0001437749-23-030613 | 10-Q | XBRL Viewer

Note 3 - Inventories and Other Deferred Costs

9 Months Ended

Sep. 30, 2023

Inventory and Other Deferred Costs Disclosure [Text Block]

3. Inventories and Other Deferred Costs

Inventories and other deferred costs consist of the following:

	September 30, 2023		December 31, 2022
	(in thousands)
Raw materials	$	19,137	$	14,929
Work-in-process		3,793		3,662
Finished products		28,334		26,688
Other deferred costs		4,923		4,992

Total inventory and other deferred costs	$	56,187	$	50,271

We had inventory on consignment at customer sites of $1.8 million and $1.5 million at September 30, 2023 and December 31, 2022, respectively.

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

Note 10 - 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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 7,502	$ 8,098	$ 6,040	$ 5,456	$ 3,515	$ 6,038	$ 21,640	$ 15,009
Basic (in shares)	22,263			21,984			22,196	21,959
Basic earnings per share (in dollars per share)	$ 0.34			$ 0.25			$ 0.97	$ 0.68
Common stock equivalents, if dilutive (in shares)	218			233			215	190
Shares used in computing diluted earnings per common share (in shares)	22,481			22,217			22,411	22,149
Diluted earnings per share (in dollars per share)	$ 0.33			$ 0.25			$ 0.97	$ 0.68
Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive (in shares)	192			159			286	286

- Definition

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

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- Definition

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

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Note 5 - Goodwill and Other Intangible Assets - Amortization Expense Included in General and Administrative Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amortization expense	$ 1,536	$ 1,535	$ 4,604	$ 4,647

Note 14 - Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Nine months ended
	September 30,
	2023			2022
	(in thousands)
Beginning balance	$	(6,031	)	$	(3,435	)

Other comprehensive income (loss) before reclassifications		(674	)		(4,692	)

Ending Balance	$	(6,705	)	$	(8,127	)

Note 5 - Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023. Other intangible assets consist of the following:

	September 30, 2023						December 31, 2022
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Value		Amortization		Value		Value		Amortization		Value
	(in thousands)
Product technology and intellectual property	$	29,549	$	15,381	$	14,168	$	29,549	$	13,319	$	16,230
Trademarks, tradenames and licenses		3,767		1,870		1,897		3,647		1,533		2,114
Customer relationships		37,171		10,341		26,830		36,197		8,359		27,838
Other intangible assets		1,643		1,339		304		1,461		1,116		345

Total identifiable intangible assets	$	72,130	$	28,931	$	43,199	$	70,854	$	24,327	$	46,527

These assets are being amortized over useful lives ranging from 2 to 16 years. The weighted-average amortization period for these intangibles as of September 30, 2023 is 10.3 years. Amortization expense is included in general and administrative expense and was as follows for the periods indicated.

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)

Amortization expense	$	1,536	$	1,535	$	4,604	$	4,647

We estimate that amortization expense for the remainder of 2023 and for each of the five succeeding fiscal years will be as follows:

	Year ended December 31,
	2023		2024		2025		2026		2027		2028
	(in thousands)

Amortization expense	$	1,488	$	5,904	$	5,554	$	5,119	$	4,842	$	4,456

Note 9 - Share-based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation	$ 1,313	$ 1,186	$ 3,915	$ 3,489
Share-Based Payment Arrangement, Option [Member]
Stock-based compensation	676	614	2,009	1,840
Restricted Stock Units (RSUs) [Member]
Stock-based compensation	481	432	1,443	1,231
Performance-based Restricted Units [Member]
Stock-based compensation	$ 156	$ 140	$ 463	$ 418

Note 2 - Income Tax Expense

9 Months Ended

Sep. 30, 2023

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 inside and outside 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 2023 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 2022 income tax expense varied 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.

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 September 30, 2023, the gross amount of unrecognized tax benefits exclusive of interest and penalties was $569,000. We remain subject to examination until the statute of limitations expires for each remaining respective tax jurisdiction. The statute of limitations will be open with respect to these tax positions until 2030. A reconciliation of beginning and ending amount of our unrecognized tax benefits is as follows:

	Nine months ended September 30, 2023
	(in thousands)
Unrecognized tax benefits as of December 31, 2022	$	612
Additions/adjustments for tax positions of current year		-
Additions/adjustments for tax positions of prior years		(43	)
Reductions for settlements with taxing authorities		-
Reductions for lapses of the applicable statutes of limitations		-
Unrecognized tax benefits as of September 30, 2023	$	569

As of September 30, 2023, a summary of the tax years that remain subject to examination in our taxing jurisdictions is as follows:

United States	2019 and forward
Foreign	2015 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Note 1 - Organization and Basis for Presentation - Disaggregation of Revenue by Major Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 47,411	$ 39,028	$ 144,601	$ 120,697
Americas [Member]
Revenue	31,863	26,627	97,496	82,024
EMEA [Member]
Revenue	12,322	9,922	38,179	31,165
Asia Pacific [Member]
Revenue	$ 3,226	$ 2,479	$ 8,926	$ 7,508

