0001437749-21-011509 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
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	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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
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
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	LMAT
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		20,606,789

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 23,525	$ 26,764
Short-term marketable securities	214	214
Accounts receivable, net of allowances of $646 at March 31, 2021 and $623 at December 31, 2020	20,126	19,552
Inventory and other deferred costs	45,071	45,115
Prepaid expenses and other current assets	1,721	2,618
Total current assets	90,657	94,263
Property and equipment, net	15,200	15,036
Right-of-use leased assets	15,478	16,066
Goodwill	65,945	65,945
Other intangibles, net	57,339	58,905
Deferred tax assets	1,640	1,686
Other assets	1,110	909
Total assets	247,369	252,810
Liabilities and stockholders’ equity
Current portion of long-term debt	2,750	2,500
Revolving line of credit	0	0
Accounts payable	2,561	2,394
Accrued expenses	14,365	17,525
Acquisition-related obligations	776	772
Lease liabilities - short-term	1,848	1,954
Total current liabilities	22,300	25,145
Long-term debt, net	28,485	35,532
Lease liabilities - long-term	14,360	14,791
Deferred tax liabilities	124	127
Other long-term liabilities	4,575	4,643
Total liabilities	69,844	80,238
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 22,131,423 shares at March 31, 2021, and 22,061,554 shares at December 31, 2020	221	221
Additional paid-in capital	117,236	114,924
Retained earnings	74,221	70,554
Accumulated other comprehensive loss	(2,463)	(1,525)
Treasury stock, at cost; 1,540,813 shares at March 31, 2021 and 1,538,572 shares at December 31, 2020	(11,690)	(11,602)
Total stockholders’ equity	177,525	172,572
Total liabilities and stockholders’ equity	$ 247,369	$ 252,810

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts receivable, allowances	$ 646	$ 623
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)	22,131,423	22,061,554
Treasury stock, at cost (in shares)	1,540,813	1,538,572

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Sales	$ 35,883	$ 30,551
Cost of sales	12,084	10,068
Gross profit	23,799	20,483
Sales and marketing	6,466	7,945
General and administrative	6,544	5,191
Research and development	2,844	2,994
Total operating expenses	15,854	16,130
Income from operations	7,945	4,353
Other income (expense):
Interest income	1	105
Interest expense	(577)	0
Foreign currency gain (loss)	124	(178)
Income before income taxes	7,493	4,280
Provision for income taxes	1,564	1,106
Net income	$ 5,929	$ 3,174
Earnings per share of common stock:
Basic (in dollars per share)	$ 0.29	$ 0.16
Diluted (in dollars per share)	$ 0.28	$ 0.16
Weighted-average shares outstanding:
Basic (in shares)	20,546	20,168
Diluted (in shares)	20,847	20,438
Cash dividends declared per common share (in dollars per share)	$ 0.110	$ 0.095

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 5,929	$ 3,174
Other comprehensive income (loss):
Foreign currency translation adjustment, net	(937)	(1,208)
Unrealized gain (loss) on short-term marketable securities	(1)	(310)
Total other comprehensive income (loss)	(938)	(1,518)
Comprehensive income	$ 4,991	$ 1,656

- 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 (Unaudited) - 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, 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			3,174			3,174
Other comprehensive income (loss)				(1,518)		(1,518)
Issuance of common stock for stock options exercised (in shares)	19,141
Issuance of common stock for stock options exercised	$ 0	233				233
Vested restricted stock units (in shares)	4,074
Vested restricted stock units	$ 0	0				0
Repurchase of common stock for net settlement of equity awards (in shares)					1,601
Repurchase of common stock for net settlement of equity awards					$ (57)	(57)
Stock-based compensation expense		779				779
Common stock dividend accrued			(1,917)			(1,917)
Balance (in shares) at Mar. 31, 2020	21,702,142				1,523,636
Balance at Mar. 31, 2020	$ 217	106,946	58,286	(5,525)	$ (11,089)	148,835
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
Net income			5,929			5,929
Other comprehensive income (loss)				(938)		(938)
Issuance of common stock for stock options exercised (in shares)	63,895
Issuance of common stock for stock options exercised	$ 0	1,385				1,385
Vested restricted stock units (in shares)	5,974
Vested restricted stock units	$ 0					0
Repurchase of common stock for net settlement of equity awards (in shares)					2,241
Repurchase of common stock for net settlement of equity awards					$ (88)	(88)
Stock-based compensation expense		927				927
Common stock dividend accrued			(2,262)			(2,262)
Balance (in shares) at Mar. 31, 2021	22,131,423				1,540,813
Balance at Mar. 31, 2021	$ 221	$ 117,236	$ 74,221	$ (2,463)	$ (11,690)	$ 177,525

