820	$ 848	$ 711

Note 9 - Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Inventory	$ 1,629	$ 840
Net operating loss carryforwards	1,348	1,289
Tax credit carryforwards	1,019	944
Capital loss carryforwards	521	277
Reserves and accruals	994	787
Operating lease liabilities	3,664	3,343
Intangible assets	4,386	2,764
Stock options	359	342
Other	105	20
Total deferred tax assets	14,025	10,606
Deferred tax liabilities:
Property and equipment	(1,831)	(1,520)
Goodwill	(4,055)	(3,459)
Operating lease right-of-use assets	(3,503)	(3,224)
Foreign branch deferred offset	(954)	(923)
Other	(299)	(187)
Total deferred tax liabilities	(10,642)	(9,313)
Net deferred tax assets before valuation allowance	3,383	1,293
Valuation allowance	(1,824)	(1,388)
Net deferred tax asset	1,559	95
Net deferred tax liabiltity	(1,559)	(95)
Deferred tax classification
Deferred tax assets	1,686	1,084
Long-term deferred tax liability	(127)	(1,179)
Net long-term deferred tax liability	1,559	95
Net long-term deferred tax asset	$ (1,559)	$ (95)

Note 9 - Income Taxes - Reconciliation of the Federal Statutory Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal statutory rate	21.00%	21.00%	21.00%
State tax, net of federal benefit	2.20%	1.90%	1.40%
Effect of foreign taxes	1.10%	2.10%	3.80%
Federal tax on foreign income	0.40%	0.80%	1.40%
Valuation allowance	1.40%	0.60%	(3.20%)
Foreign deferred tax liability offset	(0.20%)	(0.40%)	(0.30%)
Manufacturing deduction	0.00%	0.00%	0.00%
Research & development tax credits	(0.60%)	(1.20%)	(0.70%)
Stock options	(2.30%)	(8.80%)	(3.30%)
Uncertain tax positions	0.30%	1.00%	0.80%
Other permanent differences	(0.60%)	0.50%	(0.70%)
Change in tax laws	0.00%	0.00%	0.00%
Deferred tax remeasurement	0.00%	0.00%	0.00%
Other	(0.30%)	(0.20%)	(0.90%)
Effective tax rate	22.40%	17.30%	19.30%

Note 9 - Income Taxes - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash paid for income taxes, net	$ 4,470	$ 4,817	$ 5,521

Note 10 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 23, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock, Shares Authorized (in shares)		37,000,000	37,000,000
Preferred Stock, Shares Authorized (in shares)		3,000,000	3,000,000
Preferred Stock, Shares Outstanding, Ending Balance (in shares)		0	0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)		5,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)		10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)		7,118,003
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		860,847
Share Price (in dollars per share)		$ 40.50	$ 35.95
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 0.38	$ 0.34	$ 0.28
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.11
Dividends Payable	$ 2.2
Dividends Payable, Date to be Paid	Mar. 25, 2021
Dividends Payable, Date of Record	Mar. 09, 2021
Common Stock [Member]
Treasury Stock, Shares, Acquired (in shares)
Stock Repurchase Program [Member] \| Common Stock [Member]
Treasury Stock, Shares, Acquired (in shares)		0
Stock Repurchase Program [Member] \| Common Stock [Member] \| Subsequent Event [Member]
Stock Repurchase Program, Authorized Amount	$ 15.0
Share-based Payment Arrangement, Option [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		4 years
Share-based Payment Arrangement, Option [Member] \| Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		5 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 1.8	$ 2.1	$ 1.9
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 10.8
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		3 years 7 months 6 days

Note 10 - Stockholders' Equity - Weighted Average Assumptions (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividend yield	1.02%	0.96%	1.20%
Volatility	47.30%	42.80%	41.30%
Risk-free interest rate	0.30%	1.70%	2.70%
Weighted average expected option term (Year)	4 years 10 months 24 days	4 years 8 months 12 days	4 years 9 months 18 days
Weighted average fair value per share of options granted (in dollars per share)	$ 13.24	$ 12.51	$ 8.28

Note 10 - Stockholders' Equity - Summary of Option Activity (Details) - USD ($)

12 Months Ended

24 Months Ended

Dec. 31, 2020

Dec. 31, 2019

^[1]

Dec. 31, 2020

Outstanding (in shares)

^[1]

1,047,094

Outstanding, weighted average exercise price (in dollars per share)

^[1]

$ 23.19

Outstanding, weighted average contractual term (Year)

4 years 5 months 26 days

^[2]

4 years 3 months 21 days

Outstanding, aggregate intrinsic value

$ 11,442,240

^[2]

$ 13,366,595

$ 11,442,240

^[2]

Granted (in shares)

222,110

Granted, weighted average exercise price (in dollars per share)