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ 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, Common [Member]	Total
Balance (in shares) at Dec. 31, 2021	23,477,784				1,554,905
Balance at Dec. 31, 2021	$ 235	$ 181,630	$ 88,125	$ (3,435)	$ (12,404)	$ 254,151
Net income			6,038			6,038
Other comprehensive income (loss)				(1,189)		(1,189)
Issuance of common stock for stock options exercised (in shares)	24,917
Issuance of common stock for stock options exercised	$ 0	508				508
Vested restricted stock units (in shares)	7,158
Vested restricted stock units	$ 0	0				0
Stock-based compensation expense		1,167				1,167
Repurchase of common stock for net settlement of equity awards (in shares)					3,016
Repurchase of common stock for net settlement of equity awards					$ (145)	(145)
Common stock dividend paid			(2,743)			(2,743)
Balance (in shares) at Mar. 31, 2022	23,509,859				1,557,921
Balance at Mar. 31, 2022	$ 235	183,305	91,420	(4,624)	$ (12,549)	257,787
Balance (in shares) at Dec. 31, 2021	23,477,784				1,554,905
Balance at Dec. 31, 2021	$ 235	181,630	88,125	(3,435)	$ (12,404)	254,151
Net income						15,009
Other comprehensive income (loss)						(4,692)
Balance (in shares) at Sep. 30, 2022	23,558,954				1,558,074
Balance at Sep. 30, 2022	$ 236	186,798	94,896	(8,127)	$ (12,556)	261,247
Balance (in shares) at Mar. 31, 2022	23,509,859				1,557,921
Balance at Mar. 31, 2022	$ 235	183,305	91,420	(4,624)	$ (12,549)	257,787
Net income			3,515			3,515
Other comprehensive income (loss)				(1,820)		(1,820)
Issuance of common stock for stock options exercised (in shares)	10,808
Issuance of common stock for stock options exercised	$ 0	164				164
Vested restricted stock units (in shares)	221
Vested restricted stock units	$ 0	0				0
Stock-based compensation expense		1,136				1,136
Repurchase of common stock for net settlement of equity awards (in shares)					98
Repurchase of common stock for net settlement of equity awards					$ (4)	(4)
Common stock dividend paid			(2,745)			(2,745)
Balance (in shares) at Jun. 30, 2022	23,520,888				1,558,019
Balance at Jun. 30, 2022	$ 235	184,605	92,190	(6,444)	$ (12,553)	258,033
Net income			5,456			5,456
Other comprehensive income (loss)				(1,683)		(1,683)
Issuance of common stock for stock options exercised (in shares)	37,786
Issuance of common stock for stock options exercised	$ 1	1,007				1,008
Vested restricted stock units (in shares)	280
Vested restricted stock units	$ 0	0				0
Stock-based compensation expense		1,186				1,186
Repurchase of common stock for net settlement of equity awards (in shares)					55
Repurchase of common stock for net settlement of equity awards					$ (3)	(3)
Common stock dividend paid			(2,750)			(2,750)
Balance (in shares) at Sep. 30, 2022	23,558,954				1,558,074
Balance at Sep. 30, 2022	$ 236	186,798	94,896	(8,127)	$ (12,556)	261,247
Balance (in shares) at Dec. 31, 2022	23,655,716				1,568,595
Balance at Dec. 31, 2022	$ 237	189,268	97,773	(6,031)	$ (13,046)	268,201
Net income			6,040			6,040
Other comprehensive income (loss)				459		459
Issuance of common stock for stock options exercised (in shares)	50,424
Issuance of common stock for stock options exercised	$ 1	1,445				1,446
Vested restricted stock units (in shares)	8,773
Vested restricted stock units	$ 0	0				0
Stock-based compensation expense		1,290				1,290
Repurchase of common stock for net settlement of equity awards (in shares)					3,602
Repurchase of common stock for net settlement of equity awards					$ (172)	(172)
Common stock dividend paid			(3,099)			(3,099)
Balance (in shares) at Mar. 31, 2023	23,714,913				1,572,197
Balance at Mar. 31, 2023	$ 238	192,003	100,714	(5,572)	$ (13,218)	274,165
Balance (in shares) at Dec. 31, 2022	23,655,716				1,568,595
Balance at Dec. 31, 2022	$ 237	189,268	97,773	(6,031)	$ (13,046)	268,201
Net income						21,640
Other comprehensive income (loss)						(674)
Balance (in shares) at Sep. 30, 2023	23,835,670				1,572,435
Balance at Sep. 30, 2023	$ 239	198,254	110,081	(6,705)	$ (13,232)	288,637
Balance (in shares) at Mar. 31, 2023	23,714,913				1,572,197
Balance at Mar. 31, 2023	$ 238	192,003	100,714	(5,572)	$ (13,218)	274,165
Net income			8,098			8,098
Other comprehensive income (loss)				(250)		(250)
Issuance of common stock for stock options exercised (in shares)	120,179
Issuance of common stock for stock options exercised	$ 1	3,626				3,627
Vested restricted stock units (in shares)	399
Vested restricted stock units	$ 0	0				0
Stock-based compensation expense		1,312				1,312
Repurchase of common stock for net settlement of equity awards (in shares)					151
Repurchase of common stock for net settlement of equity awards					$ (9)	(9)
Common stock dividend paid			(3,116)			(3,116)
Balance (in shares) at Jun. 30, 2023	23,835,491				1,572,348
Balance at Jun. 30, 2023	$ 239	196,941	105,696	(5,822)	$ (13,227)	283,827
Net income			7,502			7,502
Other comprehensive income (loss)				(883)		(883)
Issuance of common stock for stock options exercised (in shares)	0
Issuance of common stock for stock options exercised	$ 0	0				0
Vested restricted stock units (in shares)	179
Vested restricted stock units	$ 0	0				0
Stock-based compensation expense		1,313				1,313
Repurchase of common stock for net settlement of equity awards (in shares)					87
Repurchase of common stock for net settlement of equity awards					$ (5)	(5)
Common stock dividend paid			(3,117)			(3,117)
Balance (in shares) at Sep. 30, 2023	23,835,670				1,572,435
Balance at Sep. 30, 2023	$ 239	$ 198,254	$ 110,081	$ (6,705)	$ (13,232)	$ 288,637

Insider Trading Arrangement (Details Textual)	9 Months Ended
Insider Trading Arrangement (Details Textual)	Sep. 30, 2023
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 9 - Share-based Compensation (Details Textual) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	1,660	2,052
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture	180,000	81,000
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	944	728
Performance-based Restricted Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	310	250

Note 4 - Divestitures

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

4. Divestitures

On April 26, 2022, we committed to a plan to close our St. Etienne, France factory, which supported our LeMaitre Cardial SAS (Cardial) business, in order to streamline manufacturing operations and reduce expenses. The Cardial business consisted of the manufacture of polyester vascular grafts, valvulotomes, surgical glue and selected OEM devices. We acquired the Cardial business in 2018.

On June 30, 2022, we ceased operations at the St. Etienne, France factory. The closure resulted in a restructuring charge of $3.1 million for the year ended December 31, 2022. Charges primarily consisted of employment termination costs, impairment of fixed assets and inventory, and third-party costs.