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 5,929	$ 3,174
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,624	1,538
Stock-based compensation	927	779
Fair value adjustment to contingent consideration obligations	47	64
Provision for doubtful accounts	59	71
Provision for inventory write-downs	1,005	196
Foreign currency transaction loss	33	208
Changes in operating assets and liabilities:
Accounts receivable	(857)	(368)
Inventory and other deferred costs	(1,346)	(1,861)
Prepaid expenses and other assets	638	659
Accounts payable and other liabilities	(2,985)	(3,271)
Net cash provided by operating activities	6,074	1,189
Investing activities
Purchases of property and equipment and other assets	(1,059)	(863)
Purchases of short-term marketable securities	(1)	(2,103)
Sales of short-term marketable securities	0	3,000
Payments related to acquisitions	0	(59)
Net cash used in investing activities	(1,060)	(25)
Financing activities
Payments of long-term debt	(7,000)	0
Proceeds from stock option exercises	1,385	233
Purchase of treasury stock for net settlement of equity awards	(88)	(57)
Common stock cash dividend paid	(2,262)	(1,917)
Net cash used in financing activities	(7,965)	(1,741)
Effect of exchange rate changes on cash and cash equivalents	(288)	(265)
Net decrease in cash and cash equivalents	(3,239)	(842)
Cash and cash equivalents at beginning of period	26,764	11,786
Cash and cash equivalents at end of period	$ 23,525	$ 10,944

Note 1 - Organization and Basis for Presentation

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1. Organization and Basis for Presentation

Description of Business

Unless the context requires otherwise, references to 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; Chandler, Arizona; Vaughan, Canada; Sulzbach, Germany; Milan, Italy; Madrid, Spain; Saint-Etienne, France; Hereford, England; Kensington, Australia; Tokyo, Japan; Shanghai, China; and Singapore.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments considered necessary for a fair presentation of the results of these interim periods have been included. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from these estimates. Our estimates and assumptions, including those related to bad debts, inventories, intangible assets, sales returns and discounts, share-based compensation, and income taxes are updated as appropriate. The results for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the entire year. The information contained in these interim financial statements should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2020, including the notes thereto, included in our Form 10-K filed with the Securities and Exchange Commission (SEC) on March 12, 2021.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes to unaudited consolidated financial statements. Due to the COVID-19 pandemic, there is heightened volatility and uncertainty in customer demand and the worldwide economy in general. The magnitude and duration of any 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 May 10, 2021, the issuance date of this Quarterly Report on Form 10-Q. Actual results could differ from those estimates.

Consolidation

Our consolidated financial statements include the accounts of LeMaitre Vascular and the accounts of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

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. 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 recognize 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 Vascular 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):

Three months ended March 31,

2021

2020

($ in thousands)

Americas
$ 23,699 $ 18,336

Europe, Middle East and Africa
9,862 10,350

Asia/Pacific Rim
2,322 1,865

Total
$ 35,883 $ 30,551

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 returns experience, which requires judgment. Our cost of replacing defective products has not been material and is accounted for at the time of replacement.

Recent Accounting Pronouncements

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 was effective for us beginning January 1, 2021. The adoption of this standard did not have a material impact on our financial statements.

Note 2 - Income Tax Expense

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

2. Income Tax Expense

As part of the process of preparing our consolidated financial statements we are required to determine our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax expense together with assessing temporary differences resulting from recognition of items for income tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from taxable income during the carryback period or in the future; and to the extent we believe that recovery is not more likely than not, we must establish a valuation allowance. To the extent we establish a valuation allowance or increase this allowance in a period, we must reflect this increase as an expense within the tax provision in the statement of operations. We do not provide for income taxes on undistributed earnings of certain foreign subsidiaries, as our intention is to permanently reinvest these earnings.

We recognize, measure, present and disclose in our financial statements any uncertain tax positions that we have taken, or expect to take on a tax return. We operate in multiple taxing jurisdictions, both within and without the United States, and may be subject to audits from various tax authorities. Management’s judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, liabilities for uncertain tax positions, and any valuation allowance recorded against our net deferred tax assets. We will monitor the realizability of our deferred tax assets and adjust the valuation allowance accordingly.

Our policy is to classify interest and penalties related to unrecognized tax benefits as income tax expense. Our 2021 income tax expense varies from the statutory rate mainly due to the generation of federal and state tax credits, permanent items, different statutory rates from our foreign subsidiaries, and discrete stock option exercises. Our 2020 income tax expense varies from the statutory rate mainly due to the generation of federal and state tax credits, permanent items, and different statutory rates from our foreign subsidiaries.

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 March 31, 2021, the gross amount of unrecognized tax benefits exclusive of interest and penalties was $789,000. We remain subject to examination until the statute of limitations expires for each respective tax jurisdiction. The statute of limitations will be open with respect to these tax positions until 2028. A reconciliation of beginning and ending amount of our unrecognized tax benefits is as follows:

	Three months ended March 31, 2021
	(in thousands)
Unrecognized tax benefits as of December 31, 2020	$	820
Additions for tax positions of current year		-
Additions for tax positions of prior years		(31	)
Reductions for settlements with taxing authorities		-
Reductions for lapses of the applicable statutes of limitations		-
Unrecognized tax benefits as of March 31, 2021	$	789

As of March 31, 2021, a summary of the tax years that remain subject to examination in our taxing jurisdictions is as follows:

United States	2016 and forward
Foreign	2014 and forward

- 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 3 - Inventories and Other Deferred Costs

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Inventory and Other Deferred Costs Disclosure [Text Block]

3. Inventories and Other Deferred Costs

Inventories and other deferred costs consist of the following:

	March 31, 2021		December 31, 2020
	(in thousands)
Raw materials	$	5,168	$	5,044
Work-in-process		7,586		6,004
Finished products		26,483		28,117
Other deferred costs		5,834		5,950

Total inventory and other deferred costs	$	45,071	$	45,115

We had inventory on consignment at customer sites of $1.9 million and $2.1 million at March 31, 2021 and December 31, 2020, respectively.

