View Filing Data

Print Document View Excel Document

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2020	Apr. 24, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-13165
Entity Registrant Name	CRYOLIFE INC.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-2417093
Entity Address, Address Line One	1655 Roberts Boulevard, NW
Entity Address, City or Town	Kennesaw
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30144
City Area Code	770
Local Phone Number	419-3355
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CRY
Security Exchange Name	NYSE
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		37,740,425
Document Fiscal Year Focus	2020
Entity Central Index Key	0000784199
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements Of Operations And Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 66,429	$ 67,505
Cost of products and preservation services:
Total cost of products and preservation services	22,258	23,232
Gross margin	44,171	44,273
Operating expenses:
General, administrative, and marketing	39,002	36,520
Research and development	6,356	5,548
Total operating expenses	45,358	42,068
Operating (loss) income	(1,187)	2,205
Interest expense	3,388	3,894
Interest income	(102)	(116)
Other expense, net	3,662	77
Loss before income taxes	(8,135)	(1,650)
Income tax benefit	(1,470)	(1,353)
Net loss	$ (6,665)	$ (297)
Loss per common share:
Basic	$ (0.18)	$ (0.01)
Diluted	$ (0.18)	$ (0.01)
Weighted-average common shares outstanding:
Basic	37,390	36,778
Diluted	37,390	36,778
Net loss	$ (6,665)	$ (297)
Foreign currency translation adjustments	(4,463)	(3,781)
Comprehensive loss	(11,128)	(4,078)
Products [Member]
Revenues:
Total revenues	46,420	48,401
Cost of products and preservation services:
Total cost of products and preservation services	13,040	13,826
Preservation Services [Member]
Revenues:
Total revenues	20,009	19,104
Cost of products and preservation services:
Total cost of products and preservation services	$ 9,218	$ 9,406

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 63,383	$ 33,766
Restricted securities	494	528
Trade receivables, net	48,723	52,940
Other receivables	2,951	2,921
Inventories	54,300	53,071
Deferred preservation costs	32,918	32,551
Prepaid expenses and other	11,313	11,613
Total current assets	214,082	187,390
Property and equipment, net	31,878	32,150
Operating lease right-of-use assets, net	20,423	21,994
Goodwill	184,014	186,697
Acquired technology, net	111,136	115,415
Other intangibles, net	41,242	42,319
Deferred income taxes	4,769	5,481
Other assets	13,489	14,208
Total assets	621,033	605,654
Current liabilities:
Accounts payable	10,453	9,796
Accrued compensation	9,783	12,260
Accrued procurement fees	4,030	4,362
Current portion of finance lease obligation	569	597
Current maturities of operating leases	5,442	5,487
Current portion of long-term debt	1,155	1,164
Taxes payable	2,692	2,984
Accrued expenses and other	10,130	9,142
Total current liabilities	43,685	45,195
Long-term debt	244,227	214,571
Deferred income taxes	24,268	25,844
Non-current maturities of operating leases	16,411	17,918
Non-current finance lease obligations	5,147	5,415
Deferred compensation liability	4,084	4,434
Other	11,749	11,996
Total liabilities	344,424	319,958
Commitments and contingencies
Shareholders' equity:
Preferred stock
Common stock (issued shares of 39,219 in 2020 and 39,018 in 2019)	392	390
Additional paid-in capital	273,821	271,782
Retained earnings	30,039	36,704
Accumulated other comprehensive loss	(13,052)	(8,589)
Treasury stock at cost (shares of 1,484 in each of 2020 and 2019)	(14,591)	(14,591)
Total shareholders' equity	276,609	285,696
Total liabilities and shareholders' equity	$ 621,033	$ 605,654

Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2020	Dec. 31, 2019
Shareholders' equity:
Common stock, shares issued	39,219,000	39,018,000
Treasury stock at cost, shares	1,484,000	1,484,000

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net cash flows from operating activities:
Net loss	$ (6,665)	$ (297)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	4,898	4,351
Non-cash compensation	2,564	1,850
Deferred income taxes	(265)	(424)
Other non-cash adjustments to net loss	2,927	737
Changes in operating assets and liabilities:
Receivables	3,557	(3,292)
Inventories and deferred preservation costs	(2,874)	1,396
Prepaid expenses and other assets	982	627
Accounts payable, accrued expenses, and other liabilities	(2,489)	(3,787)
Net cash flows provided by operating activities	2,635	1,161
Net cash flows from investing activities:
Capital expenditures	(2,539)	(1,194)
Other	(364)	(233)
Net cash flows used in investing activities	(2,903)	(1,427)
Net cash flows from financing activities:
Proceeds from revolving line of credit	30,000
Repayment of term loan	(691)	(696)
Proceeds from exercise of stock options and issuance of common stock	1,064	2,029
Redemption and repurchase of stock to cover tax withholdings	(1,712)	(2,376)
Other	(146)	(172)
Net cash flows provided by (used in) financing activities	28,515	(1,215)
Effect of exchange rate changes on cash, cash equivalents, and restricted securities	1,336	320
Increase (decrease) in cash, cash equivalents, and restricted securities	29,583	(1,161)
Cash, cash equivalents, and restricted securities, beginning of year	34,294	42,236
Cash, cash equivalents, and restricted securities, end of year	$ 63,877	$ 41,075

Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2018	$ 385	$ 260,361	$ 34,984	$ (6,072)	$ (14,591)	$ 275,067
Balance, shares at Dec. 31, 2018	38,463				(1,484)
Net loss			(297)			(297)
Foreign currency translation adjustment				(3,781)		(3,781)
Comprehensive loss						(4,078)
Equity compensation	$ 2	1,978				1,980
Equity compensation, shares	205
Exercise of options	$ 1	1,450				1,451
Exercise of options, shares	145
Employee stock purchase plan		578				578
Employee stock purchase plan, shares	25
Redemption and repurchase of stock to cover tax withholdings		(2,376)				(2,376)
Redemption and repurchase of stock to cover tax withholdings, shares	(82)
Balance at Mar. 31, 2019	$ 388	261,991	34,687	(9,853)	$ (14,591)	272,622
Balance, shares at Mar. 31, 2019	38,756				(1,484)
Balance at Dec. 31, 2019	$ 390	271,782	36,704	(8,589)	$ (14,591)	285,696
Balance, shares at Dec. 31, 2019	39,018				(1,484)
Net loss			(6,665)			(6,665)
Foreign currency translation adjustment				(4,463)		(4,463)
Comprehensive loss						(11,128)
Equity compensation	$ 2	2,687				2,689
Equity compensation, shares	208
Exercise of options		376				376
Exercise of options, shares	33
Employee stock purchase plan		688				688
Employee stock purchase plan, shares	30
Redemption and repurchase of stock to cover tax withholdings		(1,712)				(1,712)
Redemption and repurchase of stock to cover tax withholdings, shares	(70)
Balance at Mar. 31, 2020	$ 392	$ 273,821	$ 30,039	$ (13,052)	$ (14,591)	$ 276,609
Balance, shares at Mar. 31, 2020	39,219				(1,484)

Basis Of Presentation

3 Months Ended

Mar. 31, 2020

Basis Of Presentation [Abstract]

Basis Of Presentation

1. Basis of Presentation

Overview

The accompanying summary consolidated financial statements include the accounts of CryoLife, Inc. and its subsidiaries (“CryoLife,” the “Company,” “we,” or “us”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying Summary Consolidated Balance Sheet as of December 31, 2019 has been derived from audited financial statements. The accompanying unaudited summary consolidated financial statements as of, and for the three months ended, March 31, 2020 and 2019 have been prepared in accordance with (i) accounting principles generally accepted in the U.S. for interim financial information and (ii) the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, such statements do not include all the information and disclosures that are required by accounting principles generally accepted in the U.S. for a complete presentation of financial statements. In the opinion of management, all adjustments (including those of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. These summary consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in CryoLife’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 19, 2020.

New Accounting Standards

Recently Adopted

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASC Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The purpose of Update No. 2016-13 is to replace the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates. Update No. 2016-13 is effective for annual periods beginning after December 15, 2019. The Company adopted this new guidance on January 1, 2020. The adoption of ASU 2016-13 did not result in a material effect on the Company’s financial condition, results of operations, or cash flows.

Agreements With Endospan

3 Months Ended

Mar. 31, 2020

Agreements With Endospan [Abstract]

Agreements With Endospan

2. Agreements with Endospan

Exclusive Distribution Agreement and Securities Purchase Option Agreement

On September 11, 2019 CryoLife, Inc.’s wholly owned subsidiary, JOTEC GmbH, (“JOTEC”), entered into an exclusive distribution agreement (“Endospan Distribution Agreement”) with Endospan Ltd. (“Endospan”) an Israeli corporation, pursuant to which JOTEC obtained exclusive distribution rights for Endospan’s Nexus stent graft system (“NEXUS”) and accessories in certain countries in Europe in exchange for a fixed distribution fee of $9.0 million paid in September 2019.

CryoLife also entered into a securities purchase option agreement (“Endospan Option Agreement”) with Endospan for $1.0 million paid in September 2019. The Endospan Option Agreement provides CryoLife the option to purchase all the outstanding securities of Endospan from Endospan’s securityholders at the time of acquisition, or the option to acquire all of Endospan’s assets, in each case, for a price between $350.0 and $450.0 million before or within a certain period of time or after U.S. Food and Drug Administration (“FDA”) approval of NEXUS, with such option expiring if not exercised within 90 days after receiving notice that Endospan has received approval from the FDA for NEXUS.