On October 10, 2022, we sold the St. Etienne, France building, building improvements, and land for $0.9 million less closing costs of $0.1 million, resulting in a gain of approximately $0.1 million recorded for the year ended December 31, 2022.

During the nine months ended September 30, 2023, we recorded additional restructuring charges of $0.5 million in conjunction with the St. Etienne, France factory closure. The additional charges consisted primarily of employment termination, settlement, legal and other third-party costs.

Note 6 - Leases

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

6. Leases

The Company determines if an arrangement is a lease at inception of the contract. The Company has operating leases for buildings, primarily for office space, manufacturing and distribution, as well as automobiles and printing equipment. At September 30, 2023, the Company has the following building and facility leases capitalized on the balance sheet:

Location (leases)	Purpose	Approx. Sq. Ft.		Expiration

Americas
Burlington, MA (5)	Corporate headquarters, manufacturing and distribution		109,354	December 2030
North Brunswick, NJ (1)	Artegraft biologic business		16,732	October 2029
Fox River Grove, IL (3)	RestoreFlow allografts business		11,765	November 2025
Vaughn, Canada	Canada sales office and distribution		3,192	February 2026
Chandler, Arizona	US sales office		2,058	August 2025

Europe, Middle East and Africa
Sulzbach, Germany	European headquarters and distribution		21,410	June 2031
Milan,Italy	Italy sales office and distribution		5,705	July 2027
Hereford, England	United Kingdom sales office and distribution		3,575	October 2029
Madrid, Spain	Spain sales office		2,260	June 2029

Asia Pacific
Singapore	Asia Pacific headquarters and distribution		1,270	June 2024
Tokyo, Japan	Japan sales office and distribution		4,236	July 2025
Bangkok, Thailand	Thailand sales office and distribution		2,810	August 2026
Seoul, Korea	Korea sales office and distribution		2,300	April 2027
Shanghai, China	China sales office and distribution		1,152	August 2024
Ballarat, Australia	Supply facility	Up to 350 acres		December 2030

Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future lease minimum payments over the lease term at commencement date. Many of the lease agreements contain renewal or termination clauses that are factored into the determination of the lease term if it is reasonably certain that these options would be exercised. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

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 September 30, 2023.

The interest rate implicit in lease agreements is typically not readily determinable, and as such the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The incremental borrowing rate is defined as the interest the Company would pay to borrow on a collateralized basis.

Additional information with respect to our leases is as follows:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023			2022
	(in thousands)		(in thousands)		(in thousands)			(in thousands)

Lease cost
Operating lease cost	$	797	$	792	$	1,941		$	1,955
Short-term lease cost		28		154		348			478
Total lease cost	$	825	$	946	$	2,289		$	2,433

Other information
Cash paid for amounts included in the measurement of operating lease liabilities	$	967	$	977	$	2,433		$	2,461

Right-of-use assets obtained in exchange for new operating lease liabilities	$	843	$	287	$	2,156		$	2,669


Weighted average remaining lease term - operating leases (in years)						6.7			8.2

Weighted average discount rate - operating leases						5.15	%		4.93	%

The maturities of the lease liabilities for each of the following fiscal years is:

Remainder of 2023	$	880
Year ending December 31,
2024		3,502
2025		3,314
2026		2,647
2027		2,482
2028		2,452
Thereafter		4,610
Adjustment to net present value as of September 30, 2023		(3,006	)

Minimum noncancelable lease liability	$	16,881

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 863	$ 835
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)	23,835,670	23,655,716
Treasury Stock, Common, Shares (in shares)	1,572,435	1,568,595

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

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	September 30, 2023		December 31, 2022
	(in thousands)
Compensation and related taxes	$	11,248	$	10,770
Accrued purchases		5,996		3,748
Accrued expenses		3,690		4,640
Income and other taxes		446		449
Professional fees		75		108
Other		333		252

Total	$	21,788	$	19,967

Other Noncurrent Liabilities [Table Text Block]

	September 30, 2023		December 31, 2022
	(in thousands)
Acquisition-related liabilities	$	1,383	$	1,354
Income taxes		558		636
Other		204		177

Total	$	2,145	$	2,167

Note 10 - Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands, except per share data)				(in thousands, except per share data)
Basic:
Net income available for common stockholders	$	7,502	$	5,456	$	21,640	$	15,009

Weighted average shares outstanding		22,263		21,984		22,196		21,959

Basic earnings per share	$	0.34	$	0.25	$	0.97	$	0.68

Diluted:
Net income available for common stockholders	$	7,502	$	5,456	$	21,640	$	15,009

Weighted-average shares outstanding		22,263		21,984		22,196		21,959
Common stock equivalents, if dilutive		218		233		215		190
Shares used in computing diluted earnings per common share		22,481		22,217		22,411		22,149

Diluted earnings per share	$	0.33	$	0.25	$	0.97	$	0.68

Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive		192		159		286		286

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 21,640	$ 15,009
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,072	7,145
Stock-based compensation	3,915	3,489
Fair value adjustment to contingent consideration obligations	(49)	(81)
Provision for doubtful accounts	60	214
Provision for inventory write-downs	1,455	2,060
Loss on disposal of property and equipment	0	95
Loss on divestitures	485	1,406
Foreign currency transaction (gain) loss	(7)	(90)
Changes in operating assets and liabilities:
Accounts receivable	(2,077)	(1,737)
Inventory and other deferred costs	(7,582)	(5,041)
Prepaid expenses and other assets	(1,160)	(1,344)
Accounts payable and other liabilities	2,253	176
Net cash provided by operating activities	26,005	21,301
Investing activities
Purchases of property and equipment and other assets	(5,986)	(1,969)
Payments related to acquisitions	(899)	0
Purchases of short-term marketable securities	(15,569)	(8,000)
Net cash used in investing activities	(22,454)	(9,969)
Financing activities
Payments of deferred acquisition consideration	(0)	401
Proceeds from issuance of common stock	5,073	1,679
Purchase of treasury stock for net settlement of equity awards	(186)	(152)
Common stock cash dividend paid	(9,332)	(8,238)
Net cash used in financing activities	(4,445)	(7,112)
Effect of exchange rate changes on cash and cash equivalents	(189)	(1,162)
Net increase (decrease) in cash and cash equivalents	(1,083)	3,058
Cash and cash equivalents at beginning of period	19,134	13,855
Cash and cash equivalents at end of period	$ 18,051	$ 16,913