Other deferred costs relate to our RestoreFlow allograft offering and include costs incurred for the preservation of human tissues available for shipment, tissues currently in active processing, and tissues held in quarantine pending release to implantable status. By U.S. federal law, human tissues cannot be bought or sold. Therefore, the vascular and cardiac tissues we preserve are not held as inventory, and the costs we incur to procure and process them 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 - Acquisitions

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Business Combination Disclosure [Text Block]

4. Acquisitions

Our acquisitions are 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. 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 and services, consolidation of manufacturing facilities, and the leveraging of our existing administrative infrastructure.

The fair market valuations associated with these transactions fall within Level 3 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. Our assumptions associated with these Level 3 valuations are discussed below and in Note 14 to these financial statements.

Artegraft Biologic Grafts

On June 22, 2020, we entered into an Asset Purchase Agreement (Artegraft APA) to acquire the bovine carotid artery graft business from Artegraft, Inc., which subsequent to the closing changed its 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, as well as the time value of money until payment.

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.

	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 (in 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. The following unaudited pro forma financial information presents the results of operations for the three-month period ended March 31, 2020 as if the acquisition had occurred at the beginning of 2020. 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 2020, or of future results.

	Unaudited Pro Forma Financial Information
	Three months ended
	March 31,
	2020
	($ in thousands)

Net sales	$	34,797

Net income		2,625

Net income per share
Basic	$	0.13
Diluted	$	0.13

CardioCel and VascuCel Biologic Patches

On October 11, 2019 (the Closing Date), we entered into an asset purchase agreement (Admedus APA) to acquire the biologic patch business assets and a related technology license from Admedus Ltd (now known as Anteris Technologies Ltd) and various of its subsidiaries (collectively, Admedus). 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 Admedus will manufacture and supply LeMaitre with inventory for a period of up to three years, unless extended in writing by both parties.

Under the Admedus APA we agreed to pay Admedus 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 license. 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 Admedus. 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 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 Admedus 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 $2.0 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 (in 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 to purchase the remaining assets of their Tru-Incise valve cutter business, including distribution rights in the United States. We also entered into a TSA under which UreSil, LLC continued to manufacture the acquired products for us for a specified time, until we transitioned the full manufacturing process to our Burlington, Massachusetts facilities. This manufacturing transfer is now complete.

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 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 (in 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.

Note 5 - Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

5. Goodwill and Other Intangible Assets

There was no change to goodwill during the quarter ended March 31, 2021. Other intangible assets consist of the following:

	March 31, 2021						December 31, 2020
	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	$	8,691	$	21,260	$	29,951	$	7,947	$	22,004
Trademarks, tradenames and licenses		4,000		1,197		2,803		4,000		1,094		2,906
Customer relationships		38,525		6,066		32,459		38,525		5,424		33,101
Other intangible assets		1,767		950		817		1,767		873		894

Total identifiable intangible assets	$	74,243	$	16,904	$	57,339	$	74,243	$	15,338	$	58,905

These intangible assets are being amortized over their useful lives ranging from 2 to 16 years. The weighted-average amortization period for these intangibles as of March 31, 2021 is 11.9 years. Amortization expense is included in general and administrative expense and was as follows for the periods indicated.

	Three months ended March 31,
	2021		2020
	(in thousands)

Amortization expense	$	1,566	$	834

We estimate that amortization expense for the remainder of 2021 and for each of the five succeeding fiscal years will be as follows:

		Year ended December 31,
	2021		2022		2023		2024		2025		2026
	(in thousands)

Amortization expense	$	4,613	$	5,975	$	5,902	$	5,706	$	5,467	$	5,001

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

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

6. Revolving Line of Credit and Long-term Debt

In connection with the acquisition of 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 that 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. During the three months ended March 31, 2021 we made a scheduled principal payment on the term loan of $0.5 million and also made additional optional prepayments of $6.5 million. Long term debt as of March 31, 2021 is as follows:

	March 31, 2021
	(in thousands)

Five-year term loan, net of unamortized debt issuance costs of $765	$	31,235
Less current portion		(2,750	)
	$	28,485

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 March 31, 2021 all outstanding borrowings were designated as Eurodollar loans and bore interest of 3.25%. 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 loans, 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 of the arrangement. This results in an effective interest rate of approximately 4.2%. During the quarter ended March 31, 2021, in connection with making optional prepayments of $6.5 million on the term loan, we expensed a proportionate amount of the unamortized transaction costs in the amount of $0.1 million. Cash paid for interest during the three months ended March 31, 2021 was $0.3 million.

The term of the revolving line of credit is five years, 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 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 governing the credit facility. 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 March 31, 2021. 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 from time to time without premium or penalty.

Note 7 - Leases

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

7. 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 at five leased facilities with square footage totaling 109,354 in Burlington, Massachusetts. All five Burlington leases expire in December 2030. In addition, our international 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. 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 March 31, 2021.