$ 36.67

Exercised (in shares)

^[3]

(331,958)

Exercised, weighted average exercise price (in dollars per share)

^[3]

$ 17.99

Exercised, aggregate intrinsic value

^[3]

$ 5,413,197

Canceled / Expired (in shares)

(5,406)

Canceled / Expired, weighted average exercise price (in dollars per share)

$ 27.49

Outstanding (in shares)

931,840

^[2]

1,047,094

931,840

^[2]

Outstanding, weighted average exercise price (in dollars per share)

$ 28.22

^[2]

$ 23.19

$ 28.22

^[2]

Vested and exercisable (in shares)

^[4]

274,411

Vested and exercisable, weighted average exercise price (in dollars per share)

^[4]

$ 23.08

Vested and exercisable, weighted average contractual term (Year)

^[4]

3 years 6 months

Vested and exercisable, aggregate intrinsic value

^[4]

$ 4,780,656

Expected to vest (in shares)

657,429

Expected to vest, weighted average exercise price (in dollars per share)

$ 30.37

Expected to vest, weighted average contractual term (Year)

4 years 11 months 4 days

Total (in shares)

931,840

[1]	The aggregate intrinsic value represents the difference between the exercise price and $23.64, the closing price of our stock on December 31, 2018, for all in-the-money options outstanding.
[2]	The aggregate intrinsic value represents the difference between the exercise price and $40.50, the closing price of our stock on December 31, 2020, for all in-the-money options outstanding.
[3]	The aggregate intrinsic value of shares exercised represents the difference between the exercise price and the closing price of our stock on the date of exercise.
[4]	The aggregate intrinsic value represents the difference between the exercise price and $35.95, the closing price of our stock on December 31, 2019, for all in-the-money options vested and exercisable as of that date.

Note 10 - Stockholders' Equity - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]

12 Months Ended

Dec. 31, 2020

$ / shares

Outstanding (in shares) | shares

188,681

Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares

$ 26.14

Granted (in shares) | shares

46,146

Granted, weighted average grant date fair value (in dollars per share) | $ / shares

$ 36.86

Vested (in shares) | shares

(50,669)

^[1]

Vested, weighted average grant date fair value (in dollars per share) | $ / shares

$ 22.76

^[1]

Canceled (in shares) | shares

(37,143)

Canceled, weighted average grant date fair value (in dollars per share) | $ / shares

$ 27.88

Outstanding (in shares) | shares

147,015

Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares

$ 30.24

[1]	The number of RSUs vested includes the shares that we withheld on behalf of employees to satisfy minimum statutory tax withholding requirements. The fair values of the RSUs that vested during 2020, 2019 and 2018 were $1.8 million, $2.1 million, and $1.9 million, respectively.

Note 10 - Stockholders' Equity - Summary of Repurchases (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Shares of common stock repurchased (in shares)	16,537	20,524
Average per share repurchase price (in dollars per share)	$ 34.47	$ 33.28
Aggregage purchase price (in thousands)	$ 570	$ 683

Note 10 - Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation	$ 3,022	$ 2,642	$ 2,349
Cost of Sales [Member]
Stock-based compensation	333	310	272
Sales [Member]
Stock-based compensation	516	544	529
General and Administrative Expense [Member]
Stock-based compensation	1,883	1,509	1,293
Research and Development Expense [Member]
Stock-based compensation	290	279	255
Share-based Payment Arrangement, Option [Member]
Stock-based compensation	1,938	1,580	1,457
Restricted Stock Units (RSUs) [Member]
Stock-based compensation	$ 1,084	$ 1,062	$ 892

Note 10 - Stockholders' Equity - Dividend Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Per share amount (in dollars per share)	$ 0.38	$ 0.34	$ 0.28
Quarterly Dividends 1 [Member]
Record date	Mar. 19, 2020	Apr. 05, 2019
Per share amount (in dollars per share)	$ 1,917	$ 1,672
Quarterly Dividends 2 [Member]
Record date	Jun. 04, 2020	Jun. 06, 2019
Per share amount (in dollars per share)	$ 1,917	$ 1,672
Quarterly Dividends 3 [Member]
Record date	Sep. 10, 2020	Sep. 05, 2019
Per share amount (in dollars per share)	$ 1,925	$ 1,691
Quarterly Dividends 4 [Member]
Record date	Dec. 03, 2020	Dec. 05, 2019
Per share amount (in dollars per share)	$ 1,936	$ 1,701

Note 11 - Profit-sharing Plan (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution, Plan Employers Matching Contribution, Annual Vesting Period (Year)	6 years
Deferred Profit Sharing [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0.3	$ 0.4	$ 0.3

Note 12 - Segment and Enterprise-wide Disclosures (Details Textual)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020
Number of Operating Segments	1	1