Note 9 - Share-based Compensation

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

9. 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, performance-based 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				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Stock option awards	$	676	$	614	$	2,009	$	1,840
Restricted stock units		481		432		1,443		1,231
Performance-based restricted stock units		156		140		463		418

Total share-based compensation	$	1,313	$	1,186	$	3,915	$	3,489

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

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Cost of sales	$	168	$	142	$	504	$	415
Sales and marketing		248		205		712		607
General and administrative		765		720		2,310		2,127
Research and development		132		119		389		340

Total stock-based compensation	$	1,313	$	1,186	$	3,915	$	3,489

During the nine months ended September 30, 2023 and 2022, we granted options for the purchase of 1,660 and 2,052 shares of our common stock, we granted restricted stock units of 944 and 728, and granted performance-based restricted stock units of 310 and 250, respectively. We issued approximately 180,000 and 81,000 shares of common stock following the exercise or vesting of underlying stock options or restricted stock units during the nine months ended September 30, 2023 and 2022, respectively.

Note 8 - Segment and Enterprise-wide Disclosures (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
United States	$	28,799	$	24,242	$	88,136	$	74,734
Germany		3,317		2,814		10,246		8,675
Canada		2,615		1,962		8,093		6,141
United Kingdom		2,004		1,269		5,952		4,150
Other countries		10,676		8,741		32,174		26,997

Net Sales	$	47,411	$	39,028	$	144,601	$	120,697

Note 11 - Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Dividends Payable [Table Text Block]

Record Date	Payment Date	Per Share Amount		Dividend Payment
				(in thousands)
Fiscal Year 2023
March 9, 2023	March 23, 2023	$	0.140	$	3,099
May 17, 2023	June 1, 2023	$	0.140	$	3,116
August 17, 2023	August 31, 2023	$	0.140	$	3,117

Fiscal Year 2022
March 8, 2022	March 24, 2022	$	0.125	$	2,743
May 17, 2022	June 2, 2022	$	0.125	$	2,745
August 25, 2022	September 8, 2022	$	0.125	$	2,750
November 17, 2022	December 1, 2022	$	0.125	$	2,750

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-33092
Entity Registrant Name	LEMAITRE VASCULAR, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2825458
Entity Address, Address Line One	63 Second Avenue
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	781
Local Phone Number	221-2266
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	LMAT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		22,263,235
Entity Central Index Key	0001158895
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Insider Trading Arrangement

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Issuer Rule 10b5-1, Material Terms [Text Block]

Item 5. Other Information

Rule 10b5-1 and non-Rule 10b5-1 trading arrangements

During the fiscal quarter ended September 30, 2023, none of our directors or officers informed us of the adoption, modification or termination of a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as those terms are defined in Regulation S-K, Item 408.

Note 1 - Organization and Basis for Presentation (Details Textual)	9 Months Ended
	Sep. 30, 2023
Minimum [Member]
Period of Payments Received from Customers	30 days
Maximum [Member]
Period of Payments Received from Customers	60 days

Note 10 - Net Income Per Share

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

10. Net Income per Share

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

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands, except per share data)				(in thousands, except per share data)
Basic:
Net income available for common stockholders	$	7,502	$	5,456	$	21,640	$	15,009

Weighted average shares outstanding		22,263		21,984		22,196		21,959

Basic earnings per share	$	0.34	$	0.25	$	0.97	$	0.68

Diluted:
Net income available for common stockholders	$	7,502	$	5,456	$	21,640	$	15,009

Weighted-average shares outstanding		22,263		21,984		22,196		21,959
Common stock equivalents, if dilutive		218		233		215		190
Shares used in computing diluted earnings per common share		22,481		22,217		22,411		22,149

Diluted earnings per share	$	0.33	$	0.25	$	0.97	$	0.68

Shares excluded in computing diluted earnings per share as those shares would be anti-dilutive		192		159		286		286

Note 12 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash paid for income taxes, net	$ 5,420	$ 6,822

Note 12 - Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

12. Supplemental Cash Flow Information

	For the nine months ended
	September 30,
	2023		2022
	(in thousands)
Cash paid for income taxes, net	$	5,420	$	6,822

Note 9 - Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Stock option awards	$	676	$	614	$	2,009	$	1,840
Restricted stock units		481		432		1,443		1,231
Performance-based restricted stock units		156		140		463		418

Total share-based compensation	$	1,313	$	1,186	$	3,915	$	3,489

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

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Cost of sales	$	168	$	142	$	504	$	415
Sales and marketing		248		205		712		607
General and administrative		765		720		2,310		2,127
Research and development		132		119		389		340

Total stock-based compensation	$	1,313	$	1,186	$	3,915	$	3,489

Note 1 - Organization and Basis for Presentation (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	($ in thousands)				($ in thousands)

Americas	$	31,863	$	26,627	$	97,496	$	82,024
Europe, Middle East and Africa		12,322		9,922		38,179		31,165
Asia Pacific		3,226		2,479		8,926		7,508
Total	$	47,411	$	39,028	$	144,601	$	120,697

Note 2 - Income Tax Expense (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Nine months ended September 30, 2023
	(in thousands)
Unrecognized tax benefits as of December 31, 2022	$	612
Additions/adjustments for tax positions of current year		-
Additions/adjustments for tax positions of prior years		(43	)
Reductions for settlements with taxing authorities		-
Reductions for lapses of the applicable statutes of limitations		-
Unrecognized tax benefits as of September 30, 2023	$	569

Note 8 - Segment and Enterprise-wide Disclosures

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

8. Segment and Enterprise-Wide Disclosures

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

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

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
United States	$	28,799	$	24,242	$	88,136	$	74,734
Germany		3,317		2,814		10,246		8,675
Canada		2,615		1,962		8,093		6,141
United Kingdom		2,004		1,269		5,952		4,150
Other countries		10,676		8,741		32,174		26,997

Net Sales	$	47,411	$	39,028	$	144,601	$	120,697

- 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 1 - Organization and Basis for Presentation

9 Months Ended

Sep. 30, 2023

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, 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, biologic vascular and dialysis grafts, biologic vascular and cardiac patches, carotid shunts, embolectomy catheters, occlusion catheters, radiopaque marking tape, 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; Hereford, England; Dublin, Ireland; Kensington, Australia; Tokyo, Japan; Shanghai, China; Singapore; Seoul, Korea; and Bangkok, Thailand.