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

We account for leases under the provisions of ASU No. 2016-02, Leases (Topic 842), subsequently amended by ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under this 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 upon initial adoption of this standard and for leases entered into subsequently was the selection of a discount rate; because we had no debt as of the adoption of this standard, we had no incremental borrowing rate to reference. We therefore derived 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 are substantially similar, and because we believe our subsidiaries would be unable to obtain borrowings on their own without a commitment of parent company support. In connection with the assumption of the Artegraft, Inc. lease referenced above, we used LeMaitre’s borrowing rate of 3.5% as of the acquisition date associated with debt incurred to finance the acquisition to value the lease.

Additional information with respect to our leases is as follows:

	Three Months Ended
	March 31,
	2021			2020
Lease cost
Operating lease cost		607			474
Short-term lease cost		64			13
Total lease cost	$	671		$	487

Other information
Cash paid for amounts included in the measurement of operating lease liabilities	$	748		$	591

Right-of-use assets obtained in exchange for new operating lease liabilities	$	16		$	149

Weighted average remaining lease term in years - operating leases		8.0			8.6

Weighted average discount rate - operating leases		5.02	%		5.25	%

At March 31, 2021, the minimum noncancelable operating lease rental commitments with initial or remaining terms of more than one year are as follows:

Remainder of 2021	$	2,031
Year ending December 31,
2022		2,439
2023		2,066
2024		1,869
2025		1,919
2026		1,977
Thereafter		7,954
Adjustment to net present value as of March 31, 2021		(4,047	)

Minimum noncancelable lease liability	$	16,208

Note 8 - Accrued Expenses and Other Long-term Liabilities

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

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

8. Accrued Expenses and Other Long-term Liabilities

Accrued expenses consist of the following:

	March 31, 2021		December 31, 2020
	(in thousands)
Compensation and related taxes	$	5,880	$	8,675
Income and other taxes		3,736		2,394
Professional fees		161		39
Other		4,588		6,417

Total	$	14,365	$	17,525

Other long-term liabilities consist of the following:

	March 31, 2021		December 31, 2020
	(in thousands)
Aquisition-related liabilities	$	3,678	$	3,700
Income taxes		765		813
Other		132		130

Total	$	4,575	$	4,643

Note 9 - Segment and Enterprise-wide Disclosures

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

9. Segment and Enterprise-Wide Disclosures

Under Accounting Standards Codification Topic 280, Segment Reporting, operating segments are defined as components of an enterprise for which separate, discrete financial information is available and evaluated 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 by legal entity for local reporting purposes.

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

	Three months ended
	March 31,
	2021		2020
	(in thousands)
United States	$	21,968	$	17,000
Germany		3,063		3,294
Other countries		10,852		10,257

Net Sales	$	35,883	$	30,551

- 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.

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+ Details

Note 10 - Share-based Compensation

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

10. Share-based Compensation

Our Third Amended and Restated 2006 Stock Option and Incentive Plan allows for granting of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, unrestricted stock awards and deferred stock awards to our officers, employees, directors and consultants. The components of share-based compensation expense were as follows:

	Three months ended
	March 31,
	2021		2020
	(in thousands)
Stock option awards	$	594	$	500
Restricted stock units		333		279

Total share-based compensation	$	927	$	779

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

	Three months ended
	March 31,
	2021		2020
	(in thousands)
Cost of sales	$	100	$	81
Sales and marketing		169		159
General and administrative		561		454
Research and development		97		85

Total stock-based compensation	$	927	$	779

We did not grant any options during the three-month periods ended March 31, 2021 or 2020. During the three months ended March 31, 2021 and 2020, we awarded restricted stock units of 694 and 2,100, respectively. We issued approximately 70,000 and 23,000 shares of common stock following the exercise or vesting of underlying stock options or restricted stock units during the three months ended March 31, 2021 and 2020, respectively.

Note 11 - Net Income Per Share

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

11. Net Income per Share

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

	Three months ended
	March 31,
	2021		2020
	(in thousands, except per share data)
Basic:
Net income available for common stockholders	$	5,929	$	3,174

Weighted average shares outstanding		20,546		20,168

Basic earnings per share	$	0.29	$	0.16

Diluted:
Net income available for common stockholders	$	5,929	$	3,174

Weighted-average shares outstanding		20,546		20,168
Common stock equivalents, if dilutive		301		270
Shares used in computing diluted earnings per common share		20,847		20,438

Diluted earnings per share	$	0.28	$	0.16

Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive		256		468

Note 12 - Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

12. Stockholders’ Equity

Share Repurchase Program

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 2021
March 9, 2021	March 25, 2021	$	0.110	$	2,262

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

On April 27, 2021, our Board of Directors approved a quarterly cash dividend on our common stock of $0.11 per share payable on June 3, 2021, to stockholders of record at the close of business on May 19, 2021, which will total approximately $2.3 million.

Note 13 - Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

13. Supplemental Cash Flow Information

	Three Months Ended
	March 31,
	2021		2020
	(in thousands)
Cash paid for income taxes, net	$	337	$	526

Note 14 - Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

14. 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 March 31, 2021 included our short-term investment and short-duration bond mutual fund accounts.

We had no Level 2 assets being measured at fair value on a recurring basis as of March 31, 2021.