Loan Agreement

CryoLife and Endospan also entered into a loan agreement (“Endospan Loan”), dated September 11, 2019, in which CryoLife agreed to provide Endospan a secured loan of up to $15.0 million to be funded in three tranches of $5.0 million each.

The first tranche of the Endospan Loan was funded upon execution of the agreement in September 2019. The second tranche is required to be funded generally under the same terms as the first tranche, upon certification of Investigational Device Exemption (“IDE”) approval from the FDA of NEXUS, and the third tranche is required to be funded upon certification of enrollment of at least 50% of the required number of patients in the primary arm of the FDA approved clinical trial for NEXUS, in each case subject to Endospan’s continued compliance with the Endospan Loan and certain other conditions. If a termination fee becomes payable by Endospan under the Endospan Distribution Agreement, it will be added to the amount payable to CryoLife under the Endospan Loan.

Variable Interest Entity

We consolidate the results of a variable interest entity ("VIE") when it is determined that we are the primary beneficiary. Based on our evaluation of Endospan and the related agreements with Endospan, we determined that Endospan is a VIE. Although the arrangement with Endospan resulted in our holding a variable interest, it did not empower us to direct those activities of Endospan that most significantly impact the VIE economic performance. Therefore, we are not the primary beneficiary, and we have not consolidated Endospan into our financial results. Our payments to Endospan in September 2019 totaled $15.0 million which included a $9.0 million distribution fee, a $1.0 million securities purchase option, and $5.0 million for the first tranche of the Endospan Loan. No additional amounts have been paid to Endospan under these agreements during the three months ended March 31, 2020. Our payments to date, including any loans, guarantees, and other subordinated financial support related to this VIE, totaled $15.0 million as of March 31, 2020, representing our maximum exposure to loss and were not individually significant to our consolidated financial statements.

Valuation

The agreements with Endospan were entered into concurrently and had certain terms that are interrelated. In our evaluation of the initial relative fair value of each of the Endospan agreements to determine the amount to record, we utilized discounted cash flows to estimate the fair market value for the Endospan Loan and for the Endospan Distribution Agreement. We estimated the fair value of the Endospan Option Agreement utilizing the Monte Carlo simulation. Inputs in our valuation of the Endospan agreements included cash payments and anticipated payments based on the executed agreements with Endospan, projected discounted cash flows in connection with the Endospan transaction, our expected internal rate of return and discount rates, and our assessed probability and timing of receipt of certification that certain approvals and milestones in obtaining FDA approval. Based on the initial fair value of the Endospan Loan and the relative fair values of the Endospan Distribution Agreement and Endospan Option Agreement, we recorded the Endospan Loan value of $358,000 and the Endospan Option Agreement of $4.8 million in Other long-term assets in the Summary Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019. We recorded the Endospan Distribution Agreement of $8.5 million and $9.8 million in Other intangibles, net in the Summary Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019, respectively.

We elected the fair value option for recording the Endospan Loan. We assess the fair value of the Endospan Loan based on quantitative and qualitative characteristics, and adjust the amount recorded to its current fair market value at each reporting period. We performed an assessment of the fair value of the Endospan Loan as of March 31, 2020 and concluded that an adjustment to the fair value as a result of this assessment was not material.

Financial Instruments

3 Months Ended

Mar. 31, 2020

Financial Instruments [Abstract]

Financial Instruments

3. Financial Instruments

The following is a summary of our financial instruments measured at fair value on a recurring basis (in thousands):



March 31, 2020	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,478	$	--	$	--	$	1,478
Restricted securities:
Money market funds		494		--		--		494
Endospan Loan		--		--		358		358
Total assets	$	1,972	$	--	$	358	$	2,330


December 31, 2019	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,472	$	--	$	--	$	1,472
Restricted securities:
Money market funds		528		--		--		528
Endospan Loan		--		--		358		358
Total assets	$	2,000	$	--	$	358	$	2,358

We used prices quoted from our investment advisors to determine the Level 1 valuation of our investments in money market funds. We recorded the Endospan Loan, classified as Level 3, as a result of an agreement with Endospan in September 2019. See Note 2 for further discussion of the Endospan Loan. Changes in fair value of Level 3 assets are listed in the table below (in thousands):


		Endospan Loan
Balance as of December 31, 2019	$	358
Change in valuation of Endospan Loan		--
Balance as of March 31, 2020	$	358

- 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

Cash Equivalents And Restricted Cash And Securities

3 Months Ended

Mar. 31, 2020

Cash Equivalents And Restricted Cash And Securities [Abstract]

Cash Equivalents And Restricted Cash And Securities

4. Cash Equivalents and Restricted Securities

The following is a summary of cash equivalents and restricted securities (in thousands):


			Unrealized		Estimated
			Holding		Market
March 31, 2020	Cost Basis		Gains		Value
Cash equivalents:
Money market funds	$	1,478	$	--	$	1,478
Restricted securities:
Money market funds		494		--		494
Total	$	1,972	$	--	$	1,972

			Unrealized		Estimated
			Holding		Market
December 31, 2019	Cost Basis		Gains		Value
Cash equivalents:
Money market funds	$	1,472	$	--	$	1,472
Restricted securities:
Money market funds		528		--		528
Total	$	2,000	$	--	$	2,000

As of March 31, 2020 and December 31, 2019 all money market funds were designated as short-term restricted securities due to a contractual commitment to hold the securities as pledged collateral relating primarily to international tax obligations.

There were no gross realized gains or losses on cash equivalents and restricted securities in the three months ended March 31, 2020 and 2019. As of March 31, 2020 $494,000 of our restricted securities had a maturity date within three months. As of December 31, 2019 $528,000 of our restricted securities had a maturity date within three months.

Inventories And Deferred Preservation Costs

3 Months Ended

Mar. 31, 2020

Inventories And Deferred Preservation Costs [Abstract]

Inventories And Deferred Preservation Costs

5. Inventories and Deferred Preservation Costs

Inventories at March 31, 2020 and December 31, 2019 were comprised of the following (in thousands):


	March 31,		December 31,
	2020		2019
Raw materials and supplies	$	22,414	$	21,180
Work-in-process		6,059		5,127
Finished goods		25,827		26,764
Total inventories	$	54,300	$	53,071

Deferred preservation costs at March 31, 2020 and December 31, 2019 were comprised of the following (in thousands):


	March 31,		December 31,
	2020		2019
Cardiac tissues	$	15,477	$	15,365
Vascular tissues		17,441		17,186
Total deferred preservation costs	$	32,918	$	32,551

To facilitate product usage, we maintain consignment inventory of our On-X heart valves at domestic hospital locations and both On-X heart valves and JOTEC products at international hospital locations. We retain title and control over this consignment inventory until the device is implanted, at which time we invoice the hospital and recognize revenue. As of March 31, 2020 we had $12.0 million in consignment inventory, with approximately 50% in domestic locations and 50% in international locations. As of December 31, 2019 we had $12.0 million in consignment inventory, with approximately 51% in domestic locations and 49% in international locations.

Goodwill And Other Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill And Other Intangible Assets [Abstract]

Goodwill And Other Intangible Assets

6. Goodwill and Other Intangible Assets

Indefinite Lived Intangible Assets

As of March 31, 2020 and December 31, 2019 the carrying values of our indefinite lived intangible assets were as follows (in thousands):


	March 31,		December 31,
	2020		2019
Goodwill	$	184,014	$	186,697
In-process R&D		2,136		2,190
Procurement contracts and agreements		2,013		2,013
Trademarks		765		844

We monitor the phases of development of our acquired in-process R&D projects, including the risks associated with further development and the amount and timing of benefits expected to be derived from the completed projects. Incremental costs associated with development are charged to expense as incurred. Capitalized costs are amortized over the estimated useful life of the developed asset once completed. Our in-process R&D projects are reviewed for impairment annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired.

Based on our experience with similar agreements, we believe that our acquired procurement contracts and agreements have indefinite useful lives, as we expect to continue to renew these contracts for the foreseeable future. We believe that our trademarks have indefinite useful lives as we currently anticipate that our trademarks will contribute to our cash flows indefinitely.

We evaluate our goodwill and non-amortizing intangible assets for impairment on an annual basis during the fourth quarter of the year, and, if necessary, during interim periods if factors indicate that an impairment review is warranted. As of March 31, 2020 we concluded that our assessment of current factors do not indicate that goodwill or non-amortizing intangible assets are more likely than not to be impaired. We will continue to evaluate the recoverability of these non-amortizing intangible assets in future periods as necessary.

As of March 31, 2020 and December 31, 2019 our entire goodwill balance was related to our Medical Devices segment.