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 nine months ended September 30, 2023 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, 2022, including the notes thereto, included in our Form 10-K filed with the Securities and Exchange Commission (SEC) on March 1, 2023.

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. 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 November 7, 2023, 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 direct to hospitals and to a lesser extent to international 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 to the performance obligations

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

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

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

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

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

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	($ in thousands)				($ in thousands)

Americas	$	31,863	$	26,627	$	97,496	$	82,024
Europe, Middle East and Africa		12,322		9,922		38,179		31,165
Asia Pacific		3,226		2,479		8,926		7,508
Total	$	47,411	$	39,028	$	144,601	$	120,697

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 Italy, Spain and France 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

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies and are generally adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Note 7 - Accrued Expenses and Other Long-term Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Compensation and related taxes	$ 11,248	$ 10,770
Accrued purchases	5,996	3,748
Accrued expenses	3,690	4,640
Income and other taxes	446	449
Professional fees	75	108
Other	333	252
Total	$ 21,788	$ 19,967

Note 3 - Inventories and Other Deferred Costs - Summary of Inventories and Other Deferred Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Raw materials	$ 19,137	$ 14,929
Work-in-process	3,793	3,662
Finished products	28,334	26,688
Other deferred costs	4,923	4,992
Total inventory and other deferred costs	$ 56,187	$ 50,271

Note 2 - Income Tax Expense (Details Textual) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Unrecognized Tax Benefits	$ 569,000	$ 612,000

Note 5 - Goodwill and Other Intangible Assets - Estimated Amortization Expense for Each of Five Succeeding Fiscal Years (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2023	$ 1,488
2024	5,904
2025	5,554
2026	5,119
2027	4,842
2028	$ 4,456

Note 6 - Leases - Additional Lease Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)
Operating lease cost \| $	$ 797	$ 792	$ 1,941	$ 1,955
Short-term lease cost \| $	28	154	348	478
Total lease cost \| $	825	946	2,289	2,433
Cash paid for amounts included in the measurement of operating lease liabilities \| $	967	977	2,433	2,461
Right-of-use assets obtained in exchange for new operating lease liabilities \| $	$ 843	$ 287	$ 2,156	$ 2,669
Weighted average remaining lease term - operating leases (in years) (Year)	6 years 8 months 12 days	8 years 2 months 12 days	6 years 8 months 12 days	8 years 2 months 12 days
Weighted average discount rate - operating leases	5.15%	4.93%	5.15%	4.93%
Americas [Member] \| Principal Worldwide Executive, Distribution, and Manufacturing Operations Facilities [Member]
Burlington, MA (5) (Square Foot)	109,354		109,354
Americas [Member] \| North Brunswick, New Jersey [Member]
Burlington, MA (5) (Square Foot)	16,732		16,732
Americas [Member] \| Fox River Grove, Illinois [Member]
Burlington, MA (5) (Square Foot)	11,765		11,765
Americas [Member] \| Vaughn, Canada Lease [Member]
Burlington, MA (5) (Square Foot)	3,192		3,192
Americas [Member] \| Chandler, Arizona Lease [Member]
Burlington, MA (5) (Square Foot)	2,058		2,058
EMEA [Member] \| International Operations Headquarter Facility [Member]
Burlington, MA (5) (Square Foot)	21,410		21,410
EMEA [Member] \| Milan, Italy Lease [Member]
Burlington, MA (5) (Square Foot)	5,705		5,705
EMEA [Member] \| Hereford, England [Member]
Burlington, MA (5) (Square Foot)	3,575		3,575
EMEA [Member] \| Madrid, Spain Lease [Member]
Burlington, MA (5) (Square Foot)	2,260		2,260
Asia Pacific [Member] \| International Operations Headquarter Facility [Member]
Burlington, MA (5) (Square Foot)	1,270		1,270
Asia Pacific [Member] \| Tokyo, Japan Lease [Member]
Burlington, MA (5) (Square Foot)	4,236		4,236
Asia Pacific [Member] \| Bangkok, Thailand Lease [Member]
Burlington, MA (5) (Square Foot)	2,810		2,810
Asia Pacific [Member] \| Seoul, Korea Lease [Member]
Burlington, MA (5) (Square Foot)	2,300		2,300
Asia Pacific [Member] \| Shanghai, China Lease [Member]
Burlington, MA (5) (Square Foot)	1,152		1,152
Asia Pacific [Member] \| Victoria, Australia Lease [Member]
Burlington, MA (5) (Square Foot)	350		350

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 18,051	$ 19,134
Short-term marketable securities	78,967	63,557
Accounts receivable, net of allowances of $863 at September 30, 2023 and $835 at December 31, 2022	23,882	22,040
Inventory and other deferred costs	56,187	50,271
Prepaid expenses and other current assets	5,097	6,731
Total current assets	182,184	161,733
Property and equipment, net	21,357	17,901
Right-of-use leased assets	15,850	15,634
Goodwill	65,945	65,945
Other intangibles, net	43,199	46,527
Deferred tax assets	2,325	1,745
Other assets	3,152	991
Total assets	334,012	310,476
Current liabilities:
Accounts payable	4,371	2,903
Accrued expenses	21,788	19,967
Acquisition-related obligations	121	573
Lease liabilities - short-term	2,749	1,886
Total current liabilities	29,029	25,329
Lease liabilities - long-term	14,132	14,710
Deferred tax liabilities	69	69
Other long-term liabilities	2,145	2,167
Total liabilities	45,375	42,275
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 23,835,670 shares at September 30, 2023, and 23,655,716 shares at December 31, 2022	239	237
Additional paid-in capital	198,254	189,268
Retained earnings	110,081	97,773
Accumulated other comprehensive loss	(6,705)	(6,031)
Treasury stock, at cost; 1,572,435 shares at September 30, 2023 and 1,568,595 shares at December 31, 2022	(13,232)	(13,046)
Total stockholders’ equity	288,637	268,201
Total liabilities and stockholders’ equity	$ 334,012	$ 310,476