As discussed in Note 4, 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 artery graft business from Artegraft. 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 Admedus. 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 Admedus’ success in extending the shelf life of the acquired products as specified in the agreement, 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 Admedus’ 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, management’s estimate of the likelihood of obtaining CE marks on the acquired CardioCel and VascuCel products, and management’s estimate of Admedus’ ability to extend the shelf life of the acquired products.

	Three months ended
	March 31,
	2021		2020
	(in thousands)
Beginning balance	$	2,240	$	1,765
Additions		-		-
Payments		-		-
Change in fair value included in earnings		30		28

Ending balance	$	2,270	$	1,793

- 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 15 - Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

15. Accumulated Other Comprehensive Loss

Changes to our accumulated other comprehensive loss for the three months ended March 31, 2021 and 2020 consisted primarily of foreign currency translation:

	Three months ended
	March 31,
	2021			2020
	(in thousands)
Beginning balance	$	(1,525	)	$	(4,007	)

Other comprehensive income (loss) before reclassifications		(938	)		(1,518	)
Amounts reclassified from accumulated other comprehensive loss		-			-

Ending Balance	$	(2,463	)	$	(5,525	)

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments considered necessary for a fair presentation of the results of these interim periods have been included. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from these estimates. Our estimates and assumptions, including those related to bad debts, inventories, intangible assets, sales returns and discounts, share-based compensation, and income taxes are updated as appropriate. The results for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the entire year. The information contained in these interim financial statements should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2020, including the notes thereto, included in our Form 10-K filed with the Securities and Exchange Commission (SEC) on March 12, 2021.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes to unaudited consolidated financial statements. Due to the COVID-19 pandemic, there is heightened volatility and uncertainty in customer demand and the worldwide economy in general. The magnitude and duration of any 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 May 10, 2021, the issuance date of this Quarterly Report on Form 10-Q. Actual results could differ from those estimates.

Consolidation, Policy [Policy Text Block]

Consolidation

Our consolidated financial statements include the accounts of LeMaitre Vascular and the accounts of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Revenue from Contract with Customer [Policy Text Block]

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. 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 recognize 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 Vascular 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):

	Three months ended March 31,
	2021		2020
	($ in thousands)

Americas	$	23,699	$	18,336
Europe, Middle East and Africa		9,862		10,350
Asia/Pacific Rim		2,322		1,865
Total	$	35,883	$	30,551

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 returns experience, which requires judgment. Our cost of replacing defective products has not been material and is accounted for at the time of replacement.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

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 was effective for us beginning January 1, 2021. The adoption of this standard did not have a material impact on our financial statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

Note 1 - Organization and Basis for Presentation (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three months ended March 31,
	2021		2020
	($ in thousands)

Americas	$	23,699	$	18,336
Europe, Middle East and Africa		9,862		10,350
Asia/Pacific Rim		2,322		1,865
Total	$	35,883	$	30,551

Note 2 - Income Tax Expense (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

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

	Three months ended March 31, 2021
	(in thousands)
Unrecognized tax benefits as of December 31, 2020	$	820
Additions for tax positions of current year		-
Additions for tax positions of prior years		(31	)
Reductions for settlements with taxing authorities		-
Reductions for lapses of the applicable statutes of limitations		-
Unrecognized tax benefits as of March 31, 2021	$	789

Note 3 - Inventories and Other Deferred Costs (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	March 31, 2021		December 31, 2020
	(in thousands)
Raw materials	$	5,168	$	5,044
Work-in-process		7,586		6,004
Finished products		26,483		28,117
Other deferred costs		5,834		5,950

Total inventory and other deferred costs	$	45,071	$	45,115

Note 4 - Acquisitions (Tables)

3 Months Ended

Mar. 31, 2021

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

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

	Allocated		Estimated
	Fair Value		Useful Life (in 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 (in 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 (in 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

Business Acquisition, Pro Forma Information [Table Text Block]

	Unaudited Pro Forma Financial Information
	Three months ended
	March 31,
	2020
	($ in thousands)

Net sales	$	34,797

Net income		2,625

Net income per share
Basic	$	0.13
Diluted	$	0.13

Note 5 - Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

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

	March 31, 2021						December 31, 2020
	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	$	8,691	$	21,260	$	29,951	$	7,947	$	22,004
Trademarks, tradenames and licenses		4,000		1,197		2,803		4,000		1,094		2,906
Customer relationships		38,525		6,066		32,459		38,525		5,424		33,101
Other intangible assets		1,767		950		817		1,767		873		894

Total identifiable intangible assets	$	74,243	$	16,904	$	57,339	$	74,243	$	15,338	$	58,905

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

	Three months ended March 31,
	2021		2020
	(in thousands)

Amortization expense	$	1,566	$	834

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

		Year ended December 31,
	2021		2022		2023		2024		2025		2026
	(in thousands)

Amortization expense	$	4,613	$	5,975	$	5,902	$	5,706	$	5,467	$	5,001

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

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Debt [Table Text Block]

	March 31, 2021
	(in thousands)

Five-year term loan, net of unamortized debt issuance costs of $765	$	31,235
Less current portion		(2,750	)
	$	28,485

Note 7 - Leases (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended
	March 31,
	2021			2020
Lease cost
Operating lease cost		607			474
Short-term lease cost		64			13
Total lease cost	$	671		$	487

Other information
Cash paid for amounts included in the measurement of operating lease liabilities	$	748		$	591