	Medical Devices Segment
Balance as of December 31, 2019	$	186,697
Revaluation of goodwill denominated in foreign currency		(2,683)
Balance as of March 31, 2020	$	184,014

Definite Lived Intangible Assets

As of March 31, 2020 and December 31, 2019 the gross carrying values, accumulated amortization, and approximate amortization period of our definite lived intangible assets were as follows (in thousands):


	Gross Carrying		Accumulated		Amortization
March 31, 2020	Value		Amortization		Period
Acquired technology	$	137,676	$	26,540	11	–	22	Years
Customer lists and relationships		31,082		6,954	13	–	22	Years
Distribution and manufacturing rights and know-how		13,585		3,508	5	–	15	Years
Patents		3,745		3,090			17	Years
Other		2,135		667	3	–	10	Years

	Gross Carrying		Accumulated		Amortization
December 31, 2019	Value		Amortization		Period
Acquired technology	$	140,193	$	24,778	11	–	22	Years
Customer lists and relationships		31,131		6,581	13	–	22	Years
Distribution and manufacturing rights and know-how		13,826		3,005	5	–	15	Years
Patents		3,664		3,074			17	Years
Other		1,919		608	3	–	5	Years

Amortization Expense

The following is a summary of amortization expense as recorded in general, administrative, and marketing expenses on our Summary Consolidated Statement of Operations and Comprehensive Loss (in thousands):


	Three Months Ended
	March 31,
	2020		2019
Amortization expense	$	3,033	$	2,579

As of March 31, 2020 scheduled amortization of intangible assets for the next five years is as follows (in thousands):


	Remainder
	of 2020		2021		2022		2023		2024		2025		Total
Amortization expense	$	9,057	$	12,208	$	11,662	$	11,153	$	10,927	$	8,993	$	64,000

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Taxes [Abstract]

Income Taxes

7. Income Taxes

Income Tax Expense

Our effective income tax rate was a benefit of 18% and 82% for the three months ended March 31, 2020 and 2019, respectively. The change in the tax rate for the three months ended March 31, 2020 is primarily due to a change in pre-tax book loss, as well as a reduction in the excess tax benefit related to stock compensation for the three months ended March 31, 2020, as compared to the three months ended March 31, 2019.

The income tax rate for the three months ended March 31, 2020 was impacted by excess tax benefit deductions related to stock compensation, which increased income tax benefits by approximately $250,000. These factors were partially offset by unfavorable impacts of non-deductible operating expenses and executive compensation expenses.

The income tax rate for the three months ended March 31, 2019 was impacted by excess tax benefit deductions related to stock compensation, the research and development tax credit, and losses in high rate jurisdictions. These factors were partially offset by impacts of non-deductible operating expenses and executive compensation expenses.

Deferred Income Taxes

We generate deferred tax assets primarily as a result of write-downs of inventory and deferred preservation costs, accruals for product and tissue processing liability claims, investment and asset impairments, and operating losses. We acquired significant deferred tax assets, primarily net operating loss carryforwards, from our acquisitions of JOTEC and its subsidiaries in 2017, On-X in 2016, Hemosphere, Inc. in 2012, and Cardiogenesis Corporation in 2011. We believe utilization of these net operating losses will not have a material impact on income taxes for the 2020 tax year.

As of March 31, 2020 we maintained a total of $3.4 million in valuation allowances against deferred tax assets, primarily related to state and foreign net operating loss carryforwards, and a net deferred tax liability of $19.5 million. As of December 31, 2019 we maintained a total of $3.2 million in valuation allowances against deferred tax assets, primarily related to state and foreign net operating loss carryforwards, and a net deferred tax liability of $20.4 million.

The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”)

In response to the novel coronavirus disease (“COVID-19”) pandemic, the US government enacted the CARES Act on March 27, 2020. The CARES Act provides various forms of relief and assistance to US businesses. The Company recorded a reduction to income taxes payable and deferred tax assets of approximately $1.3 million for the anticipated change to the 2019 Section 163(j) interest expense deduction limitation. The Company will continue to analyze the impacts of the CARES Act as interpretations are published.

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

8. Leases

We have operating and finance lease obligations resulting from the lease of land and buildings that comprise our corporate headquarters and various manufacturing facilities; leases related to additional manufacturing, office, and warehouse space; leases on Company vehicles; and leases on a variety of office and other equipment.

We sublease, on an operating lease basis, two unused office space facilities near our corporate office. Total annual sub-lease rental income for these facilities is approximately $905,000.

Supplemental consolidated balance sheet information related to leases was as follows (in thousands, except lease term and discount rate):


Operating leases:		March 31, 2020		December 31, 2019
Operating lease right-of-use assets	$	26,714	$	27,007
Accumulated amortization		(6,291)		(5,013)
Operating lease right-of-use assets, net	$	20,423	$	21,994

Current maturities of operating leases	$	5,442	$	5,487
Non-current maturities of operating lease		16,411		17,918
Total operating lease liabilities	$	21,853	$	23,405

Finance leases:
Property and equipment, at cost	$	6,984	$	7,161
Accumulated amortization		(1,408)		(1,279)
Property and equipment, net	$	5,576	$	5,882

Current maturities of finance leases	$	569	$	597
Non-current maturities of finance leases		5,147		5,415
Total finance lease liabilities	$	5,716	$	6,012

Weighted average remaining lease term (in years):
Operating leases		6.5		5.5
Finance leases		10.4		10.6

Weighted average discount rate:
Operating leases		4.3%		5.4%
Finance leases		2.0%		2.0%

Current maturities of finance leases are included as a component of Accrued Expenses and Other and non-current maturities of finance leases are included as a component of Other Long-Term Liabilities on our Summary Consolidated Balance Sheets. A summary of lease expenses for our finance and operating leases included in General, Administrative, and Marketing Expenses on our Summary Consolidated Statements of Operations and Comprehensive Loss are as follows (in thousands):


	Three Months Ended		Three Months Ended
	March 31, 2020		March 31, 2019
Amortization of property and equipment	$	162	$	211
Interest expense on finance leases		29		32
Total finance lease expense		191		243
Operating lease expense		1,748		1,550
Sublease income		(226)		(228)
Total lease expense	$	1,713	$	1,565

A summary of our supplemental cash flow information is as follows (in thousands):


		Three Months Ended		Three Months Ended
Cash paid for amounts included in the measurement of lease liabilities:		March 31, 2020		March 31, 2019
Operating cash flows for finance leases	$	29	$	32
Operating cash flows for operating leases		1,745		1,636
Financing cash flows for finance leases		147		172

Future minimum lease payments and sublease rental income are as follows (in thousands):


	Finance		Operating		Sublease
	Leases		Leases		Income
Remainder of 2020	$	519	$	4,833	$	679
2021		642		6,289		905
2022		598		3,834		306
2023		597		2,547		--
2024		595		2,539		--
Thereafter		3,380		4,919		--
Total minimum lease payments	$	6,331	$	24,961	$	1,890
Less amount representing interest		(615)		(3,108)
Present value of net minimum lease payments		5,716		21,853
Less current maturities		(569)		(5,442)
Lease liabilities, less current maturities	$	5,147	$	16,411

Debt

3 Months Ended

Mar. 31, 2020

Debt [Abstract]

Debt

9. Debt

Credit Agreement

On December 1, 2017 we entered into a credit and guaranty agreement for a $255.0 million senior secured credit facility, consisting of a $225.0 million secured term loan facility (the “Term Loan Facility”) and a $30.0 million secured revolving credit facility (“the Revolving Credit Facility” and, together with the Term Loan Facility, the “Credit Agreement”). We and each of our existing domestic subsidiaries (subject to certain exceptions and exclusions) guarantee the obligations under the Credit Agreement (the “Guarantors”). The Credit Agreement is secured by a security interest in substantially all existing and after-acquired real and personal property (subject to certain exceptions and exclusions) of us and the Guarantors.

On December 1, 2017 we borrowed the entire $225.0 million Term Loan Facility. The proceeds of the Term Loan Facility were used along with cash on hand and shares of CryoLife common stock to (i) fund the acquisition of JOTEC and its subsidiaries (the “JOTEC Acquisition”), (ii) pay certain fees and expenses related to the JOTEC Acquisition and the Credit Agreement, and (iii) pay the outstanding balance of our prior credit facility. The Revolving Credit Facility may be used for working capital, capital expenditures, acquisitions permitted under the Credit Agreement, and other general corporate purposes pursuant to the terms of the Credit Agreement.

The loan under the Term Loan Facility is repayable on a quarterly basis according to the amortization provisions set forth in the Credit Agreement. We have the right to repay the loan under the Credit Agreement in whole or in part at any time. Amounts repaid in respect of the loan under the Term Loan Facility may not be reborrowed. Amounts repaid in respect of the loan under the Revolving Credit Facility may be reborrowed. All outstanding principal and interest in respect of (i) the Term Loan Facility must be repaid on or before December 1, 2024 and (ii) the Revolving Credit Facility must be repaid on or before December 1, 2022.

‎

In October 2018 we finalized an amendment to the Credit Agreement to reprice interest rates, resulting in a reduction in the interest rate margins over base rates on the Term Loan Facility. The loan under the Term Loan Facility bears interest, at our option, at a floating annual rate equal to either the base rate, plus a margin of 2.25%, or LIBOR, plus a margin of 3.25%. Prior to the repricing, the optional floating annual rate was equal to either the base rate plus a margin of 3.00%, or LIBOR, plus a margin of 4.00%. The loan under the Revolving Credit Facility bears interest, at our option, at a floating annual rate equal to either the base rate, plus a margin of between 3.00% and 3.25%, depending on our consolidated leverage ratio, or LIBOR, plus a margin of between 4.00% and 4.25%, depending on our consolidated leverage ratio. While a payment event of default or bankruptcy event of default exists, we are obligated to pay a per annum default rate of interest of 2.00% in excess of the interest rate otherwise payable with respect to the overdue principal amount of any loans outstanding and overdue interest payments and other overdue fees and amounts. As of March 31, 2020 the aggregate interest rate was 4.70% per annum. We are obligated to pay an unused commitment fee equal to 0.50% of the unutilized portion of the revolving loans. In addition, we are also obligated to pay other customary fees for a credit facility of this size and type.