Note 3 - Inventories and Other Deferred Costs (Details Textual) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross	$ 1.8	$ 1.5

Note 14 - Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

14. Accumulated Other Comprehensive Loss

Changes to our accumulated other comprehensive loss for the nine months ended September 30, 2023 and 2022 consisted primarily of foreign currency translation and unrealized losses on short-term marketable securities:

	Nine months ended
	September 30,
	2023			2022
	(in thousands)
Beginning balance	$	(6,031	)	$	(3,435	)

Other comprehensive income (loss) before reclassifications		(674	)		(4,692	)

Ending Balance	$	(6,705	)	$	(8,127	)

Note 13 - Fair Value Measurements - Rollforward of the Fair Value as Determined by Level 3 (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Beginning balance	$ 1,339	$ 1,492
Additions	0	0
Payments	0	0
Change in fair value included in earnings	(63)	41
Ending balance	$ 1,276	$ 1,533

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 7,502	$ 5,456	$ 21,640	$ 15,009
Other comprehensive income (loss):
Foreign currency translation adjustment, net	(833)	(1,350)	(492)	(2,876)
Unrealized loss on short-term marketable securities	(50)	(333)	(182)	(1,816)
Total other comprehensive loss	(883)	(1,683)	(674)	(4,692)
Comprehensive income	$ 6,619	$ 3,773	$ 20,966	$ 10,317

- Definition

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

+ References

+ Details

Note 13 - Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

13. Fair Value Measurements

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

•

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

•

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

•

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

Level 1 assets being measured at fair value on a recurring basis as of September 30, 2023 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 September 30, 2023.

Several of our acquisition-related assets and liabilities have been measured using Level 3 techniques. During 2020 we recorded a contingent liability associated with our acquisition of the bovine carotid graft business from Artegraft. The agreement required us to make potential additional payments to Artegraft of up to $17.5 million depending on the achievement of certain unit sales 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 is being remeasured each quarter during the earn-out period, with any adjustments recorded in income from operations. During the quarter ended December 31, 2022 we recorded a reduction to the liability to reflect a change in our estimate of the likelihood of achieving the unit sales milestones. There was no additional change in the estimated liability during the nine months ended September 30, 2023.

During 2019, we recorded contingent liabilities associated with our acquisition of the Anteris (formerly Admedus) biologic patch business. 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 (“CE Mark Contingency”) contingent on LeMaitre’s success in obtaining CE marks under MDR regulations on the acquired products; $0.5 million contingent upon Anteris’ 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 Anteris’ extending the shelf life of the acquired products and achieving the revenue targets during the first 12 and 24 month periods following the acquisition were not met, and the portion of the liabilities related to these items was adjusted through income from operations. The agreement was amended in August 2021 such that the CE Mark Contingency amount may be reduced for certain costs incurred by LeMaitre in achieving the CE marks. During the quarter ended September 30, 2021 we recorded a reduction to the liability of $0.5 million, with the offset recorded in income from operations, to reflect our estimate of costs to be deducted from the contingent payment in connection with this amendment. Additionally, during the quarter ended December 31, 2022 we recorded a reduction to the liability of approximately $0.1 million, with the offset recorded in income from operations.

In September 2023 the agreement was amended in order to (i) place a cap on the total amount of costs incurred by LeMaitre in achieving the CE marks under MDR regulations that could be used as a deduction toward the $2.0 million holdback, and (ii) require a prorata payment to Anteris of the CE Mark Contingency, less costs described above, by January 2025 if the CE marks are not obtained by that date. During the quarter ended September 30, 2023 we recorded a reduction to the liability of $0.1 million, with the offset recorded in income from operations.

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

	Nine months ended September 30,
	2023			2022
	(in thousands)
Beginning balance	$	1,339		$	1,492
Additions		-			-
Payments		-			-
Change in fair value included in earnings		(63	)		41

Ending balance	$	1,276		$	1,533

- 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 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2021	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2019	Oct. 11, 2019
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability				$ (49)	$ (81)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability				49	$ 81
Artegraft Inc [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 17,500			17,500
Business Combination, Contingent Consideration, Liability	400			400
CardioCel and VascuCel Biologic Patches [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High						$ 7,800
CardioCel and VascuCel Biologic Patches [Member] \| Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability							$ 2,300
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			$ 2,000		2,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	(100)	$ (100)	$ (500)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 100	$ 100	$ 500
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
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

Note 6 - Leases - Minimum Rental Commitments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Remainder of 2023	$ 880
2024	3,502
2025	3,314
2026	2,647
2027	2,482
2028	2,452
Thereafter	4,610
Adjustment to net present value as of March 31, 2023	(3,006)
Minimum noncancelable lease liability	$ 16,881

Note 15 - Subsequent Events

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

15. Subsequent Events

In October 2023, we amended our lease agreements related to four of our five buildings in Burlington, Massachusetts, extending them for a period of four additional years to December 31, 2034. The Company has no option to extend or renew the leases beyond December 31, 2034. As of September 30, 2023, the expiration date was December 31, 2030. The foregoing description of the Amendments is not complete and is qualified in its entirety by reference to the full text of such documents attached as exhibits hereto.