Note 12 - Segment and Enterprise-wide Disclosures - Net Sales to Unaffiliated Customers by Geography (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 37,548	$ 36,416	$ 24,851	$ 30,551	$ 30,170	$ 29,100	$ 29,483	$ 28,479	$ 129,366	$ 117,232	$ 105,568
UNITED STATES
Net sales									75,222	63,130	59,078
GERMANY
Net sales									12,365	12,400	12,445
Other Countries [Member]
Net sales									$ 41,779	$ 41,702	$ 34,045

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 12 - Segment and Enterprise-wide Disclosures - Long-term Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Long-term Assets	$ 31,102	$ 30,062
UNITED STATES
Long-term Assets	27,660	24,885
AUSTRALIA
Long-term Assets	115	1,499
FRANCE
Long-term Assets	1,140	1,089
GERMANY
Long-term Assets	1,138	1,405
Other Countries [Member]
Long-term Assets	$ 1,049	$ 1,184

Note 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Oct. 11, 2019
Artegraft Inc [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 17,500
Business Combination, Contingent Consideration, Liability, Total	400
CardioCel and VascuCel Biologic Patches [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 7,800
Business Combination, Contingent Consideration, Liability, Total	2,300		$ 7,500
CardioCel and VascuCel Biologic Patches [Member] \| Audited Carve-Out Financial Statements of the Acquired Business [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		300
CardioCel and VascuCel Biologic Patches [Member] \| Third Holdback [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		2,000
Business Combination, Contingent Consideration, Liability, Total			2,000
CardioCel and VascuCel Biologic Patches [Member] \| Extension of Product Shelf Life from 36 Months to 60 Months in the First Anniversary of Closing Date [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		500
Business Combination, Contingent Consideration, Liability, Total			500
CardioCel and VascuCel Biologic Patches [Member] \| Achievement of Specified Levels of Revenues [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 5,000
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Assets, Fair Value Disclosure	$ 0
Fair Value, Inputs, Level 3 [Member] \| CardioCel and VascuCel Biologic Patches [Member]
Business Combination, Contingent Consideration, Liability, Total			$ 2,300

Note 13 - Fair Value Measurements - Rollforward of the Fair Value as Determined by Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Beginning balance	$ 1,764	$ 72	$ 1,300
Additions	406	1,989	0
Payments	0	(309)	(1,199)
Change in fair value included in earnings	70	12	(29)
Ending balance	$ 2,240	$ 1,764	$ 72

Note 14 - Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance	$ 148,141	$ 130,235	$ 109,770
Balance	172,572	148,141	130,235
AOCI Attributable to Parent [Member]
Balance	(4,007)	(3,900)	(2,289)
Other comprehensive income (loss) before reclassifications	2,482	(107)	(1,611)
Amounts reclassified from accumulated other comprehensive loss	0	0	0
Balance	$ (1,525)	$ (4,007)	$ (3,900)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Note 15 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total net sales	$ 37,548	$ 36,416	$ 24,851	$ 30,551	$ 30,170	$ 29,100	$ 29,483	$ 28,479	$ 129,366	$ 117,232	$ 105,568
Gross profit	24,402	22,704	17,029	20,483	19,908	20,166	20,315	19,464	84,618	79,853	73,939
Income (loss) from operations	9,545	10,018	4,872	4,353	4,928	5,905	5,915	4,435	28,788	21,183	28,209
Net income	$ 7,033	$ 7,513	$ 3,500	$ 3,174	$ 4,613	$ 5,184	$ 4,624	$ 3,513	$ 21,220	$ 17,934	$ 22,943
Basic:
Basic (in dollars per share)	$ 0.35	$ 0.37	$ 0.17	$ 0.16	$ 0.23	$ 0.26	$ 0.23	$ 0.18	$ 1.05	$ 0.91	$ 1.18
Diluted (in dollars per share)	$ 0.34	$ 0.37	$ 0.17	$ 0.16	$ 0.23	$ 0.25	$ 0.23	$ 0.17	$ 1.04	$ 0.88	$ 1.13
Total net sales	$ 37,548	$ 36,416	$ 24,851	$ 30,551	$ 30,170	$ 29,100	$ 29,483	$ 28,479	$ 129,366	$ 117,232	$ 105,568
Gross profit	24,402	22,704	17,029	20,483	19,908	20,166	20,315	19,464	84,618	79,853	73,939
Income (loss) from operations	9,545	10,018	4,872	4,353	4,928	5,905	5,915	4,435	28,788	21,183	28,209
Net income	$ 7,033	$ 7,513	$ 3,500	$ 3,174	$ 4,613	$ 5,184	$ 4,624	$ 3,513	$ 21,220	$ 17,934	$ 22,943

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.