Right-of-use assets obtained in exchange for new operating lease liabilities	$	16		$	149

Weighted average remaining lease term in years - operating leases		8.0			8.6

Weighted average discount rate - operating leases		5.02	%		5.25	%

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

Remainder of 2021	$	2,031
Year ending December 31,
2022		2,439
2023		2,066
2024		1,869
2025		1,919
2026		1,977
Thereafter		7,954
Adjustment to net present value as of March 31, 2021		(4,047	)

Minimum noncancelable lease liability	$	16,208

Note 8 - Accrued Expenses and Other Long-term Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	March 31, 2021		December 31, 2020
	(in thousands)
Compensation and related taxes	$	5,880	$	8,675
Income and other taxes		3,736		2,394
Professional fees		161		39
Other		4,588		6,417

Total	$	14,365	$	17,525

Other Noncurrent Liabilities [Table Text Block]

	March 31, 2021		December 31, 2020
	(in thousands)
Aquisition-related liabilities	$	3,678	$	3,700
Income taxes		765		813
Other		132		130

Total	$	4,575	$	4,643

Note 9 - Segment and Enterprise-wide Disclosures (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

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

	Three months ended
	March 31,
	2021		2020
	(in thousands)
United States	$	21,968	$	17,000
Germany		3,063		3,294
Other countries		10,852		10,257

Net Sales	$	35,883	$	30,551

Note 10 - Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

	Three months ended
	March 31,
	2021		2020
	(in thousands)
Stock option awards	$	594	$	500
Restricted stock units		333		279

Total share-based compensation	$	927	$	779

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

	Three months ended
	March 31,
	2021		2020
	(in thousands)
Cost of sales	$	100	$	81
Sales and marketing		169		159
General and administrative		561		454
Research and development		97		85

Total stock-based compensation	$	927	$	779

Note 11 - Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

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

	Three months ended
	March 31,
	2021		2020
	(in thousands, except per share data)
Basic:
Net income available for common stockholders	$	5,929	$	3,174

Weighted average shares outstanding		20,546		20,168

Basic earnings per share	$	0.29	$	0.16

Diluted:
Net income available for common stockholders	$	5,929	$	3,174

Weighted-average shares outstanding		20,546		20,168
Common stock equivalents, if dilutive		301		270
Shares used in computing diluted earnings per common share		20,847		20,438

Diluted earnings per share	$	0.28	$	0.16

Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive		256		468

Note 12 - Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Dividends Payable [Table Text Block]

Record Date	Payment Date	Per Share Amount		Dividend Payment
				(in thousands)
Fiscal Year 2021
March 9, 2021	March 25, 2021	$	0.110	$	2,262

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

Note 13 - Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

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

	Three Months Ended
	March 31,
	2021		2020
	(in thousands)
Cash paid for income taxes, net	$	337	$	526

Note 14 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

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

	Three months ended
	March 31,
	2021		2020
	(in thousands)
Beginning balance	$	2,240	$	1,765
Additions		-		-
Payments		-		-
Change in fair value included in earnings		30		28

Ending balance	$	2,270	$	1,793

Note 15 - Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

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

	Three months ended
	March 31,
	2021			2020
	(in thousands)
Beginning balance	$	(1,525	)	$	(4,007	)

Other comprehensive income (loss) before reclassifications		(938	)		(1,518	)
Amounts reclassified from accumulated other comprehensive loss		-			-

Ending Balance	$	(2,463	)	$	(5,525	)

Note 1 - Organization and Basis for Presentation (Details Textual)	3 Months Ended
	Mar. 31, 2021
Minimum [Member]
Period of Payments Received from Customers (Day)	30 days
Maximum [Member]
Period of Payments Received from Customers (Day)	60 days

Note 1 - Organization and Basis for Presentation - Disaggregation of Revenue by Major Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue	$ 35,883	$ 30,551
Americas [Member]
Revenue	23,699	18,336
EMEA [Member]
Revenue	9,862	10,350
Asia Pacific [Member]
Revenue	$ 2,322	$ 1,865

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 2 - Income Tax Expense (Details Textual) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Unrecognized Tax Benefits, Ending Balance	$ 789,000	$ 820,000

Note 2 - Income Tax Expense - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details)	3 Months Ended
	Mar. 31, 2021 USD ($)
Unrecognized tax benefits	$ 820,000
Additions for tax positions of current year	0
Additions for tax positions of prior years	(31,000)
Reductions for settlements with taxing authorities	0
Reductions for lapses of the applicable statutes of limitations	0
Unrecognized tax benefits	$ 789,000

Note 3 - Inventories and Other Deferred Costs (Details Textual) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross	$ 1.9	$ 2.1

Note 3 - Inventories and Other Deferred Costs - Summary of Inventories and Other Deferred Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Raw materials	$ 5,168	$ 5,044
Work-in-process	7,586	6,004
Finished products	26,483	28,117
Other deferred costs	5,834	5,950
Total inventory and other deferred costs	$ 45,071	$ 45,115

Note 4 - Acquisitions (Details Textual)				3 Months Ended
Note 4 - Acquisitions (Details Textual)	Jun. 22, 2020 USD ($)	Oct. 11, 2019 USD ($)	Jul. 12, 2019 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
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
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
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		$ 2,000,000.0
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)				10 years 4 months 24 days
Goodwill, Purchase Accounting Adjustments					$ (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, 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%