The Credit Agreement contains certain customary affirmative and negative covenants, including covenants that limit our ability and the ability of our subsidiaries to, among other things, grant liens, incur debt, dispose of assets, make loans and investments, make acquisitions, make certain restricted payments (including cash dividends), merge or consolidate, change business or accounting or reporting practices, in each case subject to customary exceptions for a credit facility of this size and type.

The Credit Agreement includes certain customary events of default that include, among other things, non-payment of principal, interest, or fees; inaccuracy of representations and warranties; breach of covenants; cross-default to certain material indebtedness; bankruptcy and insolvency; and change of control. Upon the occurrence and during the continuance of an event of default, the lenders may declare all outstanding principal and accrued but unpaid interest under the Credit Agreement immediately due and payable and may exercise the other rights and remedies provided under the Credit Agreement and related loan documents.

In March 2020 as a precautionary measure to increase cash and maintain maximum financial flexibility during the current uncertainty in global markets resulting from the COVID-19 pandemic, we borrowed the entire amount available under our $30.0 million Revolving Credit Facility at an aggregate interest rate of 5.20%. Under the terms of the Credit Agreement at the time of borrowing and as of March 31, 2020, because the principal amount of loans outstanding under the Revolving Credit Facility was in excess of 25% of the entire amount of the Revolving Credit Facility on the last day of the fiscal quarter ending March 31, 2020, the Credit Agreement required us to comply with a maximum first lien net leverage ratio of 5.25x bank EBITDA as of the end of such fiscal quarter and any subsequent fiscal quarter if the principal amount of the loans remains in excess of such threshold as of the last day of such fiscal quarter. A breach of the 5.25x leverage ratio would become an event of default only to the extent that this leverage level occurs when the Revolving Credit Facility balance exceeds 25%, or $7.5 million, at the end of a test period.

See “Subsequent Events” included in Part I, Item 1 of this form 10-Q for a discussion of an amendment of the Credit Agreement affecting the Revolving Credit Facility and the maximum first lien net leverage ratio covenant.

Government Supported Bank Debt

In June 2015 JOTEC obtained two loans from Sparkasse Zollernalb, which are government sponsored by the Kreditanstalt für Wiederaufbau Bank (“KFW”). Both KFW loans have a term of nine years and the interest rates are 2.45% and 1.40%.

Loan Balances

The short-term and long-term balances of our term loan and other borrowings were as follows (in thousands):


	March 31,		December 31,
	2020		2019
Term loan balance	$	219,938	$	220,500
Revolving credit facility		30,000		--
2.45% Sparkasse Zollernalb (KFW Loan 1)		974		1,061
1.40% Sparkasse Zollernalb (KFW Loan 2)		1,506		1,615
Total loan balance		252,418		223,176
Less unamortized loan origination costs		(7,036)		(7,441)
Net borrowings		245,382		215,735
Less short-term loan balance		(1,155)		(1,164)
Long-term loan balance	$	244,227	$	214,571

Interest Expense

Interest expense was $3.4 million for the three months ended March 31, 2020, as compared to $3.9 million for the three months ended March 31, 2019. Interest expense includes interest on debt and uncertain tax positions in both periods.

Commitments And Contingencies

3 Months Ended

Mar. 31, 2020

Commitments And Contingencies [Abstract]

Commitments And Contingencies

10. Commitments and Contingencies

Liability Claims

Our estimated unreported loss liability was $1.9 million as of March 31, 2020 and December 31, 2019. As of March 31, 2020 and December 31, 2019, the related recoverable insurance amounts were $962,000 and $935,000, respectively. We accrue our estimate of unreported product and tissue processing liability claims as a component of other long-term liabilities and record the related recoverable insurance amount as a component of other long-term assets, as appropriate. Further analysis indicated that the estimated liability as of March 31, 2020 could have been as high as $3.7 million, after including a reasonable margin for statistical fluctuations calculated based on actuarial simulation techniques.

Employment Agreements

The employment agreement of our Chairman, President, and Chief Executive Officer (“CEO”), Mr. J. Patrick Mackin, provides for a severance payment, which would become payable upon the occurrence of certain employment termination events, including termination by us without cause.

PerClot Technology

On September 28, 2010 we entered into a worldwide distribution agreement (the “Distribution Agreement”) and a license and manufacturing agreement (the “License Agreement”) with Starch Medical, Inc. (“SMI”), for PerClot^®, a polysaccharide hemostatic agent used in surgery. The Distribution Agreement has a term of 15 years but can be terminated for any reason before the expiration date by us by providing 180 days’ notice. The Distribution Agreement also contains minimum purchase requirements that expire upon the termination of the Distribution Agreement or following U.S. regulatory approval for PerClot. Separate and apart from the terms of the Distribution Agreement, pursuant to the License Agreement, as amended by a September 2, 2011 technology transfer agreement, we can manufacture and sell PerClot, assuming appropriate regulatory approvals, in the U.S. and certain other jurisdictions and may be required to pay royalties to SMI at certain rates on net revenues of products.

We may make contingent payments to SMI of up to $1.0 million if certain U.S. regulatory and certain commercial milestones are achieved.

We are conducting our pivotal clinical trial to gain approval to commercialize PerClot for surgical indications in the U.S. Enrollment was completed in January 2019. We anticipate Premarket Approval (“PMA”) submission to the FDA in the second half of 2020.

As of March 31, 2020 we had $1.5 million in prepaid royalties, $2.0 million in intangible assets, net, and $1.2 million in property and equipment, net, on our Summary Consolidated Balance Sheets related to the PerClot product line. If we do not ultimately pursue or receive FDA approval to commercialize PerClot in the U.S., these assets could be materially impaired in future periods.

Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue Recognition [Abstract]

Revenue Recognition

11. Revenue Recognition

Sources of Revenue

We have identified the following revenues disaggregated by revenue source:

Domestic Hospitals – direct sales of products and preservation services.

International Hospitals – direct sales of products and preservation services.

International Distributors – generally these contracts specify a geographic area that the distributor will service, terms and conditions of the relationship, and purchase targets for the next calendar year.

CardioGenesis Cardiac Laser Console Trials and Sales – CardioGenesis cardiac trialed laser consoles are delivered under separate agreements.

For the three months ended March 31, 2020 and 2019 the sources of revenue were as follows (in thousands):


	Three Months Ended
	March 31,
		2020		2019
	(Unaudited)
Domestic hospitals	$	36,336	$	35,611
International hospitals		19,737		20,570
International distributors		10,245		9,610
CardioGenesis cardiac laser therapy		111		1,714
Total sources of revenue	$	66,429	$	67,505

Also see segment disaggregation information in Note 14 below.

Contract Balances

We may generate contract assets during the pre-delivery design and manufacturing stage of E-xtra DESIGN ENGINEERING product order fulfillment. We assess the balance related to any arrangements in process and determine if the enforceable right to payment creates a material contract asset requiring disclosure. No material arrangements in process existed as of March 31, 2020 and 2019.

We also incur contract obligations on general customer purchase orders that have been accepted but unfulfilled. Due to the short duration of time between order acceptance and delivery of the related product or service, we have determined that the balance related to these contract obligations is generally immaterial at any point in time. We monitor the value of orders accepted but unfulfilled at the close of each reporting period to determine if disclosure is appropriate. The value of orders accepted but unfulfilled as of March 31, 2020 and 2019 was not material.

Stock Compensation

3 Months Ended

Mar. 31, 2020

Stock Compensation [Abstract]

Stock Compensation

12. Stock Compensation

Overview

We have stock option and stock incentive plans for employees and non-employee Directors that provide for grants of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”), and options to purchase shares of our common stock at exercise prices generally equal to the fair value of such stock at the dates of grant. We also maintain a shareholder-approved Employee Stock Purchase Plan (the “ESPP”) for the benefit of our employees. The ESPP allows eligible employees to purchase common stock on a regular basis at the lower of 85% of the market price at the beginning or end of each offering period.

Equity Grants

During the three months ended March 31, 2020 the Compensation Committee of our Board of Directors (the “Committee”) authorized awards from approved stock incentive plans of RSUs to certain employees and RSAs and PSUs to certain Company officers, which, assuming that performance under the PSUs were to be achieved at target levels, together totaled 255,000 shares and had an aggregate grant date market value of $6.6 million. The PSUs granted in 2020 represent the right to receive from 60% to 150% of the target number of shares of common stock. The performance component of PSU awards granted in 2020 is based on attaining specified levels of adjusted EBITDA, as defined in the PSU grant documents, for the 2020 calendar year.