Note 6 - Leases (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Lease, Cost [Table Text Block]

Location (leases)	Purpose	Approx. Sq. Ft.		Expiration

Americas
Burlington, MA (5)	Corporate headquarters, manufacturing and distribution		109,354	December 2030
North Brunswick, NJ (1)	Artegraft biologic business		16,732	October 2029
Fox River Grove, IL (3)	RestoreFlow allografts business		11,765	November 2025
Vaughn, Canada	Canada sales office and distribution		3,192	February 2026
Chandler, Arizona	US sales office		2,058	August 2025

Europe, Middle East and Africa
Sulzbach, Germany	European headquarters and distribution		21,410	June 2031
Milan,Italy	Italy sales office and distribution		5,705	July 2027
Hereford, England	United Kingdom sales office and distribution		3,575	October 2029
Madrid, Spain	Spain sales office		2,260	June 2029

Asia Pacific
Singapore	Asia Pacific headquarters and distribution		1,270	June 2024
Tokyo, Japan	Japan sales office and distribution		4,236	July 2025
Bangkok, Thailand	Thailand sales office and distribution		2,810	August 2026
Seoul, Korea	Korea sales office and distribution		2,300	April 2027
Shanghai, China	China sales office and distribution		1,152	August 2024
Ballarat, Australia	Supply facility	Up to 350 acres		December 2030

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023			2022
	(in thousands)		(in thousands)		(in thousands)			(in thousands)

Lease cost
Operating lease cost	$	797	$	792	$	1,941		$	1,955
Short-term lease cost		28		154		348			478
Total lease cost	$	825	$	946	$	2,289		$	2,433

Other information
Cash paid for amounts included in the measurement of operating lease liabilities	$	967	$	977	$	2,433		$	2,461

Right-of-use assets obtained in exchange for new operating lease liabilities	$	843	$	287	$	2,156		$	2,669


Weighted average remaining lease term - operating leases (in years)						6.7			8.2

Weighted average discount rate - operating leases						5.15	%		4.93	%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Remainder of 2023	$	880
Year ending December 31,
2024		3,502
2025		3,314
2026		2,647
2027		2,482
2028		2,452
Thereafter		4,610
Adjustment to net present value as of September 30, 2023		(3,006	)

Minimum noncancelable lease liability	$	16,881

Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Oct. 24, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Feb. 21, 2023
Common Stock, Dividends, Per Share, Declared		$ 0.140	$ 0.125	$ 0.420	$ 0.375
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.14
Dividends Payable, Date to be Paid	Nov. 30, 2023
Dividends Payable, Date of Record	Nov. 16, 2023
Stock Repurchase Program [Member] \| Common Stock [Member]
Stock Repurchase Program, Authorized Amount						$ 25

Note 9 - Share-based Compensation - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total stock-based compensation	$ 1,313	$ 1,186	$ 3,915	$ 3,489
Cost of Sales [Member]
Total stock-based compensation	168	142	504	415
Selling and Marketing Expense [Member]
Total stock-based compensation	248	205	712	607
General and Administrative Expense [Member]
Total stock-based compensation	765	720	2,310	2,127
Research and Development Expense [Member]
Total stock-based compensation	$ 132	$ 119	$ 389	$ 340

Note 11 - Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Equity [Text Block]

11. Stockholders’ Equity

Share Repurchase Program

On February 21, 2023, our Board of Directors authorized the repurchase of up to $25.0 million of the Company’s common stock through transactions on the open market, in privately negotiated purchases or otherwise until February 21, 2024. 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 2023
March 9, 2023	March 23, 2023	$	0.140	$	3,099
May 17, 2023	June 1, 2023	$	0.140	$	3,116
August 17, 2023	August 31, 2023	$	0.140	$	3,117

Fiscal Year 2022
March 8, 2022	March 24, 2022	$	0.125	$	2,743
May 17, 2022	June 2, 2022	$	0.125	$	2,745
August 25, 2022	September 8, 2022	$	0.125	$	2,750
November 17, 2022	December 1, 2022	$	0.125	$	2,750

On October 24, 2023, our Board of Directors approved a quarterly cash dividend on our common stock of $0.14 per share payable on November 30, 2023, to stockholders of record at the close of business on November 16, 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Topic 505
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-Topic 505
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-Topic 505
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-Section 50
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-Publisher FASB
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+ Details

Note 3 - Inventories and Other Deferred Costs (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	September 30, 2023		December 31, 2022
	(in thousands)
Raw materials	$	19,137	$	14,929
Work-in-process		3,793		3,662
Finished products		28,334		26,688
Other deferred costs		4,923		4,992

Total inventory and other deferred costs	$	56,187	$	50,271

Note 5 - Goodwill and Other Intangible Assets (Details Textual)	Sep. 30, 2023
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	16 years
Weighted Average [Member]
Finite-Lived Intangible Asset, Useful Life	10 years 3 months 18 days

Note 5 - Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	September 30, 2023						December 31, 2022
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Value		Amortization		Value		Value		Amortization		Value
	(in thousands)
Product technology and intellectual property	$	29,549	$	15,381	$	14,168	$	29,549	$	13,319	$	16,230
Trademarks, tradenames and licenses		3,767		1,870		1,897		3,647		1,533		2,114
Customer relationships		37,171		10,341		26,830		36,197		8,359		27,838
Other intangible assets		1,643		1,339		304		1,461		1,116		345

Total identifiable intangible assets	$	72,130	$	28,931	$	43,199	$	70,854	$	24,327	$	46,527

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

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)

Amortization expense	$	1,536	$	1,535	$	4,604	$	4,647

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

	Year ended December 31,
	2023		2024		2025		2026		2027		2028
	(in thousands)

Amortization expense	$	1,488	$	5,904	$	5,554	$	5,119	$	4,842	$	4,456

Note 8 - Segment and Enterprise-wide Disclosures (Details Textual)	9 Months Ended
	Sep. 30, 2023
Number of Operating Segments	1

Note 13 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Nine months ended September 30,
	2023			2022
	(in thousands)
Beginning balance	$	1,339		$	1,492
Additions		-			-
Payments		-			-
Change in fair value included in earnings		(63	)		41