Note 4 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jun. 22, 2020	Oct. 11, 2019	Jul. 12, 2019
Goodwill	$ 65,945	$ 65,945
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

Note 4 - Acquisitions - Acquired Intangible Assets and Related Estimated Useful Lives (Details) - USD ($) $ in Thousands				3 Months Ended
	Jun. 22, 2020	Oct. 11, 2019	Sep. 20, 2018	Mar. 31, 2021
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
Applied Medical [Member]
Allocated Fair Value			$ 4,844
Applied Medical [Member] \| Customer Relationships [Member]
Allocated Fair Value			$ 3,945
Weighted Average Useful Life (Year)			13 years
Applied Medical [Member] \| Intellectual Property [Member]
Allocated Fair Value			$ 563
Weighted Average Useful Life (Year)			7 years
Applied Medical [Member] \| Noncompete Agreements [Member]
Allocated Fair Value			$ 233
Weighted Average Useful Life (Year)			5 years
Applied Medical [Member] \| Trade Names [Member]
Allocated Fair Value			$ 103
Weighted Average Useful Life (Year)			7 years

Note 4 - Acquisitions - Pro Forma Financial Information (Details) - Artegraft Inc [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares
Net sales \| $	$ 34,797
Net income \| $	$ 2,625
Basic (in dollars per share) \| $ / shares	$ 0.13
Diluted (in dollars per share) \| $ / shares	$ 0.13

Note 5 - Goodwill and Other Intangible Assets (Details Textual)	3 Months Ended
	Mar. 31, 2021
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 10 months 24 days

Note 5 - Goodwill and Other Intangible Assets - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Gross carrying value	$ 74,243	$ 74,243
Accumulated amortization	16,904	15,338
Net carrying value	57,339	58,905
Product Technology and Intellectual Property [Member]
Gross carrying value	29,951	29,951
Accumulated amortization	8,691	7,947
Net carrying value	21,260	22,004
Trademarks, Tradenames and Licenses [Member]
Gross carrying value	4,000	4,000
Accumulated amortization	1,197	1,094
Net carrying value	2,803	2,906
Customer Relationships [Member]
Gross carrying value	38,525	38,525
Accumulated amortization	6,066	5,424
Net carrying value	32,459	33,101
Other Intangible Assets [Member]
Gross carrying value	1,767	1,767
Accumulated amortization	950	873
Net carrying value	$ 817	$ 894

Note 5 - Goodwill and Other Intangible Assets - Amortization Expense Included in General and Administrative Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amortization expense	$ 1,566	$ 834

Note 5 - Goodwill and Other Intangible Assets - Estimated Amortization Expense for Each of Five Succeeding Fiscal Years (Details) $ in Thousands	Mar. 31, 2021 USD ($)
2021	$ 4,613
2022	5,975
2023	5,902
2024	5,706
2025	5,467
2026	$ 5,001

Note 6 - Revolving Line of Credit and Long-term Debt (Details Textual) - Senior Secured Credit Facility [Member] - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Jun. 22, 2020	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument, Face Amount	$ 65.0
Debt Instrument, Interest Rate, Effective Percentage			4.20%
Debt Issuance Costs, Net, Total	$ 1.8
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total		$ 0.3
Debt Instrument, Collateral, Percentage of Stock of Domestic Subsidiaries	100.00%
Term Loan [Member]
Debt Instrument, Face Amount	$ 40.0
Debt Instrument, Term (Year)	5 years
Repayments of Long-term Debt, Total		0.5	$ 1.0
Repayments of Long-term Lines of Credit		$ 6.5
Debt Instrument, Interest Rate, Effective Percentage		3.25%
Amortization of Debt Issuance Costs		$ 0.1
Term Loan [Member] \| Minimum [Member]
Debt Instrument, Periodic Payment, Total	$ 0.5
Term Loan [Member] \| Maximum [Member]
Debt Instrument, Periodic Payment, Total	$ 1.0
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	$ 25.0
Debt Instrument, Term (Year)	5 years
Revolving Credit Facility [Member] \| Other Assets [Member]
Debt Issuance Costs, Line of Credit Arrangements, Net, Total	$ 0.7

Note 6 - Revolving Line of Credit and Long-term Debt - Five Year Term Loan (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Five-year term loan, net of unamortized debt issuance costs of $765	$ 31,235
Less current portion	(2,750,000)	$ (2,500,000)
Secured Long-term Debt, Noncurrent	28,485,000	$ 35,532,000
Term Loan [Member] \| Senior Secured Credit Facility [Member]
Less current portion	(2,750,000)
Secured Long-term Debt, Noncurrent	$ 28,485,000

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 7 - Leases (Details Textual) $ in Thousands	Mar. 31, 2021 USD ($) ft²	Dec. 31, 2020
Finance Lease, Right-of-Use Asset \| $	$ 0
Lessee, Operating Lease, Discount Rate		5.25%
Senior Secured Credit Facility [Member] \| Term Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.50%
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 7 - Leases - Additional Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating lease cost	$ 607	$ 474
Short-term lease cost	64	13
Total lease cost	671	487
Cash paid for amounts included in the measurement of operating lease liabilities	748	591
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 16	$ 149
Weighted average remaining lease term in years - operating leases (Year)	8 years	8 years 7 months 6 days
Weighted average discount rate - operating leases	5.02%	5.25%