During the three months ended March 31, 2019 the Committee authorized awards from approved stock incentive plans of RSUs to certain employees, and RSAs and PSUs to certain Company officers, which, assuming that performance under the PSUs were to be achieved at target levels, together totaled 453,000 shares and had an aggregate grant date market value of $13.4 million. Two types of PSUs were granted in 2019, an annual grant with a one year performance period (“Annual PSU”) and a special Long-Term Incentive Program PSU grant (“LTIP”), which has multiple performance periods over a five year period. If the highest performance threshold is met, the Annual PSU granted in 2019 represented the right to receive up to 150% of the target number of shares of common stock. The performance component of the Annual PSU awards granted in 2019 was based on attaining specified levels of adjusted earnings before interest, taxes, depreciation, and amortization, (“EBITDA”), as defined in the Annual PSU grant documents, for the 2019 calendar year. The Annual PSU granted in 2019 earned approximately 83% of the target number of shares. If the highest performance thresholds are met, the PSUs granted in 2019 under the LTIP represent the right to receive up to 288%, and up to 192% for a certain key executive, of the target number of shares of common stock. The performance component of the LTIP awards granted in 2019 is based on attaining specified levels of adjusted revenue growth and gross margin, as defined in the LTIP grant document, for the years 2019 through 2023. The first performance period under the LTIP will not conclude until December 31, 2021.

The Committee authorized, from approved stock incentive plans, grants of stock options to purchase a total of 212,000 and 169,000 shares to certain Company officers during the three months ended March 31, 2020 and 2019, respectively. The exercise prices of the options were equal to the closing stock prices on their respective grant dates.

Employees purchased common stock totaling 30,000 shares and 24,000 shares in the three months ended March 31, 2020 and 2019, respectively, through the ESPP.

Stock Compensation Expense

The following weighted-average assumptions were used to determine the fair value of options and shares purchased under the ESPP:


	Three Months Ended		Three Months Ended
	March 31, 2020		March 31, 2019
	Stock Options	ESPP	Stock Options	ESPP
Expected life	5.0 Years	0.5 Years	5.0 Years	0.5 Years
Expected stock price volatility	0.35	0.31	0.40	0.39
Risk-free interest rate	1.41%	1.57%	2.54%	2.56%

The following table summarizes total stock compensation expenses prior to the capitalization of amounts into deferred preservation and inventory costs (in thousands):


	Three Months Ended
	March 31,
	2020		2019
RSA, RSU, and PSU expense	$	2,156	$	1,510
Stock option and ESPP expense		533		471
Total stock compensation expense	$	2,689	$	1,981

Included in the total stock compensation expense, as applicable in each period, were expenses related to RSAs, RSUs, PSUs, and stock options issued in each respective year, as well as those issued in prior periods that continue to vest during the period, and compensation related to the ESPP. These amounts were recorded as stock compensation expense and were

subject to our normal allocation of expenses to inventory costs and deferred preservation costs. We capitalized $125,000 in the three months ended March 31, 2020, and $132,000 in the three months ended March 31, 2019, of the stock compensation expense into our inventory costs and deferred preservation costs.

As of March 31, 2020 we had total unrecognized compensation costs of $16.2 million related to RSAs, RSUs, and PSUs and $3.4 million related to unvested stock options. As of March 31, 2020 this expense is expected to be recognized over a weighted-average period of 2.4 years for PSUs, 2.3 years for stock options, 2.1 years for RSUs, and 1.6 years for RSAs.

Loss Per Common Share

3 Months Ended

Mar. 31, 2020

Loss Per Common Share [Abstract]

Loss Per Common Share

13. Loss Per Common Share

The following table sets forth the computation of basic and diluted loss per common share (in thousands, except per share data):


	Three Months Ended
	March 31,
Basic loss per common share	2020		2019
Net loss	$	(6,665)	$	(297)
Net loss allocated to participating securities		43		2
Net loss allocated to common shareholders	$	(6,622)	$	(295)

Basic weighted-average common shares outstanding		37,390		36,778
Basic loss per common share	$	(0.18)	$	(0.01)

	Three Months Ended
	March 31,
Diluted loss per common share	2020		2019
Net loss	$	(6,665)	$	(297)
Net loss allocated to participating securities		43		2
Net loss allocated to common shareholders	$	(6,622)	$	(295)

Basic weighted-average common shares outstanding		37,390		36,778
Effect of dilutive stock options and awards		--		--
Diluted weighted-average common shares outstanding		37,390		36,778
Diluted loss per common share	$	(0.18)	$	(0.01)

We excluded stock options from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares because the inclusion of these stock options would be antidilutive to loss per common share. Accordingly, for the three months ended March 31, 2020 and 2019 all stock options and awards were excluded from the calculation of diluted weighted-average common shares outstanding as these would be antidilutive due to the net loss.

Segment Information

3 Months Ended

Mar. 31, 2020

Segment Information [Abstract]

Segment Information

14. Segment Information

We have two reportable segments organized according to our products and services: Medical Devices and Preservation Services. The Medical Devices segment includes external revenues from product sales of BioGlue, JOTEC, On-X, CardioGenesis cardiac laser therapy, PerClot, PhotoFix, and NEXUS. The Preservation Services segment includes external services revenues from the preservation of cardiac and vascular tissues. There are no intersegment revenues.

The primary measure of segment performance, as viewed by our management, is segment gross margin or net external revenues less cost of products and preservation services. We do not segregate assets by segment; therefore, asset information is excluded from the segment disclosures below.

The following table summarizes revenues, cost of products and preservation services, and gross margins for our operating segments (in thousands):


	Three Months Ended
	March 31,
	2020		2019
Revenues:
Medical devices	$	46,420	$	48,401
Preservation services		20,009		19,104
Total revenues		66,429		67,505

Cost of products and preservation services:
Medical devices		13,040		13,826
Preservation services		9,218		9,406
Total cost of products and preservation services		22,258		23,232

Gross margin:
Medical devices		33,380		34,575
Preservation services		10,791		9,698
Total gross margin	$	44,171	$	44,273

The following table summarizes net revenues by product and service (in thousands):


	Three Months Ended
	March 31,
	2020		2019
Products:
BioGlue	$	16,737	$	17,222
JOTEC		15,268		15,954
On-X		12,202		11,731
PhotoFix		1,042		730
PerClot		860		1,050
NEXUS		200		--
CardioGenesis cardiac laser therapy		111		1,714
Total products		46,420		48,401

Preservation services:
Cardiac tissue		10,033		8,930
Vascular tissue		9,976		10,174
Total preservation services		20,009		19,104

Total revenues	$	66,429	$	67,505

Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

Credit Agreement Amendment

On April 29, 2020 we entered into an amendment to our Credit Agreement. As part of the amendment we obtained a waiver of our maximum first lien net leverage ratio covenant through the end of 2020. In addition, the amendment to our Credit Agreement provides that EBITDA, for covenant testing purposes, in each quarter of 2020 will be deemed equal to a fixed value, equal to our bank covenant EBITDA in the fourth quarter of 2019, when our first lien net leverage was 3.4x. As a result of these changes, we are subject to a new minimum liquidity covenant and restrictions on certain payments, including cash dividends. We are required to maintain a minimum liquidity of at least $12.0 million as of the last day of any month in

2020, and as of the last day of any quarter through the third quarter of 2021 when our Revolving Credit Facility is drawn in excess of 25% (or $7.5 million) of the amount available as of the last day of any fiscal quarter during that period. Beginning in 2021, if we repay borrowings under our Revolving Credit Facility to 25% or less, no financial maintenance covenants, including the minimum liquidity covenant and the maximum first lien net leverage ratio covenant, are applicable.

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Financial Instruments [Abstract]

Summary Of Financial Instruments Measured At Fair Value



March 31, 2020	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,478	$	--	$	--	$	1,478
Restricted securities:
Money market funds		494		--		--		494
Endospan Loan		--		--		358		358
Total assets	$	1,972	$	--	$	358	$	2,330


December 31, 2019	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,472	$	--	$	--	$	1,472
Restricted securities:
Money market funds		528		--		--		528
Endospan Loan		--		--		358		358
Total assets	$	2,000	$	--	$	358	$	2,358

Reconciliation Of Changes In Fair Value Of Level 3 Liabilities


		Endospan Loan
Balance as of December 31, 2019	$	358
Change in valuation of Endospan Loan		--
Balance as of March 31, 2020	$	358

Cash Equivalents And Restricted Cash And Securities (Tables)

3 Months Ended

Mar. 31, 2020

Cash Equivalents And Restricted Cash And Securities [Abstract]

Summary Of Cash Equivalents And Restricted Securities


			Unrealized		Estimated
			Holding		Market
March 31, 2020	Cost Basis		Gains		Value
Cash equivalents:
Money market funds	$	1,478	$	--	$	1,478
Restricted securities:
Money market funds		494		--		494
Total	$	1,972	$	--	$	1,972

			Unrealized		Estimated
			Holding		Market
December 31, 2019	Cost Basis		Gains		Value
Cash equivalents:
Money market funds	$	1,472	$	--	$	1,472
Restricted securities:
Money market funds		528		--		528
Total	$	2,000	$	--	$	2,000

Inventories And Deferred Preservation Costs (Tables)

3 Months Ended

Mar. 31, 2020

Inventories And Deferred Preservation Costs [Abstract]

Schedule Of Inventories


	March 31,		December 31,
	2020		2019
Raw materials and supplies	$	22,414	$	21,180
Work-in-process		6,059		5,127
Finished goods		25,827		26,764
Total inventories	$	54,300	$	53,071