Ending balance	$	1,276		$	1,533

Note 11 - Stockholders' Equity - Dividend Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash dividends declared per common share (in dollars per share)	$ 0.140	$ 0.125	$ 0.420	$ 0.375
Quarterly Dividends 1 [Member]
Payment date			Mar. 23, 2023		Mar. 24, 2022
Cash dividends declared per common share (in dollars per share)			$ 0.140		$ 0.125
Dividend payment	$ 3,099		$ 3,099		$ 2,743
Quarterly Dividends 2 [Member]
Payment date			Jun. 01, 2023		Jun. 02, 2022
Cash dividends declared per common share (in dollars per share)			$ 0.140		$ 0.125
Dividend payment	3,116		$ 3,116		$ 2,745
Quarterly Dividends 3 [Member]
Payment date			Aug. 31, 2023		Sep. 08, 2022
Cash dividends declared per common share (in dollars per share)			$ 0.140		$ 0.125
Dividend payment	$ 3,117		$ 3,117		$ 2,750
Quarterly Dividends 4 [Member]
Payment date					Dec. 01, 2022
Cash dividends declared per common share (in dollars per share)					$ 0.125
Dividend payment					$ 2,750

Note 8 - Segment and Enterprise-wide Disclosures - Net Sales to Unaffiliated Customers by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Sales	$ 47,411	$ 39,028	$ 144,601	$ 120,697
UNITED STATES
Net Sales	28,799	24,242	88,136	74,734
GERMANY
Net Sales	3,317	2,814	10,246	8,675
CANADA
Net Sales	2,615	1,962	8,093	6,141
UNITED KINGDOM
Net Sales	2,004	1,269	5,952	4,150
Other Countries [Member]
Net Sales	$ 10,676	$ 8,741	$ 32,174	$ 26,997

- 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

+ Details

Note 4 - Divestitures (Details Textual) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Oct. 10, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Restructuring Charges				$ 3,100
Gain (Loss) on Disposition of Property Plant Equipment		$ 0	$ 95
St. Etienne, France Factory [Member]
Restructuring Charges		$ 500
Proceeds from Sale of Property, Plant, and Equipment	$ 900
Sale of Property, Plant, and Equipment, Closing Costs	100
Gain (Loss) on Disposition of Property Plant Equipment	$ 100

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

Consolidation, Policy [Policy Text Block]

Consolidation

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

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 to the performance obligations

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

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	($ in thousands)				($ in thousands)

Americas	$	31,863	$	26,627	$	97,496	$	82,024
Europe, Middle East and Africa		12,322		9,922		38,179		31,165
Asia Pacific		3,226		2,479		8,926		7,508
Total	$	47,411	$	39,028	$	144,601	$	120,697

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Note 5 - Goodwill and Other Intangible Assets - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Gross carrying value	$ 72,130	$ 70,854
Accumulated amortization	28,931	24,327
Other intangibles, net	43,199	46,527
Product Technology and Intellectual Property [Member]
Gross carrying value	29,549	29,549
Accumulated amortization	15,381	13,319
Other intangibles, net	14,168	16,230
Trademarks, Tradenames and Licenses [Member]
Gross carrying value	3,767	3,647
Accumulated amortization	1,870	1,533
Other intangibles, net	1,897	2,114
Customer Relationships [Member]
Gross carrying value	37,171	36,197
Accumulated amortization	10,341	8,359
Other intangibles, net	26,830	27,838
Other Intangible Assets [Member]
Gross carrying value	1,643	1,461
Accumulated amortization	1,339	1,116
Other intangibles, net	$ 304	$ 345

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net sales	$ 47,411	$ 39,028	$ 144,601	$ 120,697
Cost of sales	16,596	13,958	50,817	41,855
Gross profit	30,815	25,070	93,784	78,842
Sales and marketing	9,673	8,229	30,786	24,321
General and administrative	7,738	7,229	23,392	21,812
Research and development	4,224	3,462	12,615	9,740
Restructuring	0	0	485	3,107
Total operating expenses	21,635	18,920	67,278	58,980
Income from operations	9,180	6,150	26,506	19,862
Other income (expense):
Interest income	835	264	2,085	539
Foreign currency loss	(189)	(266)	(429)	(709)
Income before income taxes	9,826	6,148	28,162	19,692
Provision for income taxes	2,324	692	6,522	4,683
Net income	$ 7,502	$ 5,456	$ 21,640	$ 15,009
Earnings per share of common stock:
Basic (in dollars per share)	$ 0.34	$ 0.25	$ 0.97	$ 0.68
Diluted (in dollars per share)	$ 0.33	$ 0.25	$ 0.97	$ 0.68
Weighted-average shares outstanding:
Basic (in shares)	22,263	21,984	22,196	21,959
Diluted (in shares)	22,481	22,217	22,411	22,149
Cash dividends declared per common share (in dollars per share)	$ 0.140	$ 0.125	$ 0.420	$ 0.375

Note 2 - Income Tax Expense - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Unrecognized tax benefits as of December 31, 2022	$ 612,000
Additions/adjustments for tax positions of current year	0
Additions/adjustments for tax positions of prior years	(43,000)
Reductions for settlements with taxing authorities	0
Reductions for lapses of the applicable statutes of limitations	0
Unrecognized tax benefits as of March 31, 2023	$ 569,000

Note 7 - Accrued Expenses and Other Long-term Liabilities

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

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

7. Accrued Expenses and Other Long-term Liabilities

Accrued expenses consist of the following:

	September 30, 2023		December 31, 2022
	(in thousands)
Compensation and related taxes	$	11,248	$	10,770
Accrued purchases		5,996		3,748
Accrued expenses		3,690		4,640
Income and other taxes		446		449
Professional fees		75		108
Other		333		252

Total	$	21,788	$	19,967

Other long-term liabilities consist of the following:

	September 30, 2023		December 31, 2022
	(in thousands)
Acquisition-related liabilities	$	1,383	$	1,354
Income taxes		558		636
Other		204		177

Total	$	2,145	$	2,167

Note 12 - Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	For the nine months ended
	September 30,
	2023		2022
	(in thousands)
Cash paid for income taxes, net	$	5,420	$	6,822

Note 14 - Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Balance	$ 268,201	$ 254,151
Balance	288,637	261,247
AOCI Attributable to Parent [Member]
Balance	(6,031)	(3,435)
Other comprehensive income (loss) before reclassifications	(674)	(4,692)
Balance	$ (6,705)	$ (8,127)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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+ Details

Note 7 - Accrued Expenses and Other Long-term Liabilities - Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Acquisition-related liabilities	$ 1,383	$ 1,354
Income taxes	558	636
Other	204	177
Total	$ 2,145	$ 2,167