Note 7 - Leases - Minimum Rental Commitments (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Remainder of 2021	$ 2,031
2022	2,439
2023	2,066
2024	1,869
2025	1,919
2026	1,977
Thereafter	7,954
Adjustment to net present value as of March 31, 2021	(4,047)
Minimum noncancelable lease liability	$ 16,208

Note 8 - Accrued Expenses and Other Long-term Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Compensation and related taxes	$ 5,880	$ 8,675
Income and other taxes	3,736	2,394
Professional fees	161	39
Other	4,588	6,417
Total	$ 14,365	$ 17,525

Note 8 - Accrued Expenses and Other Long-term Liabilities - Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Aquisition-related liabilities	$ 3,678	$ 3,700
Income taxes	765	813
Other	132	130
Total	$ 4,575	$ 4,643

Note 9 - Segment and Enterprise-wide Disclosures (Details Textual)	3 Months Ended
	Mar. 31, 2021
Number of Operating Segments	1

Note 9 - Segment and Enterprise-wide Disclosures - Net Sales to Unaffiliated Customers by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Sales	$ 35,883	$ 30,551
UNITED STATES
Net Sales	21,968	17,000
GERMANY
Net Sales	3,063	3,294
Other Countries [Member]
Net Sales	$ 10,852	$ 10,257

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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+ Details

Note 10 - Share-based Compensation (Details Textual) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	694	2,100
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares)	70,000	23,000

Note 10 - Share-based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation	$ 927	$ 779
Share-based Payment Arrangement, Option [Member]
Stock-based compensation	594	500
Restricted Stock Units (RSUs) [Member]
Stock-based compensation	$ 333	$ 279

Note 10 - Share-based Compensation - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Total stock-based compensation	$ 927	$ 779
Cost of Sales [Member]
Total stock-based compensation	100	81
Selling and Marketing Expense [Member]
Total stock-based compensation	169	159
General and Administrative Expense [Member]
Total stock-based compensation	561	454
Research and Development Expense [Member]
Total stock-based compensation	$ 97	$ 85

Note 11 - Net Income per Share - Computation of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 5,929	$ 3,174
Weighted average shares outstanding (in shares)	20,546	20,168
Basic earnings per share (in dollars per share)	$ 0.29	$ 0.16
Common stock equivalents, if dilutive (in shares)	301	270
Shares used in computing diluted earnings per common share (in shares)	20,847	20,438
Diluted earnings per share (in dollars per share)	$ 0.28	$ 0.16
Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive (in shares)	256	468

- Definition

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

+ References

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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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+ Details

- Definition

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

+ References

+ Details

Note 12 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended
	Apr. 27, 2021	Mar. 31, 2021	Mar. 31, 2020	Feb. 23, 2021
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 0.110	$ 0.095
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.11
Dividends Payable	$ 2.3
Dividends Payable, Date to be Paid	Jun. 03, 2021
Dividends Payable, Date of Record	May 19, 2021
Common Stock [Member]
Treasury Stock, Shares, Acquired (in shares)
Stock Repurchase Program [Member] \| Common Stock [Member]
Stock Repurchase Program, Authorized Amount				$ 15.0
Treasury Stock, Shares, Acquired (in shares)		0

Note 12 - Stockholders' Equity - Dividend Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Per share amount (in dollars per share)	$ 0.110	$ 0.095
Quarterly Dividends 1 [Member]
Record date	Mar. 09, 2021
Payment date	Mar. 25, 2021
Per share amount (in dollars per share)	$ 0.110
Dividend payment	$ 2,262
Quarterly Dividends 2 [Member]
Record date			Mar. 03, 2020
Payment date			Mar. 19, 2020
Per share amount (in dollars per share)			$ 0.095
Dividend payment			$ 1,917
Quarterly Dividends 3 [Member]
Record date			May 20, 2020
Payment date			Jun. 04, 2020
Per share amount (in dollars per share)			$ 0.095
Dividend payment			$ 1,917
Quarterly Dividends 4 [Member]
Record date			Aug. 27, 2020
Payment date			Sep. 10, 2020
Per share amount (in dollars per share)			$ 0.095
Dividend payment			$ 1,925
Quarterly Dividends 5 [Member]
Record date			Nov. 19, 2020
Payment date			Dec. 03, 2020
Per share amount (in dollars per share)			$ 0.095
Dividend payment			$ 1,936

Note 13 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash paid for income taxes, net	$ 337	$ 526

Note 14 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2021	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	$ 2,000			$ 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 14 - Fair Value Measurements - Rollforward of the Fair Value as Determined by Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Beginning balance	$ 2,240	$ 1,765
Additions	0	0
Payments	0	0
Change in fair value included in earnings	30	28
Ending balance	$ 2,270	$ 1,793

Note 15 - Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Balance	$ 172,572	$ 148,141
Balance	177,525	148,835
AOCI Attributable to Parent [Member]
Balance	(1,525)	(4,007)
Other comprehensive income (loss) before reclassifications	(938)	(1,518)
Amounts reclassified from accumulated other comprehensive loss	0	0
Balance	$ (2,463)	$ (5,525)

- 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