Schedule Of Deferred Preservation Costs


	March 31,		December 31,
	2020		2019
Cardiac tissues	$	15,477	$	15,365
Vascular tissues		17,441		17,186
Total deferred preservation costs	$	32,918	$	32,551

Goodwill And Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill And Other Intangible Assets [Abstract]

Schedule Of Carrying Values Of Indefinite Lived Intangible Assets


	March 31,		December 31,
	2020		2019
Goodwill	$	184,014	$	186,697
In-process R&D		2,136		2,190
Procurement contracts and agreements		2,013		2,013
Trademarks		765		844

Schedule Of Goodwill By Reportable Segment


	Medical Devices Segment
Balance as of December 31, 2019	$	186,697
Revaluation of goodwill denominated in foreign currency		(2,683)
Balance as of March 31, 2020	$	184,014

Schedule Of Gross Carrying Values, Accumulated Amortization, And Approximate Amortization Period Of Definite Lived Intangible Assets


	Gross Carrying		Accumulated		Amortization
March 31, 2020	Value		Amortization		Period
Acquired technology	$	137,676	$	26,540	11	–	22	Years
Customer lists and relationships		31,082		6,954	13	–	22	Years
Distribution and manufacturing rights and know-how		13,585		3,508	5	–	15	Years
Patents		3,745		3,090			17	Years
Other		2,135		667	3	–	10	Years

	Gross Carrying		Accumulated		Amortization
December 31, 2019	Value		Amortization		Period
Acquired technology	$	140,193	$	24,778	11	–	22	Years
Customer lists and relationships		31,131		6,581	13	–	22	Years
Distribution and manufacturing rights and know-how		13,826		3,005	5	–	15	Years
Patents		3,664		3,074			17	Years
Other		1,919		608	3	–	5	Years

Summary Of Amortization Expense


	Three Months Ended
	March 31,
	2020		2019
Amortization expense	$	3,033	$	2,579

Scheduled Amortization Of Intangible Assets For Next Five Years


	Remainder
	of 2020		2021		2022		2023		2024		2025		Total
Amortization expense	$	9,057	$	12,208	$	11,662	$	11,153	$	10,927	$	8,993	$	64,000

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule Of Supplemental Balance Sheet Information Related To Leases


Operating leases:		March 31, 2020		December 31, 2019
Operating lease right-of-use assets	$	26,714	$	27,007
Accumulated amortization		(6,291)		(5,013)
Operating lease right-of-use assets, net	$	20,423	$	21,994

Current maturities of operating leases	$	5,442	$	5,487
Non-current maturities of operating lease		16,411		17,918
Total operating lease liabilities	$	21,853	$	23,405

Finance leases:
Property and equipment, at cost	$	6,984	$	7,161
Accumulated amortization		(1,408)		(1,279)
Property and equipment, net	$	5,576	$	5,882

Current maturities of finance leases	$	569	$	597
Non-current maturities of finance leases		5,147		5,415
Total finance lease liabilities	$	5,716	$	6,012

Weighted average remaining lease term (in years):
Operating leases		6.5		5.5
Finance leases		10.4		10.6

Weighted average discount rate:
Operating leases		4.3%		5.4%
Finance leases		2.0%		2.0%

Summary Of Lease Costs


	Three Months Ended		Three Months Ended
	March 31, 2020		March 31, 2019
Amortization of property and equipment	$	162	$	211
Interest expense on finance leases		29		32
Total finance lease expense		191		243
Operating lease expense		1,748		1,550
Sublease income		(226)		(228)
Total lease expense	$	1,713	$	1,565

Schedule Of Supplemental Cash Flow Information Related To Leases


		Three Months Ended		Three Months Ended
Cash paid for amounts included in the measurement of lease liabilities:		March 31, 2020		March 31, 2019
Operating cash flows for finance leases	$	29	$	32
Operating cash flows for operating leases		1,745		1,636
Financing cash flows for finance leases		147		172

Schedule Of Minimum Lease Payments For Finance, Operating, And Sublease Income Leases


	Finance		Operating		Sublease
	Leases		Leases		Income
Remainder of 2020	$	519	$	4,833	$	679
2021		642		6,289		905
2022		598		3,834		306
2023		597		2,547		--
2024		595		2,539		--
Thereafter		3,380		4,919		--
Total minimum lease payments	$	6,331	$	24,961	$	1,890
Less amount representing interest		(615)		(3,108)
Present value of net minimum lease payments		5,716		21,853
Less current maturities		(569)		(5,442)
Lease liabilities, less current maturities	$	5,147	$	16,411

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt [Abstract]

Schedule Of Short-Term And Long-Term Balances Of Term Loan


	March 31,		December 31,
	2020		2019
Term loan balance	$	219,938	$	220,500
Revolving credit facility		30,000		--
2.45% Sparkasse Zollernalb (KFW Loan 1)		974		1,061
1.40% Sparkasse Zollernalb (KFW Loan 2)		1,506		1,615
Total loan balance		252,418		223,176
Less unamortized loan origination costs		(7,036)		(7,441)
Net borrowings		245,382		215,735
Less short-term loan balance		(1,155)		(1,164)
Long-term loan balance	$	244,227	$	214,571

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

Revenue Recognition [Abstract]

Disaggregation Of Revenue


	Three Months Ended
	March 31,
		2020		2019
	(Unaudited)
Domestic hospitals	$	36,336	$	35,611
International hospitals		19,737		20,570
International distributors		10,245		9,610
CardioGenesis cardiac laser therapy		111		1,714
Total sources of revenue	$	66,429	$	67,505

Stock Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Stock Compensation [Abstract]

Schedule Of Weighted-Average Assumptions Used To Determine The Fair Value Of Options


	Three Months Ended		Three Months Ended
	March 31, 2020		March 31, 2019
	Stock Options	ESPP	Stock Options	ESPP
Expected life	5.0 Years	0.5 Years	5.0 Years	0.5 Years
Expected stock price volatility	0.35	0.31	0.40	0.39
Risk-free interest rate	1.41%	1.57%	2.54%	2.56%

Summary Of Total Stock Compensation Expenses


	Three Months Ended
	March 31,
	2020		2019
RSA, RSU, and PSU expense	$	2,156	$	1,510
Stock option and ESPP expense		533		471
Total stock compensation expense	$	2,689	$	1,981

Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2020

Loss Per Common Share [Abstract]

Computation Of Basic And Diluted (Loss) Income Per Common Share


	Three Months Ended
	March 31,
Basic loss per common share	2020		2019
Net loss	$	(6,665)	$	(297)
Net loss allocated to participating securities		43		2
Net loss allocated to common shareholders	$	(6,622)	$	(295)

Basic weighted-average common shares outstanding		37,390		36,778
Basic loss per common share	$	(0.18)	$	(0.01)

	Three Months Ended
	March 31,
Diluted loss per common share	2020		2019
Net loss	$	(6,665)	$	(297)
Net loss allocated to participating securities		43		2
Net loss allocated to common shareholders	$	(6,622)	$	(295)

Basic weighted-average common shares outstanding		37,390		36,778
Effect of dilutive stock options and awards		--		--
Diluted weighted-average common shares outstanding		37,390		36,778
Diluted loss per common share	$	(0.18)	$	(0.01)

Segment And Geographic Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Information [Abstract]

Revenues, Cost Of Products And Services, And Gross Margins For Operating Segments


	Three Months Ended
	March 31,
	2020		2019
Revenues:
Medical devices	$	46,420	$	48,401
Preservation services		20,009		19,104
Total revenues		66,429		67,505

Cost of products and preservation services:
Medical devices		13,040		13,826
Preservation services		9,218		9,406
Total cost of products and preservation services		22,258		23,232

Gross margin:
Medical devices		33,380		34,575
Preservation services		10,791		9,698
Total gross margin	$	44,171	$	44,273

Summary Of Net Revenues By Product And Service


	Three Months Ended
	March 31,
	2020		2019
Products:
BioGlue	$	16,737	$	17,222
JOTEC		15,268		15,954
On-X		12,202		11,731
PhotoFix		1,042		730
PerClot		860		1,050
NEXUS		200		--
CardioGenesis cardiac laser therapy		111		1,714
Total products		46,420		48,401

Preservation services:
Cardiac tissue		10,033		8,930
Vascular tissue		9,976		10,174
Total preservation services		20,009		19,104

Total revenues	$	66,429	$	67,505

Basis Of Presentation (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Basis Of Presentation [Abstract]
Net present value of operating lease liability	$ 21,853	$ 23,405

Agreements With Endospan (Narrative) (Details) - Endospan [Member] - USD ($)		1 Months Ended	3 Months Ended
	Sep. 11, 2019	Sep. 30, 2019	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Securities purchase option agreement	$ 1,000,000.0	$ 1,000,000.0
Securities purchase option agreement, expiration period			90 days
Per three tranches of funding	$ 5,000,000.0
Required percentage of number of patients before third tranche of loan funding can be acquired	50.00%
Investment in VIE	$ 15,000,000.0		$ 15,000,000.0
Additional amounts			0
Endospan loan, fair value		358,000
Securities option agreement, fair value			4,800,000
Distribution agreements, fair value			$ 8,500,000	$ 9,800,000
Minimum [Member]
Variable Interest Entity [Line Items]
Option to purchase outstanding securities		350,000,000.0
Maximum [Member]
Variable Interest Entity [Line Items]
Option to purchase outstanding securities		$ 450,000,000.0
Secured Debt [Member]
Variable Interest Entity [Line Items]
Loan amount	15,000,000.0
JOTEC [Member]
Variable Interest Entity [Line Items]
Distribution fee	$ 9,000,000.0

Financial Instruments (Summary Of Financial Instruments Measured At Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 2,330	$ 2,358
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,478	1,472
Restricted securities	494	528
Endospan Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	358	358
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	1,972	2,000
Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,478	1,472
Restricted securities	494	528
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets
Level 2 [Member] \| Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents
Restricted securities
Level 2 [Member] \| Endospan Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	358	358
Level 3 [Member] \| Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents
Restricted securities
Level 3 [Member] \| Endospan Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	$ 358	$ 358

Financial Instruments (Reconciliation Of Changes In Fair Value Of Level 3 Liabilities) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Financial Instruments [Abstract]
Beginning balance	$ 358
Change in valuation of Endospan Loan
Ending balance	$ 358

Cash Equivalents And Restricted Cash And Securities (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted securities	$ 494,000		$ 528,000
Restricted cash	1,972,000		2,000,000
Gross realized gains or losses on cash equivalents	0	$ 0
Maturity Date Within Three Months [Member] \| Money Market Funds [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted securities	$ 494,000		$ 528,000
Maximum [Member] \| Maturity Date Within Three Months [Member] \| Money Market Funds [Member] \| Measurement Input, Expected Term [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted securities maturity period	3 months		3 months

Cash Equivalents And Restricted Cash And Securities (Summary Of Cash Equivalents And Restricted Securities) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash Equivalents, Cost Basis	$ 63,877	$ 34,294	$ 41,075	$ 42,236
Cost Basis	1,972	2,000
Restricted Securities, Cost Basis	494	528
Unrealized Holding Gains (Losses)
Estimated Market Value	1,972	2,000
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash Equivalents, Cost Basis	1,478	1,472
Restricted Securities, Cost Basis	494	528
Unrealized Holding Gains (Losses)
Cash Equivalents, Estimated Market Value	1,478	1,472
Restricted Securities, Estimated Market Value	$ 494	$ 528

Inventories And Deferred Preservation Costs (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Consignment inventory	$ 12.0	$ 12.0
Domestic [Member]
Inventory [Line Items]
Consignment inventory percentage	50.00%	51.00%
Foreign [Member]
Inventory [Line Items]
Consignment inventory percentage	50.00%	49.00%

Inventories And Deferred Preservation Costs (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventories And Deferred Preservation Costs [Abstract]
Raw materials and supplies	$ 22,414	$ 21,180
Work-in-process	6,059	5,127
Finished goods	25,827	26,764
Total inventories	$ 54,300	$ 53,071

Inventories And Deferred Preservation Costs (Schedule Of Deferred Preservation Costs) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Total deferred preservation costs	$ 32,918	$ 32,551
Cardiac Tissues [Member]
Total deferred preservation costs	15,477	15,365
Vascular Tissues [Member]
Total deferred preservation costs	$ 17,441	$ 17,186

Goodwill And Other Intangible Assets (Schedule Of Carrying Values Of Indefinite Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 184,014	$ 186,697
In Process R&D [Member]
Indefinite-lived Intangible Assets [Line Items]
Total indefinite lived intangible assets	2,136	2,190
Procurement Contracts And Agreements [Member]
Indefinite-lived Intangible Assets [Line Items]
Total indefinite lived intangible assets	2,013	2,013
Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Total indefinite lived intangible assets	$ 765	$ 844

Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Goodwill And Other Intangible Assets [Abstract]
Beginning balance	$ 186,697
Revaluation of goodwill denominated in foreign currency	(2,683)
Ending balance	$ 184,014

Goodwill And Other Intangible Assets (Schedule Of Gross Carrying Values, Accumulated Amortization, And Approximate Amortization Period Of Definite Lived Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Acquired Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 137,676	$ 140,193
Accumulated amortization	26,540	24,778
Customer Lists And Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	31,082	31,131
Accumulated amortization	6,954	6,581
Distribution And Manufacturing Rights And Know-How [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	13,585	13,826
Accumulated amortization	3,508	3,005
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	3,745	3,664
Accumulated amortization	3,090	3,074
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	2,135	1,919
Accumulated amortization	$ 667	$ 608
Minimum [Member] \| Acquired Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period	11 years	11 years
Minimum [Member] \| Customer Lists And Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period	13 years	13 years
Minimum [Member] \| Distribution And Manufacturing Rights And Know-How [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period	5 years	5 years
Minimum [Member] \| Other [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period	3 years	3 years
Maximum [Member] \| Acquired Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period	22 years	22 years
Maximum [Member] \| Customer Lists And Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period	22 years	22 years
Maximum [Member] \| Distribution And Manufacturing Rights And Know-How [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period	15 years	15 years
Maximum [Member] \| Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period	17 years	17 years
Maximum [Member] \| Other [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period	10 years	5 years

Goodwill And Other Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill And Other Intangible Assets [Abstract]
Amortization expense	$ 3,033	$ 2,579

Goodwill And Other Intangible Assets (Scheduled Amortization Of Intangible Assets For Next Five Years) (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Goodwill And Other Intangible Assets [Abstract]
Remainder of 2020	$ 9,057
2021	12,208
2022	11,662
2023	11,153
2024	10,927
2025	8,993
Total	$ 64,000

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Taxes [Abstract]
Effective income tax rate	18.00%	82.00%
Increase in income tax benefit	$ 250
Valuation allowances against deferred tax assets	3,400		$ 3,200
Net deferred tax liability	19,500		$ 20,400
Reduction to income taxes payable and deferred tax assets	$ 1,300

Leases (Narrative) (Details) $ in Thousands	3 Months Ended		12 Months Ended
Leases (Narrative) (Details) $ in Thousands	Mar. 31, 2020 USD ($) item	Mar. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)
Operating Leased Assets [Line Items]
Number of subleases \| item	2
Sublease income	$ 226	$ 228
Forecast [Member]
Operating Leased Assets [Line Items]
Sublease income			$ 905

Leases (Schedule Of Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 26,714	$ 27,007
Accumulated amortization	(6,291)	(5,013)
Operating lease right-of-use assets, net	20,423	21,994
Current maturities of operating leases	5,442	5,487
Non-current maturities of operating lease	16,411	17,918
Total operating lease liabilities	21,853	23,405
Finance leases, Property and equipment, at cost	6,984	7,161
Finance leases, Accumulated amortization	(1,408)	(1,279)
Finance leases, property and equipment, net	5,576	5,882
Current maturities of finance leases	569	597
Non-current maturities of finance leases	5,147	5,415
Total finance lease liabilities	$ 5,716	$ 6,012
Weighted average remaining lease term (in years): Operating leases	6 years 6 months	5 years 6 months
Weighted average remaining lease term (in years): Finance leases	10 years 4 months 24 days	10 years 7 months 6 days
Weighted average discount rate: Operating leases	4.30%	5.40%
Weighted average discount rate: Finance leases	2.00%	2.00%

Leases (Schedule Of Assets Acquired Under Finance Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Finance leases, Property and equipment, at cost	$ 6,984	$ 7,161
Finance leases, Accumulated amortization	(1,408)	(1,279)
Finance leases, property and equipment, net	$ 5,576	$ 5,882

Leases (Summary Of Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Amortization of property and equipment	$ 162	$ 211
Interest expense on finance leases	29	32
Total finance lease expense	191	243
Operating lease expense	1,748	1,550
Sublease income	(226)	(228)
Total lease expense	$ 1,713	$ 1,565

Leases (Schedule Of Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating cash flows for finance leases	$ 29	$ 32
Operating cash flows for operating leases	1,745	1,636
Financing cash flows for finance leases	$ 147	$ 172

Leases (Schedule Of Minimum Lease Payments For Finance, Operating, And Sublease Income Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Finance Leases, Remainder of 2020	$ 519
Finance Leases, 2021	642
Finance Leases, 2022	598
Finance Leases, 2023	597
Finance Leases, 2024	595
Finance Leases, Thereafter	3,380
Finance Leases, Total minimum lease payments	6,331
Finance Leases, Less amount representing interest	615
Finance Leases, Present value of net minimum lease payments	5,716	$ 6,012
Finance Leases, Less current maturities	569	597
Finance Leases, Lease liabilities, less current maturities	5,147	5,415
Operating Leases, Remainder of 2020	4,833
Operating Leases, 2021	6,289
Operating Leases, 2022	3,834
Operating Leases, 2023	2,547
Operating Leases, 2024	2,539
Operating Leases, Thereafter	4,919
Operating Leases, Total minimum lease payments	24,961
Operating Leases, Less amount representing interest	3,108
Operating Leases, Present value of net minimum lease payments	21,853	23,405
Operating Leases, Less current maturities	5,442	5,487
Operating Leases, Lease liabilities, less current maturities	16,411	$ 17,918
Sublease Income, Remainder of 2020	679
Sublease Income, 2021	905
Sublease Income, 2022	306
Sublease Income, Total minimum lease payments	$ 1,890

Debt (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2018	Dec. 31, 2019	Dec. 01, 2017
Line of Credit Facility [Line Items]
Term loan balance		$ 252,418			$ 223,176
Restricted cash and cash equivalents		$ 1,972			2,000
Credit facility default interest rate		2.00%
Credit facility aggregate interest rate		4.70%
Credit facility commitment fee percentage		0.50%
Interest expense		$ 3,400	$ 3,900
Government Sponsored Debt [Member]
Line of Credit Facility [Line Items]
Loan term	9 years
2.45% Sparkasse Zollernalb (KFW Loan 1) [Member]
Line of Credit Facility [Line Items]
Term loan balance		974			1,061
Interest rate on amounts borrowed	2.45%
1.40% Sparkasse Zollernalb (KFW Loan 2) [Member]
Line of Credit Facility [Line Items]
Term loan balance		1,506			1,615
Interest rate on amounts borrowed	1.40%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility aggregate commitments						$ 30,000
Term loan balance		$ 30,000
Credit facility maturity date		Dec. 01, 2022
Credit facility outstanding balance		$ 30,000
Maximum percentage allowed for total principal amount of loans		25.00%
Maximum leverage ratio		5.25
Maximum principal amount of loans outstanding		$ 7,500
Credit facility aggregate interest rate		5.20%
Revolving Credit Facility [Member] \| Minimum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility margin		3.00%
Revolving Credit Facility [Member] \| Minimum [Member] \| LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility margin		4.00%
Revolving Credit Facility [Member] \| Maximum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility margin		3.25%
Revolving Credit Facility [Member] \| Maximum [Member] \| LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility margin		4.25%
Secured Debt [Member]
Line of Credit Facility [Line Items]
Credit facility aggregate commitments						255,000
Credit facility outstanding balance						225,000
Term Loan [Member]
Line of Credit Facility [Line Items]
Term loan balance		$ 219,938			$ 220,500	$ 225,000
Credit facility maturity date		Dec. 01, 2024
Term Loan [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility margin		2.25%		3.00%
Term Loan [Member] \| LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility margin		3.25%		4.00%

Debt (Schedule Of Short-Term And Long-Term Balances Of Term Loan) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 01, 2017
Debt Instrument [Line Items]
Total loan balance	$ 252,418	$ 223,176
Less unamortized loan origination costs	(7,036)	(7,441)
Total loan balance	245,382	215,735
Less short-term loan balance	(1,155)	(1,164)
Long-term loan balance	244,227	214,571
2.45% Sparkasse Zollernalb (KFW Loan 1) [Member]
Debt Instrument [Line Items]
Total loan balance	974	1,061
1.40% Sparkasse Zollernalb (KFW Loan 2) [Member]
Debt Instrument [Line Items]
Total loan balance	1,506	1,615
Term Loan [Member]
Debt Instrument [Line Items]
Total loan balance	219,938	$ 220,500	$ 225,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total loan balance	$ 30,000

Commitments And Contingencies (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Unreported loss liability	$ 1,900,000
Recoverable insurance amounts	962,000	$ 935,000
Property and equipment, net	31,878,000	$ 32,150,000
PerClot [Member]
Other Commitments [Line Items]
Prepaid royalties	1,500,000
Net intangible assets	2,000,000.0
Property and equipment, net	1,200,000
Maximum [Member]
Other Commitments [Line Items]
Estimated loss	$ 3,700,000
Starch Technology Purchase [Member]
Other Commitments [Line Items]
Term of distribution agreement	15 years
Expected future contingent payment amounts	$ 1,000,000.0
Number of notice days	180 days

Revenue Recognition (Disaggregation Of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total sources of revenue	$ 66,429	$ 67,505
Domestic Hospitals [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	36,336	35,611
International Hospitals [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	19,737	20,570
International Distributors [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	10,245	9,610
CardioGenesis Cardiac Laser Therapy [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	$ 111	$ 1,714

Stock Compensation (Narrative) (Details) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020 USD ($) shares	Mar. 31, 2019 USD ($) shares	Dec. 31, 2019 item
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized stock compensation expense	$ 125	$ 132
ESPP Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, percentage of market price for eligible employees	85.00%
Employees purchased common stock, shares \| shares	30	24
RSAs, RSUs, And PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized awards from approved stock incentive plans \| shares	255	453
Aggregate grant date market value	$ 6,600	$ 13,400
Unrecognized compensation costs	16,200
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 3,400
Expected weighted-average period for recognizing the unrecognized compensation costs, in years	2 years 3 months 18 days
Restricted Stock Awards (RSAs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted-average period for recognizing the unrecognized compensation costs, in years	1 year 7 months 6 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted-average period for recognizing the unrecognized compensation costs, in years	2 years 1 month 6 days
Performance Stock Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance stock unit grants \| item			2
Expected weighted-average period for recognizing the unrecognized compensation costs, in years	2 years 4 months 24 days
Short-term PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of shares of common stock granted as Performance Stock Units			83.00%
Short-term PSUs [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Long-term PSUs [Member] \| Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Minimum [Member] \| Performance Stock Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of shares of common stock granted as Performance Stock Units	60.00%
Maximum [Member] \| Performance Stock Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of shares of common stock granted as Performance Stock Units	150.00%
Maximum [Member] \| Short-term PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of shares of common stock granted as Performance Stock Units			150.00%
Maximum [Member] \| Long-term PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of shares of common stock granted as Performance Stock Units			288.00%
Officers [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants of stock options \| shares	212	169
Executive Officer [Member] \| Maximum [Member] \| Long-term PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of shares of common stock granted as Performance Stock Units			192.00%

Stock Compensation (Schedule Of Weighted-Average Assumptions Used To Determine The Fair Value Of Options) (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options	5 years	5 years
Expected stock price volatility	0.35%	0.40%
Risk-free interest rate	1.41%	2.54%
ESPP Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options	6 months	6 months
Expected stock price volatility	0.31%	0.39%
Risk-free interest rate	1.57%	2.56%

Stock Compensation (Summary Of Total Stock Compensation Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 2,689	$ 1,981
RSA, RSU, And PSU Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	2,156	1,510
Stock Option And ESPP Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 533	$ 471

Loss Per Common Share (Computation Of Basic And Diluted (Loss) Income Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic income (loss) per common share
Net loss	$ (6,665)	$ (297)
Net loss allocated to participating securities	43	2
Net loss allocated to common shareholders	$ (6,622)	$ (295)
Basic weighted-average common shares outstanding	37,390	36,778
Basic loss per common share	$ (0.18)	$ (0.01)
Diluted loss per common share
Net loss	$ (6,665)	$ (297)
Net loss allocated to participating securities	43	2
Net loss allocated to common shareholders	$ (6,622)	$ (295)
Basic weighted-average common shares outstanding	37,390	36,778
Diluted weighted-average common shares outstanding	37,390	36,778
Diluted loss per common share	$ (0.18)	$ (0.01)

Segment Information (Narrative) (Details)	3 Months Ended
Segment Information (Narrative) (Details)	Mar. 31, 2020 USD ($) segment	Mar. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Revenues	$ 66,429,000	$ 67,505,000
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	$ 0

Segment Information (Revenues, Cost Of Products And Services, And Gross Margins For Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 66,429	$ 67,505
Total cost of products and preservation services	22,258	23,232
Total gross margin	44,171	44,273
Goodwill	184,014		$ 186,697
Operating Segments [Member] \| Medical Devices [Member]
Segment Reporting Information [Line Items]
Total revenues	46,420	48,401
Total cost of products and preservation services	13,040	13,826
Total gross margin	33,380	34,575
Operating Segments [Member] \| Preservation Services [Member]
Segment Reporting Information [Line Items]
Total revenues	20,009	19,104
Total cost of products and preservation services	9,218	9,406
Total gross margin	$ 10,791	$ 9,698

Segment Information (Summary Of Net Revenues By Product And Service) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Product Information [Line Items]
Total revenues	$ 66,429	$ 67,505
BioGlue [Member]
Product Information [Line Items]
Total revenues	16,737	17,222
JOTEC [Member]
Product Information [Line Items]
Total revenues	15,268	15,954
On-X [Member]
Product Information [Line Items]
Total revenues	12,202	11,731
CardioGenesis Cardiac Laser Therapy [Member]
Product Information [Line Items]
Total revenues	111	1,714
PhotoFix [Member]
Product Information [Line Items]
Total revenues	1,042	730
PerClot [Member]
Product Information [Line Items]
Total revenues	860	1,050
NEXUS [Member]
Product Information [Line Items]
Total revenues	200
Cardiac Tissues [Member]
Product Information [Line Items]
Total revenues	10,033	8,930
Vascular Tissues [Member]
Product Information [Line Items]
Total revenues	9,976	10,174
Preservation Services [Member]
Product Information [Line Items]
Total revenues	20,009	19,104
Operating Segments [Member] \| Total Products [Member]
Product Information [Line Items]
Total revenues	46,420	48,401
Operating Segments [Member] \| Total Preservation Services [Member]
Product Information [Line Items]
Total revenues	$ 20,009	$ 19,104

Subsequent Events (Narrative) (Details) $ in Millions		3 Months Ended
Subsequent Events (Narrative) (Details) $ in Millions	Apr. 29, 2020 USD ($)	Mar. 31, 2020 USD ($)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum percentage allowed for total principal amount of loans		25.00%
Maximum principal amount of loans outstanding		$ 7.5
Subsequent Event [Member]
Debt Instrument [Line Items]
First lien net leverage ratio	3.4
Minimum liquidity requirement	$ 12.0